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 341 machine, instead of requiring members to make out and submit to it clearing sheets made out by hand. The new practice was at first confined to cleared bonds. The plan provides that after the members complete the exchange of their cleared bond exchange tickets, the latter be delivered to the N ight Clearing Branch. Here the written data on each ticket respect- ing deliverer and receiver, the name, price and amount of the security, etc, is translated—so to speak—into holes punched on special cards. These can be rapidly sorted by machine, and from them other machines can print each member firm’s clear- ing sheet. Thus the great amount of detailed clerical work required by the preparation of clearing sheets, which formerly had to be done by clerks of the member firms, may be performed centrally by machines in the Stock Clearing Corporation. The machine clearance of bonds has proved so successful that at this writing it is definitely planned to experiment with the larger problem of machine stock clearance. If this proves similarly successful, all cleared securities may in the future be handled in this way, and in consequence present practices with members’ clearing sheets as above described may to that extent be changed. Depositing Checks and Approving Drafts.—Meanwhile the department of the Night Branch that supervises the checks and drafts sent to it, makes out a summarized deposit slip for all checks received the previous evening. Certification is ob- tained on all checks over $5,000 and the entire number of checks is then deposited in the Bank of the Manhattan Trust Co. The accuracy of all drafts against the Night Branch of the Stock Clearing Corporation, which have been also turned in the previous evening by clearing members, is proved. As stated, the total amount of the drafts must exactly equal the total amount of the checks. It only remains for the manager of the Night Branch to approve the drafts by signing them in the space on the left-

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