Der Weltverkehr und seine Mittel

The work of the Stock Exchange

Bibliographic data

Monograph

Identifikator:: 100624364X

URN:: urn:nbn:de:zbw-retromon-33077

Document type:: Monograph

Author:: Merckel, Curt http://d-nb.info/gnd/1024684814

Title:: Der Weltverkehr und seine Mittel

Edition:: Zehnte, durch einen Nachtrag ergänzte Auflage, Sonderausgabe aus dem Buch der Erfindungen, Gewerbe und Industrien

Place of publication:: Leipzig

Publisher:: Verlag von Otto Spamer

Year of publication:: 1913

Scope:: 1 Online-Ressource (X, 981 Seiten)

Digitisation:: 2017

Collection:: Economics Books

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

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Die Eisenbahnen

Collection:: Economics Books

80 THE WORK OF THE STOCK EXCHANGE the day on the Exchange. Shortly before 10 A.M. the employee of the Exchange whose business it is to open and close the stock market, enters the rostrum and takes his seat. On the fAoor below are over 2,000 people. The brokers and traders gather about the posts—waiting. In the telephone booths along the side walls the telephone clerks are busy with orders for purchases and sales. The black signal boards are flashing one white number after another as the brokers are called to the telephones. A low hum of conversation fills the Board Room. There is a tension in the air, for orders have accumulated in the brokerage houses overnight from all over the country and the opening is, therefore, usually energetic. Suddenly, exactly on the hour of 10 A.M., an employee of the Exchange in the rostrum sets off the electric gong. The market has opened! Instantly a roar of voices rises as the brokers rush into the “crowds” around the various posts and back to their telephone stalls. Hundreds of men swarm about the posts shouting bids and offers and waving their hands in the air. Although at first the spectator may think that bedlam has veritably broken loose, if he will follow closely the movements of almost any one of the brokers on the floor he will suddenly realize that the noisy chaos below him is in reality made up of hundreds of orderly though energetic individuals performing their work systematically and efficiently. In spite of the clamor and excitement on the floor, millions of shares valued at many millions of dollars are bought and sold there daily with a negligible number of errors or misunderstandings. Brokers and Dealers.—The casual visitor to the Stock Exchange is apt to come away much impressed with the me- chanical appliances on the floor which have just been described, but rather oblivious to its much more important human mechan- ism. For the securities market is able to function only through the highly specialized work of the several different types of brokers and dealers who go to compose it. Indeed, the day

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