...Section 13 of the Federal Reserve Act, authorizing Federal Reserve banks to discount, for member banks, notes, drafts and bills of exchange arising out of actual commercial transactions, provides that "the aggregate of such notes, drafts and bills bearing the signature or indorsement of...

...be deemed a waiver of demand, notice and protest by such bank as to its own indorsement exclusively, any Federal reserve bank may discount notes, drafts,...of actual commercial transactions; that is, notes, drafte, and bills of exchange issued or drawn for agricultural, industrial, or commercial purposes,...

...be deemed a waiver of demand, notice and protest by such bank as to its own indorsement exclusively, any Federal reserve bank may discount notes, drafts,...exchange, arising out of actual commercial transactions; • • • (2) § 347. Advances to Member Banks On Their Notes. Any Federal reserrp bank may make...

...was established. Under the Federal Reserve Act, the Federal Reserve banks may discount paper which is issued or drawn for agricultural, industrial, or commercial purposes, or the proceeds of which are used for such purposes, and it is evident from the provisions of the act that it was the intention...

...was established. Under the Federal Reserve Act, the Federal Reserve banks may discount paper which is issued or drawn for agricultural, industrial, or commercial purposes, or the proceeds of which are used for such purposes, and it is evident from the provisions of th» act that it was the intention...

...deemed a waiver of demand, notice, and protest by such bank as to its own indorsement exclusively, any Federal reserve bank may discount notes, drafts, and 'bills of exchange." And so forth. "In exercising its right to determine or define the character of paper eligible for discount...

...acceptances observed in European discount markets as indicated in the provision that Federal Reserve banks may discount notes, drafts and bills of exchange arising out of actual commercial transactions. The Federal board, however, has the right to define the character of eligible paper within the meaning...

...of the system. The only paper which can be discounted by the Federal Reserve Bank is paper such as notes, drafts and bills of exchange arising out of actual commercial transactions, that is, such as are issued or drawn {or agricultural, industrial or commercial purposes or the proceeds of...

...appeal. In view of the determination of the Democratic party to limit the privilege of discount to notes and bills of exchange "issued or drawn for agricultural, industrial or commercial purposes," the question is uppermost: "what will be the effect on the Wall Street call loan market?" That National...

...recent ruling made by the Federal Reserve Board that the section of the Act relating to eligibility of notes, drafts and bills of exchange issued or drawn for agricultural, industrial and commercial purposes also applies to purchase of farm machinery and equipment. 112 TRUST COMPANIES...