Armand Schmoll, Inc. v. Federal Reserve Bank

Lehman, Ch. J.

Under the United States Tariff Act of 1930, chapter 497 (46 Stat. 739; U. S. Code, tit. 31, § 372), the Federal Reserve Bank of New York is authorized and required, under specified conditions, to determine and certify daily to the Secretary of the Treasury “ the buying rate for cable transfers.” The statute directs that such determination shall be made in manner defined in the statute. Claiming that the Federal Reserve Bank has failed to determine the buying rate in manner directed by the federal statute, the appellant has brought proceedings under article 78 of the Civil…