Some short-term notes are secured by collateral; others, as in the case of the Pennsylvania Railroad, rest solely upon the credit and reputation of the issuing company. Curiously enough, notes which command the best price and have the broadest market have no collateral behind them. The fact that collateral is posted is looked upon as indicating that the company has already used up all its unsecured credit. Professor Ripley has forced direct attention to what he well calls "the most deceptive practice" of carrying shortterm notes in corporation balance sheets as a portion of funded debt instead of including them among the current liabilities. This has been true even of corporations of the standing of the Erie Railroad, and the Baltimore and Ohio Railroad. Notes running as long as 4 or 5 years are not, it is true, in exactly the same class as bank loans and accounts payable, most of which fall due within 30 to 90 days, but they are by no means a funded' obligation. They must be met either out of income or by the issuance of long-term loans. They are properly offset and secured, as we shall see a little later, not by the permanent property and investments of the issuing corporations, but by the assets which are readily convertible into cash. Bonds and Mortgages There is a fundamental difference as will be emphasized from time to time in this volume between short-term borrowing and long-term borrowing. While they tend in certain isolated cases to merge into each other, the distinction, as has already been pointed out, is for practical purposes clearly marked....

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