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Banking/banking_and_currency_1913.md

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+HG-2481
+O 82
+
+<watermark>For Your Eyes Only</watermark>
+
+<table>
+  <tr>
+    <td>Congress</td>
+    <td>SENATE</td>
+    <td>(Document)</td>
+    <td>(No. 144)</td>
+  </tr>
+  <tr>
+    <td>Chairman</td>
+    <td></td>
+    <td></td>
+    <td></td>
+  </tr>
+</table>
+
+# ANKING AND CURRENCY
+
+## A LETTER
+FROM
+THE CHAIRMAN OF THE SENATE COMMITTEE
+ON BANKING AND CURRENCY
+TO
+MR. JOSEPH T. TALBERT
+Vice President of the National City Bank
+of New York, New York City
+
+<img>A stylized bird in flight.</img>
+
+PRESENTED BY MR. OWEN
+JULY 26, 1913.—Ordered to be printed
+
+WASHINGTON
+1913
+
+<img>A black and white crest with a shield in the center, surrounded by a wreath of leaves and flowers.</img>
+
+UNITED STATES SENATE,
+COMMITTEE ON BANKING AND CURRENCY,
+JULY 26, 1913.
+
+Mr. JOSEPH T. TALBERT,
+Vice President the National City Bank of New York,
+New York City.
+
+DEAR SIR: I am pleased to receive your comments on the proposed banking and currency bill, have given the matter careful consideration, and answer your objections at once.
+
+I am in favor of the principle of " mobilizing the reserves," providing " elastic currency," and establishing a " discount market for short-time self-fundinging commercial credits" growing out of the banking system. The approval of these principles which are found in the banking and currency bill (S. 2638) is specially gratifying.
+
+You insist that the reserves should be one central bank. While the reserves are now in two reserves (of the 12 Federal reserve banks), instead of in one bank, the reservoirs are piped together by the provisions of the bill, under the control of the Federal reserve board, who can send the reservoirs from one reserve to another when called upon to another reserve needing temporary assistance by requiring one Federal reserve bank to loan to another, where the security offered by the borrowing bank is satisfactory to the directors of the lending bank. This makes the Federal reserve system almost as mobile as if the reserves were all in one bank, as you advise.
+
+You object to a loan of currency against bonds—Federal, State, or city—of any kind. You say that this would make the United States against short-time self-fundinging commercial paper will furnish all of the accommodation the commerce of the country may be expected to require. The power to occasionally use invest- ment securities as a medium of exchange would be bad if it should fix a regular custom, but its occasional use might be sometimes very serviceable.
+
+You also object to those named members of the Federal reserve board as " mere politicians," as " political appointees," etc. The Federal reserve board should no more be stigmatized by the epithet " political appointees" than the Supreme Court of the United States, whose members are appointed by the President, either as a governmental body of the highest dignity and character, or a partisan machine of self-serving laws.
+
+I remind you that the President of France appoints the governor, the cashier, and other officers of every one of the very numerous branches of the Bank of France, and yet nobody in France has ever charged that the Bank of France was managed as a political or partisan machine.
+
+<page_number>3</page_number>
+
+<page_number>4</page_number>
+
+BANKING AND CURRENCY.
+
+I remind you that the Emperor of Germany, on the nomination of the Bundesrecht, appoints the Direktorium of nine members, the governing body, the supreme administrative control of the Imperial Bank of Germany, and yet nobody has ever charged that it is a political machine. In effect both of these great governmental institu-
+tions are intended to safeguard the commercial and indus-
+trial interests of France and of Germany.
+
+I remind you that the Bank of England has not on its directory a single British citizen, but that it is regarded by the public opinion as a great national agency and as a safeguard for the com-
+mercial and industrial interests of the British Empire.
+
+Your plea that the bankers should control the Federal reserve board is absurd. The experience of England, France, and Germany is contrary to common sense,
+for the obvious reason that these reserve banks are not created to enable you to buy up all the land and property in this country, the commerce and industry (including the banks) of the people of the United States and to put an end to the periodic sinister expansion and contraction of credits leading to the so-called "bull markets" and "bear markets," which have been used as a means of promoting private interest at the public expense.
+
+The bankers have no more right to ask to take charge of the gov-
+erning funds than do the railroad men. If they had asked to place
+the Federal reserve board under the railroads would have a right to de-
+mand control of the Interstate Commerce Commission, which is in-
+tended to regulate them in the interest of public justice. The bank-
+ers have no right to demand that the Federal reserve board
+than the beef packers of Chicago to demand the right to administer
+the pure-food act, which is intended to regulate beef packing in the
+public interest.
+
+I confess that the bankers understand the banking business, that
+the railroad men understand the railroad business, that the packers
+understand the beef business, but their point of view is money
+making. They are interested only in making money. Their point of view
+of the public interest, except so far as an individual may be moved against his own interest by patriotic considerations. And
+patriotism is not a sufficient motive. It is found sufficient
+to safeguard the public against the local sectional selfish inter-
+ests of such private persons moved by their own natural desire to
+promote their private fortunes at public expense.
+
+You will observe that your suggestion here made is made "compul-
+sory" in the proposed system, and at the same time the suggestion
+has come from our immediate environment that the larger national
+banks refuse to participate in the proposed Federal reserve
+system. You yourself generally call it a "non-constructive undertaking."
+
+I am myself quite willing to make bank notes payable permissive
+and to issue them based on the proposed reserve banks to
+the general public, who will be content, as the citizens in England,
+France, and Germany own who stock of the Bank of England,
+the Bank of France, and the Bank of Germany are content, with a
+rate of interest upon them.
+
+Your suggestion that these notes are intended to be the obligations
+of the Federal reserve banks is a serious error. They are obligations
+
+BANKING AND CURRENCY.
+<page_number>5</page_number>
+
+of the United States Government and are intended to be such, and the language should be made entirely unequivocal upon this point. The words describing this currency and saying the notes should on their issue bear the names of the States of the United States should be changed so as to remove the equivocation which has been used to think that word implies.
+
+You ask me the question, "Shall the control and domination of the banking business of the United States, including note issues, bank credits, and the cash reserves of the United States, be surrendered unconditionally into the hands of a board of seven members appointed by the President?" Surrendered by whom, my dear sir? By you and a half dozen others who have gotten possession of this dangerous power?
+
+I ask you, in return, shall the control and domination of the banking business of the United States, including note issues, bank credits, and the cash reserves of the banks, be retained unconditionally in the hands of certain men like yourself for mere money-making purposes without any regard to the public interest? Shall these men and shall men like yourself exercise an invisible government over the commerce and industry of the United States and without control? The issue is well drawn up. Either a half dozen private persons or the United States Government control all these things. The hands of the shall men like yourself exercise an invisible government over the commerce and industry of the United States, or the Government of the United States shall retain control. This is essential to safeguarding the commerce and industry of the Nation and its interests of all the people, including the banks.
+
+You ask me, "Is there wisdom or safety in placing such power in the hands of a board of seven individuals having no personal interest in the banks?"
+
+I ask you, in return, "Is there wisdom or safety in leaving such power in your own hands? You are a member of a bank in New York, having a personal interest but who have no personal responsibility to the people of the United States and who have demonstrated their inability (or unwillingness) to protect the stability of the economy of the United States?"
+
+The very fact the Federal reserve board has no personal interest, but acts from a governmental and altruistic standpoint in the interest of all Americans, including those engaged in commerce and industry of the United States, the banks especially included, is the best answer to your objection. It is true there are quite a few thousands of bankers, but there are 800,000 people under one flag.
+
+Would you prefer that this stock of the Federal reserve banks should be contributed by the general public and give the banks no voice whatsoever? I would rather see this done than anything else. I would be glad to have you say so plainly and give that as your advice. The stock would be oversubscribed ten times and would come straight out of the bank deposits of the country.
+
+Your suggestion that instead of a 7,000 member banks does not control the Federal reserve bank it would not have any interest in contributing to the stock is singularly unreasonable. What a member bank gets is its immediate right to withdraw its liquid bills up to two-thirds of the reserve deposited with the reserve bank;
+
+<page_number>6</page_number>
+
+BANKING AND CURRENCY,
+
+and in addition, other accommodations by way of rediscounts in case of need, so that currency always to supply its economic needs. In addition, a financial system must be established on a financial foundation under its feet that will prevent the periodic destruction of banks by the currency and credit panics which have swept this country under the unhappy management of the very banks now in new protest against the Federal Reserve System and control of the banking business.
+
+Under the proposed Federal reserve system, a member bank could, by the consent of the Federal reserve board, obtain all the currency necessary to pay its depositors in full in case of a run. What more should a member bank want?
+
+At present, my dear sir, such a bank in times of panic can not get out of trouble because it has much less the discounting of good assets.
+
+I trust you will not deem it discourteous if I suggest that the public appreciate your point of view better than you appreciate the public's.
+
+You urge that a "politically controlled bank" can not be kept permanently "out of politics." My answer is that the proposed bank is a governmentally controlled bank, but that if the banks themselves are permitted to control their own affairs according to the National City Bank would head the list in its political activities to get control of this Federal reserve board, and would not be moved by Hugget's suggestion. The members of this board who do indeed have financial politics in control of the board with selfish interests behind it. We must make our choice between protecting the people by the Government and protecting the people by the political machinery of the banks. I am in favor of protecting the people through their own chosen representatives.
+
+You say that I misunderstand your letter if you fancied for one moment that I have any other than a friendly disposition to the big banks of the country. I am in favor of serving them well by giving them a system which would safeguard them against harm, against ruin, against each other, for I am told at times they eat each other up.
+
+You protest against the unwisely proposal to concentrate the regulation and control over banks in hands of a few politicians, and you evidently favor the policy of not "superintending," but retaining such regulation and control now in the hands of a few powerful bankers. This is a very ingenious admission on your part as a friend of banking institutions and as a friend of this country, but a fact obviously not well understood by you. The people of the United States are not going to permit, any longer, a few men not responsible to public sentiment to regulate and control credits and concentrate the regulation and control of credits in their own hands.
