1 
CONTENTS 
Pace 
sale of an odd-lot. Work of the transfer office. Deliveries, 
commissions, and profits. Determining the price. Transactions 
made at bid and offer prices. “Quarter stocks.” Odd-lot trans- 
actions “at the opening.” Limited orders in odd-lots. Mechan- 
ical limitations of the ticker service. Misunderstandings regard- 
ing “bunched sales.” Adjustment of errors in odd-lots. Risks of 
loss to the odd-lot dealer. Expenses of the odd-lot business. 
Economic significance of the odd-lot business. The odd-lot 
dealer as a factor in distribution. Odd-lot purchases in declining 
or rising markets. 
CuaprTEr X 
Tue BoND MARKET . . . bow 
Classes of bonds. Form of bonds. Bond listings. Speculative 
aspects of bonds. The New York bond market. Evolution of 
the Stock Exchange bond market. The active bond market. The 
inactive bond market. The foreign bond market. Reporting sys- 
tem for bond prices. Composition of the bond crowd. Execution 
of bond orders. Delayed deliveries of bonds. Economic func- 
tions of the bond market. 
2585 
CuAPTER XI 
Tue Security COLLATERAL LoaAN MARKET. . . . . . . . 275 
Evolution of the market. The Federal Reserve system. War 
time regulation of security loans. The time loan. The call or 
demand loan. The demand for security collateral loans. The 
supply of call money. The New York security loan market. 
Changeability of supply and demand. The “money desk.” Loan 
agreements. Settlement of loan contracts. Diversification of 
security collateral. Protection of lenders. Acceptance of col- 
lateral. The termination of call loans. Renewal of call loans. 
Are call loans safe? Are call loans legitimate? Preference for 
commercial loans. Services of the call loan market in the 
1919-21 crisis. The size of security loans outstanding. “Brokers’ 
‘oans,” 1026-29, Term settlements, Rediscounting security loans. 
Cuapter XII 
COMPARISON AND SECURITY CLEARANCE: + + + » » + = « + 3II 
Only negotiation of contracts on the Exchange. Stages of the 
security clearing and settling process. The pre-Stock Clearing 
Corporation days. Establishment of the Stock Clearing Corpora- 
tion. The Night and Day Branches. Scope of the Night Branch 
security clearance. Comparisons. Exchange tickets. ‘Three-way 
exchange tickets.” “Four-way deferred delivery bond contract 
tickets.” The distributing department of the Night Branch. Con- 
clusion of the process of comparison. Theory of security clear- 
ance. Employment of settlement or delivery prices. Preparing 
for the night clearance. A typical day’s business. The clearance 
sheet in detail. Stock balances “to receive” and “to deliver.” The 
cash extensions. Inclusion of loaned and borrowed stocks. 
Economies obtained by the system. Delivery of the clearance