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Banking Practice And Foreign Exchange | by Howard McNayr Jefferson



The authors of this volume have aimed to describe and explain the best practices that American banking experience has yet produced. The chapters on "Banking Practice," written by an educated and experienced banker, represent the fruits of personal experience as well as of study and observation. This part of the volume, it is hoped, will be found to contain suggestions for which men who have been long in the banking business will be grateful, and should also prove a most valuable aid to any young man desiring to fit himself either for a banking career or for general business.

TitleBanking Practice And Foreign Exchange
AuthorHoward McNayr Jefferson
PublisherAlexander Hamilton Institute
Year1910
Copyright1910, Alexander Hamilton Institute
AmazonBanking Practice And Foreign Exchange

Banking Practice And Foreign Exchange

Part I: Banking Practice

By Howard Mcnayr Jefferson, M.C.S. Lecturer On Banking In New York University School Op Commerce, Vice-President Op The Bank Of Coney Island, Formerly Examiner In Banking Department Op State Op New York.

Part II: Foreign Exchange

By Franklin Escher Lecturer On Foreign Exchange In New York University School Of Commerce, Financial Editor Of Harper's Weekly Modern Business Volume VI

Alexander Hamilton Institute New York

Copyright, 1910

BY

Alexander Hamilton Institute Copyright, 1911

BY

Alexander Hamilton Institute

-Editor's Preface
In the United States the subjects of banking practice and Foreign Exchange are not so well systematized or generally understood as in some of the older countries of Europe. In the different states of ...
-Part I. Banking Practice. Chapter I. Kinds Of Banks
1. General Definition Of A Bank The functions of a bank or trust company have been defined in many different ways, but all arrive at the same general conclusions. Charles F. Dunbar, in his Chapters ...
-Kinds Of Banks. Part 2
3. Bank Of Discount The bank of discount has been defined at the beginning of this chapter. The national banks are the best examples of this class of financial institution. The National Bank Act auth...
-Kinds Of Banks. Part 3
6. Building And Loan Association Several kinds of building and loan associations are defined in the New York State banking law as follows: The term, building and mutual loan corporations or associat...
-Chapter II. Organization Of A Bank
9. Capital Of National Banks The required capital of a national bank depends on the population of the town or city in which it is located. $ 25,000 where the population doe...
-Organization Of A Bank. Part 2
11. Form Of Organization Certificate The information required in the organization certificate is set forth in the law, and the certificate should contain only the information desired. The form is as ...
-Organization Of A Bank. Part 3
13. Executive Or Loan Committee Many institutions have assumed that a large board of directors, whose names are well known, is the best advertisement a bank or trust company can have. Such a list of ...
-Organization Of A Bank. Part 4
17. Payments On Capital Stock The state laws are more salutary in regard to payment of capital stock before commencing business than the national law, as the following quotations from the statutes wi...
-Chapter III. Organization Of Staff
21. General Organization The organization of a bank or a trust company depends largely on the volume and kind of business handled. In all financial institutions, except purely mutual associations, su...
-Organization Of Staff. Part 2
23. A Large City Bank Of Discount Having Branches Branch banking has not developed very much in this country except in the city of New York, where trust companies and banks organized under the state ...
-Organization Of Staff. Part 3
24. Large City Savings Bank The savings bank is a more highly developed institution in the State of New York than in any other state in the Union. The field of operation, both as to deposits that may...
-Organization Of Staff. Part 4
25. Country Trust Company The field for the successful trust company is in the city; so we find very few in the country towns. A trust company may not be organized in New York State with less than $1...
-Chapter IV. Books And Records
27. General Ledger; Old Style Although bank book-keeping is supposed to be very simple, there are many ways of doing the same thing and therefore every bank may find something in the methods of some ...
-Books And Records. Part 2
30. Accounts To Be Found On The General Ledger The accounts to be found on a general ledger ought to be such as will enable the bookkeeper to draw off the various statements required by the federal o...
-Books And Records. Part 3
31. Accounts Of A Trust Company The necessary accounts for a New York trust company are quite similar to those needed on the general ledger of a New York bank with the following modifications: Bills...
-Books And Records. Part 4
35. General Journal The old style journal is very popular as a book of original entry from which postings are made to the general ledger. See Figures 10 and 11 on page 44. The work of keeping up this...
-Books And Records. Part 5
