aST THE ^0 "^If ^«%, Clearing Houste Systems. TVITH VALUABLE STATISTICS. -)tt(- PUBLISHED BY The Financier Company. • s. lEW YORK. THIRD EDITION. MAY, 1886.. <"■ THE TRADESMENS' NATIONAL BANK, 291 BROADWAY, NEW YORK. Capital, $1,000,000. Surplus and undivided profits, $250,000. NATHANIEL NILES, PresMent; OLIYEE F. BERRT, CasUer. The bank ms sbiurterad In isas ; Ra-organized nnder the If atloMl banking lavr ta IMS. Accoounto ef BAN^Rind BANKERS, MERCHANTS and MANUFACTURERS received on ^P most favorable terms. HENRY S. IVES & CO., No. 25 NASSAU STREET. NEW YORK, P. 0. Box 1,422. Transact a general banking business, including the purchase and sale of securities listed at the New York Stock Exchange, o» in the open market. Receive deposits subject to check at sight and allow interest on daily balances. Governments, State, County, City and Railroad Bonds constantly on hand for sale or ex- change, and particular attention given to the subject of investments for institutions and trust funds. Wm. p. St. John, Prtsiimt. No. 1,067, ^- B. Schenck, Cashier. The Mercantile National Bank. OF THK CITY Of NEW TORE. 191 BROADWAY. Capital, - - - - $1,000,000. ACCOUNTS SOLICITED. foHN Thompson, Presidmt, Lewis E. Ransom, Vice-President, C. C. Slade, Casiitr OF N^ YORK CiTY IM BROADMTAY. Capital, $300,000.00. Surplus and undivided profits, $205,721.92. ACCOUNTS OF BANKS AND BANKERS RECEIVED. UNITED STATES NATIONAL BANK, O F NEW YOR K. LOGAN C. MURRAY, President. EVAN G. SHERMAN, Cashier. H. M. HOYT, JR.. - - - .... Assl. Cashier. CAPITAL AND SURPLUS, $600,000. DIKECT0R3: I,nnur B KUBEAT. MORKIB K. JESS0P, CYRnS W. FIELD, O. R. HICKOX. ArB;8WoKD«. »• A. LIND LEY, JAMES ALEXANDilB, JOS. W. BW^BL. GonMpondeAe* invited and attention given to the details of yanr aaconnt. PiiiNKA^ C. LouNsnuRY, Pres' I ^JOHN G. Davis, Vice-PrcsU. Allen S.. Apgar, Cashier. MERCHANTS EXCHANGE NATIONAL BANK OF THE CITY OF NEW YORK, 257 BROADW AY. Cliai-tered as a State Bank, 1828. Beorganized as a ?(ational Bdnk, 1865. Accounts solicited. Special attention paid to interests of customers residing out of the city. AMERICAN BANK NOTE CO., "78 to 86 Trinity Place, New YorJs. (Business founded 1795.)— Incorporated under Laws of State of New Yort, 1858.— Reorganized 1878. ENGRAVERS AND PRINTERS OF Bank Notes, Share Certificates, Bonds for GoTernments and Corporations, Drafts, Checks, Bills of Exchanse, Stamps, et«. , in the finest and most ai-tlstlc style from Steel Plates, with Special Safeguards, to peryent Counterfeiting.— Special Papers Manu- factured Exclusivelyfor the Company.— Safety Colors.— Safety Papers. Work Executed m Fireproof Buildings.— Lithographic and Type Printing.— Eailway Tickets of Improyed S^les. Show Cards, Labels, and Blank Books of Every Description. TRITSTEEg : A. G. GooDALL, Pres., A. D. Shepard, Vice.Pres.,j. T. Robertson, Vice-Pres. Jas. MACDONbUGH, VUe-Pres. Wm. Main Smillie, Vice-Pres. G. H. Stayner, Treas. •J. W. Drexel, T. H. Porter, C. Meyer, ■.',.G. H. Uanforth. p. C. Lounsbury. J. S. Stout, ':•' Theo. H. Freeland. Secretary, ^i ."^•^PITAI., $.j00,0OO. " PROFITS, $1!30,000. ^'^ THE SEABOARD WATIOXAL BANK ;■•'■ ' OF THE CITY OF NEW YORK. '; 18 BROADWAY. ^W. A. PUIiLiMAN, President, - - - - - S. G. NE:I.S0N, Cashier, vS. G. BAYiyx:, Vice-President, - - - - E. G. BARGES, Ass't Cashier, ."•J CORRESPONDENTS. ''•^HILA., PA.— CENTRAL NAT'L BANK, BOSTON, MASS.— LINCOLN NAT'L BANK, CHICAGO, ILL.— TRADERS BANK. BALTIMORE. MD.— MERCHANTS NAT'L BANK. ^ Correspondence solicited. Collections receive prompt attention. ■ ' GREGORY, BALLOU & CO., EAITKEES AITD STOCI^ EEOIZERS, IVo. 1 ]Ve>v Street. Corner Wall, - j -_ - New York. MATUR?N BALLOU^' [ Members of New York Stock -Exchange. CURTIS P. GATELY. GUARANTEE TRUST & SAFE DEPOSIT CO. OF PHILADELPHIA- ' CAI»ITy\.L, ^1,000,000. THOMAS COCHRAN, President, - E. C. KNIGHT, Vice-President. JOHN S. BROWN, Treasurer, . . JOHN JAY GILR0Y, Secretary. RICHARD C. WINSHIP, Trust Officer, "THXS PHGBNIX BRIDGE CO, OF PENNSYLVANIA. Successors to REEVES, CLARK & CO., DESIGN AND CONSTRUCT ALLaKINDS OF Iron JEtailwsLy Brid.g-es, Viaducts, X^oofs, AND SIMILAR STRUCTURES. Refer to Chlcaeo, Bnrllnston & (Lulncy— Illinois Central— CWcago* BTorthwestern— PHUadel- plila,'Wllmin«;ton& Baltimore— Connecticut Alr-Mne— Portland & K.ennebec— Xortlicrn Penn- iiylvania— PhUadelphla ie R. R.— Rochester & Pittsburg. AddrGSS " DAVID REEVES, President. - - , „ - ^ - , - ' 48 WiUiam Street, New York. ADOr.PHUS BONZ ANO- Vice-Pres't and Chief Engineer, 410 Walnut Street, Philadelphia. 'WHiI.IAM H. REEVES ,General Snp't, I _ ( phnpnixville Penn FRANK T. DAVIS, Treasurer, i j 1-noenixvme, J-enn. METROPOLITAN TRUST COMPANY, OF- THE CITT>r OF ]VE>V ^STOTLHi. Capital, $1,000,0 00, Investe d in U. S. Bonds. No. 35 WALL STREET. Designated by order of the Supreme Court as a legal depository. Will re& deposits of money on interest, act as fiscal or transfer agent, or trustee for corp8l tions, and accept and execute any legal trusts from persons or corporations on favorable terms as other similar companies. THOMAS HILLHOUSE, Fres., FREDERICK D. TAPPEN, Vice-Pres., WALTER J. BRITTIN, Secretary. THE FINANCIER, >^ A jowrnal of cwrrent events affecting investments and general newst Published by The Financier Company, J. E. EWINC, Pres't. 40 Broad. Street, IV ew "Vork. PHIIiADEliPHIA OFFICE. N. W. CORNER OP THIRD AND WAIiNUT STREETS, TTie Financier can be found on file at the American Exchange in Europe,. 44g Strand, Charing Cross, London. •,;: Subscriptions in tlie U. S. $5.00 per annum, England, Ireland and France postpaid $6.0J|« STOCKHOLDERS OF THE FINANCIER COMPANY: jllv J. E, EwiNG, President of The Financier Company. Dr. Norvin Green, President of the Western Union Telegraph Company, B'way and Dey St., N. Y. Logan C. Murray, President of the United States National Bank, No. i Broadway, N. Y. Hon. Thomas Cochran, President Guarantee Trust and Safe Deposit Company, Philadelphia, Geo. M. Hard, President Chatham National Bank, 196 Broadway, N. Y. Wm. Ives Washburn, Attorney, Drexel Building, corner Wall and Broad Sts., N. Y. John C. Latham, Banker, 16 and 18 Wall Street, N. Y. Charles Phillips, President Columbian Bank, Philadelphia, Pa. O. D. Baldwin, President Fourth National Bank, corner pine and Nassau Streets, N. Y. John B. Scott, Capitalist, Equitable Building, 120 Broadway, N. Y, George B. Hutchings, Cashier Third National Bank, 18 and 20 Nassau Street, N. Y. Gen. Richard A. Elmer, President American Surety Co., 160 Broadway, N. Y. John H. Watson, President Columbian Bank, Fifth Avenue and 42d St., N. Y L Wm. a. Camp, Manager New York Clearing House. ^ CoL. E. S. Ormsby, President First National Bank of Emmetsburg, Iowa; also President of Ameri- \ can Investment Company, 150 Nassau Street, N. Y. Hon. John J. Knox, Ex-ComptroUor of the Currency, Pres't of the Nat'l Baiik of the Republic, N. Y. John H. Washburn, Vice-President and Secretary of the Home Ins. Co. of N. Y. AOolphus Bonzano, Vice-President and Chief Engineer of The Phoenix Bridge Co., Phoenix- ville, Pa., and 49 William Street, N. Y. THIRD NATIONAL BANK. 20 & 22 NASSAU STREET, NEW YORK. Capital, r $1,000,000 WM. A. BOOTH, President. G. L. HUTCHINGS, Cashier. / Correspondents in the Principal "Cities- London- Chicago. ICincinnati. New Or- leans. Baltimore. Boston. Philadel- phia. Union Bani< of London, (Limited.) City Bank of London, (Limited.) First Nat'l Banic. Union Steele Yards Nat. Banlc. First Nat'l Bank, Fourth National Bank. Louisiana NatM Bank. CItlzens'Nat.l Bank. 1 Faneuil Hall Nat'l Bank. Boston Nat'l Bank. Maverick Nat'l Bank. Central National Bank. Corn Exchange N. Bk. Centennial Nat'l Bank. Foreign Exchange bought and sold. Orders from Correspondents for purchase or sale of Governments and othep securities executed promptly. Accounts of Banks and other Corporations, Bankers, iVIerchants, Manu- facturers and Capitalists received on Equitable Terms. CENTRAL TRUST COMPANY No. IS Nassau Street, Corner of Pine Street. Capital, $1,000,000, in U. S. Bonds. Surplus. $1,900,000, in U. S. Bonds. Allows interest on deposits, returnable on demand, or at specified dates. , Is a legal depository for money paid into Court. Is authorized to act as Executor, Administrator, Guardian, or in any other position of trust. Also as Eegistrar or Transfer Agent of Stocks and Bonds, and as Trustee for Railroad and other Mortgages, FREDERIC P. OLCOTT, President. GEORGE SHERMAN, Vice-President. . C. H. P. BABCOCK, Secretary, \ B. G. MITCHELL, Ass't Sec'y. ; BANKING HOUSE OF ' HENRY CLEWS & CO., 13 and 15 Broad Street, Opposite N. Y. Stock Exchange. 3 per cent, interest allowed on deposits siibject to cTieck on demand. ORDERS PROMPTLY EXECUTED ON ALL THE EXCHANGES For Stocks, Bonds, Grain, Provisions and Petroleum for investment or on five per cent, margin. Private wire to the Chicago Board of Trade. ^137JBroadway. JOHN C. BARNES, President. A. S. BROWJVXXiI., Secretary. WM. A. CAMP, "^V^S>1 rfjjppm^iii^ Treasurer* ■^lewa^Tr T n^gT^B^^'^ jvew York. -<-^?s^s>K. . . « DIRECTORS. JOHN C. BARNES, Piibliahor, 111 William St., KOB'T BAYLES, Pres. Market National Bank, HAL BELL, Attorney, ANDREW S. BBOWNELL, Secretary, WM. A. CAMP, Man. N. Y. Clearing House, JOS. S. CASE, Jos. S. Case A Co., WM. DOWD, Pres. Bank oTNorth America, GEO. MONTAQLTE, Pres. Sec. Nat. Bank, J. C. MOORE, Insurance, KTUART C. NELSON, Cashier Seaboard Bank, GEO. D, POND, Pres. Minnesota Mining Co., WM, G. RICHARDS, .M. D. GEO, H. SHELDON, Fire Marshall of N. Y, , J. TRUMBULL SMITH, Fire Insurance. HISTORY iOF THE:- New York Clearing House, CONTAINING A FINE STEEL ENGRAVING OF THE MANAGER. AN ILLUSTRATION OF THE CLEARING ROOM. PROOF SHEET AND RULES OF THE CLEARING HOUSE. TABLES SHOWING THE CAPITAL, EXCHANGES, BALANCES, ETC., OF THE ASSOCIATED BANKS OF THE CITY OF NEW YORK FROM 1854 TO 1885, WITH CASH RESERVE AND EXCESS OF LIABILITIES. CONSTITUTION, MEMBERS AND OFFICERS OF THE NEW YORK CLEARING HOUSE ASSOCIATION. ALSO A COMPARATIVE STATEMENT OF THE CLEARING HOUSES IN THE UNITED STATES; THE EXCHANGES OF THE CLEARING HOUSES OF THE WORLD. SURPLUS, CIRCULATION, NET DEPOSITS AND CONDITION OF NEW YORK CITY NATIONAL AND STATE BANKS, WITH DIVIDENDS FOR THE PAST SIX YEARS. THE NAMES OF THE OFFICERS. WEIGHT AND FINENESS OF UNITED STATES COINS, WITH COINAGE FROM 1793 TO 1885. THE PUBLIC DEBT FROM 1791 TO 1885. A HISTORY OF THE LONDON CLEARING HOUSE. LAWS REGARDING LEGAL HOLIDAYS ETC.ETC. THE FINANCIER COMPANY, ' PUBLISHERS. — )t(— NEW YORK. w Copyright, 1886. THE FINANCIER COMPANY, 40 Broad St., New York. PREFACE. The Financier having received frequent inquiries from its subscribers for information as to the organization and workings of the Clearing House system in this country, and especially of the Nev/ York Clearing House, has taken pains to procure all the information in its powrer on the subject and, with such other facts relating to finance as was thought would add interest to it, now presents it to its readers in pamphlet form. The tabular statements and returns published by this journal each week are not only interesting, but from their absolute correctness and reliability, have become a valuable addition to financial literature. We publish in this work, in connection with the Constitution of the New York Clearing House Association, the rules governing it, to- gether with many statistics of interest to financial readers. Our artist has been enabled to procure and furnish us an illustration of the Clearing room etc., which has never before been given to the public. We include a history of the laws regulating legal holidays in this state, with other interesting matter. A description of the London Clearing House is also presented, it being the first explanation of the London system and methods, ■ever published in this country, which we are confident will be considered a valuable and interesting feature of this work. We have availed ourselves of various works published from time to time for many valuable facts contained herein. The figures of the New York Clearing House are verified from the official returns. [The Editor.] The original of tiiis book is in tine Cornell University Library. There are no known copyright restrictions in the United States on the use of the text. http://www.archive.org/details/cu31924014029205 1 m 0iflf SPemntT Ma NAGER, NEW YORK CLEARING liP'USE, THE NEW YOEK CLEARING HOUSE. The Clearing House system was first established in London, England, in the latter part of the last century, and was introduced into this country by the establish- ment of the New York Clearing House Association, consisting at that time of fifty-five banks, with an aggregate capital of $47,000,000, which was organized October 3d, 1853, and commenced its operations on the nth of the same month. The first proposition to establish a Clearing House in the City of New York, was made by the late Albert. Gallatin, President of the National Bank, (now the Gallatin National Bank.) In a pamphlet, (pp. 124), entitled, "Suggestions on the Banks and Currency of the Several Uriited States, in Reference to the Suspension of Specie Payments," published in the year 1841, occurs the following paragraphs, viz : " There is a measure which, though belonging tO' the administration of banks,' rather than to legal enact- ments, _is suggested on account of its great importance. Few regulations would be more useful in preventing dangerous expansions of discounts and issues on the part of the City banks, than a regular exchange of notes and checks, and an actual daily or semi-weekly payment of the balances. It must be recollected