Wall Street and the Country: A Study of Recent Financial Tendencies

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G. P. Putnam's sons, 1904 - 247 pages
 

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Page 208 - To exercise by its board of directors or duly authorized officers or agents, subject to law, all such incidental powers as shall be necessary to carry on the business of banking; by discounting and negotiating promissory notes, drafts, bills of exchange, and other evidences of debt; by receiving deposits; by buying and selling exchange, coin, and bullion; by loaning money on personal security; and by obtaining, issuing, and circulating notes according to the provisions of this title.
Page 206 - ... 1. To act as the fiscal or transfer agent of any state, municipality, body politic or corporation; and in such capacity to receive and disburse money, to transfer, register and countersign certificates of stock, bonds or other evidences of indebtedness, and to act as agent of any corporation, foreign or domestic, for any lawful purpose.
Page 206 - To accept trusts from and execute trusts for married women, in respect to their separate property, and to be their agent in the management of such property, or to transact any business in relation thereto.
Page 206 - To take, accept and execute any and all such legal trusts, duties and powers in regard to the holding, management and disposition of any estate, real or personal, and the rents and profits thereof, or the sale thereof, as may be granted or confided to it by any court of record, or by any person, corporation...
Page 117 - are carried on by steam and water-power representing, in round numbers, 3,500,000 horse-power,* each horse-power equaling, the muscular labor of six men ; that is to say, if men were employed to furnish the power to carry on the industries of this country, it would require 21,000,000 men, and 21,000,000 men represent a population, according to the ratio of the census of 1880, of 105,000,000. The industries are now carried on by 4,000,000 persons, in round numbers representing a population of 20,000,000...
Page 206 - To receive deposits of trust moneys, securities and other personal property from any person or corporation, and to loan money on real or personal securities.
Page 76 - The fact that such confusion of ideas prevails, and that the stock and produce exchanges continue to be looked upon by many good people as a sort of adjunct of Monte Carlo, justifies an occasional restatement of the essential part which these exchanges play in the mechanism of business. To take the subject up from an elementary standpoint, it is well to say a word regarding the function of stock companies. The discovery was made long before our time that a piece of property or a new enterprise could...
Page 28 - In the present scheme of production, the resource and the money are useless apart. Let them be brought together, and wealth is the result. The unassisted coincidence of investment funds with investment opportunities, however, is fortuitous and uncertain. The investor and the land or patent or mine owner have few things in common. Left to themselves they might never meet. But the promoter brings these antithetical elements together, and in this way is the means of creating a value which did not before...
Page 82 - ... there is afforded to capital throughout the world an almost unfailing index of the course in which new production should be directed. Suppose for a moment that the stock markets of the world were closed, that it was no longer possible to learn what railways were paying dividends, what their stocks were worth, how industrial enterprises were faring, — whether they were loaded up with surplus goods or had orders ahead. Suppose that the information afforded by public quotations on the stock and...
Page 1 - Wurtemburg, and Bavaria had converted four per cent into three and a half per cent securities ; and that Denmark, Belgium, Holland, Bremen, and Berne had converted three and a half per cents into three per cents, not to speak of the great Russian conversion of five per cents into four per cents.

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