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Loans, to one interest, at member banks
and at reserve banks, contrasted,
171

- at national agricultural credit cor-
porations, 457

- at national banks, restrictions do
not apply to letter of credit, 563
upon real estate security, 338
- by Edge corporations, 555

by foreign branches of national
banks, 562

- by joint-stock land banks, restricted
by Farm Loan Board, 324

- certain growers' drafts on Co-
operative marketing associations
excepted from limitations, 395
-state banks, regulated as a special
condition of membership, 50

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Manufacturer, financing needs of, 213
Marketing, agricultural, financial prob-
lems of, 360

Maturity, of paper based on U. S. obli-
gations, in relation to eligibility,
172

McAdoo, W. G., deposits funds in reserve
banks to "move the crops," 110
designates reserve banks as deposi-
tories, 623

discount rate theory of, 518

- work on agricultural credit, 245
Mellon, A. W., criticizes provisions for
total obligations of intermediate
credit banks, 421

Member banks, application to Reserve
Board for special powers, procedure
of, 91

- branches of, by states, 736

deposits of, in foreign banks, 64
with nonmembers, 64

- examination of, 106

general supervision of reserve banks
in respect to, authority to draw dol-
lar exchange drafts, 105

examination, 106

full acceptance powers, 104
-regulation of interlocking director-
ships, 105

- powers of, in acceptance creation,
grant of authority by Reserve Board,
104

- in dollar exchange, grant of author-
ity by Reserve Board, 105

in interlocking directors, 105

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Merchant, financing needs of, 213

terms of sale of, 216

Middleman, functions of, 359

Minerals, loans by land banks on lands
with leases covering, 311

- unmined, not quick asset, 207
Mining company, eligibility of paper of,

152

Minneapolis, Federal Reserve Bank of,
publications of, cited, 404

Morman, J. B., cited, 241, 250, 269, 283,
286, 296, 312

Mortgage, assumption of, 288

Mortgage certificates, right of national
banks to purchase, 336

Mortgages, default on, liability in event
of, 264

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executed to land banks, instrumentali-
ties of the Government and tax ex-
empt, 257

– nature of, given to land banks, 294
- partial release of property under, by
land banks, 294

Moss-Fletcher bill, designed to furnish
agricultural credit, 244

Motor transportation company, eligibility
of paper of, based on motor trucks,
153, 155, 219

Municipal warrants, purchase of by re-
serve banks, amount of holdings, 509
-existence and default in, 507

- nature of obligations and municipal-
ity in, 507

net funded indebtedness in, 508
procedure in, 509

provisions of Act on, 506

- requirements of Board on, 506
Mutual savings banks, ineligibility for
membership, 38

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in sale of paper held, 456

to act as fiscal agents of U. S., 458
to buy and sell U. S. obligations,
458

to hold live stock, 459

to hold real estate, 458

to hold stock of rediscount corpora-
tions, 459

- progress of, traced, 460

- purchase of, obligations of, by reserve
banks, 489

- acceptances of, by reserve banks,
488

-taxation of, 45, 452

National Association of Credit Men, sup-

ports trade acceptance, 221

National Bank Act, 1911 survey of
Comptroller on amendment to, cover-
ing savings deposits, 661

National bank notes, as reserves, 71
- denominations of, 133
issue of, process for, 117

-

power of bank to change amount
issued, 118

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National banks, powers of, discount of
paper of one interest at reserve
banks, 168

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extension of, by Reserve Act, 657
fiduciary, 680

- in creating bankers' acceptances,
468

in loans to one interest, 164
to act as insurance agents, 343
regulations governing, 343

to act as real estate loan brokers
or agents, 341

regulations governing, 341

-to discount notes secured by farm
loan bonds, 332

to establish branches abroad, 541
- to have branches, gradually de-
veloped, 733

to hold stock of foreign banking
corporations, 541, 544

- to lend on real estate, 334

to receive time deposits, 659

to use words "trust company" in
name, 694

-real estate loans of, amount of, traced,
340

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under original Federal Reserve
Act, 56

- stockholding by, required in reserve

banks, 19

National farm loan associations, articles
of association for, form of Farm
Loan Board for, 270

- by-laws for, form of Farm Loan
Board for, 271

- capital stock of, amount of, 277

- liability of holders of, 257, 277
-payment for, 277

charges of, to borrowers, 283

- consolidation of, procedure for, 278
- cost of operation of, 284

- creation of cash reserves by, against
contingent liabilities, 259

- directors of, number and qualifica-
tions of, 279

- duties of, in case of default on mort-
gage endorsed by it, 317

- exempt from taxation, except on real
estate, 256

expenses of, how paid, 280

National farm loan associations, forma-

tion of, procedure for, 275

- general provisions governing, 269
increase in number of, 284

liquidation of, procedure for, 278
loan committee of, 279

duties of, in appraising borrower's
land, 298

management of, 279
meetings, notice of, 278
-voting at, 279

members, qualifications of, 276
officers of, 279

powers of Board over, 276

powers of, to obtain loans from dis-
trict Federal land bank, 284

to receive deposits, 284

reserve or surplus of, 282
secretary-treasurer of, bond of, 281
chosen by board of directors of,
279

compensation of, 280

- duties of, 281

- relation of, to Farm Loan Board,
281

- subject to examination by and report
to Farm Loan Board, 247
National Monetary Commission, publica-
tions of, cited, 654

Natural persons, definition of, by Farm
Loan Board, 288

-membership in National farm loan as-
sociations restricted to, 276
Negotiability, rulings on, in reference to
eligibility, 159

Net terms, 215

New England, basis of appraisal of farm
lands in, 309

New York, Federal Reserve Bank of,
agreements with foreign banks
through, 550

- description of fiscal agency work
of, 650

"forward" rate of discount quoted
by, 576

organization chart of credit de-
partment of, 200

- purchase of acceptances on behalf
of other reserve banks, 502

receives deposits to pay land bank
bond coupons, 332

statement of, on buildings, 726
- sterling credit granted by, de-
scribed, 504

New York Clearing House, operations of,
amount of balances for cash settle-
ment, 579

Nonmember banks, access of, to reserve
banks, 176

- stages in Board's policy with re-
spect to, 176

- with veterans' paper, 147

- collections on, by reserve banks, 605

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