270 THE WORK OF THE STOCK EXCHANGE
directly. If there is difficulty in executing the order in this
way by open bidding and offering, the broker may leave his
bid or offer with the quotation clerk. The latter, not being a
Stock Exchange member, cannot of course deal, but he does
eep the market informed as to such orders in the market.
If, on the other hand, the bid or offer which comes to the
telephone is for an inactive issue and “away” from its current
hid and offer prices, the telephone clerk makes out a card for it,
and turns this over to the clerk at the appropriate filing case.
The latter inserts it in its proper place among other existing
bids and offers for the same issue. But in case the bid or offer
at the telephone is at such a price as to make speedy negotiation
possible, the broker finds out the best offer (if he is bidding)
or the best bid (if he is offering), by referring to the appro-
priate filing case cards. He then seeks out the other member
who has made it, and whose name is inscribed upon the card,
and negotiates the purchase or sale with him.
Delayed Deliveries of Bonds.—For many years most
bonds were as a rule bought upon the New York Stock Ex-
change like stocks, for “regular way” delivery on the next full
business day following the day when the contract on the Ex-
change was made; as with stocks, it was of course possible to
deal in them upon buyers’ or sellers’ options to deliver within
thirty or even sixty days, although this was rarely done except
when American bonds held in Europe were liquidated in New
York.
The vast extension of bond buying in the United States in
the years which followed the Armistice, however, tended to
create more and more difficulty and delay in sending bonds
from distant centers to New York for immediate delivery on
Stock Exchange “regular way” contracts. With stocks the
problem did not exist to the same extent, since the New York
broker could often sell the given shares short, borrow them
for delivery the next day, and when the certificates arrived in
New York deliver them to the lender of the shares: because of
