The Durham recorder. [volume] (Durham, N.C.) 1879-19??, 1908-04-10
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.
.Clearing.' That word is the order
for the shutting 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
deftly 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 in 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.
40 and. IL so. whether he would be con-
demned forever by his associates. Bat
no one seems to make a mistake. and
the visitor has no reason 10 worry
about the possibility Of misplacing S2S.-
100000 even for half second The
machinery Of the clearing house Is al
most too perfect to slip 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 bag.
any sort of bag. suit case. telescope,
kit bag. canvas bag. Sometimes 1t has
the name of the bank IL came from
printed across the end. More often II
bears no distinguishing mark.
Further. its identity Is frequently
hidden behind an exceedingly shabby
exterior. That is perhaps a virtue. Al
all events. il is not considered good
form In banking circles TO be ostenta'
tious. A strong bag even though II be
old and chafed Is Just as good a vehicle
for fortune as new one and Is less
likely to produce burnings In the heart
Of thug. So this is the reason why
the young menSwho sweep up the mar
BILE stairs look as II 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 well imagine
they were going upstairs 10 change
their garments for gymnasium suits.
But when the visitor reaches the fool
above and climbs to the little gallery
ut one end he realizes that not basket
ball. but another game. Is TO be played
Already the players are preparing Il
take their positions. At the side wail'
are benches on which delivery clerks
are sitting. their bags at their sides
aud opposite Is a solid counter divided
Into about seventeen compartments. {,
the front OF which are affixed. If occu
pied. the name plates Of diTeren
banks. Beyond the FIRST Is SECOND
counter and between tie two rack FOL
hats and Overcoats. 4 broad aisle witt
more benches aud batraeks separates
tie two rows OF counters from dupii
Gates on the opposite side Of the room
Settling cieFGs. who take their place
90 hig'l stools behind tile outer row
Of counters. face Nc wa,ss. Those a
the I1ner conntars lace tie cauaer aisle
At the elbows Of the settling clerk
stand their assistants. Tb0 gre &c
gulre1 TO sign TIE exchange slips PIE
gentpd with each package Of checks.
- Tire clocl near5 10 ore glance
from the high dome. With t. row o
electric lig3es. To tie scene below. I'll
cIerEs sc t..r coitsaFtt.4c:sts ha;'t, mai
Themselves cclufBr.al1ies< To m<Fsen
ecFs standing Of Gaze befo1c thea
haze slulg iho.f bsgs AMI go rfaG.
4 fniugta passes. s Blal appears 2
tie rossru.n IN the gallery and rings
gong tstiec. Eyes baIoir are rpliEie
rs hr makes M announcement aDoa
out Of town bafihl that I'll h,reaftc
clear through different correspondent
That Ii not OF particular interest. bu
he pauses briefly and then utters th
magic word. "Clearingf'
The messenger Tor Iaus No. ! crosse
the room ~ ono end Of the counter
aud takes tie place Of No. So. who BIZ
moved down a pace. Sinui.aneousl
| ffty other men have tal:en step 10
ward. and the tramping and scrapin
OF feet come regularly. No. ha
slapped an envelope down before Oh
CLERK nj No. gT'g compartment. droppe
a ticket into a slot. offered an exchani
slip for signing and passed on to ~
60 without uitering . word. Each
No. Is ffty associates has duplicate
his performance IN every detail, al
30 the exchanges. as they are Gale
have been fairly started.
In the meantime the settling cierl
are doing their share Of the woT
Long sheets or paper In front OF the
are being oiled, out with the Got
amounts o. the checks presented
the men who are circIIng about q
counters, making monotonous but n
unpleasant sounds with their fee
Suddenly, when you are Just bcginnli
10 understand what II II Nil about,
halt Is called. 80 one gays anythin
but every one stops. You ask VII
and some one says the exchanges ha
been completed. You ask how $50
100000 can change hands In exact