Eligible paper, endorsement of, 160

forms of, 158

- general provisions of Federal Reserve
Act on, 146

-general requirements of Federal Re-
serve Board on, 147
maturity of, 146

-

must be made or endorsed by party

to transaction, 157

must be negotiable, 158
negotiability as affecting, 159

- objections to, 151

-renewal, effect of upon, 160

tests, anomalous result of, 155, 219
- based on transaction, 154, 218

- based on use of proceeds, 155, 218
described, 153

- theories underlying Federal reserve re-
quirements, 149

use of proceeds of, 146, 147, 152, 218
where payable, 158

Emergency Fleet Corporation, funds of,
reserves required against deposits of,
in member banks, 62
Endorsement, nature of, for eligibility,
160

not required by member on eligible
paper securing direct advance, 174
Examination, by clearing house, 783
-expense of, 783

- future of system, 788

Examination, state member bank, Federal
reserve examiners' yellow sheet for,
reproduced, 778

form for analysis of earnings and
expenses, reproduced, 784

form for data on capital stock, di-
rectorate and general condition, re-
produced, 781

form for verification of relations
with correspondent, reproduced, 780
forms for analysis of large bor-
rowers and losses, reproduced, 785
theory of, discussed, 781

- trust department. See Trust depart-
ment of national bank, examination
of

Exchange charges, list of states where
legalized, 588

-provisions of Reserve Act on, against
reserve banks, 578, 582
theory of, 581

Exchange drafts, 108

Express company receipt, not shipping
document conveying title, 477

Wholesale trade, Federal Reserve Board
index of, described, 829

- interpretation of, 832
reproduced, 829

Wholesaler, financing needs of, 214
terms of sale of, 216
Williams, C., cited, 381

Willis, H. P., cited. 14, 58, 100, 179, 180,
204, 350, 416, 526

Wilson, Woodrow, appeals to state banks
to join Reserve System, 34
-policy of, in selecting members of
Reserve Board, 76

Wiprud, A. C., cited, 262, 277, 290, 293,
318

Wisconsin, exercise of fiduciary
powers by national banks in, re-
quirements of Reserve Board for,
691

Woodworth, L. D., cited, 666
Woolley, G. L., cited, 390

Working capital, acceptance to procure,
ineligible for rediscount, 498

World War Adjusted Compensation Act,
authorizes reserve banks to redis
count veterans' notes, 147
Wright, I., cited, 303, 310

Youngman, A., cited, 514

(1)