Description of Securities Acceptable as Collateral for Government Deposits

Title

Description of Securities Acceptable as Collateral for Government Deposits

Creator

Strong, Benjamin, 1872-1928

Identifier

WWP18850

Date

No date

Description

A description of securities acceptable as collateral for government deposits.

Source

Benjamin Strong Jr. Papers, New York Federal Reserve Bank

Language

English

Text

DESCRIPTION OF SECURITIES ACCEPTABLE AS COLLATERAL
FOR GOVERNMENT DEPOSITS MENTIONED IN PARAGRAPH FIFTH

(A)Bonds and Certificates of Indebtedness of the United States Government of any issue, including bonds of the Liberty Loan and interim certificates for payments therefor: all at par.
(B)Bonds issued under the United States Farm Loan Act and bonds of the Philippine Islands, Porto Rico and the District of Columbia: all at par.
(C)Bonds of any State of the United States: at market value not exceeding par.
(D)Territory of Hawaii, 3 1/2% bonds at 90% of par. Other bonds of said territory at market value not exceeding par.
Bonds of the Manila Railroad Company: at 90% of market value not exceeding 90% of par.
(E)Dollar bonds and obligations of foreign Governments (and of the dependencies thereof) engaged in war against Germany and issued since July 30, 1914: at 90% of the market value thereof not exceeding 90% of par.
(F)County or City bonds of any County or City in the United States which are direct obligations of the County or City as a whole: at 75% of the market value thereof not exceeding 75% of par.
(G)Railroad mortgage bonds secured by direct mortgage upon lines of railroad within the United States, but not including any such bonds which on May 23, 1917, were at a market price to yield more than 5 1/2% if held to maturity according to standard tables of bond values: at 75% of the market value thereof, not exceeding par.
(H)Commercial paper which is eligible for rediscount or purchase by Federal Reserve Banks, and which has been approved by the Federal Reserve Bank of the district in which the depositary bank is located. All such paper must bear the indorsement of the depositary bank.
(I)Notes, certificates of indebtedness and warrants issued by any State of the United States at 90% of their market value, not exceeding par.
(J)Railroad equipment and trust obligations at 75% of their market value, not exceeding par, but not including any such obligations which on May 29, 1917, were at a market price to yield more than 5 1/2% per annum if held to maturity according to standard tables of bond values.
(K)Bonds of electric railroad and traction companies, telephone and telegraph companies and electric light, power and gas companies, secured by direct mortgages upon their physical properties in the United States and listed on some recognized stock exchange, taken at 75% of the market value thereof, not exceeding par, but not including any such bonds which on May 29, 1917, were at a market price to yield more than 5 1/2% per annum if held to maturity according to standard tables of bond values.
(N A M E O F B A N K)


                                        Close of business on (date) – – – – – – – – – – –
FIRST  Balances of out-of-town correspondents $ – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –
SECOND  Call loans for out-of-town correspondents $ – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –
THIRD  Call loans of this bank $ – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –
FOURTH  Eligible at Federal Reserve Bank $ – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –
FIFTH  Eligible (excluding Fourth) for Government Deposits $ – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –– – – – – – – – – – – – – – – –

Cashier.

To the Federal Reserve Bank
of New York.

Original Format

Miscellaneous

Files

http://resources.presidentwilson.org/wp-content/uploads/2017/03/D08033.pdf

Tags

Citation

Strong, Benjamin, 1872-1928, “Description of Securities Acceptable as Collateral for Government Deposits,” No date, WWP18850, Benjamin Strong Jr. Papers, Woodrow Wilson Presidential Library & Museum, Staunton, Virginia.