Show coffee shop clearing plan used in the the earliest ancestor of the clear ing house was the crude coff coffee ee shop clearing system used during the by london banks from each oi of the london banks em known as walk clerks would start on a tour of all other banks every day with bundles of checks drawn upon each at each bank the clerks would deposit the checks drawn there and collect cash one day two clerks from different banks met in a coffee shop lazi ness in this instance observes a writer in the chicago tribune was the mother of invention and the clerks decided to make their ex changes there in the coffee house each paying the other in cash fo checks drawn on his bank other clerks adopted the practice and anti bank executives discovering this became interested thus was the original london tearing clearing house be gun on octet TI 1853 re presenta tives of 92 02 new york banks branks met in a basement at 14 wall street to settle claims against their institutions at a central clearing house for the first time clearings for that first day were less than 23 and balances were less than 1 by contrast it may be noted that a single check for or went through the new york clearing house in 1925 and that clearings far 1929 totaled |