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.

648 APPENDIX firms or members from whom or to whom their purchases or sales for customers were made. In order to stamp out the sporadic but pernicious practice of non- member pseudo-brokerage firms who “bucketed” their customers’ orders to purchase by not actually executing them at all, the legislature of New York State in 1913 enacted into State law this old Stock Ex- change custom, in the following terms: “The people of the State of New York, represented in senate and assembly, do enact as follows: “Section 1. Article 86 of Chapter 88 of the laws of 1009, entitled ‘An act providing for the punishment of crime’ constituting chapter 40 of the consolidated laws is hereby amended by adding at the end thereof a new section, to be section 957, to read as follows: “ ‘Section 957. Delivery to customers of memoranda of transactions by brokers—A person engaged in the business of purchasing or selling as brokers stocks, bonds, and other evidences of debt of corporations, com- panies, or associations shall deliver to each customer on whose behalf a purchase or sale: of such securities is made by him a statement or memo- randum of such purchase or sale, a description of the securities purchased or sold, the name of the person, firm, or corporation from whom such securities were purchased or to which the same were sold, and the day, and the hours between which the transaction took place. A broker who refuses to deliver such statement or memorandum to a customer within 24 hours after a written demand therefor, or who delivers a statement or memorandum which is false in any material respect, is guilty of a mis- demeanor, punishable by a fine of not more than $500. or imprisonment for not more than one vear. or both.’” While this legislation has undoubtedly assisted in driving out of business the old-style bucketshop which actually executed no orders at all, unfortunately it has not proved a similar preventive of the modern bucketshop which buys legitimately enough for its customers but secretly sells out again practically at once; for this reason the modern bucketshop can often furnish its victims with legitimate con- firmations, although it no longer is carrying the commitments to which thev relate. (XVd) Commissions charged on transactions effected on the Ex- change by its members as brokers are subject to minimum rates as provided in the Constitution (Article XIX) as follows: ARTICLE XIX Commissions Dhiigaiion *SEC. I Commissions shall be charged and collected upon aid the execution of all orders for the purchase or sale for account collect. of others, of securities admitted to dealings upon the Exchange and these commissions shall be at rates not less than the rates * Ag amended May 13. 1924.

Access restriction

Copyright

fullscreen: The work of the Stock Exchange

Monograph

Table of contents

Download

Monograph

This page

Image fragment

Citation links

Citation recommendation