Aktive Währungspolitik

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Monograph

Identifikator:: 1015587658

URN:: urn:nbn:de:zbw-retromon-32066

Document type:: Monograph

Author:: Frankfurth, Ernst http://d-nb.info/gnd/125271093; Gesell, Silvio http://d-nb.info/gnd/118538934

Title:: Aktive Währungspolitik

Edition:: 2. Auflage

Place of publication:: Erfurt

Publisher:: Freiland-Freigeld-Verlag

Year of publication:: 1921

Scope:: 1 Online-Ressource (80 Seiten)

Digitisation:: 2018

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Privat- und volkswirtschaftliche Bedeutung der Preisschwankungen

Collection:: Economics Books

CHAPTER XIII SECURITY DELIVERIES, LOANS, AND TRANSFERS In the previous chapter it was pointed out that the whole process of security clearance and settlement involved five essen- tial stages. The first two of these—comparison and security clearance—have already been described in Chapter XII, while the last two—money clearance and money settlement—remain to be dealt with in the next chapter. The present chapter will be devoted to the third stage—that of security deliveries and security loan handling, as well as to the Transfer Department of the Stock Clearing Corporation. Former Methods of Making Security Deliveries.—By rule of the Stock Exchange, the security deliveries called for by “regular way” purchase and sales contracts on the Ex- change, must be made on the next full business day following the date of contract. In consequence, Stock Exchange firms deliver and receive securities in the daily settlement from about [0 A.M. to 2:15 P.M. each full business day. Until the recent inauguration of centralized security de- liveries, of which more anon, it was the immemorial practice in Wall Street for each Stock Exchange firm which was a seller or lender to make deliveries of the securities direct to the office of the buyer or borrower who had these particular securi- ties to receive.! Originally the deliverer’s messenger was given in exchange a check in payment by the buyer; after the estab- lishment of the Day Branch of the Stock Clearing Corporation in 1920, the deliverer’s messenger obtained, instead of a money check, a special receipt on what is known as the “delivery W——. 1 See Appendix XIlIa. 4

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