The Washington times., 1912-06-16
IN LOCAL FINANCIAL CIRCLES
Rx I. A. FLEMING.

There is no question but what the
majority of the bankers of Washing
ton would welcome a change In the
hour of daily clearings from II o'clock,
the rule now, save on Saturdays. when
10 o'clock Is the hour, to 10 o'clock
every business day In the week.
1T 10 the one thing needed to facili-
tate business, a modern method that
might well be adopted by the banks Of
this city," said George w. White, presi-
dent of the National Metropolitan Bank,
and former president Of the District
Bankers Association. Baltimore clears
at 8 o'clock In the morning." he added,
clearing a much larger business than
We do. New York, with its billions in
the aggregate of daily checks. clears
long before we do, and other business
cities have 8 and 10 o'clock clearing
hours, while Washington. with It's ST.
$4,000 checks, cannot get them out Of
the clearing house until after II o'clock.
I have made the effort twice to have the
change made. but have not succeeded"
Chicago is about the only large city
that still clings to the old-fashioned
way Of clearing at II o'clock.
W. d. c. Street, long manager OF the
Chicago Clearing House, says: owing
| to the comparatively late hour at which
our clearings are made (admitting IT.,
, II is the practice of a number of our
banks to exchange checks before clear
ings, thus getting them into the book
keepers hands and doing away with
| the necessity Of carrying such large
| bundles of checks to the clearing
house. '''..
OF late at least one Washington in
stitution has commenced sending
| around after checks before clearings,
in order that its bookkeepers may not
have to work overtime In doing busi-
| ness.
| In Minneapolis the banks have be-
come accustomed to this method, the
bank holding the checks taking re-
ceipt and charging the amount In the
late.
| In Baltimore the clearing hour is
o'clock; one clearing daily, and there is
no necessity for banks sending around
| The checks Of the previous day are
| prepared for clearing and first mail In
the morning checks are also added.
| In Milwaukee the clearings are made
and trust companies endeavor to facili.
tate business by sending around to
other banks for their checks:
Most OF the local banks have their
|
o'clock and between that hour and lilo
there is nothing for the bookkeepers to
| Ido-they have to wait for the return OF
| checks from clearing house. In the
case Of some of the large institutions
II is necessary to work the force until
late in the evening, whereas an hour
earlier in the morning would greatly
facilitate the transaction of business.
First mail checks and drafts invart-
ably get in the cleanngs every day and
| the more important documents OF the
second mail, although small checks and
| drafts are ignored.
/ John Poole, cashier of the Commercial
| National Bank, is especially urgent in
advocating an earlier cleartngs, FOR rea-
sons Of business policy.
w c. Worthington auditor of the
the plan Of sending around for checks
in Washington, in advance Of clearings
In order that the clerical help might
start in on its work with some chance
have a short luncheon period daily. He
and all other officials of the company
urge the adoption Of earlier hours for
clearings.
American National. believes an earlier
| hour would be decidedly advantageous
Frank w. Stone. vice president OF the
National Savings and Trust Company,
Cashier Ridgeway, of the District Ma
| tional Bank, considers 10 o'clock the
proper hour and expresses the belief
that 1T would be the best movement
Washington banks could make, in more
| ways than one
e. r. Walters, treasurer-cashier OF
| the Citizens Savings Bank, declared
that such a movement, the changing
of the hour from II o'clock to 10 o'clock.
ought to be advocated by everyone, In
| the interest of the speedy transaction
| Of business: the return of checks that
are. for any reason, void. and economy
| of time"
II they can clear in Baltimore at 9
| o'clock Washington banks should be
| able to clear at 10 o'clock. the more
20 as the 10 o'clock clearing on Satur-
day has demonstrated it's practicability.
Washington probably has more checks
| Of the no funds order passing