The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1889-08-26
sflTTlFs ClElRIn6 HOUSE.


Seattle il 70 have clearing house.
Daring the month OF Msy articles OF
incorporation. os the Seattle Clearing
Hoas~ xere i,Eed and organization
effected ard arrangements were about
cosa gsIe;e for the beginning of bsi-l-
ness. bur the IRE for the time delayed
the project. and il was not again taken
up until within the past feT days
The firss clearance vii be made today
=, tie Puget Sound National bank.
which viii for the present be the head
quarters.
Sir banks have signed the articles
Of agre~usent-ttse First National
bank. the Bank OF Commerce. Dexter
Horton 4 Co.. the GnsrAntee. Loan and
Trust Company. the Seattle National
bank and the Bank Of North Seattle
The following officers have been
elected. President, j. r. Hoyt: secre-
tarv. Abram Barker; executive COM
riitsee, J. Furth, l.. Turner and r. Il.
Spencer. Aoram Barker will act rs
manager for the present.
METHODS OF CLEARANCE.
The purposes of the organization and
tie methods Ut procedure are best
stated in the articles Of Incorporation
which are in substance as follows:
The purposes Of this association
shall be 81 have ore place at which 10
effect daily exchanges and the pay
ment OF balances resulting from such
exchanges The officers are TO consist
Of q president and secretary. Ia be
elected annually by ballot. At all
meetings of the association a quorum
for the transaction OF business shall be
q majority of all the associate mem-
bers. A standing committee OF three
members shall be elected AZ a
clearing house com mittee, who
are to make all necessary
provision for the conyeniences tor the
transaction of the business with power
also to appoint manager and such
clerks rs may be necessary. The hour
fer making exchanges shall be IL III.
Creditor meInbe are TO receive from
the manager an order on the debtor
mem bers for the balances due them
respectively. All checks or vouchers
received by any members in the ex-
change OF any day shall remain the
property of the members who pre-
sented the same respectively at the
clearing house, and shall be held only
in trust by the members so receiving
the same until returned or the amount
thereof is actually paid TO the MEN,
Der who presented the same, as afore-
said. Should any member of the as
ISOLATION fail TO pay on demand the
balance due, all checks or vouchers
received in the exchanges of that day
by the defaulting member shall be re-
turned without mutilation TO the
M, whereupon the other members
shall immediately upon notice, return
to the clearing house all checks or
vouchers which said defaulting mem-
Der may have presented To them IN
the exchanges OF that day. or pay the
amount of the same TO the clearing
house and the manager shall adjust
the settlement OF balances accordingly.
Errors in the exchanges and claims
arising from the return of checks,
or from other causes, are to he adj
justed directly between the members
who are parties to them, and not
through the clearing house. All mat.
ter passing through shall bear the
written or stamped Endorsement OF
the members from whom they are re.
ceived. All checks which are no,
good shall be returned by the mem.
hers receiving the same To the mem.
bers from whom they were received al
or before 2;30 O'Clock p. IN. When.
ever any member of the association
shall send and receive through the
clearing house the exchanges Of any
bank or banker in the city or vicinity
who are not members, such sending
aud receiving shall ipso .faeto and
without further notice con
stitute said member the agent
tor said bank or banker at the clearing
house, and said member shall be Liable
forj all checks and other clearing
hafise matter upon such bank OF
bfnker. the same as for his own
Transactions, and its liability shall
continue until after the completion oi
exchanges of the morning next fol
lowing the receipt of notice OF contin.
uance of any such agency.
The articles proceed at length Il
provide for all possible condition.
that may arise, and for the safety. ex
pediency and speed OF the daily inan
| cial transactions of the city.