Abstract

of savings has played an inINSTITUTIONALIZATION creasingly important part in the American economy for several years, and from all indications will continue to be a significant factor. According to a recent statement by Haughton Bell, vice-president and general counsel for Mutual Life Insurance Company of New York, savings and loan associations, savings banks, and life insurance companies now hold 80% of the private debt in the United States.

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