The work of the Stock Exchange

Bibliographic data

Monograph

Identifikator:: 1831284952

URN:: urn:nbn:de:zbw-retromon-225876

Document type:: Monograph

Author:: Meeker, James Edward http://d-nb.info/gnd/126597340

Title:: The work of the Stock Exchange

Edition:: Revised edition

Place of publication:: New York

Publisher:: The Ronald Press Company

Year of publication:: [1930]

Scope:: XVI, 720 Seiten; Illustrationen, Diagramme

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

APPENDIX 629 collect as compensation any sum which may be agreed upon by the parties to such transaction. The section reads: Section 115. Interest on Collateral Demand Loans of not Less Than Five Thousand Dollars. Upon advances of money repayable on demand to an amount not less than five thousand dollars made upon warehouse receipts, bills of lading, certificates of stock, certificates of deposit, bills of exchange, bonds or other negotiable instruments, pledged as collateral security for such repayment, any bank may receive or contract to receive and collect as compensation for making such advances any sum which may he agreed upon by the parties to such transaction. “Section 201 of the banking law, identical in language with sec- tion 115 above quoted, makes the same provision in the case of col- lateral loans by trust companies. In the general business law (L. 1919, ch. 25; Consol L., ch. 20) there is the following general pro- vision of a like character: Sec. 379. Interest Permitted on Advances on Collateral Security. In any case hereafter in which advances of money, repayable on demand, to any amount not less than five thousand dollars, are made upon warehouse receipts, bills of lading, certificates of stock, certificates of deposit, bills of exchange, bonds or other negotiable instruments pledged as collateral security for such repayment, it shall be lawful to receive or to contract to receive and collect, as compensation for making such advances, any sum to be agreed upon in writing, by the parties to such transaction. “The national-bank act provides that national banks may receive and charge on any loan or discount interest at the rate allowed by the law of the State, territory or district where the bank is located. The applicable provision reads: 422, Sec. 3197. Limitation Upon Rate of Interest Which May Be Taken. Any association may take, receive, reserve, and charge on any loan or discount made, or upon any note, bill of exchange, or other evi- dences of debt, interest at the rate allowed by the laws of the State, Ter- ritory or District where the bank is located, and no more except that where by the laws of any State a different rate is limited for banks of issue organized under State laws, the rate so limited shall be allowed for asso- ciations organized or existing in any such State under this title. When no rate is fixed by the laws of the State or Territory or District, the bank may take, receive, reserve or charge a rate not exceeding seven per centum, and such interest may be taken in advance, reckoning the day for which the note, bill, or other evidence of debt has to run. And the purchase, dis- count, or sale of a bona fide bill of exchange, payable at another place than the place of such purchase, discount, or sale, at not more than the current rate of exchange for sight drafts in addition to the interest, shall not be considered as taking or receiving a greater rate of interest. “It will be obseryed that the effect of the foregoing provisions is to authorize in the State of New York on collateral loans of not less than $2,000 rates of interest which may be in excess of those permitted

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