Das Zolltarifgesetz der Vereinigten Staaten von 1913

The work of the Stock Exchange

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Monograph

Identifikator:: 88401908X

URN:: urn:nbn:de:zbw-retromon-8782

Document type:: Monograph

Author:: Taussig, Frank William http://d-nb.info/gnd/120199459

Title:: Das Zolltarifgesetz der Vereinigten Staaten von 1913

Place of publication:: Berlin

Publisher:: Verlag von Leonhard Simion Nf.

Year of publication:: 1914

Scope:: 1 Online-Ressource (32 Seiten)

Digitisation:: 2017

Collection:: Economics Books

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

380 THE WORK OF THE STOCK EXCHANGE takes up such securities remaining in his account at the Cor- poration, after his final money settlement with it has been made. The Transfer Department.—Another service rendered by the Stock Clearing Corporation consists in rendering liquid registered securities whose certificates are for the time being tied up in transfer. In Wall Street it has long been the custom of Stock Ex- change firms to put in for transfer into their names, registered shares in the names of other firms, just before the transfer books close for dividends. In this way, sometimes very con- siderable amounts of securities belonging to stockbrokers or to their customers used to be tied up in the offices of company transfer offices or agents, and thus not be available for use as security collateral. In consequence, a heavy though temporary burden was formerly thrown on the capital of Stock Exchange hotises. To overcome this recurrent annoyance, in 1923 the Stock Clearing Corporation organized its Transfer Department, and housed it in the Day Branch; subsequently, as the volume of business grew, it was provided with a larger basement office. When a Stock Exchange firm now has securities which it wishes to put into transfer and at the same time borrow upon, it takes them to this Transfer Department and delivers them into its windows. In exchange the firm obtains an engraved certificate known as an “assignable transfer receipt,” which states on its face that the Stock Clearing Corporation has received certificates for a specified number of shares of a speci- fed stock issue, that these certificates are to be put into transfer, and that upon surrender of the transfer receipt, the Stock Clear- ing Corporation will deliver the new certificates to the trans- feree or to the persons to whom he may endorse the receipt, or if the certificate is endorsed in blank to the bearer.’” Assign- able transfer receipts are not supposed to be outstanding longer 17 See Appendix XIIIec.

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