St. Paul daily globe., 1895-11-17
THE NEW YORK CLEARING HOUSE.

they have practically visited each of
the sixty-fve other banks and ex-
changed checks. Then the messengers
go back to their banks.
The settling clerks have been keep
ing a list of figures representing the
totals on the envelopes. By adding up
this long column of figures they ascer-
tain to what amount checks against
their banks have been turned in. By
comparing this with the amount repre-
sented by the checks against other
banks which their bank sent they can
find whether their bank owes the
clearing house, or vice versa.
This process takes from twenty to
thirty-five minutes. 1t involves the
adding by sixty-six clerks of separate
series of figures whose totals are in six
figures. No blunder in mathematics is
wanted here. In spite of the fact that
each of these sixty-six clerks is an
expert at his business, the chances for
making an error are so many that sell
dom rs the days business finished
without an inacuracy being found. The
system is so complete, however, that
the cause of the difference is rarely
ever hidden more than ten or fifteen
minutes. On the day above mentioned
| the manager announced, 1.-The differ
ence is $780,"
| figures, and in a few moments some
one found an error.
1.-The difference is now $5," announced
! the manager.
Once more sharp eyes were turned on
! the long rows of numbers, and quick
ly came the third announcement, 1.-THE
difference is one cent"
! Not a smile, not a chuckle, not an
expression of astonishment or amuse-
ment was to be seen. These men who
! had been reckoning numbers that ran
. into the hundred thousands and into
the millions went to work and hunted
for that one cent with as much earnest
ness as if it had been for kings ram
! som. And they found it. Then came
! the welcome call of the manager:
1.-The proof has been made
| This meant that totals of each bank s
transactions, as added up by the Off
ctal clerk of the clearing house, had
been found correct. This ended the
work of the settling clerks. They put
on their coats and went to their re-
spective banks. They had begun work
at the stroke of 10 o'clock. At 10:45
not one of them remained in the room.
During that time they had transacted
business to the extent of Sill, ,OOU. COO.
The balance on this day was $50
600. By p. m. each bank which owed
the clearing house had deposited the
amount of its Indebtedness. The banks
pay in cash. The money is sent largely
in $4,000 gold certificates and in small
er bills and coins, even down to pen
MES, as the amount calls for This
money is sent by trusted bank mes
sengers, guarded by private detectives
The messengers usually come in cabs
and are heavily armed, as well as
their guards.
WHERE CHECKS COME FROM.
himffk fiwi bhc, ,kI JCshr :. shrhrhrt
From 1:30 until .. m. the bank.
which have balance in their favo
, send their messengers. protected in :
similar manner, to collect what is dut
/ them. By o'clock the clearing hous'
has finished it's business and shut u,
shop.
> ''But WHERE" you may be asking, "ds
so many checks come from?'
} From every point and corner in thi
. great land. Vast as is the magn;tud,
Of business carried on by New Yorl
: merchants, they would not themselve.
, exchange checks to the amount of owe
t si00,0e0.O0c every day. These checks rep
| resent what New Workers pay for tn,
products OF the country.
, kln:ost every :a;n=:e Of the 90!