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

340 THE WORK OF THE STOCK EXCHANGE “Giving a Name.”—At the completion of this simple process of allotting deliverable stocks to firms who have stocks to receive, it only remains for the Night Branch clerks to fill in the blanks on the statements of stock balances to receive and to deliver. We have seen that Jenkins & Co. turned in with its clearance sheet one statement that it had 200 shares of Reading to receive, and another that it had 300 shares of Steel to deliver. Since Jenkins & Co. could not tell to what firm the allotment clerk would direct it to deliver the stock balance in Steel, or from what firm to receive the stock balance in Read- ing, it put only its own name on the two statements. We have seen how all the stock balances in Steel for that day have been allotted. A similar process of allotment has meanwhile been completed in Reading. The clerk has only to place on Jenkins & Co.'s statement of stock to deliver the name of Arnold, Mit- chell & Co. under the “Deliver to” column, and on its statement of stock to receive, the name of some firm determined by the clerk of the Reading allotment sheet—say, T. Long & Co.— under the “Receive from” column. At this point the state- ment becomes an order. Conclusion of the Night Clearance.—When all stock bal- ances have been allotted and all the statements of stock balances to receive and deliver have been “given a name” in the manner described above, that everting’s clearance is completed and the clerks can start homeward through the dark and deserted canyons of the Wall Street district. The next morning at 9 A.M. the messenger of each clear- ing member calls at the Night Branch and is given back through the windows his firm’s statements of stock balances to receive and to deliver, with the names of the firms from whom it has to receive and to whom it has to deliver the stock bal- ances. before 2:15 p.M. that day. Machine Clearance.—A fter months of preliminary testing, on June 3, 1930, the Stock Clearing Corporation inaugurated a new practice of compiling clearing sheets for its members by

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