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Indorsing Checks
How Indorsement Should Be Written. Write the indorsement across the back (not lengthwise) of the check. Each Successive Indorsement should be written under those that precede it. In Depositing a Check, write across the back For Deposit, and below this your name. Checks thus indorsed can only be deposited, and should they be lost on the way to the bank the finder cannot use them.
Bank Drafts
A draft is a written order by one person or firm upon another for the payment of a specified sum of money. Names of Parties. The one who writes the draft is called the drawer, the one on whom it is written is called the drawee, and the one to whom it is to be paid the payee.
Letters Of Credit
A Letter of Credit is a letter from a bank or mercantile house addressed to its agents or correspondents elsewhere, requesting them to pay or advance money to the bearer of the letter. How Secured. The person who obtains a letter of this kind usually is required to deposit an equivalent sum with the person or firm from whom be obtains it, in money, bonds, mortgages or stocks.
Banking - Trade Acceptances
Within the last year American bankers have favored and to the best of their ability have promoted the adoption of a system of mercantile or Trade Acceptances to replace the old mercantile system of open accounts. The Purpose of this is to free the money held idle in open accounts.
Bank Checks For Travelers
American tourists and visitors to foreign countries, and especially those who have experienced the inconvenience of having to carry their ready money in the form of letters of credit, postoffice orders, etc., requiring proof of the traveler's identity before payment, will appreciate the advantages afforded by the system of Travelers' Checks inaugurated by the American Bankers' Association.
Federal Land Banks, National Farm Loan Associations, Etc.
The Federal Farm Loan Act was passed to provide capital for agricultural development; to create a standard form of investment based upon farm mortgage; to equalize rates of interest upon farm loans; to furnish a market for United States bonds; to create government depositaries and financial agents for the United States; and for other purposes.
Investing Small Savings
By all who desire to invest their savings in a safe and profitable manner, the following suggestions and established principles pertaining to such business should be carefully considered.
United States Money
Money, or the medium of exchange, in the United States consists of gold, silver, nickel and composition coins, and the paper money issued by the government and the national banks.
Paper Money Of The United States
Paper money of this country consists of five kinds: first, legal tender notes, divided into United States notes and Treasury notes; second, national bank notes; third, gold certificates; fourth, silver certificates; fifth, federal reserve notes.
Amount Of Money In Circulation
The annual report of the Comptroller of Currency issued in 1918 showed that at the close of the fiscal year last preceding the kinds and amounts of money in the United States were...
How To Send Money
There are various methods of sending money. The choice between them is largely a matter of circumstance and convenience. Bank Drafts. A draft on some reliable bank is by far the best and most business-like way to send large amounts of money.
Mutilated Or Worn-out Money
The Treasury laws of the United States provide that any one who owns a worn-out, mutilated, or very dirty government note can have a newly printed one therefor by simply presenting the old note at the Treasury building at Washington, either in person or by mail.
Redemption Of Fractional Silver Coin
The holder of any of the silver coins of the United States of smaller denominations than one dollar may, on presentation of the same in sums of twenty dollars, or any multiple thereof, at the office of the Treasurer or any Assistant Treasurer of the United States, receive therefor lawful money of the United States. The coins for exchange should be put up by denominations, and each package marked with the amount it contains.
Counterfeit Money
A counterfeit bank note is a facsimile of the genuine, or as nearly like it as it is possible to make it. A spurious note is one whose designs are different from the genuine, and is intended to pass in places where the genuine is unknown.
Capitalization, Entrepreneurs, Income, Investments
In strict definition, capital is the dollar value of that which produces a definite net income. In finance it means the sum of securities that yield a rate per cent in the form of interest or income. In commerce or industry it means the dollar value of any business yielding a definite rate per cent of profit. As applied to the bulk of business, and in cases where a business is sold, the sales price will be a sum which is ordinarily called a five years purchase; or a ten years purchase or a purchase covering any agreed number of years. That is, its dollar value for the purpose of sale is deter-mined by the aggregate net earnings it will make in a given number of years. Thus, a business producing a net i
Municipal Bonds U.S. Government Bonds, Etc.
Money borrowed in large amounts, whether by a municipality, corporation or individual, is most conveniently obtained through the medium of bonds. Bonds, in the commercial sense of the word, are simply integral parts of a debt in convenient denominations, generally ranging from $1,000 down to $100.
United States Government Bonds
These bonds pay from 2 to 4 3/4 per cent; are issued to supply the government with funds (usually for extraordinary needs) and are payable, principle and interest, from the revenues of the government. They are secured by the simple credit of the country and are free from all government, state and local taxes.
Elements Of Safety In Bonds
The average person perhaps does not realize to what an extent he is now indirectly investing in bonds, and enjoying the advantages which bonds have made possible. The insurance company in which he, his family or his property is insured invests its funds largely in bonds.
Bonds - Terms Defined
While the interest on a $1,000 five per cent bond is always $50 a year, the actual percentage of yield or income to the investor is more than five per cent or less than five per cent according as the price paid for the bond is at a discount or a premium.
Preferred Stocks
With the invention of the steam engine and the application of mechanical power to production and transportation, the corporate form of organization became necessary, because much larger sums of capital were required than could be conveniently contributed by a few men.
Bank Of France
The reign of ruin that set in with Law's collapse lasted almost fifty miserable years, during which there was only one attempt to establish another national bank. In 1776 the Bank of Commercial Discount was organized, but dissolved under the pressure of government rapacity in 1793.
Canada's Bank System
The banking system of Canada is composed of thirty-four large joint stock commercial and industrial banks, privately owned and managed, but working under a uniform law and subject to the supervision of the Dominion government.
Decisions Relating To National Banks
The following Federal decisions were reported in volumes 241 to 244, United States Reports, and volumes 235 to 243, Federal Reporter.
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