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 VIII. The floor trader and the specialist

Collection:: Economics Books

218 THE WORK OF THE STOCK EXCHANGE in the Stock Exchange day. In addition to his sufficiently extensive tasks already alluded to, he must watch everyone in the “crowd” about his post, lest someone sell stock below the limit at which he must buy it, or above the limit at which he has to sell it; he must also see what the “fair opening” is, and whether a “split opening” is printed correctly on the stock tape ; and he must constantly make changes in the orders which he is handling as new orders and messages pour in upon him. Sometimes a single order will be changed half a dozen times in ten minutes. He must also make out written and binding reports on every transaction he has made as an agent for an- other member; every such report must be checked before it goes out, lest—say—34 instead of 34 be erroneously written in haste, and thus make enemies for the specialist or perhaps impose losses upon him. Formerly, due largely to the inflexible prohibition against non-members on the Stock Exchange floor, the specialist himself was forced to do not only all his buying and selling, but also the considerable amount of detailed clerical work above described. Sometimes the volume of this work was such that it was humanly impossible for one person, however nimble or experi- enced, to perform it speedily and well. Even when the spe- cialist pressed his telephone clerk into service to make out reports, it failed to solve the problem. The Stock Exchange authorities discussed this occasional overcongestion of the spe- cialist’s business for years without arriving at any practical solution for it. The increased stock market activity of 1928-29, however, clearly indicated that some remedy must be found, and that promptly. Accordingly, the Committee of Arrangements adapted the new “stock post” which it had devised, to the par- ticular needs of overworked specialists. As an exception to the Stock Exchange rule, specialists were permitted to have their own clerical employees assist them in their work on the floor. Such specialists’ clerks are not, however, technically

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