[112] John E. Rovensky, _How the War Affects Practical Operations in International Exchange_, Journal of the American Bankers Association, Vol. 7, No. 12, June, 1915, pp. 1008, 1009. [113] Joseph T. Cosby, _The Economies and Advantages of "Dollar Credits."_ The National City Bank. New York. 1915. [114] Harry G. Brown, _International Trade and Exchange_, pp. 65-66. The Macmillan Company. New York. 1914. [115] Anthony W. Margraff, _International Exchange_, pp. 104-105. Fergus Printing Company. Chicago. 1903. [116] Adapted from Franklin Escher, _Elements of Foreign Exchange_, pp. 68-101. Bankers Publishing Company. 1910. [117] Albert Strauss, _Gold Movements and the Foreign Exchanges_, The Currency Problem and the Present Financial Situation. A Series of Addresses Delivered at Columbia University, 1907-1908, pp. 65-72. The Columbia University Press. 1908. [118] Hartley Withers, _Money Changing_, pp. 159-164. E. P. Dutton and Company. New York. 1914. [119] Address by H. K. Brooks. _Lectures on Commerce_, Edited by Henry Rand Hatfield, University of Chicago Publications of the College of Commerce and Administration, Vol. I., pp. 283-4. The University of Chicago Press. Chicago. 1904. [120] William F. Spalding, _Foreign Exchange and Foreign Bills in Theory and in Practice_, pp. 133-140. Sir Isaac Pitman & Sons, Ltd., Bath, New York and Melbourne. 1915. CHAPTER XIX CLEARING HOUSES The following discussion of clearing houses is confined mainly to the United States and England. References to the clearing houses of France and Germany, where the introduction of the use of checks and the consequent development of clearing facilities have been tardy, are contained in the chapters devoted to the banking systems of those countries. I. IN THE UNITED STATES A CLEARING HOUSE DEFINED [121]What is a clearing house? The Supreme Court of the State of Pennsylvania has defined it thus: It is an ingenious device to simplify and facilitate the work of the banks in reaching an adjustment and payment of the daily balances due to and from each other at one time and in one place on each day. In practical operation it is a place where all the representatives of the banks in a given city meet, and, under the supervision of a competent committee or officer selected by the associated banks, settle their accounts with each other and make or receive payment of balances and so "clear" the transactions of the day for which the settlement is made.