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.

APPENDIX 549 change employees and assists them in improving their business status, and continuing their education. For the latter purpose the Department organized the “New York Stock Exchange Institute” which regularly conducts lectures and class-room exercises in finance, economics, and related subjects for the benefit of Exchange employees. The Depart- ment also maintains an employment office through which not only the Exchange but also its members can secure employees. Frequently Exchange firms recruit their office forces from young men trained in this way in the service of the Stock Exchange itself. The intensely human and progressive policy carried out by the Personnel Depart- ment would deserve extensive comment in any but an economic study of the Exchange system like the present; special information con- cerning the Department’s work can, however, be readily obtained from its annual reports, copies of which can be secured from it upon application. CHAPTER IV The Distribution of Securities (IVa) Owing to the comprehensive and searching analysis of new security issues applying for listing made by the Committee on Stock List, fraudulent security promoters always give the New York Stock Exchange a wide berth. Naturally, the Exchange has no contact with or responsibility for the security swindling by “fly-by-night” promoters which occurs sporadically all over the country, and espe- cially perhaps in centers far from New York. Nevertheless such swindles seriously injure the legitimate security business, and in any case the Exchange has not wished to play the Pharisee in regard to so iniquitous and harmful an evil. In 1922 the New York Stock Exchange played the principal part in financing the establishment of the Better Business Bureau of New York, as a permanent fraud-detecting and fraud-fighting agency. In 1924, Mr. E. H. H. Simmons, President of the New York Stock Ex- change, inaugurated a national campaign against security swindling, which was endorsed by President Coolidge. The cooperation of the Federal Government in Washington (especially through the Inspectors of the U. S. Post Office Department), of the Securities Commissioners of the various States of the Union, of local prosecuting officials, and of Stock Exchange firms, banks, and other private financial firms, was obtained. In addition, the Exchange established a Fraud Bureau in its own organization, to cooperate with other parties interested in suppressing frauds by exchanging information and striving to obtain

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