None
I (b). IV (a) Balance of trade (See "International clearing Balance tickets (See "Night Clearing Branch") Bank clearing house, relation to call bum market, 178 Bank of England, rediscount policy, App. VIII (b) Bank of Prance, rediscount policy, App. VIII (b) Bank of New York, 38 Bank of North America, 38 Bank of the Manhattan Company, 336 L credit, 69 relations to Stock Exdumge, 494 Barometers, exchanges as, 386, 404, 409.493 Dictzed by Google 6l6 IND Bear, definitioii, 75 "Bear raider" (See "Short sale") Berlin (See "Germany") Bernard's (Sir John) Act, vs. short sales, 96 Bids, example, 57 nature of, 50 odd-lot purchases on, 139 put on tape, 167 variation of bond, 1&4: App, III (a) Bloch, quoted, 433 Board (See "New York Stock Ei- change") Bolsheviki, currency policy of, 5 experience with credit, 89 experience with speculation, 413, 421 rural failure of, 488 ahrtnlring population UBdor, 5OI Bomb explosion, Sept. 16, 1930, 351 Bond clerks, i&i Bond "crowd," i6a Bond department (See "Bond mar- ket") Bondholder, rights of, 33 Bond house, services of, 168 Bond market, board in, 160 calls in, 158 description of, 158, 160 economic functions of, 168 evolution of, 157 for Liberty issues, 159 ledgers, 161 need of expansion in, 16S publicity for, 167 unit of trading, 165 Bond ticker (See "Ticker") Bonds (See also "Securities") analysis of listed, 157 basic nature of, 33, 153 Bonds — Conlituied contrasted with stocks, 153 oonverti'ble, 155 coupon, 165 debenture, 33, 155 denomination of, 165 listed on Exchange, App. II (c) mortgage, as, 154 quotation sheets for, 159 registered, 165 sales on Exchange, A{q>. II <d) gold "and interest," 166 sold "flat," 166 speculation in, 156, 169 Book of specialist, 1 15 Boston Evening Transcript, quoted, App. XVIII (e) Box, of commission broker, 333 Brickhouse, T. S., quoted, 331 Brigham, quoted, App. proportion of, 175 rationed during war, 181 "regular" kian, 184 renewal of, 176, 195 safety of, 199 services in 1920, 200, 407 services to lenders, 199 settlement of, 1S3, 188 termination of, 190 typical collaterals for, 186 Colls, in bond market, 158 Cancellation of orders (See "Orders") Capitalism, vs. socialism, 500 Carnegie, quoted, 41a 5EX 617 Carrying charge, entered on customer's statement, 317 example, 77 Cashier, of commission bouse, 399, 311 Cashier, the (publication), 343 Certificates, assigned in blank, 371 Exchange rules on, 449, 450 for odd lots, 137 Certification (See also "Checks," "Day loans") need of, to finance purchases, 306 need of , to finance shifted loans, 271 not required on Stock Qearing Corporation checks, 375 Chairman of the Board, 158 Chamber of Commerce, of New York, 38 Chase Economic Bulletin, quoted, 301 Checks, certification of, 306 et itq. of Day Clearing Branch, 365, 375 of Nieht Clearing Branch, 313, 333- 236 Civil War, effect upon securities market, 33 Claims to assets, of different security- holders, 24 Clearance (See also "Stock Clearing Corporation") balance contracts, 309, 333 by floor trader, 100, I03 by specialist, 107 comparison tickets, 314-316 development of, abroad, 3io economies effected by, 309, 313, 225. 