36. Expense Account The expense account is generally a simple account by that name to which is charged all items of expense. It is sometimes necessary to credit this account with rebates, cash receiv...
-Books And Records. Part 6
37. Overdrafts It is the custom to deduct overdrafts on the individual ledger from the gross credits and show net deposits only on the general statement. It is not practical to carry an account to re...
-Books And Records. Part 7
39. Savings Bank Accounting When a new depositor enters a savings bank to open an account he will usually be shown to a special counter on which is a swivel desk with a signature book upon it. This b...
-Books And Records. Part 8
40. Checking Daily Postings It is customary for the receiving and the paying tellers to keep a list of the accounts, by number, in which action has occurred during the day. This record may be kept in...
-Books And Records. Part 9
41. Daily Balance It is possible to balance the books daily. A single columnarized sheet is used, and the columns headed as per Figure 19 on page 57. The numbers of the accounts in which action has o...
-Books And Records. Part 10
44. Loose-Leaf Ledgers Loose-leaf ledgers are often used for savings bank work. Each account is given a full page. The Library Bureau's specialty is shown in Figure 21 on page 60. 45. Card Systems...
-Books And Records. Part 11
46. General Ledger The general ledger is usually an ordinary ledger with controlling accounts for each of the individual ledgers, for bonds and mortgages and bonds, each of which will need a subsidia...
-Chapter V. Books And Records (continued)
48. How To Figure Required Reserves It would take quite a volume to explain the method of figuring the reserve required by the National Bank Act and by the laws of the states and territories for the ...
-Books And Records II. Part 2
49. Reserve Record The reserve should be computed daily and a record kept in book form convenient for ready reference. It may be noted as addenda to the daily statement referred to in Chapter IV (Boo...
-Books And Records II. Part 3
51. Reports Required By New York Clearing House And State Superintendent Of Banks, Weekly The New York Clearing House and New York State Superintendent of Banks require weekly reports from the banks ...
-Books And Records II. Part 4
52. Stock Ledger The stock ledger, in which is contained a detailed account with every shareholder, should be very carefully and accurately kept. The stock corporation law of New York State provides ...
-Books And Records II. Part 5
53. Stock Certificate Book The stock certificate book is not always kept with the care that should be given it. It must be remembered, first of all, that a blank certificate of stock in the hands of ...
-Chapter VI. Books And Records (continued)
55. Certificates Of Deposit Defined And Illustrated A certificate of deposit is a receipt given by a bank for money deposited, payable to the order of the depositor, or some other person designated b...
-Books And Records III. Part 2
56. Record On General Ledger In a small bank, an account on the general ledger, called certificates of deposit, will be found a sufficient record. This account is credited when certificates are iss...
-Books And Records III. Part 3
59. Partial Payments Partial payments should never be made on certificates of deposit, whether time or demand. If a depositor wishes to use a part of the money deposited, pay him what he wants, cance...
-Books And Records III. Part 4
63. Old Style Ledger - Practically Obsolete The first stage in the evolution of an up-to-date individual ledger system is the old-fashioned ledger, illustrated in Figure 3 on page 30. All deposits ar...
-Books And Records III. Part 5
64. Cincinnati Ledger An improvement on the old style ledger is shown in Figure 45 on page 92, having the debit and credit columns adjoining and a balance column. Every time a check is entered, the a...
-Books And Records III. Part 6
66. Boston Ledger - Three Column There is necessarily a great deal of work connected with the individual ledger desk and as usual many labor-saving devices have been tried. Perhaps the most successfu...
-Books And Records III. Part 7
67. Boston Ledger - Two Column The two column Boston ledger shown in Figure 48 on page 98 is the most compact form possible. The detail of debits columns and the balance column are omitted. At the le...
-Books And Records III. Part 8
68. Interest Sheets For Use With Boston Ledger When either of the Boston ledgers is used it is necessary to keep a separate record for interest calculation. Interest is usually allowed on average dai...
-Books And Records III. Part 9
70. Card Ledgers Some savings banks, commercial banks and trust companies use a card ledger for savings accounts. The usual form is shown in Figure 53 on page 108. The proof of a card ledger is made ...
-Books And Records III. Part 10
73. Methods Of Proving Each Of The Above Ledgers In describing the method of proving each of the individual ledgers, we must assume that each has its controlling account on the general ledger, that t...
-Books And Records III. Part 11
75. The Certification Book The certification book should be kept in the paying teller's department. A certified check is a check of a depositor, drawn to the order of some person, upon the face of w...
-Chapter VII. Departments Of A Large Bank
