CONTENTS
Pace
sion house machinery in motion. Sequel to a margin purchase.
The practice regarding transfers. Functions of the cashier. The
bookkeeping side of stock brokerage. The customer’s statement.
Summary of Mr. Blank’s transactions. How the brokerage com-
mission 1s entered. The item of taxes on sales. Dividends and
premiums. Computation of interest. Determining the customer’s
margin. The margin card. Margin in points and percentage.
Safeguarding the broker’s “box.” Present and former scope of
‘he stock market. The wire systems of today. The modern wire
room. Arrangement of a wire system. National character of the
stock market today. Benefits of the extension of brokers’ wires.
Overcoming time and space.
CuaprTER XVI
THE ADMINISTRATION OF THE STOCK EXCHANGE. . . . . 442
What is the Stock Exchange? Stock Exchange membership.
Constitution and rules. The Governing Committee. Powers of
the governors. Disciplinary methods. Other Stock Exchange
committees. Subsidiary corporations. Special departments. Em-
ployees of the Stock Exchange. Association of Stock Exchange
Firms. Disputes regarding contracts. “Wash sales.” Matching
orders. The commission law. The circulation of rumors. Clos-
ing contracts “under the rule.” Suspension of trading. Bucket-
shops. Semi-annual and other financial statements. Past criti-
cism of the Stock Exchange—question of incorporation. Instant
action necessary. Enforcement of discipline. Not a profit-making
organization. Jurisdiction of the Stock Exchange. Responsibility
to public keenly felt.
CuaprTEr XVII
Fue Stock EXCHANGE AND AMERICAN BUSINESS. . - «
Sensitiveness of security and money markets. The Wall Street
point of view. No royal road to understanding price changes.
The universal habit of personifying. Modern myths and myth-
makers. The human-interest factor in news. Effect on the public
mind. Services of the Stock Exchange to investors. The San
Francisco earthquake. Importance of agriculture to the United
States. The Stock Exchange and the American farmer. The
modern American farmer’s needs. American labor’s stake in the
Stock Exchange. The worker as an investor. The Stock Ex-
change and our middle class. The purchase of income. Services
of the Stock Exchange to the manufacturer. The Stock Exchange
and modern banking. Services to the organized commodity mar-
kets. The value of stock exchanges to modern government. Mar-
keting the public debt. Furnishing the sinews of war. Organized
markets and the consumer. Consumption the test of civilization.
Growth of population under capitalism and socialism. The
instance of Great Britain. The rising standard of living. Life
in the Middle Ages. Standards of modern consumer. Future
tasks of the securities market.
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