The McCook tribune. (McCook, Neb.) 1886-1936, 1908-03-27
THE CLEARING HOUSE
Methods of the Big Bank Ex.
change In New York City.
MARCH OF THE MESSENGERS.

lars In Checks Change Holders In .
Few Minutes In the Daily Balancing
of Accounts Between Banks.
"Clcaring,' That word is the order
for the shuffling of many feet and the
pattering of thick envelopes upon hard
wood. Men with leather bags hung
against their chests like bass drums
pass up and down rows of desks at
which other men sit and as they go by
deftIy hand out brown paper packages
containing the equivalent of millions in
gold. Thus do the banks of New York
transfer money each business day.
AS vast as the figures involved III the
operation are, they do not make an
impress upon the mind. One is more
apt to wonder whether the gray haired
messenger in the blue serge suit would
succeed in ~disorganizing the line if he
gave the wrong envelope to bank No.
10 and, if so. whether he would be con-
demned forever by his associates. But
no one seems to make a mistake. and
the visitor has no reason to worry
about the possibility of m~isplacing $2S,-
100000 even for half a second. The
machinery Of the clearing house is al
most too perfect to slip Il cog.
The clearing house begins to show
signs of activity as early as $50 o'clock,
when the vanguard OF bank runners
makes its appearance. They travel in
pairs and are mostly young men. al
though the veterans have not all re-
tired. Their badge of Office is Il bag,
any sort of bag. suit case, telescope,
kit bag, canvas bag. Sometimes it has
the name of the bank it came from
printed across the end. More often it
bears no distinguishing mark.
Further, its identity is frequently
hidden behind an exceedingly shabby
exterior. That is perhaps a virtue. At
all events, it is not considered good
form in banking circles to be Ostenta-
tiOus. a strong bag ever though it be
old and chafed is just as good a vehicle
for Il fortune as a new one and is less
lIhSly ~ DIONuCC Jul HlhSS III IN CCt
of Il thug. So this is the reasO why
the young men who sweep up the mar
bic stairs look as if they were carrying
bags filed with their own clothing in
stead Of other persons checks. Self
conscious they are not despite the loads
they carry, and One might we'll imagine
they were going upstairs to change
their garments for gymnasium suits.
But when the visitor reaches the floor
above and climbs to the little gallery
at One end he realizes that not basket
ball, but another game, is to be played.
Already the players are preparing to
take their positions. At the side walls
are benches on which delivery clerks
are sitting. their bags at their sides,
and opposite is a solid counter divided
into about seventeen compartments, to
the front of which are affixed, if occu-
pied, the name plates of different
banks. Beyond the first is Il second
counter and between the two Il rack for
hats and OyercOats. \ 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 its 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.
\ minute passes. \ man appears at
the roStrum in the gallery and rings a
gong twice. Eyes below are uplifted
as he makes an announcement about
out 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, "Clearing!.'
The messenger for bank No. l 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 a step for
ward, and the tramping and scraping
of feet come regularly. No. 1 has
an envelope down before the
clerk at No. 97's compartment, dropped
a ticket into 4 slot, offered an exchange
slip for signing and passed on to No.
96 without uttering a word. Each of
No. Is fifty associates has duplicated
performance in every detail, ana
so 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
being filed out with the total
amounts Of the checks presented by
the men who are circling about the
counters. making monotonous but not