Commercial Bank Securities Activities: What Really Happened in 1902.

This article presents the thoughts of the authors on commercial bank securities, specifically events in 1902. According to the authors, controversy over the participation of the commercial banks in securities activities has been ongoing for decades. In 1902, the Comptroller of the Currency was reputed to have forced banks to separate their activities, but the authors find this unsubstantiated. They track the origin of the myth to "The Molding of American Banking," by Fritz Redlich, who claimed court decisions forced the Comptroller to action.