that it is by this process alone that a Bank of the Uni- ted States has ever acted or been supposed to act as a regulator of the currency. Its action would not ;n that respect be wanted in any city, the banks of which would, by adopting the process, regulate themselves. It is one of the principal ingredients of the system of the banks of Scotland. The bankers of London, by the daily exchange of drafts at the Clearing House, reduce the ultimate balance to a very small sum, and that bal- ance is immediately paid in notes of the Bank of Eng- land. The want of a similar arpangement among the- banks of this city, produces relaxation, favors improper expansion, and is attended with serious inconvenience. The principal difficulty in the way of an arrangement for that purpose, is the want of a common medium other than specie, for effecting the payment of balances. These are daily fluciuating, and a perpetual drawing and redrawing of specie from and into the banks, is. unpopular and inconvenient. " In order to remedy this, it has been suggested that a general Cash Office might be established, in which each bank should place a sum in specie, proportionate to its capital, which would be carried to its credit in the- books of the office. Each bank would be daily debited or credited in those books for the balance of its account with all the other banks. Each bank might at any time draw for specie on the office for the excess of its credit beyond its quota, and each bank should be obliged to replenish its quota whenever it was diminished one- half, or in any other proportion agreed iipon. " It may be that some similar arrangement might be made in every other counljy, or larger and convenient district of the State. It would not be necessary to establish there a general Cash Office. Each of the banks of Scotland has an agent at Edinborough and the balances are there settled twice a week, and paid gen- -erally by drafts on London. In the same manner, the balances due by the banks in each district might be paid by drafts on New York' or any other place agreed upon." The above extracts contain a germ of the Clearing House system. They suggest the principal methods now in use, which have proved so advantageous, especially the certificates to be used in the settlements, the want of which was the principal difficulty in the way of a Clearing House at that time. The merit of removing this belongs to Mr. F. W, Edmunds, then Cashier, ot the Mechanics Bank. A year before the organization of the Clearing House, he induced the Bank of America, the Merchants', the American Exchange, and the Metro- politan Banks to join the Mechanics Bank in making up an aggregate sum of one million dollars in coin, for which the last named institution issued its certificates. These were received by the other banks in payment of balances, and when the de- positing banks were creditors they were entitled to a preference in their payment, and were thus saved the trouble of counting, and the risk and burden of carrying coin. These certificates were held as more desirable than coin, on account of the greater facility, expedition, and safety of their transfer. Mr. Edmunds was Chairman of the Committee, under whose direction the Clearing House was organized, his associates being Mr. James Punnett, Cashier, afterwards President of the Bank of America, and Mr. A. E. Silliman, Cashier, after- ward. President of the Merchants' Bank. The names of these gentleman are inseparably connected with the origin and early history of the New York Clearing House. But to Mr. George Curtis, President of the Continental Bank, the author of its constitution, was conceded by the common voice of his associates, precedency as regards intelligence and ability in reg- ulating and administering its powers. Though not pub' licly connected with the first movements in favor of its establishment, he made it the subject of attentive study -anH prenared a plan for its organization at a very early period. His personal influence was particularly exerted' in removing objections and bringing- the discordant elements of the Association into harmony with its general purpose. Like Mr. Gallatin, he appreciated from the outset, all the advantages that would accrue from it to our financial system; and he was unani- mously chosen as Chairman of the Committee on Sus- pensions, whose duty it was to take cognizance of all short comings on the part of the different banks. A^i that time this was the least popular, most importantand critical post in the Association. It exposed them to the jealousy of the weaker members on one hand, and to censure, for a dangerous indulgence on the other, but they exercised their powers with such justice and im- partiality, that no instance of appeal from their judg- ment is on record. Several meetings were held, and finally, at one of Bank officers on August 23, 1853, at which thirty-eight (38) Banks were represented, a Committee on Organization, was appointed viz : *F. W. Edmunds, Cashier Mechanics' Bank. *James Punnett, Cashier Bank of America. *A. E. Silliman, Cashier Merchants' Bank. J. L Everitt, Cashier Broadway Bank. *Richard Berry, Cashier Tradesmen's Bank. *R. S. Oakley, as Secretary. They reported a plan for simplifying the system of making exchanges and settling daily balances betweeni the banks, and recommended the securing of a suitable room, near, or on Wall street for the purposes of the Association. On October 3, 1853, they reported a plan, and secured a Clearing Room at 14 Wall street, and on Oct. II, 1853, the first exchanges were made. By this Committee, Mr. Geo. D. Lyman, then. Teller in the Bank of North America, was appointed Manager, and Mr. J. C. Hallock, Assistant Manager. Both of these gentlemen had plans for a Clearing House, each claiming it as original with him (notwithstanding the publication in 1841, of suggestions by Mr. James Gallatin, then President of the National Bank and the fact that the London Clearing House had been estab- lished years before. The committee used such of their details as were in the premises practical at that time. Mr. Lyman continued Manager until 1864, when he was succeeded by the present Manager, Mr. William A. Camp, who for seven years previous had been Assistant Manager. Mr. J. C. Hallock continued as Assistant Manager for less than one year, Mr. Jacob Stout succeeding him for three years, he in turn being succeeded by Mr. Camp. The functions of the Clearing House are manifold. Each member of the Clearing House Association, in *Kow deceaesil. its daily routine of business, receives a large number of \tems, consisting of checks, drafts, etc., on other banks. When the business of the day is ended, these items are due to them in various sums by other banks, and in like manner the bank itself is debtor to other banks. Be- fore the establishment of the Clearing House, each bank found it necessary every morning, to make up its accounts with every other bank, and to send its messenger to pre- sent the bills, checks, drafts, and other items held by it to the bank for pajjment The indebtedness vi^as ad- justed by payment in gold and banknotes. These becom- ing laborious as the amounts increased, and being at- tended with much risk and complication, were after- ward settled weekly instead of daily. This was obviated by the Clearing House system, through which the settle- ments are now simultaneously, and almost instantly effected, the banks settling daily with each other, with- out delay or loss. The Clearing House is situated at No. 14 Pine street, the property being' owned by the Associated Banks. The operation of Clearing is performed in a large well-lighted hall. [See illustration]. Each bank member of the association sends daily to the Clearing House two clerks, one designated as delivery clerk, the other as settling clerk, the delivery ■clerk to distribute the exchanges, and the settling clerk to receive the exchanges from the delivery clerks. They assemble a little before ten o'clock, at which hour (promptly) the operation of clearing begins. Upon the entry of the settling clerk, he furnishes the Manager with a credit ticket, showing the amount of exchanges brought .by his bank. No 25. New York Cleai Oct. Credit NAT'L BROADWAY BAlfK, ing House. 1st, 1885. $1,446,815 90 J. E. Smith, Settling Clerk. At ten o'clock the manager takes his position on the platform with his- Assistant Manager and staff, one of whom is a Proof Clerk, who has a Proof Sheet (see pp. 8-9), upon which he enters the Credit Tickets (the third column). After the exchanges are made, each Set- tling Clerk sends the result of the exchanges of his bank on tickets called Debit Tickets, to the Proof Clerk, who enters them on his sheet. After footing the totals of the Proof Sheet the amount brought (Credit Tickets), and the amount received (Debit Tickets), should be the same and the resulting balances should also prove. In case of a difference, it is announced by the Manager, and the Settling Clerks revise their work, and when errors are dis- ^ o 00 ^ o 3) O O O m -< o ?s O r- m > O F m 'covered, aCorrectionTicketissenttotheProofClerk, who ■ corrects the amount against the bank making the error, when the proof is announced.. At the tap of a gong, the Settling Clerks occupy their respective desks, with their settling sheets before them, upon which, opposite the names of the various banks of the association, is entered the amounts brought in exchanges against each bank. The Delivery Clerks with the exchanges in boxes arranged in consecutive order for delivery, in front of their desks, have a receipt list (or as it is termed. Delivery Clerk's Statement), with the amount of exchanges opposite the name of each bank set down in order of delivery. The manager upon the first stroke of the gong, surveys the assembled clerks to see that all are present. The second stroke is a signal for the clearings to begin. Each Delivery Clerk advances to the next desk at which he delivers the exchanges and receipt list; each Settling Clerk upon receipt of the exchange, receipts for it, and enters it on his settling sheet opposite the name of the bank from which he received it; thus the exchang- ing continues until every bank has been visited, and the Delivery Clerk has returned to the desk occupied by his bank. While he was making his round, his bank has been visited by every other Delivery Clerk. In about (lo) ten minutes the exchanges are made, bringing each Delivery Clerk back to the standing point opposite his own desk ; his statement, signed by every Settling ' Clerk, is a voucher to his bank that he has delivered all the exchanges he has brought to the Clearing House. In about (lo) ten minutes the exchanges have been made, and the Settling Clerk has entered on his ■ settling sheet, opposite the name of the banks, the various exchanges he has received, thus having a record on his sheet, of the amount brought, and the amount received from each bank. There is no part of the Clearing House routine that exhibits such striking results in economy and safety, compared with the old plan of exchange. By this movement of ten minutes, over four thousand packages of Checks have been dis- tributed and receipted for by a method that almost ex- cludes possibility of loss or error. The same work on the old plan occupied each Messenger or Delivery Clerk many hours each day and was attended by great risks in going from one bank to another. The Delivery Clerk now receives the exchanges left at his desk from the other banks, counts the number of packages, and compares them with the Settling Clerk's sheet, and'if cor-- rect takes them to his bank ; the Settling Clerk remains to make proofs ; he foots up the aggregate he has received from the various banks, and then makes a ticket •called Debit Ticket, which is sent to the Proof Clerk on the platform who has already entered on his^ sheet (the Clearing House Proof), the first amount from the credit ticket opposite the name of the bank, thus making the aggregate amount of all the exchanges brought to the Clearing House. No. 25. New York Clearing House. Octolber 1st, 1885. Debit SATIONAl BROADWAY BASK, Amount receiyed, $748,078 34. Credit " " Brought $1,446,815 90. S Debit balance flue Clearing House Cr.bal. due irATIOlVAL. BROADWAY BAXK. $69S,737 56. Settling Clerk. ■» The Debit Tickets are entered as they are sent up to the Proof Clerk with the amounts brought and re- ceived ; also the Debit or Credit as the case may be ; thus when all the Debit Tickets are received by the Proof Clerk on the platform the amount brought and the amount received should correspond, as well as the balances. See proof sheet (pp. 8-9). While the proof is in progress, each bank has received a small ticket from every other bank, with the amount of exchanges delivered to it, to check back by — as the ex- changes have gone to the bank. No. 6. BANK OF AMERICA From BTo, US, ITATIONAI, BROAJbw^AY BAJTK. This ticket ought to correct all errors in entry ; thus if any Settling Clerk copies a wrong amount from his ex- changes, the clerk by this ticket discovers the mistake by comparison with the original entry made on the set- tling sheet at the time of delivery, and Vice-versa. So per- fect is this system of alternate revision,- that an abso- lute proof is always made. The general proof is an agreement in the aggregate of the amount brought and received, the Debit and Credit Balances being the same. The differences are generally announced in about half an hour, as proof is seldom struck at first Various ways are used to detect errors, such as "exchange sheets to the right, or left for examination of footings, and other methods are resorted to for the detection ot mis- takes, according to the nature of the difference, and in cases of apparent error in entry, the amounts are called off If proof is made inside of forty-five minutes from the - time of oegining to exchange, no fine is imposed, and the proof is annomiced^but if more than that time is occupied by errors etc., the bank or banks causing the delay are fined. SCALE OF FINES. Forty-five minutes from the hour of commencing, viz.. ID o'clock, A. M., will be allowed for a Proof. For all errors, remaining undiscovered at 11.15 a. m., the fines will be doubled, and at 12 m., quadrupled. ist-^AU errors on the Credit side of the Settling Clerks' statement (i. e. in the amount I brought) whether of footing or entry, and all 1 ' errors causing disagreement between the credit entries, the check tickets, and the exchange slips — each, - - 3 00 2d. — Errors in making the Debit (i. e. amount re- ceived) entries, each - z 00 3d. — ^Errors in the Tickets reported to the Clearing House, causing disagreement between the balances and aggregate — each - - z 00 4th.