Bank Acceptances
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In our eReader you can find the full English version of the book. Read Bank Acceptances Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book Bank Acceptances
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Without bank-accepted bills it can have no discount market. Without a discount market funds can not move to it as they do between the financial centers of Europe, because there are no bank-accepted bills in which foreign banks can invest. Our commercial paper is not suitable. Foreign banks will not purchase it because they are not acquainted with or sure of the rating of miscellaneous mercantile establishments and because such paper could not be readily disposed of in case it became necessary o...r profitable to withdraw funds from New York for remit- tance elsewhere.
yi The weakness of our banking system as compared with the systems of Europe may very certainly be attributed in part to the omission of the bank act to permit bank acceptances. It is a weakness, furthermore, which in- volves the country in serious economic loss. Without a national discount market, the great majority of our mer- chants and manufacturers are compelled to confine their borrowings to American capital, either through the dis- counting of their paper with their local banks or through its sale to note brokers.
What to read after Bank Acceptances?
You can find similar books in the "Read Also" column, or choose other free books by Lawrence Merton Jacob to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Without bank-accepted bills it can have no discount market. Without a discount market funds can not move to it as they do between the financial centers of Europe, because there are no bank-accepted bills in which foreign banks can invest. Our commercial paper is not suitable. Foreign banks will not purchase it because they are not acquainted with or sure of the rating of miscellaneous mercantile establishments and because such paper could not be readily disposed of in case it became necessary o...r profitable to withdraw funds from New York for remit- tance elsewhere.
yi The weakness of our banking system as compared with the systems of Europe may very certainly be attributed in part to the omission of the bank act to permit bank acceptances. It is a weakness, furthermore, which in- volves the country in serious economic loss. Without a national discount market, the great majority of our mer- chants and manufacturers are compelled to confine their borrowings to American capital, either through the dis- counting of their paper with their local banks or through its sale to note brokers.
What to read after Bank Acceptances?
You can find similar books in the "Read Also" column, or choose other free books by Lawrence Merton Jacob to read onlineMoreLess
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