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