452 . THE WORK OF THE STOCK EXCHANGE

In addition to these standing committees, the Governing
Committee also appoints from its membership special committees,
 for special purposes outside the particular province of any
standing committee.

Subsidiary Corporations.—To further its work, the New
York Stock Exchange has also several times organized subsidiary
 corporations, all of whose stock is held by the Governing
 Committee as trustees for the whole membership of the
Exchange.
The Stock Clearing Corporation, as we have seen,*® supervises
 the clearance and settlement of Exchange contracts and
otherwise facilitates the transaction of Exchange business. The
New York Quotation Company facilitates the collection and
dissemination of Exchange quotations. The New York Stock
Exchange Building Company holds title to the Exchange’s
building and fixtures, and makes repairs, improvements, and
extensions thereto. The New York Stock Exchange Safe
Deposit Company maintains security deposit vaults for the convenience
 of Exchange members.

Special Departments.—Many special departments exist in
the Stock Exchange organization, all under the general but
complete authority of the Governing Committee, but each
under the immediate supervision of some particular committee,
officer, employee, or subsidiary corporation. The Statistical
Department in the office of the Economist, which was inaugurated
 in 1924, is an example. In the Stock Exchange building
are also located certain conveniences to its members, officers or
employees, such as its medical department, barber shop, etc.,
and also the quarters of the Stock Exchange Luncheon Club.

Employees of the Stock Exchange.—This general account
of the human mechanism of the Stock Exchange administration
 must include mention of its many and various employees.
These range from experts of long experience who, under the
"3 See Chapter XII.