81. Paying Teller's Department The paying teller is the disbursing officer of the bank. He is the custodian of the bank's cash and usually stands next to the officers in seniority of position. Every ...
-Departments Of A Large Bank. Part 2
82. Arrangement Of Silver The arrangement of the teller's silver will depend largely on the demands made upon him. Silver is received from the Treasury Department in bags of one thousand dollars for ...
-Departments Of A Large Bank. Part 3
83. Clearing House Balances Another important duty of the paying teller in a city bank with a clearing house, is to receive from or pay to the clearing house, the amount of the bank's credit or debit...
-Departments Of A Large Bank. Part 4
85. Clerks' Pay Roll The paying teller should have charge of the clerks' pay roll in a large bank. In a small one this should be attended to by an officer. Unless the bank decides that each position ...
-Departments Of A Large Bank. Part 5
86. Shipments Of Money The paying teller should have charge of all shipments of currency and securities, by express or registered mail. If these shipments are numerous, they should be counted and sea...
-Departments Of A Large Bank. Part 6
89. Deposit Records The first record of the deposit is made on a deposit scratcher, shown in Figure 61 on page 138. The total amount of the deposit is listed in the amount column and a memorandum of ...
-Departments Of A Large Bank. Part 7
90. Clearing House Items The items included in exchanges for clearing house are carried to the proof book in total from a record prepared as follows: The teller's assistants take the checks which he...
-Departments Of A Large Bank. Part 8
91. Route Or Hand Items The route or hand items are usually not too large to list in the proof book. 92. Checks On Selves Checks on selves, and other items in the list may be listed on the proof ...
-Departments Of A Large Bank. Part 9
97. Sight Drafts Sight drafts should be presented for acceptance to the drawee promptly. Figure 65 on page 145 shows a sight draft with the acceptance written across the face. If the teller is not fa...
-Departments Of A Large Bank. Part 10
101. Note Teller's Records The note teller's cash book is a little more complicated than the receiving teller's, owing to the number of sources of items and the many kinds. The book should be ruled s...
-Departments Of A Large Bank. Part 11
104. Mail Teller's Journal Entries The mail teller charges himself with the total of the letters received, credits himself with each of the following and charges the department indicated: Exchanges....
-Departments Of A Large Bank. Part 12
105. The Loan Department The loan department of a bank compares with the sales department of a producing or manufacturing company, or with the operating department of a railroad. It is the department...
-Departments Of A Large Bank. Part 13
108. Forms Of Notes There are a few points that may prove interesting and instructive in the forms of notes. The note shown in Figure 72 on page 156 is the most common. The due date must be figured o...
-Departments Of A Large Bank. Part 14
110. Discount Posting Media There are various methods of posting the results of the discount desk to the individual and general ledgers. The discount register is an excellent book of original entry a...
-Departments Of A Large Bank. Part 15
111. Tickler The tickler is a very important book. It is essential to have a note presented on the day it is due. If it is not done, the endorsers are released from their liability as endorsers. A ve...
-Departments Of A Large Bank. Part 16
112. Bill Book The bill book is known by some as the liability ledger, by others as the discount ledger and by others as the credit ledger. By whatever name it is known it is a record of the borrowin...
-Departments Of A Large Bank. Part 17
113. Filing Of Notes The question of filing the notes so that any note called for may be produced with the least amount of delay, is not such a serious proposition. Most banks have solved the problem...
-Departments Of A Large Bank. Part 18
114. Collection Of Notes When Due The method of collecting the notes when due depends very largely upon the nature of the business. If the customers are commercial houses borrowing on bills receivabl...
-Departments Of A Large Bank. Part 19
116. Corporation As Maker Or Endorser A corporation may endorse an instrument when acting within the scope of its authority. When accepting the signature of the officer of a corporation on an obligat...
-Chapter VIII. The Departments Of A Large Bank (Continued)
119. Collateral Loans A collateral loan is one which is secured by property having marketable value, deposited with the lender. Collaterals fall under three grand divisions: (1) Stocks and bonds; (2)...
-The Departments Of A Large Bank II. Part 2
120. Form Of Note The form of note employed varies a great deal. The note in use is usually the result of a process of evolution. A bank finds by experience that it is not protected along certain lin...
-The Departments Of A Large Bank II. Part 3
121. Call Loans Call loans are sometimes made by shopping at the different brokers' offices, i. e., the officer calls a number of brokers on the telephone and offers to loan them any part of the amou...
-The Departments Of A Large Bank II. Part 4
