(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 memoranda
 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 comslex
 and important agency of the Stock Clearing Corporation.

Tnviolability of Stock Exchange Contracts.—The thorugh
 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 exchange
 any written agreement, but that a single word, or even
2 nod of the head, is sufficient to close a contract for the purchase
 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.