In the big city checks representing millions of dollars, are deposited in banks every day

In the big city checks representing millions of dollars, are deposited in banks every day. Their separate collection would be almost impossible, there was it not for clearing house system. Each big city has a clearing house. It is the establishment generated by banks directly, and for their own convenience. Leading banks of a city connect themselves to a clearing house of that city, and through other banks with clearing houses of other cities, especially New York. Country banks connect themselves to one or more clearing houses through city banks which do them [22] business for them.
The New York banks, substantially through private bankers, branches of foreign bank buildings, connect themselves to London so that each bank in the world has been connected indirectly with any bank in the world, and in London a final clearing house of the world.
Advantages of system of a clearing house.