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Organized Banking | by Eugene E. Agger



This book grew out of a part of a course on the subject of money and banking given by the author at Columbia University. It was written under stress of numerous other duties, hence the author himself feels called upon to confess that in several directions the book leaves something to be desired. But it is hoped that it will be helpful to the student and to the general reader in obtaining a little more comprehensive and more closely coordinated knowledge of the broader relations of modern banking. For use in the classroom it is recommended that a good book of readings like W. Hamilton's Readings in Money and Banking, or H. G. Moulton's Principles of Money and Banking be used to supply illustrative, concrete material as a basis for further discussion.

TitleOrganized Banking
AuthorEugene E. Agger
PublisherHenry Holt And Company
Year1918
Copyright1918, Henry Holt And Company
AmazonOrganized banking

By Eugene E. Agger, Ph.D.

Associate Professor of Economics in Columbia University

New York Henry Holt And Company

New York Henry Holt And Company

-Preface
This book grew out of a part of a course on the subject of money and banking given by the author at Columbia University. It was written under stress of numerous other duties, hence the author himself ...
-Introduction
Specialization, we are told, is the order of the day. Whereas, in earlier times the individual artisan or craftsman carried through from beginning to end the manufacture of any given kind of useful th...
-Introduction. Part 2
Large scale production involves the lengthening of the period of production This is of special significance to social production as a whole The possibility of the indirect or roundabout proces...
-Introduction. Part 3
The savings which add to the social capital equipment are those which, to use the common term, are invested. Mere hoarding of money by the individual is from the social viewpoint absolutely meaningl...
-Introduction. Part 4
In a community where there is this complex division of labor and where the whole economic life is based on the use of money, saved income available for investment appears in the form of money funds. W...
-Introduction. Part 5
Owing to this character of the savings-bank deposit a high percentage of savings-banks funds are normally not drawn upon. In a progressive community, with trusted savings banks, current withdrawals ar...
-Chapter I. The Bank's Operations
The term bank is ordinarily applied to an institution which receives deposits of money or of credit and which seeks profit through the extension or sale of its own credit. It is sometimes said that a ...
-The Bank's Operations. Part 2
The usefulness of checks Bank deposits may be obtained in several ways With cash 1 The term draft is used broadly. The question naturally suggests itself, why should a bank care to excha...
-The Bank's Operations. Part 3
Other possibilities Loans and discounts The value of the note at the time of execution is not, of course, the same as its value at maturity. Three things tend to create a difference, namely, rat...
-The Bank's Operations. Part 4
Security important in loans Obtaining deposits with discounts and loans purely a credit transaction Although, as was stated above, a bank finds no profit in the mere acceptance of cash, checks, ...
-The Bank's Operations. Part 5
The clearing system strengthens a bank's lending power Every addition to the lending power of the bank means not only the possibility of serving the community more broadly but also the possibility ...
-The Bank's Operations. Part 6
Bank notes Definition Likeness between deposits and notes Bank credit in the shape of notes, unlike deposits, is practically never purchased for cash. An individual who possesses cash in the ...
-Chapter II. Deposits Versus Notes
In the previous chapter it was indicated that bank deposits and bank notes, the two main forms of bank credit, are from the bank's point of view substantially similar. Both are demand obligations, -...
-Deposits Versus Notes. Part 2
Bank notes pass freely from hand to hand Deposits and notes from the point of view of the public Bank checks The limitations of the check Uncertainty as to account or balance The confid...
-Deposits Versus Notes. Part 3
The nature of the liabilities assumed by the bank in the conduct of its business requires that the bank's investments be so arranged that they constitute a supplementary or secondary reserve. Most of ...
-Deposits Versus Notes. Part 4
From the point of view of convertibility two questions arise, the one concerning the period or duration of the indebtedness and the other the possibility, before final maturity, of a resale of the cla...
-Deposits Versus Notes. Part 5
A serious question is involved here Banks largely control the disposition of society's liquid capital Too much of this may be put into fixed forms Perhaps even more important, considering the...
