332 THE WORK OF THE STOCK EXCHANGE 
£87.50 to eight other firms. Before the institution of the 
clearance system it would have required trips to nine separate 
offices, the receiving of eleven deliveries, the handling of 4,300 
shares of stock, and the employment of $444,950 of bank credit 
to settle these contracts. But under the system of security 
clearance in the Night Branch, of which the clearance sheet is 
the record (and without consideration of the further econo- 
mies effected by the Day Branch of the Stock Clearing Cor- 
poration), Jenkins & Co. can settle the day’s business by pay- 
ing $21,000 and getting 200 Reading, by receiving $45,000 
and delivering 300 Steel, and by drawing a draft against the 
clearing house for $2,225. 
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Fioure 20. Night Clearing Branch Draft 
Delivery of the Clearance Sheet.—I et us see by what 
operations the Night Branch is able to bring about these huge 
economies. Jenkins & Co. preserves a record of the various 
items on its clearance sheet on what is known as its “clearing 
house blotter,” *® along with interest charges and other items 
of value to the firm but not to the Stock Clearing Corporation. 
The clearance sheet itself, which constitutes legal proof of 
delivery, is sent to the Night Branch that evening. The Stock 
Clearing Corporation retains these clearance sheets for a period 
of about ten years. The rule is that before 7 p.m. on the day 
when the above transactions are made, Jenkins & Co. must 
deliver its clearance sheet to the Night Branch of the Corpora- 
TT To See Chapter XV, p. 418.