Die wirtschaftliche Entwicklung und Lage der Elektrotechnik in der Schweiz

The work of the Stock Exchange

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Monograph

Identifikator:: 875639712

URN:: urn:nbn:de:zbw-retromon-928

Document type:: Monograph

Author:: Einhart, Julius G.

Title:: Die wirtschaftliche Entwicklung und Lage der Elektrotechnik in der Schweiz

Place of publication:: Worms a. Rh.

Publisher:: Gedruckt bei J. Munz

Year of publication:: 1906

Scope:: 1 Online-Ressource (159 Seiten)

Digitisation:: 2017

Collection:: Economics Books

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

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: IV. Die elektrochemische Industrie

Collection:: Economics Books

THE BOND MARKET 269 in the stock market, bond brokers execute orders on commis- sion for other principals, while bond dealers buy and sell for themselves. Thus, as in shares, negotiability is through “the bond crowd” imparted to listed issues. The members of “the bond crowd,” however, are not as completely specialized as are Exchange members usually dealing in the share market, owing to the lesser volume of bond than share dealings. Thus, most of the bond dealers are also brokers, and vice versa, although they are prohibited to act in both capacities in the same trans- action here as in shares. Stockbrokers are sometimes unfa- miliar with the technical features of bond dealings and in order to obtain the best obtainable prices for their customers, often “give out” their orders for bonds to bond brokers and share the commission with them, much as they “give out” orders in stocks which they cannot themselves handle adequately to the specialists and “two-dollar” brokers of the share market. For this reason, however, the ordinary Stock Exchange firm can buy or sell bonds for a customer with the same ease as shares, even though its floor member may himself be relatively unfamiliar with the technique of the bond market on the Ex- change. There is no highly organized odd-lot machinery in the bond market, since the $1,000 unit in a sense makes the whole market a retail one, and since in any case orders for $500 and $100 bond denominations are relatively infrequent. Execution of Bond Orders.—Stock Exchange firms spe- dializing in the bond business sometimes have a separate tele- phone booth or booths in each of the three sections into which the bond trading room is divided. When an order to buy or to sell an active bond comes in-at the telephone, the telephone clerk makes out a slip for it as in the share market, and gives it to the Exchange member, who enters the active bond market (or the active part of the foreign market) to negotiate the purchase or sale. Usually he will first inquire the current bid and offer prices from the quotation clerk, although if the “crowd” is dealing actively in the issue he may proceed into it

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