393; App. X (a) dastictty of Stock Eschange,339,36B " ex-cleaiing house " contracts, 3 14, 330, 262, 370 future expansion of, 369 D,:„i,;cdtv Google 6i8 INI Ckarance — Continued tatermediate contracts, 309, 333 legal bads of, 340 of bonds, 167, 311 of can loans, 183 of loaned stocks, 333, 334 of odd lots, 149,311,370 of Eccurity loans, 343-370 of special Bcctuities, an origin of, 308, 364 pre-clearing house methods, 304 principles of, 309, 313 Clearance sheet (See "Night Clearing Branch") Clearing house, bank, relation to call loan market, 178 blotter, 325 department, of conunission house, 308 of the New York Stock Exchange (See "Stock Clearing Corpoiu- Cbsing of the Exchange, after bomb explosion, 351 in 1873, 348 in 1914. 199, 348, 350, 538: App. XVIII (e) odd-lot executions on, 141 "Coal Hole Exchange," 33 Cohn, quoted, 430 Collateral value, and speculation, 430 promoted by Exchanges, 374 Commerce and Finance (publication), quoted, 335, 337, 331 Commercial paper, App. VIII (d) Commission broker, business of, 45, 51, 301 commissions of, 77 dependence on specialist, 1 10 Commission house (See also "Wire bookkeeping dq>artment,3ii ctstg. Commission house — Ctmlitmei cashier, 399, 311 clesnog house department, 308 confirmation, 307, 343 dqiartments of, 300 description of, 397 function, 39 importance of, 396 margin clerk, 306, 330 opening an account, 301 order department, 306 purchasing securities in, 303 quotation board, 398 report department, 307 . customers' statement, 315 Exchange law on, 345; App. Xn (c) of conunission broker, 77 of money broker, 175, 178 on odd lots, 138 Commissions and Quotations, Com- '. 339 Com on Arbitration, 339, 343 on Business Conduct, 339, 343 on Commissions and Quotations, 339 on Constitution, 340 on Insolvendes, 340 on Library, 341 on Quotations, 339 on Securities, 340 on Stock List, 340, 3S0, 446 d i€q.; App. XVI (a) Comparisons, equivalent to exdiange of Ex- change tickets, 3D5 original methods of, 305 tickets for, 314 to 319 Conant, C. A., quoted, 470, 516; App. XVIII (c), (d). Cg) DictizedbyGoOJ^IC ConfirmatioiiE, 307, 343; App. XII (b) Constitution, Committee on, 340 Constitution ot New York Stock Exchange (S«e " New York Stock Exchange coitstitution") Consumer, debt to exchanges, 499 standaiils of modem, 505 Continuous market, evolution of, 33 in bonds, 158 services of dealers to, 127 Contract, right to make a, 416 Contracts on Stock Exchange, balance, 209, 222 disputes regarding, 342 evolution of, 364 intermediate, 309, Z33 inviolability of, 60 protected by clearance system, 338, 269 protected by floor restrictions, 42 protected during comparison, 205 sensitiveness of secunty, 404 "under the rule," 347 Convertible bonds (See "Bonds") Comers in securities, definition of, 460 efforts to prevent, 85, 459 of Joseph and Thales, 419 Corporations, America's debt to, 10 basic need for, 15 dependence on Exchange, 386, 439 early British, 1 1 la.unching a typical, iS liquidation of, 32 oriKin of, 10 permanent character of , 15, 19 publicity, 453 services of Stock Exchange to, 16 Correspondents, 33 S " Cottage industry, " la EX 619 Covering, a short sale, 84 Credit, Bagehoton, App. IV (a) buying a house on, 71 fallacies regarding, 70 selling a crop on, 73 transactions, prevalence on Sto^ Exchange, 68 used with Liberty bond flotation, 73 Crisis of 1914, service of speculator in, 438 Crisis of 1930, 406 Crossing orders. III Crowd (See also "Bond crowd," "Loan crowd," ' "Money composition of, 56 Curb Market, New York, function, 444 Customers, rights and duties of, 302 et seq. room, of commission house, 298 statement of account of, 313 Day Clearing Branch (See' also "Stock Clearing Corporation") accommodation