. The progress of the Empire State a work devoted to the historical, financial, industrial, and literary development of New York. a large extent inloans secured by the deposit of stocks and bonds. In thisrespect their policy did not differ from that of nationalbanks, except that many of the stronger trust companieslimited their operations to this type of loans and did nothingin commercial paper. Only by such machinery as that of the New York Clear-ing House would it have been possible to carry on the greattransactions of the period of prosperity which followed thedepression of 1893-97. The cle
. The progress of the Empire State a work devoted to the historical, financial, industrial, and literary development of New York. a large extent inloans secured by the deposit of stocks and bonds. In thisrespect their policy did not differ from that of nationalbanks, except that many of the stronger trust companieslimited their operations to this type of loans and did nothingin commercial paper. Only by such machinery as that of the New York Clear-ing House would it have been possible to carry on the greattransactions of the period of prosperity which followed thedepression of 1893-97. The clearing system is a develop-ment of a principle of a Roman commercial law known ascompensatio—the setting off of a debt which one owes toanother by a claim against him. This principle becamefamiliar in merchandise transactions at the great fairs of theMiddle Ages, but was not applied definitely to modernbanking until the foundation of the Edinburgh ClearingHouse in 1760 and that of London about 1775. Londonbanks down to about the latter date sent out clerks daily tocollect from other banks the notes and other obligations of.
Size: 1469px × 1701px
Photo credit: © The Reading Room / Alamy / Afripics
License: Licensed
Model Released: No
Keywords: ., bookcentury1900, bookdecade1910, bookidprogressofem, bookyear1913
