71ST CONGRESS 2d Session } SENATE REPORT {No. 814 DECLARING JULY 5, 1930, A LEGAL HOLIDAY IN THE DISTRICT OF COLUMBIA MAY 29 (calendar day, JUNE 4), 1930.-Ordered to be printed Mr. BLEASE, from the Committee on the District of Columbia, submitted the following REPORT [To accompany S. J. Res. 184] The Committee on the District of Columbia, to whom was referred the joint resolution (S. J. Res. 184) to declare July 5, 1930, a legal holiday for all banks and trust companies, the officials and employees thereof, in the District of Columbia, having considered the same, reports favorably thereon, and recommends that the joint resolution do pass with the following amendments: In line 4, after the word "holiday", strike out all the language down to an excluding the word "in", in line 5. In line 6, strike out the period and insert the following: for all purposes: Provided, That all employees of the United States Government in the District of Columbia and all employees of the District of Columbia shall be entitled to pay for this holiday the same as on other days. Amend the title so as to read: Joint resolution to declare July 5, 1930, a legal holiday in the District of Columbia. PURPOSE OF THE RESOLUTION The object of this joint resolution is stated in the title as amended. Independence Day this year falls on Friday. On the following day, July 5, it is the understanding of the committee that the Government departments and most of the commercial and mercantile establishments of the city will be closed. There is considerable doubt, however, that banking houses and similar institutions will be protected against all eventualities should they close on that date without sanction of law. The committee also believes that per diem employees of the Federal and District Governments in the District should be safeguarded against losing a day's pay for a holiday not provided for by law. PRECEDENT ESTABLISHED The committee gave careful consideration to the resolution and the amendments. In the course of this study the committee took cognizance of the fact that Congress approved, on December 22, 1925, a joint resolution declaring December 26 of that year a legal holiday in the District. That resolution was designed to care for just such a condition as has arisen in the instance of the resolution now under consideration. Christmas Day in 1925 fell on a Friday. It was deemed necessary to take congressional action whereby to conserve all interests which might be imperiled by the establishment of a holiday not provided for by Congress. The committee accordingly amended the resolution in conformity with the resolution approved by the Sixty-ninth Congress. The committee knows of no opposition to the resolution, and believes it to be fair, desirable, and necessary. The favorable report by the District Commissioners on the resolution is appended hereto as part of this report. COMMISSIONERS OF THE DISTRICT OF COLUMBIA, Hon. ARTHUR CAPPER, United States Senate, Washington, D. C. SIR: The Commissioners of the District of Columbia have the honor to submit the following on S. J. Resolution 184, Seventy-first Congress, second session, entitled "Joint resolution to declare July 5, 1930, a legal holiday for all banks and trust companies, the officials and employees thereof, in the District of Columbia," which you referred to them for report as to the merits of the bill and the propriety of its passage. The commissioners know of no objections to the passage of the resolution. Very truly yours, L. H. REICHelderfer, President Board of Commissioners, District of Columbia. O SENATE 71ST CONGRESS 2d Session } { REPORT No. 817 AMENDMENT TO FEDERAL FARM LOAN ACT PERMITTING INTERMEDIATE CREDIT BANKS TO MAKE LOANS TO ELIGIBLE AGRICULTURAL OR LIVESTOCK FINANCING INSTITUTIONS ON BILLS PAYABLE AND ELIMINATING SIX MONTHS' MINIMUM MATURITY REQUIREMENT MAY 29 (calendar day, JUNE 4), 1930.-Ordered to be printed Mr. GLASS, from the Committee on Banking and Currency, submitted the following REPORT [To accompany S. 4287] The Committee on Banking and Currency, to whom was referred the bill (S. 4287) to amend section 202 of Title II of the Federal farm loan act by providing for loans by Federal intermediate credit banks to financing institutions on bills payable and by eliminating the requirement that loans, advances, or discounts shall have a minimum maturity of six months, having considered the same, report favorably thereon with the recommendation that the bill do pass with the following amendments: In line 6, page 1, after words "end of" strike out the words "the first subsection" and insert in lieu thereof the words "paragraph (1)"; and in the same line, after the word "adding" insert the word "thereafter". The purpose of this amendment is merely to identify more accurately the place in the act which is to be affected by the language found in lines 7 and 8 of page 1 of S. 4287. Under sections 1031 and 1033, title 12, United States Code, Federal intermediate credit banks have the power, with proper safeguards, to 1. Discount for, or purchase from any eligible bank, savings institution, trust company or agricultural and livestock financing institution, with its indorsement, any note, draft, bill of exchange, or other obligation, the proceeds of which was primarily used for agricultural or livestock raising purposes; 2. Buy or sell, with or without recourse, debentures issued by any other Federal intermediate credit bank; and 3. Make loans direct to cooperative associations composed of persons producing or producing and marketing agricultural staples or livestock on the following security: (a) Warehouse receipts, (b) shipping documents covering agricultural products, or (c) mortgages on livestock-all such loans not to exceed 75 per cent of the market value of such products. Under existing law the loans or discounts provided for under section 1031 have a range of maturity at the time they are made or discounted by the Federal intermediate credit bank from six months to three years. The purpose of this bill is to broaden the scope of existing law by amending above sections of the Federal farm loan act (U.S. C., title 12, secs. 1031, 1033), in two respects: 1. Permitting the Federal intermediate credit banks, in addition to discounting certain classes of paper of above financing institutions, to make loans direct to such institutions on the security of the same classes of paper; and 2. Removing the six months' minimum maturity limitation on agricultural and livestock loans at the time they are made or discounted by the Federal intermediate credit bank and simply leaving the maximum maturity limitation at three years. By permitting the intermediate credit banks to make loans direct to eligible banks and agricultural and livestock financing institutions and other institutions named in the act, it is believed that the business transactions of all such institutions will be simplified and facilitated without any departure from the fundamental purposes of the law, as it would permit intermediate credit banks to accept the same paper as security for the bills payable of such institutions as may now, under existing law, be discounted or purchased by them. Your committee feels there is a legitimate demand for the removal of the existing six months' minimum maturity limitation on loans and discounts by the intermediate credit banks. If this requirement in existing law is eliminated, the needs of agricultural and livestock marketing and production credit will be better served without in any way impairing the basic purposes of the farm-loan system. Under date of May 17, 1930, the aggregate loans and discounts of the Federal intermediate credit system showed a total of $92,486,991.33. This act has been in effect since 1923. It is a part of the Federal farm loan system and the loans permitted under the act lie in a very large field with enormous possibilities for expansion. Good progress has been made in handling paper of cooperative marketing associations, of agricultural credit corporations, and of livestock loan companies, but the discounts to banks have been and are but little more than nominal. The figure for the various classes on the date above named being as follows: Cooperative marketing associations.. Agriculture credit corporations.... Livestock loan companies. Banks Total.... $28, 408, 796. 00 34, 583, 788. 07 28, 322, 122. 81 1, 172, 284. 45 92, 486, 991. 33 The debentures of the intermediate credit banks sell at very easy interest rates. The last debentures sold on May 15 bearing a rate |