348 THE WORK OF THE STOCK EXCHANGE
ticket,” which later served to credit the account of the deliver-
ing firm, and debit the account of the receiving firm, in the
Day Branch of the Stock Clearing Corporation. As deliveries
of all stocks and of cleared bonds are now made through the
new Central Delivery Department, “delivery tickets,” as
described below, are today employed only for non-cleared
bonds, and their use has consequently shrunk to only minor
importance.
The Delivery Tickets.—Since the Stock Clearing Corpo-
ration is merely the agent of its members in effecting settle-
ments of their accounts with each other, it obtains specific
orders from them for every item which is credited or charged
to their money-accounts at the Day Branch.” In the case of
security deliveries which have been made direct between
brokers’ offices rather than through the Central Delivery De-
partment, such orders are given to the Stock Clearing Cor-
poration by means of the “delivery tickets”; also, as we shall
presently see, the “delivery tickets” establish the fact that
delivery of the securities has been made—an essential matter,
since no Exchange member will want to pay for securities until
he has received them.
The “delivery ticket” is of buff paper and is divided into
mainly similar parts—a “credit ticket” (Figure 33) printed in
red, and folding under # a “charge ticket” (Figure 34)
printed in black; each part is provided with a detachable stub.
At this writing all cleared securities are handled through the
Central Delivery Department and hence the “delivery tickets”
are not used for them, and only with non-cleared securities
which are still delivered direct between offices. The “delivery
ticket” identifies the security to be delivered by name, amount,
price, and value, and also specifies the names of the delivering
and receiving firms. The deliverer of securities makes out
both the “credit” and “charge” tickets at once (except, of
course, for the signature of the receiving member) by placing
TT 2 See Chapter XIV. p. 401.
