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FEDERAL RESERVE BANK OF CHICAGO 79 WEST MONROE STREET Bulletin No . 58 . November 25, 1916 TRADE ACCEPTANCES - - DISCOUNT RATES TO THE MEMBER BANKS OF DISTRICT NUMBER SEVEN: A disc ount rate of 3½¾ has this day been established on trade acceptances . A trade acceptance as defined in Regulation B, Series of 1916, issued by the Federal Reserve ~oard, is "A bill of exchange drawn by the seller on the purchaser of goods so ld, and accepted by such purchaser. "To be eligible for purchase the bill must have arisen out of an actual commercial transaction, domestic or f oreign ; that is, it mu~t be a bill which has been issued or drawn for agricultural, indu s trial, or commercial pu rp oses or the proceeds of which have been used or are to be used for the purpose of producing, purchasing, carrying or marketing goods in one or more of the steps of the proce s s of pro duction, manufacture, or distribution. I t mu s t have a maturity at time of purchase of not more t han ninety days, exclusive of days of grace. "A Federal Reserve Bank shall take such steps as it deems necessary to satisfy itself as to the eligibility of the bill offered for purchase, unless it pre sents prima facie evidence thereof or bears a s tamp or certificate affixed by the acceptor or drawer showing that it is a trade acceptance." The current rates are as follo ws : https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TRADE ACCEPTANCES 3½'fo for maturities: Within 90 d::iys. DISCOUNT RATES 3½¾ for 4 1o for 4½¾ for 5 1o for maturities: m&.turities: maturities: maturities: Within From From From 15 days 16 to 60 days 61 to 90 days 91 days to 6 m:;nths. Respectfully, JAMES B. McDOUGAL Governor .
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