By Chester Arthur Phillips
Comptroller of the foreign money, and banking periodicals. details embodied mainly in chapters VII-XI and XVI, and imobtainable from the normal assets, was once secured by means of large correspondence and interviews with bankers and be aware agents, to whom my honest thank you are due. For useful feedback i'm thankful most sensible rofessors Ray B. Westerfield, Fred R. Fairchild and Irving Fisher, of Yale. Chester A. Phillips Hanover, N. H.
(Typographical error above are because 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
Example text
The question naturally suggests itself, might not the loans and discounts or other assets prove to be worth more or less than 100 cents on the dollar? The question involves the subject of valuation. Although the value of the principal assets of a bank is free from fluctuation traceable to physical change, there is, nevertheless, occasion for re-valuation, for the scaling down or writing up of assets from time to time. While loans and discounts, which correspond roughly to a merchant's stock of goods, are not subject to physical deterioration, they do frequently include paper on which the face value cannot be realized.
If, as the result of a " r u n " on the bank, its cash were entirely withdrawn, deposits would be reduced $40,000 and cash reduced $40,000, with no change in the amount of the surplus. Any other item on the assets side of the financial statement might be eliminated in a similar way with similar results, in that surplus would be left undisturbed. Demonstrably, surplus does not stand for any one asset item, or even group of items, in the balance sheet. The shareholders have an equity in each of the resource items.
THE PHILOSOPHY OF BANK CREDIT 47 be whittled down still further. The higher the interest rate charged by the bank, the stronger will be the tendency for the borrower to make the inception of his loans synchronize with the initial date of the period for which he needs funds, and the maturity of the loans synchronize with sales or other cash receipts. A South Dakota banker estimates that a typical loan made by his bank is practically exhausted the day that it is borrowed and that very little deposit is made until the date that the note is paid.