Word: branches
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Dates: during 1920-1929
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...bank chain is not to be confused with the type of bank merger which goes on in large cities. In the typical example of the latter, a large bank buys up one or more small banks, absorbs them in its corporate structure. The offices of the absorbed banks become branches of one central bank. The operation of such a merged unit is called branch banking. The Twin City organism will practice not branch but chain banking. These two types of banking are not only quite distinct, they are considered by some to be opposed, and there is a hot debate...
National banks are now permitted by law to have branches within the corporate limits of their cities, and branches abroad, but are not allowed to have branches out-side of their cities in the U. S. Some state laws, notably California's, permit state-wide branch-banking. But no law, state or Federal, allows for the formation of great banks with branches in more than one state, such as the great banks of Canada and England...
...person doing business with a chain bank does business with that particular bank alone. His deposits are secured by its assets alone. But a person doing business with a branch bank is in effect doing business with all branches, and his deposits are secured by their combined assets...
...bank of a chain can (and on occasion has*) failed without affecting the solvency of the other banks of the chain, but no branch of a branch bank fails unless the whole bank is submerged...
Committeeman Liggett failed to elect his Republican candidate Benjamin Loring Young to the Senate last November. Quick to retort was Frank J. Donahue, chairman of the Massachusetts Democratic State Committee: "Since the direct election of U. S. senators the Senate has become the liberal and progressive branch of the national government. . . . Does Mr. Liggett prefer the Platts, Quays, Penroses and Aldriches of his party to the Borahs, Johnsons, Norrises and Kenyons?" Mr. Donahue succeeded in electing his Democratic candidate, David Ignatius Walsh, to the Senate last November...