The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-08-13
A MAINSTAY In
TIME OF PANIC.
Dystom Of lntorchoMRe ~ Checks
Clonrnnces ard 0otancoD
Fatty Expiaiaed.

business houses OF the city ap-
proxinateiy million In gold. the
transactions Of the banks OF this city in
the ordinary course Of business have ex-
cited interest In the business and bank
ing world throughout the United States.
The weekly reports by Bradstreets
agency from New York have shown this
marvellous advance made by the Queen
city Of the Northwest IN such striking
way ~ to arouse comment among bust
ness men from one end OF the country
% the other. And not the least inter-
. osting Of these comments have como
from communities on the Coast which
have seen the wonderful progress made
in Seattle but have been unable to boast
Of anything akin to II.
This fact, coupled with the stupendous
showing made in the Seattle ciearances
during the last week. has naturally d.
Yected public interest toward the banks
Of tho city and the Clearing House Assoc
citation. which In an organization made
up Of banks and which n the medium OF
exchange between them.
Not second even TO the showing made
by the record of Seaftle's bank clear
ances 10 that Of the growth OF deposits
IN this banks OF the city. These. az
everyone knows who mas followed the
tables published In the Post-Inteiligencer.
aggregate approximately 100000 or
nearly twice what they were three years
ago.
And a. big deposits indicate q growth
In wealth and a corresponding increase
in business transactions. II n In the work
OF the clearing house that one finds the
record of the advancement made In this
city.
Away up in a room on the fourth floor
Of the Bailey building ten young men
meet every day IN the week. save on
holidays and Sundays. II II the clearing
house in actual session. This gathering
by some might b likened to club, but
Il II far from being . social organize
ton. Business rules govern from the
minute the bank representatives enter
the room until they emerge therefrom at
the conclusion OF the sesaion. This. by
the way. lasts from twenty minutes to
an hour. according TO the accuracy or
inaccuracy Of the calculations made.
Sometimes, when Il n difficult TO strike
q balance. the session lasts nm hour
II n to this room that are brought the
checks. drafts and other evidences OF
indebtedness which make up tho daily
grfst Of business In the banks and which
must be exchanged through tho clear
ing house. Eight banks are represented
In the association, which, together with
the postoffice. which clears Just - .
bank. makes In al nine members.
THE clearing house IL . place Tor husi-
1 ness. not recreation. Promptness and
accuracy are two elements In the conduct
OF tho business transacted In the little
room IN the Bailey building every day at
noon. Promptly at the stroke OF Il the
association IN declared In session by Man
agnr c. q. Heating Al that time every
representative OF the banks participating
IL expected TO be I'm his place. with his
checks distributed in order and the totals
computed 30 that ne knows exactly what
is due him from tho other banks. The
checks are asserted at the several banks IN
the order they appear on the clearing
house roster, then they are listed and
footed up. the clearing house man being
ready 10 start from the bank n q rule.
shortly after II N a. m.
II member IL tardly when the hour
for assembling at the clearing house ar
rtves. no In fined In proportion to his de-
linuuency Tn. hanks have ND time 60
wait for tardy clerk. The association Ii
expected 10 get through with tts daily
girls; I'm twenty minutes. or AZ most half
an hour. Tbs Ia necessary because dur
ting the remainder os the afternoon before
the banks close Mt they are all very busy.
and every minute Is needed In order TO
wind up the business for the day. which
Includes collecting the credit checks given
the banks which have balances coming at
the end OF the clearing
The clerks are seated NJ a long table.
and then the Interchange Of checks begins
Each receives from the other hanks the
checks drawn On his bank. delivering at
the same time the checks he has against
the ether banks. The totals are also given
60 the manager. who enters them on 4
book kept for that purpose. Then comes
q time OF computation, when little Is said.
a. the clerks rapidly add UP the long
rows Of figures To ind out what they have
coming or what Is due the Others.
Generally. the totals are reached about
the same time wlthcr. error. II this 10
the ease the manager calls cut ''Bsiancsr'
aad then he s.gus the checks for the hanks
which have balance. due from the others
Zach OF the clerks has a synopsis Of the
statement Of the eieavlngS. which. Of
cousse. TALES with the record made GA
the managers book.
r. on the other hand. the accounts do not
balance on tie sheet the manager calls
'.Fsrrori'' and each clerk must go over his
fcetings again "a ind out where the mis-
take lies. This means that this part %
che work - doubled. Tia man who makes
the mistake Is fired. too. for tire men In
the clearing house are no; paid 30 spend
their time hunting cat errors In the count.
and the hanks are waiting Cor the report
from the clearing h0uae. Usually the mia.
take IS soand Ia ten or nfseen minutes
and saeu The clerks hurry away 10 their
respective baakS- There are records, how~
ever when TIE session ee the association
lasted an hour on account Of a mistake IL,
calculations. These are very rare. aow~
ever.
1ae ina is charged up agasns; tse hank
represented by the clerk who nsate TIA
mistake. ar Is paid on :hs spot by that tn
Gis.ssusi.
To illustrate hew she balances are ar
rived at ara IRE accounts entered 81 the
clearing hanSe. she managers proof 81
she days business for last Tuesdays here
gis en- just as II WIS made out en- gSat day
IT III, clearing house was ogaaTig@i ten
wears aKo hg n. SEATTLE ranks X
makes ruleS eaneerrssn@ the rate % inter
ssS 2n persata accounts. aas Also govern
ts.x ether matters - sntasess &c me hSrk-
lag business. Ora recens rex'a'ssicG y thai
ssse hsnkA shass ne; furnish their csa<srsSss
with free checks or free revenue staags
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