allowed by, 358, 377, 281 actual debits and credits, 258 arrangement of cages, 348, 273 cash extensions of balances, 244 certification obviated, 267 checks, 265, 27s clearing membm as lenders, 287 compared with Night Brandi, 244 connection of operation with Night Branch, 246 contingent credits and debits, 250 creation of, 243 credit memorandum, 264 dehver-by-transfer ticket, 263 Dictzed by Google Dty Cle&rinr Branch — ConHntud deliver credit and chaige tickets, 353 ddiveiy of Eecurity balaiices, 355 depositoiy banks, 366 draft, 36s economies (fleeted by, 367 el seq., 393 fkiled-to-deliver ticket, 359 final receipt, 364, 393 itcDiiced credit and charEc tidcets, 346 tt stq. koding members, 373 kuD dearance, 373 inakiiis new loans, a86, 390 new loan agreement, 383 office of, 343 principles of operatioiu, 351 proof depailmeiit, 350 record sheet, 349, 361, 378 repayment of kians, 375, 388 return kian afreement, 373 withdrawal <k collateral secnrities, 379, 393 lone sheets, 356 Day kwns to brokers, attitude of lenders to, 308 methods of making, 307; App. IX (a) obviated by Day Branch, 367, 393 obviated by Night Branch, 337 to fuiance purdiases, 307 to shift loans, 371 Dealer (See also "Odd-lot dealer") of, t • 4<>3 in commodities, 464 Debts, in terms of goods, 71 Deliver ticket (See "Night dearing Branch") Delivery (See alao "Margin buying"; "Short sale") deferring, 79 for cash, 304 oi Ni^t Branch forms, 939 Delivery — CmtuMtei of odd-lot certificates, 138 of registered bonds, 165 on time options, 304 prices, establishment of, 313, 334 "regular way, "303 Depression of 1931, discounted b; Exchange, 387, AO^ Discounting the future, by exchanges, 386, 409, 493 on commission bouse board, 300 Disposition of earnings, among different security-holders, 34 Distribution, odd-lot dealer's part in, i jo of old stock issues, 473 of securities ni. commodities, 465 of Steel common, 463 on Curb, 44J on public offering, 443 on Stock Exchange, 445, 463 statement of, 448, 451 Dividends, entered on customer's statement, 3>3 notice to customer of, 313 offset to interest charges, 76 on long stock, 76 on short stock, 83 payment of, 30 prices made "ex," 310 Dos Passos, John R., quoted, 355 Drafts, against Night Clearing Bnuidi, 313, 336 East India Company, The, 1 1 Elizabeth, Queen, as a speculator, 433 Emery, H. C, quoted, 97, 340, 410, 419, 435, 468: App. XV (b). XV (8) Erie Caiud, opened, 31 Esau, 419 DictizedbyGoOJ^IC Exchange tidcet (See " Night Qearing Biaoch ") Exchanges, as barometers, 3B6, 404, 409, 493 diirf modem commodity, 36S concentrate news, 375 debt to speculation, 439, 431 economic significance of, 369 ft teq. enumeration of modern, 365 evolution of, 363 facilitate speculation, 3S9 future of the, 390 needof communication to, 331,366, 509 oriKin of securities, 367 prerequisites for, 364 prevent artificial control, 377 prevent fraud, 380 relations of stock and conunodity, 496 segregate risks, 388 services to consumers, 499, 505 social dangers of, 389 speculation in the, 366 "Ex-clearing house," contracts (See "Clearance") loan, 184 Ex-dividend, 310 Execution of an order, by commission broker, 57 tt teq. Failures of Stock Exchange members, statistics of, 48 Failures to deliver, 259 " Fair opening " (See " Opening on the Exchange") as a speculator, 418 difficulties of, 384 importance of American, 485 Fann mortgage, favorite Western 474 EX 621 Pedenl Hall, 38 Federal Reserve