338 THE WORK OF THE STOCK EXCHANGE | 
for 600 Rubber, 800 Reading, and 500 Steel are thus settled 
and cleared. 
Handling of Checks and Drafts.—Meanwhile, in another 
department the checks turned in with the clearance sheets are 
added up in a summarized statement. The same is done with 
the drafts on the Stock Clearing Corporation. The total amount 
of checks should, of course, always exactly equal the total 
amount of the drafts. If these totals do not prove by thus 
balancing each other, it is apparent that an error has been made 
somewhere, and the clerical force is at once set to work to hunt 
it down and eliminate it. Fines are levied by the Stock Clear- 
ing Corporation upon such clearing members as are guilty of 
errors or omissions in the preparation of their sheets, tickets, 
statements, drafts, or checks. 
The Allotment Sheet—We must now see how it is that 
the Night Branch directs the delivery of stock balances. It 
will be recalled that when each clearing member’s clearance 
sheet comes in at the windows, the statements of stock balances 
to receive and to deliver are detached from it and distributed 
among the allotment sheets. Every stock which is cleared has 
its particular allotment sheet; active stocks each have one or 
more whole sheets, while several only fairly active stocks may 
be recorded on one sheet. 
In order to pursue further the sale made by Jenkins to 
Wilkins, the accompanying illustration of an allotment sheet 
(Figure 32) has been made out for Steel—the stock in which 
their bargain has occurred. Since there must always be two 
parties to every sale—a purchaser and a seller—it necessarily 
follows that for every 100 shares of stock to be delivered there 
must be an equal amount of the same stock to be received. 
Consequently, the total of the stock balances of Steel to be 
received (recorded on the left side of the allotment sheet) must 
always exactly equal the total of the stock balances of Steel to 
be delivered (recorded on its right side). It is, therefore.