The A B C of the Federal Reserve System |
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Page 11
... equal in par value to the notes is- sued.1 The banks were supposed to realize a " double profit " on the bank notes , namely , in- terest on the bonds , and interest on the notes when they were loaned out as money . After 1900 the bonds ...
... equal in par value to the notes is- sued.1 The banks were supposed to realize a " double profit " on the bank notes , namely , in- terest on the bonds , and interest on the notes when they were loaned out as money . After 1900 the bonds ...
Page 12
... equal , the lower the net inter- est yield ; and the lower the premium , the higher the yield . The result was a tendency for the banks to increase their bank - note circulation when the price of bonds declined and to decrease it when ...
... equal , the lower the net inter- est yield ; and the lower the premium , the higher the yield . The result was a tendency for the banks to increase their bank - note circulation when the price of bonds declined and to decrease it when ...
Page 31
... equal to six per cent of the member bank's capital and surplus . Only one- half of this subscription has so far been called , giving the federal reserve banks a paid - in capital of $ 85,140,000 on September 12 , 1919 , but the other ...
... equal to six per cent of the member bank's capital and surplus . Only one- half of this subscription has so far been called , giving the federal reserve banks a paid - in capital of $ 85,140,000 on September 12 , 1919 , but the other ...
Page 46
... equal , is more liquid than one - name paper . Even more liquid than the trade acceptance , because the acceptor is ordinarily of more widely recognized financial standing , is the domestic bank acceptance authorized by the federal re ...
... equal , is more liquid than one - name paper . Even more liquid than the trade acceptance , because the acceptor is ordinarily of more widely recognized financial standing , is the domestic bank acceptance authorized by the federal re ...
Page 57
... business transacted by means of bank notes as $ 16 billion , or a sum equal to only 1/27 of that transacted by means of de- posit currency . 4 See pages 17-18 . our bank - note currency , was none the less FEDERAL RESERVE SYSTEM 57.
... business transacted by means of bank notes as $ 16 billion , or a sum equal to only 1/27 of that transacted by means of de- posit currency . 4 See pages 17-18 . our bank - note currency , was none the less FEDERAL RESERVE SYSTEM 57.
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Common terms and phrases
act approved American bank amount authorized bank acceptances bank reserves bank-note circulation bank's bankers ber banks bills of exchange board of directors bonds branch banks capital and surplus capital stock cent central reserve cities centum collateral collection commercial banks commercial paper Comptroller corporation organized country bank defects demand deposit currency drafts eligible employee eral reserve bank eral Reserve Board expenses federal reserve act Federal reserve agent federal reserve banks Federal Reserve Board federal reserve district Federal reserve notes federal reserve system foreign gold certificates Government legal reserve money loans member banks ment millions money market national bank notes national banking association notes issued officer old banking system open market organization certificate paid payment prescribed purchase redemption rediscount regulations reserve bank notes reserve city bank reserve law Secretary securities serve bank thereof tion trade acceptance Treasury trust company twelve federal reserve United
Popular passages
Page 159 - The shareholders of every national banking association shall be held individually responsible, equally and ratably, and not one for another, for all contracts. debts, and engagements of such association to the extent of the amount of their stock therein, at the par value thereof, in addition to the amount invested in such shares...
Page 179 - That if any clause, sentence, paragraph, or part of this Act shall for any reason be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair, or invalidate the remainder of this Act,, but shall be confined in its operation to the clause, sentence, paragraph, or part thereof directly involved in the controversy in which such judgment shall have been rendered.
Page 101 - Board, by the Comptroller of the Currency in his own name before the association shall be declared dissolved.
Page 173 - Dividends (Sec. 5199). —The directors of any association may semiannually declare a dividend of so much of the net profits of the association as they shall judge expedient; but each association shall, before the declaration of a dividend, carry one-tenth part of its net profits of the preceding half year to its surplus fund until the same shall amount to twenty per centum of its capital stock.
Page 133 - That no association shall at any time be indebted, or in any way liable, to an amount exceeding the amount of its capital stock at such time actually paid in and remaining undiminished by losses or otherwise, except on the following accounts, that is to say:
Page 136 - ... bills, notes, revenue bonds, and warrants with a maturity from date of purchase of not exceeding six months, issued in anticipation of the collection of taxes or in anticipation of the receipt of assured revenues by any State, county, district, political subdivision, or municipality in the continental United States, including irrigation, drainage and reclamation districts...
Page 124 - To add to the number of cities classified as reserve and central reserve cities under existing law in which national banking associations are subject to the reserve requirements set forth in section twenty of this Act ; or to reclassify existing reserve and central reserve cities or to terminate their designation as such.
Page 98 - An Act to provide for the establishment of Federal reserve banks, to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes.
Page 105 - Upon duly making and filing articles of association and an organization certificate, the association shall become, as from the date" of the execution of its organization certificate, a body corporate, and as such, and in the name designated in the organization certificate, it shall have power: First.
Page 53 - To suspend for a period not exceeding thirty days, and from time to time to renew such suspension for periods not exceeding fifteen days, any reserve requirement specified in this Act...