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.