1 Origin And Development
1. Origin And Development Of Banking. Bank (from The Mediaeval Bancus And Banco, The Ancient Name Having Been Fiscum, A Purse For Money. (cicero, Verr. 2). Bancus Or Banco Is Commonly Traced To The Bench Whereon Money-changers Sat, When Bank Ing Merely Consisted In The Purchase And Sale Of Uncurrent ...
10 State Banking System
10. State Banking System. Banking, In The Early History Of The United States, Was The Prerogative Of The Privileged Few. Charters Were Obtained By Subterfuges Of One Kind Or Another, By Favoritism Or By Bribery. Familiar Examples Of The Devices Em Ployed To Get Banking Authority Under Some Other Guise ...
11 Private Banks
11. Private Banks. For The Ordi Nary Functions Of Deposit And Discount The Private Banker In The United States Is Being Rapidly Superseded By Institutions Organized Under State And Federal Laws. The Private Banker Might Engage In Business With Little Or No Capital, And What He Had He Was At ...
12 Federal Reserve System
12. Federal Reserve System, The. The Federal Reserve Act, Passed 23 Dec. 1913, Is The Underlying Measure Upon Which The Federal Reserve System Depends. The System Itself Consists Of (a) The 12 Federal Reserve Banks And Their Branches, Situated In Districts Defined As In The Accompanying Map; (b) The National ...
13 Savings Banks
13. Savings Banks. Savings Banks Are Of Two Lcinds, Stock And Mutual. Stock The Stock Savings Bank Is To All Intents And Purposes Quite Like A Bank Of Discount, Having Capital Stock, And Is, There Fore, Owned And Controlled By The Stockholders, To Whom The Profits Belong After Paying The ...
14 Postal Savings Banks
14. Postal Savings Banks. Defi Nition.— A Governmental Agency, Operating Through The Post-offices, For The Encouragement Of Thrift Among The Masses Of The People By Providing Widely, Distributed And Convenient De Positories Wherein Small Sums May Be Placed At A Comparatively Low Rate Of Interest, With The Faith And Credit ...
15 Bank Organization And
15. Bank Organization And Management. There Are Three Classes Of Banks In The United States—national, State And Private. The National Banks Were Organized To Be Strictly Commercial Banks, But Some Of Them Acquired Large Lines Of Savings Deposits, Even Though The Law Did Not Authorize Them To Do So. The ...
16 Bank Supervision
16. Bank Supervision. About 1860 It Became Evident That Some Means Must Be Adopted For Repressing The Mixed Bankinit Sys Tem Then In Vogue And To Provide A Uniform And Safe System In Its Stead. Federal Enact Ment Soon Provided For A Uniform System, And The Provisions National Banks To ...
17 Commercial Paper
17. Commercial Paper. The Ele Ment Of Credit In The Business World Arises From Two Fundamental Causes: (a) The Fact That The Merchant And, The Manufacturer Can Profitably Use More Capital Than He Possesses And Can Make Money By Borrowing Money; And (b) If The Time Of Payment Is Postponed, ...
19 Bank Note Issues
19. Bank Note Issues. In Principle A True Bank Note Does Not Differ From A Bank Check. The Purpose Of Either Is To Transfer Credit. The Granting Of Credit On The Boolcs Of The Bank Precedes The Issuing Of Notes By The Bank Or The Drawing Of Checks By The ...
2 The Functions Of
2. The Functions Of Banks. The Functions Of Banks May Conveniently Be Divided Into Those Relating To Loans And Investments, And Those Relating To Money And The Substitutes For Coined Money Provided By Banks. Savings Banks, The Simplest Class Of Banking Institu Tions, Are Entirely Concerned With The First Of ...
20 Guaranty Of Bank
20. Guaranty Of Bank De Posits. This Has Been Effected By Legisla Tion In Some States (oklahoma, Kansas, Ne Braska, Mississippi, South Dakota And Wash Ington), And Individual Banks In Some Cases Have Taken Out Policies Of Insurance To Protect Their Depositors. (the Attorney-general Of The United States Has Ruled ...
