The work of the Stock Exchange

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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.

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter VI. A typical investment transaction

Collection:: Economics Books

172 THE WORK OF THE STOCK EXCHANGE Frequently, customers of brokerage houses will wish to ascertain such current bids and offers before buying or selling, particularly if Exchange dealings are heavy and the ticker is “behind the market.” Formerly, this could be done by tele- phoning from a Stock Exchange office to the floor telephone and requesting the latest bid and offer. This method was never wholly satisfactory, however, and in the active markets of 1927 and 1928 became increasingly difficult. The Stock Exchange accordingly devised a new system upon radically different lines. A quotation clerk was stationed at each stock post with a telephone to report the latest bids and offers as requested. A central switchboard service, located in the upper stories of the Stock Exchange Building, relays these current bids and offers speedily and accurately from the floor quotation clerk to any Stock Exchange house in the financial district which may have requested the quotation. Although 2 very new development, this quotation system has already won its place among the services in Wall Street which increase the safety as well as the speed of Stock Exchange dealings. Value of a Ready Market.—There is another aspect of the cited sale of 100 shares of Steel, which through the opera- tions of the two Stock Exchange commission brokerage houses Jones of Baltimore has beep able to make so quickly and satis- factorily to Smith of San Francisco, that deserves emphasis at this point. In all probability Jones never heard of Smith or Wilkins. He may not even know that such men exist, and, granted the Stock Exchange system, he does not need to. But were there no Stock Exchange, no out-of-town brokerage houses, no thousands of miles of brokerage wires spreading like a vast network over the whole country, Jones could not effect his sale so easily and at so fair a price. Lacking all this machinery, he would be forced to go to considerable personal exertion and expense to sell his stock. He would have to talk to his friends and hunt out his friends’ friends and perhaps to 21 See Appendix VIE.

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