Clearchus

Spartan general, who joined Cyrus with a force of Greek mercenaries 401; put to death by Ti aphernes. Clearing House. A ociation of banks whose representatives meet daily, or at other stated times, to exchange checks and other evidences of their respective indebtedne , and to pay the balance due from debtor to creditor members. Each representative brings checks, drafts, and other obligations i ued by other banks, and called exchanges; these are distributed, each bank in turn receiving from all the others the exchanges they have received, drawn on it, and which it must pay. The exchanges that a bank takes to the Clearing House are called creditor exchanges; those received from the other banks are debtor exchanges. If the former exceed the latter, it is a creditor bank, and a balance is due to it. If the amount of obligations drawn on it exceed the amount of exchanges it holds against other banks, it is a debtor bank and must pay the balance. These balances are paid to the Clearing House, which pays them at once to the creditor banks. At the end of a day's busine , therefore, a Clearing House has no cash. In New York the aggregate daily exchanges may amount to $90,000,000 or more, while the balances to be discharged in money may not exceed 6 millions. This arrangement, therefore, of paying checks is one of the greatest economies ever introduced for dispensing with the use of money. A similar plan has been devised for settlements in the stock market. N. Y. Clearing House, year ending Sept. 30, 1895: IMG:content-0905.jpg:[blocks in formation]