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

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

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Document type:: Monograph

Structure type:: Chapter

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

Collection:: Economics Books

362 THE WORK OF THE STOCK EXCHANGE loans” contracted by Stock Exchange members, the Stock Clearing Corporation in 1921 undertook to clear call and time loans, and by intervening as an intermediary when loans have to be shifted, to render unnecessary the use of certified checks from “certifying banks.” The “Lending Members.”—The Stock Clearing Corpora- tion undertakes to clear loans only for its regular clearing members. But in addition to these, who in the main appear in loan clearances as borrowers, the representatives of financial institutions that lend money on call constitute a class of “lend- ing members.” These lending institutions have signed an agreement with the Stock Clearing Corporation which permits the routine of loan clearance to be carried on smoothly and efficiently. For the use of these “lending members,” booths are provided in the Day Branch of the Stock Clearing Cor- poration, wherein the lenders’ representatives can receive or deliver security collateral and checks for their money amounts. This loan clearance is not compulsory but optional with all parties concerned. The Return Loan Agreement.—In explaining the clear- ance of loans, the simplest method is to start with the opera- tions by which an existing loan is paid off; next, to consider how the Stock Clearing Corporation holds the collateral and enables it to be shifted and withdrawn in whole or in part; and finally, to describe the methods employed in making a new loan. The repayment of loans starts at 10 A.M. each full business day. Of course, a loan may have to be paid off because either the lender has called it, or because the borrower desires to pay it off. Notice to this effect is given direct between borrower and lender, usually over the telephone. When a loan is paid off by a non-member of the Stock Clearing Corporation, the borrower must obtain his security collateral from the lender by delivering at the latter’s office a certified check for the prin-

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