Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1899-05-20

| day with the bankerH' coneidrfn-
tlon 81 bills ~ exchange and notes and
checks and credits and debits-what
could be drlcr or less inviting hut
" IN u wonderful thlnk. this complex
aud driicatciy adius,en yet powerful
and all pcryadinE machinery Of bank
Ing. upon which depends 40 largely the
Industrial life Of modern society. Lot
M consider one phaAo % this marvel
Gus machinery Of finance. the modern
clearing house.
AZ ~ o'clock on Thursday last the
writer visited the clearing house room
In the Mccormick building. Il h n
plain. small room. containing a desk.
long table. and about "a score "
chairs. Yet Il auffoes 10 conduct every
day the enormous business Of the Salt
Lake clearing house.
cLEARiN0s FOR THE DAY.
At ten minutes past twelve. number
of bank teilora or cashiers entered.
Each had In his hands a number u
bundles of bank checks. each bundle
being held by rubber band and ac-
companicd BY a tally sheet giving the
contents of the checks. Each clerk
distributed his ten bundles 81 checks
NJ tho other ten chairs around the long
table. Prom this fact the reporter
judged that there are now eleven banks
which are members Of the clearing
house. Each clerk thsn took his prop
cr place ut the table and Picked NJ the
ten bundles of checks that had boon
thrown 10 him. one bundle from each ~
the other banks Every clerk had with
him tally sheet showing the total
amount ~ checks u other banks hlA
bank had paid. These were set down
In his debit column and these ten totals
representing the checks Of other banks
which had been oashoi by his bank.
were added M on tho debit side. show
ing how much the clearing house q. 9.
the other hanknl owed 20 him.
Then each one entered on the credit
side Of the same sheet tho ten totals
of checks drawn on hi. bank and paid
by the othorn. az shown by the ton
bundles Of checks tho others had hand.
| "a 20 him. Ito totalc,i. there and then.
these ton claims u tho other banks
against him. and ro, down this total on
the credit side. showing the amount
| ha bank owed 10 tho clearing house
Cthat h. owed 10 tho other banksl.
This operation was conducted with
remarkable speed. and IN i've minutes
each was ready 10 announce hts debts
or credits 10 the manager of the clear
lug house at the desk. No. announced
his "credit'-thc amount he was ow.
Ing. No. :, announced his credit. No,
.. announced hin dohit-the amount tho
association OF banks was owing him.
and 90 ON all around Then the man
agcr requested certain ones TO remalni
the others left Those who remained
were given clearing house certificates
for the amounts due them ON the days
business. These certificates were like
ordinary bank checks drawn .on the
banks which were debtors 60 the clear
tng house ON that day, IN favor OF those
who were creditors that day, and were
signed by A. %. Howard. tho manager
OF the clearing house,
This matter. ~ clear and simple 20
one who = engaged In the actual trans
actions. IN 30 Intricate and confusing
10 any one that has not been engaged
In II, that al the risk OF being tedious.
u VIII De rvstated In another form.
THE BUSINESS RE.sTATED.
Each cashier brings In all the other
bank checks which his bank has re-
celyed las money! since the previous
accounting. one cashier may have re-
celVcd checks drawn ON other banks |
ANA deposited with him ~ cash or paid |
ny MN ~ they were presented To tho |
the other banks have likewise h0norvd |
checks drawn on his bank 20 the
amount Of tss,pag.iG There 10 therefore
due him ON the days business the dif-
ference between these amounts, or tig.-
ses.pd lie puts down all his debts 1.-THE
checks he has paid belonging 10 other
baniss) and all his credits Ohe checks
drawn on his bank which have boon
paid or received rs cash by other
bankal, and the difference shows the
amount the other banks owe him In
this ease,
hold checks on the other banks 20 tho |
value Of fu,ti0,oii ana the others had
the checks OF this one 10 tho value OF
isi.si0,s5. "a that t9,soe.ls was due to
this bank from the others.
Rank ~ had paid other banks checks
10 the value 81 As.9sO.i3. and they had
honnred the checks OF II % the value
Of tle.tGi.G0, Bank n was therefore
Indebted 10 the others to tho amount
Of iss.ssTi7,
Mr., Edward O. Howard, MANAGER OF
the clearing house, who c0urteously
furnished all the Information asked for.
gave the figures showing the clenrlngs |
for the day, April u, 1893 as $40, 9Gi 90; |
and Tor the same day last year AGO. |
lti,s0 lie remarked that this IL a very |
healthy Increase. In general the voi-
ume of business II much greater than
II was year ago, In April OF this |
year there was an Increase OF over a
million dollars over the clearlngs OF !
last year, The daily figures represent
do for one another each day. and show !