Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-11-16


who enters the results in book, which is
specially provided for the purpose.
How the Accounts Are Kept.
The exchange lists which are used by the
messengers contain, under the head of
banks, the names of the twelve members
of the association. Opposite these names
are four columns marked, respectively,
lists frcm, lists to, debtor and creditor. In
the first column he enters opposite the
name of each bank other than his own the
amount of the checks which he holds
against that bank: in the secoEd column
the emount of the checks each holds
against him. If the first is greater than
the second the difference goes into the
credit column, otherwise in the debit col
umn.
Through the medium of the clearing
house each bank is not compelled to pay
out for all the checks held against it, but
only for the difference between what 1t
holds and what the others hold against it
After IL o'clock and up to l o'clock the
debit banks come to the clearing house and
pay in their debit balances. After 80
o'clock the creditor banks can come and
get their creditor accounts. Payments are
made al the office of the Metropolitan Bank
in cash. OF course, the amount paid in
must exactly equal the amount paid out,
so that the clearing house never has any
funds on hand al the end of the days bust
ness. Mr.. George H. B. White, chairman
OF the aSSocia ton, has been the cashier of
past twenty years and prior to his appoint
ment he had been the paying teller, and is
ore of the best known men in business cir
cieS in Washington. His connection with
the Metropolitan Bank covers a period of
nearly thirty-seven years, and he Is the
only survivor of all who were connected
with the institution when he entered 1t.
December, 1853
Mr.. F. r. Wallace, the manager came
into the Metropolitan Bank in 1875 from
Philadelphia, where he had been engaged
in business He entered the bank as
special man to work Up some back
counts and was in turn promoted to be
bookkeeper, discount clerk and receiving
teller, which position he now occupies.
A Talk With the Manager.
The association is supported ly the as
sessments made OIL the associated banks,
but the expenses are not very heavy, as
they consist only of the rent of the room.
the cost of stationery and the salary of the
manager.
In conversation with a Star reporter
few days ago Mr. Wallace talked enter
tainingly of the workings of the clearing
house. AS can readily be understood, an
immense amount of money passes through
the institution every year. AS showing the
growth of the clearing house as we'll as the
development of business in Washington,
Mr.. Wallace said it was interesting to note
that in the first year, ending May 1G, 1883.
the exchanges amounted to 49,. 736 S4732
The business for the year ending October,
1895, amounted to s94,O21 .272. II, an increase
over 1894 of S12,5S9. Si6.S7
The biggest business ever done in any
one year was during the twelve months
ending in May. 1893. when the exchanges
amounted to Sl1293O, 53.S6 During the
financial crisis a couple of years ago the
volume of business shrank materially, but
1t has been growing steadily ever since,
and in the present year will probably ex-
coed by an enormous sum the amount of
last years business.
A q ha
standing committee appointed committee
to investigate the manner of issuing clear
ing house certificates, with view to pos
sible use in tiding over the financial crisis,
and the plan was adopted, but the issue of
certificates was found unnecessary, and
all settlements have been made on cash
basis since the organization was estab-
lished
The association has lost by death several
of its members, namely: Gen. CresweN of
the Citizens National Bank. H. C. Swain
of the Second National Bank, John A. Ruff
of the Central National Bank and w. B.
Baldwin of the National Capital Bank