123. Loan Envelopes We have seen something of the duties of a New York loan clerk with reference to the note and the collateral, and now we will turn our attention to the other requisites and records...
-The Departments Of A Large Bank II. Part 5
125. Loan Ledger An excellent loan ledger for banks away from Wall Street, where changes in collateral are not so frequent, is shown in Figure 102 on page 207. This record is very complete, and from ...
-The Departments Of A Large Bank II. Part 6
126. Substitutions Collateral loans and especially Wall Street loans are subject to constant change in the collaterals. A broker will find in his daily transactions on the exchange that he needs sund...
-The Departments Of A Large Bank II. Part 7
129. Bond And Mortgage After the loan has been approved and the prospective borrower advised, he executes a bond and a mortgage. The former is only a sealed conditional note, duly attested by a notar...
-The Departments Of A Large Bank II. Part 8
130. Loans On Warehouse Receipts Banks are frequently called upon to advance money on the security of goods in storage, represented by warehouse receipts. These receipts are negotiable and represent ...
-The Departments Of A Large Bank II. Part 9
133. Loans On Insurance Policies A banker is often requested to make a loan on the security of a life insurance policy. If the policy has a cash surrender value it is a safe loan so far as the securi...
-The Departments Of A Large Bank II. Part 10
135. Purchase And Sale Of Stocks And Bonds For Cus-Tomers There will be little need for a department of this sort except in the largest New York City banks. However, every New York City bank which ha...
-The Departments Of A Large Bank II. Part 11
136. Transfer Of Stocks And Registry Of Bonds For Customers A New York bank or trust company with a large number of bank correspondents cannot avoid the responsibility of transferring stocks and regi...
-The Departments Of A Large Bank II. Part 12
137. Telegraph And Cable Instructions Present day business could not be transacted without the use of the telegraph and the cable. However, it would be a fool-ish procedure, to say the least, for a b...
-Chapter IX. Credit Department
139. Importance In Bank If it can be said that one department is more important in a commercial bank than another, surely the credit department is that one. A great deal has been written of late in r...
-Credit Department. Part 2
140. Records The first requisite of a set of credit records is a statement of the borrower's assets and liabilities. The proper time to request such a statement is when the prospective borrower makes...
-Credit Department. Part 3
141. Personal Investigation The credit man should supplement the information contained in the statement and collateral thereto, by personal investigation. He should call at the factory, look over the...
-Credit Department. Part 4
144. Credit Men's Association The credit man should be given a membership in the Credit Men's Association, and should attend its conventions when practicable. He will learn many new ideas from his as...
-Chapter X. Collection Department
146. Its Functions The functions of the collection department vary in different institutions. Even the titles by which it is known are so different that the department in a strange bank would be hard...
-Collection Department. Part 2
148. Collection Register The items received from the various sources should first be entered on a collection register and given a number which should be plainly marked on the item. A numbering machin...
-Collection Department. Part 3
150. Advice Of Payment When a collection item has been paid, it is customary for the bank to which it was sent to advise the bank from which it came that it has been paid and credited, if reciprocal ...
-Chapter XI. Sundry Departments And Duties
151. Coupon Department, Receiving A coupon is an interest warrant attached to a bond, payable to bearer on the interest due date. The coupons usually mature semi-annually on the first of the month in...
-Sundry Departments And Duties. Part 2
152. Coupon Department, Paying Trust companies have the majority of the business of paying coupons. The paying coupon teller should have an abstract of all paying instructions before him continually....
-Sundry Departments And Duties. Part 3
154. Letter Files - Incoming Letters The question as to how letters received from correspondents shall be filed, is quite a serious one. The very best filing scheme falls down at some point. The Libr...
-Sundry Departments And Duties. Part 4
157. Old Records What to do with old records is one of the most trying questions for bankers in large cities. Vault space is very valuable and often cannot be had at any price. Books and other valuab...
-Sundry Departments And Duties. Part 5
159. Rules For Employes The clerical staff should be made efficient or the best board of directors and officers obtainable cannot make a bank a success. This cannot be accomplished by the inane pract...
-Chapter XII. General Remarks
160. Duties Of Officers In A Country Bank The duties to be assigned to the various officers depend very largely upon local conditions. In a country bank, the president is usually a man of means in th...
-General Remarks. Part 2
