The Fairmont West Virginian. (Fairmont, W. Va.) 1904-1914, 1911-01-17
'BAIIl FRANgE
DIFFERENTIATION

; - :, =.
sFsAtNDlaD By Es,i PtsitOR NAtsO.
LEON 1T HAS GROWN 10 ~
u HERCULEAS srzFs. 5s 1. q
- n, a
~ .i------ 80 4
AM lisIiONS NJ AtJlST
8, L....Il l.! 3 2 Y
3 " II n
Great Financial fnstttation Begun
February Il. i sOf,. Wen Inns Ss,
;cS ersf sn ,s X 3 stoc,. x
II x sssisly y - = 4 i;
ss; New York. N. Y Tie Bank Of
France, over whose counters the
greatest intermational, Il transactions
are carried out, was 3 organized sin lie
present form. Feb. Is, s. 800, I S byii Ma
! rolean, 1t was constituted IN sthe
form sof Ia Joint stock company with
d capital o. 10000, 900 francs. SNapo.l
leon headed the SUBSCRIPTION list with
70 shares. x IS Il. + !, 4 n
The capital was increased 10 AS.
| 100000 In 1903, to sl, 100000 in 51s4s
and to s1s2, 900, 900 \ IN 1857 at which;
figure II still remains. G The nominal
value 81 the shares Is ) 1000 francs,
but they are quoted at the Bourse ut
over a 900 francs. The number Of
,harehofders has increased from Ia,
ICY In 1880 to 81, 24s In 1909. One
third Of these holders do not have
more than one share each Il Ffttyii per
sent have no no more than two ehare,a,
each. 2.
The privilege. or franchise q the!
bank expires December 81. 1890, / but
Will 5of course, h says a 4 writer lin,
Moody's magazine, be prolonged BY
he slate. The bank has nc, branches
m foreign countries. not even ever, IN the
French colonies. But there III, are 1 / ~,
branches IN ,il Fra nc,sa chic, cfties and
50 subsofices ii minor centers, The
Bank Of France does not accept any ~
bHls for disc,ounting unless the latter
Are Great Cd IN france or al least IN.
dorsed BY two French Ssisnat,,rres: al
advances 81 money. which: Il m1akes
must be- e,iarai,,eed by french isecur-
tiles. themselyea guaranteed NJ the
tate i It's bank notes are circi,,ate,
only5 within the territory Finally All
he members who make sup the eener-
Il assembly Of share, holders al vel,
IS tie governor, the two sub-goyern.
,r. and the swiole Of The emnloyea$
who number & 90, must he Of French
nationality. |55 AZ 4. NV E, I!
L; The governor 81 The Bank az france i,,e
:ecseiyes an annual salary o. 90 floo
;rancs { each. - These 4 f,e,n,res MIL, I'M
receive only half that Famo,int AZ ON
francs each. % These leu,,r,ep.s will IA,
Ioubt, appear "a, miserable 70 nIilmber,
ST American financiers. who certain
" would not Z; be satisfied VIII, u Stthat;
lncome, ~.
8 For ali Sta national charact eristicss;
he Bank o. Fran e lis 4 private Sio,nts
Itock establishment, withS priyate3
:ap!tal. and not an establish ment q,
The state, that is the reason WHIST,
Las been able during the Franco. Ger
nan war In 1870 10 keep entirely safo
Ms real property It's metallic reserve
ind all Tia securities as being strict
y private. Z;
The Bank Of France an y. has tho sole
light to issue bank notes : This right
vas for the first time = granted three
fears after lis foundation, m 1909
md has been renewed ever, since the
asst prorogation dating 1897 for 4
,erlod OF % years. 4. 4. +. +. N
III Is an interesting noint 10 know
low, tie state ha.i reguiat ed the iss,,e
81 bank notes. TIE 3Anglo-American
nations have adopted what they cal
he currency principle, according 10
which the emission OF bank notes ex-
seeding the metallic reserve Il limited
70 a certain AMOUNT Of capital invest
M In state securities kept BY the
banks and the Interest Of which con-
ltitutes their profit OF emission.
In Germany another principle,
merely empirical, has been adopted. {!
rhes issue Of bank notes can Z reach
tut can not exceed three times the
mount of the metallic reserves In
france the emission is regulated by
What has been termed the banking
,rfncinie. THE bank car sissue hanE