-Deposits Versus Notes. Part 6
1 The failure of the First-Second National Bank of Pittsburgh a few years ago illustrates the danger involved in tying up too large a sum in relatively illiquid investments. While the bank had a capit...
-Deposits Versus Notes. Part 7
Reserves equally important here Similarly the required reserve varies Legal tender quality of notes is important here Correlated with the question of the tender qualities of the notes is that...
-Deposits Versus Notes. Part 8
The noteholder is specially protected There are good reasons for this Notes fall into the hands of the ignorant and the helpless Various means for protecting the noteholder have been devised....
-Deposits Versus Notes. Part 9
Special cash reserves are customary 1 Vide Federal Reserve Bank Notes, page 250. As a final assurance to the noteholder mention may be made of the possibility of a guarantee of the notes by the ...
-Chapter III. The Economic Services of Banks
Having analyzed the main activities of the modern bank and having examined the two forms in which its credit manifests itself we can appropriately consider the question of the importance of such activ...
-The Economic Services of Banks. Part 2
Money incomes are thus in essence claims to wealth. They can arise in first instance only because wealth has somewhere been produced. The totality of money incomes cannot exceed the total money value ...
-The Economic Services of Banks. Part 3
They release capital tied up In fixed forms of wealth In the same way banks may restore control of wealth which has been released on credit to others. This is the essence of discounting. A manuf...
-Chapter IV. Elasticity Of Bank Credit: Mobility And Expansion
The discussion thus far has concerned itself with the nature and with the economic function of the media of exchange for which the banks are responsible. We may turn, therefore, to a consideration of ...
-Elasticity Of Bank Credit: Mobility And Expansion. Part 2
The demand of the banks' clients is the important factor This demand is socially and not individually determined An attempt to analyze carefully the social circumstances that are of importance i...
-Elasticity Of Bank Credit: Mobility And Expansion. Part 3
Other social factors As a broad illustration of the points that have here been discussed the development of the credit system in England as contrasted with that on the continent of Europe may be br...
-Elasticity Of Bank Credit: Mobility And Expansion. Part 4
It varies from place to place It varies also from time to time Furthermore, there may arise at any time an unusual situation which causes a violent change in the demand for credit facilities. An...
-Elasticity Of Bank Credit: Mobility And Expansion. Part 5
Inability to meet changing demands is a serioi thing Stringenc unsettles business Impediments in the way of the inter-transformability of the two forms of bank credit may have a similar effect. ...
-Chapter V. Elasticity of Bank Credit: Overexpansion And Contraction
While on the one hand it is desirable to guard against the Seylla of stringency, on the other there is a Charybdis that is equally threatening, namely, overexpansion. Over-expansion is dangerous becau...
-Overexpansion And Contraction of Bank Credit. Part 2
Inflation of prices a danger involved in over-expansion 1 J. L. Laughlin, The Principles of Money, ch. 4. Prices do not change uniformly or instantaneously This protracted and uneven ...
-Overexpansion And Contraction of Bank Credit. Part 3
Relative inflation may result from inadequate redemption The return of bank checks and bank notes - which are the instruments by means of which bank credit is brought into actual service - may be e...
-Overexpansion And Contraction of Bank Credit. Part 4
Credit operations may be interfered with Rapid redemption must be facilitated The nature of the check leads to speedy redemption There is a strong incentive to the payee to deposit it Ther...
-Overexpansion And Contraction of Bank Credit. Part 5
The nature of the bank note is not such as to stimulate redemption There is little inducement to the holder to present the note for redemption It may next be supposed, however, that the notehold...
-Chapter VI. Domestic Clearings And Exchange
The process of clearing involves a balancing of reciprocal liabilities with ultimate delivery in cash or its equivalent only of differences. If reciprocal claims of any kind are to be brought together...
-Domestic Clearings And Exchange. Part 2
Domestic-intercommunity clearings The basis of intercommunity claims is found in individual business relations 1 The subject of clearing houses is fully and authoritatively discussed in H. J. Ca...
