COMPARISON AND SECURITY CLEARANCE 333
tion. - With it is sent the firm’s draft for $2,225 (Figure 29)
which, as we have seen, is needed to balance the cash side of
the day’s business.
As shown in the illustration, this draft is drawn by Jenkins
& Co. against the account of the Stock Clearing Corporation
in the Bank of the Manhattan Trust Co. After all the items
on the firm's clearance sheet have been audited and found cor-
rect, the manager of the corporation will sign his name under
the word “Approved” in the lower left-hand corner of the
draft. Jenkins & Co. will get the draft back the next morning
and deposit it in its own bank to its account. Later on, in the
regular course of events, the proceeds of such drafts are col-
lected through the Bank Clearing House.
The Accompanying Exchange and Balance Tickets.
With its clearance sheet Jenkins & Co. also sends the eleven
red and white “deliver exchange” tickets of the eleven houses
which have sold stock to Jenkins & Co. that day. These tickets
have come to Jenkins & Co., as we have seen, through the Dis-
tributing Department of the N ight Branch, and serve to estab-
lish the accuracy of the items on the “receive” side of Jenkins
& Co.’s clearance sheet, since they have all originated with the
firms which have sold or loaned stock to Jenkins & Co. Like-
wise, the latter firm sends with its clearance sheet all the black
and yellow “receive exchange” tickets of the eight firms to
which Jenkins & Co. has sold or loaned stock that day. These
tickets have also come to Jenkins & Co. through the Dis-
tributing Department, and, since they have originated with
these various buying or borrowing firms, serve to establish the
accuracy of the items on the “deliver” side of Jenkins & Co.’s
clearance sheet. Meanwhile, of course, Jenkins & Co.’s red
and white “deliver exchange” tickets are being similarly sent
in with the clearance sheets of Wilkins & Co. and the other
firms which have bought or borrowed stock that day of Jenkins
& Co., and the latter's black and yellow “receive exchange”
tickets with the clearance sheets of Jefferson & Co. and the
