Retrieved from “www.archive.org for one day, New York Clearing-house… 207 Ledger employed byforeign department, Boston Clearing- house 260 Legal tender certificates 42, 45 Letter-form used in transmitting checks, foreign department, Boston Clearing-house 258 Letter of transmission to correspondents, foreign department, Boston Clearing-house, form of 259 Liability for manager’s checks 42 Liability of members clearing for outside institutions, St. Louis Clearing-house 287 Limiting amount of payment, New Orleans, resolution 114 Listing balances, St. Louis, form for 293 Liquidation of balances, Clearing-house certificates in, New York 190 List, St. Louis, fac-simile of debit 291 Loan certificate, used by New York Clearing-house

Technorati Tags: #559, Clearing, House, LONCLEAR, LONDON

Retrieved from “www.archive.org city, but outside of the city itself. It is known as the ” Foreign Department of the Clearing-house Associa- tion,” and is conducted independently of the regular clearings of that organization. The question of collecting out-of-the-city checks had been discussed by members of the Boston Clearing-house Association for a long time, and finally, early in the year 1899, a special committee was appointed, to which the whole subject of collecting checks throughout the dis- trict known as New England was referred. This com- mittee, after careful deliberation, reported that in its judgment it was advisable and practicable for the clear- ing-house to undertake the collection of such checks and to distribute the proceeds

Technorati Tags: #351, Clearing, House, LONCLEAR, LONDON

Retrieved from “www.archive.org of charges on items outside the city and charges for drafts or currency from time to time, if deemed advisable, and change, revise, or suspend the same as circumstances require.” In the Constitution of the Topeka, Kan., Clearing- FUNCTIONS OF A CLEARING-HOUSE 17 house Association, the rules on rates for collection are as follows : ” Rates for collection whether made or not : Collec- tion payment in advance up to fifty dollars, ten cents each item; fifty dollars to one hundred dollars, fifteen cents each item; one hundred dollars and upward, twenty-five cents each item. Collections on agricultural implement paper, twenty-five cents each item. All drafts drawn with bill of lading

Technorati Tags: Clearing, House, LONCLEAR, LONDON

Retrieved from “www.archive.org is claimed, a severe check is placed upon the borrower by the discretion of the leaner. It is practically impossible for any member to be an habitual borrower without its being known to the other members. Thus creditor banks are enabled to exercise proper care in making loans, and thereby to avoid loss. The rate of interest on such loans corresponds very closely with the rate on call loans. The newspapers regularly report the clearing-house rate, and this doubt- less has some influence on the rate in the market. A prominent banker has said that the effect of this custom is to make the rate higher than it otherwise would be, as the banks needing the money must have it,

Technorati Tags: #334, Clearing, House, LONCLEAR, LONDON

Retrieved from “www.archive.org at the present time only nineteen members, the vicissitudes of the banking business in Chicago in the interval accounting for the increase and subsequent decrease. The membership, as at present made up, embraces thirteen national banks, four trust 263 264 CLEARING-HOUSES companies, one State bank, and the Chicago branch of the Bank of Montreal. The requirements for membership at the outset were not so rigid as they are at present. No minimum limit was placed upon the capital necessary for membership. As a fact, many of the members had but small capital and limited experience. Further, at that stage of the development of the clearing-system, experience did not demand what has since been found to be very

Technorati Tags: #379, Clearing, House, LONCLEAR, LONDON

Retrieved from “www.archive.org members of the association, and a certified copy of such consent delivered to the chair- man of the loan committee.” In addition to this, a resolution was passed, limiting the amount of payment by any member of the clearing-house association to a single person in any one day to one hundred dollars. The largest amount of certificates out- standing at any one time was nine hundred and ninety- eight thousand dollars, covering one week from Septem- ber 7th to September i/j-th, all of which were finally retired without loss to any member. The Cincinnati Clearing-house likewise issued loan certificates in 1893, and the form employed at that time is given among the illustrations. All of the associated banks at Buffalo took out certifi- cates in 1893 in denominations

Technorati Tags: #156, Clearing, House, LONCLEAR, LONDON

Retrieved from “www.archive.org so returned to it in specie or legal tender notes. But checks, drafts, notes, or other items to be returned for informality of indorsement may, after being certified by the bank returning it, be returned through the exchanges the following morning, not exceeding five thousand dol- lars in amount to any one bank.” An amendment to this section was made on June 4, 1884, providing that in case of the refusal or inability of any bank to refund promptly to the bank presenting items not good, the bank holding them may report the THE NEW YORK CLEARING-HOUSE 197 amount of the same to the manager, whose duty it shall be, with the approval of the clearing-house committee, to take from the settling sheet of both banks the

Technorati Tags: #256, Clearing, House, LONCLEAR, LONDON

Retrieved from “www.archive.org It is, of course, impossible to eat the cake and have it too. During the time this custom has prevailed in Boston, many banks, first and last, have found themselves embarrassed thereby, and have been compelled to struggle along in seasons of stringency with- out the help that clearing-house loan certificates would have afforded them, simply because to have asked for them would have advertised their condition in a manner to bring one class of their creditors down upon them in a way to nullify all the assistance they had obtained, and perhaps also draw the attention of the business public to the embarrassed condition, after they had exchanged their good bills receivable

Technorati Tags: #337, Clearing, House, LONCLEAR, LONDON

Retrieved from “www.archive.org at St. Louis in 1873, issue of loan 95 at.titude of banks toward loan 83 Boston, loan 231 by Boston in 1873, issue of loan 91 Certificates by New York association, first issue of loan 90 second issue of loan 90 Certificates by Philadelphia in 1873,…

Technorati Tags: #518, Clearing, House, LONCLEAR, LONDON

Retrieved from “www.archive.org prior to the application for membership. It is further provided that no new member shall be admitted except banks having a paid-in capital of at least five hundred thousand dollars, which capital shall be kept intact during the membership. The Assistant Treasurer of the United States, located in Chicago, may, upon application, be admitted to membership, without the payment of an ad- mission fee, but shall have no voice in the management. Any member may withdraw at pleasure, first paying its due proportion of all expenses incurred and signifying its intention to the clearing-house committee to with- draw. 2&0 CLEARING-HOUSES In many clearing-house associations it is easier to expel members than to admit them, the vote being a majority for expulsion and three-fourths

Technorati Tags: #409, Clearing, House, LONCLEAR, LONDON