The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1857-10-15

psckases, sealed and marked In conformity With any
eaahbshed upon thai BY me Clearing H,use
oonnissse are made within . reasonsose sme ~ me
sealed bsg or package bears the association mot being
spossbls for the contents Of such sealed sass or other
me associated banks. from tune 70 time, appoint
one Of their number 70 be . depository
az ssev !. 'ps Saas, trust ,Sas col. ..,a any
u for .fekeeping the deposisory issues certificates
IN e.csanse for such oon proper form and for
among The assccased sanks and received by them In
payment OF balances II he Ceang House Soch special
deposit. o. cOn are entirely voluntary, each bank being
ten perfectly ffce 70 make hem mol As is own d.
zion The coin Tins placed in special deposit the abso
u properly Of such Of The associated banks from time
Che depository subject to withdrawal the prssuauon
o. me proper cert aoases d any dime during banking
New members nay be admitted into the as ,ca.ion q,
any meeting. Such new members pay admission fee
Of one thousand dollars and dignity their Assent 10 tae con-
But no new member admitted except BY vose Of three
fcurths Of those present
standing committee Of ave bank 'foers appointed :.
every uAl meeting 70 whom eli applications for I'D
mssion into The referred for sxamnaaon
For deem ed sufficient BY the associated banks Of
assooiasiOn and dsb.r,ed from Iii the privileges .ss
Clearing House, provided majority Of tho whole mum 'ef
Of associated banks vote in favor thereof
standing Committee Of ave officers OF banks IL eiscsed
81 every annual meeting, Who actn concurrence With
hs os.rins House Committee have power IN ca: OF OK
Ieses o the Clearing House until the pleasure OF the aso
citation hsreupon ascertaned But no such suspension
II 10 take plaoe unless ms orty a least 81 each these
two committees present the ordering, unless the
vote be unanmous In OF such suspeusion The Clear
Ing House Committee forth with calh general meet Of
the association 10 take the matter consideration
Any member OF the association may withdraw herefsom
81 pleasure, ART paying IL due proportion Of all
incurred md sgnifyug It's intention 70 withdraw 70 the
Clearing House Committee.
the eIpens Of the Clearing House. no. including
expense Of printing the several banks which appor
ar "
longing to the association, according to their respective
Banks having capitals Of less than $500 900 nay $500
each annually bsnls bAvng capitals OF less than 00e COO
and not less than $500 900 pay $500 lily banks
having capitals OF 81 coo 0C0 and pay $500 each IN
puay and in the proporu On more funds become
necessary.
on Sunday the oOrers Of the varo. banks may be seen
hurry ing into the Clearing House No so Broad ~ay
the seconc floor Within hollo. square nearly htug
about 2bslo feet stalls arranged for the repre-
senarves OF al the banks In the city who accessible
their respective counters from the passage way
around the ontaoe Of the Precisely 1t ten O'Clock
the manager. Mr. LYMAN in clear, business IKE vooe,
and with gentle tap Of wooden malle requests "0rder,
gepuemen The previous noise and confession ha rng
santAf ecrAy aubsided he In the porempory tone
Ella Aics, "rake your place. Each bank representa-
tive ~ seats himself u his STALL and with tap Of
Zach porter has brought with him vallse box.
drawer the packages OF notes snd checks OF various banks
taken BY h bank on the previous day. oil neatly done
marked In separate parcels He also has list Of the
amount OF these the several banks, Ind ~ he
passes each ial be 'hr,ws down the package, and the
clerk or representative Of the bank sgns receipt the
HIST. Thu. oil he porterB move completely around the
room making their exchanges With oil the banks In their
crcu! and receiving receipts for the packages deli
The whole operation occupies and
average twenty i've millions OF dollars daily change
AAndsip lees time than would discuss the price OF
srd Of are The porters then carry or 10 heir respec
tive bapks the exchanges which have been
received from the other banks and the clerks proceed
strike their balances They add up the amounts brought
and received and the form than the latter
the bank becomes creditor Of the Clearing House. II
che amount received greater than the brought
the Clearing House becomes creditor or the bank for
balance The statements Of all then handed
Ia 10 the assant Of the Clearing House. whose
duty 70 see hal they are al right The "balauces"
Of the banks then charged 70 each other but 70
he Clearing Il use The clerks must have thei sscks
statements ready by bali past ten Al half pat twelve
b.n Or ,soss .bos rec.p have Beer more than sr
pay me0fs mi OF exchanges commenoe pay
their differences to the manager Of the Qs sing House.
pat one O'Clock. The credit hanks, those whnse
changes have been In their favor then u half
past one O'Clock 70 receive Their differences In rcssuen
occupying about half hour Thus, instead OF cnSsng
one .noner about TIE city oil day, the bank, tbs,
owe the others simply pay The Clearing H,use, aud
Though the payments Of the Clearing House Ae nomi-
pay IN specie there H. win be oy tn. ccns,u
Ssn Az TO- nIpna alton % shics sse caring :ooa. Of
Ia the "oeposory" Of the other banks, and oerun
cases issued oy representing the coin spec deposit
received and paid specie a the Clearing House.
Promppes, and accuracy being the soul OF this bust
al banks their stalls py 10 O'Clock pyecsel,
are nsed 81 for the bepea, Of he general fand clerk
the 10 h, hour The fne doubles and not IN
honr The foe arAdruples
period Of time may be family oomPrchcDded from the
fact thai the exchanges generally range from ffeen 10
forty millions Of dollars daily and the bals,ccs oil OF
which have 70 be counted t~oe In the Clearing House.
range about million dollars daily.
The following liable shows the operations OF the ueAring
House for the floor years Of hs existence
Tor AZ