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.

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter X. The bond market

Collection:: Economics Books

272 THE WORK OF THE STOCK EXCHANGE general functions have already been reviewed in an earlier chapter’ and need not be repeated here. But normally the Stock Exchange bond market is merely the public and retail portion of the whole bond market in New York, and thus in fact exercises more specialized economic functions which often relate intimately to the work of the out- side bond market. Perhaps the chief function of the Stock Exchange bond market consists in giving speedy and accurate publicity to bond transactions. No such publicity is available for transactions in the essentially private “over-the-counter” market. Without the Stock Exchange bond market, there would be no available index as to the course either of prices for many individual bond issues, or for bond prices as a whole. Dealers in the outside market not only watch closely Stock Exchange bond prices on the bond tape and in the newspapers, but also frequently send into it through Exchange members requests for quotations. Many Exchange firms in the investment business maintain close connections with institutional and individual bond buyers, as well as with security dealers generally. Knowing the par- ticular wants and interests of each, the investment broker con- stantly communicates to them bids and offers on the Stock Exchange, and thus greatly facilitates the ability of sellers to sell and buyers to buy on the Exchange bond market. By its broadcasting not only of bond prices but also of bids and offers for bonds, the bond ticker extends the scope of the New York bond market and attracts purchases and sales into it. This quotation service maintained by the Stock Exchange yond market bears a significant relation not only to the outside bond market in old issues, but even to the market in new issues direct between issue houses and the public. Often new bond issues are listed on the Board before the syndicate agreements as to their distribution have terminated, and sometimes before 11 See Chavter II.

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