262 THE WORK OF THE STOCK EXCHANGE
by the continuous market system many years ago,’ it has been
in comparatively recent times that a continuous market for
bonds on the Exchange was first organized. Formerly at 11
a. the chairman of the Board (a contemporary official who
used also to open and close trading on the Exchange) would
call in succession the names of the various listed bond issues.
As each bond was called, Exchange brokers and dealers would
shout their bids and offers, and sales would be made. But the
number of listed bonds finally became so great that this “call”
system in the bond market became tedious and impractical. In
its place, the present continuous bond market on the Exchange,
and its “bond crowd,” were established. Originally, and within
the memory of bond traders now living, the bond dealer or
broker could keep in his head all listed bond issues as he traded;
with the great increase in listed bond issues, however, this
became impossible, and thus central facilities for keeping bids
and offers in the market had to be provided.
At first the continuous bond market was conducted on one
side of the old Board Room. During the recent war period,
extensive dealings in U. S. Government bonds led to the estab-
lishment of a separate trading booth for them; this was subse-
quently split into two different booths, one for Liberty bonds
and other U. S. Government securities, and the other for for-
eign government and foréign company issues. Meanwhile the
third and original section devoted to dealings in American rail-
way and industrial corporation bonds considerably expanded.
In 1922, when the New York Stock Exchange first occupied
the additional floor in Wall Street (colloquially known on the
Exchange as ‘the garage”), the bond market was more ade-
quately housed here, together with additional facilities for
share dealings. In 1928 the continual expansion of the security
business led to new accommodations being prepared for the
bond market in an additional trading room made as an exten-
sion from the old Board Room southward along New Street
"6 See Chapter IIL. Db. 67.
