SECURITY DELIVERIES, LOANS, AND TRANSFERS 357 
senger takes away to the receiving firm's offices as memoranda 
for its files. The second forms of each charge ticket, signed 
by the receiving member's messenger, are retained by the Cen- 
tral Delivery Department as receipts for the deliveries it has 
made to the receiver’s messenger. The first forms of each 
charge ticket, marked “Charge to the Account of the Deliver- 
ing Member,” are sent to the cage of the Day Branch where 
the account of the receiving member is kept, and the value of 
each security delivery made in this way is there entered as a 
debit item on the receiving member’s account.® Thus, each trip 
of a messenger to the Central Delivery Department effects 
deliveries to many different firms, establishes credits therefor 
in his firm’s account, receives securities from many different 
firms, and establishes debits therefor on his firm’s account. 
Scope of Central Delivery Department Operations.— The 
practice of centralized deliveries was inaugurated at first with 
only a few cleared stocks, with the aim of testing the system 
before extending it to other securities. At this writing, the 
system handles deliveries for all listed stocks and for cleared, 
but not for non-cleared, bonds. Security deliveries which are 
not handled through the Central Delivery Department are made 
as formerly direct to the receiving member’s office, and the 
“deliver tickets” signed there will be sent to the Receiving 
Ticket Department of the Day Branch. 
It will also be noted that the Central Delivery Department 
does not assume responsibility for the condition and deliver- 
ability of the securities delivered through it, by receiving them 
directly in the name of the Stock Clearing Corporation. It 
acts only as agent for its members, and while it counts the 
securities passing through it, if any question arises of improper 
deliverability (as for example, stock in a corporation name or 
marfied woman’s name without adequate documents attached), 
it declares the delivery “ex-Clearing House” and leaves the 
* See Chapter XIV, p. 392.