The Mount Holly news. [volume] (Mount Holly, Burlington Co., N.J.) 1891-1942, 1908-03-24

nars and overcoats. A broad aisle with
more benches and hatracks separates
the two rows of counters from dupli-
Gates on the opposite side of the room.
Settling clerks, who take their places
on high stools behind the outer rows
OF counters, face the walls. Those at
the inner counters face the center aisle
At the elbows of the settling clerks
stand their assistants, who are re-
quired to sign the exchange slips pre-
scented with each package Of checks.
AS the clock nears 10 one glances
from the high dome, with It's row OF
electric lights, to the scene below. The
clerks at the compartments have made
themselves comfortable. The messen-
gers standing at ease before them
have slung their bags and are ready.
A minute passes. A man appears at
the rostrum in the gallery and rings a
gong twice Eyes below are uplifted
as he makes an announcement ABOUT
ont of town banks that will hereafter
clear through different correspondents.
That is not of particular interest but
he pauses briefly and then utters the
magic word, ''Clearingp
The messenger for bank No. crosses
the room at one end of the counters
and takes the place of No. 81, who has
moved down a pace. simultaneously
fifty other men have taken step Tor
ward, and the tramping and scraplng
of feet come regularly. No l has
slapped an envelope down before the
clerk at No. ais compartment, dropped
a ticket into a slot, offered an exchange
slip for signing and passed on to NO.
e6 without uttering a word Each OF
No. rs fifty associates has duplicated
his performance in every detail, and
90 the exchanges, as they are called,
have been fairly started.
In the meantime the settling clerks
are doing their share Of the work.
Long sheets Of paper in front Of them
are being filed out with the total
amounts Of the checks presented by
the men who are circling about the
counters, making monotonous but mol
unpleasant sounds with their feet
suddenly. when you are just beginning
to understand what 1t is all about, a
| halt is called. No one says anything
but every one stops. You ask why
and some one says the exchanges have
been completed. You ask how $500
OOO. 900 can change hands In exactly
s.teen minutes by the clock, and the
same person looks at you with pity
ing smile and remarks, 'Why, you've
| Just seen it done"
There is marked silence for a mo
rnent after the feet have stopped NOV
ing. The crowd in the room begins t
| thin out, for the delivery clerks arr
going, taking with them the package
Of checks which have been deposited
with the settling clerks. The latte
! still have work to do. Their assistant
| rescue the little tickets from the com
/ partments into which they were drop
| ped, and the settling clerks scan TIT
! amount of them to see If they agre'
with the totals on the exchange slips.
When first he entered the room thu
settling clerk gave the proof clerk II
| the managers gallery the amount o.
the checks he brought with him. Now
| he ascertains the total of the amount
| deposited with him. Soon he is able
to tell whether his bank has aSdebt OF
credit balance, and this information be
communicates to the proof clerk. Then
the clearing house knows exactly how
much cash will have to be moved from
bank to bank in adjusting balances.
Forty-five minutes Is the limit allow
ed for making the exchanges and prov
ing the balances, and fines may be Inn.
posed II the allotted time Is exceeded.
But it is rarely necessary to impose
| fines, SO rapid is the work of the mes
sengers and so simple the system OF
exchange. Most of the work is done
before the messengers get to the clear
ing house The checks for exchange
with other banks are inclosed In sep
arate envelopes, and these envelopes
are arranged In consecutive order In
the delivery clerks bag, so all needless
delay In depositing them is eliminated.
To make the clearing finally complete
It is Of course necessary to exchange
the cash. Accordingly" says James
@. Cannon In his book on Clearing
Houses before half past l o'clock
each debtor bank, In compliance with
the requirements Of the constitution,
pays into the clearing house the amount
Of its debit balance and obtains a re
ceipt for the same signed by the as
sistant manager. After half past l
o'clock the creditor banks receive at
the clearing house their respective bal
ances and give their receipts for the
same In a book provided for that pur-
pose, but in no case can creditor
bank receive its balance until all the
debtor banks have paid in."-New York