406 THE WORK OF THE STOCK EXCHANGE 
and composition of misunderstandings concerning contracts 
between members. 
2. By clearing transactions in the most active securities, 
about 50% of the security deliveries otherwise necessary are 
obviated. 
3. By installing facilities for central delivery, important 
savings of time, labor, and overhead expense are effected for 
members and for New York banks. 
oF DOLLARS OBVIATION OF FUNDS 
110 
— 
% 
100 
20 
"RCENTAG 
OF FUNDS 
DBVIATED 
o 
2 
wl 
B06 
70 
' 
AMOUNT OF 
JNDS OBVIATED 
2 
80 
10 we Iso 
1921 1922 1923 1924 1925 1926 1927 1928 1929 
Figure 49. Annual Obviation of Banking Accommodation by the Stock 
Clearing Corporation 
4. By issuing transfer and exchange receipts, sometimes 
large amounts of stocks and bonds are rendered liquid and 
assignable even when the certificates themselves are in transfer. 
5. By the clearance and settlement of securities and money, 
huge savings in the use of banking accommodation are made 
(Figure 49).*® In consequence, the need of Exchange mem- 
bers to secure temporary accommodation at the banks in the 
18 See Appendix XIVe.