Baugenossenschaften und der Berliner Spar- und Bauverein

The work of the Stock Exchange

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Monograph

Identifikator:: 880288361

URN:: urn:nbn:de:zbw-retromon-2459

Document type:: Monograph

Author:: Kromrey, Max

Title:: Baugenossenschaften und der Berliner Spar- und Bauverein

Place of publication:: Berlin

Publisher:: Verlag von R. L. Prager

Year of publication:: 1904

Scope:: 1 Online-Ressource (95 Seiten)

Digitisation:: 2017

Collection:: Economics Books

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

SECURITY DELIVERIES, LOANS, AND TRANSFERS 367 lender’s office by 10:15 a.m., the lender delivers the security collateral to the Stock Clearing Corporation by 10:30 A.M. But if the agreement does not reach the lender until after 10:15 A.M. the matter goes over until 12 :30 P.M., by which time all agreements for the paying of loans to be effected through the Stock Clearing Corporation that day must reach the lender. The lender then leaves his office immediately after the last loan agreement has been received, and comes to the Stock Clearing Corporation, bringing with him the collateral to the loans which are to be paid off to him; as between Stock Exchange members by rule in the Stock Exchange Constitution (Rules, Chapter III, Sec. 3), and with lenders in Wall Street without law but by long established custom, no loans are called after 12:15. Against such checks as the Stock Clearing Corporation pays to lenders in behalf of borrowers who are paying off loans, it deposits in the banks upon which these checks are drawn funds arising from certified checks, or bank checks received by it during the day representing payments to it by its clearing mem- bers either for security balances received, or for new loans made, or for the final daily settlement of its account by the clearing member with the Stock Clearing Corporation. Withdrawal of Collateral Securities “Free.”—\Ve must now consider some of the problems which arise after the Stock Clearing Corporation has paid off a loan for a borrower and while it holds the borrower's collateral securities. Usually the borrower will need some or all of the securities held in this way by the Stock Clearing Corporation for the routine busi- ness of the day. Perhaps the envelope at the Corporation con- tains a certificate for 100 shares of U. S. Steel which he must deliver on balance to another clearing member whose name the Night Branch has given him; or perhaps the borrower may wish to get this 100 shares of Steel in order to substitute jt for 100 shares of Reading which he has to deliver but which is at present in another loan envelope at a bank as collateral for another loan. The Stock Clearing Corporation will permit the

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