The work of the Stock Exchange

Bibliographic data

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

Usage license:: Get license information via the feedback formular.

APPENDIX 635 serve Bank of New York, before the Agricultural Inquiry Commission in Washington in 1921 (p. 650). That the proportional deflation of stock market loans was not only earlier but also more severe than that attending other uses of bank credit is also revealed clearly by the relevant statistics. Stock market loans declined from a peak of $1,518,266,000 to a “bottom” of $680,448,000 on September 7, 1921—a total decline of $837,818,000, or 55%. But the decline of all Reserve member loans and investments from their peak of $17,283,996,000 to their “bottom” of $14,726,585,000 amounted to $2,557,411,000 or less than 15%. CHAPTER XII Comparison and Security Clearance (XIIa) In his thesis “The Evolution of Financial Clearance in New York,” Mr. Herman H. Cohen did a valuable piece of research into the origins of security clearance and settlement methods in New York, whose more important facts are briefly summarized here. Almost since 1853, when the New York Bank Clearing House was sstablished, a simple system for clearing security contracts made on the New York Stock Exchange found its hearty advocates, especially after the panic of 1857. The success of the contemporary experiment in security clearance by the Frankfort Handelskammer was observed with interest. For the time being, however, nothing constructive was accomplished. After the Civil War, activity in the stock market again created interest in the subject of security clearance, particularly since the clearing system on the Gold Exchange had recently achieved an un- doubted success. Accordingly in 1868 a company with an authorized capital of $1,000,000 was organized by Stock Exchange members to perform a security clearance business on a fee basis. But the use of this organization was not made compulsory, either by the Stock Ex- change or the Open Board of Brokers, and although moderately effi- cient, it soon failed to develop sufficient clientele to survive. In 1873 a second attempt was made, based largely upon the European term settlement systems. Although the New Stock Exchange sufficiently amended its constitution to permit of dealings “for the account,” members of the Exchange almost invariably preferred to trade “regular way” for settlement the next day. As a result, in a very short time this second attempt failed. After the failure of 1873, half-hearted and equally futile attempts ‘0 inaucurate security clearance occurred in 1877, 1879, and 1880,

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