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 considerably
 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 American
 and Foreign Power at 74; 100 Anaconda Copper at 51%: 100 Chicago & Northwestern
 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 Investment
 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 General
 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.

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