Banking Progress
Banking Progress
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In our eReader you can find the full English version of the book. Read Banking Progress 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 Banking Progress
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Pre\aousIy, buyers of goods gave the sellers their notes for the allowed term of credit in pay- ment for the goods, and these notes, usually indorsed by the seller, were discounted at the banks. This was, strictly speaking, "two-name commercial paper. " Un- der this practice, in case of goods subsidiary to further manufacturing processes (like ore, pig iron, steel, and rails) there might be several notes in the hands of the banks covering substantially the same goods at different stages of manu...facture. This usage has to-day practi- cally disappeared.
The introduction of trade discounts^ made it more profitable for the buyer to borrow at his bank and pay cash for his goods. Borrowers in good standing could thus pay cash; while only those of poor credit created * This has been fully described supra, in Chapter IV, § 6.
THE FEDERAL RESERVE ACT 263 "commercial paper. " That is, the one-name promis- sory notes of borrowers in good standing at the banks were the best paper offered; yet it was not directly based on the sale of goods.
What to read after Banking Progress?
You can find similar books in the "Read Also" column, or choose other free books by J Laurence James Laurence Laughlin to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Pre\aousIy, buyers of goods gave the sellers their notes for the allowed term of credit in pay- ment for the goods, and these notes, usually indorsed by the seller, were discounted at the banks. This was, strictly speaking, "two-name commercial paper. " Un- der this practice, in case of goods subsidiary to further manufacturing processes (like ore, pig iron, steel, and rails) there might be several notes in the hands of the banks covering substantially the same goods at different stages of manu...facture. This usage has to-day practi- cally disappeared.
The introduction of trade discounts^ made it more profitable for the buyer to borrow at his bank and pay cash for his goods. Borrowers in good standing could thus pay cash; while only those of poor credit created * This has been fully described supra, in Chapter IV, § 6.
THE FEDERAL RESERVE ACT 263 "commercial paper. " That is, the one-name promis- sory notes of borrowers in good standing at the banks were the best paper offered; yet it was not directly based on the sale of goods.
What to read after Banking Progress?
You can find similar books in the "Read Also" column, or choose other free books by J Laurence James Laurence Laughlin to read onlineMoreLess
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