MONEY CLEARANCE AND SETTLEMENT 399
through the earlier stages of comparison, security clearance
and security deliveries and have seen how actual money credits
or debits are established in each member’s account as a result
of security deliveries, loan operations, and special “w.i.” settlements.
 It now remains to see how the two final stages of
money clearance and money settlement are effected.

STOCK CLEARING CORPORATION
(DAY BRANCH)

Clearing No. HF M)_~ =
Firm Name. Vnbime. BG.
We herewith send Om jtoreeedom Fors ©. 0 33.53 which Soe 10 our ace
Deliver the following for which. we hereby acknowlsadge receipt

Noy odd ie

(Flr Sticnatu-Figure

 46. The Final Receipt
Showing final settlement of account of Jenkins & Co. Ruled lines at bottom of form
are for securities to be withdrawn and are not involved in the present instance.

At the end of the day, each member's account on his “record
sheet” (Figure 48) consists of two columns of items—one for
actual credits and the other for actual debits in terms of money
amounts. The money clearance performed by the Stock Clearing
 Corporation is very simply performed by adding up the
total credits and the total debits of each member’s record sheet,
and then balancing these figures. If a member has total credits
of $500,000 and total debits of $450,000, his account can thus
be reduced to a final credit balance of $50,000; if, on the other
hand, another member has total credits of $750,000 and total
debits of $850,000, he will have a final debit balance of
$100,000. Since in the Day Branch all credits and debits are