A Simple Explanation of Modern Banking CustomsSmall, Maynard, 1910 - 111 pages |
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Common terms and phrases
accepted drafts actual cash amount average balance Bank Number bank receives bank's books banker banking hours Bill of Lading bookkeeper Bridgeport Brown Bros capital cent Central Reserve Cities certified check account CERTIFIED PUBLIC ACCOUNTANT check certified Chicago and St circulating notes city bank Clearing House Association clerk collecting bank Comptroller Currency day 1 day depositors discount dollars drawer Due Same Date employes endorsed eral February less firm J. P. Williams Jones together owe keep lend less 1 day loan department loss Louis bank ment MODERN BANKING CUSTOMS National Bank Act National Bank Notes ness nineteen non-payment Notary officer owe Brown owe Jones paid panic paper payable payer paying teller person profit on taking prompt notice Protest reach your bank reason Receiving Teller risk secondarily liable sender sent signature three Central Reserve tion tional Bank tomers town Treasury Department uncertified United States Bonds York Exchange
Popular passages
Page 98 - An act fixing the amount of United States notes, providing for a redistribution of national bank currency, and for other purposes,' or as provided in this Act, is authorized to deposit lawful money and withdraw a proportionate amount of the bonds held as security for its circulating notes in the order of such deposits...
Page 85 - Albany, Baltimore, Boston, Brooklyn, Cedar Rapids, Cincinnati, Cleveland, Columbus, Dallas, Denver, Des Moines, Detroit, Dubuque, Fort Worth...
Page 81 - This section shall not make unlawful the use of the word "national" as part of the name of any business or firm engaged in the insurance or indemnity business, whether such firm was engaged in the insurance or indemnity business prior or subsequent to the date of enactment of this paragraph. A violation of this section may be enjoined at the suit of the United States attorney, upon complaint...
Page 73 - ... found in practice that $200,000 of loans and discounts may be easily carried on $50,000 of cash. Thus, the loans of all the national banks in the United States in October, 1894, were $2,000,000,000 and their cash (including silver certificates and silver dollars) was a trifle less than $400,000,000, or only one-fifth of the amount of the loans. The other fourfifths was credit, and perfectly sound credit too, for it had passed through one of the severest panics in our history.
Page 69 - ... amount whenever they like, which right can be enforced by law. The banker owns the money and the depositor has a claim, or right of action, against him for an equal sum. But the depositors will not draw the money out immediately; if they had intended to do so they would not have deposited it at all- The banker finds by experience that some of his customers will deposit as much money as others draw out, so that $50,000 is on hand all the time. He concludes that if his own $5000, in connection...
Page 60 - ... a vessel are bound to furnish and maintain equipment and appliances reasonably free from defects, as well as reasonably proper and suitable for the special kind of work being done. "A shipowner which equips its vessel with improper and dangerous appliances, even when proper ones cannot be obtained, does so at its own risk, and not at the risk of the seaman.
Page 77 - In New York the banks generally require a regular customer to keep an average balance of not less than twenty per cent, of the loans made him. Most interior banks consider ten per cent, about the right proportion.
Page 68 - ... of our constitution had before their eyes the condition of things in Europe which Judge Gray affirmed to exist at that time. Bank of England notes were not legal tender in 1797 when Parliament passed the Restriction act, nor did that act make them such. 1 Page 149, note. BOOK II. BANKS. CHAPTER I. FUNCTIONS OF A BANK. A BANK is a manufactory of credit and a machine of exchange.
Page 86 - Pueblo Richmond St. Louis St. Joseph St. Paul Salt Lake City San Antonio San Francisco Savannah Seattle Sioux City South Omaha* Spokane Tacoma Topeka Waco Washington Wichita SUBSEQUENT CHANGES IN DESIGNATIONS Reserve cities designated by the Board at the request of member banks located therein...
Page 75 - Let no loans be made that are not secured beyond a reasonable contingency. Do nothing to foster and encourage speculation. Give facilities only to legitimate and prudent transactions. . . . Distribute your loans rather than concentrate them in a few hands. Large loans to a single individual or firm, although sometimes proper and necessary, are generally injudicious, and frequently unsafe. Large borrowers are apt to control the bank, and when this is the relation between a bank and its customers,...