CHAPTER XIV 
MONEY CLEARANCE AND SETTLEMENT 
The Concluding Phases of the Settlement Process.—QOf 
the five basic steps which compose the settlement process, com- 
parison and security clearance were described in Chapter XII, 
and security delivery in Chapter XIII. In the latter, loan 
clearance and the issuance of transfer receipts were also ex- 
plained. In the present chapter it remains to describe the last 
two stages of the settlement process—money clearance and 
money settlement, which are carried on in the Day Branch of 
the Stock Clearing Corporation. 
Quarters of the Stock Clearing Corporation.—It has been 
pointed out that the Night Branch of the Stock Clearing Cor- 
poration (including its Distributing Department and its Clear- 
ance Department) is located at 55 New Street. All the rest 
of the Stock Clearing Corporation offices are housed in the 
basement of the Stock Exchange building itself, immediately 
beneath the Exchange floor. Under the Wall Street extension 
of the floor is the Central Delivery Department, whose opera- 
tions have already been described. Beneath the old Board 
Room of the Exchange are the Day Branch headquarters; its 
outer walls are lined with the booths or cages for the large 
New York banking institutions whose operations in connection 
with loan clearance and non-member deliveries have been out- 
lined. The center of the room is occupied by a hollow square 
of banking cages in which the accounts of the clearing mem- 
bers are kept. Inside this square space is provided for sorting 
and checking the “three-way exchange tickets” on non-cleared 
securities, and also the charge and credit tickets, before these 
are sent to their appropriate cages and entered in the clearing