Full text of Mimeograph Letters and Statements of the Board : Letter From Governor Young re Inquiry as to What Extent the Member Banks Have Taken Advantage of Amendment to Section 13 Relative to the Discount and Purchase of Bills of Exchange Growing Out of Domestic Shipment of Nonperishable, Readily Marketable Agricultural Staples, Number X-6181, Volume 29, Page 343

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FEDERAL RESERVE BOARD
WASHINGTON
ADDRESS OFFICIAL CORRESPONDENCE TO
T H E FEDERAL RESERVE BOARD

X-6181
November 21, 1928.

Bear S i r :
In May of t h i s year the t h i r d paragraph of
Section 13 of the Federal Reserve Act was amended to
permit reserve banks to discount and purchase b i l l s
of exchange payable at sight or on demand which grow
out of the domestic shipment or the exportation of
nonperishable, r e a d i l y marketable a g r i c u l t u r a l and
other s t a p l e s .
Inquiry has been made as to what extent the
member banks have taken advantage of t h i s l i b e r a l i z a t i o n of the law. Could you f u r n i s h the Board with
f i g u r e s in connection with t h i s matter which could be
r e f e r r e d to a member of the United States Senate?
Yours very t r u l y ,

i

TO GOVERNORS OF ALL F. R. BAffiS.




R. A. Young,
Governor.