- — Errors in footing the amount received - i 00 5th. — Disorderly conduct of Clerk or Delivery Clerk, at the Clearing House ; or disregard of the Manager's instructions — each offence - 2 00 6th. — Clerk or Delivery Clerk failing to attend punctually, with statements and tickets com- olete, at the morning exchanges ■ each - 2 00 7th. — Debtor Banks, failing to a^pf-M o pay their balances before i .-30, p. m. - - 3 00 8th. — Errors in delivery or receipt of exchanges — each - - - - I GO' Clerks will be required to conduct themselves in a quiet and orderly manner, to be attentive to their duties, and to remain at their desks, while the proof is being made, and until it is announced. Loud con- versation, or anything tending to create disturbance or confusion, will not be permitted. Extract from the Constitution of the Clearing House. Section 10. The Manager, under control of the Clearing House Committee, shall have immediate charge of all business, at the Clearing House so far as relates to the manner in which it shall be transacted; and the Clerks of the establishment, as- well as the Settling Clerks and Porters of the several associated Banks, while at the Clearing House, shall be under his direction,. 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Ti-mi-i ON :«= !>. mm ON : w i>^t^ . vO" (T) - r^ ^" li-jv© • ONod tou^ ■ li-i • -^ l-l • NN 00 « ONO r^t^t^Thcor-.N -t 0^^0 "-i •-< ON « CO -^oo onw ■'i-o "^r^OoO^ Koo ^ t-^^o nOvo w^q moo mO loQ''-' '-'vo t^ONfoo OiOoo t^^N ^t^ t-*vo i^ ^^ (-i lO « re 5^ HN^ 0^ lO 0N\0 00^ r^NO^ "TOO^CO^ lo Tt; « Tt| >-4^ ONVO -^00^ ^ o. <^ ^vo \B r-. O OCT -^ tZf^^Q^ i^ioO pToo" cT ►f t-[ m" On o" O OO^nO' tC •■<" fO !^ ^^ "^ o" fO On nT •o on m oo on r* mt^r^^Nt^Oc* 'O^T-0^f0f0C^MC^^0U->■^tHW•-^^«.M ^ m in CO 00 ^ t^ "■ S'S' •H c I ;4 300 lOror^M ^ONmt>.mr«»N O mt>. t^OO co On ^ 5 mONONfomr*rot-*w^wvo o "^ co 0»\0 r^ xooo f ONN-O \J~ty-t ^i-<>^ t^r^c^vOOO rOM QcO^O OnoO lOwOWOOO^^t^C "-« ^cOt-^lo^>.^oO ^ ONvo m ^ ^ N On m lo ^OOO I-* rooO ro lO r^ u^vO ^ i t^ « ON^O »ON fON t-^fON f- — •-" I « fn ONOO ro r^ "^ O t>. on po ^ fOOO O « -^00 00 oo \o vO ^ ONO W <- -^N f^OO N*OVOI^ fOOO -^O 00 ►-• ■Tt- -c M •* - rJ-OO ■ toco. ■ir>ro 4 vS (ONO ^00 MVO ►iO ^t^^cOO ^C ON^fO* • ^in M O "^ ■ com ¥^8^ :S;^ M toil •NO^ CO uiN ON • I-. i-T 3-:r" • ^O (S • CO If ■ 0^ • »o ■:l ■ m NO N ON NO lO >2 ^ : CmJuJ 01 o , (-1 c 2 m O "5 .a c nS C o I jn " C _ "l- — e"-S F, o 2 o o J; 6 ,2 uoOwlz; J,! c Hi pa M.2 I'f^ll s Id » c . ; d rt ma a b in S ^ td o pq §•= S o c S c ■■§-^ 2--B J4 c o! pq .2^ W c ^ rt npq B o-g II ^„!^ «5.C ti -w «*1 0(n !i Ctx "IV, j3<^ rt mTS-S (1) J< ••-• •^ rt C rt uPQ tn'oi « fO ^ m t^ O, ro *00 0^ 5 « 10 The Clearing- House Proof exhibits in one view the total amount of the exchanges, received from each bank, the amount taken away by each, the balance due to or from each, and the totals. The column on the left hand of the Clearing House Proof shows the balance due from each debtor bank to the Clearing House. This amount is paid to the Clearing House in Gold or Legal Tender notes before 1:30 P.M., for which the debit banks receive a receipt, No. 14. New York Ciear ing House, Oct. 1st, 1885. Recdved from the WALLATEf NATIOK^ BAKK, Two Hundred Seventy ' Five Thousand^ Eight Hundred Ninty Eight and 64 — 100 Dollars, in full for balance due the Associated Banks. John P. RriTER, Assistant MaTia&er. $275,898 64-100. and at 1.30 p. m. (or as soon as proof is made of the money paid in by the debit banks) the creditor banks receive their balance due to them, for which they give a receipt in a book of suitable form for that purpose. By three o'clock the settlements of the tran.«actions are completed, and it is only for the period of, say, two hours and a half, that the Clearing House has any actual money in its possession, and then simply as trustee, receiving from one to pay another. In case of the default on the part of any debit bank to pay its balance, reclamation draffs are drawn by the manager upon the Lanks who created such indebtedness on the part of said defaulting bank in proportion to their amount of said debt. To avoid the daily risk and expense attending the move- ment of coin in settlement of balances the association constituted the Bank of America as a common coin de- pository for the associated banks, to hold in trust and to issue certificates for such sums of gold as the other banks might place therein, and special safes in fire and burglar-proof vaults were constructed by the bank for that purpose. The following is the form of the cer- tificate issued by the Bank of America: No. 100.005. New York, October, - . 1885. BANK OF AMERICA. $5,000. This certifies that the Pacific Bank has deposited in this bank five thousand dollars in gold, to be held in trustas a special deposit, payable in gold on demand to any bank member of the New i York Clearing House Association, only on presentation of this 1 certificate indorsed by the bank demanding payment of i same. Teller. Cashier. i 11 These certificates are issued in amounts of $i,ooo, $5,000 and $10,000 each at the option of 'the depositing bank. They are numbered, registered and countersigned on the back by the general bookkeeper of the Bani of America, and signed by the Cashier. When they are paid to the Clearing House they are endorsed by the bank to whom issued, and stamped payable to any bank member of the association. They are valid only in the Clearing House settlements or directly between the associated banks, and are counted as part of their legal reserve. The Clearing House is not responsible for any errors, over drafts, or other irregularities that may occur in the Exchanges. These are corrected by the banks directly between themselves. Reclamation for differences, re- sulting from errors in entries on exchange slips, etc., are also corrected in the same manner. Rules of the Clearing House Association. ist.— RETURN OF CHECKS, DRAFTS, &c., for in- formality, not good, mis-sent, guarantee of endorse- ment, or for any other cause, should be made before THREE o'clock, of the same day. 2nd —RECLAMATION FOR ERRORS of any kind, in packages of Legal Tender Notes from the Clearing House, in settlement of Balances, should be made before one o'clock, on the following day. 3rd.— IN NO CASE SHOULD CHECKS, DRAFTS, &c., BE RETURNED THROUGH THE EXCHANGES, CXCept fOT inform- ality or endorsement, and then, in each case, they should be certified, and theamount limited to $5,000 to each Bank. 4th.— IN CASE OF A MISSING ITEM in an exchange, the claim should be made at once, by returning the entire exchange, with a memorandum stating the na- ture of the claim. jth. PACKAGES Containing Legal Tender Notes, to be used in payment of Balances at the Clearing House, should be made up in even amounts of 1,2, 3, 4, 5, 10, and $20,000 each and all Notes of a smaller denomination than $500 should be put in packages of not over $5,000. All packages should be sealed and distinctly marked with the name of the Bank, the amount and date. 6th. DEBIT BANKS should avoid as much as possible, postponing the payments of balances to a late hour, as it sometimes causes serious delay in making up and paying the Creditor Banks, at the Clearing House. 12 The capital, cxchaneres, balances, with arerage daily ex- changes and balances of the associated banks of the City of Kew York from 1854 to 1885. Tear. No. of Ending Sept. 30 Banks. 1854" 50 1855 48 1856 50 1857 50 1858 46 1859 47 1860 50 1861 50 1862 50 1863 50 1864 49 1865 55 1866 58 1867 58 1868 59 1769 59 1870 61 1871 62 1872 61 1873 59 •1874 59 1875 59 1876 59 1877 58 1878 57 1879 59 1880 57 1881 60 1882 61 1883 63 1884 61 1885 64 EXCHANGES. Amt. brought to C. H. 750,455, 362.912, ,906,213, -13,226, ,756,664, ,448,005, ,231,143, ,915,742, ,871,443, ,867,597, ,097,196, ,032,384 717,146, ,875,159. ,484,288, 407,028, ,804,539, ,300,986. ,844,369, ,461,052, ,855,927. ,061,237, ,597,274, ,289,243, ,578,438, 178,770, 182,128. 565,818, 552,846, 293,165, ,092,037, ,250,791, ,987.06 ,098.38 328.47 718.06 ,386.09 ,956.01 ,056.69 ,758.05 ,591.20 ,848.60 ,655.92 341.89 914.09 472.20 ,636.92 ,986.55 405.75 682.21 ,568.39 ,825.70 ,636.26 ,902.09 ,247.04 ,701.09 ,441.75 ,690.50 621.09 ,212.31 ,161.34 257.65 337.78 ,439.90 BALANCES. Paid in Uoney. $297,411,493.69 289,694,137.14 334,714,489.33 365,313,901.69 314,238,910.60 363.984,682.56 380,693.438.37 353,383,944.41 415,530,331,46 677,626,482.61 885.719,204.93 1,035,765,107.68 1,066,135,106.35 1,144,963,451.15 1,125,455,236.88 1,120.318,307.87 1,036,484,821,79 1,209,721,029.47 1,428,582,707.53 1,474,508,024.95 1,286,753,176.12 1,408,608,776.68 1,295,042,028.82 1,373,996,301.68 1,307,843,857.24 1,400,111,062.86 1,516,538,631.29 1,776,018,161.58 1,595,000,245.27 1,568,983,196.15 1,524,930.993.93 1,295,355,251.89 AVERAGE Daily Exch. $19,104, 17,412, 22,278, 26,968, 15,393, 20,867, 23,401, 19,269, 22,237, 48,428, 77,984, 84,796, 93,541, 93,101, 92.182, 121,451, 90,274, 95,133,1 109,884, 115,885, 74,692, 81,899, 70,349, 76,358, 73,785, 82,01 5,i 121,510, 159,232, 151,637, 182,543, 111,048,1 82,789, ,504.94 052.27 107.51 371.26 735.88 333.19 757.47 ,520.38 ,681.53 ,657.49 ,455.20 ,040.20 195.16 16711 ,163.87 392.81 478.59 ,073.64 316.78 793.58 573.97 ,470.^!6 427.51 176.06 746.54 ;539.38 224.25 190.86 935.38 306.78 ,981.55 ,480.38 AVERAGE Daily Balances. $988,078.06 940,565.38 1,079,724. 16 1,182,245.64 1,016,954.40 1,177,943.96 1,232,017.60 1,151,987.77 1,344.758.35 2,207.252.39 2,868,405.19 3,373,827.71 3,472,752.79 3,717,413. 80' 3,642.249.95 3,637.397.10 3,365,210.46 3,927,665.68 4,638.255.54 4,818,653.67 - 4,205,075.73 4,603,296.65 4,218,377.94 4.504,905.90 4,273.999.53 4,560.822.35 4,958,008.60 5,823,010.36 5,195,440.54 5,181,128.93 4,967,201.93 4,247,069.89 Total Exchanges since Organization. October 11th. 1858, - - - $744,695,238,867.0? Total transactions for the 32 years, 777,364,685,360.80 Tota^B^anee^inc^^aniz^ion^ctobe^^0853^^^^^^^^2j6^j^6j493j7T TOTAX. KXCHANeES. The amount brought to Clearing House since organization of New York Clearing House, October nth, 1853 (32 years $744,695,238,867.03 Balance resulting for same time 32,669,426,493.77 Total transactions for same time $777,364,665,360.80 But few can comprehend the magnitude of the above sum. A simple suggestion of the manager will convey, perhaps, an idea of this enormous amount: "If Adam, when he was created, accord- ing to the Bible history, say (5885 years ago), had lived to the present time, and had contijiuously, night and day, counted every minute of the lime to October i, 1885, he rr.ust have counted at the rate of over 251 per minute, tc h? •'>, aggregated the above amount." The largest transactions for any one day since the organization wereon Feb. 28, l88i,amountingto$295, 822,422. 37 The smallest transaction for any one day since or- ganization were on Oct. 30, 1857, amounting to 8,357,394.82 The greatest balance resulting from any one day's transactions was on July 2, 1879, amounting to The least balance resulting from any one day's transactions was on Oct. 30, 1857, amounting to 489,720.32 The greatest amount of exchanges brought to the Clearing House by any one bank was on Feb, 28, 1881 The greatest amount of exchanges taken away from Oearing House byany one bank was Feb. 28, 1881 3 1,5 12,015 .47 The greatest balance paid to the Clearing House by any one bank was Nov. 17, 1868 10,585,471.31 The greatest balance paid by the Clearing House by any one bank was on April 5, 1872 4,774,039.59 Theleastbalancepaidbythe Clearing House to any one bank was on Dec. 16, 1873, amounting to 10 cents. The least balance paid to the Clearing House by any one bank was Sept. 22, 1862, amounting to i cent. To enter into the vast detail of routine would occupy 12,505,134-5+ 31.772.391.45 13 more space than is at our disposal, but we give a few items for consideration and thought as to the magni- tude of its business. It is worthy of remark that these immense transactions have been made without a loss of any nature, or difference in the book or ac- counts. To the manager, Mr. William A. Camp, is due the credit for the perfect system that has for more than a quarter of a century, and still prevails in all the details of this vast work. NATIONAL BANKS. During the year ending November i, 1885, one hundred and forty-five national banks have been organized with an aggregated capital of $16,938,000. Circulating notes have been issued to these new associations amounting to $4,274,910. These banks are located: EaBtern States 4 Banks with Capital of $ 400,000 Middle States 20 Banlcs with Capital of 2.895,000 Southern States ; . . .21 Banlcs with Capital of 2,425,000 Western States ■ 77 Banlcs with Capital of 8,743,000 raciflc States ..'