Betterment. Improvement

beyond mere repair; in the case of a railroad improvement of the physical condition of the property. i Better price. A higher price than the price previously obtained or quoted. Between banks. This term is applied to a transaction in domestic exchange between two banks. In some of the le important cities clearing house balances are settled, not by cash, but by checks drawn by the manager - ball = = » ' = of the clearing house against debtor banks and in favor of creditor banks. The checks may be paid in cash or in « cashier’s checks which are presented at the clearing house next day or they may be paid in exchange on New York (or some other financial centre). If the creditor bank wishes to increase: its balance with the bank which acts as its correspondent in New York it may prefer exchange on New York and may pay a premium for the privilege of receiving it instead of cash or a cashier’s check. On the other hand, if its balance with the New York bank is exce ive it may accept exchange on New York only at a discount. It is a transaction between banks, likewise, if a bank in a certain place, in Chicago, for instance, wishes to remit to, say, New York and buys a draft on New York from another bank in Chicago. 68