340 THE WORK OF THE STOCK EXCHANGE 
“Giving a Name.”—At the completion of this simple 
process of allotting deliverable stocks to firms who have stocks 
to receive, it only remains for the Night Branch clerks to fill 
in the blanks on the statements of stock balances to receive and 
to deliver. We have seen that Jenkins & Co. turned in with 
its clearance sheet one statement that it had 200 shares of 
Reading to receive, and another that it had 300 shares of Steel 
to deliver. Since Jenkins & Co. could not tell to what firm the 
allotment clerk would direct it to deliver the stock balance in 
Steel, or from what firm to receive the stock balance in Read- 
ing, it put only its own name on the two statements. We have 
seen how all the stock balances in Steel for that day have been 
allotted. A similar process of allotment has meanwhile been 
completed in Reading. The clerk has only to place on Jenkins 
& Co.'s statement of stock to deliver the name of Arnold, Mit- 
chell & Co. under the “Deliver to” column, and on its statement 
of stock to receive, the name of some firm determined by the 
clerk of the Reading allotment sheet—say, T. Long & Co.— 
under the “Receive from” column. At this point the state- 
ment becomes an order. 
Conclusion of the Night Clearance.—When all stock bal- 
ances have been allotted and all the statements of stock balances 
to receive and deliver have been “given a name” in the manner 
described above, that everting’s clearance is completed and the 
clerks can start homeward through the dark and deserted 
canyons of the Wall Street district. 
The next morning at 9 A.M. the messenger of each clear- 
ing member calls at the Night Branch and is given back 
through the windows his firm’s statements of stock balances to 
receive and to deliver, with the names of the firms from whom 
it has to receive and to whom it has to deliver the stock bal- 
ances. before 2:15 p.M. that day. 
Machine Clearance.—A fter months of preliminary testing, 
on June 3, 1930, the Stock Clearing Corporation inaugurated 
a new practice of compiling clearing sheets for its members by