The work of the Stock Exchange

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Monograph

Identifikator:: 1831284952

URN:: urn:nbn:de:zbw-retromon-225876

Document type:: Monograph

Author:: Meeker, James Edward http://d-nb.info/gnd/126597340

Title:: The work of the Stock Exchange

Edition:: Revised edition

Place of publication:: New York

Publisher:: The Ronald Press Company

Year of publication:: [1930]

Scope:: XVI, 720 Seiten; Illustrationen, Diagramme

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XIII. Security delivieries, loans, and transfers

Collection:: Economics Books

SECURITY DELIVERIES, LOANS, AND TRANSFERS 369 accommodation as liquid as possible. If he withdrew too many securities he might overextend his position on the Corporation’s books and be forced to send it a check or securities. Thus the privilege of withdrawing securities free from his collateral with the Corporation is not abused. Procedure with Withdrawal of Securities.—The routine for withdrawing securities free from collateral at the Stock Clearing Corporation is very simple. The clearing member fills out a form (Figure 39) which constitutes a receipt by the clearing member for the securities to be withdrawn and which states the number of shares, name, price, and value of these securities. This form, when properly filled out, is presented by the clearing member’s representative at the cage in the Stock Clearing Corporation in which his account js kept. If the operation does not involve an employment of more accommo- dation than the member is entitled to, the clerk in the cage retains the receipt form, delivers to the clearing member’s rep- resentative free the securities he desires to withdraw, and debits the firm's unsecured accommodation account with their value Subsequent Employment of Remaining Securities.— The securities left with the Stock Clearing Corporation as collateral for a paid-off loan, subject of course to this process of with- drawals, may remain with the Corporation until the end of the day, when, if the clearing member’s account is in debit, he may settle with the Corporation for their value with his final check, and take them away. Often, however, they are employed as collateral for a new loan to be made, the proceeds of which the clearing member will usually need either for settling his in- debtedness with the Corporation at the close of the day’s busi- ness, or in connection with his ex-Stock Clearing Corporation operations. We must, therefore, next consider exactly how new loans are made through the agency of the Stock Clearing Corporation.

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