By Chester Arthur Phillips
Comptroller of the foreign money, and banking periodicals. info embodied mainly in chapters VII-XI and XVI, and imobtainable from the standard assets, was once secured via vast correspondence and interviews with bankers and be aware agents, to whom my honest thank you are due. For precious feedback i'm thankful best rofessors Ray B. Westerfield, Fred R. Fairchild and Irving Fisher, of Yale. Chester A. Phillips Hanover, N. H.
(Typographical blunders above are as a result of OCR software program and do not take place within the book.)
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Additional info for Bank Credit: A Study of the Principles and Factors Underlying Advances Made by Banks To Borrowers
The undivided profits item represents the accumulatmgr earnings of the bank and is scarcely ever a clean, round sum. Undivided profits feed surplus. At intervals, the bookkeeper of a prosperous bank acting at the behest of the bank management will transfer a portion of undivided profits, $5,000, $10,000, or more, to surplus. Dividends, the expenses of the bank, and most losses come out of undivided profits, whereas surplus, like capital, stands as a buffer between the creditors of the bank and exceptionally heavy losses.
The result 1 William A. Scott, Money and Banking, Henry Holt & Company, New York, 1916, p. 132. 2 Horace White, Money and Banking, Fourth Edition, Ginn and Gompany, Boston, p. 214. 28 BANK CREDIT has been confusion between surplus and cash or reserve which, in a strict sense, is a fund. Our frequent use of the term surplus reserve, i. , the reserve held in excess of legal requirements, is not intended to sharpen the distinction current between surplus and reserve. Surplus is excess asset-value due shareholders.
In case of failure, such funds' are available for" the payment of depositors and noteholders and other creditors, who are to this extent guaranteed against loss. 1 Capital and surplus are represented as funds. The practice of so representing surplus and capital may have been prompted by the following provision (section 5199) of the National Bank Act: The directors of any association may, semi-annually, declare a dividend of so much of the net profits of the association as they shall judge expedient but each association shall, before the declaration of a dividend, carry one-tenth part of its net profits of the preceding half year to its surplus fund until the same shall amount to twenty per centum of its capital stock.