The work of the Stock Exchange

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Monograph

Identifikator:: 1831284952

URN:: urn:nbn:de:zbw-retromon-225876

Document type:: Monograph

Author:: Meeker, James Edward http://d-nb.info/gnd/126597340

Title:: The work of the Stock Exchange

Edition:: Revised edition

Place of publication:: New York

Publisher:: The Ronald Press Company

Year of publication:: [1930]

Scope:: XVI, 720 Seiten; Illustrationen, Diagramme

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XII. Comparison and security clearance

Collection:: Economics Books

COMPARISON AND SECURITY CLEARANCE 333 tion. - With it is sent the firm’s draft for $2,225 (Figure 29) which, as we have seen, is needed to balance the cash side of the day’s business. As shown in the illustration, this draft is drawn by Jenkins & Co. against the account of the Stock Clearing Corporation in the Bank of the Manhattan Trust Co. After all the items on the firm's clearance sheet have been audited and found cor- rect, the manager of the corporation will sign his name under the word “Approved” in the lower left-hand corner of the draft. Jenkins & Co. will get the draft back the next morning and deposit it in its own bank to its account. Later on, in the regular course of events, the proceeds of such drafts are col- lected through the Bank Clearing House. The Accompanying Exchange and Balance Tickets. With its clearance sheet Jenkins & Co. also sends the eleven red and white “deliver exchange” tickets of the eleven houses which have sold stock to Jenkins & Co. that day. These tickets have come to Jenkins & Co., as we have seen, through the Dis- tributing Department of the N ight Branch, and serve to estab- lish the accuracy of the items on the “receive” side of Jenkins & Co.’s clearance sheet, since they have all originated with the firms which have sold or loaned stock to Jenkins & Co. Like- wise, the latter firm sends with its clearance sheet all the black and yellow “receive exchange” tickets of the eight firms to which Jenkins & Co. has sold or loaned stock that day. These tickets have also come to Jenkins & Co. through the Dis- tributing Department, and, since they have originated with these various buying or borrowing firms, serve to establish the accuracy of the items on the “deliver” side of Jenkins & Co.’s clearance sheet. Meanwhile, of course, Jenkins & Co.’s red and white “deliver exchange” tickets are being similarly sent in with the clearance sheets of Wilkins & Co. and the other firms which have bought or borrowed stock that day of Jenkins & Co., and the latter's black and yellow “receive exchange” tickets with the clearance sheets of Jefferson & Co. and the

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