+
+I am so far in accord with you with regard to the importance of the Federal reserve board being above suspicion of partisanship that I shall support your bill providing for an independent chairman of the Federal reserve board or of the Federal reserve banks for partisan or self-serving purposes a high misdemeanor. Yet I remind you that we have had many such appointments during this term, and they have been, by public sentiment (which does not permit a banker, a broker, or a bill discounter to be a member of the board), nor the
+
+BANKING AND CURRENCY.
+<page_number>7</page_number>
+
+directors of the Reichsbank of Germany, appointed by the Govern-
+ment, nor the managers of the Bank of France, appointed by the
+Government, conduct themselves at any time so as to be subjected to
+the charge of partisan or indecent conduct. Do you have less confi-
+dence in the great and distinguished Secretaries of State, the Secretary,
+the Comptroller of the Currency, and the other great and honorable
+Americans who would be called to this distinguished service as mem-
+bers of your Board? Are you afraid that they will be influenced by the managers of
+the French, German, and English banks referred to?
+
+The people of the United States will prefer to trust their own
+President and officials rather than turn the functions of governing
+the country over to a few great and attractive gentlemen who
+have charge of a few big banks of the country.
+
+Yours, very respectfully
+
+Robt. L. OWES, Chairman.
+
+<img>Crossed-out signature placeholder.</img>
+
+<img>White background with a faint, horizontal line at the top.</img>
+
+<img>A close-up of a textured surface with a pattern resembling interconnected bubbles or cells, in shades of brown and beige.</img>

Banking/encyclopaedia_of_banking_1922.md

@@ -0,0 +1,1796 @@
+HG
+1611
+L4
+COPY 2
+
+[API_EMPTY_RESPONSE]
+
+<watermark>Samuel 3.5</watermark>
+
+# Encyclopaedia of Banking
+
+Published by
+Encyclopedia of Banking
+New York City
+
+COPY2
+
+HG 1611
+LUA
+COPY R
+
+ENCYCLOPEDIA
+OF
+BANKING
+
+Copyright 1923
+
+20G 15 1922/
+<watermark>02AAR77811</watermark>
+<page_number>2</page_number>
+
+FOREWORD
+
+The publication of this encyclopaedia of Banking has been induced and suggested by its evident need. The so-called layman and the persons embarking upon business ventures, have, at times, found themselves confronted by the inevitable problem of banking in its application to themselves. The desired information is contained herein.
+
+E. L.
+
+[API_EMPTY_RESPONSE]
+
+Encyclopedia of Banking
+
+Opening an Account—The first prac-
+tical step to a banking transactions is obviously, the "opening of an account."
+Any one of the employees in a bank will direct the person who wishes to open an account, and whose duty it is to serve new depositors.
+If it is desired to open a checking account, the bank will ask for references, such as: former banking connections (such as, parents) or friends (who do not require identification) or some reputa-
+ble business man or firm to whom the new depositor is known.
+
+Very desirable protection
+
+A financial-
+mental
+requirement
+
+<table>
+  <tr>
+    <td>Page 8</td>
+  </tr>
+</table>
+
+Encyclopedia of Banking
+
+but unless the bank establishes the identity of the new depositor it has nothing on which to base its belief and is therefore responsible to the maker and payee.
+
+Account in Trade Name—in order to operate under a trade name, it is neces-
+sary that the bank obtain from the county clerk for permission to use a particular
+trade name. If the county clerk finds that there is another individual or set of individuals who have used the same trade name, he will refuse the permission,
+for the reason that it will not only cause confusion but also injure the reputation of those already using the trade name.
+Failure to apply for this permission may subject one to a heavy fine. It is obvious that when a check made pay-
+able to the order of a trade name is offered for deposit at the bank, the bank
+
+<page_number>Page 4</page_number>
+
+Encyclopaedia of Banking
+
+has no way of knowing that the person endorsing this trade name on the back of the check has been granted the right to operate under that name, or that the person signing for the trade name has the authority to open an account. A copy of the county clerk's certificate is on file at the bank. The certificate protects the individual and the bank.
+
+Corporation Accountant--An incorpora-
+tion certificate obliges the provider to provide the bank with a copy of a resolution from the minutes of the meeting at which those who have authority to open an account in their name, and an extract from the by-laws naming all officers who are authorized to handle the funds of the corporation. This resolution should be signed by the secretary and should bear the corporate seal. Many banks furnish a form pre-
+pared for this purpose which they will supply upon request.
+
+<page_number>Page 7</page_number>
+
+Encyclopedia of Banking
+
+Should any change be made in the officers signing checks for the corporation, it is essential that the bank be immediately notified and a new resolution passed authorizing the new officers to sign for the corporation. A copy of the new resolution must be delivered to the bank.
+
+Do not deliver money or signature paper to the bank without first obtaining a signature on file with the bank to guide them in passing upon the authenticity of the signature. It is quite apparent that one must be very careful to sign one's name in exactly the same way each time.
+
+For example: Should Mr. Jones desire to sign "J. J. Jones" instead of "John J. Jones," he must first call at the bank and leave a specimen of the new signature, otherwise the bank will
+
+<page_number>Page 6</page_number>
+
+Encyclopedia of Banking
+
+refuse to honor checks signed the new way.
+
+Power of Attorney--One may deleg-
+ate another person or persons to sign
+for him by executing a "power of
+attorney" in which it is set forth that
+he has authorized that person or per-
+sons to have the power to act for him in all matters pertaining to the bank account in the
+amounts he might or would for himself.
+This arrangement can be ter-
+minated by simply notifying the bank
+in writing of the desire to discontinue
+the power of attorney.
+
+Pass Book--"A book" in the bank
+book in which the transactions by the bank
+and in which his deposits are recorded.
+Some banks balance the pass book when
+required to do so and then shows the
+state of the account. Others mail such
+a depositary a monthly statement.
+
+Bank Book--Same as pass book.
+
+<page_number>Page 6</page_number>
+
+Authority entrusted to others
+
+Encyclopedia of Banking
+
+For
+recommender
+
+Check Book-A "check book" is a printed book of blank checks.
+Checks Issued-The purpose of checks is to facilitate, as much as possible, their free passing from hand to hand like currency.
+A check is an unconditional written order to a bank or banker instructing them to pay a certain fixed sum of money.
+
+Write plainly
+All checks should be dated the current date, but no date shall be made payable to the bearer of cash, bearer of any other person, firm or corporation, real or fictitious, for a certain definite amount and signed by the drawer.
+
+Checks are usually numbered but while this is not necessary it helps in locating the check should the occasion arise.
+
+Understand
+Agree upon
+agree
+
+Checks payable to cash, bearer, payroll, rents, etc. are payable to the bearer or
+
+<page_number>Page 30</page_number>
+
+Encyclopedia of Banking
+
+holder. The bank, however, may require proper identification before payment is made if they deem it necessary.
+
+Every check is presumed to have been issued for a valuable consideration, and each person who signs the face of the instrument (check) is not a defense against a bona-fide holder or a holder in due course.
+
+Date—Checks should be dated. If the check does not bear a date, it is pre-sentment, i.e., current date and may be inserted by any person.
+
+Writing or Filling and Figures—Resonable writing with care must be used on checks. Where there is a demand that the payee shall pay the lesser amount although it may refuse to pay checks drawn in this careless manner. While it is possible that a person might err when writing the figures on a check it is not likely
+
+<page_number>Page 17</page_number>
+
+Encyclopedia of Banking
+
+that a mistake would be made when the amount is being written out. To safeguard both parties the bank may induce the holder to have check corrected by the maker.
+
+Deposits—When accepting checks be very careful to see that they are issued by the owner of the deposit or are endorsed by the person to whom the check is payable. If payable to bearer it is not necessary for a check to be endorsed but it is advisable to endorse the endorsement of the holder, as it may help to identify the party from whom received, in case payment is refused for some specified reason.
+
+Banks will not accept checks for deposit by an individual that are payable to companies operating under trade names, or to corporations unless they, the bank, have the proper authorization on file from the county clerk or corporation.
+
+<page_number>Page 21</page_number>
+
+Encyclopedia of Banking
+
+in which permission is granted to trans-
+fer funds.
+
+Where checks are made payable to two
+or more persons it may be specified that
+the amount of the check is to be paid to
+one only. In the case of a single payee,
+first
+case, any one endorsement is sufficient.
+In the second, all are required to endorse.
+
+Acceptance of Checks by Bank for
+Deposit—The bank merely acts as agent for the depositor in the collection of checks deposited. The entering of the amount in the pass book, however, does not protect the depositor from liability should the check be returned unpaid. Some banks specify this in their pass books and on their deposit slips.
+
+Post-Dated Checks—A check that is dated ahead is a "post-dated check." It is usually given when there is insufficient funds in the bank, at the
+
+<page_number>Page 31</page_number>
+
+<img>A hand written note with "a bad grease" written on it.</img>
+
+Encyclopaedia of Banking
+
+time he issues it, but expects to have at the time of its date.
+
+The
+post-dated check is invalid if he alter
+altered so as to make the time shorter,
+even if the change of date is but one day. When the holder of a post-dated maker does not guarantee that he has the money on deposit to meet the check and therefore the holder of same takes it free from equities.
+
+A post-dated check may be considered a bill of exchange.
+
+Amend
+alterations
+
+Altered Checks, Drafts and Notes—
+The bank usually exercises the right to refuse to pay any checks, drafts and notes that have been altered for the reason that very often no one can deter-
+mine whether the alteration was made by the drawer, depositor or some other person. The bank paying such an instrument does so at its own risk.