21 Trust Company
21. Trust Company. Definition.— A Corporation Authorized By Law To Act As Trus Tee, Or To Accept And Execute Trusts Of Various Descriptions; A Corporation Empowered To Act In A Fiduciary Capacity. This Is The Meaning Of The Term Etrust Company,• And Is Expressed In The Name Given To Such ...
22 Bankers Associations In
22. Bankers' Associations In The United States. American Bank Ers' Association.—prior To 1875 There Was No National Organization Of American Bankers. In That Year The American Bankers' Association Was Organized At A Convention Held In Saratoga On 20, 21 And 22 July. By 1916 The Association Had Become The Largest ...
4 International Banking
4. International Banking. Prior To The Enactment Of The Federal Reserve Law (q.v.) Under Which National Banks Have Obtained Authority, To Establish Branches In Foreign Countries, International Banking Upon The Part Of The United States Had Been Mainly Confined To Investment Banking, And Efforts To Place American Securities In Great ...
5 Foreign Exchange
5. Foreign Exchange. Foreign Exchange May Best Be Described As The System By Which Payments Are Made Between Countries Having Different Monetary Systems. The Terms °exchange° And Tforeign Exchange" Are Also Used As Meaning The Drafts Drawn By Merchants And Bankers Resident In One Country Upon Merchants And Bankers Resident ...
6 Investment Banking
6. Investment Banking. Invest Ment Banking Is The System By Which Invest Ment Capital Is Made Available, (1) For The Uses Of Industrial Enterprise; (2) For Civil Loans, I.e., Loans To Municipalities, States And Countries. An Enterprise Is In Need Of Capital, Or A State Or County, For Instance, Needs ...
7 The Clearing House
7. The Clearing House. The Prin Ciple Of Offset — The Application Of Credits To Debits And The Settlement Of Any Balance Remain Ing— As Applied To Banking Is Defined As The Clearing Principle. Economically It Is An Evolu Tion Of The Ancient System Of Barter By Which Goods Were ...
8 Banking In The
8. Banking In The United States. Prior To The Adoption Of The Con Stitution In 1787 There Was But Little Banking Done, Because One Of The Chief Elements Of That Business—a Sound And Stable Monetary System — Was Lacking, The Continental Currency Having Depreciated To The Point Of Practical Worth ...
9 The National Banking
9. The National Banking Sys Tem. At The Outbreak Of The Civil War The Statesmen Of That Epoch Were Confronted With Financial Problems Of First Magnitude. Should They Meet Them By The Usual Expedient Of Re Sorting To Large Issues Of Paper Money Or Adopt Some Safer Method? In His ...
B
B The Second Character In Our Alphabet, Holds The Same Relative Place In A The Alphabet Of All European Lan- 7 Guages Except The Russian And Two Or Three Others, As Serbian And Bulgarian: In These Alphabets The Symbol B Holds The Third Place, Yet It Stands Not For Our ...
Ba Uernfeld
Ba Uernfeld, Eduard Von, Austrian Dramatist: B. Vienna, 13 Jan. 1802; D. Vienna, 9 Aug. 1890. He Studied Law. And Entered The Government Service In 1826, But Resigned, After The Revolutionary Events Of 1848, To Devote Himself Exclusively To His Lit Erary Pursuits. A Brilliant Conversationalist, He Soon Became A ...
Baader
Baader, Wilder, Benedict Franz Xaver Von, German Roman Catholic Theologian And Philosopher: B. Munich, 27 March 1765; D. There, 21 May 1841. He Was The Third Son Of The Court Physician To The Elector Of Bavaria. He Studied Medicine At Ingolstadt And Vienna, And Was Graduated In 1784. He Assisted ...
Baal
Baal, Ba-al, A Primitive Title Of Divinities Which Is Found Among All Branches Of The Semitic Race, Originally. Signifying Or In Its Primary Sense The Husband Was The Gnat) Of The Wife, The Aproprietor,d The Of His Field. As A Title Of Divinity Its Application Is Entirely Secondary, The Thaalp ...
