From page 11 of The Five Cotton States.
“There is no doubt that the business of Southern Exchange, that is, the converting bills drawn upon foreign countries for the value of cotton into money at home, is mainly effected at New York, for the simple reason that those that are concerned find it to their advantage, both in point of economy and convenience. The aggregate of profit thus made by New York is less than one percent on the amount of Southern bills purchased.”
Not much “vigorish” there, eh Dim?
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