...federal reserve system. Federal reserve banks may rediscount (for their member banks) shorttime notes and bills of exchange " issued or drawn for agricultural, industrial, or commercial purposes," and conforming to certain specifications which have been carefully formulated by the Federal Reserve...

...reserve bank might "discount notes, drafts, and bills of exchange arising out of actual commercial transactions — that is, notes, drafts, and bills...used for such purposes." The Federal Reserve Board was given the right to define the character of paper thus eligible for discount. It was further distinctly...

...business and all paper which is eligible under the terms of section 13 of the Federal Reserve act, that is, notes, drafts and bills of exchange issued or drawn for commercial, agricultural and industrial purposes, is eligible for rediscount at any Federal Reserve...

...arising out of commercial transactions. (This language, whenever used, is intended to apply to all notes and bills of exchange issued or drawn for agricultural, industrial, or commercial purposes, and not for carrying stocks, bonds, or other investment securities.) Such notes and bills must have...

...maturing in not more than ninety days from the time of the discount, " the Federal Reserve Board having the right to determine or define the character of the paper thus eligible to discount." This definition shall not include notes, drafts, and bills drawn for stock speculation....

...deposit with it, notes and bills of exchange arising out of commercial transactions; that is, notes and bills of exchange issued or drawn for agricultural, industrial or commercial purposes, and not including notes or bills issued or drawn for the purpose of carrying stocks, bonds, or other...

...deposit with it, notes and bills of exchange arising out of commercial transactions; that is, notes and bills of exchange issued or drawn for agricultural, industrial, or commercial purposes, and not including notes or bills issued or drawn for the purpose of carrying stocks, bonds, or other...

...their reserves. Commercial paper available for this purpose, as defined by the plan, includes all notes and bills of exchange issued or drawn for agricultural, industrial, or commercial purposes, but not for carrying stocks, bonds, or other investment securities. This will enable the banks of the...

...it, notes and bills of exchange arising out of commercial transactions, by which term is meant notes and bills of exchange issued or drawn for agricultural, industrial, or commercial purposes, and not for carrying stocks, bonds, or other investment securities. Such notes and bills must have...

...Federal reserve bank may discount notes, drafts and bills of exchange arising out of actual commercial transactions; that is, notes, drafts and bills of...or are to be used, for such purposes, the Federal Rerserve Board to have the right to determine, or define the character of the paper thus eligible to...