American Banking Practicea Treatise On the Practical Operation of a Bank Inten
American Banking Practicea Treatise On the Practical Operation of a Bank Inten
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The student who follows financial affairs will fre- quently see "call money " that is, money loaned upon stock exchange collateral in the large centers quoted at rates running as high as 25 per cent. This is on its face usury, and would be unlawful were it not for a specific provision in the law, especially in New York, that upon loans secured by stocks and bonds, and made in amounts of not less than $5, 000 and payable on demand, the rate of interest may be anything that the borrower and lende...r agree upon. This provision of the law was no doubt enacted to cover Wall Street operations, where money is a commodity to be sold to the highest bidder.
CHAPTER XIV COMMERCIAL PAPER AND ACCEPTANCES During the past twenty-five years there has grown into prominence a form of bank investment that arises out of commercial needs and is commonly called "Commercial Paper. " The term simply means the single-name notes of merchants and manufacturers, payable as a rule in three or four months, and issued in denominations of $2, 500 and $5, 000.
What to read after American Banking Practicea Treatise On the Practical Operation of a Bank Inten?
You can find similar books in the "Read Also" column, or choose other free books by William Henry Kniffin to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
The student who follows financial affairs will fre- quently see "call money " that is, money loaned upon stock exchange collateral in the large centers quoted at rates running as high as 25 per cent. This is on its face usury, and would be unlawful were it not for a specific provision in the law, especially in New York, that upon loans secured by stocks and bonds, and made in amounts of not less than $5, 000 and payable on demand, the rate of interest may be anything that the borrower and lende...r agree upon. This provision of the law was no doubt enacted to cover Wall Street operations, where money is a commodity to be sold to the highest bidder.
CHAPTER XIV COMMERCIAL PAPER AND ACCEPTANCES During the past twenty-five years there has grown into prominence a form of bank investment that arises out of commercial needs and is commonly called "Commercial Paper. " The term simply means the single-name notes of merchants and manufacturers, payable as a rule in three or four months, and issued in denominations of $2, 500 and $5, 000.
What to read after American Banking Practicea Treatise On the Practical Operation of a Bank Inten?
You can find similar books in the "Read Also" column, or choose other free books by William Henry Kniffin to read onlineMoreLess
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