-Domestic Clearings And Exchange. Part 3
Two questions are involved in intercommunity clearings Claims must be brought together Different kinds of machinery are employed The second question referred to above (namely, how are the fin...
-Domestic Clearings And Exchange. Part 4
The necessity for shipments of cash or currency is, under such a system, obviously reduced to a minimum. Should the banks of a given community be, for a prolonged period, debtors in the domestic excha...
-Domestic Clearings And Exchange. Part 5
Examples Two centers may carry balances in a third Currency movements in the case of two communities thus clearing through a third are not between the two communities directly concerned. They ta...
-Domestic Clearings And Exchange. Part 6
Bills, drafts, etc., arising in domestic clearings, payable in any place, are sometimes spoken of as the exchange of that place, although in practice exchange is pretty generally limited to bank d...
-Chapter VII. International Clearing And Exchange
The general nature of clearing was discussed in the preceding chapter, but, as was there indicated, the subject of international clearing and exchange presents so many distinctive features that it req...
-International Clearing And Exchange. Part 2
1 see Spalding's Foreign Exchange and Bills (1915). This book is written from the English point of view, but it contains much useful practical information. A money unit is employed as agreed by the...
-International Clearing And Exchange. Part 3
The mone; unit of a third coun try may to employed British pound sterling has been the chief international uni Explanation of this British commerce Of equal importance, however, is the f...
-International Clearing And Exchange. Part 4
Productive efficiency Power to lend Development of adequate machinery Stability and security of money and credit system The reciprocal claims between individuals in different nations arise...
-International Clearing And Exchange. Part 5
It is also interesting to notice that fluctuations in the exchange rates between two countries on a gold basis imply fluctuation in the money-purchasing power of gold bullion in such countries. The em...
-Chapter VIII. Reserve Organization And Utilization
Elasticity of bank credit involves something more than the powers intrusted to individual banks. It involves also the question of the organization of banks into a system. Sufficient emphasis has alrea...
-Reserve Organization And Utilization. Part 2
Normal time variations may be taken care of by bank without external aid Extraordinary increases of demand require outside aid Time variations and centralized reserves Even under decentralize...
-Reserve Organization And Utilization. Part 3
Under a system of decentralized reserves about the same possibilities present themselves as were referred to in the case of indirect procedure under centralized reserves. The bank seeking assistance m...
-Reserve Organization And Utilization. Part 4
Under a system of centralized reserves - or to the extent that reserves are centralized - an individual bank may depend upon the agency or agencies holding the mobilized reserves. If there be no ope...
-Reserve Organization And Utilization. Part 5
Furthermore, the development of any market is predicated not only upon the existence of commodities suitable for trading in such a market but also upon the willingness of traders to utilize the facili...
-Chapter IX. The Protection Of The Reserves
The protection of the reserves may also be regarded as a question of safeguarding the credit that is based on reserves. Whatever the angle from which it is viewed, however, the essential element invol...
-The Protection Of The Reserves. Part 2
These factors were previously discussed In connection with the maintenance of a proper relation between ultimate reserves and the credit superimposed upon them over the country as a whole, not much...
-The Protection Of The Reserves. Part 3
Control of credit by central reserve agency depends upon certain conditions Circumstances cause difference in the degree of effective control Finally, it must be mentioned that under centralized...
-The Protection Of The Reserves. Part 4
The charging of a premium on redemption in gold assumes, however, the possibility of an alternative means of redemption freely available to the redeeming agency. If gold alone could be legally used fo...
-The Protection Of The Reserves. Part 5
Differences in discount rates indicate differences in value of money funds Any change in the discount rate that is intended really to influence the foreign exchange rates must be effective. That ...
-The Protection Of The Reserves. Part 6
Other expedients may be employed As in many other departments of human endeavor, however, the ounce of prevention, in this problem of international gold movements, is often worth more than the p...
-Chapter X. Requirements Of A Good Banking System
The peculiar function and the great importance of commercial banking render highly desirable if not absolutely essential its organization on a national scale. In its operation this form of banking con...
