The Bankers' Magazine, and Statistical Register Volume 18, PT. 2 by United States Congress Senate

The Bankers' Magazine, and Statistical Register Volume 18, PT. 2
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Author: United States Congress Senate
Page Count: 244 pages
Published Date: 05 May 2014
Publisher: Rarebooksclub.com
Publication Country: Miami Fl, United States
Language: English
ISBN: 9781234377526
Download Link: The Bankers' Magazine, and Statistical Register Volume 18, PT. 2
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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1864 edition. Excerpt: ... th8 Comptroller, and the capital may be reduced, by a two-thirds vote of the stockholders. " Fifty per cent, must be paid in before commencing business, and United States registered bonds bearing interest shall be transferred to the United States Treasurer to not less than one-third of the amount of the capital stock paid in, but in no case less than $30,000. On delivery of such bonds to the United States Treasurer, banks are entitled to receive notes to the amount of 90 per cent of current market value of United States bonds transferred. The amount of circulation is limited to $300,000,000; the total liabilities of any individual or company shall at no time exceed one-tenth of the capital stock paid in, but bona fide bills of exchange, drawn against actually existing values, are not regarded as money borrowed. " The rate of interest fixed is seven per cent., which may be taken in advance; and the taking of a higher rate shall forfeit the entire interest. Banks in St. Louis, Louisville, Chicago, New-Orleans, Cincinnati, Baltimore, Philadelphia, Boston, New-York and San Francisco shall have in hand at least twenty-five per cent, of the aggregate amount of circulation and deposits; all others fifteen per cent. When lower in funds, no discounts or loans can be made, nor any dividends of profits, until the amount is restored. " Before declaring dividends, one-tenth part of the profits must be carried to a surplus fund until it shall amount to 20 per cent, of the capital stock. No bank shall make, loan or discount, on security of its own shares of capital, or purchase such shares, unless necessary to prevent loss upon a debt previously contracted; and stock so purchased must be sold within six months. All associations under...

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