Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1885-10-23

Lively Scone In tho Rank Clearing
HauFc


As."un'. WA ,oother
I'm venture tu say. remarked
hank official THAT nn average of
soon. ~ r,opI. % week a,h m, how lhr
CLEARING Iinn., b. run l,ou hn.inc~-
men, whn Wnuld naturally ht ,Npcctrd
to know Al about -. NAH" ihc.c IN
quirc. The publ, .',m. I" have
vague id,a that The lrnrng House Is
place whrr- the banks make
their daliA settlements with each other
bat further than that there scom~ To- be-
general ignorance. This remark was
corrohorsicd ty Secrc'ar, Smith. II
the Clearing House. Who observed that
not one person IN hundred. appar-
rntls. knows how the clearing opera
ton l. conducted. just before eleven
o'clock every daS the clerks IT ever,
bank in the city collect all the checks
aud drafts drawn upon the other
banks. tie each bank In bundle aud
place the whole IN satchrl This
satchei is delivered to messenger.
Who ls also given large blank about
the sise ~ legal cap. upon which are
printed the namrs ~ all the banks
Opposite these namss arr set down the
amount. II the checks aud draft. he.
longing a. each bank, The messenger
also given small hlaui upon which
Is written the total ~ all the papcg
placed 10 The sstrhrl
Thrive ur minutns before eleven
- clock each huslues. ia, thiri, eight
Young men gather ln room nj 80
i.aNallU stu"t Nineteen IL them have
the little saiehrla fall II checks and
drafts. These arr messengers. aud ~
they enier the roam thss deliver Ia the
Secretary the small blank which bears
the amount ~ all the paper In the
sa,chel-. This u the chicago Clear.
ing House. aud eleven o'clock l. the
clearing hour The other nineteen
seung men err the settling clerks each
hanA. therefore. being represented by
tao men. The niaetcen settling clerks
iake mp their station. inside
large seml.circle desk. with
numbered windows. Each has
his own window. aud the number
upon u corresponds Co the number
given ~. hank on the large blanks.
The nlneleen messengers take NJ their
stations outside the desk. the clerk aud
ssesengef III each hank facing each
other A few seconds before eleven
kecretary Smith taps q hell and the
shlfty-elRh, Young men stop their chat.
ter and joking. A. exactly eleven the
secfetary taps the bell again. and away
they go. II 10 not unlike grand right
aud LEI, In the qaadrillc. every measure
II the music meaning million ~
money. stepping 10 the next window
each messenger throws down upon the
counter bundle II bank paper. taking
this bundle from the many other bun.
dies which iil his arms. lie also hands
to the settling clerk behind the counter
tho large blank. The settling clerk
signs his name or initials beside the
amount already written there opposite
the name 81 hls hank and returns the
blank 10 the messenger. stepping
gnictiy to the newt window the mes
sengcr passes another bundle ~ paper
over Ia the CLERK 81 another bank. gets
his rccspe and then goe. 10 another.
and another. aud so on around the big
desk. The other elghtees messengers
have followed him. aud In live minutes
all feappear st their own windows.
In these i've minutes from seven million
dollars To ten million dollars ~ checks
aud drafts have changed hands. Each
esnk hes delivered ~ the rrprcsenta-
tive of the other hanks IT, accumula-
tons ~ their paper. taking that repre-
sentsilves receipt therefor. aud re-
lAlsFtf ia stsx m In. s..f. It..f.s..
each settling clerk lies n big pile of
checks. The messenger gathers them
up and returns to the bank where he
aud they belong. Tn" settling clerks
do not rouni the checks and drafts de.
liserrd 10 them They receipt at once.
taxing ~ for granted tina, the amount
set down 10 correct Lists 81 these
check. are Kept. aud In case of errors
OF discrepancies corrections can be
made directly through the banks
Such errors, however. rarely occur
The messengers and the millions III
dallsrs II checks aud drafts are gone.
but thew have left record behind
them. Taking the figures from the
little blanks representing the amount
III each banks contribution 10 the
clearing the Secretary adds them NIL
together and ascertains the total
amount In hand. This sum runs from
seven 10 ten millions. Then the set
Ting clerks have their own records.
A. they rec.ipted Tor the paper d-liv-
cred Ia them by the messengers they
set down the amounts. A. the end Of
The delivery they add up the figures
and report the totals to the Secretary.
who asw hss hriofs him the amount
each bank put into the pool and the
am"un, each has taken away Tho
TIVE sums mu-, exactly agree II they
do not there h an error. While the
SECRETARY y making hi. computations
The settling clerks have an opportunity
~ revise their figures tine Young
nan discovers an error ~ one cent nj
~ ~ Had b. been moment later
in his discovery b. would have been
lined to-" dollsrp. and ~. correction
could not be made In the Clearing
HOUSES hat sould have to he made
direct between the hanks Interested.
~ " - SECRETARY smith reads aloud
TIE balances. the figures rorrsspond
Win th"s" arrived NJ ~ the clerks,
ahh the latter return 90 tho backs by
which ,hey ate emplosod
~ cautse u u possible hy working
oui the balances Ia detail to tell how
mich every bank owes every other
"anh' h"' That y not the point. and
= unnecessary. Having ascertalned
how maeh each baak hr'ngs 10 IN.
Clearing House, and how much n takes
away, the simple process u substrae.