‘I think I will walk down the road and see if she is coming,’ Slimm observed. ‘It would look a little polite, I think.’
Edgar murmured something touching love’s young dream, and asked the American if the fascination was so strong.
‘Well, no,’ he replied. ‘I don’t deny she is fascinating; but it is not the sort of glamour that generally thrills the young bosom. One thing we all agree upon, I think, and that is, that we shall be all extremely pleased to see the lady.’
‘That is a strange thing in itself,’ Edgar replied drily. ‘The damsel is evidently coy. She is at present, doubtless, struggling with her emotion. I fancy she does not intend to come.’
At this moment there was a sound of wheels, and a coach pulled up at the gate. After a moment, a tall black figure was seen approaching the house. A few seconds later, Miss Wakefield entered the room.
INVESTORS AND THE STOCK EXCHANGE.
SECOND ARTICLE.
In a former article we endeavoured to explain the modus operandi of Stock Exchange transactions; and our object now is to make a few remarks upon the rights and duties of investors and members of the Stock Exchange respectively. As formerly explained, when any business is transacted on the Stock Exchange, the broker always renders to his client a contract containing the particulars of the transaction, which is understood to be carried through in accordance with the rules and regulations of the Stock Exchange. These rules have been compiled with the strictest regard to the rights and duties of both parties, and are altered from time to time as circumstances may require. They are in complete accordance with the law of the land; and when any question has arisen in regard to Stock Exchange affairs, the courts of law have invariably allowed that those rules have been framed on the most equitable principles.
When a contract has been rendered, broker and client are equally bound to fulfil their part of it: the broker, in the case of a purchase, to deliver to, his client an authentic certificate of the stock, and in the case of a sale, to pay for the stock on delivery of a properly executed transfer; the client to pay the consideration-money, &c., when the stock is purchased for him, and to deliver the transfer duly executed, with the certificate, when the stock is sold. Many investors, while looking very sharply after their rights, entirely lose sight of their duties, and altogether forget that there must be two parties to every contract. When a man sells stock, he is entitled to a cheque for the proceeds the moment he hands the executed transfer to his broker, and no sooner; and when stock is purchased, the broker is entitled to receive the purchase-money when he delivers the transfer to his client for signature, and no sooner. Many persons, however, imagine that if they send their broker a cheque for stock bought a day or two after the account-day, it will be time enough, being ignorant of the fact that the latter is obliged by the rules to pay for the stock when it is delivered to him, either on the account-day or any subsequent day. Those living at a distance from London should therefore be careful to let the money be in the hands of their broker on the morning of the account-day at the very latest; or if they object to pay for stock before receiving it, should instruct a banker in the City to pay for the stock, or proportionately for any part, on delivery, so that the broker may not be out of the money. Of course, brokers are not supposed to have unlimited balances at their bankers, and it is frequently a real hardship for them to be obliged to find the money as best they can. The Stock Exchange rules admit of no delay whatever, and must be acted up to by the members, without any regard to the negligence or inattention of the investor.
When stock payable to bearer is not delivered to the buying-broker on the account-day, he has the power, on the following day, of ordering it to be purchased, or ‘bought in’ as it is called, in the market for immediate delivery, and any loss consequent upon the buying-in must be paid by the seller. In the case of registered stocks, however, ten days after the account-day are allowed for delivery. This is only reasonable, as a deed of transfer frequently requires the signature of several sellers, or the seller may reside at a distance, and thus delay cannot be avoided. On the expiry of the time named, the broker can ‘buy in,’ as in the case of stock to bearer. If the buyer of stock to bearer does not receive the stock from his broker within a day or two after the account-day, or registered stock within about ten days after the account-day, he has a perfect right to know the reason of the delay, and failing any proper excuse, should give instructions to ‘buy in,’ as explained above.