COMPARISON AND SECURITY CLEARANCE 329 
the clearing number of the firm whose transactions the sheet 
records is placed. As we shall presently see, firms are known 
by these numbers rather than by their names in the Stock 
Clearing Corporation. In the upper left-hand corner the letters 
“EX” and “CK” will be noticed. These are abbreviations of 
“Examined” and “Checked,” and refer to operations in the 
process of clearance which will presently be explained. 
The sheet is divided down its center into two parts. On 
the left-hand side are recorded the stocks which Jenkins & Co. 
has bought and will receive when the clearance is finished, 
together with the name, number, and price of the stocks, and 
their cash extensions, or the amount of money they represent. 
The right-hand side of the sheet contains a similar record of 
the stocks which Jenkins & Co. sold during the day and must 
deliver before the clearance is completed. Prominent among 
these selling transactions will be found the 100 shares of Steel 
sold to Wilkins. In addition, loaned stock is included as stock 
to deliver, and borrowed stock as stock to receive, in the same 
manner as sold or purchased stock respectively. 
Stock Balances “To Receive” and “To Deliver.”—The 
clerk who prepares this clearance sheet next ascertains the 
balances of clearing house stocks which his firm has to receive 
and deliver. Jenkins & Co. has during this particular day 
bought 1,000 shares of Reading, 500 of Steel, and 600 of 
Rubber; and has sold 80 shares of Reading, 800 of Steel, and 
600 of Rubber. In the case of Rubber there is no balance, 
since the firm has sold the same amount as it has bought. But 
it has sold 300 shares more Steel than it has bought, and has 
bought 200 shares more Reading than it has sold. Conse- 
quently, it has a balance of 300 Steel to deliver and of 200 
Reading to receive. In order to strike a balance on the clear- 
ance sheet, the balances to deliver used to be entered under the 
stocks to receive, and the balances to receive under the stocks 
to deliver. The accuracy of this much of the record could