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.

APPENDIX 639 Sec. 1. It shall be the duty of every member to report each of his trans- actions as promptly as possibly at his office, where he shall furnish oppor- tunity for prompt exchange of tickets or comparison. Sec. 2. An exchange of tickets shall be made in the manner required by the By-Laws and Rules of the Stock Clearing Corporation and shall con- stitute a comparison. In all cases in which an exchange of tickets or special contract exchange tickets is not so required, comparisons shall be made by an exchange of an original and a duplicate comparison ticket; the party to whom the comparison ticket is presented shall retain the original, if it be correct, and immediately return the duplicate duly signed. Sec. 3. It shall be the duty of the SELLER to exchange tickets or to make comparison in respect to each transaction at the office of the BUYER. ..evveeereensans Sec. 7. The neglect or failure of a member to exchange tickets on a contract in cleared securities as defined in the By-Laws and Rules of the Stock Clearing Corporation, which contract is to be cleared through said Corporation, shall constitute a default;....... Sec. 9. No exchange of tickets or comparison or failure to exchange tickets or to compare, and no notification or acceptance of notification, such as notification of failure to receive or failure to deliver, shall have the effect of creating or of canceling a contract, or of changing the terms thereof, or of releasing the original parties from liability ;..... .ceeenen Sec. 10. The price at which an order is executed on the Exchange shall be binding, notwithstanding the fact that an erroneous report in respect thereto may have been rendered; and no member shall assume or pay any part of the difference between the price at which an order is executed and ‘he price at which it may have been erroneously reported. (XIIc) The severest test of the Night Branch machinery in recent years arose during the 1929 panic. Since the Night Branch security clearance is necessarily the first step in the whole process of ~learance and settlement under the Stock Clearing Corporation, any delay here tends to delay all subsequent parts of the work. At times during the 1929 panic the Night Branch clerks could not obtain the sheets and tickets necessary for clearance from the members until late into the night, and accordingly they were compelled to sleep in the Night Branch offices and for the first time in many years do their work in the day time. In his address, “The Work of the New York Stock Exchange during the Panic of 1929,” (Boston, June 10, 1930) President Richard Whitney stated: “A further difficulty arose in connection with the operation of the Stock Clearing Corporation, through which contracts made on the oor are regularly cleared and settled. When the Clearing Corpora- tion was originally organized in 1920, the terrible lessons of 1907 were kept clearly in mind, and the institution was designed to operate safely in critical stock market periods. This wise foresight yielded invalu- able results in the supreme test which occurred last autumn. Indeed,

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