Финансист

Chapter V

           Insteadofaclearing-houseservice,messengersrandailybetweenbanksandbrokeragefirms,balancingaccountsonpass-books,exchangingbills,and,onceaweek,transferringthegoldcoin,whichwastheonlythingthatcouldbeacceptedforbalancesdue,sincetherewasnostablenationalcurrency."On‘change,"whenthegongstruckannouncingthecloseoftheday’sbusiness,acompanyofyoungmen,knownas"settlementclerks,"afterasystemborrowedfromLondon,gatheredinthecenteroftheroomandcomparedorgatheredthevarioustradesofthedayinaring,thuseliminatingallthosesalesandresalesbetweencertainfirmswhichnaturallycanceledeachother.Theycarriedlongaccountbooks,andcalledoutthetransactions"DelawareandMarylandsoldtoBeaumontandCompany,""DelwareandMarylandsoldtoTigheandCompany,"andsoon.Thissimplifiedthebookkeepingofthevariousfirms,andmadeforquickerandmorestirringcommercialtransactions.

           Seats"on‘change"soldfortwothousanddollarseach.Themembersoftheexchangehadjustpassedruleslimitingthetradingtothehoursbetweentenandthree(beforethistheyhadbeenanytimebetweenmorningandmidnight),andhadfixedtheratesatwhichbrokerscoulddobusiness,inthefaceofcut-throatschemeswhichhadpreviouslyheld.Severepenaltieswerefixedforthosewhofailedtoobey.Inotherwords,thingswereshapingupforagreat‘changebusiness,andEdwardTighefelt,withotherbrokers,thattherewasagreatfutureahead.

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