The work of the Stock Exchange

Bibliographic data

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.

5Q0 APPENDIX ments for either loans or customers’ accounts. No inflexible law can, in this regard, ever prove an effectual substitute for wise and ex- perienced administration.” (Vd) “Both the writer and the reformer must reckon more than they have done with the fact that speculation in the last half-century has developed as a natural economic institution in response to the new conditions of industry and commerce. It is the result of steam trans- portation and the telegraph on the one hand, and of vast industrial undertakings on the other. The attitude of those who would try to crush it out by legislation, without disturbing any other economic conditions, is entirely unreasonable.” (H. C. Emery—“Speculation on the Stock and Produce Exchanges of the United States,” p. 9.) CHAPTER VI A Typical Investment Transaction (VIa) In case, however, one buying member had simply cried, “Take it,” while another buyer had simultaneously made a definite bid for the stock by saying “(I'll give) 150 for a hundred (shares),” it is a rule of the Stock Exchange that the latter, because he is an actual bidder, shall have the preference and get the selling member's stock. Similarly, after—say—50 has been bid for a stock, if simul- taneously one seller cries, “Sold,” while another says “(I'll) sell a hundred (shares) for 50,” the latter member offering the stock is accorded the sale. (VIb) In 1929, the increase of the Stock Exchange membership brought upon the floor a considerable number of new members some of whom were inexperienced in the technique of floor dealings. To inform them in this regard, and also to settle occasional disputed points between the older members, a Special Committee of the Ex- change after considerable effort codified the practice of the Stock Exchange floor on numerous moot points of dealing, and this code was subsequently published in pamphlet form by the Committee of Arrangements. So essential is this material to a complete grasp of Stock Exchange practice, that it is reproduced in full in this Appendix. Dealings in Securities Bins AND OFFERS Precedence on the Floor. The first bid or offer, at a price for one or more units of trading, entitles the maker to the floor; a sale removes bids and offers from the floor in that classification only (regular way, cash,

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