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 XVIII. The stock exchange as an international market

Collection:: Economics Books

506 THE WORK OF THE STOCK EXCHANGE darkness. By such means the New York and London markets particularly were normally kept in the closest touch with each other. Dealings Between New York and London.—New York time, however, is later than London time by five hours less four minutes and one second. Thus, when the Stock Exchange of London opens, it is long before the 10 o'clock opening of the New York Stock Exchange, which occurs at 2:56 p.m. London time. Although the Stock Exchange in London closed at 3 p.M. (London time), its market in “Yankee rails’ con- tinued outside the Exchange till the 3 o'clock closing of the New York Stock Exchange, which occurred at 7:56 P.M. in London. In consequence, 2 o'clock London quotations in American issues used to reach Wall Street brokerage offices about 9:20 A.M. (New York time), and gave the earliest lead here as to the likely trend of prices on the New York Stock Exchange that day. Sometimes, however, the price trend in London was not followed in New York. London quotations required skilled interpretation, since the London stock ticker recorded only bids and offers but no prices, and never the number of shares sold.” Also, for con- venience in dealing, the pound sterling was for quotation pur- poses always taken at $5.00, and the difference between this figure and the actual current exchange rate was adjusted in the London price quotation. Thus, with exchange at—say— $4.87%% to the pound, a stock quoted at 50 in London would be quoted 4834 here, and so on. Changes in the Arbitrage System.—The old business of arbitraging from the floor of the New York Stock Exchange caused constant infringements upon its commission law,® since as a rule it was carried on “joint account” between a New York Stock Exchange member here and some non-member of this Exchange abroad, with the result that the Exchange mem- 2502 Angers AVI 0

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