Galveston, New Orleans, Mobile, Savannah, Charleston, Wilmington, etc.
See " Cotton-carrying Roads."
See " Council Drafts."
These are the "member banks," in the Federal Reserve System, that are located in neither a " reserve" nor a "central reserve city," and which need maintain a "reserve" of only 7% of their "demand deposits," and 3% of their "time deposits" in the form of an actual net balance with the "Federal Reserve Bank" of the District in which the particular "country bank " is located. "Country banks" are not allowed to hold the "reserve " of any other "member bank." (See subjects in quotations.)
Much the same thing as " out-of-town checks," except that the term is more specifically applied to checks against banks more remote from the particular clearinghouse.
Any bonds which have attached interest notes or coupons which may be presented for payment at stated intervals as the interest becomes due, and which notes or coupons are made payable to bearer. (See " Coupon.")
Some large banks have the work so subdivided that a special clerk known as a "coupon-clerk " attends to the collection of bonds and coupons, whether such are among the bank's deposits or left by its customers for collection. If there is a "corresponding clerk " in the bank, the "coupon-clerk" would turn over to him bonds or coupons payable out of town. The "coupon-clerk " has minor duties to perform, but those already mentioned are the principal ones.
Same as " Rate of Exchange."
See " Short Covering," meaning the same.
C. P. A. Certified Public Accountant.
Currency issued by a bank, the security for which is only the general assets of the institution. The notes of the Bank of France are so secured and are strictly speaking " credit currency," whereas notes of the Bank of England are substantially " gold certificates," as against all additional notes above a certain fixed amount there is a deposit of gold coin and bullion. United States " gold " and "silver certificates " are in no sense " credit currency," as each one represents a like sum of gold or silver deposited to secure it. They are the nearest approach to real money without being actual money that exists.