EARNINGS ON INVESTMENTS OF FEDERAL RESERVE BANKS. Average amounts of earning assets held by each Federal Reserve Bank during February, 1916, earnings from each class of earning assets, and annual rates of earnings on the basis of February, 1916, returns. NOTE. With the view of insuring uniform treatment of the items reported by all banks, the average yearly rates were obtained through multiplying all the calculated average monthly rates by the fraction 366/29. It is thought that on the whole the results thus obtained provide a satisfactory basis for comparison between the individual banks. 2 Rate for bills of exch inge in open market operations. 4 $31-4 434 3 3 3 3-5 (3) Rate for trade acceptances bought in open market without member bank indorsement. 4 A rate of 2 to 4 per cent for bills with or without member bank indorsement has been authorized. • Rate for commodity paper maturing within 30 days, 34 per cent; over 30 to 60 days, 4 per cent; over 60 to 90 days, 4 per cent; over 90 days, 5 per cent. 1 Rate for commodity paper maturing within 90 days. 2 Rate for bills of exchange in open market operations. Rate for trade acceptances bought in open market without member bank indorsement. 4 A rate of 2 to 4 per cent for bills with or without member bank indorsement has been authorized. 5 Rate for commodity paper maturing within 30 days, 34 per cent; over 30 to 60 days, 4 per cent; over 60 to 90 days, 4 per cent; over 90 days, 5 per cent. (5) 3-5 |