358 THE WORK OF THE STOCK EXCHANGE 
question for the delivering and receiving members to settle 
between themselves. 
Deliveries From or To Banks.—By special arrangements, 
the Stock Clearing Corporation also makes the services of its 
Central Delivery Department available to the New York banks, 
for deliveries of securities which the latter make to or receive 
from Stock Exchange firms. A given bank, for example, can 
deliver here during the day all securities going to all Stock 
Exchange houses, and receive here all securities coming from 
all Stock Exchange houses, and settle with one check at the end 
of the day. Similarly, a Stock Exchange firm can obtain the 
same advantages with all the securities which it has to deliver 
to all New York banks which employ the Central Delivery 
Department. Incorporated banks cannot be members of the 
Stock Exchange, and cannot be bound by Stock Clearing Cor- 
poration rules in the same way that Stock Exchange clearing 
members are. The relations of the incorporated banks and 
trust companies to the clearing system are fixed by special 
agreements. Therefore, somewhat different practices in respect 
to comparisons, delivery tickets, contingent lists, and methods 
of payment are employed with security deliveries to or from 
banks, than with those which occur between Stock Exchange 
members.” 
A further extension of*these non-member deliveries through 
the Central Delivery Department occurred in 1930, whereby 
the Stock Clearing Corporation made it possible for two non- 
member banking institutions in New York .to receive and 
deliver securities with each other through the facilities of the 
Central Delivery Department. 
Future Development of Security Handling.—The inaugu- 
ration of the Central Delivery Department has already effected 
great economies to Stock Exchange firms and also to New 
York banks. Under the former system of delivering securities 
7 See Appendix XIIIb.