Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1893-07-23

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GEORGE G. WILLIAMS, PRESIDENT NEW
YORK CLEARING HOUSE.
bers. am but nineteen Of which are Ma
tional banks, one member being the as
sistant treasurer OF the United States
and eighteen State banks. Before the
clearing house was organized the diff
fereut banking institutions OF New
York found 10 necessary 20 employ a
large army OF messengers, who used TO
20 rushing about from bank 90 bank
with checks, drafts and cash every
morning for the purpose or making set
dement's between their respective lu-
st.tutlons OF the previous days busi-
ness. Under this plan this settlement
naturally occupied some hours every
mOraing, and cost the banks a great
deal OF money. Under the present
plan the work is performed 10 less than
half an hour each day add az a much
smaller expense % the banks
The home OF she Clearing House AS
ISOLATION is TO brOwnstOne building at
the corner Of Nassau aud Pine streets.
Al about half past nine in the morning
the clerks from the banks included ia
the organization begin 10 pass through
the swinging doors Of the entrance on
Pine street and up the stairs 20 the
main room of the Association. Each
bank sends TIVE clerks, delivery clerk
aud a settling or receiving clerk, so that
the normal number 3 80, although
there arc times wheVthe larger banks
send more than 10 clerks each, and
the .s-s.u hsp-fs-Sometimes increased 20
-ag AaaAeg6.
The delivery clerks bring the checks
and drafts which have been received by
their banks 10 the course Of business
during the previous day, while the set
thing or receiving clerks receive these
paper tokens aud compute the balances
due from or 20 their banks. This OPP
GRAFTON is performed 10 an Incredibly
short space OF time, for each OF the
clerks is a thoroughly expert account
ant. When 10 has been accomplished,
at the sound Of a gong tapped by the
manager, the settling clerks pass up %
his desk slips showing the state Of each
banks balenCe. Later In the
day the banks from which money
Is due send the required cash amounts
10 the clearing house, and the banks 20
witch 10 Is due receive the same from
SIC clearing house. These settlements
Psrs always made Ia currency and never
by check. There are days when the
cash transactions are very large; but,
on the other hand, 10 frequently hap
pens that the amount OF cash actually
passed is less than 81 ,OO0 even though
the days business may have aggregated
many millions. 10 is said that on Que
occasion where a bank had on the pre-
vlous day done a business OF about
$4,000 GOO, it's balance required the pass
age of only about so cents in cash.
Although but Ga OF the New York
banks are members OF this association,
90 is essential 90 the life OF any insti,u-
tion doing a regular banking business
here TO be able 10 make It's daily settle
ments In some way through the Clear
ing House, and banks belonging thereto
allow others % clear through them.
During the present financial depression
this privilege has been cut OF from two
or three Of the smaller banks, and their
suspension has shortly followed.
George g. Williams Is the incumbent
President OF the association, and p. X.
Perkins IS Vice President. j. Edward
simmons, somewhat OF a politician, but
more of banker; H. q. Cannon, OF the
international monetary conference and
ex-comDtr0ller Of the United States cur
rency, William A. Nash and f. b. Tap
pan are the Clearing House Committee.
This is the executive body of the organ
ization, and the names OF Its members,
fairly we'll known 20 newspaper readers
throughout the land, stand for a great
desl in financial celrcles tn New York
and every other large city.
William Sherer is the manager and
w. j.. Gilpin assistant manager. Five
or six clerks are employed To making
the necessary computations. The Work
of the manager OF the clearing house is
arduous and his hours are long. IL is
not often that be is able TO leave mis-
desk Fiore o'clock 10 the afternoon,
Ar frnetlmes be finds 10 necessary 90
stlmain for hours after that time. In
fbe nature OF things be feels the dnan-
rial pulse Of the country more accu-
ratelv every day than any other man 10
40 limited States. He told me this
rnnrnfuH hluN ANAlNh tA9 eAtA ~ 1t1N
vears and nine months Of the asso-
cietion's life, which closed on July /
~ the present year, its transactions
srgrsgated 81, O6O. 4s7, 143,Ol5.19, Si.014,-
lsSs osl. 74s. 35 being she amount Of
~ exchanges and s45,661, i9l, 6.s4
A. SEXUAL cash. The sums are so en-
nous as 70 be quite iacomprehensl bic
onv one not possessed OF the mind Of
estropomer. The proper enumera-
md the reading Of these figures
be excellent exercise for the
mathematicians who read this
We spoken Of the power OF the
house. It has been exerted to
80 extent bat four times In the
institutlon-in 1873, 10 1SS4,
1in1s9s. IN each case the ex-
81. mower has prevented seri-
- diaster and relieved none
.ncy. The last ipstaneelwas
u this year, whea ssEtrNl