The work of the Stock Exchange

Bibliographic data

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

164 THE WORK OF THE STOCK EXCHANGE dials and price slips, a broker or dealer on the floor can speedily acquaint himself not only with recent selling prices, but also with the latest price, for any particular listed stock issue. [nside each stock post are stationed several clerks, who assist specialists’? record orders to buy or sell inactive stocks, man the tube system, and perform other useful functions. Attached to each post is also a quotation clerk who, upon request, obtains from the floor members at his post the latest hids and offers for a given issue, and reports them through a ~entral station to Stock Exchange offices in the financial district. “What's Steel?”—When Jenkins first arrives at the Steel host, he learns from the indicator and slip attached to the post ‘hat Steel common opened that day at 14934 and that its last recorded sale was at 15034. But in order to obtain the abso- lutely latest information on the “market” for Steel, Jenkins thrusts his way into the Steel crowd, which is crying out bid and offer prices at which they will buy or sell the stock, and inquires, “What's Steel?” The specialist, who concentrates all his attention on this particular stock and consequently is thor- bughly familiar with the subject, tells him, “150 bid, offered at 14,” or perhaps replies simply “fifty to an eighth”—a shorter way of saying the same thing. In other words, the most any buyer at that particular moment is willing to pay for the stock is $150 a share, while the least any seller will take for it is $150.125 a share. Jenkins’ order is limited at 150—that is, he must sell his customer’s stock for 150 or more. If this limit were far away from the market—say, at 200—the chances are that consid- erable time might elapse (perhaps indeed a number of years) before market conditions would make it possible for him to sell the stock at that price. In such a case Jenkins would probably leave the order with the specialist in Steel, who would ‘nscribe the offer of 200 in his book.** Since the specialist 12 See Chapter VIII, p. 218. 8 See Chapter VIII. p. 220.

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