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.

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XII. Comparison and security clearance

Collection:: Economics Books

COMPARISON AND SECURITY CLEARANCE 321 a deliver exchange ticket; and (4) a receive exchange ticket; the first and third tickets are printed in red, and the second and fourth in black (Figure 27). The deliverer makes out this fourfold form and sends it to the receiver, who removes and retains the “deliver bond con- tract” (if correct) and returns the remaining three forms to the deliverer; this is done through the Distributing Department of the Night Branch, and serves as a preliminary comparison. When the actual delivery is to be made, on the day preceding the deliverer retains the “receive bond contract” and sends the remaining two deliver and receive exchange tickets to the receiver, who signs the receive exchange ticket, and sends both tickets back to the deliverer again; this is done through the Distributing Department of the Night Branch. In this way, a second comparison is effected, and, as will be noted later,’ the tickets are subsequently used to establish the firm’s contingent credits and debits in the Day Branch money clear- ance and settlement. The Distributing Department of the Night Branch.— Originally, all exchange and comparison tickets had to be sent by the seller directly to the offices of the different buyers. In 1916 the old Clearing House established a central Distributing Department to effect economies and greater regularity in the process. This Distributing Department is housed in the quar- ters of the Night Branch at 55 New Street. In the Distributing Department a locked box with a letter slot is provided for every clearing member. Every day after 10 A.M. messengers of Exchange houses come to this office and place in their respective boxes the exchange and comparison tickets, both to deliver and to receive, which their ‘particular firm is sending to all other Stock Exchange firms. This done, each messenger then goes to the box of his own firm, unlocks it, withdraws all the deliver and receive exchange and com- 13 See Chapter XIV, p. 385.

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