Chapter XXX (3)

[262] Eugene E. Agger. _The Commercial Paper Debate. The Journal of Political Economy_, Vol. 22, No. 7, July, 1914, pp. 663-667.

[263] _Annalist_, March 9, 1914, p. 293.

[264] _Annalist_, March 9, 1914, p. 294.

[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.

[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.

[285] John Skelton Williams, Address before the Kentucky Bankers' Association, October 6, 1915. _The Commercial and Financial Chronicle_, Vol. 101, No. 2624, October 9, 1915, pp. 1137, 1138.

[286] _Journal of the American Bankers' Association_, Vol. VIII, No. 9, March, 1916, pp. 755-6.