SECURITY DELIVERIES, LOANS, AND TRANSFERS 355
of the securities, their price, and their value. This list is not
a “contingent credit” list since it is accompanied by the actual
securities mentioned upon it, and since the total value of these
securities will constitute an “actual” and not simply a “contin-
gent” credit to the Day Branch account of the delivering mem-
ber when the list and its securities are delivered by him to the
Central Delivery Department of the Stock Clearing Corpora-
tion. With deliveries between members, a white credit list is
used for cleared stocks and specially cleared bonds, a buff list
printed in red for bonds regularly cleared, and a buff list printed
in green for non-cleared stocks; with deliveries to or from non-
members, the credit list is yellow.
Armed with this credit list and the appropriate security
certificates and charge tickets, the messenger of the delivering
firm goes to the Central Delivery Department offices. Its quar-
ters are divided into an inner and an outer office; the substan-
tial partition of stone and metal work which separates them
consists of 10 receiving and 13 delivering windows which
resemble tellers’ windows in a bank. When the messenger of
a Stock Exchange firm enters the outer office of the Central
Delivery Department, he goes to the particular receiving win-
dow assigned to his firm according to its clearing house num-
ber. To the clerk at this window he delivers his credit list,
together with the security certificates and charge tickets per-
taining to the security deliveries listed upon it. The clerk
checks each entry upon the itemized credit list against its
accompanying security certificates and tickets, and if all is in
order stamps the third form of the credit list and returns it
as a receipt to the delivering member’s messenger. As this
third form specifically states, “The above securities have been
received and verified as to count but not as to validity, trans-
ferability, or deliverability.” Should objection to the securities
in these latter particulars sibsequently be raised by the receiving
member, however, the latter can make reclamations or adjust-
ments with the delivering member until 3 P.M. In any case
