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.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XIV. Money clearance and settlement

Collection:: Economics Books

MONEY CLEARANCE AND SETTLEMENT 391 Actual Entries on Members’ Record Sheets.— The work of money clearance performed by the Day Branch centers on the record sheets kept for its members in its eleven cages. As members establish credits, they are so entered there under “Actual Cr.”—and as they incur debits these are similarly entered there under “Actual Dr.” Under the scope of operations which the Stock Clearing Corporation now enjoys, its members may be credited or debited on their record sheet accounts: (1) when security de- liveries are made or received, in both cleared and non-cleared securities; (2) when security collateral loans are made, or when they are paid off, or their collateral is withdrawn from the cage; and (3) when special settlements are effected in “when issued” securities. Each of these sources for credits or debits on the members’ record sheets must next be examined, to see just how they are established. Actual Credits and Debits for Security Deliveries.— Before the establishment of the Central Delivery Department, the deliverer (as we have seen’) used to make his delivery of security certificates at the office of the receiving member, who threupon signed both the “credit” and “charge” portions of the “delivery ticket.” The deliverer’s messenger then took these signed tickets to the receiving window of the Stock Clear- ing Corporation at 14 Broad Street; the time of its arrival there was stamped on the detachable stub of the “credit” ticket and given to the messenger as a receipt. (While the corre- sponding stub of the “charge” ticket was kept for delivery to receiving members, the latter rarely took the trouble to collect them, since such receiving members already had possession of the actual security certificates involved by the delivery.) The Corporation clerks, on receipt of the “credit” and “charge” delivery tickets, then tore them apart; the “credit” ticket was then sent to the cage where the delivering member's account was kept, and the “charge” ticket to that where the receiving 0 See Chapter XIII. p. 347

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