Chapters of Erie And Other Essays
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They bought a joint-stock bank in New York City, with a capital of, 200, 000. The assistance thus gained was purchased at a very moderate price, since it was by no means represented by the capital. The great cliques and so- called ' ' operators " of Wall Street and Broad Street carry on their transactions by a system of credits and clearing-houses with a very limited use of money. The banks certify their checks, and the certified checks settle all balances. Nomi- nally and by law the banks only... certify to the extent of bonct //'/' deposits, but in reality the custom of disregarding the strict letter of the law is not unknown, and in regard to the bank in question, the Comptroller of the Currency, an officer of the National Treasury, testifies that on an examination of its affairs in April, 18G9, out of fifteen checks deposited in its hands as security for certifications made by it, selected at haz- ard for inquiry, and representing a nominal value of 300, 000, three only were good. The rest represented accommodation extended t brokers and speculators without security.
What to read after Chapters of Erie And Other Essays?
You can find similar books in the "Read Also" column, or choose other free books by Adams, Charles Francis, 1835-1915 to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
They bought a joint-stock bank in New York City, with a capital of, 200, 000. The assistance thus gained was purchased at a very moderate price, since it was by no means represented by the capital. The great cliques and so- called ' ' operators " of Wall Street and Broad Street carry on their transactions by a system of credits and clearing-houses with a very limited use of money. The banks certify their checks, and the certified checks settle all balances. Nomi- nally and by law the banks only... certify to the extent of bonct //'/' deposits, but in reality the custom of disregarding the strict letter of the law is not unknown, and in regard to the bank in question, the Comptroller of the Currency, an officer of the National Treasury, testifies that on an examination of its affairs in April, 18G9, out of fifteen checks deposited in its hands as security for certifications made by it, selected at haz- ard for inquiry, and representing a nominal value of 300, 000, three only were good. The rest represented accommodation extended t brokers and speculators without security.
What to read after Chapters of Erie And Other Essays?
You can find similar books in the "Read Also" column, or choose other free books by Adams, Charles Francis, 1835-1915 to read onlineMoreLess
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