The Federal reserve act (approved December 23, 1913) as amended to March 4, 1931

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Monograph

Identifikator:: 1856431436

URN:: urn:nbn:de:zbw-retromon-262738

Document type:: Monograph

Title:: The Federal reserve act (approved December 23, 1913) as amended to March 4, 1931

Place of publication:: Washington

Publisher:: United States Government Printing Office

Year of publication:: 1931

Scope:: ii, 170 Seiten

Digitisation:: 2022

Collection:: Economics Books

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ge. 18 01 tes, ank ay- ing r of nks nk wnd tg ts of oI 8Y, and nd \ny ft a its rer, wall Jer od no ed yne nd ich ks. Ks, nd 111 as. AT of al, ve ne Or 1t, ct 38, al SE. 13 FEDERAL RESERVE ACT roducts, or other goods, wares, or merchandise from »eing eligible for such discount, and the notes, drafts, nd bills of exchange of factors issued as such making idvances exclusively to producers of staple agricultural roducts in their raw state shall be eligible for such dis- ount; but such definition shall not include notes, drafts, or bills covering merely investments or issued or drawn or the purpose of carrying or trading in stocks, bonds, or other investment securities, except bonds and notes of ‘he Government of the United States. Notes, drafts, nd bills admitted to discount under the terms of this >aragraph must have a maturity at the time of discount f not more than 90 days, exclusive of grace. Upon the indorsement of any of its member banks, which shall be deemed a waiver of demand, notice, and drotest by such bank as to its own indorsement exclu- sively, and subject to regulations and limitations to be drescribed by the Federal Reserve Board, any Federal ‘eserve bank may discount or purchase bills of exchange >ayable at sight or on demand which grow out of the lomestic shipment or the exportation of nonperishable, readily marketable agricultural and other staples and are secured by bills of lading or other shipping documents onveying or securing title to such staples: Provided, That all such bills of exchange shall be forwarded sromptly for collection, and demand for payment shall > made with reasonable promptness after the arrival of such staples at their destination: Provided further, That 10 such bill shall in any event be held by or for the account f a Federal reserve bank for a period. in excess of ninety lays. In discounting such bills Federal reserve banks nay compute the interest to be deducted on the basis of the estimated life of each bill and adjust: the discount ter payment of such bills to conform to the actual life ‘hereof. The aggregate of notes, drafts, and bills upon which ny person, copartnership, association, or corporation is iable as maker, acceptor, indorser, drawer, or guarantor, rediscounted for any member bank, shall at no time »xceed the amount for which such person, copartnership, association, or corporation may lawfully become liable to 1 national banking association under the terms of section # Or Treasury bills or certificates of indebtedness. See act approved June 17 1929, Appendix, p. 75. 29

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