Evening journal., 1911-06-15
NEW NEWS OF YESTERDAY
The Ungratified Ambition
of a Famous Clearing
House Manager
By @HoIIand.-


One Of the most famous managers in
the history of the worlds largest
clearing house association--that of
New York city-was the late William
A. Camp. He held that position for
nearly a quarter of a century, and in
that time he carried the Clearing
House through two famous panics--
those of 1873 and 1s93-and several
lesser financial disturbances. No finan-
cial history OF the country OF the
period from 1870 10 1894 would be COM
plete without paying considerable at
tention TO the activities Of Mr.. Camp
as manager of the New York Clearing
House Association and the work of
that institution under his management
Yesterday | told of the improvised
institution of research which Mr..
Camp, as manager Of the Clearing
House. conducted TO test the minds
ability 10 count without external aid
Mr. Camp was a man OF delightful
whims. and this was one of them. But
there was yet another whim which had
even greater hold Of him. II became,
in fact, the great consuming ambition
OF his life as manager of the clearing
house.
This institution" he said to me one
day, us established for the purpose of
making Il possible TO exchange easily
the checks and drafts which the banks
that are members of the association
have received upon deposit or which
are drawn against these banks. Every
bank comes here at a certain hour Of
the day with checks or drafts, which
- kI..N
ceived upon deposit within twenty-four
hours Then the clerks go around pre-
senting the drafts TO representatives of
each bank. In that way the exchanges
are effected, for every bank is credited
with the drafts which it has presented
for collection and is charged with the
items presented 10 il for collection.
Then, If there be any balance, the
bank must pay IL in to the clearing
house, which settles with each bank
With this explanation in mind, you
will understand the nature of the
wish which has been with me every
day when the Clearing House Asso-
citation opens.
1T occurred 10 me. / should think,
some ten years ago, that it would be
q wonderful thing II one days ex-
changes in the Clearing House so ex-
actly balanced that there would be-
nothing to pay over See what they
would mean II would mean that all Of
the sales and purchases of commodi-
ties which we're represented by these
checks and drafts and which have
taken place in any one day would ex-
actly balance one another, just as If
you swapped your pocket knife for
somebody else's penholder on an even
basis. The more l thought Of this the
more anxious | became that it should
happen at some time during my SER
vice as manager Of the Clearing House
that the exchanges would exactly bal
ance, so that there would not be a doll
lar 10 pay over to any one, And at
last this became my pet ambition.
But though this desire came to
me a full decade ago have never been
able to see it gratihed There have
been a few times when exchanges
which aggregated a hundred millions
or thereabouts have been made with
few hundred dollars balance TO pay.
remember vividly that one day was
overjoyed with the prospect that the
exchanges would balance exactly.
What a triumph that would have been.
But was disappointed at the last
moment. And now, every day when
come here, / say to myself that hope
this is to be the day when the ex-
changes will exactly balance"
Perhaps a year later l met Mr.
Camp again and asked him if at any
time during the year the exchanges
had balanced.
NO, not yet" he said, and then ne
added sadly: But I feel sure it will
happen before my time here ends"
Again some months later, met Mr..
Camp and again asked him if the ex-
changes had balanced.
mot yet" he replied, "but I still
have hope that / will be able 10 report
that the exchanges have exactly bal
| anced."
Some time later, when saw Mr..
Camp after IL became known that he
was to retire from the management OF
the Clearing House Association, he
said to me:
Il have carried this Clearing House
through some severe panics. The ag-
/ gregate exchanges effected here have
been up into the trillions. But I have
/ got TO go away from here with one
| deep regret, for I never shall see the
exchanges at this Clearing House eX-
actly balance. And yet it might have
been, for il was all chance. and fate
was against me-"
And Mr. Camp said this sorrowfully
as though he would carry the regret
10 his grave--as he did
Copyright. 1911, by E. j. Edwards. All
pghts reserved).
Tomorrow Mr.. Edwards will tell OF
/ eThp SIV Fun that William NJ Evarft