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.

1921. ... 1922..... 1923....... 1924...... [925....... 926........ . TO27. vvrusiomn 928.......... 102Q..... . [tems Theoret- ically Requir- ing Checks 258,454 eal 47,5 3,368 5,502 9,77 I~ Bu , Mole 1,242,130 APPENDIX Number of Checks Ac- tually Required 34,609 50,250 3¢,683 y. £82 3 oe i J 5 - 0, Number of Checks Ob- viated 603,815 940,2F3 374,853 2 127,416 2 685,709 2.413,933 2,886,866 3,650,371 4,150,484 % Obviation 93.0 98.0 97.6 647 CHAPTER XV The Commission House (XVa) The ceaseless tendency in America to perfect labor-saving devices has at length directed its attention to the broker’s stock hoard. Recently a mechanical board operated by electricity has been perfected, and in the course of time the board boy’s occupation may become as lost as Othello’s. The new mechanical quotation boards can be operated even at distances from a central station, and thus the new device may succeed not merely in supplementing but even in rivalling the existing stock ticker system. (XVb) The broker's ability to loan or pledge securities carried in his customers’ marginal accounts, even after the customers’ con- sent has been obtained, has long been considerably restricted by the ethics of the brokerage business. Here again custom and precedent have gradually crystallized into specific regulations in the Stock Exchange Constitution (Rules, Chapter XII): Customers’ Skc. 2. The improper use of a customer’s securities is in- ’ consistent with just and equitable principles of trade. Agreements SEC. 4. An agreement between a member and a customer, securities. authorizing the member to pledge securities, either alone or with other securities carried for the account of the customer, either for the amount due thereon or for a greater amount, or to lend such securities, does not justify the member in pledging or loaning more of such securities than is fair and reasonable n view of the indebtedness of said customer to said member. Sec. 5. No form of general agreement between a member and a customer shail warrant the member in using securitics carried for the customer for delivery on sales made by the member for his own account, or for any account in which the firm of said member or any general or special partner therein s directly or indirectly interested. (XVc) For a great many years it was the custom for Stock Ex- ‘hange firms to report on their confirmations the names of the other

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