The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-06-07
COUNTS BIG MONEY.
A NEW YORK CLEARING HOUSE
MAN HANDLES S5.OOO,OOO A DAY.
He Has Never Made an ErrOr-The
Large Notes Are Easy, But the
Small Coins Worry Him-WiIIiam
J. Gilpil Is Not Rich Himself.

J. Gilpi1 Is Not Rich Himself.
From the Pittsburg Dispatch
Thirty-two million dollars in gold is
vast sum, representing nearly sixty-six
tons of the precious metal; yet such was
the sum that was transferred recently
from the safes of the Mercantile Trust
Company to the immense underground
vaults of the New York clearing house
1t is known as the clearing house gold /;
but actually belongs 10 the various banks
forming the Clearing House Association
For ii is against this enormous deposit
that the clearing house certificates are
issued to facilitate the banks IN making
exchanges. The work of moving 1t occu-
pied several days. The gold was taken
from the trust company's safes truck
load at a time, a corps of detectives,
armed to the teeth, accompanying each
load, to guard against any possible at
tempt a robbery.
But before removal il had to be count
ed, or weighed, in coin. or bullion. This
responsible task devolved upon William
J Gilpin, the assistant manager of the
clearing hOuSe-a young man who ham
dies more money in actual cash than any
other person in America ana probably
IN the world. 1t does not pass through
his hands N the form of Checks bonds
or stock certificates, but in legal tenders
and treasury notes-that is 10 say. in so
many actual dollars.
Every business DAY of the year he han
dies over $5,000G0O. He has counted as
much as Sl5000,O00 in a single day. Alto
gether he has had to do with the hand
ling of over 5000, 100000 in cash. This
stupendous sum represents far more than
the sum total of the fortunes of all the
mlHonalres IN America and Europe com
Bined. To assist the imagination in the
proper appreciation of its immensely, It
may be noted that if Adam-from the day
M n &c N f7Ha q
mad continuously counted silver dollars
day and night, for every minute Of the
time that has elapsed to the present day,
ne must have counted at the rate of over
ten per minute 70 have aggregated the
number Of dollars that have passed
through the hands Of Mr.. Gilpin. Or We're
they coined into pennies and strung to-
gether so as 10 touch one another, they
would make a string of copper extending
into space for distance Of over Al, OO0,-
Yet Mr. Gilpin is not a rich man him
self He draws a fairly good salary-$5, 900
a year-as assistant manager of the New
York clearing house; but he possesses no
private fortune Of consequence. He is a
living example of the possibility that a
man may handle almost inconceivabie
wealth and yet not be burdened with an
undue proportion thereof as his private
property When mere youth, in 1878 he
entered the service Of the clearing house,
and has remained in its employ ever
since, steadily rising from one position of
responsibility to another until he became
its assistant manager.
He is now about 81 years old but looks
much younger. His features are clear-cut
and strong, and he has a finely shaped
head Quick and nervous in action and
concise in speech, he has that peculiar
air of alertness that characterlzes men
of accuracy and precision in financial
connection with the clearing house he has
handled the cash balances that pass
through it, and during all that time not
a single error has occurred for which
he rle least nOnSiinla
a record for accuracy defes comparison.
$50 you would ike TO know how one
man can manage 10 handle the vast
sums of cash that pass through this Of
flee each day." he said to me recently
First, let me explain, as briefly and as
clearly as possible, why the money comes
here at all. Suppose that I owe you $50
and that you owe me 49, and it becomes
necessary that we should settle our
place in which to transact the business.
II is obvious that ii would be quite unnec-
essary for me to hand you the $50 I owe
you, and for you TO hand me the SO you
owe me, in money. Twenty-Five dollars,
the sum representing the difference be-
tween our debts, IS all the cash that need
pass between US.
1T is the same with the banks They
settle their accounts with each other in
this Indebtedness are very widespread and
complicated in a city where there are so
many banks as in New York, a general
place and time of meeting to transact such
business is necessary. Hence we have
the clearing house. The balances are
brought here in cash for settlement, and
average over 100000 daily. OF course
no living man could handle that amount
of money all in small bills, so the bulk Of
the payments is made in notes Of large
denomination. To be sure. in the settle
ment Of small amounts, pennies, silver
and legal tender are employed; but all
large balances are paid in treasury notes
Of 800 and 81 coo, and clearing house GER
tifcates Of 5000 and $4,000 each. These
certificates are equivalent 10 a treasury
posit Of gold in the clearing house de-
Dosltory and represent so much actual