-Requirements Of A Good Banking System. Part 2
Maximum proportion of funds available for reserves should find lodgment in reserves Diffusion of credit facilities necessary The great desideratum, after a general use of bank credit is assumed,...
-Requirements Of A Good Banking System. Part 3
Intertrans-formability must also be assured Difficulty in practice has been with notes But in this connection emphasis must again be placed on the necessity, under any system, of permitting at l...
-Requirements Of A Good Banking System. Part 4
Rapid redemption, it was seen, is the most effective guarantee against the passive development of overexpansion. The nature of the cheek was shown to be such that without any external pressure there i...
-Requirements Of A Good Banking System. Part 5
The ideal in domestic clearings is of course collection and remittance at par between any two points in the same country without additional charge. The more nearly all the collections and remittances ...
-Chapter XI. Banking In England, France. And Germany
In the previous chapter the essentials of a good banking system were indicated. It will therefore be of interest to survey comparatively the systems in the foremost three countries of Europe in order ...
-Banking In England, France. And Germany. Part 2
Note issue and other operations The incorporated credit banks Tendency toward centralization Nature of business The other agencies involved in the banking systems of the three countries va...
-Banking In England, France. And Germany. Part 3
The large credit banks in the several countries make up the bulk of the supply side of the market. They also discount directly only for those having accounts, but they purchase bills in large quantiti...
-Banking In England, France. And Germany. Part 4
1 Hartley Withers, The Meaning of Money, p. 265. Percentage Composition Bank of England Reichsbank and Bank of France Reserves at the general market banks The market banks in their s...
-Banking In England, France. And Germany. Part 5
1Op. tit. Market rates Loan rates Expansion of note issue England The control of note issue in the several countries varies. Here again this control may be discussed under the three gen...
-Banking In England, France. And Germany. Part 6
Another topic that must be discussed in connection with elasticity of credit is that of the relations of the general market banks to the central banks that hold the reserves and that enjoy practically...
-Banking In England, France. And Germany. Part 7
The comparatively small employment of the check in France is clearly indicated by the fact that there is in that country only one clearing house, namely, the Chambre de Compensation in Paris.2 About t...
-Banking In England, France. And Germany. Part 8
Lastly a word or two must be said concerning the guarantee of security of credit in the three great European countries. Much of what has already been said has a bearing on the subject, and here refere...
-Chapter XII. Banking In The United States Before The Adoption Of The Federal Reserve System
Unlike the three great countries of Europe, banking in the United States is not under the primary supervision of the national government. It is only the banks belonging to the national banking syste...
-Banking Before The Federal Reserve System. Part 2
Surplus and double liability of stockholders Directors Deposit of United States bonds Limitations on business The expansion of credit in the form of deposits by the national banks depended...
-Banking Before The Federal Reserve System. Part 3
It provided for the organization of national currency associations made up of at least ten national banks with capital unimpaired and with a surplus of 20%. The combined capital of the banks in each...
-Banking Before The Federal Reserve System. Part 4
There are marked differences also in the matter of paying in the required capital. In some cases the paying in of the capital subscribed is left to the directors to handle, in others specified sums or...
-Banking Before The Federal Reserve System. Part 5
Lastly, in connection with the general safeguarding of the credit extended by the state banks a word must be said about deposit guarantees. A few of the states have introduced measures involving the m...
-Criticisms Of American Banking By The National Monetary Commission
(1) We have no provision for the concentration of the cash reserves of the banks and for their mobilization and use wherever needed in times of trouble. Experience has shown that the scattered cash re...
-Criticisms Of American Banking. Part 2
(6) We have no effective agency covering the entire country which affords necessary facilities for making domestic exchanges between different localities and sections, or which can prevent disastrous ...
-Criticisms Of American Banking. Part 3
(10) The absence of a broad discount market in our system, taken together with the restrictive treatment of reserves, creates at times when serious financial disturbances are anticipated a condition o...
-Criticisms Of American Banking. Part 4
This criticism refers to the Independent Treasury System which has been in vogue in the United States since 1844. The United States government, after the closing of the second United States Bank in 18...
-Chapter XIII. The Principles Of The Federal Reserve System. I. Centralization Of Reserves
The factor most largely responsible for the peculiar organization of the Federal Reserve System was need of centralization of reserves. Yet centralization had always had such an ominous ring in Amer...
-Centralization Of Reserves. Continued
Branches The act vests the government of the reserve banks in a board of nine directors. These are divided into three classes, A, B, and C, each containing three members. Class A directors are to r...
-II. Elasticity Of Deposits
The deposits in member banks are classified in the law under demand deposits and time deposit All deposits payable within thirty days are demand deposits. Postal savings deposits and those requiri...
-III. Elasticity Of Notes
The expansion of note issue is more carefully controlled. Two kinds of notes are provided. The first kind grows out of the necessity of taking care of the bond-secured national bank notes. It was cons...
-IV. Strengthening Reserves And Rediscounting
A system of centralized reserves and of monopolistic note issue must make both reserves and bank notes available to its constituent local banks. In this connection it may be noted that in the Federal ...
-V. Domestic Clearings
In the chapter dealing with this subject, it was shown that a well-organized banking system based upon centralized reserves implies a thorough-going system of domestic clearings or transfers. The impo...
-VI. Foreign Operations And Protection Of The Gold Reserve
Most of the foreign trade of the United States has heretofore been financed by foreign bankers. The new system permits the home institutions to enter this field of business. Both member banks and f...
-VII. Examinations And Publicity
The system of examination of banks is so thoroughly established in this country that we naturally expect to find provisions of this kind in the Reserve Act. The law requires the comptroller to appoint...
-Chapter XIV. The Operation Of The Federal Reserve System. I. Organization Of The System
The organization of the Federal Reserve System began with the hearings held by the Organization Committee. The first hearing was held in New York on January 5, 1914. The purpose of these hearings was ...
-Organization Of The Federal Reserve System. Continued
The first formal session of the Board was held on August 14, 1914. It selected as its first secretary Dr. H. Parker Willis, who had played a leading part as committee expert in the fashioning of the F...
-II. Reserve Bank Deposits
The deposits in the federal reserve banks come from member banks on the one hand and from the government on the other. Deposits of prescribed reserves, it will be remembered, are required of member ba...
-III. Federal Reserve Bank Notes
Federal reserve bank notes, it will be recalled, are obligations of the reserve banks themselves, and are based on bonds acquired from the national banks in the open market or through allotment by the...
-IV. Federal Reserve Notes
Federal reserve notes appeared in circulation shortly after the opening of the reserve banks. The amount outstanding on November 27, 1914, was reported as $2,700,000. By December 31, 1914, this had in...
-V. Rediscounting And Open Market Operations
It will be recalled that the Federal Reserve Act imposes on the Federal Reserve Board the duty of defining the commercial paper made eligible by the act for rediscount-ing or for open market purchases...
-VI. Development Of Commercial Paper Official Rates
The Reserve Act gives to the Reserve Board the power to review and to determine the rates of discount to be charged by the federal reserve bank for each class of paper. In the exercise of this auth...
-VII. Volume And Character Of Paper Dealings
The commercial paper discounted by the federal reserve banks from November, 1914, to June, 1917, has been gradually increasing in volume, although it has represented a comparatively unimportant factor...
-VIII. Distribution Of Discounts And Paper Purchases
The facilities provided by the Reserve System in connection with commercial paper have not been uniformly utilized in the several reserve districts. The following table shows the distribution among th...
-IX. The Organization Of Domestic Clearings
The division of the country into twelve reserve districts with individual reserve banks obviously suggests two main classes of domestic clearings, namely, those within the several districts and those ...
-X. Reserve Bank Clearings
The subject of clearing among the reserve banks was first taken up by the Board in April, 1915. On May 8 of that year the Board1 issued a circular and regulation providing for the establishment of the...
-XI. Member Bank Clearings And Collections
Owing to the system of collections and exchange that had grown up under a banking system based on scattered reserves the introduction of a new organization of clearings was attended by numerous diffic...
-Member Bank Clearings And Collections. Continued
(4) The actual cost, without profit, of the clearing and collection of checks will be paid by the federal reserve banks and assessed against the member banks in proportion to their sendings. (5) Th...
-XII. Foreign Operations
The progress made in this field, in the various directions contemplated in the Federal Reserve Act, may be discussed under the following heads: member bank branches, reserve bank foreign operations, a...
-XIII. Acceptances And Dollar Exchange
The development of the bankers' acceptance in connection with our foreign trade has already been discussed, Concerning this development the Reserve Board says in its 1916 report:1 The Board notes w...
-XIV. Gold Movements
Since the establishment of the Federal Reserve System the position of the United States as a member of the world economic family has been completely reversed. At the outbreak of the European war we we...
-XV. Examinations And Publicity
The extensive examinations provided for by the Federal Reserve Act were alluded to before.3 In arranging for examinations, as in other matters, the Reserve Board largely followed the recommendations o...
-Publicity
In May, 1915, the Reserve Board began the publication of the Federal Reserve Bulletin. The Bulletin records monthly all the matters of interest, bearing on the Reserve System. It recounts the activiti...
-Appendix A. Federal Reserve Act
Complete Official text of the Federal Reserve Act Approved December 23,1913, with Amendments to June 21, 1917, inserted.1 (Public - No. 43 - 63d Congress) (H. R. 7837) An Act to provide for the ...
-Federal Reserve Districts
Sec. 2. As soon as practicable, the Secretary of the Treasury, the Secretary of Agriculture, and the Comptroller of the Currency, acting as The Reserve Bank Organization Committee, shall designate n...
-Branch Offices
Sec. 3.1 The Federal Reserve Board may permit or require any Federal reserve bank to establish branch banks within the Federal reserve district in which it is located or within the district of any Fe...
-Federal Reserve Banks
Sec. 4. When the organization committee shall have established Federal reserve districts as provided in section two of this Act, a certificate shall be filed with the Comptroller of the Currency showi...
-Federal Reserve Banks. Continued
And provided further, That nothing in this Act shall prohibit any officer, director, or employee of any member bank or class A director of a Fedreal Reserve bank, who shall first procure the consent ...
-Stock Issues; Increase And Decrease Of Capital
Sec. 5. The capital stock of each Federal reserve bank shall be divided into shares of $100 each. The outstanding capital stock shall be increased from time to time as member banks increase their capi...
-Division Of Earnings
Sec. 7. After all necessary expenses of a Federal reserve bank have been paid or provided for, the stockholders shall be entitled to receive an annual dividend of six per centum on the paid-in capital...
-State Banks As Members
Sec. 9.1 Any bank incorporated by special law of any State, or organized under the general laws of any State or of the United States, desiring to become a member of the Federal Reserve* System, may m...
-Federal Reserve Board
Sec. 10. A Federal Reserve Board is hereby created which shall consist of seven members, including the Secretary of the Treasury and the Comptroller of the Currency, who shall be members ex officio, a...
-Federal Advisory Council
Sec. 12. There is hereby created a Federal Advisory Council, which shall consist of as many members as there are Federal reserve districts. Each Federal reserve bank by its board of directors shall an...
-Powers Of Federal Reserve Banks
Sec. 13.1 Any Federal reserve bank may receive from any of its member banks, and from the United States, deposits of current funds in lawful money, national-bank notes, Federal reserve notes, or chec...
-Open-Market Operations
Sec. 14. Any Federal reserve bank may, under rules and regulations prescribed by the Federal Reserve Board, purchase and sell in the open market, at home or abroad, either from or to domestic or forei...
-Government Deposits
Sec. 15. The moneys held in the general fund of the Treasury, except the five per centum fund for the redemption of outstanding national-bank notes and the funds provided in this Act for the redemptio...
-Note Issues
Sec. 16. Federal reserve notes, to be issued at the discretion of the Federal Reserve Board for the purpose of making advances to Federal reserve banks through the Federal reserve agents as hereinafte...
-Note Issues. Continued
Any Federal reserve bank may at any time reduce its liability for outstanding Federal reserve notes by depositing with the Federal reserve agent its Federal reserve notes, gold, gold certificates, or...
-Refunding Bonds
Sec. 18. After two years from the passage of this Act, and at any time during a period of twenty years thereafter, any member bank desiring to retire the whole or any part of its circulating notes, ma...
-Bank Reserves
Sec. 19. 1 Demand deposits within the meaning of this Act shall comprise all deposits payable within thirty days, and time deposits shall comprise all deposits payable after thirty days, all savings ...
-Bank Examinations
Sec. 21. Section fifty-two hundred and forty, United States Revised Statutes, is amended to read as follows: The Comptroller of the Currency, with the approval of the Secretary of the Treasury, sha...
-Loans On Farm Lands
Sec. 24. 1 Any national banking association not situated in a central reserve city may make loans secured by improved and unencumbered farm land situated within its Federal reserve district or within...
-Appendix B. Regulations Of The Federal Reserve Board
(Superseding Regulation A of 1916) Rediscounts Under Section 13 A. Notes, Drafts, And Bills Of Exchange I. General Statutory Provisions Any Federal Reserve Bank may discount for any of its...
-Open-Market Purchases Of Bills of Exchange, Trade Acceptances, and Bankers' Acceptances Under Section 14
I. General Statutory Provisions Section 14 of the Federal Reserve Act permits Federal Reserve Banks under rules and regulations to be prescribed by the Federal Reserve Board to purchase and sell...
-Acceptance by Member Banks of Drafts and Bills of Exchange
A. acceptance of drafts or bills of exchange drawn against domestic or foreign shipments of goods or secured by warehouse receipts covering readily marketable staples I. Statutory Provisions Und...
-B. Acceptance Of Drafts Or Bills Of Exchange Drawn For The Purpose Of Creating Dollar Exchange
I. Statutory Provisions Section 13 of the Federal Reserve Act also provides that any member bank may accept drafts or bills of exchange drawn upon it having not more than three months' sight to run...
-Time Deposits and Savings Accounts
Regulation D, Series Of 1917 (Superseding Regulation D Of 1916) Section 19 of the Federal Reserve Act provides, in part, as follows: Demand deposits, within the meaning of this act, shall compri...
-Appendix To Regulation E. Net Funded Indebtedness
The term net funded indebtedness is hereby defined to mean the legal gross indebtedness of the municipality (including the amount of any school district or other bonds which depend for their redempt...
-Trust Powers oF National Banks
I. Statutory provisions The Federal Reserve Act provides: Sec. 11. The Federal Reserve Board shall be authorized and empowered: (k) To grant by special permit to national banks applying there...
-Loans on Farm Land and Other Real Estate
Section 24 of the Federal Reserve Act provides in part that - Regulation G, Series Of 1917 (Superseding Regulation G Of 1916) Any national banking association not situated in a central reserve ...
-Membership Of State Banks And Trust Companies
I. Statutory requirements Section 9 of the Federal Reserve Act, as amended by the act approved June 21, 1917, which authorizes State banks and trust companies to become members of the Federal Reser...
-Appendix To Regulation H
Section 9 of the Federal Reserve Act as amended by the act approved June 21, 1917, provides that: Any bank incorporated by special law of any State, or organized under the general laws of any State...
-Increase Or Decrease Of Capital Stock Of Federal Reserve Banks
Increase of capital stock Whenever the capital stock of any Federal Reserve Bank shall be increased by new banks becoming members, or by the increase of capital or surplus of any member bank and th...
-Check Clearing and Collection
Section 16 of the Federal Reserve Act authorizes the Federal Reserve Board to require each Federal Reserve Bank to exercise the function of a clearing house for its member banks, and section 13 of the...
-A Most Important Financial Book. The Principles Of Bond Investment
By Lawrence Chamberlain With Kountze Brothers, Bankers, New York Lecturer on Finance at the New York University School of Commerce, Accounts and Finance 551 pages. With 19 charts. 8vo. Clo...









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