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.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XV. The commission house

Collection:: Economics Books

THE COMMISSION HOUSE with expert telegraphers in charge of the far-flung wires. This work calls for vastly more accuracy and speed than ordinary telegraphy, and such operators must be unusually skilled in it to meet satisfactorily the frequent pressure and unusual de- mands put upon them. Practically all such wire rooms have a device known as a “tell-tale,” which records all messages pass- ing through it. Its records are filed, and thus the responsibility for the rare errors which occur can quickly be determined. The speed with which such a wire system (including opera- tions on the Stock Exchange floor) works, is truly surprising, when its complexity and the distances it covers are remembered. The same authority®® quoted above cited the following instance : 437 A large New York and Chicago firm has an interesting speed record that has not yet been duplicated. Their correspondents in San Francisco sent in an order to buy a security on the New York Stock Exchange. The order was executed and advice of its execution received in San Francisco 56 seconds after it was given. According to the same writer, one of the large Exchange commission houses has in the “regular order of business” received orders over their Havana cable, executed them, and had the report of the execution back in Havana in less than a minute. Arrangement of a Wire System.—The wire house ar- ranges its wires much as the railroad its lines of track, so as to pick up along their length sufficient traffic to justify their expense. Hence the house places correspondents along its wire routes. No contract is entered into regarding the length of time the connection will be maintained. The wire house noti- fies its correspondents in the beginning of its requirements with regard to such matters of business between them as margin requirements, etc. It is, of course, usually much easier for the wire house in Wall Street to call its correspondents for more margin than its customers in or out of New York City. “The Nerves of Wall Street.” in Commerce and Finance, June 22, 1921. p. 880.

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