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 VI. A typical investment transaction

Collection:: Economics Books

(66 THE WORK OF THE STOCK EXCHANGE 0 obviate the possibility of any misunderstanding Jenkins takes ‘he precaution to cry to Wilkins, “Sold to you 100 Steel at 150.” Jenkins next writes out a ticket known as a “report” (Figure 9), recording the details of the sale which he has just made, including the name and amount of the stock, the price, and the name of the buyer, and sends it to his telephone clerk, who phones it back to his office. This main office of Jenkins & Co. on receipt of the report wires it in turn to the Baltimore Sranch, where Jones is informed of the transaction. It is, of course, to be noticed that Wilkins and Jenkins do not exchange securities, money, or even mem- oranda at the post, but simply make a verbal sales contract. The actual delivery of the stock and payment for it, as will be explained in subsequent chapters, are ‘effected through the com- slex and important agency of the Stock Clearing Corporation. Tnviolability of Stock Exchange Contracts.—The thor- ugh insistence of the Stock Exchange upon the inviolability of contracts made on its floor is attested to by the readiness with which such contracts are effected.’* We have seen in the typical transaction cited that Jenkins and Wilkins do not ex- change any written agreement, but that a single word, or even 2 nod of the head, is sufficient to close a contract for the pur- chase and sale of stock valued at $15,000. Indeed, millions of dollars’ worth of securities change hands in the Exchange each day in just this way without signed agreements, and with less danger of loss through cancellation, per dollar involved. than © 16 See Chapter XVI. pb. 454.

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