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.