Progress Volume 5

Progress Volume 5

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1900 edition. Excerpt: ...Any cheques or bills refused payment are called "returns," and can generally be sent back to the Clearing House the same day, and entered again as a reverse claim by the bank dishonoring them on the banks which presented them. At the close of the day the clerks of the Alliance Bank are able to add up the whole of the claims which have been made upon them by the other twenty-five banks, and they Jearu from the out-clearing book the amount of the claims which the Alliance Bank is making on other banks. The difference is the balance which the Alliance Bank has either to pay or receive, as the case may be. These balances being communicated to the superintendents of the House are by them inserted in a kind of balance sheet. When finally added up, the debtor and creditor sides of the sheet should exactly balance, because every penny to be received by one bank must be paid by another.--W. S. fevons, "Money and Mechanism of Exchange," pp. 266, 267. (3) Clearing House Certificates.--But not only has the Clearing House been useful in the discharge of its ordinary business of effecting clearances, but on account of the respect and confidence in its methods and management, inspired by its conservatism, it has been able at least three times within the last twenty years to come to the aid of the banks, and incidentally to that of the public, and to either avert or greatly ameliorate the severity of a money panic by the issuance of certificates against collateral acceptable to a committee appointed by it. These certificates were issued to the extent of 75 per cent, of the usual market values of the securities held by such committee as collateral to their issue, and were used in the settlement of the daily balances between its members, and, ...show more

Product details

  • Paperback | 660 pages
  • 189 x 246 x 34mm | 1,161g
  • Rarebooksclub.com
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 123658290X
  • 9781236582904