Word: portfolios
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Dates: during 1920-1929
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Moreover, member banks are now increasing their mercantile loans by selling bonds rather than by rediscounting. In general, there is very little rediscounted paper in the Reserve banks, despite the current trade expansion. Several Reserve banks could not pay their running expenses today simply on interest accruing on their portfolio of bills and paper. Theoretically they should if necessary run at a loss in such cases; but this has been made impossible by the unjustifiable amounts of money taken from them by the government under the terms of the Reserve Act in 1919-21, under the euphemism of "franchise taxes...