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HGIECI
DrS2
1935

BANKING AND BUSINESS

Copyright, 1922, 1925

By Harper & Brothers
Printed in the United States of America

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PART II.-COMMERCIAL BANKING

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V. BANK ORGANIZATION AND ADMINISTRATION

VI. BANK OPERATION

VII. DEPOSITOR AND His BANK

VIII. BANK NOTES

IX. FINANCING THE BUSINESS MAN .

X. Bank PORTFOLIOS

XI. RESERVES

XII. THE BANK STATEMENT

XIII. BANKING Costs .

XIV. PUBLIC REGULATION OF BANKING

XV. INTERBANK RELATIONS .

XVI, FOREIGN EXCHANGE

XVII. FINANCING FOREIGN TRADE

XVIII. BANKING METHODS IN FOREIGN COUNTRIES

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PART III.-NONCOMMERCIAL BANKING

XIX. TAE INVESTMENT BANKS .

XX. SAVINGS INSTITUTIONS

XXI. TRUST COMPANIES

XXII. AGRICULTURAL CREDIT INSTITUTIONS

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PREFACE

IN THIS volume the authors have undertaken to present an outline of modern American banking in its relation to other business. Their intention has been to prepare a university and college text which would be of service in teaching those elements of banking which are most needed in the schools of business and commerce now in process of development at many of our universities. The arrangement of topics and the general direction of the discussion corresponds, broadly speaking, to the organization of the work in the introductory course in banking in the School of Business of Columbia University.

The teaching of banking in American colleges and universities has for many years past been closely associated or combined with instruction in the theory of money. Most college courses, we believe, are designated as courses in "Money and Banking." A customary way of presenting the material is to begin with a historical survey of the growth and development of money, followed, perhaps, by a sketch of the credit instruments which have in later years superseded it as medium of exchange. This is followed, as a rule, by chapters dealing with the theory of money, prices, and the broader or more doctrinal side of the study. Banking is, in many instances, dealt with as a derivative of, or annex to, the monetary discussion, which is given chief place. Moreover, it has been the practice with not a few text writers to direct their attention chiefly to the more theoretical and to the historical sides of the subject and to analyze banking chiefly as a public question.

No doubt the older method of textbook presentation has its merito, since otherwise it would hardly have continued as long or been maintained as persistently as has been the case. This plan is not, however, suited to the requirements

of those who are pursuing their studies with a view to actual business life. While for such students it is essential that a reasonable basis of theory and principle should be afforded, this alone will not suffice, but it must be accompanied by at least a general outline of the actual methods adopted by banks in the conduct of their own operations and by exposition of their relationship to other types of business.

Experience, too, seems strongly to support the thought that in entering the general field of monetary science a beginning is best made with banking, and that this subject should be studied largely from a descriptive standpoint, with the intention of conveying to the student a fair outline knowledge of the bank as a working institution-an element in the modern business organization. The principles of money, it is thought, should be introduced incidentally and should be given a relatively secondary place, only such attention being given them as is needful to explain and sustain the discussions of banking itself by which they are preceded. Debate as to controverted points of theory and discussion of the abstractions of monetary science should, it is believed, be largely avoided, while the consideration of banking in its public or legislative aspects should for the same reasons be assigned to a secondary position, not because of any underestimate of its importance but because of the belief that this is not the aspect in which the subject appeals most strongly to the student or to which he can to best advantage give the first months of his study of the subject.

The authors have therefore endeavored, in this volume, after the first preliminary and general ideas have been considered, to introduce the student to the current organization and business practice of commercial banks. In so doing, moreover, it has been sought to emphasize less the internal organization of the bank itself than its business aspect as viewed from the outside. Particular attention has been given to the financing of the individual enterprise: the problems which must be met by the business man, in whatever occupation engaged, in connection with the transaction of the banking side of his operations. A succeeding sec

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