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Elementary Banking | O. Howard Wolfe



This book is not the result of any preconceived theories on methods of education in banking. Neither does it make any pretense of being complete as to the subjects covered nor exhaustive in its treatment of them. It is based on fifteen years of practical experience, beginning with a small country bank and extending through eleven years with a large city bank. To this first-hand knowledge of the educational needs of the beginner in banking has been added four years spent in the teaching of banking subjects to young men in the various chapters of the American Institute of Banking. The subject matter presented herewith consists in the main of a series of lectures delivered to a class of younger men in New York Chapter. This book is intended for the young man just entering the bank from school and too new in the business to be able to undertake the regular Institute study course. No other text book so far as the writer knows is designed to meet this particular need. The method of treatment is to explain the underlying principles not only of bank accounting, but of the everyday transactions that are common to all forms of banking. The danger of the small bank is that it tends to narrow the horizon of the young banker, while in the large bank the beginner too often regards his institution as something inhuman that moves along as entirely independent of him or his associates as if it were a part of the solar system. Another difficulty confronting the beginner is that when he does feel the need of instruction he is apt to fall a victim to the advice of well - meaning but untrained "instructors," who attempt to teach him banking by explaining the use of accounting forms.

TitleElementary Banking
AuthorO. Howard Wolfe
PublisherAmerican Institute Of Banking
Year1915
Copyright1915, O. Howard Wolfe
AmazonElementary banking

by O. Howard Wolfe

Associate, American Institute of Banking

Assistant Educational Director, A. I. B.

Past President, New York Chapter

Correspondence Chapter, Inc. American Institute Of Banking

Five Nassau Street, New York

Copyright, 1915 By O. Howard Wolfe

M. B. Brown Printing & Binding Co. 37- 41 Chambers St, New York City

-Preface
This book is not the result of any preconceived theories on methods of education in banking. Neither does it make any pretense of being complete as to the subjects covered nor exhaustive in its treatm...
-Banking As A Vocation
Every young man who goes into a bank, whether from the schoolroom or from some other business, should make up his mind very early that the work is not easy and the only way he may succeed is to begin ...
-Wealth And Money
Banks are institutions with a threefold relation to money; they receive money on deposit, they loan money and they issue money. There are two additional functions closely related to the others, if not...
-Why Banks Are Necessary
We have discussed the relation of banks to money in the previous chapter. We have seen how money is necessary to industrial and commercial progress, not because of its own intrinsic worth but because ...
-Classes Of Banks
It is conceivable that one kind of bank could meet the banking needs of all the people, and in fact such a condition is approximated in a little one-bank town where the institution may be either a sta...
-Bank Organization And Administration
It will not be necessary for present purposes to describe the detail of organization of each of the three main classes of banks. The commercial bank plan of organization will serve as a model and, in ...
-Departments In A Bank
As soon as it becomes necessary, on account of volume of business, to divide the work in a bank into divisions, each employing a group of clerks, such division is organized into a department having a ...
-Bank Statements
Resources Loans and Discounts ...... $400,000.00 U. S. Bonds to Secure Circulation...... 75,000.00 Other Bonds and Securities...
-Bank Statements. Part 2
These notes are secured by collateral, that is, the public is secured against loss in the event of the failure of the bank, by a deposit of bonds placed with the Treasurer of the United States. This i...
-Bank Statements. Part 3
With this explanation of the various items, we can now use an outline of our bank statement to show how the institution works. Assets Liabilities Loa...
-Bank Accounting
Bank accounting consists in making written, permanent records of every transaction. Every penny must be accounted for. The statement of the bank, which we have just discussed, shows the general, or co...
-Receiving Teller
A bank teller is a senior clerk who deals with the bank's customers - chiefly depositors - in daily transactions across his counter. In very small banks one man will act both as receiving teller and p...
-Paying Teller
The paying teller's duties are the direct opposite of the receiving teller's. It is often said that the paying teller has the most important position in the bank because on him falls the responsibilit...
-Paying Teller. Continued
Reserve is calculated on net deposits, that is, deposits that have been collected. Referring to the outline of the bank statement again, we understand that if a check for $1,000.00 payable in Chicago ...
-Note Teller
Negotiable instruments are forms used in the business world for the transfer of values. In the ordinary transactions of commerce, they take the place of actual money. We have learned in an earlier cha...
-Individual Ledgers
While there are several bookkeeping systems employed by banks, they are all alike in principle and vary only because the business of the customers warrants different labor-saving methods on the part o...
-General Ledger
The general ledger bookkeeper is the Bookkeeper of the Bank. It may be said that all other books and records are a part of the general ledger. Every transaction of whatever nature gravitates to this l...
-Loans And Discounts
Banks exist, as we have learned, in order that the surplus wealth which is stored up may be loaned out and put to use through commerce, trade and industry in the production of more wealth. Banks perfo...
-Stocks And Bonds
In a previous chapter we discussed the importance of capital and how it arises as the result of the creation of surplus wealth. A bank was described as a storehouse where this accumulated surplus is g...
-Savings Banks
As we have seen, banks belong to three main groups - commercial, savings and trust. It would be more exact to say that there are in general three kinds of banking, because one bank may, and often does...
-Savings Banks. Continued
Savings banks specialize in mortgage loans which are loans secured by real estate. A mortgage is a conditional deed conveying the property of the mortgagor, the borrower, to the mortgagee, the bank. T...
-Trust Companies
A trust is anything of value, such as money or personal property which is committed into the care of another for the safekeeping, use or benefit of the owner. This implies confidence on the part of th...
-Clearing Houses
A bank check may be defined as a written order drawn upon a bank by a depositor directing the bank to pay a certain sum of money to bearer, to a payee named on the instrument, or to someone else named...
-Bank Examinations
In a previous chapter we have discussed the bank's statement of condition which sets forth in detail the various amounts the bank owes to its stockholders, depositors and the general public. Against t...
-Banking Laws
Laws affecting banking by which banks are organized, regulated and controlled in their relations with the public and with each other, are the result of many years' of experience in banking. As we have...
-American Institute Of Banking. Organized Education
The American Institute of Banking Section of the American Bankers Association is devoted to the education of bankers in banking and the establishment and maintenance of a recognized standard of educat...









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