c. To grant interest-bearing loans for terms no longer than three months, upon movable security (lombard, or deposit loan business), such as: gold and silver, coined or uncoined; interest-bearing or non-transferable bonds maturing within a maximum term of three months, whether of the Empire, a German state, or of domestic municipal corporations; interest-bearing non-transferable bonds on which the interest is guaranteed by the Empire or by any one of the German states; capital stock and stock priority shares, fully paid up, of German railway companies in actual operation; mortgage bonds of the provincial, municipal, or other land credit institutions of Germany that are subject to state control, including shares of German mortgage banks to an amount never exceeding three-fourths of their market value; interest-bearing non-transferable bonds of foreign states, and foreign railway priority bonds, covered by state security, in amounts not exceeding 50 per cent of their market value; bills of exchange of recognized soundness, after deducting at least 5 per cent of their market value; and pledges of native merchandise, in amounts within two-thirds of their value. d. To negotiate collections for the account of individuals, institutions, and governing boards; and upon security, as before mentioned, to furnish payments, and make orders or conveyances on the branch banks or on correspondents. e. Upon prior security, to buy on behalf of outside parties, effects of all kinds, including the precious metals; and after delivery to sell the same. f. To receive money for circulation or on deposit, with or without interest, the sum of interest-bearing deposits not to exceed that of the capital stock and reserve fund. g. To accept the custody or other management of objects of value. Besides the Imperial Bank there are in Germany eight very large and powerful banking institutions and a considerable number of smaller and less powerful ones. The eight great ones have each its head office in Berlin, and connections, through branches, agencies, and controlled institutions, in other parts of the Empire, the German colonies, and foreign countries. Together they control about eighty per cent of the entire banking capital of the Empire. In reality they are federations of banking institutions, many of which were once independent, and some of which were promoted and established in the interests of the group.