The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-11-25
A LITTLE TALK ON TRADE.
"Brsdstreets' Sheds Light on an I'm.
portant subject.
(Con,n-fobfed 1S9ql

| tell me what this means, y said he.
The speaker was Harvey Lungren, q
member Of the school Of so-called impres-
sionist artists l had known him at Michi-
gan University, and meeting him years
after in New York, chum and fellow
worker with such princes Of good fellows as
the artists Blum and Brennan, when they
were deep in the mysteries of black-aud-
whites, worshipers of Fortuny, we renewed
our earlier friendships with great gusto.
| One of our weaknesses for a time was
table d'hote dinners. l believe we ran the
gamuJ of them one winter, and be-
| tween times dinners at the studio on 57th
street, with all its quaint surroundings and
evidences of the skill Of each of the trium-
virate.
Harvey was, and is. as thoroughly devoid
OF what may be termed business bent as
many other artists, perhaps, being wrapped
up In seeking impressions and transferring
them with the skill, ingenuity and, at times,
the genius at his command, as nearly after
the manner of the great FOrtunY as may
| be. And 1T was rarely that he would pro-
fame his mind with any serious considera-
ton Of dollars and cents, beyond the neces-
| sIty of meeting the vulgar requirements
upon which receiving the necessities and a
share of the luxuries is based.
1t was late into the evening recently and
| we were alone in his nigh, spacious studio.
| The place fairly reeked with canvases,
| incense-burners, idols, Japanese screens.
panels, costumes, rare and odd bits of
| furniture, in the midst Of which we had
dined somewhat sumptuously. l was exam
| lining some of his sketch books and he &C
tually going through the form of reading
| an evening paper, with an omnipreSent
cigarette between his fingers 1t was at
| that time he made the remark quoted.
| It was SO seldom that Harvey conde-
scended to be interested in anything
of which he knew confessedly little that my
attention was attracted.
| II am sure you can tell me-" he went on
SIT is right in your line, and he read:
"'The total of the transactions at the New
| York clearing house during the past ten
months amounts to the enormous sum of
| 500, Ale, 900, 600" and he actually gasped.
Say, do you mean to tell me there is any
/ one enterprise doing that much business in
ten months Or even ten years! Is it mis-
| take or what is itf'
ut is long story"
well, it's seldom get good chance to
| let you air your knowledge and interest me
at the same time, so tell me" he rejoined.
| All of Harvey's friends are used to his
| pleasantries, and l indulged him.
THE New York clearing house, l began,
lis an association of some sixty-odd banks,
which each day send representatives to No
| IA Pine street, l think it is, and there
under the watchful eye of William A.
Camp, manager of the clearing house, each
| day, through its representatives is credited
| with all the checks it has paid, though
| drawn upon sister banks, and is charged
| with all of its own checks which have been
paid by sister banks. Thus the Chemical
Bank presents, among others, checks paid
| by itself which were drawn upon the Fourth
| National to the amount of SCI 500, and the
| Fourth National presents checks which it
| has paid, bu6 which were drawn upon the
Chemical Bank, aggregating $65, 900. Each
| account offsets the other to a certain ex-
tent, the balance being paid in cash or its
| equivalent which, in this instance, amounts
to $780, 50 that with So 800, debts amount
| ing to $162,5 500 are paid. OF course, one
bank has accounts against many others,
and many others have accounts against it;
but the illustration given covers the point. u
| This clearing house system evidently
| saves the banks the necessity of transfer
| ring enormous cash Indebtedness from
one to the other each day." interrupted the
young artist; 'but are the cash
differences paid over, as small. relatively
as you mention in the illustrations" saying
which he swung into low-hung hammock.
pulled, and really looked interested.
| They amount on the average to about {
per cent of the total Indebtedness involved
which means that with IS the banks settle
500 worth of Indebtedness, or with, say
1900, 1000, 900 dollars during the past ten
months they squared accounts aggregating
nearly $50, 900, 900. 000."
He looked more interested, so I trusted
him and went on.
This clearing house system is in reality
a gauge Of the volume of business, within
certain limitations, and study OF it is very
interesting. | have even gone so far as tc
speculate upon the meaning of its total:
when carried out a little beyond the borders
of the data at hand. Thus l may say, that
each man, woman and child in the coun
try, may be said to do $1,000 worth Of bust.
ness per annum.n
''Whatm half rising.
81 mean just the reverse" explained
The probable total volume of business
transacted in the United States per annum
amounts on an average to nearly 81 900 pei
capita. In other words, the marketing OF
agricultural mining and forest products
with that Of petroleum and the fisheries
making of finished products from the vari
GUS raw materials and disposing of the
same, together with the many duplicate
sales involved in the transportation OF
goods, amounts in round numbers, each
year, in the United States, as nearly as
may be estimated to about $65, 000, 600, 900
Including payments for pictureS-rea
works of art!'
was not to be stopped now and con.
tinued
swell, I'll show you how l arrive at it.
New York city's total for ten months Of
1899 was 500 4l6, DOC, 900, and that for forty
nine other cities, SIC, 500, 100000, a grand
total of SAG, 2S3, 900 000."
where do you get the figuresp-sarcas-
tically; for, by this time the boy was lying
fiat on his back, his hands under his head,
blowing rings up toward the apple bios
somed ceiling.
"Out of my pocket, and here are few
more: The like aggregate for so cities fol
ten months of 1883 was only $40, 79l, ) 100000
New York city's total in each OF the year
named amounting to about two-thirds O
that for so ties For the year to end OF
Dec. 81, next, the probable total of banl
clearings at New York City is $50, 100000
600, and for 80 cities, which includes New
York, $55, 200, 600 Ny recollection o
last years totals is that New York fur
nished about $50, 4S6 100000 and the 5
cities $40, 900, 100000"
A voice from the hammock remarks
something about some peoples recollection
as compared with others, but ignored it
The prospective increase of bank clear
ings at fifty cities for twelve months o
1889 is, therefore, about $1,000, 090, 900, o
IA n