582
REFERENCES FOR FURTHER STUDY
Chapter XI. The Security Collateral Loan Market
Consult Holdsworth, Langston, and Westerfield for general Ameri-
can banking practice, and for the functional aspect of different banking
laws, Waldo F. Mitchells’ small but significant study. As for the gov-
ernmental inquiries and hearings, the call loan market played only an
incidental part in the “Money Trust Investigation” and in “Regulation
of the Stock Exchange.” Of late years, however, security loans have
seen the chief source of governmental criticism of the stock market.
Senate Document 262 contains a comprehensive description of call
ioans by the Federal Reserve Board. The inner history of call loans
during and immediately after the war will be found in the able
testimony of Governor Benjamin Strong in the “Agricultural In-
quiry” (pp. 450-814), and subsequently in the “Stabilization” hearings
(pp. 290, 316, 349, 421, 464, 519) and the subsequent 1928 hearings
(pp. 12-21, 386). The latest hearings of this sort have been those
apon the La Follette resolution, in which will be found the testimony
of Professor Sprague (p. 31).
For descriptive material on the pre-war call loan market, the reader
should consult the testimony of Turner and Griesel in the “Money
Trust” hearings, and also Hollander, Milburn, White, and Norton.
The unpublished address of W. W. Atterbury is also informative.
Pratt and Huebner describe general post-war conditions. Griffiss’ little
study is very useful. The Stock Exchange attitude has been expressed
by President Simmons in his addresses at St. Petersburg (1925), Cin-
cinnati (1927), Chicago (1929), Manchester (1929), and Norfolk
(1929). Lawrence’s “Wall Street and Washington” is pugnacious yet
realistic and detailed. Writers on the Federal Reserve system have
usually side-stepped the question of call loans, either because they
are not rediscountable or becuse they are so controversial; Burgess,
however, is excellent as far as he goes. Anderson’s 1921 study is
illuminating in regard to functions of call loans during 1920.
Specific information concerning “Lombard” or other security col-
lateral loans abroad is surprisingly difficult to obtain; it is omitted or
minimized in most European works upon general banking. In respect
to the latter, however, it is worth while reading for background Willis
and Beckhart, Withers, Liesse, Patron. and the Reichsbank rechart-
ering material.
Respecting term settlements, the only American material consists
of Streit’s pamphlet and the author’s subsequent and extensive study.
Term settlement loans in London are described by Butterworth; in
France bv Dufourmantelle: in Germanv bv Aschenbrenner, Schmidt,
