COMPARISON AND SECURITY CLEARANCE 317 
tickets” for non-cleared bonds to be settled for deferred 
deliverv. 
Exchange Tickets.—When a transaction has occurred in 
a cleared stock, in the buyer's office, a yellow “receive exchange 
ticket” (Figure 24) printed in black is prepared, and in the 
seller’s office a white “deliver exchange ticket” (F igure 25a) 
printed in red. The seller's “deliver exchange ticket” is pro- 
vided with a detachable sales ticket (Figure 2 5b), upon which 
are affixed the Federal and State stock sales tax stamps ;*° the 
sales ticket is then torn off by the delivering member and sent 
to the Stock Clearing Corporation by 11 o’clock the next day. 
No. io Ow time Number hues 
STOCK CLEARING CORPORA! 
RECEIVE FROM 
. - "27 
THT g Ram 7 venry 
LOO shares ¥.. 
for account of the ur 
Thelr Line Numt 
Tigure 2 
Receive Exchange 
1C 
These “exchange tickets” derive their name from the fact 
that they are exchanged, the “deliver” ticket going to the 
receiving member, and the “receive” ticket to the delivering 
member; this exchange is effected through the Distributing 
Department of the Night Branch. Since the tickets are mem- 
oranda of the same transaction, their exchange serves to effect 
a comparison between the two parties as to its terms. But 
“exchange tickets” are also positive and legally binding orders 
upon the Stock Clearing Corporation, stamped with the issuing 
firm’s name, to deliver or to receive the specified stock to or 
from the other indicated firm. Thus the Stock Clearing Cor- 
poration obtains from both firms the authority to effect in their 
behalf deliveries and receipts of cleared securities, for which 
the “exchange tickets” are exclusively used. 
10 See Chapter VIII, p. 207