The Dickinson press., 1908-03-14
Methods Of the Big Bank Ex-
change in New York City
MARCH OF THE MESSENGERS
The Way Millions on Millions Of Dollars q"
Checks Change Holders IN Few Mlautes
In the Daily Balancing Of Accounts
Between Banks

Tor 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
1eftly 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-
lemned forever by his associates. But
no one seems to make q mistake, and
the visitor has no reason to worry
about the possibility of misplacing $685.
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 9:30 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 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 virtue. At
all events, it is not considered good
form in banking circles to be ostenta-
tious. A strong bag even though it be
old and chafed is just as good vehicle
for q fortune as 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 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 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 at the compartments have made
themselves comfortable. The messen
gers standing at ease before then
have slung their bags and are ready
A minute passes. A man appears al
the rostrum in the gallery and rings q
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, bu
he pauses briefly and then utters th'
magic word, "Clearing!'
The messenger for bank No. crosse.
the room at one end of the counter
and takes the place Of No. 81, who ha
moved down pace. Simultaneous!
fifty other men have taken step for
ward, and the tramping and scrapinl
of feet come regularly. No. ha
slapped an envelope down before tn
clerk at No. 97's compartment, droppet
ticket into slot, offered an exchang
slip for signing and passed on to Nc
96 without: uttering a word. Each o
No. rs fifty associates has duplicates
his performance in every detail, AM
so the exchanges, as they are called
have been fairly started.
In the meantime the settling clerk
are doing their share of the worh
Long sheets of paper in front of ther
are being filed out with the tots
amounts of the checks presented b
the men who are circling about th
counters, making monotonous but nc
unpleasant sounds with their fee
Suddenly, when you are just beginnin
to understand what it is all about,
halt is called. No one says anything
but every one stops. You ask VIII,
and some one says the exchanges hay
been completed. You ask how $500
100000 can change hands in exact
fifteen minutes by the clock, and Il
same person looks at you %!th pit