Publisher's Synopsis
Excerpt from The Federal Reserve System
Under the Open market provisions of the law it had been provided that Federal reserve banks might buy from individuals, corporations, or banks whether or not members of the system, any paper that they might choose, provided that it complied with the requirements for discountable paper. The banks bought considerable quantities of Government bonds, municipal warrants and bankers' acceptances, and smaller amounts of trade acceptances. In this way their earning assets were increased until at the end Of the year 1916 they had about in vested. At the close Of 1916 a summary of the entire operation Of the system since its opening - about two years - showed that a net earning above organization expenses had been made of approximately per cent on the capital. During the period in question gross earnings had been approximately and net earnings approximately The bank which had paid the largest dividend was the Federal Reserve Bank Of Richmond, which had prac tically completed its whole 6 per cent dividend, ac tually declaring and paying it to November 1, 1916.
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