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.

600 APPENDIX limit for delivery of securities on Exchange transactions made the previous full business day. The ticker is also used as a speedy “lost-and-found” column for the financial district, by printing notices that certain bond or stock certificates have been lost or mislaid. This immediately endangers any attempt by a thief to negotiate stolen securities, by communicating the given certificate numbers to everyone. Sometimes, too, an Ex- change broker may fail in the press of active business to catch the name of the buyer; in this case, when the ticker prints “JouN SMITH SoLp 200 STEEL CoMMON AT 140: No Name” the buyer will see it, communicate with the seller, and avoid future difficulty. After the day’s quotations, the ticker prints the final bids and offers at the close thus giving the very latest indication as to price conditions in the market that day. High and low prices for the day are then run off on the tape, and finally “settlement prices” from the Stock Clear- ing Corporation for use of Exchange members in preparing for the clearance and settlement of that day’s business on the Exchange. (VIe) “It has long been known that investors and speculators in America enjoy vastly more safety in their market operations through these various avenues of publicity than do investors and speculators abroad. There are no tickers worthy of the name across the water, and the daily list of business done, as published in our newspapers, with bid and asked prices and total transactions in detail, is unheard of among all the Bourses in Europe. The eminent French economist, Paul Leroy-Beaulieu, speaks very earnestly of the superiority of our New York Stock Exchange system in this matter. He says the need for a similar method in France is ‘very urgent,’ that the information thus spread broadcast is ‘very instructive,’ that the pledge of publicity is ‘better assured in the United States than in any other country of the world,” and that an immediate reform along these lines is ‘absolutely necessary’ in Paris in the interest of the public.” (Van Antwerp, p. 163.) (VIf) Particularly with inactive issues but also frequently with active ones, a brokerage customer will wish to ascertain, before giving his brokerage firm a buying or selling order, not only the last sale- price of the given security on the ticker tape, but in addition the cur- rent bid and offer prices for it on the Exchange floor. He may therefore request his broker to get him a quotation for it. Formerly, the brokerage firm, in complying with such requests, would telephone to its floor member on the Exchange, who would have to obtain the request at his floor phone, go to the proper post and get the bid and offer quotations, and return to his floor phone whence they

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