. 8 Banks with Capital of 725,000 Territories 16 Banks with Capital of 1,000,000 Since the establishment of the national banking sys- tem on February 25, 1863, there have been organized 3,406 national banks. Of these 432 have gone into vol- untary liquidation for the purpose of winding up their affairs; 79 have gone into voluntary liquidation for the purpose of reorganization; 64 are in liquidation by ex- piration of their charter, of which number 38 have been reorganized, and 104 have been placed in the hands of. receivers for the purpose of closing up their affairs, leaving the total number in existehce 2,727 on Novem- ber i, 1885, which is the largest number that has been in operation at any one time. There are now, October ist, 1885, 44 national banks- in the City of New York with $45,540,000 capital and $31,875,800 surplus; net deposits, $335,396,300, and loans, $237,728,^100 ; also 28 state banks with $14,187,- 700 capital, $7, 249, 700 surplus;. net deposits, $76,011,- 4.00, and loans, $68,601,600. The whole number of banks in the City of New York, (exclusive of two banks in liquidation), is 72 (na- tional and state) with aggregate capital and surplus, $98,663,200; with net cVjpfjs%, $411,407,700; and loans, $306,329,700. From the resumption of specie payments in 1879 to Oct. I, 1880, $340,598,000.00 in gold coin have been, paid in the balances, weighing about 559 tons of 2,240 lbs.; in the year ending Oct i, 1884, there was paid $372,419,000.00 in gold coin, weighing about 6 1 7 tons, Df 2,240 lbs.; in theyearto Oct.i, 1882, $250,550,000.00 yold coin, weighing about 424 tons. Since Oct. 4, I882, the Government has issued U. S. gold certif«:at«s, and little or no gold coin is now used in the settlement of iaily balances. '* The largest amount of gold coin received in any one day since organization, in settlement of balances, was on the nth of November. 1879, viz.: $8,315,000, weigh- ing about 15^ tons of 2,000 lbs. 14 Table showing' the cash resei've and the excess over 25 per cent, of liabilities of the Associated Banks, from October, 1884, to October, 1885. Also the excess oyer 25 per cent, for the year 1882 and 1883. Week ending 1884. 1884. 1883. 1882. 1884 Reserve. Excess. Excess. Excess. October 4 $106,974,900 $29,897,675 $2,089,150 9471,825 " II 110,630,300 32,113,300 2,165,075 1,855,400 " 18 110,391,000 31,665,750 * 1 7, 225 2,788,750 " 25 111,116,000 32,182,850 ♦307,550 1,597.900 Nov. I 110,268,800 31,271,450 685,475 *I4,325 " 8 113,456,500 34,185,475 1,740,77s 3,024,950 " 15 118,813,700 37,474,525 3,673,175 *875,675 " 22 121,717,900 40,246,050 5,283,900 ♦2,071,200 " 29 123,723,500 42,267,175 6,198,97s 1,480,075 .Dec. 6 124,765,000 42,297,450 4,670,750 5,103,250 (( 13 124,991,100 42,252,500 6,256,575 6,079,925 " 20 124,547.400 40,686,625 6,894,750 5.272.175 " 27 124,762,800 40,994,775 6,748,950 3,375,400 1885. 1885. 1884. 1883. January 3 125,224,700 40,020,625 8,211,950 4,637,925 tt 10 134,956.200 139,580,300 47,644,375 14.151.57S 7,780,700 tt 17 51,148,775 17,284,225 8.674.775 '* 24 140,050,500 52,113,025 19,478,77s 10,007,575 it 31 141,956,800 53,870,975 19.298,375 7,840,050 Feb'y 7 143,589,800 54,985,125 21,094,400 6,419,700 " 14 140,871,300 51.611,075 20,010,800 3,674,825 " 21 137.755.600 49,712,850 19,761,350 18,699,975 1,209,000 (C 28 136,787,600 49,120,650 *2,3I4,775 March 7 135,816,700 47,385,100 12,820,675 ♦5,166,150 " 14 136,010,100 47,092,550 6,654,825 *S,77o,87S " 21 136,496,900 47,923,350 8,589,125 *5.455,o7S tt 28 136,782,700 48,421,725 7,724,450 *4,097,4So April 4 135,296,900 47,125,850 4,203,874 *3,'^oi,ooo tt II 137,007,900 48,405,125 3,616,425 ♦289,350 tt 18 139,877,900 50,393,575 2,566,675 624,275 tt 25 142,346,600 52,142,425 2,419,800 895,200 May 2 144,728,000 55,140,650 8o6iO0o 1,604,125 " 9 «45,777,900 55,300,725 4,455,450 5,003.825 tt 16 148,659,000 57,416,050 3.127.025 5,760,625 It 23 150,631,300 59,812,075 *6,6o7,i25 9,177,400 tt 29 151,139,900 60,768,925 * 1,975.625 9,071,650 June 6 151,071,300 60,017,725 1,341,500 9,069,17s " 13 153,878,800 61,979,925 6,896,500 8,971,050 " 20 155.378,300 62,440,500 10,020,075 8,982,900 It 27 177.585.300 63,394,425 13.121,625 9,239,92s July 3 156,807,600 61,607,900 16,302,800 6,664,150 (( II 159,840,400 63,900,725 23,853,000 8,517.925 " 18 161,544.300 64,573.47s 28,408,275 9,589.325 " 25 160,609,600 64,343,175 30,628,125 9.339.725 Angus t I 160,474,500 64,724,100 30,161,900 9,246,37s " 7 158.345.500 61,638,475 31,146,600 9,333,67s " 15 156,615,700 59,555,875 32,538,300 6,879,650 tt 22 156,292,700 58,341,475 31,649,550 5,821,825 (£ 29 154.695.400 56,910,250 31,100,375 6,224,025 Sept. 5 149,600,700 51,899,750 29,528,900 4,487,500 tt 12 147,156,900 144,210,800 49,800,900 28,294,375 3,738,425 " 19 47,177,925 28,144,700 1,907,350 tt 26 141,426,200 44,931,900 27.93S.725 874,825 Oct. 3 137,839,200 41,499,200 29,897,675 2,089,150 » Deficiency. 15 CONSTITUTION. Sec. I. The name of this Association shall be "The New York Clearing House Association." Sec. 2. The objects of the Association shall be the etfecting- at one place of the daily exchanges between the several Associated Banks, and the payment at the same place of the balances resulting from such ex- changes. But the Association shall be in no wise re- sponsible in regard to such exchanges, nor in regard to the balances resulting therefrom, except so far as such btdances shall be actually paid into the hands of the Manager. The responsibility ot the Association is ■strictly limited to the faithful distribution by the INIanager among the creditor Banks, for the time being, of the sums actually received by him ; and should any loss occur whilst the said balances are in the custody -of the Manager, they shall be borne and paid by the As- sociated Banks in the same proportion as the other ex- penses of the Clearing House, as hereinafter provided for. Sec. 3 The Association at present consists of the fol- lowing members : Bank of New York, Mercantile Bank, Manhattan Company, Pacific Bank, Merchants' Bank, Bank of the Republic, Mechanics' Bank, Chatham Bank, Union Bank, People's Bank, Bank of America, Bank of North America, Phenix Bank, Hanover Bank, 'City Bank, Irving Bank, North River Bank, Metropolitan Bank, Tradesmen's Bank, Citizens' Bank, Fulton Bank, Knickerbocker Bank, ■ Chemical Bank, Grocers' Bank, Merchants' Exchange Bank, Empire Bank, National Bank, Nassau Bank, Butchers and Drovers' Bank, East River Bank, Mechanics and Traders' Bank, Market Bank, Greenwich Bank, St. Nicholas Bank, Leather Manufacturers' Bank, Shoe and Leather Bank, Seventh Ward Bank, Corn Exchange Bank, Bank of the St^e of New York, Central Bank, American Exchange Bank, Continental Bank, Merchanics' Banking Assoc'tion, Bank of the Commonwealth, Bank of Commerce, Oriental Bank, Bowery Bank, Marine Bank, Broadway Bank, ' Atlantic Bank, 'Ocean Bank, 16 Sec. 4. Each Bank belonging to Association shall be- represented at all meetings thereof by one or more of its. principal officers, and shall be entitled, to one vote. Sec. 5 A general meeting of the Association shall be holden at the Clearing House on the first Tuesday in October in each year, at one o'clock, P. M. At every annual meeting a Chairman shall be elected, by ballot, to preside at that meeting and all subsequent meetings during the year. Whenever he shall be absent a Chair- man pro ieni. shall be appointed. At the same meeting a Secretary shall also be elected by ballot. Sec 6. Special meetings shall be called by the Clearing House Committee, whenever they may deem it expedient, or whenever they shall be thereto re- quested by any seven of the Associated Banks. Sec 7. At all meetings of the Association a quorum for the transaction of business shall consist of a majority of the whole number of Associated Banks. Sec 8. At every annual meeting a Standing Com- mittee of five Bank Officers shall be elected by the majority and by ballot, to be called the Clearing House Committee, ivhose duty it shall be to procure from time to time a suitable room or rooms for the Clearing Honse ; to provide proper books, stationery, furniture, fuel, and whatever else may be necessary for the con- venient transaction of business thereat; to appoint a Manager annually, and such Clerks as may be neces- sary ; to establish rules and regulations to be observed at the Clearing House in cases not provided for in this. Constitution, subject to the approval of the Association, and generally to supervise the Clearing House affairs. This Committee shall have charge of the funds belong-, ing to the Association ; shall draw on each Bank for its, quota of the expenses, and shall, also, at the first meet- ing of the Association after their election, submit de-. tailed estimates of the expenditures that will be required, for the Clearing House during the current year. AMendmknt — Passed Junt ^h, 1884. Add to section 8, as follows : " The Clearing House Committee IS also empowered, whenever it shall consider it for the interest of the Association, to examine any bank member of the Association, and to require from any member securities of such an amount. 17 and character, as said Committee may deem suflHcient for the- protection of the balances resulting from the exchanges of the Clearing House." Sec. 9. The salary of the Manager shall always be> fixed by the Association. The salaries of the clerks. shall be fixed by the Clearing House Committee. The Manager shall give a bond, with securities in the sum of ten thousand dollars, and each clerk m the sum of five thousand dollars, to be approved by said Com- mittee. Sec id. The Manager, under control of the Clearing House Committee, shall have immediate charge of all business at the Clearing House, so far as relates to the manner in which it shall be transacted ; and the clerks of the establishment, as well as the settling clerks and porters of the several Associated Banks, while at the Clearing House, shall be under his direction. . Sec 1 1 The Clearing House Committee shall have power to remove the Manager or any of the clerks, whenever, in the opinion of the Committee the interest, of the Association shall require. Sec 12. The hour for making Exchanges at the Clearing House ' shall be 10 o'clock, A. M., precisely. Belween the hours of 12^ and i^ o'clock, P. M., the debtor Banks shall pay to the Manager at the Clearing- House the balances against them, either in actual coin, United States legal tender notes, or in the certificates hereinafter mentioned, except fractional amounts. At ^yi o'clock, P. M., or as soon thereafter as the amounts can be made up and proved, the creditor Banks shall re- ceive from the Manager, at the same place, the respec- tive balances due to them, provided all the balances, due from the debtor Banks shall have been paid. The- Association, by a vote of three fourths of those present, at a meeting called for that purpose, may change the hour for making the exchanges and the settlement of balances. Sec 1 3. Should any one of the Associated Banks fail to appear at the Clearing House at the proper hour pre- pared to pay the balance against it. the amount of that balance shall be immediately furnished to the Clearing House by the several Banks exchanging at that estab- lishment with the defaulting Bank, in proportion to their respective balances against that Bank, resulting from the exchanges of the day . and the Manager shall make. 18 requisitions accordingly, so that the general settlement may be accomplished with as little delay as posgible. The respective amounts so furnished the Clearing House on account of the defaulting Bank will, of course, constitute claims on the part of the several responding Banks against that Bank ; but, as before stated, the As- sociation shall in no wise be responsible therefor. Sec 14. Errors in the exchanges, and claims arising from the return of checks, or from any other cause, are to be adjusted directlybetween the Banks who are parties to them, and not through the Clearing House, the As- sociation being in no Way responsible in respect to them. Sec 15. Reclamations for errors and deficiencies in specie or United States legal tender notes received at the Clearing House, contained jii bags or packages, sealed -and markbd in conformity with any rules established upon that subject by the Clearing House Committee, -shall be made by one o'clock P._ M.,-on the following day, by the receiving Bank directly against the Bank whose mark the sealed bag or package bears. Notice 0/ such error shall he sent to the Bank immediately upon dis- covery, the Association not being responsible for the contents ot such sealed bags or packages. All checks, drafts, notes, or other items in the exchanges, -returned as " not good" or mis-sent, shall be returned the same day directly to the Bank from whom they were re- ceived, and tile said Bank shall immediately refund to the Bank retumins: the same tile amount Tv^hich It had received through the Clearing House for the said checks, drafts, notes, or other items so returned to it, in specie or legal tender notes. But, checks, drafts, notes, or other items to he returned for endorsement or informality may, after being certified by the Bank returning it, he returned through the ex- changes the following morning, not exceeding $5,000 in amount to any one Bank. Amendment — Passed June i^h, 1884. Add to section 15 as follows : "In case of the refusal or inability of any bank to promptly refund to the bank presenting such checks, drafts or other items, returned as not good, the bank holding them may report to the Manager the amount of the same. And it shall be the Manager's duty, with the approval of the Clear- ing House Committee, to take from the settling sheet of both banks the amount of such checks, drafts or other items so reported, and to readjust the Clearing House statement and declare the cor. * Amendment passed May 23, i866. 