Cheraw chronicle. [volume] (Cheraw, S.C.) 1896-2005, 1908-03-26
THE CLEARING HOUSE
Methods of the Big Bank Ex.
change In New York City.


lars In Checks Chan9o 1oioers in
Fow Minutes In the Daily Balancing
of Accounts Between Banks.
"Clearingr' 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, If so, whether he would be con-
demned forever by his associates. But
no one seems to make mistake, and
the visitor has no reason TO worry
about the possibility Of misplacing $2S,-
100000 even for half a 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 9:3O o'clock,
when the vanguard of bank runners
makes it's 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 it came from
printed across the end. More often 1t
bears no distinguishing mark.
Further, its identity is frequently
hidden behind an exceedingly shabby
exterior. That is perhaps virtue. at
all events, it is not considered good
form in banking circles to be ostenta-
tious. A strong bag even though 1t be
old and chafed is just as good vehicle
for a fortune as a new one and is less
likely to produce burnings in the heart
Of a thug. So this is the reason why
the young men who sweep up the mar
BILE stairs look as if they were carrying
bags filled 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 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 second
counter and between the two a rack for
hats 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-
sented 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 ut the compartments have made
themselves comfortable. The mcSSen-
gers standing ut case before them
have slung their bags and are ready.
4 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
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, "Clearingw
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 a step for
ward, and the tramping and scraping
Of feet come regularly. No. l has
slapped an envelope down before the
clerk at No. 97's compartment, dropped
a ticket into q slot, offered an exchange