Commercial Banking and Credits

Commercial Banking and Credits

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1920 edition. Excerpt: ...or importation of merchandise, and (c) Is guaranteed by a bank or banker of undoubted solvency. 4. Whenever the aggregate of acceptances of any one corporation outstanding at any time exceeds the amount of its capital and surplus, fifty per cent. of all acceptances in excess of such amount shall be fully secured. 5. Whenever the aggregate of such acceptances exceeds twice the amount of the subscribed capital and surplus, all acceptances outstanding in excess of such amount shall be fully secured, whichever of said two requirements shall call for the smaller amount of secured acceptances. 6. The aggregate of all acceptances outstanding plus the total of all deposits held by any corporation must not exceed six times the amount of that corporation's capital and surplus, except with the approval of the Federal Reserve Board. 7. Discount corporations are required to maintain a reserve of at least fifteen per cent. in liquid assets as security for all outstanding acceptances, which reserve shall consist of cash balances with other banks, bankers' acceptances, or such securities as the Board may from time to time permit. 8. These corporations are required to make two reports annually to the Federal Reserve Board, covering such details of their operations as may be prescribed and as subject to such examinations as the Board may order. Regarding "6' above given, the Federal Reserve Board has already in some cases given permission to acceptance corporations to create acceptances to the extent of twelve times their capital and surplus. The ratio of liabilities on account of deposits and acceptances, therefore, is twelve to one, a figure which is quite on a parity with some of the largest and strongest banks in this country. Out of an increased demand...show more

Product details

  • Paperback | 142 pages
  • 189 x 246 x 8mm | 268g
  • Rarebooksclub.com
  • United States
  • English
  • black & white illustrations
  • 1236487133
  • 9781236487131