Jasper County Democrat, Volume 19, Number 70, Rensselaer, Jasper County, 29 November 1916 — TWO YEARS RESERVE SYSTEM [ARTICLE]

TWO YEARS RESERVE SYSTEM

A trial of two full years has been given the federal reserve bank system of the United States. Operations commenced November 15, 1914. In two years, cash reserves of the Chicago federal reserve bank have increased almost $20,000,000, and the assets more than $50,000,000. “The total of rediscounts for member banks, as shown, in our statement, is not large,” says C. R. McKay, deputy governor of the federal bank of Chicago, “The demand for rediscounts \ has come mainly from the smaller member hanks, located in the agricultural districts, the majority of such loans being made to member banks having a capital of $25,000 to SIOO,000. Up to date, 290 out of the total membership of 995 banks in the Chicago district have availed themselves of the rediscount privilege of the Chicago federal reserve bank.”