[275] Paul M. Warburg, The Discount System in Europe, Publications of the National Monetary Commission, Senate Document, No. 402, 61st Congress, 2nd Session, pp. 23-25.
[276] Adapted from James H. Simpson, General Manager, Bank of Liverpool, Ltd., Some Leading Features of the London Money and Discount Markets, an address delivered at the annual banquet of the bankers of the city of New York, January 19, 1914.
[277] Paul M. Warburg, op. cit., pp. 28-30.
[278] O. W. M. Sprague, Banking Reform in the United States, pp. 72-75, Harvard University, 1911.
[279] The importance of real estate to the state banking institutions is shown in the Special Report from the Banks of the United States on April 28, 1909, recently published by the National Monetary Commission. For state banks real estate loans and mortgages amounted to $414,000,000 or 12-1/2 per cent. of total resources and for the trust companies to $377,000,000, more than 9 per cent. of their resources.
[280] Conway and Patterson, The Operation of the New Bank Act, pp. 184-192. J. B. Lippincott Company. Philadelphia, 1914.
[281] Victor Morawetz, The Banking and Currency Problem in the United States, pp. 47-50. North American Review Publishing Company. 1909.
[282] From an address by Mr. James B. Forgan to the Texas Bankers' Association.
[283] Report of the Comptroller of the Currency, 1914, pp. 20, 21.
[284] Ibid., pp. 16, 17.