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a ™ Se EM Ls gi H February 6, 1926 WINNETKA TALK 13 STUDENTS SEE TRADE AND BANKING PLACES Commercial Pupils at New Trier Are Guests at Board of Trade and Bank By ONLOOKER Through the. instrumentality and courtesy of Edward J. Phelps, former president and now a member of New Trier Township school board, and also through the kindness of Leslie F. Gates, present president of the board, a splendid field trip for students of New Trier Township High school was conducted recently, to the Chicago Board of Trade, Chicago Clearing House and the Northern Trust Safety Deposit company. The trip was conducted by Harry Herron, instructor in the Commercial department. The party consisted of 41 persons, about half of whom were se- lected from those in the commercial classes whose scholarship averages are sufficiently high to permit their being absent from other courses, the other half being members of De Forrest Walton's economic class. Marvel at "Pit" Through the kindness of Mr. Gates, former president of the Chicago Board of Trade, the party was conducted to the visitors' balcony overlooking the wheat pit where the brokers carry on their trading in wheat for future delivery. It is the great speculative market, and promptly at the stroke of 9:30 a. m., a great gong is sounded and pandemonium breaks loose. However, the apparent bedlam is only a great auction place where contracts to buy and sell wheat by the thousands of bushels are made literally at the snap of a finger. After the viewing of the pits for a brief time the party very reluctantly left the fascinating scene and the guide took them to the sampling rooms. Here they saw an infinite number of small paper bags of grain--wheat, oats, barley, etc., which the guide said had been taken from the cars as they came into the Chicago freight yards. 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Visit Clearing House The next stop was at the Chicago Clearing House, that rather vague but extraordinary important institution which enables almost all the banks in the Chicago district to settle their claims against each other for checks whieh they have honored. The entire procedure happens within a very few minutes and in such a ceremoniously, orderly way that the tremendous im- portance of its work is greatly dwarfted. It is explained that the idea of such an institution originated far back in the banking history of London, when bank messengers chanced to meet in a London coffee house and settled their mutual ob- ligations. It was hard to realize, as the student party sat on the visitors' platform, that $118,000,000 worth of money, as represented by the checks, was before them. It was also difficult to visualize that such an enormous amount represented but a single day's transaction in Chicago and that there is $80,000,000 more which clears through banks which are not members of the Clearing House. At The Northern Trust Mr. Phelps, president of the North- ern Trust Safety Deposit personally welcomed the this institution. The School owes Mr. Phelps a great debt of gratitude, for it was through his instrumentality that Mr. Herron was able to gain entrance to the Clearing House. Mr. Phelps also gave greatly of his time in conducting the party through the safety vaults and in explaining in detail the intricate safeguards which are thrown about the vaults against fire, flood, robbery, entrance by tunnelling under, injury due to settling of the walls and finally against the customers' own careless- ness. A most interesting feature was the great 23-ton door to 'the vault which can only be opened under ab- solutely proper conditions. The door visitors to Company , is a marvel of mechanical accuracy and craftsmanship. The saf:ty boxes are so cleverly equipped with .lock- ing devices that it is impossible for any one but the rightful party or his known representative to gain en- trance. Following the visit to the safety vaults the party was conducted on a trip through the main floor of the bank and then to a private council room on an upper floor where a de- licious luncheon, consisting of chickca and cream cheese sandwiches, apple- pie a-la-mode and milk was served to the whole party. Mr. Stallwood, vice-president of the bank, then explained briefly the great scope of 'work which the Northern Trust Company performs in its various departments, reaching into many foreign countries as well as locally. After his interesting and instructive talk, Mr. Phelps addressed the group, relating some of his very interesting and unusual experiences in connection with his work in the safety deposit department. 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