In those years, until 1913, it was not possible for the ordinary investor to find what we call short-dated stock.
Would not a short-dated security be the same as an uncertain income—a security relating to one year?
That is why the banker goes in for three months' bills and as many short-dated loans as he can get.
The serious feature is the immense floating, debt, the great quantity of short-dated securities which we have to meet.
Many large companies have raised loans—very often short-dated loans—and very few indeed have raised fresh preference capital.
And there are very good reasons why there should be a good deal of short-dated stock in the market.
The rate of interest assumed in the scheme is not comparable with the rate of interest paid in present circumstances on short-dated securities.
An upward adjustment then took place in the short-dated gilts market and the long end of the money market.
