The work of the Stock Exchange

Bibliographic data

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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

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

Collection:: Economics Books

376 THE WORK OF THE STOCK EXCHANGE brought in a special gray form, which is in duplicate, consist- ing of a credit ticket, printed in red (Figure 41a), and a charge ticket, printed in black (Figure 41b). Attached to each is a stub which serves as a receipt for the lender and the borrower respectively. The credit ticket consists of an order signed by the borrower upon the Stock Clearing Corporation to credit the lender’s account for the principal and interest of the loan to be paid. This ticket must also be approved by the Corporation, and signed by one of its tellers. The charge ticket, on the other hand, which is the other half of the form, is a signed order by the borrower upon the Stock Clearing Cor- poration to charge his account with the amount of the principal and interest of the loan. The clerk of the borrower’s cage then detaches the charge ticket, in order to debit the account of the borrower for the principal and interest of the loan paid off, and gives the credit ticket to the lender. The latter then files this ticket at the cage where his own account is kept, and thereby receives credit on the books of the Stock Clearing Corporation for the principal and interest of the loan paid off. The clerk at his own cage detaches the stub to the credit ticket and returns it to the lender as a receipt for the credit he has obtained on the books of the Stock Clearing Corporation for the principal and interest of the loan paid off. Thus it is not necessary for the Stock Clear- ing Corporation to pay the lender with one of its own checks ; the whole transaction is finally settled when the lending and borrowing clearing members make their final settlement with the Stock Clearing Corporation for the day.?® New Loans Made by Lending Clearing Members.—An analogous procedure is followed in the making of new loans where the lender is a clearing member. The lender first makes out a duplicate white form consisting of a credit ticket, printed in red (Figure 42a), and a charge ticket, printed in black (Figure 42b). Attached to each is a stub later used as a 1 Qee Chapter XIV. p. 400.

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