Act, a benefit to securities market, 37 Federal Reserve Banks, effect on security loans; App. VIII (d) Bxdiange denominationof Liberties, 166 rediscount policy of, 173, 196, 30i; App. VIII (a) Federal Reserve Board, report of Governor to Senate (See " Senate Document 36a ") Finance Coounittee, 340 Financial Baraneter (publication), quoted, 373, 449; App. Ill (c) " Flat, " bondasold, 166 loans made, 83 Floating supply, after liquidation, App. XVI (d) and speculation, 430, 456 function of, 461 in cominodities, 464 Floor of the Stock Exchange, admission to, 41 appearance from visitors ' gallery ,66 function of, 39 Floor trader, 99-106 clearance by, 100, I03 description of, 99 economic services, lOO profits, 103-105 Foreign exchange, dealers in, 533, 534 rates for, 531, 527, 533 Foreign investment, in American securities, 35, 471, 509 Foreign securities, listed on the Exchange, 38, 157, 160 Forum of Rome, 359 in 1871, 426; App. XVIII (g) small investors of, 171 Dictzed by Google 622 INE Pniud, prevented by exchanges, 380 Praunces* Tavern, 36 ' Free and open" market, 378 ' Frozen" loans, 300 Gambling, charged against floor trader, loj definition of, 396 forbidden on Stock Exdiange, 401 in stocks, 402 vs. speculation, 399; App. XV (a) Oermany, absorbs American securities, 36 regulates Berlin Bourse, 97, 410, 4<3 Give out order, example, 1 13 "Give-up" business, 330 Gold exports and imports (See "International trade") Governing Cominittee <See "New York Stock Exchange") Oovenunent Bond Department, 34 Government financing, dependence on credit, 67 early methods of, s first V. S. bond issue, aS limitations on, 497 need of, 4, 6; App. t (a) with fiat money, 4, 5 Government securities, characteristics of, g origin of, 7 Great Britain, consols of, App. XV (c) invests in Argentine, 535 national debt, App. I (a) popidfltion, 1651-1911, 501 pre-war trade balance. 320 services of New York Stock Ex- change to, 535 Griesel, J. H., reference to, 160 Grosscup, Judge, quoted, 374 "Gunning for stops" (See "Orders") Hadtey, A. T., quoted, 417 Hamilton, Alexander, 38 Henry, Mr., quoted, App. XVI (c) Hepburn, A. Barton, quoted, MI Hill. J. J.. 420 "Hill roads," 36 Hirst. P. W.. quoted, 3I0, 422 Hollander, J. H., quoted, App. VIII (c) Holmes, Justice, quoted, 432, 434 Hudson's Bay Company, The, 1 1 Huebner, S. S., quoted, 3S6 Hughes Commission, 349 figures on Exchange sales, 329 on incorporation, 353, 354; App. XIII (d) on margins, 414 on markets, 365 origin of Exchange orders, App. XII (e) recommendations on clearance sheets, 226; App. IX (b) recommendations on Unlisted De- partment, 37 Hypothecation of securities, purchased on nuusin, 76, 305, App. IV (c) international, 534 purchase of, 491 Incorporation of Exchange (See "New York Stock Exchange") Industrial Revolution, The, 14 Industry, comparative baiometrics of, 387 difficulty of financing early, 14 financed through Exchange, 383 services of Stock Exchange to, 16, 468. 493 services to farmers, 487 D,:„l,;cdtvG00J^IC Industrials, beginoings of, 35 Insolvencies, Committee on, 340 Insurance companies, as investors, 484; App. II (a) early financing of, 39 bonds sold with accrued, 166 entered on customer's statement, 316 on call loans (See "Call loan in- terest rate") OD time loans, 17s International trade, and foreign investment, 535 balance of trade, 517. 