+<page_number>Page 26</page_number>
+
+Encyclopedia of Banking
+
+Check or Note to Fictitious Person—Inadmissible
+A check or note payable to "John Smith or Bearer," or payable to "Cash," or "X Y Z" or "Oliver Cromwell" (a nominal or pretended name) what is intended to be made payable to a "Fictitious Person" and is actually payable to "Bearer."
+
+Overdrawn or Overdraft—"Avoid this
+Drawn or overdrawn is the term commonly used when a charge exceeds the sum against which it is drawn. The bank, of course, is obliged to return such checks, the result of which may upset the standing of the maker and should be guarded against.
+
+Drawing Against Deposits—Sufficient time should be allowed for the collection of checks deposited before drawing against them. The cashier will be glad to advise of the length of
+
+<page_number>Page 21</page_number>
+
+Encyclopedia of Banking
+
+time required for the collection of checks on any given point.
+It is very annoying to a bank to be obliged to return a check for insufficient funds. This not only is an inconvenience to the bank but greatly reflects upon the credit standing of the maker.
+
+Six page
+
+Payee—A "payee" is the person, firm or corporation who pays, or issues an order to pay.
+
+Endorsement—a check, note or draft considered endorsed when the person or persons to whom it is payable have written their name or names on the back of the instrument.
+
+Endorser's right
+
+Blank Endorsement—A check is endorsed in "blank" when the person to whom it is payable has written his name on the back of the instrument.
+
+<page_number>Page 80</page_number>
+
+Encyclopaedia of Banking
+
+The check then may be given by the holder to another, and he in turn may negotiate the check by endorsing his name in the same manner underneath the endorsement of the first holder, or could, if he chose, turn the check over to a third party without endorsing it as the first endorsement made the check payable to bearer.
+
+However, it is not good practice to accept a check without the endorsement of the individual from whom it is received.
+
+Special Endorsement—When the payee or holder of a check specifies to whom it is payable by signing his name underneath, the person so designated must in turn endorse the check in order to secure the money. For instance, a check issued to "John Jacob" must be endorsed in turn wishes to make this check payable to
+
+<page_number>Page 27</page_number>
+
+<img>A blank check with space for endorsement.</img>
+Current and secure
+
+**Encyclopedia of Banking**
+
+"James Brown" he would endorse it as follows:
+"—Pay to the order of James Brown"
+"—Pay to the order of John Jones"—
+
+This form of endorsement is legally and practically correct and safe, and is preferable to other forms of endorsement.
+
+One signature endorsed.
+Partnership Endorsements—Checks payable to a partnership need only be endorsed in the name of the partnership by one or more partners. The partner is convinced that the endorser is a partner of the firm. Only the firm name need be written as, for example: "Brown & Jones," constitutes a legal endorse-
+ment.
+
+An officer's function.
+Corporation Endorsements—Checks payable to a corporation must be endorsed by the officer or officers of the corporation who have been given such authority. A properly worded rubber
+
+<page_number>Page 30</page_number>
+
+Encyclopedia of Banking
+
+stamp is an acceptable endorsement for deposit only.
+Individuals must not accept checks payable to corporations unless these checks have been transferred by en-
+dorsement to the corporation or the person who has been given cor-
+porate authority to transfer their funds in this manner.
+Qualified Endorsement—A qualified endorsement constitutes the endorse
+a mere assignor of the title to the check,
+note or draft. It may be made by
+adding to the endorser's signature "with-
+out reserve" or any other words of similar import.
+The negotiability of the instrument is not impaired by such endorsement.
+The reason for this case is not liable.
+Restrictive Endorsement—A restrictive endorsement is one which sets forth that the amount on the check is to
+
+<page_number>Page 37</page_number>
+
+<img>A blank check with a stamp indicating "Qualified Endorsement" and "Restricted Endorsement".</img>
+Unusual and improper
+Endorsement without liability
+Limited to transferee
+
+Encyclopedia of Banking
+
+be paid only to the person designated.
+As for instance: a check issued to "John Smith" who wishes it to be paid to "John Doe," would be endorsed as follows:
+"Pay to John Doe only
+John Smith"
+
+A third party method
+
+Restrictive Endorsement in Trust—
+This form of endorsement is sometimes referred to as "third party endorsement."
+As a matter of convenience, if a person is out of town at the time of the holding of a check wishes it to be deposited to this specific person the restrictive endorse-
+ment in trust is if the words "pay to John Doe" be written as follows:
+"Pay to Blank Bank
+For the account of
+John Smith
+and John Doe"
+
+Third Party Endorsement—Same as
+"restrictive endorsement in trust."
+
+<page_number>Page 36</page_number>
+
+Encyclopedia of Banking
+
+Accommodation Endorsement—Any one who makes a note or endorses a check, draft or note, lends his name to the transaction, and should the instru-
+ment be dishonored, he is liable even though he has merely done so for the purpose of accommodating others and has received nothing of value for the accommodation.
+
+Irregular Endorser.—An "irregular en-
+dorser" is a person who is not otherwise a party to an instrument, places thereof his signature in blank before delivery. Such a person is liable as an endorser as follows:
+
+a If the instrument is payable to the order of a third person, he is liable to the payee and all subse-
+quent parties.
+
+b If the instrument is payable to the order of the maker or bearer, he is liable to all parties subse-
+quent to the maker.
+
+<page_number>Page 25</page_number>
+
+Very often
+only
+
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding a checkbook.</img>
+<img>A black-and-white illustration of a man holding
+a
+check
+bo
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+ok
+
+Encyclopedia of Banking
+
+Conditional Endorsement—A "conditional endorsement" is one which is given by one party to another party, whereby the money is to be paid only upon performance of some agreed condition, contract or agreement.
+For instance: John Doe issuing a check to himself would endorse it as follows:
+"Pay John Smith upon completion of his contract John Doe"
+This form of endorsement is very uncommon and is not acceptable by a bank.
+
+Without Recourse—This term is usu-
+ally applied to a person endorsing an instrument for transfer and beyond which he cannot be held liable.
+
+<page_number>Page 22</page_number>
+
+Not customary nor acceptable
+
+Encyclopaedia of Banking
+
+Misspelled Name—Where the name of a person on an instrument is misspelled, the payer may endorse it to the misspelled way and add his proper signature.
+
+Stale Checks—it is important that all checks be presented for payment or cashed within 30 days except as a bank may exercise the right to refuse to honor checks bearing an old date. Such checks are known as "stale checks."
+
+Endorseer—an "endorser" is one in whose favor an endorsement is made.
+
+Certified Checks—a "certified check" is one which has been signed by the rubber stamp of the bank on which it is drawn, certifying that the signature is genuine and that the amount has been charged against the maker's account and placed in a special fund.
+
+If a holder has a check certified the maker of the check and previous en- <page_number>Page 25</page_number>
+
+The holder's portage
+
+Encyclopedia of Banking
+
+Certification Jointed
+
+donors are released from liability and it becomes an obligation of the bank. This applies in all cases except where the maker of the check has it certified and then releases it. In this case the bank should fail to pay the debt, but would still be liable.
+
+A check is usually certified for the reason, that a doubt exists in the mind of the holder as to the worth of the maker, or that he desires to use the funds immediately.
+
+A bank cannot certify a check dated ahead any more than it can pay a check dated ahead.
+
+A domestic currency check—A "banker's check" is a national or state bank's own check issued in exchange for money or its equivalent and is similar to all others in form. It is considered the same as cash so long as the party to whom it is payable can identify himself.
+
+<page_number>Page 26</page_number>
+
+Encyclopedia of Banking
+
+A "drawer's check" is used by a bank to pay its own bills and is issued to its depositors for their convenience.
+
+Treasure's Check—A "treasure's check" is a trust company's own check issued at par value and payable to its equivalent and is similar to all others in form. It is considered the same as cash as long as the party to whom it is payable can identify himself.
+
+Trust Company's Own Bills with treasure's checks and they are issued to its depositors for their convenience.
+
+Lost or Stolen Checks—Payment by a bank of a "lost or stolen check" payable to bearer or cash, or a check that needs no further endorsement, without notice, does not render the bank liable.
+
+Stop Payments—in order for a bank to "stop payment" on a check, it is
+
+<img>A small image of a bank note.</img>
+<watermark>Notary Public</watermark>
+
+(Page 23)
+
+Encyclopedia of Banking
+
+essential for the maker to direct the bank in writing at which time the bank must be furnished with a complete description as to: number, date, to whom issued and amount.
+
+No explicit
+The maker is held responsible for the payment of a check on which payment has been stopped if the written description does not correspond in every detail with the face thereof.
+Issue sublety
+late check
+If payment has been stopped on a lost check and this check is later found, the order to "stop payment" may be revoked if the maker can show that it was honored. It is advisable, however, to issue a new check bearing a different date and number certifying the bank that this has been done.
+
+An advantage
+In order to allow sufficient time for the maker to stop payment on his check, there is a standing rule in banks that checks will not be cashed except between regular banking hours.
+
+<page_number>Page 30</page_number>
+
+Encyclopaedia of Banking
+
+Step Payment by Telegraph—As a request to "stop payment by telegraph" is necessarily in writing, it is therefore properly and legal to stop payment by telegram by letter. It is advisable to confirm such instruc-
+tions by letter enclosing 'copy of telegram.'
+
+Stop Payment by Telegraph—Banks will not stop payment on checks it instructed to do so by telephone. It is entirely possible that a person having knowledge of checks issued may, at a hour, feel the need for serious annoyance, attempt to stop payment on them by simply telephoning the bank. It is advisable to have the following wording of such instructions:
+
+**Step Payment by Telegraph—As a request to "stop payment by telegraph" is necessarily in writing, it is therefore properly and legal to stop payment by telegram by letter enclosing 'copy of telegram.'**
+
+**Stop Payment by Telegraph—Banks will not stop payment on checks it instructed to do so by telephone. It is entirely possible that a person having knowledge of checks issued may, at a hour, feel the need for serious annoyance, attempt to stop payment on them by simply telephoning the bank. It is advisable to have the following wording of such instructions:**
+
+Encyclopedia of Banking
+
+The
+recipient
+
+Payee—A "payee" is the person, firm or corporation to whom the order is made payable, or is the receiver of money.
+
+Unsigned
+good
+signature
+
+Forgery—the bank is obliged to know the signature of each depositor and if its payee's signature is forged, the signature of the maker of the bank must bear it. A bank must also bear the loss if it pays a forged check to an innocent holder.
+
+Your account
+with this
+bank
+
+Reconciling a Bank Account—it is very important that the balance as shown on your statement agrees with the balance in the bank. In order to obtain this information a statement should be secured from the bank about once each month, immediately proven with the check book.
+An easy method is as follows:
+Arrange the cancelled checks returned by the bank according to number, com-
+<page_number>Page 30</page_number>
+
+Encyclopaedia of Banking
+
+pare them with the stubs in the check book and make a list of all checks which have not been returned by the bank; these are known as outstanding checks.
+Next calculate the balance of the outstanding checks from the bank statement and the amount arrived at should agree with the balance in the cheque book. If they do not agree, after having carefully verified additions and subtractions, take it up with the bank immediately for correction and reconciliation.
+
+Charges for Carrying Small Accounts—The average monthly balance of a depositor's account must run above a certain minimum amount with the bank, below which the bank cannot carry the account without a loss to itself. In view of this banks generally have fixed charges for making a monthly charge for accounts that fall below the bank's fixed minimum balance.
+
+<page_number>Page 35</page_number>
+
+Encyclopedia of Banking
+
+This charge is justifiable in that the bank, as any other commercial institution, cannot run its business at a loss.
+
+Assumed Name—A person signing an "assumed name" to an instrument is liable for the act of as if he had signed his own name.
+
+A consensual arrangement
+
+Draft—a draft is a written order signed by the maker who is known as the "drawer," payable to himself, or his bank, instructing another to pay a certain sum of money at a specified time. It may be drawn at sight (current date) or a certain number of days or months after sight. The person intended to be paid is called the "drawer," and the party to whom it is payable called the "payee."
+
+Sight Draft Attached to Bill of Lading—"A bill of lading" is a written receipt issued by a railroad or common carrier to the shipper of merchandise.
+
+<table>
+  <tr>
+    <td>This charge is justifiable in that the bank, as any other commercial institution, cannot run its business at a loss.</td>
+  </tr>
+  <tr>
+    <td>Assumed Name—A person signing an "assumed name" to an instrument is liable for the act of as if he had signed his own name.</td>
+  </tr>
+  <tr>
+    <td>A consensual arrangement</td>
+  </tr>
+  <tr>
+    <td>Draft—a draft is a written order signed by the maker who is known as the "drawer," payable to himself, or his bank, instructing another to pay a certain sum of money at a specified time. It may be drawn at sight (current date) or a certain number of days or months after sight. The person intended to be paid is called the "drawer," and the party to whom it is payable called the "payee."</td>
+  </tr>
+  <tr>
+    <td>Sight Draft Attached to Bill of Lading—"A bill of lading" is a written receipt issued by a railroad or common carrier to the shipper of merchandise.</td>
+  </tr>
+</table>
+
+Page: 30
+
+Encyclopedia of Banking
+
+setting forth the manner of shipment, the rules and regulations governing the shipment, and a description of the merchandise.
+
+It is quite usual to sell goods to an individual at a distant point with the understanding that a draft will be drawn on the buyer payable to the order of the seller or his bank, or some other party specified.
+
+The railroad or common carrier, upon receipt of the goods from the seller, issues a bill of lading as described above. The bill of lading may be endorsed by the seller or attached as a draft drawn on the buyer and delivered to him (the seller's) bank for collection.
+
+Sight Draft—A "sight draft" is a draft payable on presentation.
+
+Time Draft—A "time draft" is one that is payable at a certain number of days after sight.
+
+<page_number>(Page 2)</page_number>
+
+Encyclopedia of Banking
+
+Procedure of collecting
+
+Purpose of Draft—The principal use of a draft is for collection, through a bank, of money due. This has become a common method of collecting unpaid accounts.
+
+Frequent mistake—It is a common check that the draft directs a person, firm or corporation to pay the amount specified to the order of the drawer, or the order of a bank, whereas it is directed by the banker to pay the sum indicated. Should the drawer not accept the draft it may be protested in the same way as a check.
+
+Drawer—A "drawer" is the person, firm or corporation who is the maker of the draft.
+
+Drawee—A "drawee" is the person, firm or corporation upon whom a draft is drawn.
+
+As a rule, acceptance of Draft—the draft as originally drawn is of no value until
+
+<page_number>Page 23</page_number>
+
+Encyclopaedia of Banking
+
+It has been presented for acceptance.
+If the drawer desires to accept the draft and wishes to pay it, he signifies his intention by writing the word "accepted" across the face of the draft, stating the date, specifying the place at which he will pay it, and then signing his name.
+If the draft is drawn "at sight" it may immediately be paid at the place designated for payment and if payment is refused it may be protested.
+In case it is "time draft" the drawer has to pay on the date specified before arranging for payment.
+
+The acceptance of the draft may be made on a separate piece of paper. In such cases acceptance must be made in the presence of others. This will then be considered a valid acceptance.
+It is also often held that acceptance by telegraph is legal, although these cases are unusual.
+
+<watermark>Approved endorsed</watermark>
+<watermark>Endorsable</watermark>
+
+<page_number>(Page 35)</page_number>
+
+Encyclopedia of Banking
+
+Provisional agreement
+The acceptance of a draft may be made conditional upon the performance of a contract or agreement between the drawer and the drawee. In the acceptance the drawee may specify that the money be paid into his own bank fund, and in this case the drawer is limited to this special fund for payment. The drawee has usually 24 hours in which to accept or refuse. Should he hold the draft and refuse to return it, this is considered an acceptance.
+
+Reserve holder
+Acceptor—An "acceptor" is the one who by his signature signifies acceptance.
+A bill of exchange—"A bill of exchange is a written order on another for the payment of a certain sum at a given date. There are two forms—"foreign" and "inland."
+A "foreign bill of exchange" is drawn in one country or state and payable in another.
+
+<page_number>Page 26</page_number>
+
+Encyclopedia of Banking
+
+An "inland bill of exchange" is drawn and payable in the same country or state.
+
+Promissory Note—A "promissory note" is a common form of negotiable instrument. It is a promise to pay a certain fixed and determinable sum at a stated time, to the order of an individual, partnership or corporation, at a definite place.
+
+When accepting the note of a corpora-
+tion or partnership it is very important that the person accepting it be con-
+vinced that the officer or officers of the corporation, or member of the partner-
+ship, executing the note, are properly authorized to do so.
+
+Interest on Notes—The rate of interest on a note may be increased by the rate specified in the law of the state in which the note is payable.
+
+<page_number>(Page 25)</page_number>
+
+Encyclopedia of Banking
+
+A note may be drawn payable with or without interest.
+
+Charge for discounts—When a bank takes interest in advance it is called "discount." A note is discounted by a bank when it deducts from its face value, in advance, the interest from date of discounting to maturity. The bank's action is strictly proper and legal, providing the interest deducted does not exceed the legal rate.
+
+Maturity—When time fixed for payment becomes due.
+
+Trade Acceptances—For years the custom prevailed in this country of selling goods on open book contracts. The seller frequently had to wait considerable time to get his money and was therefore unable to expand his business as rapidly as he could have. To overcome this difficulty the trade
+
+<page_number>Page 36</page_number>
+
+Encyclopaedia of Banking
+
+acceptance, long used by the business men of Europe, was introduced.
+The buyer draws a draft on himself payable to the order of the seller, then accepts the draft in the usual way and delivers it to the seller. The seller and the merchant is then in a position to take this trade acceptance to his own bank and have it discounted. Should the seller not wish to be paid immediately, the seller need only state that he has given it to him for merchandise as a printed statement on the acceptance entered in his books. The accounting of the acceptance by the bank, of course, depends on the credit standing of the buyer and seller.
+
+Commercial Paper. Negotiable Paper or Instrument—"Commercial paper" is "paper," i.e., "note" is the banking term applied to checks, notes, drafts, bills of exchange.
+
+<page_number>(Page 81)</page_number>
+
+Practical forms of time remittance
+
+Encyclopaedia of Banking
+
+<watermark>Accept in good faith</watermark>
+
+Holder in Due Course—A "holder in due course" is one who has taken an instrument under conditions:
+a That it is complete and regular on its face.
+b That he became the holder of it before it was overdue, and if it had been previously possessed he had no knowledge of such fact.
+c That he took it in good faith and for a valuable consideration.
+d That at the time he received it he had no knowledge or notice of any defect in the title of the person against whom it is.
+
+Transferee—A "transferee" is the one to whom an instrument has been transferred.
+
+<page_number>[Page 30]</page_number>
+
+Encyclopedia of Banking
+
+Exchange on Checks, Notes and Drafts—All banks that are members of the clearing house or members of the Federal Reserve Bank are obliged to make a charge or charge to cover the cost of collection of certain out-of-town items. This charge is called "exchange" and varies from 1% to 1% to 1% of the deposit upon the town upon which the instrument is drawn.
+
+Protests of Checks, Notes or Drafts—
+
+The protesting of a check, note or draft by a notary public is sufficient evidence to prove that the instrument actually was delivered at the proper place and acceptance or payment refused. Any and all endorsers are held liable for its face value.
+
+The notary public is obliged to send a necessary notice to the maker or drawer, and all endorsers, stating that the instrument has been presented for payment or
+
+<page_number>Page 25</page_number>
+
+Encyclopedia of Banking
+
+acceptance refused. A small fee is made by the notary for this service which is charged to the maker or drawer of the instrument. The notary's notice may be used as evidence in case of lawsuit.
