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

102 THE WORK OF THE STOCK EXCHANGE Barring the eventuality of the insolvency of a clearing member, after every day’s money clearance and settlement at the Stock Clearing Corporation, the total checks paid in on final debit balances will always foot up to exactly the same sum of money as the total drafts drawn against it on final credit balances of its members. In consequence, the managers and employees of the Stock Clearing Corporation Day Branch can shut up shop and go home about 6 p. M. each day with less continuing business worries than most of the denizens of the financial district. An Illustrative Day’s Record Sheet.—Figure 48 is made out to illustrate the record sheet of a commission house (Jen- kins & Co.) for a typical Day Branch money clearance and settlement. For the sake of simplicity the items and amounts are made few and for small sums. Some of these items relate to transactions already described in this book. From Night Branch balances, the contingent credit for $45,000 (covering the prospective delivery of 300 Steel to Arnold Mitchell & Co.) is entered as a contingent credit. Other contingent credits consist of $14,000 (for the prospective de- livery of 100 National Biscuit preferred to Rose & Co.) and $4,855 (for the prospective delivery of four French 715% bonds to Brown & Co.) ; the latter two contingent credits are entered on the record sheet from contingent lists for non- cleared shares and for bonds. On the other hand, there is a contingent debit for $21,000 on the delivery which Jenkins must receive of 200 Reading from T. Long & Co., one of $35,000 for the delivery of 100 Otis Elevator to be obtained from Wilson & Co., and one of $2,700 for the delivery of three City of Rome 614 % bonds to come from Gray & Co. All these items are entered on Jenkins’ record sheet from contingent debit lists turned in to the Day Branch for cleared stock bal- ances, for non-cleared stocks, and for bonds respectively. Thus at the beginning of the day, the Stock Clearing Cor- poration knows that Jenkins & Co. on its security delivery busi-

Access restriction

Copyright

fullscreen: The work of the Stock Exchange

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation