See " Prospectus."

Circular Letter Of Credit

See " Letter of Credit."

Circulating Note

A bank-note or other paper money.

City Clearings

First understand the matter under "Clearing-House." "City clearings" cover that territory which is tributary to, or " clears " directly through, a given clearinghouse.

City Collections

A bank terms its city collections" its checks, etc., payable in the same city in which it is located.

City Item

First read " Item." This is used to designate a check, draft, etc., drawn against a bank in a certain clearinghouse centre from one drawn against an out-of-town institution, the latter being referred to as an " out-of-town item."

C. L. Car-load lots.

Clean Bill Of Exchange

(See "Documentary Bill.") One unaccompanied by documents. Very commonly a draft drawn by an exporter against funds to his credit in a bank abroad, in which event he has chosen to collect his own bill through some foreign banker. He may choose to make his draft payable at " sight," or in thirty, sixty, or ninety days, or may draw under a letter of credit in advance of the shipping of the documents, which are to be sent later.

Clearance (Or Clearances)

Meaning the same as " clearings."


An English term for the clerks who transact the "clearing-house " business for their banks.


All the checks, drafts, etc., which a bank presents at the " clearing-house."


The amount of checks, drafts, etc., passing through the process of collection during any given time. (See " Clearing-house.") The sum total of the collections as accomplished through the medium of the New York Clearing-house Association for any one day are recognized as the "clearings" for that city for that day. "Clearance" or " learances" may be used with this same meaning.

The manager of the New York Clearing-house Association gives the clearings for the year ending December 31, 1906, for New York City alone, as $104,675,828,656, and for the United States as a whole, $159,808,640,986. This shows the importance of New York from the standpoint of its clearings. London is the next city of importance in the world, and for 1905 the total of both "out-of-town" and "city clearings" for London amounted to 12,711,334,000 ($61,859,706,911).


A number of persons whose interests lie in the same direction, and who unite in their efforts to accomplish a certain result. In stock exchange parlance, a "bear clique," for instance, is a group, the members of which desire a decline in prices and use their best efforts towards that end.

The difference between a "pool" (to which subject refer) and a "clique" is but slight. In the matter of a "pool" there is generally some written or verbal agreement among its members for the purpose of accomplishing certain results, whereas, a "clique" is composed of persons whose interests lie in the same direction, and who work to a common end without any pre-arranged agreement.