+
+Negotiable.—The term "negotiable" is applied to commercial paper or instruments such as checks, notes, drafts, stocks or bonds, etc., that the holder thereof can transfer without the consent or delivery so as to vest the legal right thereto to the transferee.
+
+Bearer.—A "Bearer" is one who holds and presents for payment a note, check, draft or other instrument that has been properly endorsed or is made payable to the holder.
+
+Interest—"Interest" is the amount charged for the use of money, and the rate fluctuates like the price of any commodity. An unusual and heavy
+
+<page_number>Page 61</page_number>
+
+Encyclopedia of Banking
+
+demand for funds will cause the rate to rise. On the other hand, a plentiful supply of money will bring about a reduction in rate.
+
+There is a law in all States fixing the ratio between interest to be charged. In the Eastern States this ratio is 6%, but in the South and West as high as 12% has been held not sururious.
+Interest is usually figured on the basis of 360 days to the year.
+
+Face Value --- "Face value" is the amount for which an instrument is drawn.
+
+Bona-fide Holder --- A "bona-fide holder" is the genuine holder or person who holds an instrument in good faith.
+
+Certificate of Deposit---If the amount in one's bank account is more than
+
+<page_number>Page 41</page_number>
+
+Encyclopedia of Banking
+
+Sufficient for current requirements a "certificate of deposit" may be had.
+
+The "certificate" issued states forth that the funds are to be repaid either on demand or at the expiration of a specified time, with interest at a rate higher than that ordinarily paid on checking accounts.
+
+The interest rate on "demand certi-
+ficates" is usually somewhat lower than on "time certificates." The par-
+ticular advantage in this form of ac-
+count is that interest begins on the day the money is deposited and runs until the money is withdrawn.
+
+Loans—A "loan" is the amount of money that a bank advances for tem-
+porary use.
+
+Credit-Banks are in need of certain information to enable them to decide
+
+Complete information essential
+
+<page_number>Page 42</page_number>
+
+Encyclopedia of Banking
+
+Upon the credit responsibility of persons applying for credit.
+
+In order to borrow on one's note or the notes of others, proper provision should be made beforehand, for such an emergency, so that complete financial statements to the bank.
+
+In this way the bank is enabled to make comparisons of the applicant's business growth and determine the amount they would be willing to lend.
+
+A reputation for meeting one's obligations promptly cannot fail to create a favorable impression that will be of advantage for future accommodations.
+
+Borrowing Money on Security— Banks as a general rule do not like to lend money on real estate as they feel that the security is not readily arranged for through mortgages. Real estate does not make good asset as
+
+<table>
+  <tr>
+    <td>Prepared for Future</td>
+    <td>Confidential - Private Trust</td>
+  </tr>
+  <tr>
+    <td>Listed stocks and bonds securities</td>
+    <td></td>
+  </tr>
+</table>
+
+<page_number>(Page 45)</page_number>
+
+Encyclopedia of Banking
+
+very often it is not readily saleable with-
+out great sacrifice. Bonds and stocks of
+well known corporations having a ready market, such as those listed on the Stock Exchanges of the principal cities in the United States, are sold for loans of this character. The amount of money advanced on these securities is based upon a percentage of their current market value. The usual prac-
+tice is to lend 80%. This rule is prac-
+tically universal, except in the case of
+Liberty bonds, which may be made pos-
+sible to borrow as much as 90%. It is
+usual to draw a note for ninety days with the privilege of renewal if a reduc-
+tion is necessary.
+
+Negotiable
+when
+endorsed
+Bonds payable to bearer require no
+assignment or endorsement. Bonds or
+stocks when they are registered in the name of an individual must be placed in a negotiable firm. This is done by
+executing what is called a bond or
+
+<page_number>Pure &c</page_number>
+
+Encyclopedia of Banking
+
+stock power, in which the right, title and interest is assigned to the bank, enabling the bank to realize upon the security the borrower default.
+
+A bank requires a margin of 20% over all its liabilities, which margin must be maintained at all times, and therefore should the market price of the securities pledged depreciate to any extent in value, the bank will be compelled upon to either deposit more security, or make a payment on account of the loan in order to maintain the required margin.
+
+Borrowing Money Without Security
+—When "borrowing money without securi- ty" is spoken of, it is meant that the banker must be entirely opposite that of the borrower, in that the money which the bank lends is not its property but the property of its depositors, to whom it are supposed to be, there- fore, in advancing money without securi- ties.
+
+Banker and borrower
+
+<page_number>Page 45</page_number>
+
+Encyclopedia of Banking
+
+ity the banker in the main considers the following:
+
+a The length of time the applicant for credit has been a depositor.
+b The average balance carried since the account was opened.
+c The credit standing as reflected by reports of reputable commercial agencies and general reputation in the trade.
+d Financial condition as shown by the applicant's statement.
+
+A bank does not feel justified in lending money to a new depositor for the reason that it may not have had sufficient time to get acquainted and form an opinion of his character and business acumen.
+
+Average balance
+
+The established custom among banks is to lend to an individual, firm or <page_number>Page 60</page_number>
+
+Encyclopaedia of Banking
+
+corporation about four times as much money as the average balance main-
+tained. Should a bank advance money beyond this amount it is obvious that
+he would be in a very bad position where they would be prevented from
+granting credit to other applicants worthy of accommodation.
+
+It is quite usual for the banker to be
+well satisfied with the loan on the part of
+the borrower that he never thought it
+worth while to submit a financial state-
+ment. This is a very bad attitude and it is
+all right so long as he can simply capital
+to carry him through all kinds of
+financial weather, but very few business men have such a capital. On the
+other hand, a bank finds it convenient to go to a credit agency for the com-
+mercial history of the applicant and will
+find out whether he has any knowledge of the principal people from whom
+merchandise is purchased in order that
+
+<page_number>Page 47</page_number>
+
+Encyclopedia of Banking
+
+they may communicate with them as to how they regard his credit standing.
+
+Current assets
+The items of one's financial statements which help the banker to determine the worthiness of credit are, among assets, the bank's evidence, accounts receivable, notes receivable, investments, and anything else he may possess that is readily salable. These items are known as "current quick assets."
+
+Current liabilities
+On the liability side, the accounts payable are due in part or all, and any other liabilities which may become due shortly. These items are known as "current quick liabilities."
+
+A good financial statement should show current quick assets to be about twice as much as the current quick liabilities. The banker is concerned with these only, for the reason that should the borrower be unable to meet his obligations promptly he then feels that the
+
+<page_number>Page 63</page_number>
+
+Enyclopedia of Banking
+
+borrower has something on which the bank can promptly realize.
+
+It is an established fact that furniture and fixtures depreciate rapidly and very little can be realized on their sale. Generally speaking, one will some wishes to retire from business and even then the valuation to be placed on it depends more on the opinion of the buyer than on its value.
+
+It is no longer banking policy to allow one man to pass upon loans. Practic-
+ally all banks have a "loan com-
+mittee" and all applications are
+presented to them for approval. Almost
+three or four days should be allowed
+after application has been made, for
+study of the data in hand, before the
+bank will consider the amount they are
+warranted in lending.
+
+Kinds of Securities and Their Pur-
+chase and Sales—The word "securi"
+<page_number>Page 40</page_number>
+
+Value prob-
+lematical
+
+Loan
+committee
+
+Encyclopedia of Banking
+
+A bond is practically the note of a government or corporation. In the nature of things, however, it is very often, though not necessarily, secured by a mortgage on their proper-
+ties, is a term usually given to bonds and stocks of nations, states, cities, railroads, public utilities or industries.
+
+Bonds and mortgages
+
+Since the introduction of the Income Tax in 1913, it is necessary to file what is called an "ownership certificate" with these coupons when depositing or cashing them.
+
+Ownership certificates
+
+The form of certificate to be filed depends upon the particular corporation
+
+Page 60
+
+Encyclopaedia of Banking
+
+in question, and the capacity in which the holder is acting, and whether or not the holder is a citizen of the United States, inquiry should be made at the bank for a supply of the necessary funds.
+
+Many bonds though listed on the Stock Exchange do not enjoy a very active market, and very often there is a difference between the "bid price" and the term "points" is the common one in use and means either dollars or cents depending upon whether the market price is quoted in dollars or cents. There is in some cases more, between the price bid by those who wish to buy and the price at which they can sell than exists between others, for sale. If it is desired to sell quickly the "bid price" must be accepted. The revenue is true if one wishes to buy. In an active market the difference between bid and asked price is greatly reduced.
+
+Trading and activity
+
+<page_number>Page 51</page_number>
+
+Encyclopedia of Banking
+
+Relative value
+Bonds are usually quoted on a basis of so much for each $100 bond. If the price is 65%, it means that $65.875 will be paid for each bond in the denomination of $100, or $65.75 for a bond of $1,000 denomination.
+
+Rate of bonds
+In practically all cases the seller is entitled to interest from the last date on which the coupon was due and payable up to the date of sale. The only exception is where the buyer agrees to pay interest on the bond until the payment of interest on the bond is dependent on some condition set forth in the bond itself. A commission is charged on bonds sold at auction.
+In the event of sale this commission is deducted from the amount received for the bond and added to the cost of the bond to make up the price.
+
+Preferred and common stock
+Stocks are broadly classified as "preferred" and "common". The holder of stock is the owner to the extent of his
+
+<page_number>Page 22</page_number>
+
+Encyclopedia of Banking
+
+holdings in the net assets of the corporation. Preferred stock usually carries with it the right to receive dividends before any dividends may be paid on the common stock. This right is known as the "right upon the net assets of a corporation."
