| ~TO PROVE.~--Exclude day of date, then 16 days in | | March, plus 30 days in April, 31 days in May, 13 days | | in June equals 90 days. | | | | Paper apparently due, from this table, on February | | 30th, is, of course, due March 2d, or apparently due | | April 31st, is, of course, due May 1st. | | | | In Leap Year allowance must be made for 29 days in | | February. | | | | For paper payable in States allowing grace use table, | | then add days of grace. | +-----------------------------------------------------------+ National Banks can lend only a certain proportion of their deposits. In New York, Chicago, and St. Louis, called Central Reserve Cities, National Banks must keep on hand, in lawful money, a reserve of twenty-five per cent. of their deposits. In Albany, Baltimore, Boston, Cincinnati, Cleveland, Detroit, Louisville, Milwaukee, New Orleans, Philadelphia, Pittsburg, San Francisco and Washington, called _Reserve Cities_, the National Banks must have the same reserve of twenty-five per cent. of their deposits. But the National Banks in these last-named thirteen cities can keep one-half of _their_ reserve in National Banks located in any of the three Central Reserve Cities, viz.: New York, Chicago and St. Louis. In all other cities or towns the National Banks must have a reserve of fifteen per cent. of their deposits, but nine per cent. of _their_ reserve can be kept in National Banks located in any of the thirteen "Reserve Cities"; or in National Banks in the three Central Reserve Cities. "Approved Reserve Agents" are the banks of the larger cities, selected by the banks of smaller cities or towns, in which to carry part of their reserve. These selections _must_ be approved by the Comptroller of the Currency, the executive head of the National Banking System. A National Bank is forbidden to lend more than ten per cent. of its combined capital and surplus to any one firm or individual. "But the discount of bills of exchange drawn in good faith against actually existing values, and the discount of commercial or business paper actually owned by the person negotiating the same, shall not be considered as money borrowed." Also no National Bank can lend on its own stock as security.