Excerpt from Stored Goods as Collateral for Loans, Vol. 25: Reports From Consuls of the United States in Answer to Instructions From the Department of State In compliance with a request by the American Warehousemen's Association, a circular instruction was sent on May 27, 1902, to con sular officers in certain foreign countries, requesting information as to the methods adopted in making loans on goods in warehouses. The association states that in the recent extraordinary growth of the storage business in this country there has developed an urgent need of some safe method by which the values in goods stored can be used as collateral for loans. Attempts to accomplish this through the issue of negotiable warehouse receipts have failed - except in cases dependent upon the faith of the banker in the individual warehouse man signing the receipt - ou account of the fact that there is no supervision of warehouses (corporate, State, or national) on which bankers can depend for the existence of the collateral. A knowledge of foreign methods, it is added, will aid in the solution of this im portant question in the United States, as the principal commercial cities of Europe have systems, perfected by long experience, th rough which they are enabled to convert this class of goods into safe and valuable assets for banking purposes. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.