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 XIV. Money clearance and settlement

Collection:: Economics Books

392 THE WORK OF THE STOCK EXCHANGE member's account was kept. The tellers in the former cage, on receipt of the “credit” ticket, entered an actual credit for the money amount of the securities delivered upon the deliver- ing member's record sheet; in the latter cage, the “charge” ticket was similarly used to enter a corresponding debit item on the receiving member’s record sheet. This older method is still employed for securities which are delivered in the old way direct between the office of the deliverer and that of the receiver. But the establishment of the Central Delivery Department has greatly changed the pro- cedure in respect to security deliveries which are made through it. We have seen *° that a deliverer through the Central De- livery Department passes in at its receiving window an “actual credit list” and separate ‘“‘charge tickets” for every item upon it, along with the security certificates which he is delivering. When the clerk at the receiving window has counted the secur- ities, the second form of the actual credit list is sent to the par- ticular cage in the Day Branch where the delivering member’s account is kept. Since the securities are already in the posses- sion of the Stock Clearing Corporation in their transit to the receiving member or members, the money value of the security deliveries on the list can be entered as an actual credit upon the delivering member’s account. This use of the “actual credit list” makes for simplicity as compared with the older practice of establishing actual credits for security deliveries made item by item by the numerous credit forms of the “delivery ticket.” Meanwhile, the charge tickets remain with the security de- livery in the Central Delivery Department until the receiving member’s messenger obtains them there; before taking the securities away, the messenger signs a special charge ticket for each delivery on behalf of his irm.** The first form of these charge tickets is then sent into the Day Branch cage where the account of the receiving member is kept, and the money value of all such tickets is entered as debits upon his account. © See Chapter XIII, p. 352.

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