The transactions were settled, for that day, by the delivery of 
3850 shares of stock and $4896 cash. 
As indicating more particularly what is saved in the use of 
cash through the Clearing Department, and how the risks in 
delivery are curtailed by such machinery, the operations for two 
or three periods during the activities of last year may be given. 
During 1929, the two largest months on the Exchange were 
June and October. For the month of June, there were 3,129,610 
actual shares involved, having a value of $31,995,248. These 
transactions were settled by the delivery of 1,739,477 shares 
and $951,906 cash. For October, 3,034,966 actual shares were 
involved, with a value of $51,131,320. These transactions were 
settled by the delivery of 1,798,027 shares and $1,947,946 cash. 
The largest single day’s clearing on the Exchange was that 
of October 30, 1929, when 272,284 actual shares were involved, 
with a value of $10,575,228. These transactions were settled by 
the delivery of 164,487 shares and $224,916 cash. - 
TICKER SERVICE 
THE Exchange, in conjunction with the United Telegram 
Company, controls its own ticker service, which numbers one 
hundred and thirty installations. Steps are now being taken to 
extend this service beyond the local district. 
OUTSIDE SECURITIES ASSOCIATION 
AN innovation, started in May, 1929, by members of the Ex- 
change, was the formation of the Outside Securities Association. 
This organization is also a voluntary association, whose mem- 
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