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 XIV. Money clearance and settlement

Collection:: Economics Books

MONEY CLEARANCE AND SETTLEMENT 407 form of unsecured “day loans” is greatly reduced. In addi- tion, the stock market is not warped out of its normal economic functions by an insufficiency of bank accommodation. 6. Such large economies in labor are effected that the Stock Clearing Corporation can justly be considered one of the lead: ing labor-saving devices in American finance. Under prevail- ing conditions in Wall Street, employees can be paid more because fewer and more intellicent workers are required. THOUSANDS OF CHECKS 4500 — OBVIATION OF Cli=Ci.= % 100 - CHEZIKS IMRVIATFD 500 2500 1500 ME. ZHECK! ™ 80 80 7] 500 — J 60 1921 1922 1923 1924 1925 1926 1927 1928 1929 Figure 50. Annual Obviation of Number of Checks by the Stock Clearing Corporation 7. The above economies effected by the Stock Clearing Cor- poration, plus the keen and constant supervision it gives to the whole settlement process, have the effect of greatly speeding up all these operations. Any settlement system can in a sense move only as rapidly as its slowest member, but if there is some one to detect and stimulate its slowest units, all the more efficient units are safeguarded thereby from delay. 8. As one conspicuous item, the huge obviation of the num- ber of separate checks which need to be drawn (Figure 50)*° 9 See Appendix XIVd,.

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