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.

646 APPENDIX or the New York Curb Market Exchange or any other exchange or if the sale is at public auction, the Stock Clearing Corporation may pur- chase for its own account the securities sold. The proceeds of sale shall be applied by the Stock Clearing Corporation to my (our) debit balance and I (we) shall remain liable to the Stock Clearing Corporation for any deficiency. Withess : .. -..Firm Signature. (XIVb) The longest “when issued” settlement ever conducted by the Stock Clearing Corporation occurred over a period of 16 months in the securities of the Missouri, Kansas and Texas Railway, whose reorganization was delayed by the Interstate Commerce Commission. Trading in the M. K. & T. securities “when issued” began on the Stock Exchange December 1, 1921, and did not terminate until April 3, 1923, when the definitive certificates were available for delivery. During this long interval the Stock Clearing Corporation conducted in the “when issued” contracts 9g markings to the market and 25 inter- mediate clearances altogether. (XIVc) The Annual Report of the President of the New York Stock Exchange for 1929-30 (p. 112) contains the following table relating to obviation of banking accommodation bv the Stock Clearing Corporation: Calendar Total Value Year All Contracts (millinns of & 1921. (922... 1923... 1924... . 1925... . 1926... . (927... . 1928. .... [{O20Q. ee ce 412 Funds Actually Required (millinng of 3 zc « N21 Funds % Obviated Obviation (millions of $) 73.0% 74-5 75.0 79.6 82.9 83.4 84.3 85.1 81.7 The great actual and percentage increase in this obviation of bank funds is attributable not only to the expanding volume of business on the Stock Exchange during the years noted, but also to the widen- ing scope of money clearance services performed bv the Stock Clearing Corporation. (XIVd) The Annual Report of the President of the New York Stock Exchange for 1929-30 (p. 112) contains the following table relating to the obviation by the Stock Clearing Corporation in the number of checks drawn in settlement of the business of Stock Exchance members:

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