National banking under the Federal Reserve System

Bibliographic data

Monograph

Identifikator:: 1757542345

URN:: urn:nbn:de:zbw-retromon-135097

Document type:: Monograph

Title:: National banking under the Federal Reserve System

Place of publication:: New York

Publisher:: The National City Bank of New York

Year of publication:: 1927

Scope:: 154 S.

Digitisation:: 2021

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Paper eligible for rediscount and purchase by federal reserve banks

Collection:: Economics Books

NATIONAL BANKING UNDER THE FEDERAL RESERVE SYSTEM industrial, or commercial purposes, or the proceeds of which have been used or are to be used for such purposes. (¢) It was not issued for carrying or trading in stocks, bonds, or other invest- ment securities, except bonds and notes of the Government of the United States. The aggregate of notes, drafts, and bills bearing the signature or indorse- ment of any one borrower, whether a person, company, firm, or corporation, rediscounted for any one member bank, whether State or National, shall at no time exceed 10 per cent. of the unimpaired capital and surplus of such bank, but this restriction shall not apply to the discount of bills of exchange drawn in good faith against actually existing values. (d) (e) It is indorsed by a member bank. (f) If conforms to all applicable provisions of the Federal Reserve Board's regulations. No Federal Reserve Bank may discount for any member state bank or trust company any of the notes, drafts, or bills of any one borrower who is liable for borrowed money to such state bank or trust company in an amount greater than 109, of the capital and surplus of that state bank or trust company, but in determining the amount of money borrowed from such state bank or trust company the discount of bills of exchange drawn in good faith against actually existing value and the discount of commercial or business paper actually owned by the person negotiating the same shall not be included. Under the terms of Section 13a (adopted March 4, 1923), notes, drafts, bills of exchange, or acceptances issued or drawn by coopera- tive marketing associations composed of producers of agricultural products are deemed to have been issued or drawn for an agricultural purpose, if the proceeds thereof have been or are to be (1) advanced by such association to any member thereof for an agricultural pur- pose, or (2) used by such association in making payments to any members thereof on account of agricultural products delivered by such members to the association, or (3) used by such association to meet expenditures incurred or to be incurred by the association in connection with the grading, processing, packing, preparation for market, or marketing of any agricultural product handled by such association for any of its members. Any Federal Reserve Bank may make advances to its member banks on their promissory notes for a period not exceeding 15 days provided that they are secured by notes, drafts, bills of exchange, or [70]

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