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 XIV. Money clearance and settlement

Collection:: Economics Books

400 THE WORK OF THE STOCK EXCHANGE in terms of money, the process of clearing them is closely similar to that effected by bank clearing houses everywhere in the world. There remains of course the final task of money settlement. This is accomplished with equal simplicity. Each clearing member ascertains whether his Stock Clearing Corporation account has a final credit or debit balance, and for how much money. He then fills out the final receipt (Figure 46). If a creditor he scratches out the word “check” and if a debtor the words “credit memorandum” upon it, and fills in the money amount of his final balance. If the clearing member has a final debit balance. he makes out his check to the order of the Steck ibacing Cumoraliion SLECEN Yoo 8 Brot Street Jo, 03322 Nir York) ub 104 p09 I ” A oe — thin brian lors Stock “learin® Cevroration i 24 As Aer Hai isn Al RSA a 7.2% elon Figure 47. Draft.on the Stock Clearing Corporation Stock Clearing Corporation for its amount. If, on the other hand, the clearing member has a final credit balance, he draws a draft or credit memorandum for its amount against the Stock Clearing Corporation (Figure 47). The final receipt, together with the check or draft, is then dispatched to the Corporation. The receipt form is made out in duplicate; one part is retained by the Corporation, and the other is returned to the clearing member. The Corporation deposits the checks which come into it during the day, in the several banks with which it has accounts. ‘On receipt of the drafts or credit memoranda drawn against it, in the course of the day’s business, the Stock Clear- ing Corporation checks the amount of each against the mem-

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