304 THE WORK OF THE STOCK EXCHANGE 
In a sense, the six-day delivery method employed for 
bonds 2 represents a regularized failure to deliver the next full 
business day following that of negotiation, except that with 
them a recomparison occurs, and delivery and payment are 
finally made through the Stock Clearing Corporation. 
Blotter Line No. Jb 
STOCK CLEARING CORPORATION 
(DAY CLEARING BRANCH) 
TO BE DELIVERED BY TRANSFER 
|Clearing No, “450 — New vor Clg TC + a ©g 
(Of Delivering Momber) 
STOCK CLEARING CORPORATION (DAY CLEARING BRANCH), 
ON STOCK BALANCE ORDER TO DELIVER, 
700 pares 4S. 2llen. Com. @  E% s Sov. 00 
The undersigned have agreed that delivery of above be made by transfer, subject to the rules of 
the Stock Clearing Corporation and upon its approval Zompatens ¥ Co 
{Receiving Member) 
will hand you immediately after such delivery a certified check to your order for § 8400. ov 
the value as stated above, of the stock placed in transfer. Debit and Credit tickets for the value of the 
|delivery must accompany this order so that approval may be stamped thereonbyStock Clearing Corporation 
Deliverer Signs C. E.R swman v Co. 
Receiver Signs _ Top liny » Co. Jorptoiny » Co. 
(These notices will not be appraved after 1.15 P.M.) 
Figure 45. Debkiver-by-Transfer Ticket 
Delivery by Transfer.—Another exception to the normal 
operations of the Day Branch sometimes occurs with stocks 
which are “delivered by transfer.” A delivering member will 
occasionally have stock in his possession which is due to be 
delivered to the receiving member, but which must be trans- 
ferred before it is a good delivery. (The deliverer might, for 
example, have two registered share certificates of 50 and of 
55 shares, while he has an even 100 shares to deliver.) In 
such cases, both delivering and receiving members may sign 
"12 See Chapters X, p. 270, and XII, p. 319