Chicago Fed History: 1915-1939 Following the relative excitement
of the opening, the Chicago Fed spent its first few months
feeling its way in its new role as a Reserve Bank. As specified
in the Federal Reserve Act, the Bank issued Federal Reserve
currency and rediscounted some bank notes. In general, however,
the Bank was calm. Years later, the Bank's only switchboard
operator reminisced of bringing sewing to work because there
were only six calls a day.1 A more formal indication of the
Bank's relatively calm operations is contained in the 1915
annual report, which notes that "Notwithstanding the relatively
small demands...for either credit or currency...the system fully
demonstrated its worth, inspiring confidence and banishing fear,
and forestalling panic from the mere fact of its existence." The
Growth of Other Services With its currency and rediscounting
functions at a low ebb, the Bank focused on developing a check
collection system — one of the responsibilities that fell under
the vague category of "ot