" Exchange " drawn payable in dollars.
(See "Exchange.") Quotations of "domestic exchange " are almost always in cents per $1,000. "New York exchange at Chicago 40 c. premium " indicates that $1,000 in New York exchange will cost $1,000.40 at Chicago. Sometimes quotations are in cents per $100, as in case of exchange between New York and San Francisco.
1 Thomas Jefferson is responsible for the selection of the " dollar " as our unit; in fact, for our present system of coinage which succeeded the English pounds, shillings, etc. - See Life of Thomas Jefferson by John T. Morse, Jr.
Domestic Traveler's Letters of Credit. See "Letter of Credit."
By "double entry " the ledger accounts show at least two entries, one to the debit side of some account and the other to the credit of some other account. In other words, the accounts are of two kinds, personal accounts with the parties with whom transactions are had, and book accounts, in which the commodities or securities dealt in are made the subjects of separate accounts, and these have a credit and debit side, as in the case of the personal accounts.
A greater number of books is required by this system than by " single entry bookkeeping " (to which subject refer), but they may vary, according to the custom of the individual bookkeeper. Such books are used as Stock Book, Cash Book, Bill Book, Sales Book, Invoice Book, Journal and Ledger.
This is " bimetallism " (to which refer) with the free coinage part omitted.
An example would be: First, the owner of a stock sees the price decline and thinks it will go still lower; he sells out; takes his loss; and goes " short " (see " Selling Short ") for a like number of shares with the hope of getting even again. Second, a loss is incurred; the loser speculates again; this time for twice the number of shares, with the hope of getting back his loss and a profit besides.
d/p. Stands for " Documents for Payment," to which subject refer.