Calling meetings of bank directors...... Certificates of designation of reserve districts and re- Exercise functions of chairman of board of directors Fixing geographical limits of districts. General powers Offer of stock to public subscribers. Quorum Supervision of organization of Federal Reserve Banks Control of classification by Federal Reserve Board.... Reserves required of banks in outlying districts of.... Secretary of Treasury: S Deposits with, by Federal Reserve Bank or agent.. Gold reserve to be maintained by... Shareholders (see also Stock), individual liability: Federal Reserve Banks.. National banks ... Silver certificates, substitution of federal reserve bank notes State banks: Cancellation of stock in Federal Reserve Bank..... Certifying checks against insufficient funds.. Conditions of membership... Converted into national banks... Depositories of government funds, see Appendix D. Examination. (See "Examinations”). Examinations, not subject to requirements of section 21 May become members of Federal Reserve Bank.. Retain powers under State charters.. State examinations may be accepted.. 9, 21 Subject to provisions and penalties of Revised Statutes Subject to section of Federal Reserve Act applied to 9 9 9 9 9 9 2 5 9 2 Subscription to stock in Federal Reserve Banks...... Stock: (see also Shareholders.) Of Federal Reserve Banks- Amount to be held by single member or shareholder Cancellation of stock held by insolvent member Increase Increase of subscriptions required on increase of Limitation on cancellations.. National banks must subscribe. Payments on subscriptions. Public subscriptions Reduction .... ..... Shares owned by member banks not to be transfer- red Subscription Subscription by national banks. Subscription by State banks... Subscription required of new members. Surrender upon reduction of capital or liquidation Transfer of Of banks organized in U. S. for foreign business, Voting power May be owned by national banks... Of member banks- .25-25-a 5 Trust companies, acceptance of terms of Federal Reserve Trust powers of national banks. United States stock: U Allotment by organization committee... Management by Secretary of the Treasury.. INDEX TO TEXT Acceptances, trade acceptances and bank acceptances, may Advisory Council, how constituted, 33-34. Agricultural paper, eligible for rediscount at federal rese Bank acceptances, nature of, 46-47; advantages of, 46-48; re Bank credit, extent to which used as a medium of exchange Bank note, bond-secured, under federal reserve law, 50-51; fede reserves. Bank-note inelasticity, under old banking system, 11-17; seaso Branches of national banks, may be established in foreign count Canadian bank notes, elasticity of, compared with that of U. Capital of federal reserve banks, minimum amount of, 29; amo Capital required of banks organized for foreign trade, 81-82. Central reserve city banks, reserve requirements of, 37. Class B directors of federal reserve banks, who and how elect Class C directors of federal reserve banks, who and how chos Clearing-member banks, defined, 70. Clearing out-of-town checks, under old banking system, 19- Collection of out-of-town checks. See clearing out-of-town checks. 61-62. Comptroller of the currency an ex-officio member of federal re- Contractility of circulating credit under federal reserve system, Country banks, reserve requirements of, 37. Credit elasticity under federal reserve system, 50-65. Credit inelasticity under old banking system, evil results of, 18. Decentralization of American banking prior to federal reserve Defects of old banking system summarized, 2. Deposit currency, inelasticity of, under old system, 17; elasticity Deposit-turnover, rate of, in 1913, 9-10. Depositaries, government, apportionment of funds among, under Discount market, a broader one being created by federal reserve Discount rates of federal reserve banks, how made effective, Elasticity, credit, under old banking system, 8-18; under federal Exchange and transfer system, defective prior to federal reserve Exchange charges, formerly imposed by federal reserve banks on Federal reserve agent, position of, 33. Federal reserve agents' fund, described, 76. Federal reserve bank agencies in foreign countries, 80. Federal reserve banks, capital stock of, 31; subscriptions to, re- quired of member banks, 31; plan of organization of, 31-33; Federal reserve bank notes, described, 51. Federal reserve board, how constituted, 33-34; powers of, 34-35; Federal reserve clearing and collection system, 70-78. Fiscal agents of Government, federal reserve banks serve as, 88; Fisher, Irving, cited, 9, 57. "Float," how handled under old banking system, 20-22; evils of, Foreign agencies established by federal reserve banks, 80. Gold, amount of, held against federal reserve note issues, 54. Gold settlement fund, described, 75-76. Government, old banking system ill adapted to fiscal needs of, Inelasticity of bank notes under old banking system, 11-17; charts Inelasticity of credit under old banking system, 8-18; evil results Inelasticity of deposit credit under old banking system, 17. Interest, a special rate of, may be imposed by federal reserve |