5'9. S34> bank credit in, 535 ingold,si8.535>539 in securities, 508, 515, 536, 533; App. XVlIt (c) invisible, 517 Invention, debt to speculation, 433 Investment, by employees, 474 by Europe, in United States securi- ties, 31, 471 deSnition of, 396 houses, 440 in agricultural West, 474 in America, 473 in new issues, 444 stabilized by Exchange, 381 transaction, definition of, 51-53, 68, 399 use of credit in, 90 vs. speculation, 397; App. XV (c) Investment broker, 169 Investors, benefited by Stock Exchange, 65, 458. 483 benefits of odd-lot system to, 149 protected by Exchange, 381, 389, 450 EX 623 Investors — Conlinued services of Bond Department to, 170 workers as, 490 Invisible trade (See "International trade") Isabella, Queen, 419 Jobber (See "London Stock Ex- change") "Joint accounts," 514 Joseph, 419 Juvenal, quoted,'360 Labor, services of Exchange to, 4S9 Law Committee, 340 Leased wires (See "Wire house") Leather, lack of short interest in, 95 Legislation, against short sales, 96 American economic, 434 Lenin, 413 Leroy-Beaulieu, Anatole, quoted, 426, 436 Leroy-Beaulieu, Paul, on ticker system, 64: App. Ill (d) Liberty ixinds, clearance of, 167, 3ii, 334 educational results of, 166, 473 exchange of denominations of, 166 floated by use of credit, 73 issuance of, 38, 457 losses in, 450 market on Exchange for, 159, 498, S3 1 variation of bids and offers, 164 Library Committee on, 341 Limited orders (See "Orders") Liquidation in 1920, 373 Dictzed by Google 624 INL (q>pUaitk>n for, 446 of first industrials, 36 requirementi for, 446; App, XVI (b) strildne from list. Margin, bluing 01 75 example, 75 et ttq. in tisde, 71 of money, 85 calls for, 78, 304 card, 330 determination of, 318 Exchange attitude to, 414 Exchange rules r^arding, 333, 415 maintenance of, 304 on call loans, 190 on short sale, 60 problem of minimtun, 414 securities as, 303, 314 Market order (See "Orders") Markets, antiquity of, 338 civilization's debt to, 361 evolution of, 363 " free and (H>en, " 37S future of, 390 in ancient Athens, 359, 363 in Imperial Rome, 360 in Middle Ages, 361 of future and United States, 391 organized vs. unorganized, 378, 391, 405.408 services of speculator to, 431 Martin, H. S., quoted, 334, 378 MassocbuEctts, founded by q>eculB- tion, 419 "Matching orders," 344 Merchants Ezdiange Building, occo- pied by Exchange, 31 Metallurgical Society, 446 Middle Ages, economic stagnation of, 5^1 lack of credit usage, 70 life in, 504 D,:„i,;cdtv Google Middle Ages — CoiUiiuud m&rketing in, 385 ■peculation in, 394 Milbum, J. G., quoted, App. XIII (b) Mill, John Sttt&rt, quoted, 437 Mohawk and Hudson Railroad, 33 Money (See also "Call money," "Time money") fluctuations in value, 85 shortages of, 88 Money broker, conimissionB of. 77 in call loans, 178 in time loans, 175 Money Conunittee, iSo Money "crowd" (See "Call loans") Money desk (See " Callloans ") "Money-Trust" investigation, 349 Monopoly, prevented by exchanges, 377 Morgan, J. P., intervened in call loan market 1907, 183 uikderwrote Anglo-Frencb loan, 441 Mortgage bonds, 33, 154 Napoleonic Wars, comparative cost of, 8 National City Bulletin, quoted, App. VIII (i) Nigotiability, due to speculation, 430 obtained in transferring stocks, 373 promoted by Exchanges, 370 New English Dictionary, cited, 396 News, concentrated by exchanges, 375 distributed by wire houses, 338 toidencies in, 481 New York banlca, lenders on security CDOateral, 175 makft loans on -»h, 178 )EX 625 New York Qty, becomes finiiTi>-ial