Clearing House—An exchange established by banks in cities, for their convenience in making daily settlements. The checks and drafts on the different banks are exchanged without the formality of presenting them personally at each bank. A balance is found, and this amount only is paid in cash.
Closing an Account—Making an entry that will balance the account.
Collateral—Pledges of security—as stocks, bonds, etc.—to protect an obligation or insure the payment of a loan.
Commission—A percentage or share of the proceeds allowed for the sale of merchandise—as the pay of a commission merchant for selling a car of flour.
Commission Merchant—One who sells goods on commission. Similar to a broker.
Commercial Paper—Negotiable paper used in business.
Common Law—Law based upon the precedent of usage, though not contained in the statutes.
Company—A corporation; also used to designate partners whose names are not known.
Compromise—To settle an account for less than the amount claimed. To agree upon a settlement.