Incorporating Institutions to Engage in International Or Foreign Banking, Hearings Before ..., 66-1 on S.2472 ..., July 23, 1919 |
From inside the book
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Page 6
... sterling has fallen below $ 4.30 from $ 4.86 , and yet I take it that no man in his sober senses has the slightest doubt about the solvency of the British Empire , or the ability of the Brit- ish people to meet their obligations in due ...
... sterling has fallen below $ 4.30 from $ 4.86 , and yet I take it that no man in his sober senses has the slightest doubt about the solvency of the British Empire , or the ability of the Brit- ish people to meet their obligations in due ...
Page 7
... sterling , until it is worth $ 1.12 , we will say , and in France it is worth probably $ 1.33 , and in Italy it is probably worth somewhere in the neighbor- hood of $ 1.70 . Senator FLETCHER . How much in Germany ? Senator OWEN . In ...
... sterling , until it is worth $ 1.12 , we will say , and in France it is worth probably $ 1.33 , and in Italy it is probably worth somewhere in the neighbor- hood of $ 1.70 . Senator FLETCHER . How much in Germany ? Senator OWEN . In ...
Page 11
... sterling by providing the money through loans from the United States to pay for all sterling bills , through Morgan & Co. , at 4.761 % , which , of course , pegged the value of the piound sterling in its relative value to the American ...
... sterling by providing the money through loans from the United States to pay for all sterling bills , through Morgan & Co. , at 4.761 % , which , of course , pegged the value of the piound sterling in its relative value to the American ...
Page 14
... sterling is now worth only about $ 4.20 , that it is not an advantage to America because of the apparently greater value of our dollar . Let me read this : WHO LOSES ? When an American sells a bill of goods in dollars to a European ...
... sterling is now worth only about $ 4.20 , that it is not an advantage to America because of the apparently greater value of our dollar . Let me read this : WHO LOSES ? When an American sells a bill of goods in dollars to a European ...
Common terms and phrases
agents amended American dollar American investing public American producer appointed authorized bankers banking corporation bill provides bills of exchange board of directors bonds Britain capital and surplus capital stock cent CHAIRMAN committee Congress corporations chartered credit balance Currency dependency or insular discount drafts embargo employees Europe European credits exercise exports extend credits Federal Reserve Act Federal reserve banks Federal Reserve Board Federal reserve foreign Federal reserve notes financial operations foreign countries foreign exchange Foreign Finance Corporation foreign Governments France gold incidental insular possession interest international exchange international or foreign issue laws lire loans loss manufacturing member bank million national banks officers organization certificate paid poration pound sterling profit purchase purpose reserve foreign bank rules and regulations section 25 securities Senator EDGE Senator FLETCHER Senator GRONNA Senator NEWBERRY Senator OWEN Spain subscribed supervision thereof to-day transaction trust companies United War Finance Corporation worth
Popular passages
Page 26 - 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 exclusively, any Federal reserve bank may discount notes, drafts, and bills of exchange! arising out of actual commercial transactions...
Page 4 - State thereof, and principally engaged in international or foreign banking, or banking in a dependency or insular possession of the United States either directly or through the agency, ownership, or control of local institutions in foreign countries, or in such dependencies or insular possessions.
Page 5 - Sixth. To prescribe, by its board of directors, by-laws not inconsistent with law, regulating the manner in which its stock shall be transferred, its directors...
Page 5 - States but not engaged in the general business of buying or selling goods, wares, merchandise or commodities in the United States, and not transacting any business in the United States except such as in the judgment of the Federal Reserve Board may be incidental to its international or foreign business...
Page 27 - To establish from time to time, subject to review and determination of the Federal Reserve Board, rates of discount to be charged by the Federal Reserve bank for each class of paper, which shall be fixed with a view of accommodating commerce and business...
Page 27 - States, bonds and notes of foreign governments, and bills, notes, revenue bonds, and warrants, with a maturity from date of purchase of not exceeding six months, issued in anticipation of the collection of taxes or in anticipation of the receipt of assured revenues by any State, county, district, political subdivision, or municipality in the continental United States, including irrigation, drainage, and reclamation districts, such purchases to be made in accordance with rules and regulations prescribed...
Page 4 - Such articles of association shall be signed by all of the persons intending to participate in the organization of the corporation and, thereafter, shall be forwarded to the Federal Reserve Board and shall be filed and preserved in its office.
Page 26 - Federal reserve bank may discount notes, drafts and bills of exchange arising out of actual commercial transactions; that is, notes, drafts and bills of exchange issued or drawn for agricultural, industrial or commercial purposes, or the proceeds of which have been used, or are to be used, for such purposes, the Federal Reserve Board to have the right to determine or define the character of the paper thus eligible for discount, within the meaning of this Act.
Page 26 - To prescribe, by its Board of Directors, bylaws not inconsistent with law, regulating the manner in which its general business may be conducted, and the privileges granted to it by law may be exercised and enjoyed.
Page 26 - To prescribe, by its board of directors, by-laws not inconsistent with law, regulating the manner in which its stock shall be transferred, its directors elected or appointed, its officers appointed, its property transferred, its general business conducted, and the privileges granted to it by law exercised and enjoyed.