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