are very
great, fortunes are made and lost here every hour.

Connected with the business of the Gold Room are the Gold Exchange Bank
and the Clearing House. The method of settlement with these
institutions, which are indispensable where gold passes so rapidly from
hand to hand in the Exchange, is as follows: "On or before half past
twelve o'clock, a statement of all the purchases or sales made by each
broker on the preceding day must be rendered to the bank. If the gold
bought be in excess of that sold, a check for the difference must
accompany the statement. If deposits in gold or currency are not kept in
the bank, the coin must be delivered at every deficiency. The Board
adjourns at twelve, in order to enable tardy dealers to complete their
accounts. Provided all contracts are honored, the bank must settle by
two P.M. In case of default, the amount in abeyance is debited or
credited to the broker who suffers by the failure."

The Clearing House Association was created in 1853, and represents the
sum of the financial business of the city. "The Association is located
in the third story of the building of the Bank of New York. The centre
of the room is occupied by a bank counter, extending on four sides, with
a passage inside and out. Fifty-nine desks are placed on the counter for
the use of the fifty-nine banks represented in the Association. Each
desk bears the name of the bank to which it belongs. Fitted up in each
desk are fifty-nine pigeon holes for the checks of the various banks.
Two clerks represent each bank. One remains at the desk and receives all
the checks on his bank. He signs the name of the bank to the sheet which
each outside clerk holds in his hand. These outside clerks go from desk
to desk and leave the checks received the day before, with the banks on
which they are drawn. Banks do not begin public business till ten; but
clerks have to be on hand at eight, when all checks are assorted and
arranged for delivery at the Clearing House.

"At ten minutes before ten the bank messengers begin to assemble and take
their places. As they enter they leave with the messenger a slip
containing an exact account of the bank they represent. These statements
are put on a sheet prepared for that purpose, and must conform precisely
to the checks received inside, before the Clearing House closes its
duties. If there is any error or discrepancy, the bank is immediately
notified by telegraph, and the c