Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-07-02

II NHaa HaHHa H-a aHaHa 1900 a - -
In adopting a Telegram money order
system, similar TO that established a few
wears lsince by the Postofice Depart
ment, the Western Union Telegraph Com
many has materially increased the value
of ats lines TO the. business community
throughout the cOuntry.sApersOn wishing
TO maxi a quick payment TO another per-
son at some point within the limits OF
telegTsphic communication, deposits the
desired amount at any convenient Office,
and informs the person authorized 20 re-
ceive il that such an amount has been
placed to his credit at the Office where
the amount is made payable; and the
is often made in a few minutes,
although hundreds of miles may sepa-
rate the parties to the transaction. The
advantage of this system over the slower
process of transmitting orders by mail
will be appreciated by business men
everywhere. Thu rate of commission
charged by the Company is enc per cent,
and 40 limit is placed upon n amount
for which orders are issued, except the
ability OF the Offices on which they are
drawn to cash them st sight. Between
the principal cities. orders for amounts
ranging among the thousands may be
transmitted ~ any time during business
hours. The system WAS only lately es-
tablished, and is still incomplete IN some
respects. but il is the Of the
somDauV to extend it, to include All the
important offices of the country. This,
doubtless, is enc of the improvements
brought about by the agitation OF the
Postal Telegraph so2ene IN congress-
and II the revival of sthe question during
The winter session would nave the effect
Of bringing about q reduction IN the
tariff of rates on messages, by al means
let Ii he reTiVed
There are now seventy-three banks in
New York, many OF them situated at re-
mote distances from others. On the llth
of October, 1888, the first exchanges of the
Clearing House were successfully made,
and have been continued daily, and with
out interruption, up TO the present Time.
The first marked test Of the actual neces-
sity Of the Clearing House system was
during the panic Of October, 1881. The
experience gained during that excitement
waS turned 10 good accOunS in 1861, and
contributed largely TO the organization of
the loan cOmmIrte-. composed of Messrs.
Moses Taylor, James Punnett, X. w.
H0wes, A. =. Fraser and c. y. LeveTich,
through whom loans were mad t 70 the
Government 10 tie amount ofsl05, 434 SOS.
n statement Of the Transactions of the
Clearing House for each year since its
organization TO the LIST of March, 1870, a
period Of sixteen years and five plonJhs,
shows the 5OJsl transactions to amount TO
1he vast sum 81 sSbN, 051,OUS, OfS-
Of his vast business, 2 proof is made
each day, and so exact and thorough Is
the system that no differences Of any kind
exists in any of the books or accounts;
neither mas a loss of any kind or amount
occurred ia the Clearing House from Its
organization 10 the present time.
Ire largest amount OF Clearing House
certificates in use in the city of New York
at any one time was thirty-siA millions.
Tho amount IL use at the present time is
twenty millions. The largest Clearing
House business for any one day was on
The 18th OF November, los, when they
amounted TO 500 34 go 5li ana the
smallest on The 30th Of October, 1887, i'm
nlediately succeeding me panic of that
year, followed by the suspension OF specie
payments by the banks. The transactions
ON that day amount to only 1851 1874 -.
The total capital Of the banks, members
of the Clearing House Association, is
SSI, g48. $50. There are fourteen banks liz
The city not msmbsrs, with a capital
amounting 30 y. 100, 900. The exchanges
of those banks, together with those of
Brooklyn and Jersey City, pass through
he Clearing House in the exchanges Of
some banks, members of the association,
acting A. their agents AMI guaranteeing
pavmaut 10 their associates. The
association at tAe present time consists OF
nfly-niue banks.