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.

6518 APPENDIX cialists frequently experienced difficulty in securing accurately the names of brokers with whom transactions were made, with the result that a great mass of so-called “don’t know” contracts rapidly accumu- lated. In order to clear up these and other kindred misunderstandings, specialists were compelled to be at their posts on the floor Friday and Saturday, November 1 and 2, when the Exchange was closed, and for the first time in history all the morning of Sunday, November 3. CHAPTER IX The Odd-Lot Business (IXa) In his address (Boston, June 10, 1930) entitled “The Work of the New York Stock Exchange in the Panic of 1929,” President Richard Whitney stated concerning odd-lot transactions during the crisis: “Toward the close of the memorable day of October 29th a rally in share prices began which continued strongly through the 30th and the 31st, and which marked a new and significant phase of the panic period. After days of decline that had seemed endless, the upward surge of prices was greeted by cheers on the Exchange floor. The rally in prices was largely due to tremendous odd-lot purchases. Evi- dence of the still tremendous wealth of our investing public was clearly shown by the innumerable orders to purchase shares which now poured in upon the market. Gratifying as this exhibition of public investing power was to everyone, it imposed additional burdens on the machinery of the Stock Exchange. It involves practically as much work to execute an order for ten shares as for a thousand, and when the whole public took to buying at once, further congestion in the market was once more occasioned. The lobby of the board room was turned over to the sorging of odd-lot orders, and other steps were taken to facilitate the work. Yet the burden fell not alone on the Exchange floor facilities, but also on members’ offices, the stock transfer offices, and in fact throughout the financial district.” CHAPTER X The Bond Market (Xa) The delayed delivery of bonds is provided for in the Con- stitution and Rules, Chapter I, B. In respect to interest payable upon contracts in interest paying bonds “regular way delayed delivery” [Rules, Chapter VI, Sec. 3(B)] it is provided that “interest at the rate specified in the bond shall be computed up to but not including

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