New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-12-24
NETWORK CLEARING HOUSE.
A POWERFUL ORGANIZATION BACKED
BY SIXTY-FIVE OF THE CITY'S
LEADING BANKS.

SHE TOTAL TRANSACTIONS FOR THE YEAR FOOT
FINANCIAL CENTRE IN POINT OF I'M
PORTANCE IN THE WORLD
The vast commercial and financial interests
centred in New-York City easily make it the
most important centre of the Western Henri
sphere and second in this regard throughout
the world Its hundreds of banks, savings
banks and trust companies are the most prorni-
nent factors in its commercial life. The amounts
Of deposits the extent Of loans. the rate for
money are all watched with careful scrutiny
by the small army Of investors and spectators
who go to make up the Wall Street district.
The number of accounts in the banks Of New
York City is estimated at 1.2OOOO with
a combined surplus of S70OW0O OF the en-
tire number Of banks il the city. sixty-fve are
members Of the New-York Clearing House AS
ISOLATION for the exchange Of their checks and
bills. The remaining numerous financial instl-
tutions which do not belong to this powerful
organization arrange for the handling Of their
paper through those banks which are members.
The NeW-York Clearing House Association
~ MS and occupies imposing building or
.idsOme Architectural design at No. u Cedar
Of This magnificent structure was completed
about two years ago. 1t was carefully planned
to meet every requirement of the association
and is admirably fitted for the work that Is
daily accomplished within It's walls 1t is a
matter Of regret that building Of such magnif-
cent proportions and imposing appearance
should have its lustre dimmed by being crowded
into the secluson of a narrow side street The
only advantage claimed for this location is that
the officials and clerks who are engaged in the
mill of dol
lars worth of paper which daily passes through
the Office are less subjec; to disturbing eie-
ments.
IMPROBABLE FASTNESSES.
The massive vaults of the Clearing House.
constructed from chrome steel. are an example
OF workmanship at once invulnerable and in
teresting even in a great city like NewYork.
with its many safe-dcpOsit companies which
own some magnificent vaults for the safe-keep-
ing of valuabes. stocks. bonds and other Securi-
ties Nearly two years were required for their
construction. and they are really three great
chrome steel safes which practically form one
afrording an interior space of "A feet wide. 20
feet in depth from front to rear. and II feet
ceiling height. However. each Of the three has
its own special entrance door. weighing ten
tons. That is the outer door. There are two
others within and the three are fitted with time
and combination locks. The triple vault rests
on piers of solid concrete masonry and railroad
iron about seven feet high. In their turn these
piers rest upon a solid bed of concrete SIX feet
thick The outer walls of the vaults Of
steel. six inches in thickness In addition. a
further precaution is taken by the presence in
front Of the doors of steel platforms, which
when the doors have been closed and locked. are
raised against Their fronts. preventing any APP
proach to the locks. Again. around the vault
a steel fence has been erected. the bars OF
which are three inches in diameter, and only
a hand breadth apart The fence stands -four
feet from the faces of the vault. and watch
men parade about, keeping an eye on all SIDES
and top of the vault, at all hours OF the nish'
and day, from without the fence. The renee
bars extend downward to the very bottom Of
the foundation and above the floor TO the cell
ing Of the VdutrOOm. The vaulirOOm Is con
nected with every part of the building by means
of the most modern ard clever electrical con
triyances There are connections with the en-
gine-rOOm by means OF pipes Such that al
moments notice the vaul.room can be iioodec
with water steam. Should any one maze
bold to attempt TO overcome all these obstacles
and break into the stored treasure II is com
fortng to know that the power OF the electric
current is so strong that eiectrOcutloh WouiC
be sure to follow. The interior OF the TRIO u
filled with compartment safes haVihs Ca
pacity for storing 5000 l each me ,T,a 20
pdClty Oh the NduilS 10 Ti'','v''N -,
fheir weight is 315 tons 1t is understood tina
the cost of these vaults amounted 20 H'o'Cr'
hut that so large a sum was expended in this
direction is admitted by even the most skepU
cal to be wise precauti)n. An institution
which stands as the representative OF new
Yorks supremacy in the realm OF finance shouiS
protect its vast treasure by the most solid dnt
invulnerable steel and stone.
THE PRESENT OFFICERS.
Tor tho wear ending October 3. 1898. the Clear
a., 11ouse Association has witnessed chang
IN ire officers There is a rule that the presden
.hou mo eligible for only one term of two years