Excerpt: ...e., to tell the extent to which checks are dispensed with in the trading of these two great exchanges. The two exchanges are the Chicago Board of Trade and the New York Stock Exchange. For the New York Stock Exchange, figures are taken from Pratt's Work of Wall Street, 1912 ed., pp. 166-167, 180, 273. The figures are for the big year, 1901, when 266 million shares were sold, more than in 1909 by 51 millions of shares, and when the Stock Exchange Clearing House should have done better, in the magnitude of the ...
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Excerpt: ...e., to tell the extent to which checks are dispensed with in the trading of these two great exchanges. The two exchanges are the Chicago Board of Trade and the New York Stock Exchange. For the New York Stock Exchange, figures are taken from Pratt's Work of Wall Street, 1912 ed., pp. 166-167, 180, 273. The figures are for the big year, 1901, when 266 million shares were sold, more than in 1909 by 51 millions of shares, and when the Stock Exchange Clearing House should have done better, in the magnitude of the undercounting, than it did in 1909. Figures since 1901 are, Pg 370 Pratt states, 431 not available. Pratt also gives figures for 1893, but does not give data as to the percentage of stocks handled by the Clearing House, so that comparison with the 1901 figures cannot be made. In 1901, 265,944,659 shares were sold. Of these, 15% were "X-Clearing House," i. e., not on the list of stocks handled through the Stock Exchange Clearing House. This 15% was paid for in full by check. The bond sales are not cleared, and so another billion dollars of checks is required for this item. 432 If we assume (on the basis of the estimates given to the writer by DeCoppet & Doremus, and Mr. Byron W. Holt, for recent years) that 25% of the 100 share sales would be added if "odd lots" were counted, we have another large item that does not go to the Clearing House. "Private clearings" reduce the number of checks in connection with odd lots, but not so effectively as is the case with hundred share sales put through the Clearing House. So far the Clearing House has done nothing. What did it do with the 85% of the stocks in hundred share lots offered for clearing? The figures are perfectly definite. The 85% of the 266 million shares sold was 226 million shares. The "share balance" remaining after the Clearing House had done its best was 134 million shares. 433 The number of shares sold, then, for which checks did not have to pass as a result of the clearing process...
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New. *** FREE UPGRADE to Courier/Priority Shipping Upon Request *** – – *** IN STOCK AND IMMEDIATELY AVAILABLE FOR SHIPMENT-Flawless copy, brand new, pristine, never opened--640 pages. Description: "Benjamin Anderson, American Austrian, was among a handful of economists, led by Ludwig von Mises in his pioneering work 'The Theory of Money and Credit' in 1912, who set out to integrate monetary theory into a general theory of value. Anderson devoted a major portion of his great book 'The Value of Money, ' published in 1917, to a refutation of the "mechanical" quantity theory of money...."--with a bonus offer--
