The two essential representatives of each bank are the "delivery clerk" and the "settling clerk." The former de livers the packages brought, and the latter receives the re turn packages from the messengers of the other banks.
Each member sends its items for the other banks made out separately and inclosed in envelops, with the amount listed on the "exchange slip" attached to the exterior. On their arrival at the House, the settling clerks furnish the proof clerk, sitting at his desk in the manager's gallery, with the "first ticket," upon which is entered the "amount brought" or "credit exchange," and which the latter transcribes on the clearing-house proof under the head of "Bank Cr." The total of the amounts thus brought by the several clerks con stitutes the right-hand main column of that sheet. If each messenger has a package for each of the other banks, there are in in all to be delivered.
As a fact, in all other respects than the quantity of pack ages, this is the number of transactions between the clerks, for it is found in practice better to use a blank slip than to omit a slip merely because there is no amount to put upon it. This plan saves doubt and unnecessary searching when looking after the proof. The stationery used by each of the several banks is put up in sets in numerical order, and this is a reason why it is easier to use all the slips than to dis card those which happen to have no items. Accordingly, as the delivery clerks pass the desks, as is described farther on, it is the rule to deposit the "small ticket" with the re ceiving clerk in each case, whether there is a package cor responding to it or not. When the settling clerks come to make their summing up, first checking back by the small tickets, they find that the blank spaces in their sheets are justified by the blank tickets of corresponding numbers, and are in this respect assured of the correctness of their work.
When the hand of the clock points to a few minutes before 10 o'clock the manager appears in his gallery, usually sur rounded by a group of visitors. At one minute before 10 he sounds a gong as a signal for each of the clerks to station himself in his proper place. The settling clerks occupy their separate desks on the inside of the counter, while the delivery clerks form on the outside with their exchanges either on the left arm or carried in a box or case of some light material. The delivery clerks arrange themselves in
the consecutive desk order, and stand ready for delivery as they pass along the counter. They carry "delivery clerks' receipts" containing the amounts for each bank arranged in order, upon which the several settling clerks, or their as sistants, give receipts for the package delivered.
All are now in position for the exchange. The manager calls "ready," and promptly at 10 o'clock he sounds the gong again and the delivery of the packages begins. He looks down upon four columns of young men moving simul taneously like a military company in step. At the start each advances to the desk in front, where his first delivery is to be made. He deposits the package of items and also the receipt slip, on which the assistant of the settling clerk (or, in the case of small banks, the settling clerk himself) writes his initials opposite the amount of the package delivered, in the blank space provided for that purpose. At the same time, in an opening in the desk, provided for that purpose, he deposits a "small ticket" containing the amount of the package. If correct, it must agree with the amount listed on the "exchange slip." This process is repeated at the desk of all the banks, each clerk making the complete cir cuit in ten minutes to the point from which he started.
Being now at liberty, each delivery clerk takes back to his bank the exchanges deposited by the other messengers, while the settling clerks remain until the proof is made.
The settling clerks, immediately upon the completion of the exchange of packages, sum up, as quickly as possible, the amounts entered on their statements under the head of "Banks Dr." Upon ascertaining the total they make out a "second ticket," containing the credit and debit exchanges and the balance, and send the same to the "proof clerk," who transcribes the debit exchange under the head of "Banks Dr." (the credit exchange having been already entered), and the balance on the credit or debit side, as the case may require.