19 rect balance in confoi'mity with the change so made, provided that such report shall be given to the Manager before one o'clock of the same day." Sec. 1 6. Every Bank, member of the Clearing House Association, shall furnish a weekly statement of its con- dition to the Manager, for publication, showing the average amount of — 1st. Loans and Discounts. 2d. Specie. ^d. Legal Tender Notes. t,th. Circulation. Ith. Deposits. Sec. 1 7. The Associated Banks may from time to time appoint one of their own number, or the Assistant Treasurer of the United States at New York, to be a de- pository to receive, in special trust, such coin, or United States legal tender notes, as any of the Associated Banks may choose to send to it for safe keeping. The Depository shall issue certificates in exchange for such coin or United States legal tender notes, in proper form, and for convenient amounts. Such certificates shall be negotiable only among the Associated Banks, and shall be received by them in payment ot balances at the Clearing House. Such special deposits of coin or United States legal tender notes are to be entirely voluntary — each Bank being left perfectly free to make them or not, at its own discretion. The coin or notes thus placed on special deposit are to be the absolute property of such of the Associated Banks as shall, from time to time, be the holders of the certificates, and are to be held by the Depository subject to withdrawal on the presentation of the proper certificates at any time during banking hours. Sec 18. New members may be admitted into the Association at any meeting thereof Such new mem- bers shall signify their assent to this Constitution in the same manner as the original members, and shall pay an admission iee according to their respective capitals, as follows : Banks whose capital does not exceed $500,000 shall pay $1,000 Exceeding $500,000, and not exceeding $1,000,000 2,000 " 1,000,000, " " " 2,000,000 3,000 " 2,000,000, " " " 3,000,000 4,000 " 3,000,000, " " " 5,000,000 5,000 " 5,000,000, 7)5°° 20 Any Bank, member of the Clearing House Association, -increasing its capital, shall pay, in addition to the above, a sum to correspond with these rates. But no new members shall be admitted, except by a vote of three-fourths of those present — such vote to be taken by ballot. Provided, however, that it shall be com- petent, by a vote of three fourths of those present, to impose such conditions as the Association may deem ex- pedient at the time of such admission. Sec. 19. A Standing Committee of five Bank OflBcers shall be appointed at every annual meeting, to whom all applications for admission into the Association shall be referred for examination. Sec. 20. For cause deemed sufficient by the Associ- ated Banks, at any meeting thereof, any Bank may be expelled from the Association, and debarred from all the privileges' of the Clearing House, provided a majority of the whole number of Associated Banks vote in favor thereof. .Sb:c. 21. A Standing Committee of five Officers of ^uiiKb, shall be elected at every annual "neeting, who, acting in concurrence with the Clearing H ^use Commit- tee, shall have power, in case of extreme emergency, "to suspend any Bank from the privileges of the Clearing- House until the pleasure of the Association thereupon shall be ascertained. But no such suspension shall take place unless a majority, at least, of each of these two 'Committees shall be present at the ordering thereof nj- unless the vote be unanimous. In case of such suspen- sion the Clearing House Committee shall forthwith call 1 general meeting of the Association to take the matter :nto consideration. Sec. 22. Any member of the Association may with draw therefrom at pleasure — first paying its due propoi- tion of all expenses incurred, and signifying its mtentir' to withdraw to the Clearing House Committee. Sec 23. The expenses of the Clearing House, iiv, including the expense of printing for the several Banks {which last mentioned expense shall be apportioned ■equally), shall be borne and paid as follows : *Each -Bank shall be assessed Two Hundred Dollars, and the * Amendment adopted Oct. 29, 1875. 21 ■balance itecessary after that amount, pro rata, according ■ to the average amount which they shall have sent to the • Clearing House for the preceeding year. Sec. 24. At every annual meeting a Standing Com- mittee of five Bank Officers shall .be appointed, to be '-called the Committee of Arbitration, whose duty it shall be to hear and determine all disputes that may be sub- mitted to them by both parties thereto; any member of the Association being one. Such Committee shall re- cord a brief abstract of each case referred to them, in a book to be provided for that purpose, which book shall be kept at the Clearing House, open to the inspection of all members of the Association. The first Committee shall be appointed immediately upon the adoption of this amendment, and shall serv.- until the next annual meeting. Sec 35. Whenever exchanges shall have been made at the Clearing House, by previous arrangement between members of the Association through one of their own number and Banks in the city and vicinity who are not members, the receiving Bank at the Clear- ing House shall in no case discontinue the arrangement without giving previous notice — which notice shall not take effect until the exchanges of the mornmg following the receipt of such notice shall have been completed. Sec 26. This Constitution, when agreed to by the Association at any general meeting thereof by a major- ity of votes, shall be submitted to the respective Boards of Directors of the several Banks herein named as members of the Association for their adoption. When adopted by a majority of the whole number of Banks it shall be deemed and taken to be in full force and opera- tion. Adoption shall be signified by the signature of the proper officer of the Bank to two copies hereof, one to be kept by the Chairman of the Clearing House Committee and the other by the Secretary of the Asso- ciation. A copy of the vote or resolution of the Board authorizing such signature shall be deposited with the Secretary. Such Banks as shall not adopt this Consti- tution within two months from the time it is agreed to in general meeting, as above mentioned, shall, at the -expiration of such two months, cease to he members of 22 the Association; provided the Constitution shall then be- in operation. Sec. 27. Amendments of this Constitution may be made at any meeting of the Aissociation by the vote of a majority of all the members thereof; notice of the proposed amendments having been given at a previous, meeting. Resolution — Passed June zyl, 1857. Resolved, That a fine of three dollars be imposed up-, on every Bank not represented at roll call at each duly called meeting of the Association, without reasonable excuse. The fund created by such fines to be appro- priated in such manner as may be dir^ted by the Chairman of the Association. Resolution — Passed October 2d, i860. Resolved, Any member of the Clearing House Asscj- ciation who shall pay or deliver to any party, other than a member of the said Association, the certificate.s. of deposit of the Clearing House Depositary, shall bC: subject to a fine of $100 (one hundred dollars.) Resolution — Passed February I'ith, 1865. Resolved, I'hat no member of the Clearing House Association shall be allowed to make the exchanges for, or redeem the notes or checks 'if any other Bank 'or Banks, not members of said Association, without first giving notice over the signature of one of its officers ot the fact of such redemption ; nor shall such redemption be discontinued but upon notice in the manner prescrib- ed by Section 25 of the Constitution. Amendment — Adopted April 26th, 1865. Whenever any member of the Association shall send through the Clearing House the exchanges of any Bank or Banks in the city or vicinity, who are not members, such sending shall, ipso facto, and without other notice, constitute said member the agent for said Bank or Banks at the Clearing House ; and said member shall be liable in the premises the same as for its own trans- actions, and its liability in all such cases shall continue 23 until after the completion of the exchanges of the morn- ing next following the receipt of notice of discontinuance of any such agency. Resolution — Passed May 2^d, 1866. Resolved, That the liabilities of Banks in the Clearing House doing business for Banks in the vicinity are, under the amendment to the Constitution, passed April 26th, 1865, the same as for their own transactions. Resolutions — Adopted September 22d, 1871. I St. There shall be chosen yearly at the annual election a committee of five members, to be called ' ' The Nominating Committee, " whose duty it shall be to present to the Association at each annual election names of candidates for Chairman and Secretary of the Association, and for members of the three committees on the following basis : The Chairman and Secretary shall be eligible for two successive years; and after an interval of one year, shall be again eligible in like manner. 2d. There shall be selected every year two at least _new members on each of the committees (having still three old members), and those who have been longest on the committee shall go off first. If all have been on the same length of time, then two shall go off by lot; and after an interval of one year, such members shall be deemed again eligible. A Plan for the Clearing of Gold Checks. Adopted February 14/A, 1872. is/. The New York Clearing House Association or any members thereof, may unite for the purpose of clearing checks payable in gold. 2d. The hour for making the exchanges shall be at 10 o'clock A. M. id. The debtor Banks shall pay to the Manager of the Clearing House, before 12^ o'clock P. M., the balances against them, either in coin or in United States gold certificates. 4/A. At I2j^ o'clock P. M., or as soon thereafter on the same day as the amounts can be made up and 24 proved, the creditor Banks shall receive from the Manager, at the same place, the respective balances due them, provided all the balances due from the debtor Banks shall have been paid. 5/A. All rules and regulations contained in the Con- stitution or By-Laws of the New York Clearing House Association, or amendments of or additions thereto, in relation to checks, drafts, or other items in the exchanges, as not good, or mis-sent, or any rules and regulations now applicable to the daily exchanges of currency checks, except such as may conflict with the foregoing sections, shall also apply to the exchanges of checks payable in gold. 6th. The adoption of this system shall not prohibit any Bank from presenting gold checks for payment to the Banks on which they may be drawn during the usual banking hours, nor shall such presentation reflect unfavorably on the Bank so presenting. •jih. Any additional expenses incurred by reason of ^uch exchanges, shall be borne and paid, pro rala, by the several Banks so exchanging, according to their re .•spective capitals, as now provided by the Constitution of the New York Clearing' House Association. 8/A. The adoption of the ^bove plan shall be signi- fied by the signature of the proper officers of the Banks agreeing to the same to a copy hereof, to be kept by the Chairman of the Clearing House Association ; and no Bank whose signature is affixed thereto shall be at liberty to discontinue making the exchanges as herein- before provided, except on at least twenty hours' notice to the Manager of the Clearing House, wha shall im- mediately inform the exchanging Banks of the fact Resolution— /"assetZ AprilSfh, 1872. Resolved, That the Clearing House Committee be and is hereby directed, whenever it appears, in its judgment, that legal tender notes have been withdrawn from use through the agency of any Bank member of the Asso- ciation, to make an immediate examination of the Bank in question, and, should there appear to be complicity lon the part of the Bank or its officials, to suspend said 25 Bank from the Clearing House until action of the Asso- •ciation shall be taken thereon. Amendment — Adopted April 25/A, 1876. " If vacancies occur in any of the Committees of this Association, the remaining members of the Committee shall have power to fill the same," Resolution — Passed April 26th, 1882. Resolved, That under Section 19 of the Constitution of this Association, the Clearing House Committee may refer all applications for admission to the Committee on Admissions, instead of calling a meeting of the Associa- tion for that purpose. MEMBERS OF THE ASSOCIATION. December ist, 1885. No. I. 2. 3- 4- 6. 7- 8. 10. .11. 12. 13- 14- «S- 16. I?- 18. 19. 20. 21. 23- 25- 27. 28. 29. 