246 THE WORK OF THE STOCK EXCHANGE
based. Occasionally such customers have been confused and
misled by mechanical limitations of the stock ticker.®
Sometimes a large volume of sales has made it physically
impossible for the old ticker machine to keep abreast of the
market, and consequently, the tape has sometimes lagged con-
siderably behind the market, and closing prices have sometimes
not appeared upon it for half an hour or even more after the
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Figure 18. Specimen Sections of Stock Ticker Tape
Top row records sales of 1,100 shares of American Telephone & Telegraph at
(2)18%5, 400 more at (218)3% and 200 at (2)19; 100 General Motors at 4474; 100
Public Service of New Jersey at 9934; 100 U. S. Pipe & Foundry at 3434; 300 Ameri-
can and Foreign Power at 74; 100 Anaconda Copper at 51%: 100 Chicago & North-
western Railway at 747%, and 100 more at 75.
Second row from top records sales of 200 J. I. Case Co. at 200%, and 200 more
at 200; 100 Union Pacific Railroad at 222%; 100 Southern Pacific at 11834; 100
Standard Oil of New Jersey at 74, 500 more at 741%, and 2,000 more at 74%: 500
Kennecott Copper at 4014; and 600 U. S. Steel at (16)8.
Third row from top records sales of 200 Johns-Manville at 82, 100 more at 8134,
200 more at (81)14, 200 more at (81)%, and 300 more at 81; 100 Commercial Invest-
ment Trust warrants at 6%; 200 United Corporation at 347%; 200 U. S. Steel at
(1)673%; and 100 American Telephone & Telegraph Co. at (2)203%.
Fourth row from top records sales of 100 Radio Corporation at 427%, 100 more at
43, 500 more at 427%, and 200 more at 43; 200 American Can at (1)28%, 1,200 more
at (1)28, and 200 more at (128) 14; 200 Pan-American Petroleum B at 593%; 200 Gen-
eral Motors at 447%; and 300 U. S. Steel at (16)8.
Bottom line records sales of 2,000 American Telephone & Telegraph rights at 1934;
100 U. S. Steel at (1)67%, and 100 more at (167) 34; 100 Vanadium Co. at 99%, 100
more at 99, 400 more at 9834; 500 Westinghouse Electric at (1)47%; 100 Consolidated
Gas at (1)1334, 200 more at (113) 5%, and 300 more at (113) ¥; and 600 Union Carbide
k Carbon at (7)474, and 100 more at (7)5.
8 Qee Appendix VId.
UN
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