The Beaver herald. [volume] (Beaver, O.T. [Okla.]) 1895-1923, 1914-01-08

The amount OF reserve required
from every bank under the new law,
and the place where it must be kept,
are as follows:
Country bankS-Total reserve requir
ed, ~ per cent. of demand deposits
and per cent. of time deposits. Five
twelfths must be held in the banks
own vaults for two years and four
twelfths after that. For the first year
two-twelfths must be kept in the re-
gionel hank, increasing one-twelfth
each six months thereafter until 1t
reaches fivetwelfths of the total re-
serve. For three years the unallotted
part OF the reserve may be kept In
the banks of reserve cities. After
that time it must be kept either in
the country banks and vaults or In the
regional reserve bank.
Reserve city banks-Total reserve
required. is per cent. of demand and
per cent. of time deposits Six-fif-
teenths must be kept in the banks
vaults for the first two years and five
hfteenths after that time. Three.fif
teenths must be kept in the regional
reserve bank for the first year, In
creasipg one-tifteenth every six
months thereafter until It reaches six
ffteeuths. For three years the un.
allot0ed portion of the reserve may be
ept in other banks. in it's own
Vaults. or In the regional bank; after
at time in one of the latter two
pieces.
Central reserve city banks New
'1oik, Chicago and st. Louis) Total
fs' rye required, Is per cent of de-
, iand and per cent. OF time depos.
= 5. SeveReighteenths In the regio-
serve banks and the remai-' ha'
I, lghtnenths in either - ang hve-
! lay choose. lace the bank
\ Region
4 hese Al Reserve Banks.
Q II immense funds of reserves
d so 4fmember banks" together with
b eearnment moneys, will make up the
L hbsts of the regional reserve banks.
i oeia OF these banks will be admins
Il ul by a board of nine directors, SIX
(. ana on will be elected by the banks
o serveres appointed by the federal re
n Board.
II ulsu 'regional reserve banks may re
h ION shat is. buy at discount
'. weIcts member banks--"prime com
r. 'anRs paper" when the membe
e '9lo H1esire to convert these asset
.e ney.
o iue Character Of Paper.
,e pf7VNiotact terms of this importan
,f upon a. to the character of pape
"S - ioh The regional reserve bank
VV'nish ,ash are as follows:
meiNVe thu Endorsement of any OF it
maui Asanks, with a waiver of dc
-, uaht p a1ice and protest by sue
=, panN naS fegeral (regionaD reserv
:, uliiS on dis cunt notes, drafts, an
uai cohus uschar ge arising out Of ac
- notes ura,rcial transactions; that II
~ suea or pts. ard bills OF exchange Il
trlai OF Gavin ior agricultural, indui
- proceeos Smmel cial purposes, or tn
"a are 10 oe { which have been used, @
:, leuerai lesed fpr such purposes, tn
~ rlsnl 70 u5erve board to have tn
acter OF terminp or define the cha
as q paper thus ehglDle IL
- act thin the meaning Of TIL
"a Nothing lulble for Discount.
m. De cohstrNn this act contained sha
ks oraits hued TO prohibit such note
a oy stapie bills OF exchange. secure
ak or soous, icullpral products. or OF
r" oeins Gus AFes, or merchandise, fro
sucn uenn,sla for such discount; b
IN. uralts' UT o,,ph shall not include note
- ments or II co,,srs,,,, mareIv inve,
ny purpose OF 'aaed or drawn for ii
N stocks, bondsarrvs.,r or trading
: or other Investment {
:. -....vs, vxcept bonds and notes OF q
Nv government Il the United States
aS os Notes, drafts and bills admitted
., discount under the terms OF the pal
graph must have a maturity at d
i