Better Days for Note Brokers.

The article looks at trends and activities in commercial paper trading in the U.S. in 1937. It reveals that the business dropped to 5 percent of the all-time high recorded in 1920, and is now back to 20 percent. Only A-1 credit risks, or well-known firms such as Sears, Roebuck, R. J. Reynolds and Kelvinator, have resorted to the open market. The article discusses how the industry uses commercial paper for season borrowing, while the open market is frequently used as a means of paying off bank loans.