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

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter III. The rise of the New York stock exchange

Collection:: Economics Books

RISE OF THE NEW YORK STOCK EXCHANGE 79 the share markets in its general features, is sufficiently distinc- tive to defer a complete description to a later chapter.*® Restricted Admittance to the Floor.—The most stringent rules are and have always been in effect concerning admission to the floor of the Exchange.’ Only members of the Stock Exchange, as well as the bond clerks, reporters and telegraphers, pages, tube attendants and other Exchange employees are allowed on the floor. The telephone clerks, who are employees of members, are forbidden to go on the floor beyond the tele- phone booths. Clerks of specialists must similarly remain inside the stock posts. Even partners of members, in case of the illness of a member, are with a few exceptions forbidden the floor. This rule is made to prevent the possibility of inex- perienced persons standing about the posts and crying out bids or offers for securities, or in any other way interfering with the trading occurring between members. Without such restric- tions on admittance to the floor the complete present inviolacy of contracts between members made there could not well be maintained. A gallery is, however, provided for visitors to the Exchange, and any responsible person, after being properly introduced, can from this vantage point watch the activities on the floor. Of the total Exchange membership, from 500 to 800 mem- bers are generally present on the floor. In addition, the floor in the spring of 1930 required the services of approximately 500 pages, 235 reporters, 140 tube attendants, 140 quotation clerks, and 8o bond clerks. Apart from these 1,100 odd Stock Exchange employees on the floor, there are also approximately 1,145 members’ telephone clerks, and approximately 200 cialists’ clerks. yc Description of an Opening.—The opening of the market at 10 A.M. provides one of the most picturesque moments in 16 See Chapter X. 17 See Appendix IIIh. 18 Appendix IIIi.

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