344 THE WORK OF THE STOCK EXCHANGE 
forms certain tasks for its members which they could not per- 
form individually for themselves; an example is the central 
audit which it makes of all business in cleared securities each 
day, without which the bookkeeping and clerical work in Stock 
Exchange member offices would be much greater than it actu- 
ally is. 
Thus, a greater safety is imparted to the -whole stock 
market by the speedy detection of clerical errors, and by the 
insistence upon promptness and accuracy, the inviolacy of 
Stock Exchange contracts made in cleared securities is greatly 
enhanced. 
Flexibility of the Night Branch Security Clearance.— 
The system of security clearance administered by the Night 
Branch seems capable of handling without undue strain the 
heaviest volume of transactions which occur on the Stock 
Exchange. The largest single day’s trading to date occurred 
on October 29, 1929, when 16,400,000 shares were reported 
sold. 
Owing to inevitable delays, the clearance on this vast 
mass of stock contracts was concluded the next day, with the 
following record figures: 
Shares cleared both sides, including balances......... 46,252,400 
Total value both sides, contracts and halances........ $2,436,626,000 
Share balances one side..... tare nena 8,887,000 
Value share balances one side. . ceereeees. $ 460,763,400 
Cash balances one side....... iene. $$ 11,823,100 
Number of parties clearing.....-..-....  -.eoenne. 399 
Bank certification obviated. . eevee. $ 757,540,600 
Inviolacy of Contracts.—This process of clearing and 
settling intermediate contracts which the Night Branch per- 
forms as an agent for its members has sometimes bewildered 
writers and commentators upon finance, since it cannot be 
visualized as readily as direct deliveries and payments. Occa- 
sionally, indeed, the perennial critics of everything financial 
have declared that such cleared contracts were illegal because