War Finance, As Viewed From the Roof of the World in Switzerland

Cover War Finance, As Viewed From the Roof of the World in Switzerland
War Finance, As Viewed From the Roof of the World in Switzerland
Clarence W Clarence Walker Barron
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" LETTER XXV MASTER WORKMEN IN LONDON Seest thou a man diligent in his business ? he shall stand before Kings.
— Proverbs London, October, 1918 It is said that three men in London really work. Two of these are Sir Edward H. Holden and H. Gordon Selfridge. Both take their inspiration from America. Sir Edward Holden last month by another consoH- dation rounded out the London Joint City & Midland Bank with a deposit mark of $1, 500, 000, 000. He is one of the few bankers I have met who understands
... that deposits are made by loans. When the banks of New York learn it, and not before, the United States will take the place to which it is entitled in the finan- cial markets of the world under the Federal Reserve Act.
THE LESSON FROM AMERICA I ASKED Sir Edward the basis of his success. He re- plied : "As you have met me on both sides of the water, you of course know I have been often in America. You have panics in the United States. Then you investigate them and pubHsh reports which are very illuminating to those who will read.


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