Short sales—Continued 
in Milan, 607 
in New York State, 608 
in Paris, 607 - 
in securities, 186 
legislation against, 200 
Simmons, E. H. H., quoted, 75, 308 
309, 480, 531, 630, 632, 666, 67° 
Sinking fund, 19 
Sir John Bernard's Act, 200 
Specialist, 
book of, 220 
business of, 83, 210 
economic services, 230 
odd-lot dealings, 213, 234 
origin of, 210 
Specialists’ clerks, 79, 164, 2.. 
Speculation, 
and trade depressions, 13G 
antiquity of, 141 
attempts to abolish, 135 
dangers of, 57 
definition of, 122, 588 
economic function of, 128 
effect on prices, 133, 198 
function of, 150 
in marketing, 151 
in Russia, 136 
losses in, 134 
self-corrective, 47 
ase of credit, 131 
value of unsuccessful, 145 
Split commissions, 456 
Sprague, O. W. M.,, quoted, 543, 544, 
627, 631, 632, 634 
Standards of living, 493 
Statistical Department, N.Y.S.E., 
452, 546, 584 
Steam power, 
invention of, 13 
Stewart, Dr. Walter, quoted, 62. 
Stock (See “Shares”) 
Stock brokers, 
duties of, 183 
risks of, 183 
Stock Clearing Corp, 
accommodation by, 366, 397 
bank deliveries, 358 
bond clearance, 639 
Central Delivery Department, 348 
clearance of money, 313, 383, 398 
clearing fund, 314 
Day Branch, 315 
INDEX 
71Q 
Stock Clearing Corp.—Continued 
Distributing Department, 321 
economies and services of, 2006. 
331, 342, 405, 452 
astablishment of, 314 
evolution of, 74, 638 
=xecutive committee, 206, 623 
in 1929, 639 
insolvencies, 403 
loan clearance, 360 
money settlement, 383, 398 
Night Branch, 315 
Proof Department, 390 
quarters of, 76, 383 
security clearance, 316, 323 
statistics, 646 
Transfer Department, 379 
“when issued” settlements, 396 
Stock exchanges, 
and agriculture, 479, 666 
and banking, 488 
and labor, 483 
and public debt, 491 
as shock-absorbers, ‘55 
barometric value of, 5¢ 
contracts, 344, 505 
dealers in foreign exchange, 667 
definition of, 443 
of America, 38 
of the world, 37, 541 
origin of, 30, 35 
pre-requisites for, 36 
services to investors, 478 
services to manufacturers, 48; 
Stock List Committee, 
corners, 104 
members and duties, 451 
procedure of, 93, 100 
requirements, 71 
Stock market, 
as buffer, 55 
calls in, 67 
credit operations in, 175, 179, 105 
future of, 499 
nature of, 173 
origin of New York, 62 
Stock market loans (See “Security 
collateral loans”) 
Stock posts, 
evolution of, 547 
inactive, 170 
location on floor, 76 
new. 163, 218