162. Investments It is not the purpose of this section to advise financiers as to the kinds of securities in which the funds of the bank should be invested, but to suggest some methods of taking care...
-General Remarks. Part 3
163. The Accounting The principal feature to be shown by the accounting for investments is the amount outstanding and the record of interest payments. Many banks open an account with each kind of sec...
-General Remarks. Part 4
164. Safe Deposit Company The records of a safe deposit company consist of a ledger, a combined cash book and journal, a set of signature and identification cards, power of attorney indices, etc. Som...
-General Remarks. Part 5
165. Minute Book The minute book is frequently looked upon as a necessary evil and kept accordingly. The minutes often read somewhat as follows: The regular meeting of the board of directors was hel...
-Chapter XIII. General Remarks (Continued)
166. Periodic Audits The success of audits of the work of a bank or trust company depends entirely on the efficiency of the auditor. The subject has been under serious discussion in late years. The n...
-General Remarks II. Part 2
167. Accrued Interest Receivable And Payable The farmer is often heard to remark that interest never sleeps. He has in mind the mortgage on his farm and realizes that whether crops are good or bad, t...
-General Remarks II. Part 3
168. Changing Of Clerks Many banks think they secure a satisfactory protection against defalcations by changing clerks from one position to another at frequent intervals without notice. This practice...
-General Remarks II. Part 4
170. Soliciting Business Very closely akin to advertising is the question of soliciting business. On the whole it is better understood than the question of advertising. National banks in the City of ...
-Part II. Foreign Exchange. Chapter I. Mechanism Of The Exchange Market
171. Exchange Defined The system by which one country discharges its debts to another is called foreign exchange. This indebtedness may arise from shipments of merchandise; from money loaned, or inve...
-Mechanism Of The Exchange Market. Part 2
173. Underlying Principles Underlying the whole business of foreign exchange is the system by which the creditor draws a draft upon the debtor - by which, for instance, a cotton firm in Nashville, Te...
-Mechanism Of The Exchange Market. Part 3
174. Commercial Long Bills Drafts drawn at from thirty days' to six months' sight upon foreign buyers of merchandise or upon banks abroad designated by them. Exchange of this kind is usually accompan...
-Mechanism Of The Exchange Market. Part 4
175. Bills Of Exchange That Involve More Or Less Risk Concerning the risk incurred in the purchase of documentary exchange, A. W. Margraff in his book International Exchange writes as follows: Bil...
-Mechanism Of The Exchange Market. Part 5
176. Clean Commercial Bills Bills drawn by commercial houses in one country on houses in other countries, at anywhere from thirty days' to six months' sight and unaccompanied by documents. Of all cl...
-Mechanism Of The Exchange Market. Part 6
179. Long Bills From Loaning Foreign Money The second class of bankers' bills originates from loaning operations. To appreciate fully the nature and standing of these bills, it is necessary to unders...
-Mechanism Of The Exchange Market. Part 7
180. Finance Bills These are the other great class of bankers' long bills in the exchange market. Concerning the exact meaning of finance-bill it is surprising what a difference of opinion exists e...
-Mechanism Of The Exchange Market. Part 8
181. Limitations To Finance Paper Issue Where is the limit to the practice? Only in the credit of the houses concerned, in the willingness of the exchange market here to absorb offerings of their ...
-Chapter II. How Money Is Made In Foreign Exchange
182. The Sale Of Demand Exchange Foreign exchange transactions, nowadays, are of considerable scope and endless variety, but all are based fundamentally on five different kinds of operation. ...
-How Money Is Made In Foreign Exchange. Part 2
184. Banker's London Balance In order to be able to sell cable transfers, the banker, clearly, must carry an adequate balance in London and must be constantly replenishing it with deposits of ...
-How Money Is Made In Foreign Exchange. Part 3
186. Against Remittances Of Sixty And Ninety Day Bills Selling demand drafts against remittances of sixty and ninety day bills is the second important form of activity in foreign exchange, ...
-How Money Is Made In Foreign Exchange. Part 4
189. Loaning Foreign Money On Joint Account This is another profitable form of activity for a foreign exchange department. Description of the bankers' long bills arising from operations of this kind ...
-How Money Is Made In Foreign Exchange. Part 5
192. Bisk Of Exchange Bearing further upon this question of commission, it is to be noted that it makes a great deal of difference whether the money is loaned out under an arrangement by which the ...
-How Money Is Made In Foreign Exchange. Part 6
195. Time Money Rates On Call Money Basis The purpose of such an operation is to take advantage of a depressed market for long bills. Suppose that on account of one of Europe's not infrequent war-...
-How Money Is Made In Foreign Exchange. Part 7
