Short-time Rural Credits: Memoranda for the Use of the Joint Congressional Committee on Short-Time Rural Credits

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Page 145 - the character of the paper thus eligible for discount within the meaning of this act. Nothing in this act contained shall be construed to prohibit such notes, drafts, and bills of exchange, secured by staple agricultural products, or other goods, or merchandise from being eligible for such discount;
Page 12 - act provides that any national banking association not situated in a central reserve city may make loans secured by improved and unencumbered farm land situated within its Federal reserve district, but no such loan shall be made for a longer time than five years nor for an amount exceeding 50 per cent of the actual value of the property offered as security.
Page 146 - The Federal Reserve Board shall have power from time to time to add to the list of cities in which national banks shall not be permitted to make loans secured upon real estate in the manner described in this section.
Page 145 - Provided, That notes, drafts, and bills drawn or issued for agricultural purposes or based on live stock and having a maturity not exceeding six months, exclusive of days of grace, may be discounted in an amount
Page 145 - 100 miles of the place in which such bank is located, irrespective of district lines, and may also make loans secured by improved and unencumbered real estate located within 100 miles of the place in which such bank is located, irrespective of
Page 148 - other instrument shall not be extended beyond three years from the date upon which such note, draft, bill of exchange, or other instrument was acquired by the corporation. The corporation is further authorized, upon such terms as it may prescribe, to purchase, sell, or otherwise deal in acceptances, adequately secured, issued by
Page 145 - per cent of its capital and surplus, or to one-third of its time deposits, and such banks may continue hereafter as heretofore to receive time deposits and to pay interest on the same.
Page 145 - Commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes. Sec.
Page 153 - shall be held in the name of His Majesty in the right of the Province of Manitoba, but may be dealt with and acted upon for all purposes by such officer or officers as may be from time to time named therefor by the

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