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FEDERAL RESERVE BANK OF CHICAGO DISTRICT No. 7 Bulletin No . 41-A. Chicago, March 3, 1916. Subject: Purchase of United States Government Bonds. TO THE MEMBER BANKS OF DISTRICT NUMBER SEVEN: Referring to our Bulletin No. 41, dated February 26, 1916, we call your attention to the United States Statutes relating to national banks , (R. S. Secs. 5159-60 et. seq . as modified by acts of June 20, 1874 and July 12 , 1882) which stipulate that national banks organized prior to the passage of the Federal Reserve Act and having a ca pital of $150,000. or less shall be required to keep on deposit , etc. United States Bonds in excess of one -f ourth of their capital stock and that national banks with a capital in excess of $150 ,000. shall keep on deposit etc. an amount of United ntates bonds not less than $50 ,000. Such bonds as are offered for sale to the Federal Reserve Bank under the terms of our Bulletin No . 41 must therefore be holdings in excess of those rAquired to be held under the terms of the above sections of the revised statutes . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Respectfully , JAMES B. McDOUGAL Governor.
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