+
+A corporation is not obliged to pay dividends unless, in the opinion of its directors, the financial condition of the corporation warrants such payment. There are some stocks which do not guarantee that they will pay dividends on which are guaranteed by other stronger and larger corporations, but these cases are comparatively few.
+
+In order to make stock certificates negotiable, it is necessary that they be endorsed on the reverse side by the registered owner exactly as the name appears on the face of the certificate. The purchaser desires that the stock be registered in his name he is required to present the
+
+<table>
+  <tr>
+    <td>Sales of stocks</td>
+  </tr>
+</table>
+
+<page_number>(Page 53)</page_number>
+
+Encyclopedia of Banking
+
+certificate at the transfer office of the corporation and a new certificate is issued to him in his name, the old certificate being cancelled. It is not absolutely necessary to have the stock transferred, although it may be if the purchaser expects to hold the stock any length of time. All endorsements on the back of certificates must be guaranteed by a well known bank or stock exchange house before the transfer office of the corporation will accept it for transfer. The endorsement must register in the names of stock exchange houses and the signature of those authorized to sign for them are on file at the transfer office. The number of stock registered in this way may change hands numerous times in the course of a year without ever being presented for transfer.
+
+Trading while
+Stocks are traded in on most Exchanges in units of 100 shares. They are quoted
+
+<page_number>Page 67</page_number>
+
+Encyclopaedia of Banking
+
+on the basis of so many dollars per share. Smaller amounts than 100 shares may be bought or sold, with this differ-
+ence that when sold it is necessary to account for the difference between the loss per share, and when bought it is necessary to pay from 12½ cents to 50 cents more per share depending upon the particular security.
+
+As in the case of bonds a commission is charged when stocks are bought and sold and the fee depends upon the market price not the par value.
+
+Your bank will buy or sell securities of this character through reputable brokers without any additional charge. This is part of your service and is valuable protection to their depositors. When selling securi-
+ties, it is necessary to leave the actual bond or stock certificate with your bank or broker in order that it may be delivered promptly when the sale is
+
+bank's service
+old
+new
+holders
+
+Encyclopaedia of Banking
+
+affected. When purchasing securities immediate delivery is very often de-
+layed due to the fact that many securities are purchased from brokers who may be situated at more or less distant points.
+
+In view of the fact that full payment is required before the order is executed, the purchase of securities cannot be too careful in choosing a reputable broker, and as banks extend the courtesy of such service it is advisable to have the bank handle the transaction, relieving one of responsibility and pos-
+sible anxiety due to slow delivery.
+The same applies to sales of securities.
+
+Funds
+relocation
+agreement
+fundamental
+
+Escrow Agreements—An Escrow Agreement necessarily involves a bank or two or more per-
+sons. Suppose John Jones and William Brown are strangers, and Jones ap-
+proaches Brown upon business involving the delivery of securities, deeds to
+
+<page_number>Page 30</page_number>
+
+Encyclopaedia of Banking
+
+property, or the payment of money to Brown, contingent upon the performance by Brown of some particular deed or act. Brown, not knowing Jones, might ask Jones to pay him $500, or $1000, etc., to a third party, to be kept by the third party until he, Jones, has satisfactory evidence that the deed or act has been performed. The instrument which would undoubtedly be a bank, and the written agreement entered into by the two individuals and the bank would be called an "advance."
+
+**Letters of Credit—A "letter of credit" is issued by a bank or banker, and signed by the proper officer, for the safeguarding of funds for the traveling public.**
+
+As the name implies it is a "letter," on first page of which it instructs the bank's correspondents all over the world to honor the drafts of the person
+
+<page_number>[Page 87]</page_number>
+
+Encyclopedia of Banking
+
+or persons indicated therein up to the amount noted. It is usually issued for the term of one year. In some instances the signature is written on the letter of credit and on other cases on a separate card, inserted in the letter of credit, for the purpose of identification. A list is furnished by the banks and bankers who are authorized to sign the drafts.
+
+Upon receipt of the letter of credit and your specimen signature card, if any, the amount required may be drawn, the payment being noted on the letter of credit. The person whose name is specified he draws the letter of credit is held by the bank or banker cashing the last draft when it reaches him the transaction. The total amount is not drawn the balance will be remitted by the issuing bank or banker. A small charge is made for this service.
+Should it be lost, stolen or destroyed, notify the nearest correspondent of the
+
+<page_number>Page 201</page_number>
+
+Encyclopaedia of Banking
+
+Issuing bank and a new letter of credit will be issued to replace same for the unused amount.
+
+Traveler's Cheques—Many banks and express companies have developed a form of currency for use in traveling. This form of currency is called "traveler's checks" and consists of cheques amounting from of $5.00 upwards. On its face is the name of the issuing company, the amount of money represented, and a serial number. It is issued by an officer of the bank or cashier.
+
+When purchasing these checks one is required to sign his name on each check, usually in the upper left hand corner.
+
+When it is desired to secure currency or pay a bill with it, the name again appears in the upper left hand corner in the presence of the party who is to cash the check or to whom it
+
+<page_number>(Page 30)</page_number>
+
+Encyclopaedia of Banking
+
+is to be given. The signature must agree. They are printed on safety paper, making it almost impossible to alter them in any way without detection and are acceptable practically everywhere.
+
+Should they be lost, stolen or destroyed, simply notify the nearest branch office of the bank or company issuing the checks and (in this connection) it will be kept in mind that all the serial number of each check as this information will be required) they will be replaced with new ones. The issuing company stands the loss if the checks get lost. The charge is moderate for this form of protection.
+
+Safeguarding Securities—A bank for the convenience of the public maintains a department for the safeguarding of securities. A receipt is issued describing in full the securities deposited.
+
+<page_number>Page 60</page_number>
+
+Encyclopedia of Banking
+
+The bank attends to the "clipping of coupons" from bonds and prepares proper ownership certificates. On stock in corporations a form letter is signed by the president or secretary of the corporation to send dividend checks to, either the owner in care of the bank, or to the bank for credit to the owner's account.
+
+The short-term income from stocks is collected when due and deposited to the credit of the owner who is advised of each transaction.
+
+The bank also collects the owner of the necessity of keeping record of dividend and coupon dates and insures prompt collection of income. The charge for this service is made on the basis of the market value of the securities or the amount of income collected.
+
+Death of Depositor—As soon as a bank's daily bookkeeping knowledge of the death of a depositor the law prevents the bank from honoring any checks of the de-
+<img>A black and white illustration of a man with a beard, wearing a suit and tie, holding a checkbook.</img>
+<page_number>Page 61</page_number>
+
+Encyclopedia of Banking
+
+Coined, even though they be dated prior to the date of death. If it should pay a check when aware of the death, the bank is liable to the estate for the amount so paid in case the total assets of the estate exceed the debts of the deceased. This, however, does not apply to certified checks dated prior to death, as they become the obligation of the issuer.
+
+Gold coin
+Monetary System of the United States—Weight, 25.8 grains to the dollar; fineness, 900-1000, unlimited as to issue; circulating currency, $1, $5, $10; legal tender, unlimited; receivable for all public dues; exchangeable for gold certificates and subsidiary and minor coins.
+
+Silver coin
+Weight, 412.5 grains; fineness, 900-1000; ratio to gold, 15,968 to 1; coined cease in 1965, resumed in 1972; legal tender, unlimited, notes otherwise contracted; receivable for all public dues exchange.
+
+<page_number>Page 61</page_number>
+
+Encyclopaedia of Banking
+
+able for silver certificates and smaller coins.
+
+Weight. 385.8 grains to the dollar; fineness, 900-1000; ratio to gold, 14.935 to 1. Limit of issue, needs of the people. Denominations: 10 cents, 25 cents, $1.00, $2.00, $5.00; not to exceed $10; receivable for all dues up to $10; exchangeable for minor coin; redeemable in "lawful money" at the Treasury, or multiples of $20.
+
+Weight 5 cent piece, 77.16 grains, 75 per cent copper, 25 per cent nickel; 1 cent piece, 48 grains, 95 per cent copper, 5 per cent zinc and zinc; limit of issue, needs of the people. Denominations: 1 cent, 5 cents, $1.00, $2.00, $5.00; not to exceed 25 cents; receivable for all dues up to 25 cents; redeemable in "lawful money" at the Treasury, or multiples of $20.
+
+Limit of issue for gold bullion, to two-thirds of the amount of gold certificates.
+
+<table>
+<thead>
+<tr>
+<td>Subsidiary</td>
+<td>other coin</td>
+</tr>
+</thead>
+<tbody>
+<tr>
+<td>Mintor coin</td>
+<td></td>
+</tr>
+<tr>
+<td>Gold certificates</td>
+<td></td>
+</tr>
+</tbody>
+</table>
+
+<page_number>Page 65</page_number>
+
+Encyclopedia of Banking
+
+outstanding: for gold coin, unlimited, unless gold coin reserve against United States notes (greenbacks) falls below $100,000,000; denominations, $10, $20, $50, $100, $200, $300, $500, $1,000; made whole ten percent of the face value; payable to bearer; payable for all public dues; redeemable in gold coin at the Treasury.
+
+Silver
+denominations
+Unlimited as to issue for standard silver denominations, $1, $2, $5, $10, $20, $50, $100; payable to bearer; payable for all public dues; redeemable in silver dollars at the Treasury.
+
+United States
+notes
+Limit of issue, $316,681,016; denominations, $1, $2, $5, $10, $20, $50, $100, $250; payable to bearer; payable for all public dues and private, except customs and interest on the public debt; payable for all public dues; redeemable in gold at the Treasury.
+
+Treasury
+notes of 1899
+No further issues; volume steadily diminishing by redemption in silver dol-
+
+<page_number>Page 64</page_number>
+
+Encyclopedia of Banking
+
+law: denominations, $1, $2, $5, $10, $20, $50, $100, $500, $1,000; legal tender, unlimited, unless otherwise contracted; receivable for all public dues; redeemable in gold or silver dollars at the Treasury.
