Business booms, (see Business cycles)
Business cycles, chap. on, 494-546;
in U.S., 505; causes of, 511-19;
and commercial banking, 519-41;
and the economic system, 749;
and individual banker's control,
752-3

Business depression (see Business
cycles)

Business failures and seasonal mone-
tary stringency, 502; in time of
depression, 509-10

Call loans, definition of, 376; and
stock exchange speculation, 391-
94; in time of crisis, 531; of
Canadian borrowers, 645
Capital formation, under a capital-
istic system, 49–50
Capital Issues Committee, 206
Capital raising, the corporation and,
chap.on, 139-50; through reinvest-
ment, 135; by direct subscription,
135; through promotion, 186-97
Cash discount, 26

Cashier's check, 164; illustration of,
167

Cattle loan company, chart, 650;
functions of, 659–65

Cattle paper, 663

Central banks, opposition to, 569;
European and credit control, 753
(see also First and Second Banks
of the United States.)

Central reserve cities, meaning of
term, 371

Certificates of deposit, 374
Certified check, 164
Chattel mortgage, illustration of,
445

Checks (see Bank checks)
Clayton Act, 773

Clearing-house associations, 457-70
Clearing-house bank examinations,
468-70

Clearing-house certificates, 460-61
Clearing-house checks, 538
Clearing-house loan certificates,
533-38

Clearings under Federal Reserve
System, 608-13

Coinage, necessity of, 65; a govern-
ment function, 66; effects of bad
system of, 67-69; regulations in
United States, 69-73; abrasion of,
72; counterfeiting of, 72
Collateral loans, 386-90; to member
banks, 592-93

Collateral trust bond, 157, 308
Collection charges, 467; diversity
of, 609; reduction of, under
Federal Reserve System, 612-13
Collections, 470-72; under Federal
Reserve System, 608-13
Commercial Acceptance Trust (see
Discount companies)

Commercial agencies, 379

Commercial banker, dominant posi-
tion of, 751-53

Commercial bank investments, 374;
kinds of, 401; volume of, 401-2,
488
Commercial banking system, chap.
on, 457-93, and business cycles,
chap. on, 494-546 (see also
Commercial banks)

Commercial bank loans, analysis of,
374; importance of, 375; type of,
375-76; classification of, in
national banks, 377; capital pur-
poses, 383-84, 487, 724; secured
by mortgages, 385; secured by
promissory notes, 385; secured
by stocks and bonds, 386; secured
by bills of lading, 394; secured by
warehouse receipts, 397; and
deposits compared, 479;
for
fixed in time of crisis (table)
530; regulation of, 553-56
Commercial banks, chap. on practi-
cal operations of, 357-409; posi-
tion in financial structure (see
charts 134, 136, 650), 375, 488,
529; classification of, 358; growth
and importance of, charts, 359,
360; incidental services of, 361-63;
investments of (see Commercial
bank investments); and foreign
trade, chap. on, 410-426; relation
to commercial paper houses, 429;
relation to discount companies,

441; and economic organization,
486-88; and business cycles,
519-41; and agricultural credit,
656-69; engaging in trust com-
pany operations, 729-30
Commercial credit, 124
Commercial credit companies (see
Discount companies)

Commercial credit instruments, 162-

69 (see also credit instruments)
Commercial letters of credit (see
Letters of credit)

Commercial loans, nature of, 376
(see also Single-name and Two-
name paper)

Commercial paper, street use of
term, 434; as secondary reserve,
475; not liquid in time of crisis,
532-33

Commercial paper houses, chart,
136, 427-37; economic signifi-
cance of, 435

Common denominator of value (see
pecuniary unit)

Common stock, 140, 153-54
"Community of interest," 729, 772
"Compensated" dollar (see "Stabil-
ized" dollar)

Comptroller of the Currency, 394;
duties of, 558
Comstock Lode, 80

Concentration of money and credit
(see Financial concentration)
Conditional sale agreement, illustra-
tion of, 447

Consolidated stock exchange, 281,
284

Consortium of international bankers,
772-73

Consumptive credit, definition of,
125

Consumptive credit institutions,
chap. on, 697-722
Contingent liabilities, 380

Control of discount rates, under
Federal Reserve System, 593,
597-98; after the war, 634-39
Co-operative credit associations,
agricultural, 652; 708-14

Corporate reorganizations, 312
Corporation, relation to financial
structure, (chart 136), 750; "close,"
135; as capital raising device,
chap. on, 139-50
Correspondent banks, 470-75
Cotton "factor," 655

