SECURITY DELIVERIES, LOANS, AND TRANSFERS 379 
receipt. The credit ticket is a signed order by the lender upon 
the Stock Clearing Corporation to credit the account of the 
borrower with the principal of the new loan. The charge 
ticket, on the other hand, is an order signed by the lender upon 
the Stock Clearing Corporation to charge the lender’s account 
with the principal of the loan, and states that the lender has 
received as collateral the securities pledged to obtain it. Both 
credit and charge tickets must be approved by the Stock Clear- 
ing Corporation and to that effect bear the signature of one of 
its tellers. 
The lender delivers this form to the cage in the Stock 
Clearing Corporation where his own account is kept. The 
form is then torn apart along the perforated line, and the 
charge ticket is retained in the cage to debit the lender’s account 
for the amount of the loan. The lender is given its stub as 
evidence of this charge. The credit ticket is then given to the 
borrower, after he has delivered the collateral either to the 
lender or at the lender’s cage, and the borrower’s account is 
credited with the proceeds of the new loan. 
Final Settlement with the Stock Clearing Corporation.— 
Clearing members settle all their day’s business with the Stock 
Clearing Corporation with one check or one draft. For this 
reason, the settlement of loan transactions with it is made 
together with the settlement for delivery and receipt of cleared 
and non-cleared securities and other matters. The detailed 
description of this final money settlement will accordingly be 
left to the next chapter.’ 
As for security collateral, there often remains a residue of 
it at the Stock Clearing Corporation in the account of a clear- 
ing member. This residue results from the fact that not all 
the securities placed with the Corporation are withdrawn 
“free” during the remainder of the day, for reasons already 
given. At the end of the day, therefore, the clearing member 
18 See Chapter XIV.