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Show uii OPERATIONS OF THE NEW YORK CLEARING-HOUSE The total transactions of ttyp New York Clearing-house last year (ended Septqmber 30, 1919) were almost 5107.000,00.0.000. Tho total of its transactions tran-sactions since it was organized In 1853 reaches the sum of $2,230,141,-291.fiGG. $2,230,141,-291.fiGG. - Last year its transactions were about (!2 per cent of all tho bank clearings of the United States. They were nearly three times those of Bos-ion. Bos-ion. Philadelphia, St. Louis and Pittsburg Pitts-burg combined, says Moody's Magazine, Maga-zine, and nearly four times those of all the rest of the country outside of these four cities. In the calendar year 1009 the total hank clearings In London were $G5.-SGS.932.000 $G5.-SGS.932.000 Those of Xow York were S103.5SS.7C8.320. The Increase in clearings Jn I.ondon in 1909 over 190S was 11.5 per cent. The increase of clearings at the Xew York Clearinghouse Clearing-house was 30 G per cent. Tho largest larg-est record of clearings In London in one day was 527,-111. 2G0. The largest larg-est one dav's clearings In New York wero S73C.4C1.54S. On October 11, 1S53. representatives qf fifty two of the fifty-seven banks then in New York City met in the basement of 1 1 Wall street and made the first exchanges under the new system, which was fundamentally the same as that used today. The clearings clear-ings of the first day were $22,GJS,109. which have since been eclipsed by the day's clearings of a sinrlc bank. The original members of the Clearing-house Association paid no admission admis-sion fee. Other banks wcrc taken Ip on payment of first $500, then $1,000. and later on payments proportioned to their capital In 1S95 the membership member-ship had risen to sixty-seven, but It has been reduced by1 consolidation to fifty. Tho youngest bank in tho Clear ing-house in point of membership Is the Union Exchange National of 1G0 Fifth avenue, which was admitted at the last annual meeting. In addition to the fifty member banks who thus expeditiously settle the differences among them there are twenty-seven hanks and trust companies com-panies not belonging to the assocla-i assocla-i tion which clear through some member. mem-ber. x Ninety per cent of all Iho exchanges ex-changes of the city are made through the Clearing-house. The rules regulating regu-lating the actions both of members and non-members are very rigorous and include tho requirement of weekly week-ly statements of the condition of each one. which are published at noon on Saturday, with a summary of tho average condition of all the banks combined. The services of the Clearing-house are not confined to theffepting o exchanges and settling of balances. At critical times, as In the panic of 'l907 the Clearing-house Is able to act as a Fort of central bank, and by "pooling the reserves" all it3 members mem-bers protect the weaker ones I It is very evident that the men directing di-recting such an Institution as tbls must he. at the head of tho hanking profession. The officers of the New York Clearing-house Association may be called ik bankers' legion of honor, whoso membership Js precluded from becoming too restricted by a rule that a president or secretary may not servo more than two consecutive terms, though a former president or secretary is eligible for re-election after af-ter a year out of office. Now York Sun. |