A. No. It never does.
Q. It is not, I believe, the policy of your bank to buy public securities in large amounts?
A. No. Our idea is to buy all the commercial paper that we can get. That is our business. At present it is almost impossible to get any commercial paper because business is so slack; therefore, we are obliged to go outside and buy treasury bills.
Q. To what kinds of banks do you lend on collateral?
A. Mostly foreign banks; for instance, banks in New Orleans during the cotton season. It is not to our interest to lend to French banks. We lend money to foreign banks and to French merchants, but never to foreign merchants or to French banks. We never lend on real estate. That is the business of the Crédit Foncier.
Q. Do you own all of the securities you sell, or do you take orders and buy and sell them on commission?
A. The greater part of our transactions are made on commission.
Q. In your statement of liabilities you show deposits about $132,000,000, and current accounts about $168,000,000. Will you kindly explain the difference between these two accounts?
A. Deposits are sums of money deposited, especially by private people. Accounts current represent the balances to the credit of business people.