274 THE WORK OF THE STOCK EXCHANGE 
penetrate the bond crowd only slowly and temperately. The 
bond market in the New York Stock Exchange will always 
prove less animated and picturesque than the larger adjoining 
market for shares. Nevertheless, the Stock Exchange bond 
market is also a very vital factor in the general machinery of 
American finance, and a necessary and integral part of the great 
market for American securities maintained by the New York 
Stock Exchange.