418 THE WORK OF THE STOCK EXCHANGE 
and so informs the telephone clerk, who in turn reports the pur- 
chase back to the order clerk in the office (Figure 52). Simul- 
taneously, the reporters on the floor have “caught the sale” and 
turned it in to the Quotation Company; perhaps before the 
order clerk has been notified that the sale has been effected, 
Blank may see the brief but confirmatory message “SX 13214” 
(or perhaps in still more abbreviated form “SX 214”), appear 
on the stock ticker in Jenkins & Co.’s office. But Blank must 
not jump to the conclusion that such a price on the tape will 
necessarily represent the purchase of his own stock, for reasons 
previously stated.’® 
The Commission House Machinery in Motion.— When 
he first receives the order, the order clerk stamps the time of 
its receipt upon it, in order to be able to run down any possible 
future questions about its execution, and files it alphabetically. 
When the report of its execution is received from the Ex- 
change, the order clerk pulls out the order blank again, marks 
upon it the price at which the purchase was made, and again 
stamps it to check the time at which it was executed. In most 
offices the order is then listed on triplicate forms in order to 
provide the accounting, clearing house, and report departments 
of the brokerage house with a record of the purchase. The 
report department at once makes up a memorandum of the pur- 
chase (Figure 53), which sfates from what Exchange member 
the 100 Southern Pacific was purchased, as well as the price, 
the date of the purchase, and other data. This memorandum,™ 
commonly known as a “confirmation,” is at once dispatched by 
mail to the customer’s address. The accounting department, 
on receipt of its copy of the order form, enters the item on 
Mr. Blank’s account with the firm, and the margin clerk care- 
fully revises the figure of Blank’s present margin. 
Lastly, the clearing house department enters the item of the 
100 Southern Pacific purchased on the firm’s clearing house 
10 See Chapter IX, p. 247. 
1 See Appendix XVe.