Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1875-05-19


1878. .............. -. IS, 1Z5 40 C51 %
1874. NEUTRALITY-SUSPICIOUS.. 21.S21 913 243 55
Total. Observation-Disclosures. 1906 1916 Gal 427 rs
In 1871 gold departm was opened
in the Clearing house for the accommo-
dation Of those banks having gold &C
counts. The gold transactions since
that time up to October |, of the past
year, were as follows:
For seven months ending
October l. 1872 ..'.... 81, 1922 461, O44 IS
For year ending Oct. l, 1878 1910. 414 799 43
For year ending Oct. l, 1874 1920, 767, 500 SO
Add currency transactions. 4O6, 176 GAL .427 76
TIL trans tons for 81 yrs Sail, 73O, 4S4, $40 81
And now having seen the enormous
mo unit Of the business transactions of
the Clearing House Association we will
convey the reader to the scene of the
work and initiate him into the zaodls
operandi. On any working day morn
ing, just before ten o'clock, can be seen
a number of men hurryiAg into the
building on the corner Of Wall and VIII
liam streets. Each one carries q small
trunk, valise or satchel, and the unso-
phisticated might readily take the place
for some down town hotel where people
were going to book themselves for
rooms on the arrival of train. The
first floor, however is the Bank of New
York and the rooms of the Clearing
House are on the top floor, which are
reached by winding stair case. Be
sides other apartments for the use of
the manager and clerks in the clearing
room, 50 feet by %. Ever since the
association was organized the business
has been carried on here, but the build
ing on the corner of Pine and Nassau
streets, formerly the Bank of the Com
monwealth, has been purchased by the
association and is being remodelled to
meetits requirements 1t will prob ably
be ready about the 1st of May.
THE MoDUs oPERANDI.
The present clearing room is fur
nished with a continuous line of desks,
ranged in the form of an oval, fifty nine
in number, one for each bank, each desk
bearing the name and number Of bank,
the banks being numbered according to
the date of their organization; No. |
being the Bank of the New York, which
is the oldest but one in the United
States. Each bank is represented by
two of it's employees, one messenger,
who brings with him the checks, drafts,
&C., which have been received the day
previous on other banks. These are
called the exchanges, and are assorted
for each bank and placed in large en-
yelopes. Attached to each batch of
checks is slip; on which is listed the
amounts Of the various items it contains.
These envelopes are arranged in the
same order as the desks for the several
banks. The messengers take their
places in row outside Of the line of
desks, each opposite the desk assigned
to his bank, while on the inside is
clerk with sheet containing the names
of all the banks, arranged i'll the order
of their numbers, with the aggregate
amounts which his messenger has
against each bank.
The hour for making the exchange or
delivery is ten A. NJ. A few moments
prior to ten o'clock the manager, Mr..
William A. Camp, takes his position in
little enclosed elevated desk, where
he can see everything that is going on.
He then calls out, "Order, gentlemen,
order;" and not until the most perfect
silence reigns will he give the signal to
proceed. At the ringing of bell each
messenger moves forward to the desk
next his own, and delivers the envelope
containing the checks, &C., for the bank
represented by that desk, together with
a printed slip of the banks in the same
order, with the amount opposite each
bank. The clerk receiving it signs the
slip, and returns it to the messenger,
who passes to the next desk, delivering
the envelope which he has for the bank
it represents, and SO on until he reaches
the point from which he started, having
delivered to each bank the checks and
drafts which his bank had upon the
others, and for which he holds the re-
ceipted slips. Every other messenger
does the same, and in this manner the
exchanges are delivered in ten minutes,
which otherwise would take several
hours
Beside the immense saving of time
each bank is enabled to know at once
the exact balance for or against it, as
the clerks, after receiving the envel-
opes containing the checks, Immediate
ly enter from the slips upon their own
dCCOttID ol1OCCO oIlC dSSICSAuS duIOlICO
from each bank, the difference between
the amount they have received and the
total amount brought by them being
the balance of each bank due to or from
the Clearing House. The messengers
then receive from their several clerks
the envelopes containing the exchanges
upon their banks, and returning to their
banks, report their condition, debtor or
creditor, as the case may be-
The clerks then report to the assist
ant manager the amount each has re-
ceived, they having previously report
ed the amount they brought upon en-
tering the room. These amounts are
entered in separate columns upon what
is termed proof-sheet, andif no errors
have been made the manager finds both
columns agree and announces that the
proof is made and the clerks return to
their banks. If, however, it is found
that any error has occurred, the &C
counts are revised and examined and no
clerk is permitted to leave until the
error has been discovered