This amount represents notes and checks of other banks in process of clearing. These have been deposited by customers during the day, and in the ordinary course are presented and redeemed thru the "clearing" the following morning. As the customer is given credit the same day and the bank does not receive returns until the following day, this amount represents a loss of one day's interest to the banks and forms a very considerable item in the course of a year. The average amount outstanding under this heading for all the banks in 1912 was nearly $70,000,000, representing a steady loan to the public for that amount without interest. The average note circulation for 1912 was $100,000,000; this item offset it 70 per cent. In addition to this the amount of checks in transit between the branches of the different banks themselves would run considerably over $100,000,000.