(66 THE WORK OF THE STOCK EXCHANGE 
0 obviate the possibility of any misunderstanding Jenkins takes 
‘he precaution to cry to Wilkins, “Sold to you 100 Steel at 
150.” Jenkins next writes out a ticket known as a “report” 
(Figure 9), recording the details 
of the sale which he has just 
made, including the name and 
amount of the stock, the price, 
and the name of the buyer, and 
sends it to his telephone clerk, 
who phones it back to his office. 
This main office of Jenkins & 
Co. on receipt of the report 
wires it in turn to the Baltimore 
Sranch, where Jones is informed 
of the transaction. It is, of 
course, to be noticed that Wilkins 
and Jenkins do not exchange 
securities, money, or even mem- 
oranda at the post, but simply 
make a verbal sales contract. The 
actual delivery of the stock and payment for it, as will be 
explained in subsequent chapters, are ‘effected through the com- 
slex and important agency of the Stock Clearing Corporation. 
Tnviolability of Stock Exchange Contracts.—The thor- 
ugh insistence of the Stock Exchange upon the inviolability 
of contracts made on its floor is attested to by the readiness 
with which such contracts are effected.’* We have seen in the 
typical transaction cited that Jenkins and Wilkins do not ex- 
change any written agreement, but that a single word, or even 
2 nod of the head, is sufficient to close a contract for the pur- 
chase and sale of stock valued at $15,000. Indeed, millions of 
dollars’ worth of securities change hands in the Exchange each 
day in just this way without signed agreements, and with less 
danger of loss through cancellation, per dollar involved. than 
© 16 See Chapter XVI. pb. 454.