Note 522 — Chapter XXIV
Reading edition
This view would seem to correspond with the view of Babson and May (Commercial Paper, 1912), and of W. A. Scott ("Investment vs. Commercial Banking," Proceedings of Investment Bankers' Association of America, 1913, pp. 81-84). Both of these discussions appear in Moulton, Money and Banking, Pt. II, pp. 70 and 75-77. Dr. J. E. Pope considers the view correct. On the other hand, Professor O. M. W. Sprague thinks the "other loans and discounts" of large city banks are more liquid than my statement would indicate.