Hammond's time. At 14 minutes after 2 p. m. on each business day except Saturday the words
"Hammond's time" are printed on the tape by the stock ticker and afterwards the lever of the
instrument sounds fifteen beats. When the fifteenth beat is sounded it is 2.15 p. m. and the end of
the time for the delivery of securities in settlement of contracts entered into on the New York Stock
Exchange which mature' on the current day. Failure by a seller to deliver to a purchaser by 2.15
stocks sold on the New York Stock Exchange previously in the day for cash (see For cash) or sold
in the regular way (see Regular way) on the preceding day constitutes a default by the seller on
the contract.  A watchmaker named Hammond supplies the stock exchange with its official time;
hence the name.  In speaking of Hammond's time it is the habit to abbreviate it to simply "time."
The stock exchange time was formerly supplied by a watchmaker named Ladd and it then was
known as Ladd's time.