Discount Rates of the Federal Reserve Banks, 1914-1921

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U.S. Government Printing Office, 1922 - 33 halaman
 

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Halaman 2 - Federal reserve bank may discount notes, drafts, and bills of exchange arising out of actual commercial transactions ; that is, notes, drafts, and bills of exchange issued or drawn for agricultural, industrial, or commercial purposes, or the proceeds of which have been used, or are to be used, for such purposes...
Halaman 2 - Federal reserve bank shall have power to establish from time to time, subject to review and determination of the Board of Governors of the Federal Reserve System, rates of discount to be charged by the Federal reserve bank for each class of paper, which shall be fixed with a view of accommodating commerce and business...
Halaman 3 - States as may be incidental to or for the purpose of carrying out transactions in foreign countries or dependencies or insular possessions of the United States...
Halaman 3 - Any member bank may accept drafts or bills of exchange drawn upon it having not more than six months' sight to run, exclusive of days of grace, which grow out of transactions involving the importation or exportation of goods; or which grow out of transactions involving the domestic shipment of goods provided shipping documents conveying or securing title are attached at the time of acceptance; or which are secured at the time of acceptance by a warehouse receipt or other such document conveying or...
Halaman 32 - January 29, 1921, established a maximum rate, including the normal rate, of 12 per cent. On July 1, 1921, established a maximum rate of 8 per cent, including the normal rate of 6 per cent, and at the same time changed the scale of progression to 1 per cent for the first 100 per cent of borrowings in excess of the basic line and to 2 per cent on any further borrowings. Beginning July 1 member bank collateral notes secured by Government war obligations, while subject only to normal discount rates,...
Halaman 2 - ... and which, subject to the approval, review, and determination of the Federal Reserve Board, may be graduated or progressed on the basis of the amount of the advances and discount accommodations extended by the Federal reserve bank to the borrowing bank.
Halaman 2 - ... in one or more of the steps of the process of production, manufacture, or distribution, or for the purpose of carrying or trading in bonds or notes of the United States...
Halaman 31 - Louis Date effective: May 26, 1920. Basic line: Same as Atlanta, except that reserve balances required during reserve computation periods covered by borrowings were used in determining the basic line. When applied: Same as Atlanta. Scale of rates: Same as Atlanta. Exceptions: Member bank collateral notes secured by Liberty bonds or Victory notes actually owned by the borrowing bank on April 1, 1920, or by Treasury certificates actually owned were not considered part of the total borrowings or "credit...
Halaman 3 - ... Reserve Banks, subject to the review and determination of the Federal Reserve Board, provided such promissory notes are secured by such notes, drafts, bills of exchange, or bankers' acceptances as are eligible for rediscount or for purchase by Federal Reserve Banks under the provisions of this Act, or by the deposit or pledge of bonds or notes of the United States.
Halaman 3 - ... sight to run, exclusive of days of grace, drawn under regulations to be prescribed by the Federal Reserve Board by banks or bankers in foreign countries or dependencies or insular possessions of the United States for the purpose of furnishing dollar exchange as required by the usages of trade in the respective countries, dependencies, or insular possessions.

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