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CHAPTER II THE PURCHASING FUNCTION
CHAPTER III BUYING MUNICIPALS
CHAPTER IV BUYING RAILROAD BONDS
CHAPTER V BUYING CORPORATION BONDS
CHAPTER VI THE ADVISORY FUNCTION
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Page 16 - ... elimination than acceptance) is to discard the propositions of companies that conduct a kind of business unfamiliar to the bankers. Except under unusually favorable circumstances the highest grade of bond houses will not purchase bonds of industrial corporations, mining or irrigation companies, etc. The next step is to discard loans that have not a claim on property worth, under the most unfavorable conditions, more than the amount of the obligation secured. Most corporations will bond themselves...
Page 15 - The Purchasing Function. If a municipal loan is offered, the purchase is a comparatively simple matter, provided the municipality is well known to the fraternity. Then no preliminary investigation is required ; a bid is made for the loan at the current market rates and acceptance on award is subject to the approval of the bidder's attorney in all respects affecting the validity of the obligation. If the municipality is not well known to the bidder, a qualified representative will, or should be, sent...
Page 16 - If the applicant is of a social turn of mind he will probably not lack the company of his kind in the anteroom. Competition, fortunately, is keen. The first step in the process of elimination (there is more elimination than acceptance) is to discard the propositions of companies that conduct a kind of business unfamiliar to the bankers. Except under unusually favorable circumstances the highest grade of bond houses will not purchase bonds of industrial corporations, mining or irrigation companies,...