The work of the Stock Exchange

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Monograph

Identifikator:: 1831284952

URN:: urn:nbn:de:zbw-retromon-225876

Document type:: Monograph

Author:: Meeker, James Edward http://d-nb.info/gnd/126597340

Title:: The work of the Stock Exchange

Edition:: Revised edition

Place of publication:: New York

Publisher:: The Ronald Press Company

Year of publication:: [1930]

Scope:: XVI, 720 Seiten; Illustrationen, Diagramme

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XII. Comparison and security clearance

Collection:: Economics Books

344 THE WORK OF THE STOCK EXCHANGE forms certain tasks for its members which they could not per- form individually for themselves; an example is the central audit which it makes of all business in cleared securities each day, without which the bookkeeping and clerical work in Stock Exchange member offices would be much greater than it actu- ally is. Thus, a greater safety is imparted to the -whole stock market by the speedy detection of clerical errors, and by the insistence upon promptness and accuracy, the inviolacy of Stock Exchange contracts made in cleared securities is greatly enhanced. Flexibility of the Night Branch Security Clearance.— The system of security clearance administered by the Night Branch seems capable of handling without undue strain the heaviest volume of transactions which occur on the Stock Exchange. The largest single day’s trading to date occurred on October 29, 1929, when 16,400,000 shares were reported sold. Owing to inevitable delays, the clearance on this vast mass of stock contracts was concluded the next day, with the following record figures: Shares cleared both sides, including balances......... 46,252,400 Total value both sides, contracts and halances........ $2,436,626,000 Share balances one side..... tare nena 8,887,000 Value share balances one side. . ceereeees. $ 460,763,400 Cash balances one side....... iene. $$ 11,823,100 Number of parties clearing.....-..-.... -.eoenne. 399 Bank certification obviated. . eevee. $ 757,540,600 Inviolacy of Contracts.—This process of clearing and settling intermediate contracts which the Night Branch per- forms as an agent for its members has sometimes bewildered writers and commentators upon finance, since it cannot be visualized as readily as direct deliveries and payments. Occa- sionally, indeed, the perennial critics of everything financial have declared that such cleared contracts were illegal because

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