+
+Limit of issue not to exceed capital of banks: denominations, $5, $10, $20, $50, $100, $500; legal tender; receivable for all public dues except customs; redeemable in "lawful money" at the Treasury or at bank of issue.
+
+Issued unlimited, except by the required security, and by the discretion of the Federal Reserve Board: denominations, $1, $2, $5, $10, $20, $50, $100; no legal tender; receivable for all public dues except customs; redeemable in "lawful money" at the Treasury or at bank of issue.
+
+Limit of issue same as Federal Reserve bank notes: denominations, $3, $10, $20,
+
+Federal reserve notes
+
+<page_number>(Page 6)</page_number>
+
+Encyclopaedia of Banking
+
+850, $100, $500, $1,000, $5,000, $10,000;
+not a legal tender; receivable for all public due; redeemable in gold at the Treasury, and in gold or "lawful money" at any Federal Reserve Bank.
+
+Gold
+
+Troy pound
+Gold—The unit in weighing gold is the troy pound, which contains 7.1675 ounces of pure gold. The mint value of gold does not fluctuate, but remains constant at £29.6713462 per ounce.
+Troy measure—The unit of measuring gold. The grain is the same in both troy and avoirdupois measure, but the ounce and the pound are not the same. The troy ounce contains 21 grains, while the avoirdupois ounce contains 28 grains. The troy pound 5,570 grains, there being 12 ounces to the pound. The troy pound is never used in weighing gold even when the weights of both measures are to be computed. The avoirdupois ounce contains 437\frac{1}{2} grains and the avoirdupois pound contains 7,000 grains, tht being 16 ounces to the pound.
+
+<page_number>Page 65</page_number>
+
+INDEX
+
+A
+
+<table>
+  <tr>
+    <td>A Bank Account—Reconciling</td>
+    <td>28</td>
+  </tr>
+  <tr>
+    <td>Acceptance Of Checks By Bank For Deposit</td>
+    <td>15</td>
+  </tr>
+  <tr>
+    <td>Acceptance Of Drafts</td>
+    <td>30</td>
+  </tr>
+  <tr>
+    <td>Acceptances—Trade</td>
+    <td>36</td>
+  </tr>
+  <tr>
+    <td>Acceptor</td>
+    <td>34</td>
+  </tr>
+  <tr>
+    <td>Accreditation Enforcement</td>
+    <td>21</td>
+  </tr>
+  <tr>
+    <td>Account In Trade Name</td>
+    <td>6</td>
+  </tr>
+  <tr>
+    <td>Account—Opening An</td>
+    <td>5</td>
+  </tr>
+  <tr>
+    <td>Account—Reconciling A Bank</td>
+    <td>28</td>
+  </tr>
+  <tr>
+    <td>Accounts—Cash And Carrying Small Accounts—Corporation—</td>
+    <td>29</td>
+  </tr>
+  <tr>
+    <td>Against Deposits—Drawing</td>
+    <td>7</td>
+  </tr>
+  <tr>
+    <td>Agreements—Eccor</td>
+    <td>15</td>
+  </tr>
+  <tr>
+    <td>Allotments—Drawings And Notes</td>
+    <td>56</td>
+  </tr>
+  <tr>
+    <td>An Account—Opening</td>
+    <td>5</td>
+  </tr>
+  <tr>
+    <td>Assumed Name</td>
+    <td>30</td>
+  </tr>
+  <tr>
+    <td>Attached To Bill Of Lading—Sight Draft</td>
+    <td>30</td>
+  </tr>
+  <tr>
+    <td>Attorney—Power Of</td>
+    <td>9</td>
+  </tr>
+</table>
+
+B
+
+<table>
+  <tr><td>Bank Account—Reconciling A</td><td>26</td></tr>
+  <tr><td>Bank Book</td><td>9</td></tr>
+  <tr><td>Bank For Deposit—Acceptance Of Checks By Bearer</td><td>13</td></tr>
+  <tr><td>Bearer</td><td>40</td></tr>
+  <tr><td>Bill Of Exchange</td><td>50</td></tr>
+  <tr><td>Bill Of Lading—Sight Draft Attached To Blank Endorsement</td><td>30</td></tr>
+  <tr><td>Bond Holder—Blank Endorsement</td><td>16</td></tr>
+  <tr><td>Bond—Holder—Book—Check—Book—Pass—Borrowing Money On Security—Surcharge Money Without Security—By Telegraph—Stop Payment—By Telephone—Stop Payment</td><td>10<br>9<br>43<br>27<br>27</td></tr>
+</table>
+
+C
+
+<table>
+  <tr><td>Carrying Small Accounts—Charges For Certificate Of Deposit—Certified Checks—Charges For Carrying Small Accounts—Cashier's Check—Cashier's Check—On Note To Fictitious Person—Check—Treasure's Check—By Bank For Deposit—Acceptance Of</td><td>29<br>41<br>23<br>29<br>18<br>15<br>15<br>25<br>13</td></tr>
+</table>
+
+<table>
+<thead>
+<tr>
+<td>Checks—Certified</td>
+<td>23</td>
+</tr>
+</thead>
+<tbody>
+<tr>
+<td>Checks Drafts And Notes—Altered</td>
+<td>25</td>
+</tr>
+<tr>
+<td>Checks Issued</td>
+<td>10</td>
+</tr>
+<tr>
+<td>Checks—Lost Or Stolen</td>
+<td>25</td>
+</tr>
+<tr>
+<td>Checks Notes And Drafts—Exchange On</td>
+<td>39</td>
+</tr>
+<tr>
+<td>Checks Notes—Protests Of</td>
+<td>39</td>
+</tr>
+<tr>
+<td>Checks—Post-Dated</td>
+<td>13</td>
+</tr>
+<tr>
+<td>Checks—Stale</td>
+<td>23</td>
+</tr>
+<tr>
+<td>Cash—Commercial Paper—Negotiable Paper Or In-strument</td>
+<td>37</td>
+</tr>
+<tr>
+<td>Conditional Endorsement</td>
+<td>22</td>
+</tr>
+<tr>
+<td>Corporation Accounts</td>
+<td>18</td>
+</tr>
+<tr>
+<td>Corporation Endorsements</td>
+<td>18</td>
+</tr>
+<tr>
+<td>Course—Holder In Due Credit—Letters Of D</td>
+<td>38<br>42<br>57<br><br></td>
+</tr>
+<tr>
+<td>Date<br>Dated Checks—Post Death Of Depositor Deposit—Acceptance Of Checks By Bank For Deposit—Certificate Of Death Of Deposits—Drawn Against Discounts—Drawing Against Discounts—Stale 11 13 61 41 12 15 36</td>
+<td></td>
+</tr>
+<tr><td colspan="2">Dated Checks—Post Death Of Depositor Deposit—Acceptance Of Checks By Bank For Deposit—Certificate Of Death Of Deposits—Drawn Against Discounts—Drawing Against Discounts—Stale 11 13 61 41 12 15 36</td></tr></tbody></table>
+
+<table>
+  <tr>
+    <td>Draft—Acceptance Of</td>
+    <td>32</td>
+  </tr>
+  <tr>
+    <td>Draft—Attached To Bill Of Lading—Sight</td>
+    <td>36</td>
+  </tr>
+  <tr>
+    <td>Draft—Purpose Of</td>
+    <td>32</td>
+  </tr>
+  <tr>
+    <td>Draft—Sight</td>
+    <td>31</td>
+  </tr>
+  <tr>
+    <td>Draft—Time</td>
+    <td>31</td>
+  </tr>
+  <tr>
+    <td>Drafts And Notes—Altered Checks</td>
+    <td>30</td>
+  </tr>
+  <tr>
+    <td>Drafts—Exchange On Checks Notes And</td>
+    <td>39</td>
+  </tr>
+  <tr>
+    <td>Drafts—Profits Of Checks Notes Or</td>
+    <td>39</td>
+  </tr>
+  <tr>
+    <td>Drawer</td>
+    <td>32</td>
+  </tr>
+  <tr>
+    <td>Drawer</td>
+    <td>32</td>
+  </tr>
+  <tr>
+    <td>Drawing Against Deposits</td>
+    <td>15</td>
+  </tr>
+  <tr>
+    <td>Due Course—Holder In</td>
+    <td>38</td>
+  </tr>
+</table>
+
+<table>
+  <tr>
+    <td>E</td>
+    <td></td>
+  </tr>
+  <tr>
+    <td>Endorsement—Accommodation</td>
+    <td>34</td>
+  </tr>
+  <tr>
+    <td>Endorsement—Blank</td>
+    <td>31</td>
+  </tr>
+  <tr>
+    <td>Endorsement—Conditional</td>
+    <td>16</td>
+  </tr>
+  <tr>
+    <td>Endorsement In Trust—Restrictive</td>
+    <td>22</td>
+  </tr>
+  <tr>
+    <td>Endorsement—Qualified</td>
+    <td>20</td>
+  </tr>
+  <tr>
+    <td>Endorsement—Special</td>
+    <td>58</td>
+  </tr>
+  <tr>
+    <td>Endorsement—Third Party</td>
+    <td>19</td>
+  </tr>
+  <tr>
+    <td>Endorsements—Corporation</td>
+    <td>17</td>
+  </tr>
+  <tr>
+    <td>Endorsements—Partnership</td>
+    <td>20</td>
+  </tr>
+  <tr>
+    <td>Endorser—Irregular.</td>
+    <td>18</td>
+  </tr>
+  <tr>
+    <td></td><th colspan="2">21</th></tr><th></th><th></th></table>
+
+<table>
+  <tr>
+    <td>Escrow Agreements</td>
+    <td>56</td>
+  </tr>
+  <tr>
+    <td>Exchange-Bill Of</td>
+    <td>34</td>
+  </tr>
+  <tr>