3°- 31- 32- 33- 36- 40. -42. No. Bank of New York N. B. A., 43. Manhattan Company, 44. Merchants' National Bank, 45. Mechanics' National Bank, 47. Bank of America, 49. Phenix National Bank, 53. National City Bank, 54. Tradesmen's Nat'l Bank, 58. Fulton National Bank, 59. Chemical Nat'l Bank, 61. Merchants' Ex. Nat'l Bank, 62. Gallatin National Bank, 63. Nat'l Batch's & Drov's B'k, 64. Mech's & Trad's Bank, 65 ; Greenwich Bank, 66. Leather Manuf. Nat'l Bank, 67. Seventh Ward Nat'l Bank, 70. Bank of the State of N. Y., 71. Amer. Ex. Nat'l Bank, 72. Nat'l Bank of Commerce, 74. National Broadway Bank, 75. Mercantile National Bank, 76. Pacific Bank, 77- Nat'l B'k of the Republic, 7^- Chatham National Bank, 79. People's Bank, 80. Bank of North America, 81 . Hanover National Bank, 82. Irving National Bank, 83. National Citizen's Bank, 84. Nassau Bank, |5- Market National Bank, 86. St. Nicholas Bank of N. Y., Nat'l Shoe& Leather Bank, Corn Exchange Bank, Continental National Bank,. Oriental Bank, Imp. & Trad. Nat'l Bank, National Park Bank, North River Bank, East River National Bank, Fourth National Bank, Central National Bank, Second National Bank, Ninth National Bank, First National Bank, Third National Bank, N. Y. Nat'l Exchange Bank, Bowery National Bank, N. Y. County Nat'l Bank, German-American Bank, Chase National Bank, Assis't Treas. U. S. at N. Y., Fifth Avenue Bank, German Exchange Bank, Germania Bank, United States National Bank, Lincoln National Bank, Garfield National Bank, Fifth National Bank, Bank of the Metropolis, West Side Bank, Seaboard National Bank, Sixth National Bank. 26 Officers of the Association. For Yeai- ending September 30th, 1886. CHAIRMAN. GEORGE G. WILLIAMS. President of the Chemical National Bank, SECRETARY. RICHARD HAMILTON. Cashier of the Bowery National Bank. CLEARING HOUSE COMMITTEE. J. D. Vermilye, President of the Merchants^ National Bank. E. D. Randolph, President of the Continental National Bank. E. H. Perkins, Jr., President of the Importers^ and Traders^ National Bank. r. D. Tappen, President of the Gallatin National Bank. Wm. a. Nash, President of the Corn Exchange Bank. CONFERENCE COMMITTEE. JAS. T. Woodward, President Hanover Natiimal Bank. Charles M. Fry, President of the Bank of New York N. ji. ji.. William Dowd, President of the Bank of North Amercia- J. L. Jewett, President of the Irving National Bank, Wm. H. Cox, President of the Mechanics^ National Bank. NOMINATING COMMITTEE. Nicholas F. Palmer, President of the Leather Manufacturers-. National Bank. Charles Jenkins, President East River National Bank. Clinton W. Starkey, President of the Orien'at Bank. Henry Rocholl, President of the German American Bank, John T. Hill, President of the Ninth National Bank. COMMITTEE ON ADMISSIONS. G. G. Brinkerhoff, President of the National Butchers' anor Drovers' Bank, J. T. Baldwin, Cashier of the Manhattan Company, George M. Hard, President of the Chatham National Bank. John M. Crane, President of the National Shoe &= Leather Bank, A. S. Apgar, Cashier of the Merchants Exchange National Bank,. , ARBITRATION COMMITTEE. Wm. a. Booth, President of the Third National Bank. Logan C. Murray, President of the United States National Bank.. John Jay Knox, President of the National Bank of the Republic^ W. H. Oakley, President of tha National Citizens^ Bank. O. D. Baldwin, President of the Fourth National Bank,. MANAGER. WILLIAM A. CAMP.. 27 TABLE SHOWING THE LEGAL WEIGHT AND FINENESS i OF THE COINS OF THE UNITED STATES, AND THEIR DIAMETER AND THICKNESS. (From Report of the Director of the Mint] Gold. Double eagle . . . Eagle . . . .• Half eagle Three dollars. . . Quarter eagle . . . Dollar (new). . . . Silver. Trade dollar. . . . Standard dollar. Half dollar Quarter dollar. . . Twenty cents ... Dime Half dime Three cents Minor. Five cents Three cents Two cents One cent Legal Weight (Oralns). 258 129 64. s 77-4 25-. 8 420 412. s 192.9 96.45 77.16 38.58 19.2 11.52 77.16 30 96 FineneR!!. (lOOOths.) 48 900 900 900 900 900 goo goo 900 goo goo 900 goo 900 900 Diameter (20ths of an inch. 7S% copper 25% nickel. 75%" copper 2$% nickel. 95%^ copper 5% tin and zinc. 95% copper S% tin and zinc. 27 21 17 16 15 II 30 30 24 '9 , 14 12 II r6 H'A 18 15 Thickness (lOOOths of an inch.) 77 60 46 34 18 82 80 57 45 47 32 23 18 62 34 60 43 STATEMENT SHOWING THE SPACE REQUIRED FOR THE STORAGE OF UNITED STATES GOLD AND SILVER COINS. Description. Amount. How Put Up. Space Required. $1,000,000 .1,000,000 1,000.000 $5,000 in i3-oz ouck bags. 1,000 in 8-oz. auck bags. 1,00(J in S-oz. auck bags. Nearly 17 cubic feet.' 250 cubic feet. 150 cubic feet. Silver dollars Subsidiary silver — MEMORANDUM. The space occupied by a bag of standard silver dollars, piled snugly in mass, is 12 inches long, 9 wide and 4 deep. Small silver (subsidiary) packs better than dollars. The weight of a, thousand dollars in subsidiary silver being 56 ounces less than that of an equal value in standard silver dollars, the spaces occu- pied by each vary but little from each other. 28 i^ist of Clearin? Houses in the United Stales, Oct. 1st, 1885, who re- port their transactions; St. Paul, Norfolk, and Minneapolis, have Clearing Houses but decline to furnish the amount of their transactions. in CO 00 •c c n t 00 CO (0 o CO CO o "E 3 (0 o (0 3 o z tn c (0 o 9 ■ ■^ H O. E o u 00 O^Hl^O NOOOO O J^C CO u^ O -^VO •* rO •-< ^O c fOM^ ChOO i-t N VO O O C tC q" tC c-T rT in d^^o ro c tfi c u -^ c nj 4) rt S "00 Ooo a; ^ bJ5o SO w C J3 12; pq M rOrOO '!^« OnM utO 0\ '^ lO O^ ■^ ^f .,_ V 1^' inrot^ d' t^ food'oo cT «" d" d" O "^ ^ "U lO^O O fO •-< HI O O N Ov a» "^ CO rOOO ONO ^00 •-< O'OVO NZ N O -^ Ot>. roc a\ --^vo ■* "-• uyaL ,_,,__ \n moo t>- CO tN.00 Ov O o « ro O rO<^ 00 t>* C ^Js: u-i « -.itoo rN.roo Q « ^ flj'*t^3>oj'0 ONTt-N^ inoo o oo o oo mvo OJ o id to f^\0 00 10 w mvo « jy J5 0N"O ^ J5 toooo "tQ Q t^mOM-*r>. lo^ m »^ cooNTj-mOvo i-< ^ t^W W i^ CTCO K ONco^ioo>0 rococo tn^o lo"^ u-)^-* in« ior^w«ovo ^vo O O Qn» N ^ W W w (Ch(Sh roOO tocoN OvO i--tCi(^t-.\5PO OvOO M N •<*• t^i^f COCO«00 OnO O ^ OnO « COON iJ-t\0 10 M CO ONVO vO O^ U-) ^ w"^CrtC0\0''t^tn^ir>^t^0''iOi^i'lioc0C4"dN ■"^>d" ^ rO N vcT ? OnO ONCOt^mTl-i-<00 cor^"-" cou^O cocoono coomocoioO r^oo a) t^ t^ »-< C4 u-jOO »0 m ^ O 10 e>. ■eJ-'O CO P< CO -^00 VO »-• 10 O t^ ^ CO t^lz o §: 00 o" Wf001«t^»omrorO^MCIMMtH N ^^oc<^^ a. s t..c 0) 4) .2 a. p. c Ji C :3 CO cfl -" c _ i=S j; o ca 3 S~ i"iu^|t: SS^Q> gM^^^rt go£E2sW .^a^ ^ ;? ^<^ w rt o £.,;q ^ H^u (^ £ J ^ H^o ,^£,w m HJ < ^ hi.^ fOVO 00 lilOO OOVOvO C^VOVOvOOO COOO iM CON woo OnO t-" cqvO •<^u->'<;|-l>.ii-j Lo to tovD vo to t^vo r-vo VO t^vo 00 to f^ r^ t^ t^-o vo oo vo t^ t^ r^vo oo i>.oo oooooooooooooooooooooooooooooooooooooooooooooooooooooooooooo 29 THE EXCHAIVOES OF THE Principal Clearing' Hoxises OF THE WORLD, FOE THE TEAR 1883, ES MILLIONS OF DOLLARS. The date of 18S3 Is nsed, ag we have no later fall record of London and Paris for comparison. The subjoined, carefully prepared tabular statement of the volume of Exchanges of the principal Clearing Houses of the world, is interesting and instructive, and will no doubt be a surprise to many of our readers. London has been conceded to be the great m'oney centre of the world, and even Paris was supposed to be a. powerful rival, in the great bulk of exchanges of New York. The figures as shown in this table require the- modification of these opinions relative to financial centres. Chicago and Philadelphia, each, by more than three times exceed Paris in the amount of their annual exchanges, as the same appears by the operation of their respective Clearing houses, and Boston surpasses Paris four times in the same direction. Our great Metropolitan City exceeds London in the volume of her annual exchanges by more than $8,000,000,000, and lacks only $2 73, 400, 000 to equal the aggregate exchanges of London, Boston, Philadelphia and Chicago, We commend the examination of these summaries to our readers as a measure of our material greatness and the earnest of our rapid and continued progress : Year— 1883 New London, Month. York. Eng. January 3.308.9 2,662.1 February 2,997.6 2.408.9 March 3>°95° 3.623.8 April 3.084-4 2,492.3 May 3.205-0 2,470.7 Tune 3.012.0 2,327.6 July 2,755.3 2,463.2 August 2,981.2 2,273.2 September 3,042.0 2,096.3 October 3.831-7 2,430.3 November 2,890.0 2,312.4 December 3.230.2 2,294.1 Phila- Chi- Paris, soston. delphia. ^cago. France. 329-2 243-5 207.2 78.9 278.8 212.8 170.2 65.2 287.4 237-3 197. 1 73-5 292.4 220.5 188.0 62.1 30s -7 232.9 229.1 66.9 291-5 244-4 239.2 68.0 296.5 235.0 212.1 57-S 258.4 238-3 198.4 64-S 253.0 219.9 212.9 64.9 326.2 265.3 233-4 65.1 305 -5 222.6 212.8 82.1 291. 1 240.0 225.2 64.5 37,434,3 28,854.9 3,515.7 2,812.5 2,525.6 813.2. 30 c o o 3 o o 0) (0 3 3 CO a (B o c to ID o CO c (0 75 c o (0 z > o ji ■ ■ ms= i8>,'a>Bfelii : ■* o : «W id :=IS if 5d "tag : at^i^z s3 -.^.g g « t ' S S S sS S =a S S s «■= S£ B'^ "cSd«d^nifeWi4 d-g-^*:B g 5r+lA*r_!rlI^._"K:^Xn«i-hS!r_'feW'Ti ^•0 5 3 :So§jat; w.^k' .1-1 a j^S' •g|(jlB^a£|"c__„_ ^ .„,_ .aa|ll.s«^ :S5a tp o m "^ fi o m Ti; o kfi r- o (o f-i w Q CT m M qj f- « Q CO 55 ,^.X 05 in Sim 00 ■-( CD •poj-eioecr pnapiATd ■^ ^ -s Hj <^ ►^ Jzi t-B 15 - Hj Q K, >^ [z; '-S >-= ^ K "-= "^ "^ •-& «uio'c«t-©^t-oocooo«5gA«mai-*QQQai6^ Sco'^c oniNScoa 2NQOQQQOC • • es CO * d-2.2 a fl (^ o d oS e « ;a :aapq&D5®w •.tzz'^va^^ ill :i|i| i^^S^S «cin 5|5g|pzSs-gsNfl^2S| "S«Sipl|2Sa|g5"3.i|1|^ ^■3.2-§2||3^|gSg«s".2Sj giai!gHfaO>SOaSOiJmM-^ZZSlliZot.aaMlgZ!aa:ZooO |aZM IZ^O a a « ®'?,SB aooqeaoOf-i^aa-goSWa" !«-■ ff'Sa g go S|gr -~ o OlQt-OQmC.-i«M"*tDOM«'^iftC-01 31 O 3 . 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Oi ^ •-" 00 « ■-« cJ'noo"'-*' ctNcom PlOt-SQ s oo-4847 1848 " 1849 1850 1851 1852 " 1853 1854 '■ 1855 1856 " 1857 1858 " '!i9 i860 i86i 1862 " 1863 1864 " ' 1865 1866 1867 1868 1869 1870 1871 1872 " '!73 '• 1874 " 1875 1876 - ■ 1877 1878 ' " 1879 i88a 1881 1882 1883 1884 1885 Dec. 1st, 1885 3.573.343-82 S.250,875.54 13,594,480.73 20,601,226.28 32,742,922.00 23,461,652.50 '5.925,303-01 15,550,202.97 38,826,534.77 47,044,862.23 63,061,858.69 63.452,773-55 68,304,796.02 66,199,341-7' 59,803,117.70 42,242,222.42 35,586,858.56 31.972.537.90 28,699,831.85 44,911,881.03 58,496,837.88 64,842,287.88 90,580,873.72 524,176,412.13 1,119,772,138.63 1,815.784.370.57 2,680,647,869.74 2,773.236,173-69 2,678,126,103.87 2,611,687,851.19 2,588,452,213.94 2,480,672,427.81 2,353,211,332-32 2,253,251,078,78 2,234,482,743.20 2,251,690,218.43 2,232,284,281.95 2,180,394,817.15 .2,205,3(31,142,10 2,256,205,398,20 2,349.567.232.04 2,120,415,120.63 2,069,013,319,58 1,918,312,744.03 1.884,171,478.07 1,830,528.923.57 1,876,424,275.14 1.833.857,832.18 44 THE LONDON CLEARING HOUSE, The first evidence we have been able to procure of Clearing House transactions in London, is from an entr}' in the books of Messrs. Martin & Co., Bankers, in 1773, which reads: " Quarterly charge for use of Clearing room 19s. 6d.'' In 1775, the bankers, it is supposed, (although the evidence as to the fact is not positive) used a building in Lombard street for the convenience of exchanging checks and other securities and reducing the amount of actual money to be used in the settle- ment of the same, from which the present system un- doubtedly developed. For many years there was a strong opposition to the system by some of the principal bankers ot London, which gradually was withdrawn, as its advantages were demonstrated, and in the year i8ia we find, from the best sources of information we can obtain, the number of banking houses represented in the Clearing House to have been forty-six (46). It is more than probable that the system really orig- inated from the desirability on the part of the bank messengers to avail themselves of methods suggested by the requirements and necessities for the reduction of time and labor in accomplishing such result. The ale house was in those times (and possibly still is) the general resort of the overworked laborer in most lines of business, and the natural sequence of such as- sociations would be the discussion of plans for their re- lief Experience taught them that by offsetting with each other the various amounts held by each, a reduc- tion of labor as well as responsibility was attained which naturally grew into a crude system, capable of improve- ment and development by larger minds and talent It is a little remarkable that no authentic records can be found, if any, of the transactions until 1840, and they are so imperfect, and with so little detail, as to be of small value. It was not until after the establishment of the- New York Clearing House, that any attention was paid to statistics of the transactions, but the perfect system established by that institution has aroused the manag- ers of the London Clearing House to the importance ot correct record? in detail, which are proving the value of such statistics for financial purposes. The London Clearing House is situated in Post Office- Court, Lombard street. The Clearing banks are : The Alliance, The Bank of England, Messrs. Barclay & Co., Messrs. Barnett & Co., Messrs. Bosanquet & Co. , Messrs. Brown, Janson & Co. , The Capital & Counties Bank, Limited, 45 The Central Bank of London, Limited, The City Bank, Limited, (including- City Bank and "Aldgate Branch.") The Consolidated Bank, Limited, Messrs. Dimsdale & Co. , Messrs. Fuller & Co., Messrs. Glynn, Mills & Co., The Imperial Bank, Limited. The London & County Bank, Limited. The London Joint Stock Bank, Limited, (including London Joint Stock Bank, "Southwark Branch.") The London & Southwestern Bank, Limited (includ- ing the London and South Western Bank, "Finsbury Branch. ") The London & Westminster, Bank, Limited. The London & Westminster Bank, Limited ("South- wark Branch." Messrs. Martin & Co. The National Bank. The National Provincial Bank of England, Limited. Messrs. Prescott & Co. Messrs. Robarts & Co. The Royal Exchange Bank, Limited. Messrs. Smith, Payne & Co, Th*e Union Bank of London, Limited. Messrs. Williams & Co. The methods of clearing vary so much from that of the New York Association, that we give a brief description of it. In New York everything is done exactly on time and in the most perfect quiet and order, the Clearings occupy- ing but ten minutes. We quote from a book published in London in 1884, by W. Howarth, F. R. Hist. S., etc., on the Clearing House system and " Clearino;^ Houses. " After describing the Cleiaring Room he sayg : "The men who transact the Clearing business for the " various banks are called 'Clearers. ' Each bank has ' ' two sets of books ruled, the columns being headed with " the names of the different Clearing Banks. One of these " sets is used at the bank itself, the other at the house. " The men who enter in the 'clearing books,' (as they " are called) in the bank are called 'outclearers,' while the ' ' men whose work is in the ' house' ar^ in like manner " designated the ' inclearers. ' The ' outclearers ' in the ' ' morning send the various cheques secured by their bank " on the other clearing banks, in alphabetical order, ' ' having done which, they at once enter them in " the 'outclearing' books under the names of the dif- " ferent banks. When the first lot is entered, the batches ' ' of cheques, or 'charges, ' as they are called, on the re- ■ ' specti ve banks, are cast up, the cheques pinned together, " or ' screwed up, ' and the total entered on the back " of the last article. When all this is done the clerk •' takes the charges, numbering in all 27, and placing " them in his case, makes off for the house wliere he is, 46 " supposed to be between lo a, m. and 1 1 a. m. Arriving " there he goes around the building, depositing his charges " on the desks of the different banks on whom the drafts ' ' are drawn. Each bank does this, . and consequently as " there are-28 banks in the house the 'inclea'rers' will find "on their desks on their arrival, or shortly after, 27 " bundles of cheques etc. The 'inclearers' take with " them the 'in books' and at once enter the various " charges under the headings ofthe several banks, casting " each when entered, and seeing if the cast corresponds " with the total on the back ofthe last cheque. 'Should " the' totals not agree, the clerk sings out in a loud voice " the name ofthe bank with whose total he differs, and the " representative of that bank is obligedtogotothedeskof " the complainant and take with him his 'out books.' The " items are tken run over and the mistake detected and " rectified. When the 'inclearer' has entered and " agreed all the charges on his desk, he puts the cheques "etc. in his case, and returns to his office, taking with him "his 'out books.' The morning clearing is generally " over by noon. On arriving at his bank, the clearer " hands the drafts over to the .clerks whose business it " is to pay the clearings, who examines the articles, and " if everything be regular, and the customers have the " money, pay them. The afternoon clearing com- " mences at 2:30?. m. by which the 'outclearer' has " repeated the process already described as comprising '• the morning out-work; and a runner is despatched to " deliver the charges as in the morning. As the 'out- " clearers ' receive drafts from the waste book and other " sources, he sorts and enters, but seldom, except on a " very slack day, has time to put an amount on any but " the first lot Thus he goes on till four o'clock, when " the Cashiers, taking no more credits, he receives no " more cheques ; he then casts his books and taking " them with him, proceeds to the house. In themean- " while the 'in clerk' is also at his post at 2:30?. m. " and finds awaiting him several charges which he " enters on, as a continuation ofthe morning work. As " the time passes the runner makes his appearance " more frequently and the charges drop on his desk " often, and still- more often. The runner from his own " bank also constantly takes from his box the charges he " has 'dealt with,' hastens with them to his office and " hands them to the paying clerks, who examine and " despatch them with all speed to the men on the cash " books or ledgers. " The house is prone to indulge in a little fun during " the early afternoon, occasionally bursting forth with a " 'gloria' or bit of the National Anthem, or other vocal ■' display not quite so edifying, but as three o'clock comes ,, and goes, the pressure of work leaves no time for ' ' foolish frivolity. " Between half-past three and four, nought is heard 47 but the hurried tread of the runners, the dropping of the charges, the scratching of the pens, and the rust- ling of paper, as the ' inclearers ' with lightning-like rapidity run the items in their in-books and cast them up. "A quarter to four; the passages are thronged, the pressure more intense, the pens of the clerks Seem like express trains running down inclines, so great is their rate of movement, the charges are more frequent and heavy, and drop about the books and heads of the poor clearers like hailstones in a thunder storm. Five minutes to four : if anything a still harder pull. Four o'clock ; the runners are pouring in very fast, bearing out their names, and almost more than that, for they rush in and out of the building like so many men escaped from Bedlam. * " Five minutes past four : the white hand of the three handed clock which is just five miimtes behind the minutp hand, is on the four; the bellstrikes; the doors are bolted, and from all parts of the room, in various keys, sometimes harmonious, though often otherwise, there arises a prolonged 'oh, oh, oh, oh!' a kind of raising the safety valve, a letting off of surplus steam, a returning to the ordinary pressure of their business, after having been for so long screwed up to such an abnormally high tension. The striking of the bell at 4-5 p. m., regulates the closing of the door, which means the cessation of any delivery of charges other than those in the house at the time. ' ' At ten minutes past four, the bolts are again drawn and a general stampede takes place of runners hurry- ing with the ' last lot of stuff' to their several banks, the receipt of which sets the whole of the internal machinery of the great clearing banks running with redoubled vigor. " But the house ! as soon as the 'inclearer' has got all the charges off his desk, in other words, when he has entered the last check or draft, he casts his book. By the time he has finished doing this the 'outclearer, ' as already mentioned, has made his advent at the house, bringing with him his ' 'outbooks. '" Most of the smaller banks divide the clearing banks into two sets, and use two books, making one book do for each set, and one clerk for each book; but for the larger banks there are many subdivisions, still the principle is the same. The grand arrangement is that these ' in ' and ' out ' books are exact counterparts of one another, so far as the ruling and heading is concerned. " Therefore when at some minutes past four in the afternoon the clearers at the house receive «the ' out- books, ' they are immediately handed over to the ' in- men,' so that each man has the 'outbook' corres- ponding with his 'inbook.' " Now -of -course it is clear to all our readers that the 48 '; 'in' work of any oank must be the ' out' work of the- " other banks, because the checks to be collected by ' ' any bank, are dispatched to the house and dis- " tributed, when the 'in' clerks ofthe several banks enter " the various charges in their ' inbooks,' that is to say, ' ' they enter in their ' inbooks ' the charges they have ' ' to pay. The clearing clerks then arrange their books ' ' so that the ' outbook ' is on their left hand, and the " 'inbook' on their right, i. e., the book which contains " the articles to be received, is on their left, while the " book containing the articles /o be paid is on their ' ' right. The ' sheet ' is then taken, and on it the clerk " next bestows all his attention. A specimen of this " 'sheet' on which the balances are entered is as follows : Debtors. THE BANK. Creditors... Alliance. Barclay. Barnett. Bennett. Bosatiquet. Brown. Capital and Courities. Central. City. Consolidated. County. Dinisdale. Fuller. Glyn. Imperial. Joint. Bank. London & Soutliwestern. London & Westminister. Martin. Royal Exchange. National. National Provincial. Prescott. Robarts. Southwark. Smith. Union. Williams. Country Clearinsj;. C. H. "This form is in reality a summary of the day's pro— " ceedings, for, when complete, it is a statement of the " exact position which each individual bank bears to- " all and each of the Clearing banks." Mr. Howarth, in his article from which the above is quoted, after giving a detailed description of the various entries on this statement just referred to, and the methods of comparisons for an agreement of the amounts of the balance — then continues as follows: "From a " quarter past four to five o'clock there is the hurrying of "theclearers from one desk to another, shouting out "for the different clerks, calling of amounts, cries of "'charge you,' 'pay you,' and so on, apparently a 4!) " perfect Babel. The noise which seems to betoken cessation of work is really a cloak, as it were, to the " busiest time of the whole day, for a settlement must "be made of all the transactions, and the clerks are "agreeing their different totals and casts, checking amounts. The rapidity with which the mental calcu- lations are made is simply marvellous ;, the clearers " run up column after column of figures with their eyes, "dotting down totals as they go on, and with the major-, ity, it is a strange exception to find^n error. "Remember, there is working and working — working "in a bank is one thing, for there is some noise and "distracting influence; but working in the Clearing " House is like working in a place where everything "tends to distract and deter the mind from action. ' ' With a man on this side and another on that, both " shouting out different questions to him at the same "moment, with a clerk from ' Glyns ' yelling out for "the cast of ' his side,' with the ' Union ' man calling "at the top of his voice to know whether he has his " 'books' (out) down yet, with the 'Imperial' man ' ' asking for the amount of some item or other, the "clearer has to remain calm, unmoved and withal "alive in every faculty to the situation, casting as if "he were in soHtude and alone, undisturbed by any, " going on in his own way. When he has marked or ' ' ticked all his balances, he returns to his desk and "waits. In the meantime while all these things have " been taking place at the House, the runner has de- ' ' livered his drafts (which he took from the ' inclear- "er's'box) to the proper authorities of his establish- "ment, by whom they are examined as speedily " as possible. All those cheques, etc., which the bank ' ' officials cannot pay, are dispatched forthwith back to " the House. The 'inclearer' at once enters them on the " 'debtor' side (left hand side) of his sheet at the end "after the cast, and then finally casts up that side. As " soon as entered, the 'returns' are distributed just in " the same manner as are the charges in the afternoon. " As the clearer sits at his desk he receives the returns " sent to him by other banks, and these he enters on "the creditor (right hand) side of the sheet. At five " minutes past five the bell once again strikes, the clerk "runs up his sheet, casting it finally, and strikes the " balance, which, ifitbeadebitone (say jCis,oog, is. 6d.). " he enters on a little form printed in red, thus : Z>rs. Messrs To General Balance. /"i 5,009, IS. 6d. " If, on the other hand, he has to receive, say £2^,' 347 2S. 6d, he uses a similar form printed iji black : 50 Crs. Messrs. - 29,347 2S. 6d. By General Balances. " Having filled up this little form, he next proceeds to •' write hi^ ticket, which will be a "green," if he is to " receive on account of the day's transactions, a " white " if he has " to pay. The green ticket runs as follows : — SETLLEMEBiT AT THE CLEARING HoUSE London, 1 88 To the Cashier of The Bank of England. Be pleased to CREDIT our Account the sum 0/ ■out of the money at the- credit of the account of the Clear- ing Bankers. -Seen by me. -Inspector of the Clearing House. This is the left hand half of the ticket, the right hand is somewhat different, thus : — Settlement at the Clearing House. Bank of England. 188 To account of Messrs . has this evening been Credited with the sum of- out of the money at the credit of the acconnt of the Clear- ing Bankers. For the Bank of England, £ " If it happens that the clearer has to pay on account ' ' of his bank, he then fills up a white form, the left and ■" right hand half of which are as follows : — [Left Hand.] SETTLEMENT OF THE CLEARING HOUSE. London, 188 To the Cashier of the Bank of England. Be pleased to TRANSFER from our Account the sum of und place it to the credit of the Account of the Clearing Bankers, and allow it to be drawn for, by any of them {with the knowledge of either of the Inspectors, signified by his countersigning the drafts'). . f [Right Hand. ] SETTLEMENT AT THE CLEARING HOUSE. Bank of England. _ 188 ^1 Transfer ybr the sum, of has this evening been made at the Bank, from the Account of Messrs . io the account of the Clearing Bankers. £ For the Bank of England. 