Banking

Banking is by William Amasa Scott. The editor's preface says that in Europe the average man looks upon the bank as a benefactor, while in America the bank is too often regarded as a necessary evil, certainly not with affection. The book says that some banks devote the major portion of their effort to the conduct of exchanges and are called commercial banks, others to investment banking and are called investment banks.

The book says that savings banks specialize in the collection and investment of small savings, and that land banks are primarily intermediaries between capitalists and people who wish to invest capital in land, building operations, and agriculture. The book explains that the redeposited portion of the reserves is devoted to the operations of the New York Stock Exchange because that exchange furnishes a regular market for call loans on a large scale. The book says that the use of state, county, and municipal subsidies or credit in enterprises of this kind is rendered difficult, if not impossible, in this country, by strong prejudice against the use of public funds in private enterprises.