The Work of the Stock Exchange

Front Cover
Ronald Press Company, 1922 - Commodity exchanges - 633 pages

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Page 550 - Notes, drafts, and bills admitted to discount under the terms of this paragraph must have a maturity at the time of discount of not more than ninety days...
Page 29 - We, the Subscribers, Brokers for the Purchase and Sale of Public Stock, do hereby solemnly promise and pledge ourselves to each other that we will not buy or sell from this day, for any person whatsoever, any kind of Public Stock, at a less rate than one quarter per cent. Commission on the specie value, and that we will give a preference to each other in our Negotiations.
Page 13 - On the best lines of communication the ruts were deep, the descents precipitous, and the way often such as it was hardly possible to distinguish, in the dusk, from the unenclosed heath and fen which lay on both sides.
Page 550 - 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, wares, or merchandise from being eligible for such discount...
Page 13 - In some parts of Kent and Sussex, none but the strongest horses could in winter get through the bog, in which at every step they sank deep. The markets were often inaccessible during several months. It is said that the fruits of the earth were sometimes suffered to rot in one place, while in another place, distant only a few miles, the supply fell far short of the demand.
Page 550 - Reserve bank may discount notes, drafts, and bills of exchange arising out of actual commercial transactions...
Page 558 - When no rate is fixed by the laws of the State, or Territory, or District, the bank may take, receive, reserve, or charge a rate not exceeding seven per centum...
Page 551 - Any Federal Reserve Bank may make advances to its member banks on their promissory notes for a period not exceeding fifteen days at rates to be established by such Federal 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...
Page 558 - Upon advances of money repayable on demand to an amount not less than five thousand dollars made upon warehouse receipts, bills of lading, certificates of stock, certificates of deposit, bills of exchange, bonds or other negotiable instruments, pledged as collateral security for such repayment, any bank or individual banker may receive or contract to receive and collect as compensation for making such advances any sum to be agreed upon in writing by the parties to such transaction.
Page 434 - ... want. It is true that the success of the strong induces imitation by the weak, and that incompetent persons bring themselves to ruin by undertaking to speculate in their turn. But legislatures and courts generally have recognized that the natural evolutions of a complex society are to be touched only with a very cautious hand, and that such coarse attempts at a remedy for the waste incident to every social function as a simple prohibition and laws to stop its being are harmful and vain.

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