Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1873-11-07

signing checks, drafts, certificates of do
posit and of stocks and of the general SUI
pervision of the respective departments,
clerks, &c. With him the collaterals OF the
loans on demand tori call are reposcd. This
means of income is the loaning Of money
upon marketable stocks or other collater-
ais subject to the immediate return of the
amount and accrued interest 70 the banks
when called for. i.cxt In importance Ia
the Paving Teller, who pays all checks and
drafts drawn upon the bank, and certified
them when required. Most of the checks,
drafts, and certified notes are presented
through the Clearing House, therefore 1t
becomes the Paying Teler's duty TO settle
with the Clearing House daily; that is, If
there is II credit balance, TO see that the a.
mount is correct or IN case of an adverse
balance, TO have the requisite amount ready
to pay over at the required time. The
checks thus received are called exchanges,
and they are all proved aud charged IL
gainst the depositor accounts in the ledpers
each day Ivy the Book-keepers. The Re
ceiving Teller comes next. His duties are
easily explained. The deposits require
ClOSt SNTullilN as 'HtNho NtlopiNSh hiN iiH-
BILE TO be drawn against by the depositor
before they can be presented for payment.
All notes held by the banks for collection
and all remittances from country cores
pondents containing checks, drafts on
banks, bankers, mercantile firms &c, are
under the charge of the Note Teller. The
latter and the Receiving Teller prepare the
exchanges or drafts prcsentable upon other
banks through the Clearing House. This
is an establishment of which nearly all the
banks of New York city are members.
Other large cities have similar ones. AT
the hour of 10 a. M. a clerk from each
bank repairs to this place with correct
list of the amount of drafts presentable
which his bank holds upon the others; aud
the bank which holds less amount of
drafts on the others, than they hold on 1t,
pays the difference to the Clearing House
in greenbacks illegal tcnders) before II
o'clock. The principle is the same as if
two banks were adjusting each others
claims or paying the difference TO the one
which was in excess of drafts upon the 9TH
err. In short, the total amount of exchanges
which bank brings TO the Clearing House
is credited to ii, Uhe bank) and the total
amount which the bank receives or takes
away is charged TO 1t and the difference or
balance will be either debt or credit TO
the bank. In the case of the former the
bank pays to the Clearing House in the
latter case,the clearinghouse pays to the
bank. The chief channel of profit is through
the Dscounting Clerks department. He
prepares Il e Offering of notes which Is pre-
scented to the Board Directors, who decide
which of the dealers offerings shall be dis
counted. At the close of the.days business
the work has to be proved and cash bal
auced. After this has been done, each de-
partment renders a statement TO the head
Book keeper, who makes up the Journal
from the statements, preparatory 10 post
ing the totals into the General Ledger.
mistake in the proof of any division or de-
partment will be readily detected by him,
and it is his duty to see that the error is in
stantly rectifed. Besides paying dividend
on capital stocks, making transfers. &c,
banks pay the interest on railroad stocks,
corporations and the like, hence there is
coupon and transfer clerk to attend TO this
important branch. Statements are forward
ed monthly to out-of-town correspondents,
and individual or city depositors are con-
stantly requiring their books TO be written
up; notes have TO he presented at various
offices; money has TO be counted aud made
ready for the express, aud many other
matters require the attention of many
clerks, messengers, porters, &C., so that
large city bank in full operation requires
sometimes the services of more than one
hundred men.-NeW York Observer.