The Modern Credit Company Its Place in Business Financing

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The credit company makes use of this collateral in a manner very similar to that which is employed by the member banks of the Federal Reserve Banking System in increasing their working capital. A great amount of the commercial paper which these banks hold in their port- folios is eligible for rediscount with the central Federal Reserve Banks of their respective districts. The Central Bank gives the member banks credit in return for the re- discounted commercial paper. Although the credit com- p
...any is not allowed by law to rediscount its paper with the Federal Reserve Bank, it employs the next best procedure. It has already ratified a collateral trust agreement, by con- sent of its stockholders, with a trustee, with whom it de- posits the collateral which has been received as security for its loans. This collateral is properly assigned and trans- ferred to the trustee with the full right and power to exer- cise all the rights and privileges conferred on the credit company by the original holder.

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