COLUMBIA UNIVERSITY LIBRARIES PRESERVATION DIVISION BIBLIOGRAPHIC MICROFORM TARGET - ORIGINAL MATERIAL AS FILMED - RESTRICTIONS ON USE

Sep 21, 2026

Uploaded by Liam

Bibliographic microform target material from Columbia University Libraries Preservation Division, presenting original items as filmed and recording catalog metadata such as OCLC and bibliographic fields. Includes a technical microform section specifying film size, reduction ratio, image placement, date filmed, initials, and filming information. Contains clear restrictions on use, along with a reprints section for “Trust Companies,” including a magazine-reprint entry and an article discussing Federal Reserve Board regulations and definitions of commercial paper.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages16

Reading Time40 min

AccessFree to download

TECHNICAL MICROFORM DATA

REPRINTS

FROM TRUST COMPANIES

Reconciling Requirements as to Commercial Paper Acceptable for Rediscount

VARIOUS DEFINITIONS OF “COMMERCIAL PAPER”

THE SOUTHERN VIEWPOINT

97-84108-9 Reprints from TrustCompanies[Philadelphia] [191-?] # COLUMBIA UNIVERSITY LIBRARIESPRESERVATION DIVISIONBIBLIOGRAPHIC MICROFORM TARGET ORIGINAL MATERIAL AS FILMED·EXISTING BIBLIOGRAPHIC RECORD OCLC: 36911863Rec stat:nEntered:19970515Replaced:19970515Used:19970515Type: aELv1: KSrce:dAudn:Ctr1:Lang: engBLvl: mForm: aConf:0Biog:MRec:Ctry: pauCont:GPub:Fict:0Indx: 0Desc: aIlls:Fest:0DtSt: sDates:191u,1 040PR1 c PR12 007h bddae f f a---g bh a icj p3 007hbddaef fa---g b hai a j p4 007h b ddaef f a---gbh aibj p5 049PR1A6 24500Reprints from Trust Companies h [microform]:b a magazineprinted in New York.7 260[Philadelphia :b George Paine,c 191-?]8 30022 p.;c 23 cm.9 500Cover title Reproductions may not be made without permision trom Columbla University Lbraries. RESTRICTIONS ON USE: # TECHNICAL MICROFORM DATA FILM SIZE: 35mmBEDUCTION RATIO: 10:L IB IIB MAGE PLACEMENT:IA DATE FILMED: 6-4-97INITIALS: PB TRACKING\#: 21129 FILMED BY PRESERVATION RESOURCES,BETHLEHEM,PA. 30+ # REPRINTS FROM # TRUST COMPANIES A Magazine Printed inNew York City # Reconciling Requirements as to Com-mercial Paper Acceptable for Rediscount Federal Reserve Board Regulations Allow BroadInterpretation ERNEST M.PATTERSON,Ph.D.Wharton School of Finance and Commeree,Uaiveraity of Penasylvania,and Co-Author of "The Operation of the New Bank Aet."by Conway and Patterson Of the many problems that faced the Federal Reserve Boardimmediately after its members were appointed,one of the mostdifficult was that of framing a definition of commercial paper.The Federal Reserve Act specifies“notes,drafts and bills of ex-change issued or drawn for agricultural,industrial,or commer-cial purposes,or the proceeds of which have been used,or are tobe used,for such purposes,the Federal Reserve Board to havethe right to determine or define the character of the paper thuseligible for discount,within the meaning of this Act." Evidently this requirement was intended to set a new stand-ard in American banking practice.The expression “commercialpaper”as used in the law certainly could not with accuracy beapplied to all of the paper handled by our note brokers and thereis,of course,a large amount of other paper in the portfolios ofour banks that would likewise be debarred.No matter how sug-gestive European practice may be,there has been in Europe nonecessity for formulating a definition of the paper handled bythe banks.The Federal Reserve Board had a very difficult anddelicate task. Even before the appointment of the Federal Reserve Board,the Reserve Bank Organization Committee,two of whose mem-bers were to be members of the Board,requested a number of theClearing Houses and other associations throughout the UnitedStates to submit definitions of “commercial paper.”A consid- 4 erable number of suggestions were made and an examination ofthem is of great interest.From them one may conclude(1)that a satisfactory definition of commercial paper is very difficultto construct and(2)that each association constructed its defini-tion in accordance with its own needs and interests. # VARIOUs DEFINITIONS oF“CoMMERCIAL PAPER” Some of the answers to the inquiries of the OrganizationCommittee do little more than restate the wording of the law.Thus the Pittsburgh Clearing House Association defined it as"Notes discounted or purchased by a bank,the proceeds of whichare used by the maker or endorser to buy goods,material orlabor;and notes given in payment for goods delivered or goodsor material to be delivered,"and went on to urge that the defini-tion be made “broad enough to cover practically all paper thatis discounted by business firms or individuals for use in theirbusiness." Even more unsatisfactory is the definition offered by Spo-kane,Washington,which states:"In the opini

FAQs

What does the document specify about the microform itself?

It provides technical microform data including film size (35mm), reduction ratio (10:L), image placement, date filmed, initials, and filming details for preservation resources.

What restrictions are stated regarding use of the reproductions?

It states that reproductions may not be made without permission from Columbia University Libraries.

What topic does the reprints section address?

It includes a reprint from “Trust Companies” and an article discussing how Federal Reserve Board regulations apply to defining commercial paper acceptable for rediscount.

Sep 21, 2026

Uploaded by Liam