Baalbek
Baalbek, Barbek, A Ruined City In Sy Ria, On The Lower Slope Of The Antilibanus, 3,839 Feet Above Sea-level, 40 Miles From Damascus, Famous For Its Magnificent Ruins. Irregular In Form, And Encompassed By A Wall Two Miles In Circumference, It Was Once The Most Magnificent Of Syrian Cities, And ...
Baber
Baber, Ba'ber (or Othe Tiger”, The His Torical Surname Of Zehir-ed-din-mohammed, The Conqueror Of Hindustan And Founder Of The So-called Mogul Dynasty: B. 14 Feb. 1483; D. 26 Dec. 1530. Baber Was Of Mixed Turkish And Mongol Origin, But In Feeling As In Personal Characteristics He Was A Tartar (turk), ...
Babi
Babi, Babe, The Name Of A Modern Persian Sect, Derived From The Title, Bib-ed-din (gate Of The Faith), Assumed By Its Founder, Mirza Ali Mohammed, A Native Of Shiraz, Who In 1843 Undertook To Establish A New Religion From A Mixture Of Mohammedan, Christian, Jewish And Parsee Elements. His Controversies ...
Baboon
Baboon, Bib-oon', A Large, Long-haired, Terrestrial Monkey Of Africa Or Arabia, Be Longing To The Genus Cynocephalus, Of The Fam Ily Cercopithectda.. All Are Of Large Size, Have Elongated, Blunt Muzzles, With Nostrils At The Extreme End, And Great Canine Teeth Which Together Give The Face, When Seen In Profile, ...
Babylonia
Babylonia. Discoveries Of The Recent Decades Seem To Confirrn The Idea That Babylonia Was The Cradle Of Civilization. The Country, Which Is Nearly Enclosed By The Tigris And Euphrates From Bagdad To The Persian Gulf, Is Bounded On The North By Mesopotamia; On The East By The Plain Of Elam; ...
Baccarat
Baccarat, A Game Of Italian Origin Playe.d With Ordinary Playing Cards; Very Sim Ple In Details And Freer From Complications Than Most Games At Cards. Any Number Of Players May Participate And As Many Pacics Of Cards May Be Used As Necessary, The Number Being Increased To Correspond With The ...
Bacchiglione
Bacchiglione, Bilike-lyo'ne, A River Of Northern Italy. It Rises In The Alps, Passes Through The Towns Of Vicenza And Padua And Enters The Adriatic Near Chioggia After A Course Of About 90 Miles. Bacchus,thilelcils, Or Dionysos,' The God Of Wine. His History Is One Of The Most Perplexing In The ...
Bach
Bach, Johann Sebastian, German Musi Cian And Composer: B. Eisenach, 21 March 1685; D. Leipzig, 28 July 1750. Bach Was The Most Profound And Original Musical Thinker The World Has Ever Seen. He Is The Master Of Mas Ters; From Him Most Of The Great Composers Have Drawn Inspiration. When ...
Bachelor
Bachelor, A Term Anciently Applied To A Person In The First Or Probationary Stage Of Knighthood Who Had Not Yet Raised His Standard In The Field. A Knight Bachelor Is One Who Has Been Raised To The Dignity Of A Knight Without Being Made A Member Of Any Of The ...
Backgammon
Backgammon Is A Game In Which Two Opposing Players Move Symbolic Men Into Or Out Of Each Other's Territory On A Board, Ac Cording As They Are Respectively Entitled To .do So By The Throw Of Dice. Without Question A Game Of That Nature Was Played Among The Aztecs Of ...
Bacon
Bacon, Roger, English Monk And Philos Opher: B. Near Ilchester About 1214; D. 1294. He First Entered The University Of Oxford, And Afterward Went To That Of Paris, Where He Seems To Have Distinguished Himself Much By Successful Study And Teaching, And Received The Degree Of Doctor Of Theology. About ...
