In the summer and winter, when mortgage demand was slack, nation banks deposited part of their reserves in New York Metropolis banks, receiving interest on the deposits. The New York banks counted cash (i.e. gold and silver) deposited by nation banks as a part of their own reserves, which allowed the New York banks to increase security loans within the name-cash market. When country banks wanted funds for making agricultural loans within the spring and fall, they withdrew deposits from New York and put stress on the money market.
1. Credit Counseling. You could suppose that this solely means talking …
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For many years, the banking system beneath state regulation had suffered seasonal fluctuations as bank funds moved to New York to reap the benefits of Wall Street’s name-money market. As an alternative of correcting such fluctuations, the National Banking Act encouraged them by allowing national banks to maintain a considerable quantity of their reserves as credits with licensed banks in New York and other reserve cities.
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