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 263 to Exchange Place. New and complete as these latest quarters of the bond market are, it would seem from past experience to be tempting Providence to prophesy just how long they may prove satisfactory and adequate in future years. Recently, however, the growth in the bond business on the Stock Exchange has by no means kept pace with the growth of the business in shares, owing to the combination of such factors as the rapid retirement of the U. S. National Debt, the slacken- ing of emergency European government financing, the popular preference for shares rather than bond investments on the part of the American public, the retirement of many commercial banks as bond buyers during periods of high interest rates, and the preference of American corporations for share rather than bond financing.” The Active Bond Market.— The present Stock Exchange trading room for bonds extends from the old Board Room southward along New Street to Exchange Place (Plate 8). Its walls are lined with the telephone booths of Exchange mem- bers, which connect their offices with the market by private wire. It is divided by partitions which consist of additional telephone booths, into three separate markets—for active, inac- tive, and foreign bonds respectively. The active bond market consists of a railed space where the “bond crowd” assembles. In its essentials it is conducted much as are the markets for active stocks, with open bidding and offering by Exchange members, However, the active bond market is provided with quotation clerks (employees of the Stock Exchange) who as a convenience to dealers note the price of bids and offers, with the name of the member who made them. In the active bond market, this giving of bids and offers to the Exchange clerks who handle the quotation cards in no way puts such bids and offers “on the floor.” The practice serves simply to enable a particular broker to be re- minded of them by the clerks, and to assist other brokers who "7 See Appendix Xb.

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