392 THE WORK OF THE STOCK EXCHANGE
member's account was kept. The tellers in the former cage,
on receipt of the “credit” ticket, entered an actual credit for
the money amount of the securities delivered upon the deliver-
ing member's record sheet; in the latter cage, the “charge”
ticket was similarly used to enter a corresponding debit item
on the receiving member’s record sheet.
This older method is still employed for securities which
are delivered in the old way direct between the office of the
deliverer and that of the receiver. But the establishment of
the Central Delivery Department has greatly changed the pro-
cedure in respect to security deliveries which are made through
it. We have seen *° that a deliverer through the Central De-
livery Department passes in at its receiving window an “actual
credit list” and separate ‘“‘charge tickets” for every item upon
it, along with the security certificates which he is delivering.
When the clerk at the receiving window has counted the secur-
ities, the second form of the actual credit list is sent to the par-
ticular cage in the Day Branch where the delivering member’s
account is kept. Since the securities are already in the posses-
sion of the Stock Clearing Corporation in their transit to the
receiving member or members, the money value of the security
deliveries on the list can be entered as an actual credit upon the
delivering member’s account. This use of the “actual credit
list” makes for simplicity as compared with the older practice
of establishing actual credits for security deliveries made item
by item by the numerous credit forms of the “delivery ticket.”
Meanwhile, the charge tickets remain with the security de-
livery in the Central Delivery Department until the receiving
member’s messenger obtains them there; before taking the
securities away, the messenger signs a special charge ticket for
each delivery on behalf of his irm.** The first form of these
charge tickets is then sent into the Day Branch cage where the
account of the receiving member is kept, and the money value
of all such tickets is entered as debits upon his account.
© See Chapter XIII, p. 352.