Bacon
Bacon, Francis, English Statesman, Phi Losopher And Essayist: B. London, 22 Jan. 1561; D. Highgate, London, 9 April 1626. Bacon Was Commonly Called Lord Bacon In Accordance Rvith Long Literary Tradition, Though His Exact Titles In The Peerage Were Baron Verulara And Vis Count Saint Alban. He Was The Youngest ...
Bacon_2
Bacon, Roger, His Opus Majus (1267 A.d.). Newly Edited And Published With Intro Cluction And Full English Analygs Of The Latin Text, By J. H. Bridges (2 Vols., 1897). An Ade Quate•publkation After 630 Years Of One Of The Most Remarkable Productions Of The Human Inind. The Work Is An ...
Bacons Rebellion
Bacon's Rebellion, In Virginia, 1676. The English Navigation Acts Of 1651 And 1660, Restricting Colonial Trade To English Ves Sels, Had Produced Universal Distress In Vir Ginia, Forcing It To Buy And Sell To The Home Monopolists At Their Own Price; Tobacco, Not Only The Chief Produce, But The Chief ...
Bacteria
Bacteria. Literally The Word Bacte Rium, Bacteria Being Its Plural, Means A Tiny Rod Or Stick. As Understood, However, By Biologists, Bacteria Constitute A Genius Of Lowly Organized Microscopic Plants Having Forms Other Than That Indicated By The Literal Meaning Of The Word. Briefly Defined, Bacteria Are Unicellular Vegeta Bles ...
Bacteriology
Bacteriology. Though Generally Considered A Modem Science, And Perhaps Prop Erly As Regards Certain Of Its Most Important Developmental Aspects, Bacteriology In Reality Dates From The Observations Of The-dutch Inves Tigator Leeuwenhoek In The Latter Part Of The 17th Century. With Simple Lenses Ground By Himself, Leeuwenhoek Discovered In The ...
Bad Lands
Bad Lands, A Name Applied To Portions Of The Arid Regions Of The West, Which Present Wide Areas Of Hills And Ridges Of Moderate Height, Bare Of Sod And Intricately Broken By Numerous And Ravines. The Principal Areas Are In The Western Dakotas And Central Wyoming And Smaller -examples Of ...
Baden
Baden, Bi'den, A Grand Duchy In The German Empire. The Rhine Separates It From Alsace On The East And Wiirtemberg Bounds It On The West. It Has An Area Of 5,823 Square Miles, With A Population Of 2,142,833 In 1910: The Country Is Mountainous, Being Traversed By The Lofty Plateau ...
Badger
Badger, A Stout, Burrowing., Carnivorons Mammal Of The Fur-bearing Sub-family Melina In The Family Mustelidie, Related To The Skunks And Weasels, Species Of Which Inhabit Various Parts Of The Northern Hemisphere. Badgers Have Short Legs, Elongated Feet With Powerful Toes Adapted To Digging, Heavy Jaws With Big Teeth And Great ...
Baeyer
Baeyer, Brer, Adolph Von, A Pioneer Of German Chemistry: B. Berlin, 31 Oct. 1835; D. Munich, 24 Aug. 1917. A Pupil Of Bunsen At Heidelberg, He Spent Some Years In Berlin As A Private Tutor, Where He Came Under The In Fluence Of A. W. Von Hoffmann, Whose Pupil, Sir ...
Bagdad
Bagdad, Turkey, Capital Of The Vilayet Of Bagdad, Situated On The Tigris. The Old Bag Dad, The Residence Of The Caliphs, Said To Have Had 2,000,000 Inhabitants, Was Situated On The Western Bank Of The River And Was One Of The Most Magnificent Cities Of The Mohammedan World. The Modern ...
Bagdad Railway
Bagdad Railway, Asiatic Turkey, An Enterprise Of International Importance In Which Is Bound Up The Future Political Control Of Large Regions In Asia Minor, Mesopotamia And The Persian Gulf. The Line Over 1,400 Miles Long, Extending From Konieh On The Existing Anato Lian Railway Through The Taurus Range, And By ...
