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.

APPENDIX 599 shares were transferred to it. The proposal has also frequently been made to install a duplicate stock ticker system, and thus place—say— industrial shares on one stock ticker and rails and utilities on the other. The difficulty with this proposal is that it would apparently necessitate a duplication of stock ticker wires all over the United States—an enormous undertaking. The new ticker machine, however, has provided a basic solution to the whole problem. It was unfortunate that the new ticker machines were not com- pletely in operation during the 1929 panic. During the days when stock sales exceeded 10,000,000 shares, it was impossible for the ticker system to keep abreast of the market. On October 29, when reported sales reached 16,400,000 shares, the ticker did not stop until 5:32 p.M. —two hours and a half after the closing of the market. As President Richard Whitney stated in his address (Boston, June 10, 1930) “The Work of the New York Stock Exchange in the Panic of 1929”: “The Exchange authorities, to relieve this situation, published prices of leading issues at ten minute intervals on its less crowded bond ticker. But this palliative, although useful, was far from suffi cient to allay the public confusion. Many sellers of stock were unable to learn the prices at which they had sold, while potential buyers could not learn current prices of shares promptly enough to enable them to make purchases which they might otherwise have been willing to do. The mechanical limitations of the ticker system thus considerably aggravated the public hysteria.” Apart from actual price quotations, the ticker tape is used for several other purposes. Before the “opening” it is tested by the repetition of figures and letters in sequence but without meaning. Also, official notices are printed upon it, such as dates when certain stocks will sell “ex-dividend,” or announcements that certain securi- ties will or will not be “good deliveries” on Exchange contracts. New ‘ssues just listed will be assigned a new ticker symbol. Notices of suspension of trading are printed there; at 9:55 A.M. on the historic morning of July 31, 1914, appeared the official announcement of the closing of the Exchange. During the 1929 panic, notices concerning emergency measures were similarly released on the bond and news tickers. In this way, the whole financial district can be placed on notice regarding details of the Exchange business, a great facility in standardizing security practices. The ticker also serves as an alarm clock to Wall Street. At 14 minutes after 2 p.m. “DELivEry TIME” appears on the tape, after which quotations are suspended temporarily, and fifteen distinct beats follow on the ticker. The last beat marks 2:12 p.Mm.. which is the

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