The work of the Stock Exchange

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Monograph

Identifikator:: 1831284952

URN:: urn:nbn:de:zbw-retromon-225876

Document type:: Monograph

Author:: Meeker, James Edward http://d-nb.info/gnd/126597340

Title:: The work of the Stock Exchange

Edition:: Revised edition

Place of publication:: New York

Publisher:: The Ronald Press Company

Year of publication:: [1930]

Scope:: XVI, 720 Seiten; Illustrationen, Diagramme

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter I. The evolution of securities

Collection:: Economics Books

THE WORK OF THE STOCK EXCHANGE bearer shares were really legal here. The Hofstadter Bill enacted in Albany in 1927, however, gave legal recognition to bearer shares in New York State. | Since with bearer securities no register of holders can be kept, such holders are at any time unknown to the issuing gov- ernment or company. Therefore, interest and dividend pay- ments on bearer securities are ordinarily made through coupons attached to the bearer certificate. Also, when bearer securities are drawn by lot, or when rights, etc., are issued on bearer shares, holders of these securities can be reached only by public advertisement. It is likely that countries with relatively small geographical area can for this reason employ bearer shares more satisfactorily than nations of great geographical extent like the United States, or of vast international distances like the British Empire. Bearer securities are superior in their ready negotiability, since they pass by delivery without transfer formalities. To some extent foreign economists are justified in looking upon them as a higher evolution in the form of securities, since until finance became impersonal they could not of course be em- ployed. This view, however, has more bearing abroad, where methods of transferring registered securities are so slow and beset with formalities, than it has in America where the han- dling of endorsed registered certificates in blank has been so highly perfected. The principal drawback to bearer certificates i's, of course, the danger that they may be lost or stolen, for in this case the owner has as a rule very little real protection. [n this country, as well as in England, the phrase “to bearer” on the certificate is interpreted quite literally, and it is usually very difficult for one dispossessed of his bearer securities by theft or loss to recover them. In certain European countries where bearer certificates are almost exclusively employed, elab- orate systems for stopping payment on certificates alleged to have been lost or stolen, have been developed. The French, for "10 Appendix Ie. 28

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