Bagehot
Bagehot, Baj'et, Walter, English Econ Omist, Journalist And Critic: B. Langport Somer Setshire, England 3 Feb. 1826; D. Langport, 24 March 1877. His Father, Thomas Watson Bage Hot, Was Vice-chairman Of The Somersetshire Bank, Founded By Samuel Stuckey In The 18th Century. His Mother, A Niece Of Stuckey, A Woman ...
Baglioni
Baglioni, Ba-lyo'ne, A Historical Family Of Perugia In Italy. Perugia Contained Two Parties—an Aristocratic And A Democratic One. The Baglioni Belonged To The Former. In The 12th Century Ludovico Baglioni Was Appointed Imperial Vicar Of Perugia By Frederic Bar Barossa, Who Styles Baglioni His Relative, As Coming, Like Himself, From ...
Bagneres De Bigorre
Bagneres-de-bigorre, Ba'nyar' De Be-g6e, France (anciently Aquensis Vicus, Bigerronum), Celebrated Watering-place In The Department Of Hautes-pyrenees, Capital Of The Arrondissement Of The Same Name, At The Entrance Of The Valley Of Campan, On The Left Bank Of The Adour, 13 Miles South-southeast From Tarbes. Its Site Is One Of The ...
Bagpipe
Bagpipe, A Well Known Wind Instniment, Of High Antiquity Among Various Nations, And So Long A Favorite With The Natives Of The Lands Of Scotland That It May Now Be Considered As Their National Instrument. The Peculiarity Of The Bagpipe Consists In The Fact That The Air Fziucing The Music ...
Bahaism
Bahaism, A Religious Movement Started By Mirza All Mahomet (1819-50) In Persia About The Middle Of The 19th Century. He Preached That The Mohammedan Religion Had Become Corrupt And Needed Reformation, That The Clergy Were Ignorant And Vicious, That The Koran Was Not The Final Revelation, But That A New ...
Bahamas
Bahamas, The, Or The Bahama Islands, Were Formerly Known As The Lucayos, From The Natne Of A Tribe Of Aborigi Nes Inhabiting Them At The Time Of Their Dis Covery By Columbus In 1492. The Scene Of The First Landing Was An Island On The Outer Or Atlantic Side Of ...
Bahawalpur
Bahawalpur, Ba-ha'wal-poor, India, Town And Capital Of A State Of The Same Name In The Punjab, Two Miles From The Sutlej. It Is Surrounded By A Mud Wall And Contains The Extensive Palace Of The Nawab, A Vast Square Pile With Towers At The Corners. It Has Under Ground Rooms, ...
Bahia
Bahia' , Bi-e4 Or Sao Salvador Da Bahia, So Named Because It Is Situated On A Large Harbor Or Bay, Ranks As The Third In Population And Importance Among The Cities Of Brazil (see Rio De Janeiro). It Lies About 740 Miles North Of Rio, In Lat. 13° L' S., ...
Bahrdt
Bahrdt, Bart, Karl Friedrich, German Theologian: B. Bischofswerda, Saxony, 25 Aug. 1741; D. Halle, 23 April 1792; Studied In Schulp Forte And Leipzig, Where He First Showed His Great Talents. In 1766 He Was Appointed Pro Fessor In The University Of Leipzig. His Works And His Talents As A Preacher ...
Baikal
Baikal, A Lake Of Siberia, 360 Miles Long From Southwest To Northeast, And From 20 To 53 In Breadth, In Terspersed With Islands. It Has A Shore Line Of 1,220 Miles; Long. 104° To 110° E.; Lat. 51° 20' To 55° 20' N. It Contains Seals And Many Fish, Particularly ...
A Bankruptcy
Bankruptcy, A, By Bjornstjerne Bjornson. The Appearance Of Bjornson's (bankruptcy) In 1875 Marks A New Departure In Norwegian Literature. For The First Time Money Oecornes The Subject Of A Poetical Pro Duction, A Theme Which Had Previously Seemed Altogether Too Prosaic For Real Poetry, But Which Bjornson Handles With Daring ...