center, 31, $316 early markets in, 37 New York Quotation Company, 62, »S9 New York State, law on confirmatioD, App. XII (b) l^islation against short sales, 96; App. IV (e) taxes transfers, 104 New York Stock Exdiange (See also "Exchanges") arbitrage on, 511, 514: App. XVI (b) as a railroad maHcet, 33, 37 becomes a national market, 334, 339 Board room of, 40 bond market (See " Bond market ") building on Broad Street, 33, 37, 40 closed 1914, 37, 199, 348, 538 committees of, 338 consolidation of 1869, 34 definition of, 333 disciplinary methods of, App. XIII (b) dttring war, 530 early quarters, App. II (b) employees of, 341 future tasks of, 537 Governing Conunittee of, 335, 452 increased room necessary, 168 institutes clearance system, 3io jurisdiction of, 355 legal standing of, 349, 354 listed securities, App. II (c) listing procedure, 446, 459; App XVI (b) membership in, 34, 39, 333 new building, 44 oflSccra of, 335 organization of, 30 origin of, 39 perfecting methods of, 47, 48 DictizedbyGoOJ^IC 626 INI New York Stock Exchange— CotiJ 'd question of incorporation of, 349; App. XIII (d) relation to corporations, 453 relation to prices, 377 relations with i,ondon Stock Ex- change, JI3 reopened 1914, 38 responsibility to public, 356 seats on (See " Seats on New York Stock Exchange") secretary ot, 336, 452 services in 1920, 372 services to foreign trade, 508; App. XVIII (d) services to U. S. A., 496 suspension of trading, 348 three chief parts of, 39 total value of listed securities, 37 1 trial of members, 337 New York Stock Exchange Building Company, 33 New York Stock Exchange Constitu- advertising, 346 commissions, 345 contracts " under the rule, " 347 early provisions, 30, 31 evolution of, 334 "matching orders," 344 powers of Governing Committee, 336 rumors, 346 "wash sales, "343 New York Stock Exchange Safe Deposit Company, 40, 323 Night Qearing Branch (See also "Stock Clearing Corporations") adjustments by check or draft, 213, 232, 236 allotment sheet, 232 balance tickets, 227 el seq., 231 clearance sheet, 219 «( leg., 231, 308 compared with Day Branch, 344 Night Clearing Brandi — Continued connections of operations with Day Branch, 346 delivery prices, 313, 324 distributing department, 31S economies effected by, 309, 313, aas. »37 exchange tickets, 216 «l ieq., 227 giving a name, 234 loaned stocks, 222, 334 office of, 329 operations of. 230 el seg. Noble, H. G, S., quoted, 95, 528 Norris, Frank, author ot "The Kt," 433 Northern Pacific Railroad, early f.nandng of, 36 Odd-lot dealer, definition, 46, 131 methods of, 135 relation to commission broker, 132 relation to specialist, 133 risks of, 147 uses short sale, 90, 136 Odd -lot house, evolution of; 133 expenses of, 148 Odd-lot order, adjustment of errors in, 146 commissions on, 138 definition, 139 deliveries on, 136 executed at dose, 141 executed at opening, 141 executed by specialists, no execution of, 134 in bonds, 166 limited, 135, 142 stop-loss, 143 transmitted by tubes. 55 Odd- lot transaction, a typical, 133 Dictzed by Google Offers, example, 57 nature of, jo odd-lot sales on, 140 put on tape, 167 variation in boad, 164; App. Ill (a) Open Board of Brokers, 34 Opening of the Exdiange, description of, 4>-43 "fair," 115 odd-lot transactKHis on, 141 specialists' duties aX, 117 tt ttq. split, 1 30 Options, delivery under time, 304 Order clerk, 306 Order slip, customer owkea out, 54 Orders (See also "Odd-k>t order") cancellation of, t3i, 133 classes of, 53 el uq. CItissiiig by specialist, 11 1 distTetionary, 303 execution by specialist, 108, 133 execution of bond, 163 G. T. C, 53. 