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 375 imposed by the special loan agreement forms described on the preceding pages. At this writing, the Stock Clearing Corporation has under consideration plans for effecting this further step in simpli fying its procedure. The Case of Lending Clearing Members.—In the routine for the paying of old loans and the making of new ones above described, one important variation should be noticed. In case the lender is also a clearing member his account is, of course, kept at the Stock Clearing Corporation along with that of the borrower. This fact enables a still more economical method to be employed in clearing loans made between the two, which is in several ways analogous to the method employed by the Stock Clearing Corporation in crediting or debiting its mem- bers’ accounts for stock balances which have been delivered or received. The same forms are employed in a clearance of loans be- tween two clearing members as in the clearance of loans between a clearing and a lending member already described, with the exception of the payment of the principal of a new loan, or the repayment of the principal and interest on an old loan. The clearing member who acts as a lender is assigned a booth in the Stock Clearing Corporation where he must have his representatives to handle the security collateral and other matters involved in the same way as other lenders of money. But instead of a credit memorandum which becomes a check of the Corporation, or of a bank check, credit and charge tickets are employed in the manner about to be described in the following paragraphs. Paying Off Loans to Lending Clearing Members.— When a loan is to be paid off, the lending clearing member delivers its collateral securities to the Stock Clearing Corporation at the borrower’s cage. The borrower, in the meantime, has Tit See Chapter XIV, p. 399

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