up in forms of wealth (a8> e.g., real estate) which do not lend themselves to industrial uses. Ijoans obtained on property which has no present industrial use, which cannot in its present form or under existing circumstances be employed in the I processes of industry (as, e.g., speculative real estate), or loans on property which is already enftV j I gaged in the industrial process (as, e.g., stocks, ^ ^ 1 industrial plant, goods on hand, real estate in ,>^' use),' represent, for the purpose in hand, nothing more substantial than a fictitious duplication of material items that cannot be drawn into the industrial process. Therefore such loans cannot, at least not directly, swell the aggregate industrial equipment or enhance the aggregate productivity of industry ; for the items which here serve as collateral are already previously in use in industry to the extent to which they can be used. Prop-
< This takes account of advances mide by other lenders than the regular banking houses who exclude mortgages on real esUte from their ooIUleral ; iiicb, e.g., as the long time advances (InvestmeDti in ■ecurlliea) made b; SBvinjj^banki), insurance oompauies, minor private and mortgage banks, private lendeni, etc.