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 600 the stock of any bank, corporation, or joint stock association incor- porated or organized under the laws of the United States, or of any State, is not void, or voidable because the vendor, at the time of making such contract, is not the owner or possessor of the certificate or certificates or other evidence of debt, share, or interest.” The Floor Trader and the Specialist CHAPTER VIII (VIIIa) The necessity of dealers to “make a market” is recog- nized by all leading stock exchanges except the Paris Parquet where, because of the unique governmental monopoly in stock brokerage which they possess, the Agents de Change are forbidden to deal for themselves and are brokers pure and simple. This does not mean that dealers are absent from the Paris official market, for floor clerks of the Agents and also outside parties operating through the Agents de Change can, of course, buy and sell for themselves. Nevertheless this rigid system, however in accordance with the peculiar conditions of the Paris market, makes the speedy and dependable execution of orders on the Parquet much more difficult than in London or New York, where stock exchange members acting as dealers are constantly on the floor and ready at practically all times to make an immediate market in any amount of any listed security themselves. (VIIIb) The New York Stock Exchange has issued three studies in pamphlet form upon the stock sales tax. The first two, issued in 1920 when it was proposed in Congress to raise the tax, were entitled “The Effect of Taxing Stock and Bond Sales” (a publication of the former Committee on Library of the Exchange) and “In re H. R. 4157” (a brief by counsel for the Exchange). In 1926, on the occasion of the Congressional revision of Amer- ican internal revenue schedules, the Exchange made a comprehensive study of the tax, which was published under the title of “Memoran- dum submitted to the Ways and Means Committee of the House of Representatives and the Finance Committee of the U. S. Senate on behalf of the New York Stock Exchange, praying for the repeal of the stamp tax on the sale or transfer of stock as embodied in Public— No. 176—68th Congress (H. R. 6715), Title VIII, Schedule A, Para- graph 3.” In summary, the Exchange's principal arguments for the repeal of the tax were that the tax is and always has been reserved for war- emergencies, and never before has been maintained in effect so long after a war-emergency has passed: that the tax is actually paid, not

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