164. 303 G. T. M., 54 G. T. W., 53 "give-out," 113, 163 "gunning for," 136 limited, 53 market, s' "niatching"of, 344, 455 scale. 455: App. XVI (c) stop-loss, S3 Organised markets (See "Ex- changes," and "Markets") Out-of-town banks, lenders on secu- rity collateral, 175 Piges on the Soor, number, 43 Panics, cause of, 405 lEX 627 ftnics — CouUnutd of 1873, effect on Exchange, 33 of 1907, discounted by Exdiange, 387 relation to speculation, 404 Part payment plan, 399 "Participations," in syndicate, 441 Partnership, antiquity of, lo growing inadequacy of, to Pennsylvania Railroad Compaoy, distribution of stock, 473: App, XVI (f) Persius, quoted, 360 Peisonification, tendendes toward, 479 Philadelphia Stock Exchange, institutes clearance system, 310 Pilgrim Fathers, as shareholders, 1 1 "Pit, the," 433 Pledge, of customer's securities, 305 Plymouth Company, the, 11, 430 Pomroy, H. K., quoted, 459 Pope, Alexander, father of, 491 Population, under capitalism and socialism, 500 Post (See "Stock posts") Poverty, in eighteenth century, 13 Pratt, S. S., quoted, 513, 513; App, VIII (c); App. XIII (a); App. XV (d), (e) Premium, economic function, 460 entered on customer's statement, 316 on loans of securities, S3 Prices, and values, 409, 431 ^ectof short sales on, 93, 94 effect of speculation on, 375 exchanges establish fairest, 374 gold export and, 535 in 1917-1930,406 making imtemational, 509 D,i.,.db, Google 628 INT Prk«s — ConU»ued muupulation of, 378, 456, 516 of bcmds, 166 of stodcs "ex-dividend," 310 of stocks vs. bonds, 156 on odd lots, 139 tt »g. relation of Stodc Exchange to, 377 relation to bids and oSeis, 51 speculation and, 409, 431 stabilization of, 96, i38 subscription, 443 superstition r^arding, 480 understanding cdianges in, 478 Produce Exchange, occupied by Stodc Exchange, 37 Production, canying of surplus, 384, 430, 490 Profits, on maigin purduses, S6 on short sales, 87 speculative, 433 Profit-taldng, 79 Proudbon, P. J., quoted, 421 Public offering, of securities, 443 Public utiliUes, early financing, 35 "Pujo" Conunittee (See "Money- trust investigation"} Purchase, through conumssion house, 61 Questionnaire, for listing, 447 Quotation board, conunission bouse, 298 Quotation sheets, for bonds, 159 Quotations, Committee on, 339 supervisee tickers, 89 Quotations on Stock Exchange, min- imum differences, 57 Quote slip, 169 K RailToads, debt to speculators, 430, 433 eariy financing, 31 Railroads— CmltMMirf finandttg, 1850-1880, 34 operated by govemnxnt, 38 services of Stock Exchange to, 16 service to farmers, 486 Receive ticket (See "Night Oeaiing Branch") Rediscount privilege, 166, 173, 196 Registered bonds, 165 Registry, of securities, 450 "Regular" loan, 164 el teg. "Regulation of the Stock Exchange" (Bill S. 3895). 