Readings in Money and Banking / Selected and Adapted

by Chester Arthur Phillips

[265] J. J. Klein, Annalist, March 23, 1914, p. 361.

[266] Ibid.

[267] During 1912 over $1,700,000,000 in notes were sold by reputable brokers, and they represented in these transactions from 2,500 to 3,000 concerns. In one large eastern state over two-thirds of the state banks and trust companies regularly invest a portion of their funds in this class of paper (J. A. Broderick, Finance, October 4, 1913, p. 328). On August 9, 1913, according to the report of the Comptroller of the Currency, the national banks held over six billions of dollars of commercial paper, most of which was single-name.

[268] Financier, June 22, 1912.

[269] J. G. Cannon, Financial Age, October 19, 1908.

[270] P. M. Warburg, The Discount System in Europe, in Report of the National Monetary Commission.

[271] Ibid.: see also William Jacobs, Bank Acceptances, in Report of the National Monetary Commission.

[272] Warburg, loc. cit.

[273] E. D. Page, Annalist, March 16, 1914, p. 324.

[274] Lawrence Merton Jacobs, Bank Acceptances, Publications of the National Monetary Commission, Senate Document No. 569, 61st Congress, 2d Session, pp. 9-19.