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.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter VI. A typical investment transaction

Collection:: Economics Books

A TYPICAL INVESTMENT TRANSACTION 163 crowd” about this post is composed not only of commission brokers like Jenkins, who are buying and selling the stock as agents for other Exchange members or outside principals, but also floor traders dealing entirely on their own account, odd- lot dealers who stand ready to buy or sell any number of shares less than the ordinary trading unit of 100 shares, and specialists who confine their dealings entirely to the particular stocks located at this post. This constantly shifting group of brokers and dealers represents almost the whole world demand and world supply of Steel stock at that particular moment. Formerly, the “stock posts” on the Exchange floor were actual posts, provided with price recording dials on their sides and a circular seat about their base.® In order to conserve space on the trading floor, these former posts were in 1928-29 replaced by the present large, hollow U-shaped booths (Plate 7) to which the traditional term “post” has nevertheless clung. Inside each post is a tube station connected by pneumatic tubes with the members’ telephone booths which fringe the floor’ these tubes are, as we shall presently see, employed primarily by the specialists*® and the odd-lot dealers. The outside of the so-called post is pierced midway up by windows, above which hang metal plates stamped with the name of the given stock and price recording dials provided with movable figures which record the last sale-price. The price reporters keep these figures up to date, except when mar- ket activity becomes so great as to cause them temporarily to be neglected. At the end of the post also hang paper slips for the stocks at the given post; each day one slip is used to record the opening, highest, lowest, and last prices for that day, of all the stocks at the given post. These slips are posted each night after the close of the market, and are kept over the course of the previous few weeks. Owing to these price recording 8 See Appendix IITe, ® See Appendix I1lg, 10 See Chapter VIII, p. 214. 1 See Chapter IX, p. 236.

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