349 Renewal rate (See "Call kian interest rote") Report, of sale, from floor, 59 or confirmation, 307 slip, S9t 61 for odd lots, 134 Revolution, American, finanpjal effect of , 38 "Rights" (See "Stocks") Risks of business, assumed by speculators, 41S segregated in exchanges, 388 universality of, 416 Roberts, G. E., qnotod, App. vm (i) Room trader (See "Floor trader") Rostrum, on Exdiange, 4,0 Rumors, 346 Rusktn, 403 Russia (See "Bolsbeviki") Saks, deecription of Exdiange, 58 for cash and on credit, 69 nature of, 50, 69 on Stock Exchange in 1919, 43 rtporting Excdiange (See ' Re- port*") Dictzed by Google San Frandsco eartibqaKke, 484 E!aturday Evening I^st, quoted, 482 Savings banks, 484 Scale-otders, 455; App. XVI (c) Seats on the Exchange, increaBed to 1,100, 34 origin of t«nn, 39, 333 prices of, App. XIII (a) Secretary of New York Stock Ex- change, functions, 336, 453 Securities (See alao "Bonds," "Stocks") Committee on, 340 comparison between diSertot, 35 earliest New York, aS; App. II (a) early lisUng of first industrials, 36 international trade in, 508, 515; App. XVIII (c) origin of markets for, 25 K of. 457 twon underwriting of, ao, 439 unlisted, 436 Security collateral loans (See "Call kwns," "Time loans") daily turnover in, 173 demand for, 176, 179 economic functions of, 196, 198 lender's attitude to, 187, 374 made witii excess funds, 177 not rediscoimtable, 172; App. VIII (a) scarcity after war, 179 supply of, 177, 179.406 vs. commercial loans, 177, 196, 300, 407 "SeQ bHp," used on floor, 55 Senate Document 363, quoted, 173, 175, iBo, 193, 195, 197 Settlement, New York and foreign systems, contrasted, 173, 3oi price (See "Delivery price") Shadwell, Dr., quoted, 503 Shakespeare, quoted, 436 Shares (See "Stock") Short interest, definition, 94 lack of in wool, 95 Short sale, buyer of, 81 by Esan, 419 by investor, 90 by odd-lot dealer, 90, 136 covering a, 84 definition, 75 ^ect on prices, 93 effect on values, 93 example, 80 in trade, 79 legislation against, 96 tt uq.; App IV (e) of money, 85; App. IV (d) value in 1914, 95 attitude toward speculation, 431 speculation under, 3S5 vs. XV (b) eoonomic functions of, 402 effect on prices, 375 bdlitated by exchanges, 389 Siunced t^ call loons, 198 function of, 439 future of, 39a impossible to abolish, 413 in America, 419 in bonds, ij6, 169 in Civil War period, 33 in OTKanized vs. unorganized mar- kets, 408 in pioneering, 433 in the exchanges, 366 ICKislation acainst, 96, 434 losses in, 411 methods of conducting, 91 problem of, 394 profits of, 433 relation to, investment, 170 panics, 404 les, 419, 431 vs. gambling, 399; App. XV (a) vs. investment, 397; App. XV (c) Speculator, function of, 418, 439 protected by Exchange, 381 theAmericanin 1914, 438 the French in 1871, 426 Split opening (See "Opening on the Exchange") definition of, 50 example, 57 Stamp taxes (See "Taxation ■■) Standard of living, 503 Statement, of customer's account, 31a Steam power, invention of, 14 Slock Clearing Corporation, (See also "Clearance"; "Day Clear- ing Branch"; "Night Clearing Branch") analogy to bank clearing booses. 311 ckanutce of, bonds, 167, 311 loans, 343-370 odd lots, 149, 311,370 special securities, 31 1 dured vs. nan-deared stocks, 311 dearing fund, 343 clearing members, 243 creation of, 343 . division into two branches, 3 1 1 economies effected by, 337, 367, 393. "95 elastidty of dearance, 239 "ex-dearing house" contracts, 314, 363, 370 function, 39 future expansion of, 269 link between Night end Day Branch operations, 346 Night and Day Branches com- pared, 344 organization of, 343 origin of dearing house, 37 protects Exchange contracts, 338 services to, commission houses, 348 floor trader, 103 specialist, 107 stock market, 337 Stock corporations (See "Corpora- Stock Exchanges (See also "Ex- changes"; "London Stock Exchange"; "New York Stoc^ Dictzed by Google D,i.,.db, Google. 