CONTENTS 
Pace 
sheet. The accompanying exchange and balance tickets. Final 
delivery of clearing member’s sheet and tickets. Headquarters 
of the Night Branch. Separation and distribution of the tickets. 
Examination and checking of the clearance sheet. Handling of 
~hecks and drafts. The allotment sheet. “Giving a name.” Con- 
~lusion of the night clearance. Machine clearance. Depositing 
checks and approving drafts. Benefits of the Night Branch 
slearance. Flexibility of the Night Branch security clearance. 
[nviolacy of contracts. 
CHAPTER XIII 
SECURITY DELIVERIES, 1.oANS, AND TRANSFERS + « + + - - 
277 
Former methods of making security deliveries. The delivery 
rickets. Centralization of security deliveries. Central Delivery 
Department. Scope of Central Delivery Department operations. 
Deliveries from or to banks. Future development of security 
handling. Clearance of loans. The “lending members.” The 
return loan agreement. Notification of the lender and the Clear- 
ing Corporation. Making payment to the lender. “Secured” and 
“unsecured” accommodation. Withdrawal of collateral securities 
“free.” Procedure with withdrawal of securities. Subsequent 
~mployment of remaining securities. The new loan agreement. 
Notifying the Stock Clearing Corporation. Making the new loan. 
Future simplification of loan clearance. The case of lending 
-learing members. Paying off loans to lending clearing members. 
New loans made by lending clearing members. Final settlement 
with the Stock Clearing Corporation. The Transfer Depart- 
ment. Exchange receipts. Temporary exchange receipt. 
CuaprTeEr XIV 
\[oNEY CLEARANCE AND SETTLEMENT - 
The concluding phases of the settlement process. Quarters of 
the Stock Clearing Corporation. Keeping of member accounts. 
Cleared security debit contingent lists. Non-cleared security con- 
ringent lists. Checking of non-cleared security contingent lists. 
Establishment of contingent credits and debits. Actual entries on 
members’ record sheets. Actual debits and credits for security 
deliveries. “Failures to deliver.” Delivery by transfer. Actual 
credits and debits from security loans. Actual credits and debits 
from “W. I” settlements. Accommodation allowed to clearing 
members. Money clearance and settlement. An illustrative day’s 
record sheet. Procedure with insolvencies. Odd-lot clearance and 
cottlement. Services of the Stock Clearing Corporation. 
Co pTER 
Tue CoMMISSION HOUSE - - 
10G 
Importance. Appearance of a typical commission office. Diffi- 
-ulties of financial abbreviation. Departments of the commission 
house. The romance of gauging the future. Opening a brokerage 
wccount. Giving a buying order. The necessity for maintenance 
+f margins. The pledging of customers’ securities. The commis-