That which bankers like least is guesswork. Yet every Tuesday and Friday all member banks of the Federal Reserve system have to make a hurried guess around 3 p.m. The guess is not what their condition is at the moment, for that is always ascertainable, but what it will be later in the day when they make their semiweekly reports to the Federal Reserve. Late transactions can turn proper reserves into surpluses or deficiencies. A surplus signifies a multiplied loss of profit owing to the fact that a dollar in reserve means many dollars...
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