With the adoption of the Federal Reserve System, a great effort was made to create in the U. S. an acceptance or bill market similar to that in London. After reaching a climax speculatively in 1919-20, however, the acceptance business began to decline. First, the widely-urged trade acceptance went into the discard; next, the volume of bankers acceptances sharply diminished. One by one, the acceptance firms which had blossomed in the great days of our foreign trade boom four years ago lost their earlier enthusiasm. Some went over wholesale to the bond business....
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