with maturities of under one year.
Such maturities are particularly characteristic of seasonal borrowing,
including paper "eligible" for rediscount by Federal Reserve banks.
Section 13 of the Federal Reserve Act specifies maximum maturities
of 90 days, exclusive of grace, on paper drawn or issued for industrial
or commercial purposes; Section 13a of the act specifies maximum maturities,
at the time of discount and exclusive of days of grace, of 9 months for
paper issued or drawn for agricultural purposes or based upon livestock.