197. Arbitraging In Exchange This is another important part of the activity of the foreign department. Arbitraging may best be described as the purchasing of exchange on one country through another ...
-Chapter III. Foreign Exchange And Foreign Commerce
200. Commercial Credits, - The Financing Of Exports And Imports During the past ten years there has grown up a system of interrelation between the import houses and the bankers which is entirely ...
-Foreign Exchange And Foreign Commerce. Part 2
201. Commercial Credit Finance Illustrated Take the commercial credit business as it applies to the import of merchandise, say, from the Far East to New York. Suppose a New York house to have bought ...
-Foreign Exchange And Foreign Commerce. Part 3
203. Value Of Implicit Trust Meantime the slow freighter is steadily carrying the goods toward New York, and as it is impossible for anyone to get them out of the ship without the bill of lading, ...
-Foreign Exchange And Foreign Commerce. Part 4
205. Benefits To Importer It has been worth while to set down the whole practical course of one of these typical commercial credit operations in order that there may be no confusion in dealing with ...
-Foreign Exchange And Foreign Commerce. Part 5
208. Export Letters Of Credit As for export letters of credit, they are a different thing, being rather like the advances bankers are continually making to their mercantile clients. A machinery firm ...
-Chapter IV. Foreign Exchange And The International Security Market
210. The Three Classes Of International Security Deal-Ings Out of Europe's interest in American enterprise and constantly growing investment in American securities arises an immense volume of ...
-Foreign Exchange And The International Security Market. Part 2
212. International Speculations Turning to the second class of international trading - speculative operations by foreign interests in our market - it appears that dealings of this kind at times foot ...
-The International Security Market And Foreign Exchange. Part 3
213. International Arbitraging Coming now to the third class of international security dealings, it appears that out of the maintaining of the parity of the various stock and bond markets arises a ...
-Foreign Exchange. The International Security Market. Part 4
215. Arbitrage Profits Straight arbitrage between two stock exchanges is a more or less exact operation, much more so than the great amount of arbitraging in bonds which is going on all the time. ...
-Chapter V. The Movement Of Gold
218. Production Of Gold Underlying the whole question of gold movements - the passage from one market to another of great quantities of specie - is the fact that of the gold now annually produced, a ...
-The Movement Of Gold. Part 2
220. Small Merchandise Exports As to the influences which tend to raise foreign exchange and thus cause gold to move, there are four main points to consider. The first may be stated as small ...
-The Movement Of Gold. Part 3
223. International Trading In Securities The fourth consideration making for high exchange has reference to the selling of securities by one market in another. When Europe sells stocks, for instance,...
-The Movement Of Gold. Part 4
225. Indirect Methods Of Moving Gold Indirect shipments are of great variety but are all founded on the idea of sending gold to some point where it can be used to buy, cheaply, exchange on some ...
-Appendix. New York Stock Exchange Rules For Delivery
(Art. XXV, Sec. 3, constitution.) 1. Securities admitted to dealings upon the New York Stock Exchange, Registered and Transferable in the Borough of Manhattan, City of New York, in conformity with th...
-New York Stock Exchange Rules For Delivery. Part 2
Rights To Subscribe. 20. Assignments of Rights with the signature of the assignor witnessed and guaranteed in the same manner as other assignments as provided in these rules, are a delivery: - (...
-New York Stock Exchange Rules For Delivery. Part 3
Assignments And Notarial Acknowledgments A detached Assignment of a security must contain provision for the appointment irrevocable of an attorney, and substitute, and a full description of the secur...
-Quiz Questions
(The numbers refer to the numbered sections in the text.) Part I. Banking Practice Chapter I 1. What is meant by a financial institution? 2. Distinguish between an individual and a private ban...
-Quiz Questions. Part 2
Chapter V 48. How would you proceed to formulate a process of figuring the reserves required under the law? 49. Describe a form of reserve record. 50. How do the Comptroller of the Currency and sta...
-Quiz Questions. Part 3
Chapter VIII 119. What is a collateral loan? What are the three grand divisions of collateral loans? 120. What is the difference between a collateral note and a general loan and collateral agreement...
-Quiz Questions. Part 4
Chapter XI 151. What is a coupon? Describe the method of receiving and collecting. 152. Describe method of paying coupons and records pertaining thereto. 153. Discuss care of stationery and supplie...
-Quiz Questions. Part 5
Chapter III 200. Why is commercial credit business growing in volume? 201. What is the primary purpose of a commercial credit? 202. How does the shipper of the merchandise get his money? 203. What...









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