Third Annual Report of the Federal Reserve Board

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Excerpt from Third Annual Report of the Federal Reserve Board: Covering Operations for the Year 1916The clearing plan provided also that a small service charge (not exceeding 2 cents per item) be made at stated intervals against such banks as send to the Federal Reserve Bank checks on other banks for collection and credit. It follows that no portion of this charge can be assessed against any bank unless it shall have availed itself of the facilities Offered. Besides checks drawn on member banks, Federal Reserve Banks receive checks on such State banks as can be collected at par, and member banks desiring to collect checks drawn on non member banks in their vicinity are given the preference. During crop-moving periods this will give a distinct advantage to member banks in agricultural sections.Member banks have not been deprived of any income which they have been receiving from the collection Of drafts (other than bank checks) or from the purchase or discount of commercial bills Of exchange.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.