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APPENDIX 
cialists frequently experienced difficulty in securing accurately the 
names of brokers with whom transactions were made, with the result 
that a great mass of so-called “don’t know” contracts rapidly accumu- 
lated. In order to clear up these and other kindred misunderstandings, 
specialists were compelled to be at their posts on the floor Friday and 
Saturday, November 1 and 2, when the Exchange was closed, and 
for the first time in history all the morning of Sunday, November 3. 
CHAPTER IX 
The Odd-Lot Business 
(IXa) In his address (Boston, June 10, 1930) entitled “The Work 
of the New York Stock Exchange in the Panic of 1929,” President 
Richard Whitney stated concerning odd-lot transactions during the 
crisis: 
“Toward the close of the memorable day of October 29th a rally 
in share prices began which continued strongly through the 30th and 
the 31st, and which marked a new and significant phase of the panic 
period. After days of decline that had seemed endless, the upward 
surge of prices was greeted by cheers on the Exchange floor. The 
rally in prices was largely due to tremendous odd-lot purchases. Evi- 
dence of the still tremendous wealth of our investing public was 
clearly shown by the innumerable orders to purchase shares which 
now poured in upon the market. Gratifying as this exhibition of 
public investing power was to everyone, it imposed additional burdens 
on the machinery of the Stock Exchange. It involves practically as 
much work to execute an order for ten shares as for a thousand, and 
when the whole public took to buying at once, further congestion in 
the market was once more occasioned. The lobby of the board room 
was turned over to the sorging of odd-lot orders, and other steps were 
taken to facilitate the work. Yet the burden fell not alone on the 
Exchange floor facilities, but also on members’ offices, the stock 
transfer offices, and in fact throughout the financial district.” 
CHAPTER X 
The Bond Market 
(Xa) The delayed delivery of bonds is provided for in the Con- 
stitution and Rules, Chapter I, B. In respect to interest payable upon 
contracts in interest paying bonds “regular way delayed delivery” 
[Rules, Chapter VI, Sec. 3(B)] it is provided that “interest at the 
rate specified in the bond shall be computed up to but not including