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 clerks kept until the matter is satisfactorily adjusted. At ten, promptly, business begins. Clerks come rushing in with small trunks, tin boxes, or with bundles in their arms, and take their seats at the desks. On the side of the room entered only from the manager's office is a desk, not unlike a pulpit. Precisely at ten the bell rings, the manager steps into his box, brings down his gavel, and the work of the day begins. Quiet prevails. No loud talking is allowed, and no confusion. A bank late is fined two dollars; a party violating the rules, or guilty of insubordination, is fined two dollars and reported to the hank. On repetition, he is expelled the Clearing House. The daily transactions of the Clearing House varies from ninety-eight to one hundred millions. The system is so nicely balanced that three millions daily settle the difference. Each bank indebted to the Clearing House must send in its check before half after one. Creditors get the Clearing House check at the same hour. Daily business is squared and all accounts closed at half after three. Every bank in the city is connected with the Clearing House by telegraph. The morning work of clearing one hundred millions, occupies ten minutes. Long before the clerks can reach the bank, its officers are acquainted with the exact state of their account, and know what loans to grant or refuse. Through the Clearing House each bank is connected with every other in the city.