ADMINISTRATION OF THE STOCK EXCHANGE 453 
supervision and authority of the Governing Committee or its 
subcommittees, are in immediate charge of responsible and 
highly technical operations, down to the army of cleaners and 
scrubwomen who invade the building after the close of each 
day’s market, to put the Exchange in condition for the next 
day’s business. In number, the floor employees of the Ex- 
change aggregate several hundred persons, and include tube 
attendants, pages, bond clerks, phone attendants, price-re- 
porters, and telegraph operators.’* In the Night and Day 
Branches of the Stock Clearing Corporation a large group of 
highly trained and efficient clerks and executives carry on the 
vital work of clearance. Over all a corps of watchmen stand 
guard day and night. 
Association of Stock Exchange Firms.—To correct prev- 
alent misunderstanding and confusion, a word should also be 
added here concerning the Association of Stock Exchange 
Firms, which is composed of the partners of Stock Exchange 
members. While this Association has no official connection 
with the Stock Exchange, nevertheless it cooperates with the 
Exchange in many ways to improve conditions and correct 
defects in the New York securities market. The purpose of 
this Association is “to promote more friendly relations among 
its members, and urge the maintenance of high standards and 
just principles of business.” The cashiers’ section of this Asso- 
ciation is composed of the cashiers of the various Exchange 
houses, and serves as a clearing house for the discussion and 
investigation of the many technical practical problems con- 
stantly arising in the stock brokerage business. 
Disputes Regarding Contracts.—With this brief but fairly 
comprehensive sketch of the organization and methods of 
Stock Exchange administration, we can pass on to a few of the 
typical problems which call for solution and settlement by its 
authorities. And first, something should be said regarding 
"19 See Chapter III, p. 79