51 This certificate has been seen by me, ._ Inspector. " When the ticket is "white," the clearer fills it up., " with the other form, leaves the little form with his " sheet on the Inspector's desk, and then hurries over " to the Bank of England with his ticket. The Cashier " at the Bank, seeing that the ticket presented to him is " signed by the manager, or other persons duly author- " ized, of whatever bank the clerk may purport to come "from, signs the counterfoil, and retains the half, au- " thorizing him to transfer a certain amount from the " account of that bank to the account of the Clearing " Bankers. The clearer on receiving the other half, " signed by the Cashier of the Bank of England, returns " to the House to get the Inspector's signature to the " transfer, which he then takes to his own establish- " ment If the clearer be going to receive, he gets the " Inspector's signature _;&'s/, then goes to the Bank of " England as before, where the same operation takes " place, on regaining his ticket, or rather half of his " ticket from the Cashier, he returns to his own bank.' A system of clearing country checks has been in operation in connection with the London Clearing House for about twenty-six years. It is more in accordance with the methods of the New York Clearing House. The country banks which have London offices or agents, receive and deliver through them the checks received in the course of business, they being assorted by each bank according to the agents names. The rest of the system being similar to the regular town clearings. The balances resulting tromi the country clearings are not really paid for, for three days, including the day on which the checks are presented and the day on which they are paid. These checks are taken to the respective agents or banks, assorted according to the banks on which they are drawn, and forwarded by mail at once for payment. The Inspector of the London Clearing House is Mr. George Derbyshire, who was elected to that place in 1852, and has filled the office to the general satisfaction of the bankers for that long period. There are four other Clearing Houses in Great Britain viz. Manchester, New Castle-on-Tyne, Edinburgh and Glasgow. There are also houses in Paris, Berlin, Milan, Genoa, and other places, all are successfully meeting the re- quirements of their respective cities, and growing in usefulness and importance. The Manchester Clearing House has a membership of" fourteen banks and bankers. Newcastle-on-Tyne eight; Edinburgh seven; Glasgow seven; Pans nineteen. 52 LEGAL HOLIDAYS. (and the payment of bills of f.xchange, &c., &c., falling due on holidays.) The first legislation in this State on this subject was in 1849, when the following- Act was passed, viz. : Law of 184Q, Chapter 261. "An Act to designate the holidays to be observed in the acceptance and payment of bills of exchange and promissory notes." Passed April 4, 1849. The people, of the State 0/ New York represented in sen- ate and assembly do enact as follows : Section i. The following days, viz., the first day of January, commonly called New Year's Day; the fourth day of July; the twenty-fifth day of December, called Christmas day, and any day appointed or recommend- ed by the governor of the State or the President of the United States, as a day of fast or thanksgiving, shall for all purposes whatsoever as regards the presenting for payment or acceptance and of protesting and giving notice Of the dishonor of bills of exchange, bank checks and promissory notes made after the passage of this act, be treated and considered as the first day of the week, commonly called Sunday, Th!s was the law from that time until 1865, when an amendment was passed providing one or more holidays, viz., the twenty- .second day of February, and providing that in case any such holiday fell on Sunday, then the next ensuing day should be observed, and that in such case all notes, bills, checks, &c., should become due and payable on the Tuesday next succeeding. This remained in force until 1870, when another Act was passed, amending the original Act of 1849, and ex- pressly repealing all Acts, or parts of Acts, inconsistent with the same(z'. e., the Act of 1870). This Act was evidently passed for the purpose or clearing up some obscurities in the amendment of 1865 — with what suc- cess is best illustrated by citing the last part of Section 53 I.: "And when either of those days (/. e., holidays) shall occur on Sunday the following Monday shall be deemed a public holiday, any bill of exchange, &c., * * * which, but for this Act, would fall due and payable on the day following such Sunday or Monday, " &c. Owing to the clumsy wording of the Act, a note which fell due on « Sunday which was properly a holi- day might be construed to fall due on the day follow- ing such Sunday, although the day following such Sun- day {i. e. , Monday) would be the day observed as the holiday instead of on the preceding Saturday, in ac- cordance with business customs. In 1872 the Act was passed tnaking the general State election day as a pub- lic holiday for the same purpose. — Laws 1872, Chapter 544. The amending Act of 1870 was again itself amended in 1873, so as to provide, that Decoration Day should be a holiday, and providing, "That all bills of exchange, &c., which shall, with or without grace, become due and payable on Sunday, or on any of the days men- tioned in the preceding section, or any Monday kept as afotesaid as a public holiday,- shall be deemed to be due and payable on the business day next succeeding their maturity." — Laws of 1873, Chapter 577. The effect of this Act was to provide that any note, ■&C., which fell due on an ordinary Sunday was not payable until the next day, contrary to all business ■customs. This error was discovered, and the amending Act of 1863 was again amended a few days later by leaving out the word Sunday, referred to Laws of 1873, Chapter 639- In 1875 an Act was passed of which the following is the full text. Laws of 1875, Chapter 27. " An Act to designate the holidays to be observed in the acceptance and payment of bills of exchange, bank checks and promissory notes. Section i. The following days, namely: The first day of January, commonly called New Year's Day; the twenty-second day of February, known as Washing- ton's Birthday; the thirtieth day of May, known as Decoration Day; the fourth day of July, called Inde- pendence Day; the twenty-fifth day of December, known as Christmas Day, any general election day, and any day appointed or recommended by the Governor of this State, or the President of the United States, as a day of thanksgiving or fasting and prayer or othet re- ligious observance shall, for all purposes whatsoevei as regard the presenting for payment or acceptance, and of the protesting and giving notice of the dishonor 54 of bills of exchange, bank checks, and promissory notes made after the passage of this Act, be treated and considered as the first day of the week, commonly called Sunday, and as public holidays; and all such bills, checks and notes otherwise presentable for acceptance or payment on the said days shall be deemed to be pre- sentable for acceptance or payment on the secular or business day next preceding such hojidays. Section 2. Whenever the first day of January, the twenty-second day of February, the twentieth day of May, the fourth day of July, or the twenty-fifth day of December shall fall upon Sunday, the Monday next fol- lowing shall be deemed a public holiday for all or any of* the purposes aforesaid; provided, however, that in such case, all bills of exchange, checks and promissory notes made after the passage of this Act, which would otherwise be presentable for acceptance or payment on the said Monday, shall be deemed to be presentable for acceptance or payment on the Saturday preceding. There is no clause in this Act expressly repealing the former Acts on this subject, nor does it mention them. It is an entirely new law, and not an amendment of the former ones on the same subject. It however su- percedes all such acts by implication, and for fhe first time made the law conform to what would have been custom in all probability had there been no statute on the subject The next amendment was one passed by the legislature in 1881, in reference to which there has been so much enquiry. As a matter of fact, the amend- ment of this year makes no change whatever in the law as passed in 1875, as far as bills of exchange, &c., are concerned. The amendment is only to section ist of that Act, and merely adds to the end of the same clause, providing that such holidays shall be observed as Sundays are now observed in the public offices of the State or Counties of this State : The Act of 1 88 1 also adds to the title of the Act of 1875 the words, "and relating to the closing of public offices." The full text of that Act is as follows: Laws of 1881, Chapter 30. An Act to amend Chaper 27 of the Laws of 1875, en- titled: An Act to designate the holidays to be observed in the acceptance and payment of bills of exchange, bank checks, and promissory notes. Passed March 15, 1881.* The people of the State of New York, represented in Senate and Assembly, do enact as follows: Section i. Section i of Chapter 27 of the Laws of 1875 entitled, "An Act to designate the holidays to be observed in the acceptance and payment of bills of ex- *This was not returned by the Governor within ten days after it was presented to him, and became a law without his signature. ^5 change, bank checks, and promissory notes," is hereby amended so as to read as follows: Section i. The fol- lowing days namely: The first day of January, com- monly called New Year's Day; the twenty-second day of February, known as Washington's Birthday; the tfiirtieth day of May, known as Decoration Day ; the fourth day of July, called Independence Day ; the twenty-fifth day of December, known as Christmas Day; any general Election Day, and any day appointed or recommended by the Governor of this State, or the President of the United States, as a day of thanksgiving or fast and prayer, or other religious observances, shall for all purposes whatsoever, as regards the presenting for payment or acceptance and the protesting and giv- ing notice of dishonor of bills of exchange, bank checks, and promissory notes made after the passage of this Act, be treated and considered as the first day of the week, commonly called Sunday, and as public holidays ; and all such bills, checks and notes, othewise presented for acceptance or payment on the said days, shall be deemed to be presentable for acceptance and payment on the secular or business day next preceedmg such hoHday, and the day aforesaid shall be considered as the first day of the week, commonly called Sunday, and as public holidays for all purposes whatsoever as regards the transaction of business in the public ofKces of the State or Counties of the State. On all other days such offices shall be kept open for transaction of busi- ness. Section 2. The title of said Act is hereby amended so as to read as follows : "An Act to designate the holi- days to be observed in the acceptance and payment of bills of exchange, bank checks and promissory notes, and relating to the closing of public otilices. Section 3. This Act shall take effect " immediately." The effect of the existing law upon commercial paper falling due, in the State on Sunday December 25th, and on the next Monday, December 26th, is plain : it is ; I. With respect to all such paper as may fall due upon Sunday the 25th December, the usual business customs of presenting, protesting, etc., on the preceeding Satur- day should be followed, as Sunday was not observed as the holiday, and will not differ in this regard in any way from an ordinary Sunday. II. All papers falling due upon Monday, which is the day to be observed as the holiday, should be presented for acceptance or payment, and such paper should be pro- tested and the usual notice given on Saturday, Decem- ber 24th. It is hardly necessary to state that the same practice should be observed on the following Sunday and Monday, January ist and 2d. It follows, that a second demand, protest, etc., on either of the succeeding Tuesdays will not be necessary. Contents : steel Engraving of the Manager of the New York Clearing House. PAGE. History of the New York Clearing House i Illustration Clearing Room New York Clearing House 4-5 Proof Sheet of the New York Clearing House 8-9 Rules of the New York Clearing House 11 Capital, Exchanges, Balances, etc.. Associated Banks of New York from '54 to '85 12 National Banks of the United States 13 Cash Reserve and Excess of Liabilities of Associated Banks of New York 14 Constitution New York Clearing House Association 15 Members New York Clearing House Association 25 Officers of the Association for the year ending September 30, 1886 : 26 Legal Weight & Fineness of United States Coins 27 Comparative Statement Clearing Houses in the United States 28 Exchanges of the Clearing Houses of the World 29 Officers New York National and State Banks 30-31 Capital, SurpUis, Circulation and Net Deposits N. Y. Banks. .32-33 Condition of the New York State Banks 34-35 Condition of the New York National Banks 36-37 Dividends of New York City Banks for Past Six Years 38-39 United States Coinage from 1793 to 1885 40-41 Values of Foreign Coins 42 Statement Public Debt of the United States from 1791 to 1885 43 History of the London Clearing House 44 I^gal Holidays 52 Established in 1849 by William H. Arthur. 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