. Stock exchange investments in theory and practice; with chapters on the constitution and operations of the Bank of England and the national and local debts of the United Kingdom . n country banks threedays in advance ow4ng to the time taken in clearing them. Thebroker generally protects himself by putting E. & 0. E. (errorsand omissions excepted) against the total amount due to him. These account days occur twice a month, and on such daythe purchaser is supposed to pay the money over to his brokerin order that he may be in a position to pay for the shareswhen they are delivered to him, which
. Stock exchange investments in theory and practice; with chapters on the constitution and operations of the Bank of England and the national and local debts of the United Kingdom . n country banks threedays in advance ow4ng to the time taken in clearing them. Thebroker generally protects himself by putting E. & 0. E. (errorsand omissions excepted) against the total amount due to him. These account days occur twice a month, and on such daythe purchaser is supposed to pay the money over to his brokerin order that he may be in a position to pay for the shareswhen they are delivered to him, which, of course, may not befor several days. [Note.—The usual expression is To put your broker intopossession of funds to take up stock on pay day.] The rule is that delivery should be made within ten days,but occasionally a much longer time elapses. It is seldomthat a purchaser insists upon the prompt delivery wdthin1:0 days. He does not stand to lose anything^>by thenon-delivery, since any dividends payable must be dulyhanded over to him, and if, as is often the case, it has been 140 H a P£lPQ mo QQ HGQ H02 uo CID bi <Z(0 o z< o O 6 HO O P o d)\9 f^?^ CQ o ao. ^ ^ a^ 5- o C9X ^ J •Jdd ^ H ^ o •^^^ .^r«i ^ i 141 agreed that no payment shall be made until delivery, he isstill entitled to any dividend, and in addition retains the useof his money. By the reg-nlations of the Stock Exchange thepurchaser can require his ])roker to enforce delivery, which hedoes by applying to the Buying In and Selling Outdepartment, whose duty it is to buy or sell as the case may bein the open market. In practice any attempt to buy in stockis attended with considerable difficulty. The jobbers recognizethat one of their own class is being needlessly penalized andrefuse to assist in the operation. You may, naturally, ask whether it is advisable to pay thebroker before he can deliver to you (that is, before he canhand you the Bonds or Deeds of Transfer, as the case maybe). I think that a p
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