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.” settle- 
ments. 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are for securities to be withdrawn and are not involved in the present instance.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 Clear- 
ing 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