SECURITY DELIVERIES, LOANS, AND TRANSFERS 351
a carbon sheet between them; thus time is saved and the possi-
bility of discrepancies between the two forms is eliminated.
Before the establishment of the Central Delivery Depart-
ment, it was the custom for the delivering firm to send one of
its messengers to the office of the receiving firm, with every
actual security certificate to be delivered and the “delivery
ticket” which in each case pertained to it. When the deliverer’s
messenger delivered the securities to the receiver in the latter’s
office, the receiver would then sign both “credit” and “charge”
forms of each “delivery ticket,” and return them to the mes-
senger. When signed by the receiver in this way, the ticket
constituted evidence that the securities had been delivered, and
also orders on the Stock Clearing Corporation to charge the
account of the receiver, and credit the account of the deliverer,
for the money value of the delivered securities. In order to
establish such debits and credits in the Day Branch accounts,
the deliverer’s messenger would take the delivery tickets, when
duly signed by the receiving firm, to the Day Branch head-
quarters and pass them through a window to its Receiving
Ticket Department. The latter would place a time stamp on
the ticket, tear off the stub of the “credit ticket” and give it to
the deliverer’s messenger as evidence that he had delivered the
ticket to the Stock Clearing Corporation. The way the Stock
Clearing Corporation subsequently employed “delivery” tickets
to establish actual debits and credits on its clearing members’
accounts, will be described in the next chapter.®
Centralization of Security Deliveries.—With the con-
tinual growth of the New York stock market, it became more
and more obviously advantageous to centralize security de-
liveries of Stock Exchange members through a common
delivery office in the Stock Exchange, after the long-established
practice in the salle de compensation of the Paris Bourse and
the Giro-Verkehr of the Bank des Berliner Kassen-Vereins
abroad.t
* See Chapter XIV, p. 391,
! See Appendix XIIla.
