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 XIII. Security delivieries, loans, and transfers

Collection:: Economics Books

SECURITY DELIVERIES, LOANS, AND TRANSFERS 359 direct from deliverer to receiver, a large Stock Exchange firm might have as many as 1,000 separate round lot deliveries to make to as many as 200 different firms. Such a house was in consequence compelled to maintain a large staff of messengers, since any delay in making deliveries each day before 2:15 p.M. would cause many “failures to deliver” with interest charges against the firm, or else clog the whole Stock Exchange settle- ment. But the delivery of stock securities at the Stock Clear- ing Corporation at 2:15 for the account of another member is the equivalent of direct delivery to the receiving member's office. The present centralization of deliveries, therefore, which permits a messenger by a single trip to the Central Delivery Department, to make all his firm’s available deliveries of securi- ties handled there to all receiving firms, and obtain for his firm all the similar security deliveries which have come to jt from all other deliverers, has thus produced large economies of time and messenger hire, and led to sounder and better methods in many ways. But an examination of certain European security settlement systems, particularly those centering in the Bank des Berliner Kassen-Vereins, should speedily persuade anyone familiar with security markets, that the New York Stock Exchange can still do much to improve its methods of security handling. To this task a special committee on Centralization has for several years addressed itself, and it is only fair to state that the centraliza- tion of security deliveries may prove only an initial step in the establishment of several very economic and superior yet quite far-reaching and radically new methods of handling securities. Even at the risk of suffering the fate of most prophets, the writer wishes to express an entirely personal opinion as to the direction which these changes may take. Once centralization of security deliveries is completely established, it may then be possible to place the Stock Clearing Corporation directly vis-a- vis to its members on all security deliveries. Thus, instead of delivering or receiving securities through it, the members

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