To Aid in the Marketing of the Debentures and Other Obligations of the Federal Intermediate Credit Banks: Hearings ... on S. 2409 ... February 3 and 5, 1932
United States. Congress. Senate. Banking an Currency Committee, United States. Congress. House. Committee on Banking and Currency
U.S. Government Printing Office, 1932 - 53 pages
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acceptances adding additional advances amendment amount authority basis bills of exchange borrower capital cent per annum Chairman charge collateral commercial banks committee cooperative marketing associations covering debentures desirable earnings eligible enable exceed farm loan act Farm Loan Board farmers Federal Farm Loan Federal intermediate credit Federal reserve act Federal reserve banks Federal Reserve Board financing institutions funds further give increase interest intermediate credit banks investments issued liability limitations livestock loan companies loans and discounts loans to cooperative maturity mediate credit banks member banks months necessary notes obligations operations organization paid payment period permitted present proposed purchase question reason record rediscount requirements secured secured by warehouse sell Senator CAREY Senator GORE Senator STEIWER Senator TOWNSEND sold sound spread statement subcommittee surplus thereof tions Title understand United volume warehouse receipts Wichita WILLIAMS
Page 15 - Upon the indorsement of any of its member banks, which shall be deemed a waiver of demand, notice and protest by such bank as to its own indorsement...
Page 20 - ... or by the deposit or pledge of debentures or other such obligations of Federal intermediate credit banks which are eligible for purchase by Federal reserve banks under section 13 (a) of this Act.
Page 6 - ... discount notes payable to and bearing the indorsement of any Federal intermediate credit bank, covering loans or advances made by such bank pursuant to the provisions of section "202 (a) of Title II of the Federal Farm Loan Act, as amended (USC, title 12, ch.
Page 5 - States and the balance shall be paid into a surplus fund until it shall amount to 100 per centum of the subscribed capital stock of such bank and that thereafter 10 per centum of such earnings shall be paid into the surplus.
Page 6 - ... Bank, except that no Federal reserve bank shall rediscount for a Federal Intermediate Credit Bank any such note or obligation which bears the indorsement of a nonmember State bank or trust company which is eligible for membership in the Federal reserve system, in accordance with section 9 of this Act. Any Federal reserve bank may...
Page 5 - After the aforesaid dividend claims have been fully met, all the net earnings shall be paid to the United States as a franchise tax, except that one-half of such net earnings shall be paid into a surplus fund until it shall amount to forty per centum of the paid-in capital stock of such bank.
Page 15 - Provided, That notes, drafts, and bills of exchange with maturities in excess of six months shall not be eligible as a basis for the issuance of Federal reserve notes unless secured by warehouse receipts or other such negotiable documents conveying or securing title to readily marketable staple agricultural products or by chattel mortgage upon live stock which is being fattened for market.
Page 6 - Credit bank must bear the endorsement of such bank and must have a maturity at the time of discount of not more than nine months, exclusive of days of grace.
Page 9 - ... (b) No paper shall be purchased from or discounted for any national bank. State bank, trust company, or savings institution under this section, if the amount of such paper added to the aggregate liabilities of such national bank, State bank, trust company or savings institution...