Country banks, meaning of term,
371

Credit, nature and functions of,
121-31; kinds of, 122-23; invest-
ment, 124; commercial, 124;
consumptive, 125; basis of, 125-
27; significance of, 127-29; book,
162

Credit analysis, 378-83

Credit currency (see Deposit cur-
rency)

Credit department, 379

Credit instruments, 122; chap. on,
151-84; investment, 151-61; com-
mercial, 162-69; as media of
exchange, 170

Creditor nation, 118, 260, 424
Credit unions (see Co-operative
credit associations)

Crime of 1873, 77, 79
Crises (see Business cycles)

Crop liens, amount of, 653; nature
of, 654

Curb market, 280; volume of
transactions on, 281; importance
of, 284-85

Currency act of 1900, 85; banking
provisions of, 567

Custodian of Securities, 316-21
Cyanide process, 80

Debenture bond, 157

Decentralized banking, 522-23
Deflation, process of, 639-43
Demand loans, definition of, 376
Department-store finance (see Finan-
cial integration)

Depositary banks, for government
funds, 373; 614-15

Deposit currency, origin of, 366-70,
475-80; increasing importance of,
372; amount of, 483-85; and

prices, 485; elasticity of (chart),
499; reasons for elasticity, 501-2;
elasticity of, under Federal Re-
serve System, 594-96

Depressions (see Business cycles)
Discount companies, chart, 136;
437-54;
economic significance
of, 453

Discount Corporation of New York,
608

Discount market, nature and func-
tions of, 600-608

Discount rates, control of, 593,
597-98, 634-39 (see also Interest
rates)

Discounting receivables (see Assign-
ing accounts)

Dollar drafts, import, 414; export,
418, 420

Domestic exchange, 115-16, 472
Double liability of bank share-
holders, 552-53

Draft (see Bills of exchange, trade
acceptance, bank draft, accom-
modation draft)

"Farmers' bank," 657

Federal Advisory Council, 576
Federal Farm Loan Act, passage of,
674

Federal Farm Loan Board, nature
and general powers of, 674
Federal Farm Loan districts, map of,
676

Federal Farm Loan Registrar, 677,
682

Federal Farm Loan System, organ-

ization of, 672-82; loans of, 685;
results of, 686-87; criticisms of,
688-90

Federal Land banks (chart 650),
675; financial statement of,
684-85

Federal Reserve Act, evolution of,

570-72

Federal Reserve Agent, 575, 580, 588
Federal Reserve banks, collateral
loans of, 373; financial state-
ments of, 616–18; interborrowing
operations of, 644

Federal Reserve bank notes, amount
of, 103; regulation of, 578-79;
legal tender of, 589

Federal Reserve Board, and ad-
ministration of Edge Act, 264-65,
423; general powers and duties
of, 576-77; extraordinary power
of, over economic system, 752-54
Federal Reserve districts, map of,
573; size of, 574

Federal Reserve notes, amount of,

103; regulation of, 580-89; legal
tender of, 589

Federal Reserve System, chaps. on,
566-648; and export financing,
264-65; 410-21; and foreign
branch banks, 421-22; position
in financial structure, charts,
134, 136, 650; and control of
business cycle, 593-608; and war
finance, 624-31; and state
banks, 735-39; and savings
banks, 742

Fiat currency, 91

Finance companies (see Discount
companies)

Financial concentration, 756-57;
in New York, 758; in Germany,
758-61; Congressional investi-
gation of, 761-64; defense of,
by Morgan and Company, 765-
69; and control of undeveloped
regions, 772-73

323;

Financial crises (see Business cycles)
Financial integration, 137,
chap. on, 723-42; and concentra-
tion, 762

Financial organization, international
aspects of, 273-76; 754-56
Financial panics (see Business cycle)
Financial reorganizations, 312
Financial statement, illustration of,
381

Financial structure, 3; 132-38;

charts of, 134, 136, 218, 650; 749
Financial system, and the general
economic organization, chap. on,
743-777; interdependence of,
748-49 (see also Pecuniary system)
First Bank of the United States, 549
First Federal Foreign Banking
Association, 423

Fiscal agency, 313-15

Fixed capital, 2, 8, 132; charts on,

134, 136, 650

Foreign Bond and Share Corpora-
tion, 267

Foreign branch banks, 421-22
Foreign exchange, chap. on, 107–120;
during the war, 116-17; pegging
of, 117; depreciation of, 117-18,
and export trade, 262-63; and
international indebtedness, 269-72
Foreign Finance Corporation, 268
Foreign financing, chaps. on, 256-