+    <td>Exchange On Checks Notes And Drafts</td>
+    <td>39</td>
+  </tr>
+  <tr>
+    <td>F</td>
+    <td></td>
+  </tr>
+  <tr>
+    <td>Face Value</td>
+    <td>41</td>
+  </tr>
+  <tr>
+    <td>Fictitious Person-Check Or Note To</td>
+    <td>15</td>
+  </tr>
+  <tr>
+    <td>Figure-Writing Or Filling And</td>
+    <td>11</td>
+  </tr>
+  <tr>
+    <td>Filling And Figures-Writing Or</td>
+    <td>11</td>
+  </tr>
+  <tr>
+    <td>For Carrying Small Accounts-Charges</td>
+    <td>29</td>
+  </tr>
+  <tr>
+    <td>For Deposit-Acceptance Of Checks By Banks</td>
+    <td>13</td>
+  </tr>
+  <tr>
+    <td>Forgery</td>
+    <td>28</td>
+  </tr>
+  <tr>
+    <td>Gold</td>
+    <td>C</td>
+  </tr>
+  <tr>
+    <td>Holder-Bona-fide</td>
+    <td>66</td>
+  </tr>
+  <tr>
+    <td>Holder In Due Course</td>
+    <td>41</td>
+  </tr>
+  <tr>
+    <td>I In Due Course-Holder</td>
+    <td>38</td>
+  </tr>
+  <tr>
+    <td>In Trade Name-Account</td>
+    <td>36</td>
+  </tr>
+  <tr>
+    <td>In Trust-Restrictive Endorsement</td>
+    <td>6</td>
+  </tr>
+  <tr>
+    <td>In Trust-Restrictive Endorsement</td>
+    <td>20</td>
+  </tr>
+  <tr>
+    <td>Instrument - Commercial Paper Negotiable</td>
+    <td></td>
+  </tr>
+  <tr>
+    <td>Papers Or Internals</td>
+    <td>37</td>
+  </tr>
+  <tr>
+    <td>Internals-On Notes</td>
+    <td>40</td>
+  </tr>
+  <tr>
+    <td>Irregular Endorser</td>
+    <td>35</td>
+  </tr>
+  <tr>
+    <td>Issued-Checks</td>
+    <td>21</td>
+  </tr>
+  <tr>
+    <td></td>
+    <td></table><br/>
+
+K
+<table>
+  <tr>
+    <td>Kinds Of Securities And Their Purchase And Sales</td>
+    <td>49</td>
+  </tr>
+  <tr>
+    <td>Lading-Sight Draft Attached To Bill Of Sale</td>
+    <td>30</td>
+  </tr>
+  <tr>
+    <td>Letters Of Credit</td>
+    <td>57</td>
+  </tr>
+  <tr>
+    <td>Lost Or Stolen Checks</td>
+    <td>42</td>
+  </tr>
+  <tr>
+    <td>Maturity</td>
+    <td>25</td>
+  </tr>
+  <tr>
+    <td>Maturity-Name</td>
+    <td>36</td>
+  </tr>
+  <tr>
+    <td>Misspelled Name</td>
+    <td>23</td>
+  </tr>
+  <tr>
+    <td>Monetary System Of The United States</td>
+    <td>62</td>
+  </tr>
+  <tr>
+    <td>Money On Security-Borrowing</td>
+    <td>45</td>
+  </tr>
+  <tr>
+    <td>Monetary Security-Borrowing</td>
+    <td>45</td>
+  </tr>
+  <tr>
+    <td>Name-Account In Trade</td>
+    <td>N</td>
+  </tr>
+  <tr>
+    <td>Name-Assumed :</td>
+    <td>30</td>
+  </tr>
+  <tr>
+    <td>Name-Other Than:</td>
+    <td>23</td>
+  </tr>
+  <tr>
+    <td>Negotiable</td>
+    <td>40</td>
+  </tr>
+  <tr>
+    <td>Negotiable Paper Or Instrument—Commercial Paper</td>
+    <td>37</td>
+  </tr>
+  <tr>
+    <td>Note—Promissory Note</td>
+    <td>33</td>
+  </tr>
+  <tr>
+    <td>Note To Fictitious Person—Check Or Order Note</td>
+    <td>15</td>
+  </tr>
+  <tr>
+    <td>Note—Altered Checks Drafts And Order Notes</td>
+    <td>14</td>
+  </tr>
+  <tr>
+    <td>Note And Drafts—Exchange On Checks And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—Bills Of Exchange And Other Instruments—BillsOfExchangeAndOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments—andOtherInstruments-andotherinstruments-andotherinstruments-andotherinstruments-andotherinstruments-andotherinstruments-andotherinstruments-andotherinstruments-andotherinstruments-andotherinstruments-andotherinstruments-andotherinstruments-andotherinstruments-andotherinstruments-andotherinstruments-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andotherinventions-andother
+
+O
+
+On Notes-Interest 35
+Opening An Account 2
+Overdraft-Overdrawn Or 15
+Overdrawn Or Overdraft 15
+
+P
+
+Paper Negotiable Paper Or Instrument—Com-
+mercial 37
+Paper Or Instrument—Commercial Paper, Ne-
+gotiable 37
+Partnership Endorsements 18
+Party Endorsement—Third 20
+Pass Book 9
+Payee 26
+Payee Payment By Telegraph—Stop 27
+Payment By Telephone—Stop 27
+Payment By Wire—Stop 27
+Person—Check Or Note To Fictitious 15
+Post-Dated Checks 15
+Power Of Attorney 15
+Prohibited Notes 35
+Proofs Of Checks Notes Or Drafts 39
+Purchase And Sales-Kinds Of Securities And Their Purpose Of Draft 49
+32
+
+Q
+
+<table>
+  <tr>
+    <td>Qualified Endorsement</td>
+    <td>19</td>
+  </tr>
+  <tr>
+    <td>B</td>
+    <td></td>
+  </tr>
+  <tr>
+    <td>Reconciling A Bank Account</td>
+    <td>28</td>
+  </tr>
+  <tr>
+    <td>Recourse—Without</td>
+    <td>22</td>
+  </tr>
+  <tr>
+    <td>Restrictive Endorsement</td>
+    <td>19</td>
+  </tr>
+  <tr>
+    <td>Restrictive Endorsement In Trust</td>
+    <td>20</td>
+  </tr>
+  <tr>
+    <td>Safepacking Of Securities</td>
+    <td>60</td>
+  </tr>
+  <tr>
+    <td>Sales—Kinds Of Securities And Their Purchase And Security And Their Purchase And Sales—Kinds Of Securities—Safe Keeping Of Security—Borrowing Money On Security—Borrowing Money Without Signatures—Drafts Drafts Attached To Bill Of Lading Signature Small Accounts—Charges For Carrying Special Endorsement Stale Checks Stolen Checks—Lost Or Stop Payment By Telegraph Stop Payment By Telephone Stop Payments System Of The United States—Monetary</td>
+    <td>49 60 43 45 39 8 29 17 23 25 27 23 62</td>
+  </tr>
+</table>
+
+<table>
+  <tr>
+    <td>T</td>
+    <td></td>
+  </tr>
+  <tr>
+    <td>Telgraph—Stop Payment By</td>
+    <td>27</td>
+  </tr>
+  <tr>
+    <td>Telephone—Stop Payment By</td>
+    <td>27</td>
+  </tr>
+  <tr>
+    <td>Their Purchase And Sales—Kinds Of Securities</td>
+    <td></td>
+  </tr>
+  <tr>
+    <td>Amt.</td>
+    <td>49</td>
+  </tr>
+  <tr>
+    <td>Voided Party Endorsement</td>
+    <td>30</td>
+  </tr>
+  <tr>
+    <td>Time Draft</td>
+    <td>31</td>
+  </tr>
+  <tr>
+    <td>To Bill Of Lading—Sight Draft Attached</td>
+    <td>30</td>
+  </tr>
+  <tr>
+    <td>For Other Person—Checks Of Notes</td>
+    <td>15</td>
+  </tr>
+  <tr>
+    <td>Trade Acceptance—Receipts</td>
+    <td>15</td>
+  </tr>
+  <tr>
+    <td>Trade Name—Account In</td>
+    <td>6</td>
+  </tr>
+  <tr>
+    <td>Transferee</td>
+    <td>38</td>
+  </tr>
+  <tr>
+    <td>Traveler's Checks</td>
+    <td>59</td>
+  </tr>
+  <tr>
+    <td>Treasury's Check</td>
+    <td>25</td>
+  </tr>
+  <tr>
+    <td>Trust—Restrictive Endorsement In</td>
+    <td>20</td>
+  </tr>
+  <tr>
+    <td></td><td></td>
+  </tr>
+  <tr>
+    <td>J<br/>United States—Monetary System Of The<br/>V<br/>Value—Face</td><td>62<br/>14</td>
+  </tr>
+  <tr>
+    <td></td><td></td>
+  </tr>
+  <tr>
+    <td></td><td></td>
+  </tr>
+  <tr>
+    <td></td><td></td>
+  </tr>
+  <tr>
+    <td></td><td></td>
+  </tr>
+  <tr>
+    <td></td><td></td>
+  </tr>
+  <tr>
+    <td></td><td></td>
+  </tr>
+  <tr>
+    <td></td><td></td>
+  </tr>
+  <tr>
+    <td></td><td></td>
+  </tr>
+  <tr>
+    <td></td><td></td>
+  </tr>
+  <tr style="border-top: solid black;">
+      W
+      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
+      Without Recourse
+      &nbsp;<br/>
+      Without Security—Borrowing Money
+      &nbsp;<br/>
+      Writing Or Filling And Figures
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &nbsp;<br/>
+      &amp;...
+
+[API_EMPTY_RESPONSE]
+
+LIBRARY OF CONGRESS
+0 021 048 451 4