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 X. The bond market

Collection:: Economics Books

THE BOND MARKET 501 security market is at most times and with most issues not so necessary in bonds as in stocks. But although prices are usu- ally communicated quickly in the outside market to dealers not parties to them, nevertheless facilities for public quotation are very rudimentary, and practically confined to often inaccurate newspaper quotations. Thus the bond market on the Stock Exchange regularly serves as a guide to the usually larger “over-the-counter” market, by reason of its highly perfected price-quotation system. Leading outside dealers sometimes make a market on the Exchange with relatively few bond sales, in order to establish prices as a standard for larger dealings outside. Also, these outside dealers sometimes accumulate small pieces on the Exchange and sell them again as a large block outside, or buy a large block outside and distribute jt retail on the Exchange. Due to the loose character of organization in the outside market, the latter is really a “fair weather” market, and it often proves incapable of maintaining dealings during periods of heavy liquidation, or when bonds for any other reason become specially active. At such times the main N ew York market in bonds is transferred to the Stock Exchange, whose highly per- fected organization enables dealings to continue there even under very adverse and difficult conditions. For this reason it is by no means true that the Stock Exchange bond market is either unnecessary or unimportant, despite its comparatively small dealings in normal times. Evolution of the Stock Exchange Bond Market.— While the proportionate importance of the Stock Exchange bond market in the whole market for bonds in New York has con- siderably declined since 1900, nevertheless the vast growth of the entire American bond business has resulted over this period in a steady expansion both of its volume of trading and its facilities. Originally the Stock Exchange bond market was conducted by “calls,” and although this system was superseded in shares

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