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 6501 would be sent to his office and reported to the customer. This plan did well enough in dull markets, but when the floor member was already busily engaged in executing actual orders he would be forced to delay in obtaining quotations in this way. In the very active 1928 markets, it became practically impossible for this reason to furnish prompt and accurate floor quotations. Yet the fact that the stock ticker often was running “behind the market” only increased the demand for them. The Committee of Arrangements took this prob- lem firmly in hand, and on October 1, 1928, inaugurated as a solution to it the present highly satisfactory telephone quotation system. At each trading post on the floor a telephone quotation station was in- stalled in charge of clerks who, as market prices change, telephone bid and offer quotations for the securities listed at that post by private wire to the operators at quotation desks in a newly established central quotation room in the upper stories of the Stock Exchange building. These quotation desks are connected by telephone wires through switch- boards to the order rooms of Stock Exchange offices in New York. By means of this system, a Stock Exchange office desiring bid and offer quotations can call from its order room to the operator in the central quotation room who is in contact with the floor quotation clerk at the particular post where the given issue is listed. In this way, Stock Exchange firms can ascertain bid and offer quotations speedily and accurately. CHAPTER VII Credit Transactions in Securities (VIIa) The complete collapse and destruction of certain East European currencies after the war temporarily compelled a reversion to the primitive practice of bartering goods against goods without the use of money. When, for example, the old Austrian krone became worthless in foreign countries, Austrian manufacturers could not ob- tain needed raw materials from outside nations except by payment in terms of the goods which they proposed to manufacture. Austrian textile manufacturers would thus turn into cloth the bales of cotton furnished to them by English exporting houses, pay off the latter for the raw cotton with part of the goods manufactured, and earn other expenses and profits by selling the remainder of the cloth. Similar transactions occurred in Germany, Russia and other countries whose currency had been hopelessly inflated. Such reversions to barter of course illustrate how basic barter is to trade, and how fundamental are the situations where debts are contracted and paid in terms of roods rather than in terms of money.

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