Time loans without collateral may be made to the depositor upon his own note (single-name paper), or upon a note secured from the customer and indorsed by the merchant (double-name paper), or upon the merchant's note indorsed for strengthening by a friend of the merchant (accommodation paper). Time loans are made without collateral (pledge of securities) when the borrower's financial statement indicates that he has such a ratio of quick assets to current liabilities that he will be able to pay his note without difficulty. Again, the reason for lack of collateral may be that the borrower, a merchant, for example, has no suitable collateral, his capital being in the form of a stock of goods. Such loans are made only to borrowers whose "moral" or "character" rating is high. Time loans secured by collateral are made when there is a lack of certainty as to the borrower's ability to pay perhaps because the funds may be intended for the purchase of fixed capital. If willingness to pay is in question, the loan will seldom be made at all. If not for fixed capital, the funds may be for purposes of speculation, or for purchase of goods for consumption, not for resale. The typical collateral is stocks and bonds. Typical borrowers for speculative purposes are financial houses and others underwriting or marketing securities. Acceptances. Especially since the establishment of the Federal Reserve Banks, which may -issue notes against For value receive?...

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