Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-08-23

makes record of the statement of each.
If the balance is against bank it is debtor
hank and if in its favor it is a creditor
bank and this the manager specifies.
OF course the gains and losses must exactly
balance, so that the money paid into the
Clearing House bv debtor banks is the exact
amount paid out again to creditor banks.
If there be discrepancy it is an evidence
that some clerk has made an error and when
he is found, he is in some clearing houses
fined for it. But errors are remarkably few,
some clerks having had clean sheets every
day for ten years.
BIG TRANSACTIONS QUICKLY SETTLED.
They buckle down to business at the tap
of the bell, and some 20 minutes later are
on their way to their respective banks In
this way nearly g, 900, ,OO0, 900 worth of bust
ness is Strengthened out in less than ten
days of ten hours each.
All banks in the two cities and suburbs
clear in the Pittsburg SClearing House ex-
cept the Dollar Savings Bank, which does
not paw checks. But while the business
done runs to near 81, 600, 100000 in
checks, the balances are usually
quite small relatively, as there have been
days when S3,000,000 in checks passed
through and balances but trife over $780,
O0O The balances represent the actual
that passes 1t is mistake to suppose that
the Clearing House ruins mans credit by
throwing out his checks. 1t is generally
the case that none but he and the
bank interested know of it unless
the matter be notorious and one that
must come to light. All checks of
city banks, centrally located, must be either
paid or returned by l o'clock, but some at a
couple of miles distance are not paid or re-
turned until later hour, and in the case of
suburban banks the time is extended until
the following day. Debtor banks pay their
balances between IL and 80 o'clock, and
creditor banks get them between IL and 11:30
A. NJ. There is very little of coin or bank
notes used, as each bank would
rather take a cashiers check than count its
balance in cash, and these checks come back
the next day and are tossed to and fro until
they reach their proper place. To be
little more exact about it, there are So in
stitutions in Pittsburg, including some
brokers as well as banks, that are repre-
sented in the Clearing House, nine in ALLIE
gheny City, one in Sharpsburg, two national
banks in Braddock, three in Mckeesport
and one in Sewickley. Mansfield is not
HAD BUT FOUR MANAGERS
During the 25 wears of its existence the
Pittsburg Clearing House has had but four
managers, Robert NJ. Gust, George Won
John Stewart and John NJ.
Chaplin, the present incumbent. At pres
ent John D. Scullv, Cashier of the First
National Bank, is President, and the man
ager unites the duties of that Office with
those of Secretary.
The habit of eXactnesS can no where be
more firmly fixed than by an apprenticeship
in a banking house. If in the spring time
or any other time a young mans thoughts
'lightlv turn to love- while he is in the
banking business they must not turn that
way during business hours, as even half
cents count there and there is no 10 cents or
three for quarter about banking. 1t is re-
lated of Pittsburg banker that tiring of
banking he went into the retail grocery bust
ness, once upon a time, having associated
with him practical grocer. They had
plenty of money and expected to do big
business, but after short time the banker
found it necessary to cease SELL
ing himself Though liberal
man who would not have hesitated
to give 81, 900 to forward benevolent move
ment, he had his banking habit of business
SO firmly fixed that he persisted in exacting
the exact cent from customers until he
drove away a large portion of the trade,
that of the ladies, the majority
Of whom are not happy unless they feel that
they have gotten at least a cent out of