78, 410-26 (see also Investment
trusts and Foreign trade)
Foreign investments, and free silver
agitation, 28; of U.S., 118; in
the U.S., 214; of Great Britain,
256; future of American, 269-73
Foreign Investment Trusts (see
Investment trusts)

Foreign trade, since the war,
262-63; financing of (see Foreign
financing)

Fractional silver coins, redemption
of, 84; legal tender of, 86; amount
of, 103

"Free banking" law of New York,
552

Free silver agitation, and interna-
tional finance, 27-28; and domes-
tic finance, 28; and farmers, 38;
and pensions, 39; and creditors, 39

German banking, concentration of,
758-61

German financial concentration,
758-61, 764

German indemnity, and the foreign
exchanges, 274; cancellation of,
275-76; difficulty in paying, 755
Gold, why chosen as standard, 19,
79-83; durability of, 19; relative
stability of, 20; production of,
82; commercial ratio of, to silver,
83; international flow of, 115;
domestic flow of, 116; holdings of
leading nations (chart), 271
Gold certificates, 100; redemption
of, 102; amount of, 103; legal
tender of, 104; exchanged for
Federal Reserve notes, 577
Gold clearance (see Gold settlement
fund)

Gold coin, weight of, 4; legal tender
of, 85; amount of, 103
Gold dollar, definition of, 21
Gold exchange standard, 77
Gold points, 112

Gold settlement fund, 611
Gold standard, history of, 75-77;
law of 1900, 77

Government regulation of banking,
chap. on, 547-65
Great Illusion, the, 755
Greenback currency, and trading
methods, 25-27; and debtor class,
32; purpose and nature of, 101;
amount of, 101, 103; redemption
of, 102; legal tender provisions
of, 104

Gresham's Law, and defective coin-
age, 66; and bimetallism, 73-79

High-grade securities, chap. on,

211-55

Hoarding, and financial panics, 527;
and Federal Reserve System, 644

Indemnity (see German indemnity)
Independent treasury, 503 (see also
Depositary banks)

Index numbers, purpose of, 22;
method of computing, 22; nature
of, 23

Inelastic currency (see also Elastic
currency), under national banking
system, 497-502;
and financial
crises, 525-26
Inflation, process of, 628-30; in
Europe, 630-31

Insurance companies (charts) 134,
136, 650; and bond distribution,
237; as savings institutions,
344-48

Integration (see Financial integra-
tion)

Inter-bank borrowing, 474-75

Interest rates, in New York City
(chart), 393; on deposits, 465;
on loans, 466 (see also Discount
rates)

Interlocking directorates, system of,
761-64; declared illegal, 771
International barter, 275
International finance, control of,
754-56 (see also Foreign exchange)
International indebtedness, and for-
eign exchange, 269-72; cancel-
lation of, 275-76; difficulty in
paying, 756

Investment banking, interrelations
with financial system (chart) 136;
history of, 212-17; functional
chart of, 218; function of investi-
gation and analysis, 218-28;
function of underwriting (see
Underwriting); function of dis-
tribution, 234-40; sundry services
of, 240-43; profits of, 243-45; reg-
ulation of, 245-47; and economic
organization, 247-51; concentra-
tion and integration of, 761-62
Investment credit, 124

Investment loans, nature of, 376-90

Investment trusts, chap. on, 256–78;
of Great Britain, 257-60; Ameri-
can authorized, 263-69

Joint-stock land banks chart, 650,
681-82; growth of, 685-86
Klondike gold mines, 80

Lease agreement, illustration of,
452

Legal tender, purpose of, 85; of
metallic money, 85-86, of govern-
ment paper money, 103-5; of
national bank notes, 371; of
Federal Reserve Bank and Federal
Reserve notes, 589

Letter of credit agreement, illustra-
tion of, 416

Letters of credit, 372, 411-14;
illustration of, 417

Limited liability, advantages of,
141-43

"Limping standard," 76

Liquidation of loans, automatic
theory, 532; annual, 532
"Living trusts," 305
Loan sharks, 703-8

London stock exchange, 214, 256
Low grade securities (see Speculative
securities); and stock exchange
speculation, 296

"Margin" trading, 286-87, 392
McLean Act, 264

Medium of exchange, function of,
41-42; and capitalistic produc-
tion, 43

Mercantilism, 57–59, 744
Metallic currency, regulation of,
65-90; subsidiary forms of, 84-85;
legal tender of, 85-86

Minor coins, redemption of, 84;
legal tender of, 86

Mint, charges at, 69-70; tolerance

of, 71; of United States, 73
Monetary unit (see Pecuniary unit)
Money, as store of value, 42; and

business organization, 43-44; use
in production, 43-45; and war