The work of the Stock Exchange

Bibliographic data

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

Usage license:: Get license information via the feedback formular.

540 APPENDIX (If) In the summer of 1927 a special commission from the New York Stock Exchange, consisting of J. M. B. Hoxsey (Executive Assistant to the Committee on Stock List), J. E. Meeker (Economist to the Exchange) and R. L. Redmond (of Counsel for the Exchange), made a thorough investigation of foreign security practices in Europe in the course of studying the problem of listing foreign shares. The commission’s findings were published September 1, 1927, as a pam- phlet entitled “The Listing of Foreign Internal Securities on the New York Stock Exchange”; subsequently, this study was made the basis for the special listing requirements adopted for such securities. At this writing, complimentary copies of the pamphlet can be obtained from the Exchange by special students. (Ig) Owners of American bearer bonds who have been dispossessed of their certificates by theft or loss can usually place a “stop” upon them by communicating their certificate numbers to the company or fiscal agency charged with this service. This “stop” can be com- municated to such institutions as might cash coupons for the wrongful holder, yet it is difficult by this means to detect a thief who may in the meantime have sold the bond to an innocent third party. American law very thoroughly protects the latter party, provided he has purchased the stolen security in good faith. The chance of the dispossessed owner to recover his security therefore depends in practice mainly in preventing its negotiation. Yet this is also difficult to do if he does not discover his loss and report it to the proper quarters at once. The New York Stock Exchange does what it can to prevent nego- tiation of improperly acquired certificates. On receiving notification from a transfer office or agent, or directly from its members, the Exchange prints the title gf the security, amount and number (or numbers) on its tape, as a warning to Exchange members and banks that the given security (or securities) has been “stopped.” So many leading American companies employ the large New York trust com- panies as transfer or fiscal agents, that these institutions are in prac- tice the chief repository for security numbers which have been “stopped.” CHAPTER II Organized Financial Markets and Their Economic Functions (IIa) Stock exchanges of the world. (AvuraOR’S NoTE: The following list of stock exchanges has been taken from a careful compilation made in 1922. No especial claim is made for

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