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Copyright, 1923, by
THE NATIONAL CITY BANK OF New York

FOREWORD This volume is an attempt to supply definite information concerning every routine or usual point likely to come up in the organization and administration of a national bank under the Federal reserve system. The National City Bank issued its first publication regarding banking nineteen years ago, and the repeated requests which have come from thousands of banks and individuals have made necessary repeated editions of the original work, which has been modified and brought up to date with each succeeding edition.

The edition which was issued in 1912 was called National Banks of the United States. In addition to the subject of bank organization, this edition contained an analysis of the national banking law, together with a supplement containing specimens of practically all the forms that national banks must use. This edition received a wide distribution not only among those who were interested in organizing new banks, but likewise among the executives of existing banks.

The enactment of the Federal Reserve Act rendered obsolete a great deal of the material in National Banks of the United States. The National City Bank hesitated about issuing a new edition of the book until the circumstances governing the operation of the Federal reserve system had become more or less stabilized. That time appeared to have been reached about three years ago, and the bank accordingly issued National Banking Under the Federal Reserve System, which met with a wide welcome from bankers all over the country, as well as from many students of banking in other parts of the world.

The present volume is to bring the publication just mentioned up to date. In the earlier pages of the book there has been included a brief history of national banking since the passage of the National Bank Act in 1863. The technical details of organizing a national bank are set forth; an analysis of both the Federal Reserve Act and the National Bank Act so far as they affect the management, supervision and general business practises of the national banks of the country is given. The Reserve Act itself is reprinted and carefully indexed so that it may be of convenient reference to all those who have occasion to refer to it.

This volume is, of course, in no sense a plea for national banks as differentiated from the other types of banking institutions which

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