The work of the Stock Exchange

Bibliographic data

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 335 one deliver balance ticket for 300 Steel, and one receive balance ticket for 200 Reading. Final Delivery of Clearing Member’s Sheet and Tickets. —It is a rule of the Stock Clearing Corporation that all these clearance sheets, deliver and receive tickets, and statements of balances of stocks to receive or to deliver, as well as each firm’s check or its draft on the Corporation, must be turned in by the clearing member at the Night Branch by 7 P.M. This rule is sometimes relaxed by the Corporation during large markets, when the preparation of clearance sheets takes more time than usual. But if there has been a delay which in the judgment of the Corporation is unreasonable, the offending firm is subject to fine. Fines are also imposed by the Corporation for clerical errors or omissions in either tickets or clearance sheets. The neglect or failure of a member or firm to exchange tickets, in the manner described above, constitutes a default in delivery. Headquarters of the Night Branch.— Thus far the chief stage setting of our typical daily clearance has been the broker- age office of Jenkins & Co. at 500 Wall Street. But after the clearance sheet, with the appropriate check or draft, tickets, and statements, has been prepared and sent to the Stock Clear- ing Corporation, the part played by the brokerage office in the clearance is over for the day, and the scene shifts to the Night Branch of the Stock Clearing Corporation at 55 New Street. The back wall of the Night Branch main room is penetrated by four small windows, not unlike those of a ticket office, through which brokers’ clerks deliver the clearance sheets, etc., already described. In the N ight Branch an official is constantly in attendance, day and night, to answer questions, settle dis- putes, etc. During the day a special day force is employed to run down and eliminate errors, etc., in the previous clearance. But by 7 p.m. a much larger force of clerks arrives and their primarily nocturnal labors begin.

Access restriction

Copyright

fullscreen: The work of the Stock Exchange

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation