SECURITY DELIVERIES, LOANS, AND TRANSFERS 369 
accommodation as liquid as possible. If he withdrew too many 
securities he might overextend his position on the Corporation’s 
books and be forced to send it a check or securities. Thus the 
privilege of withdrawing securities free from his collateral 
with the Corporation is not abused. 
Procedure with Withdrawal of Securities.—The routine 
for withdrawing securities free from collateral at the Stock 
Clearing Corporation is very simple. The clearing member 
fills out a form (Figure 39) which constitutes a receipt by the 
clearing member for the securities to be withdrawn and which 
states the number of shares, name, price, and value of these 
securities. This form, when properly filled out, is presented 
by the clearing member’s representative at the cage in the Stock 
Clearing Corporation in which his account js kept. If the 
operation does not involve an employment of more accommo- 
dation than the member is entitled to, the clerk in the cage 
retains the receipt form, delivers to the clearing member’s rep- 
resentative free the securities he desires to withdraw, and 
debits the firm's unsecured accommodation account with their 
value 
Subsequent Employment of Remaining Securities.— The 
securities left with the Stock Clearing Corporation as collateral 
for a paid-off loan, subject of course to this process of with- 
drawals, may remain with the Corporation until the end of the 
day, when, if the clearing member’s account is in debit, he may 
settle with the Corporation for their value with his final check, 
and take them away. Often, however, they are employed as 
collateral for a new loan to be made, the proceeds of which the 
clearing member will usually need either for settling his in- 
debtedness with the Corporation at the close of the day’s busi- 
ness, or in connection with his ex-Stock Clearing Corporation 
operations. We must, therefore, next consider exactly how 
new loans are made through the agency of the Stock Clearing 
Corporation.