Eastern Utah advocate. [volume] (Price, Utah) 1895-1915, 1914-01-01

IfiNNfI NANhrs WIN MnlNtf OF ut-
mand notice and protest by such bank
any federal reserve bank may ~.
count notes. drafts and bills Of ex.
change arising ont " actual CONNER
clnl transactions that Il. notes. drafts
and bills ~ exchange issued or drawn
Tor agricultural. Industrial or CONNER
ciai purposes or the proceeds ~ which
have been used or are a. be used for
such purposes the federal reserve
board 10 have the right 20 determine
" define the character ~ the paper
thus eligible Tor discount within the
meaning ~ this act Nothing IN this
yet contained shall bc construed 60
prohihit such notes. drafts and bills 81
exchange secured BY staple agricul.
tural products W other goods. wares
or merchandise from bring eligible Tor
such discount but such definition shall
not include notes drifts or bills GOV.
rring merely investments or issued or
drawn Tor the purpose OF carrying or
trading IN stocks bonds or other IN.
vestment securities except bonds and
notes ~ the government ~ the United
suites Notes drafts and bills admit
ted 20 discount under the terms ~ this
paragraph must have n maturity NJ
the time ~ discount ~ not more than
ninety DAYS. provided that notes.
drafts and bills drawn or issued for
agricultural purposes ~ hascd on i've
stock and having n maturity not OK.
cccding ala months may be- discounted
In m amount 20 be- limited 20 q per-
ceninge Of the capital Of the federal
reserve bank. ~ be nscertalned and
fixed by the federal reserve board
Dissenting Aeesptaness.
Any federal reserve bank. may dis-
count acccptance@ which are based on
the importation or expectation or do
nestle shipment ~ roods aud which
have n maturity No time % discount %
not more than three months and in
iorsed by No least one member bank
The amount ~ ncceptnnce~ - dis
counted shall "a no time exceed Que.
half the paid up capital stock aud sur
plus Of the bank To- which the ~.
I discounts ARE made.
I The aggregate 81 such notes and
I bills benring the signature OF indDnse-
ment 81 any one person. company or
/ nrm OF corporation rcdlscounted Tor
/ any one bank shall 40 no time exceed
I 10 per ccn;um Of the unimprired capt
| tnl and surplus ~ said bank. but this
restriction shall not upply 10 the dis
count of bllls ~ exchange drawn In
good faith ngninst nctually existing
vnluss
ANY memb"r bank may accent drafts
or bills 81 exchange drawn upon q
and growing out OF transactions To-.
vOlving the importation 90 expectation
% g,uls having not more than ia
months sight o. run. bnt no bank shall
accept such bills 90 M nmount equal
"a any time ii the aggregate % more
than onrhalf u IL paid up capital
stock AMI surplus
Open Market Operations.
SCI ~ ANY fedora reserve hank
mag. under rules aud regulations pre-
scrlb,.d by the federal reserve lulrd.
pnrchas, aud sell In the 0pen market
M home or ubr,hd. either frum ur %
domestic or foreign banks. hrIns. cor
poruti0ns or indi viduais. cable trtns
fers and bunker acceptance and
bills ~ exchange 10 the kinds and ma
turtle. by thi. act made eligible Tor
rediscount with Or without the indorse
ment ~ member hank.
Every federal reserve bank shall
have power;
Ca To deal IN gold coin and bullion
nt home or abroad. o. make loans
thereon exchange federal reserve
notes Tor gold. gold cuin Or gold Ger
rhcates and o. contrart Tor lonnS II
gold coin or bullion giving therefor
when necessar. accepiahle security
Including the hypoihecution Of United
States bonds or other securities whht
federal n-rerve hanks are auth"rize'
10 hold.
,bi To buy and sell at home or abruat
bonds and notes - the United State'
and hills notes revenue bonds anf
warrants with q maturity from dat
Of purchasing 81 not exceeding ~
months. issued IN anticipation ~ ih'
collection ~ taNes oF IN Anticipation 81
the rrceipt " assured REVENUES by ans
state. county district. political snnii
vision or murieipality IN The rnnii
nentai United states. Including irrisn
tion. drainagr and reclamation d.
J tricus such puFchase- b. h. made p
reeordance with rules aud regulation
presrribed by the federal reserve
, bOar,i;
a. To purchase from mem'"r h'n-i
anil % sell with ~ without - 10
d0rSement bills - exchange nrisini
Out u commercial transactions 81
hereinbefore defined;
"a To establish frOm time 20 tims
subject % review and DISCRIMINATION
II the federal reserve board rates o