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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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter X. The bond market

Collection:: Economics Books

CHAPTER X THE BOND MARKET Our survey of Stock Exchange operations thus far has dealt primarily with dealings in shares, and little has been said concerning the Exchange bond market. In their general methods and functions, the bond and share markets on the Exchange are much alike. But as share dealings on the Ex- change occur in much greater volume than bond dealings, much more extensive facilities are required on its floor for the former than for the latter. As an earlier chapter’ has pointed out, bonds represent debts while shares represent equities, and bondholders are creditors while shareholders are really partners. Also, bonds usually must be repaid by some fixed maturity date, while usually share issues represent theoretically perpetual equities. Thus bonds, as obligations of some government or company, are inherently simpler and as a rule more definite than shares, and consequently less dependent upon speculation during their distribution. Classes of Bonds.—Bonds can be divided into two genera; classes—mortgage bonds which are secured by a mortgage of some physical asset of the issuing debtor organization, and debenture bonds which are not so secured and simply evidences of debt. There are practically as many kinds of mortgage bonds as there are different varieties of mortgages, and sometimes the exact order of precedence among different mortgage issues as claims against assets or earnings is difficult to determine. Mortgage bonds, particularly in the railroad field, are also Ses Chapter I, p. 17.

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