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 XV. The commission house

Collection:: Economics Books

422 THE WORK OF THE STOCK EXCHANGE which under such circumstances is said to sell “ex-dividend.” Sometimes, however, in strong bull markets, when stock prices are rising swiftly, the price of the given stock may rise suffi- ciently to offset the amount of the dividend. In such a case the subtraction of the dividend would not be revealed in the ~urrent price of the stock. Functions of the Cashier.—The cashier of a brokerage firm is in many respects the practical executive of the office and supervises its entire routine. It is he who borrows money on the firm’s stock, either at the banks or on the Exchange, who deposits money at the banks and checks it out again, and who oversees the receipt and delivery of the firm's daily stock balances. It is natural that many cashiers ultimately become partners in their firms, and that many governors of the Stock Exchange have in their younger days served their apprentice- ship in the cashier’s cage. The Bookkeeping Side of Stock Brokerage.—But we are getting far afield from the office of Jenkins & Co. at 500 Wall Street. While Blank and other customers of the firm have been ordering the purchase and sale of securities, the book- keeping or accounting department of the firm has not been idle. We have already seen that a copy of every order received by the order clerk is dispatchéd at once to this department, where a prompt record of every customer’s account is kept. Thus Blank can obtain an accurate and detailed statement of his account with the firm any time he asks for it. Few visitors to Wall Street have any conception of the importance or the amount of bookkeeping which Stock Exchange work necessi- tates. But for the army of bookkeepers which invades the financial district early each morning, and does not leave until the accounts of the various houses are completed for the day, the whole system would at once break down. Even a moderate- sized brokerage house must employ a large bookkeeping force

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