CLEARFIELD, a borough of Penn sylvania, the county-seat of Clearfield co. It is on the Pennsylvania, the New York Central and Hudson River, and the Buf falo, Rochester and Pittsburgh railroads, and on the Susquehanna river. It is the center of an important coal and fire clay region. Its industries include novelty works, flour mills, knitting mills, brick yards, the manufacture of sewer pipes, cut glass, etc. Pop. (1910) 6,851; (1920) 8,529.
a financial in stitution which makes daily adjustment of debits and credits among the banks constituting its membership.
In the old days before the American clearing-houses were established, Bank No. 1 sent a runner to Bank No. 2 with the check to get it cashed; and if No. 2 had a check on No. 1, it sent its runner over; and so on, all through all the banks. But now each morning the clearing-house clerks of a bank report at the clearing house, and make out a list of all the checks payable to that bank by or through other banks; then the clearing house people take these lists, and com pare them. They find, for instance, that
Bank A owes B $1,000 and C $500; that B owes A $500 and C $1,000, and that C owes A $500 and B $500. Comparing these, we see that A owes B $500 clear of what B owes A, and that A and C stand off; that B owes nothii.g to A, and owes $500 to C; and that C owes nothing to A, and is owed $500 by B. That is, that A owes B $500, and B owes C $500. Then if A pays C $500, $4,000 of mutual debts is settled for $500. When this set tlement is worked out, the clearing-house clerks report back to their banks, and be fore 1 o'clock sums of money are sent from each bank to the clearing-house in settlement of balances, and the checks drawn on each bank are returned to it, to be charged against the different indi vidual depositors.
The following table shows the amount of exchanges at the various clearing houses of the United States for two years, each ending Sept. 30: