Centennial Copper Mining Co.
Certain of the largest cities in the United States in which all " member banks " in the " Federal Reserve System " are obliged to maintain a certain percentage of "reserve " upon their deposits. Such banks may act as "reserve agents " for "member banks " located in what are known as "reserve cities" and "undesignated cities." (Refer to subjects in quotations.)
On Jan. 1, 1917, the "Central Reserve Cities " consisted of New York, Chicago and St. Louis.
See "Beneficial Interest."
When it is desired to form an incorporated company, a paper called a "certificate of incorporation," or one having a similar title, must be filed with the Secretary of the State under which it is desired to incorporate. Such papers, in their requirements, vary in the different States, but in general must give about such information as follows:
Names of the officers and the majority of the directors, name of the corporation and the purpose for which it is constituted, the location of the principal place of business, the kinds and amount of stock, the day of the first meeting, a copy of the articles of agreement, etc.
Simply a floating indebtedness in more or less of a fixed form. Let us take the example of a corporation which wishes to borrow some large sum of money - a million dollars or more - for some definite period, say one year. It not being, perhaps, possible to make one loan to cover this sum, the amount may be divided into smaller notes of $5,000 or $10,000 denominations, and placed among different holders. Such a security might bear the title of "certificate of indebtedness." It is nothing more than a "promissory note." In case of failure on the part of the company to pay the same the holder has no recourse except application for a receiver.
United States Certificates of Indebtedness are in effect promissory notes of the Government.
See " Stock Certificate."
Explained under " Trustee."
See " Certified Check."
Any fact which has been vouched for in writing. The expression is often seen, " the issue is (has been) certified to by," and then naming some trust company. The meaning of this is that the company which is named in the mortgage as trustee is not supposed to allow the bonds to be issued until all the provisions in the mortgage leading up to the issue of the bonds have been fulfilled. There is, as a rule, a printed form on each bond, to be properly signed by the trust company as the last necessary act before the actual delivery of the bond, and which makes it a binding obligation upon the corporation issuing the same. This is only in the case of a corporation issue and not necessary in relation to a municipal bond. (See also " Certified Check.")