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Updated: May 13, 2025

'There is no attempt in these banks on the whole and as a rule to divide too muchon the contrary, they have accumulated about 13,000,000 L., or nearly 1/3 rd of their capital, principally out of undivided profits. The directors of some of them have been anxious to put away as much as possible and to divide as little as possible.

Walter Bagehot - Lombard Street : a description of the money market