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 X. The bond market

Collection:: Economics Books

266 THE WORK OF THE STOCK EXCHANGE bond market resemble those in both the active and inactive bond markets for American corporation bonds above described. Thus, in an open space the “foreign bond crowd” and its Stock Exchange quotation clerks handle active issues, while the same filing cases for bids and offers on cards as are used in the inactive bond market are also provided here for inactive for- eign bonds. So greatly have Stock Exchange dealings in U. S. Government bonds dwindled since the years immediately fol- lowing the war, that these are now handled in a rather incon- spicuous corner of the room. Reporting System for Bond Prices.—The system for reporting bond prices is very similar to that employed for share prices, except that because of the lighter volume of bond trad- ing it is simpler in operation. In the bond room there are two stations for printing prices on the bond tape, one of which handles prices made in the active bond market, and the other those made elsewhere. As bond transactions are effected, reporters inscribe them on slips and take them to the appro- priate station, whose operator proceeds to “typewrite” the appropriate symbols and figures on the tape in much the same manner as that already described in the stock market.® The bond and the stock ticker systems are entirely separate, and to obtain quotations for both, § commission brokerage office must have two different ticker machines. Bond tickers are not as widely distributed through the United States as stock tickers. Also, due to the less active character of the bond tape, bids and offers for bonds as well as price quotations for actual trans- actions are often printed upon it, and this practice has the result of widely extending the bond market on the Stock Exchange. The ordinary unit of trading in the market is the single $1,000 bond, and thus the Exchange bond market is really one for “odd-lots.” Lesser denominations of $500 or $100 can also be bought or sold there, but usually at fractional variations Ts See Chanter VI. o. 168.

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