102 THE WORK OF THE STOCK EXCHANGE
Barring the eventuality of the insolvency of a clearing
member, after every day’s money clearance and settlement at
the Stock Clearing Corporation, the total checks paid in on
final debit balances will always foot up to exactly the same sum
of money as the total drafts drawn against it on final credit
balances of its members. In consequence, the managers and
employees of the Stock Clearing Corporation Day Branch can
shut up shop and go home about 6 p. M. each day with less
continuing business worries than most of the denizens of the
financial district.
An Illustrative Day’s Record Sheet.—Figure 48 is made
out to illustrate the record sheet of a commission house (Jen-
kins & Co.) for a typical Day Branch money clearance and
settlement. For the sake of simplicity the items and amounts
are made few and for small sums. Some of these items relate
to transactions already described in this book.
From Night Branch balances, the contingent credit for
$45,000 (covering the prospective delivery of 300 Steel to
Arnold Mitchell & Co.) is entered as a contingent credit. Other
contingent credits consist of $14,000 (for the prospective de-
livery of 100 National Biscuit preferred to Rose & Co.) and
$4,855 (for the prospective delivery of four French 715%
bonds to Brown & Co.) ; the latter two contingent credits are
entered on the record sheet from contingent lists for non-
cleared shares and for bonds. On the other hand, there is a
contingent debit for $21,000 on the delivery which Jenkins
must receive of 200 Reading from T. Long & Co., one of
$35,000 for the delivery of 100 Otis Elevator to be obtained
from Wilson & Co., and one of $2,700 for the delivery of three
City of Rome 614 % bonds to come from Gray & Co. All these
items are entered on Jenkins’ record sheet from contingent
debit lists turned in to the Day Branch for cleared stock bal-
ances, for non-cleared stocks, and for bonds respectively.
Thus at the beginning of the day, the Stock Clearing Cor-
poration knows that Jenkins & Co. on its security delivery busi-
