368 THE WORK OF THE STOCK EXCHANGE
clearing member to withdraw such certificates from his col-
lateral “free”’—that is, without at the same time having to give
in return to the Corporation his certified check or equivalent
securities for the value of the securities withdrawn—up to the
limit of the credit accommodation to which the given member
is entitled at the Stock Clearing Corporation on the basis of his
contribution to its clearing fund. But in addition to this ordi-
nary credit accommodation, the member can obtain additional
accommodation at the Stock Clearing Corporation by making
an additional temporary contribution to its clearing fund, or
by reducing his existing accommodation by establishing actual
credits at the Corporation through delivering securities to other
members, by contracting new collateral loans from the banks
through the Corporation, or by delivering securities or sending
funds direct to his account at the Corporation. The form used
in withdrawing securities is shown in Figure 39.
Thus, the value of securities delivered “free” in this way
is treated as unsecured accommodation extended temporarily
to the member by the Stock Clearing Corporation, and hence
it is debited to his account there along with other unsecured
debits which he incurs by receiving securities, etc. The mem-
ber’s “record sheet” upon which such debits are entered will be
described in the next chapter.’ Of course, the clearing mem-
ber, whether for security balances received or for securities
withdrawn free, is not permitted to obtain a greater total of
unsecured accommodation from the Corporation than the
amount which it allows him. The member can, however, obtain
special accommodation in giving his certified check or securi-
ties to the Stock Clearing Corporation. Consequently, if the
member were to withdraw securities from his collateral unnec-
essarily, he would to the extent of their value needlessly in-
crease the amount of his debit for unsecured accommodation
extended to him by the Corporation. In an active day particu-
larly, it is necessary for the clearing member to keep this
TT See Chanter XIV. pb. 401.
