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Released for publication Sunday morning, April 14, 1918. Not earlier. X-880 STATEMENT FOR THE PFESS. April 13, 1918. Aggregate gains of 17.6 millions in cash reserves coupled with moderate increases in investments and in net depcs its, are indicated by the Board's weekly bank statement issued as at close of business on April 12, 1918. Substantial gains in reserves are reported by the New York, Baton and Minneapolis banks, largely the result of increases in not deposits and issues of Federal Reserve notes. INVESTMENTS: Discounted bills on hand show an increase of 138*9 millions, as a'gainst decreases of 118*3 millions in Government short-term securities and 6 .2 millions in U, S. bonds* Discounts secured by U. S. War obligations increased from 304.1 to 465.6 millions, while holdings of U. S. securities purchased for the temporary accommodation of member banks fell off from 251#6 to 118,1 millions. These changes are largely caused by the new provision of the War Finance Corporation A ct, approved April 5, whereby promissory notes secured by U. S . War obligations are freed from the stamp tax. CAPITAL: Payment for Federal -Reserve bank stock by newly admitted members, chiefly in the Boston and Cleveland districts, accounts largely for the increase of 0254,000 in the amount of paid-in capital, DEPOSITS: Government deposits decreased 4 .3 millions, while mem b e r s 1 reserve deposits show a gain of 21*2 millions, the New York bank re porting a larger increase of 36.6 millions. CIRCULATION: Federal Reserve Agents report net issues for the week of 18.1 millions of notes. The banks show a total circulation of 1 ,4 9 9 .4 millions, an increase of 19.5 millions for the week. CONDITION OF MEMBER BANKS ON APRIL 5, 1918. Further reductions in holdings of Certificates of Indebtedness and substantial withdrawals during the week of Government deposits largely from New York banks are indicated by the statement of principal assets and lia bilities of 679 member banks in leading cities* Totals for the New York banks for the first time include data for 9 Brooklyn banks, which heretofore were grouped with Reserve City banks. Little change is shown in the totals of U, S* circulation bonds and other Government benda held. Certificates ^f indebtedness on hand show a decrease for the week of 76.4 millions, all classes rf banks report ing smaller holdings than the week before. Loans secured by Government ob ligations show but a moderate increase. All ^»ther loans and investments de creased about 70.3 millions, decreases being practically uniform for the three groups of banks. Reserves, all with the Federal Reserve banks,fell off about 18.8 millions, the larger decrease shown for the Central Reserve city banks being partly offset by aggregate gains of the banks in other reserve c itie s, Cash in vault shows a slight increase, Net demand deposits declined 26,4 millions largely outside the central reserve c ities, time deposits decreased less than 1 million, while Government d e pos i t s fell off 130,4 millions, the New York and Brooklyn banks alone reporting net withdrawals of 72.1 millions for the week. For all reporting banks the tatio of loans and investments to total deposits is shown as 108 per cent as .against 107,9 per cent the week before. For the banks in the central reserv£/tn?l ratio works out at 103.5 per cent, compred with 103.3 per cent on March 29. The ratio of combined reserve and cash in vault to total deposits of all reporting banks remains unchanged at 13.9 per cent. For the banks in the central reserve cities this ratio shows a decline for the week from 15.3 to 15.2 per cent. Total excess reserves, in the calculation of which no account is taken of Government deposits, de clined from 96.1 to 79 ,8 millions. For the central reserve city banks thes* i shows a decrease from 69.1 to 4 2 .2 millions. serves Released, for publication B-unday morning April l4, 1918 Not eari:er STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE THELVE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 12, 191S, ATSSQa.,,,,, R E S O U R C E S April 12,1918 April 5, 191S ^ Gold coin and certificates in vault 488,762,000 4S3s780,000 y , Gold settlement fund - F.R.Board 407,971,000 , , igS jS'l.O O O Gold with foreign agencies .5 0 0 5 2 ,5 00 .0 0 0 — 7 —7^ — ~ ~ Total gold held by banks 94-9,233(000 9 1 7,44 3 ,0 0 0 5 3 6,640,000 Gold with Federal Reserve Agents 857,492,000 » >000 4 1 0,796,000 Gold redemption fund 23,5 46 ,0 0 0 2 3 ,4 0 4 ,0 0 0 __ 2 ^ 5 4 x 2 0 0 Total geld reserves 1 ,8 3 0 ,2 7 1 ,0 0 0 1 ,8 1 3 ,9 2 4 ,0 0 0 9^S.•S Legal tender notes, silver, etc. 6 4 ,7 2 4 ,0 0 0 63>509>000 . , ^ Total reserves 1 ,8 9 4 ,9 9 5 ,0 0 0 1 ,8 7 7 ,4 3 3 ,0 0 0 9 7 1 ,00 6 .0 0 0 Bills discounted, for members and F.R.banks 712,807,000 5 7 3,383,000 2 2 ,0 0 9 ,0 0 0 B ills bought in open market , , 8 0 ,6 0 4 ,0 0 0 Total bills on hand 1 ,0 3 1 ,6 6 4 ,0 0 0 900,38 6 ,0 0 0 1 0 2,613,000 U.S.Government long-term securities ^» ,403,000 , U.S.Government short-term securities 142,14-3,000 2 6 0,400,000 , / A ll other earning assets 3>771<000 3 ,2 2 2 ,0 0 0 1 5 ,3 1 8 ,0 0 0 Total earning assets 1 ,2 3 1 ,8 1 5 ,0 0 0 1 ,2 2 4 ,4 1 1 ,0 0 0 2 2 7 ,5 1 9 Due from other F.R.Banks, - net , 9»957>000 , Uncollected items 383,009,000 3 4 6,99 7 ,0 0 0 1 6 9 ,184,000 Total deductions from gross deposits 3 8 4 ,8 2 4 ,0 0 0 , , >OCQ 5$ Redemption Fund against F . R.Bank notes 400,000 A ll other resources 324,000 _324,000 4 ,5 0 4 ,0 0 0 total resources 3 ,5 1 2 ,4 9 5 ,0 0 0 3 ,4 5 9 ,6 5 9 ,0 0 0 1 ,3 7 3 ,6 8 4 ,0 0 0 L I A B I L I T I E S Capital paid in ^, ^ > G 7 4 ,4 9 4 ,0 0 0 5 6 ,4 08 ,0 0 0 Surplus , , Government deposits , 1 0 4,81 8 ,0 0 0 . 4 2 ,2 47 ,0 0 0 Due to members - Reserve account 1,42^> 1 ,4 7 3 ,2 9 ^ ,0 0 0 7 ^ 1 ,5 ^ 2 ,0 0 0 Collection items f~ &, / , 1 3 1 ,0 6 4 ,0 0 0 Other deposits, including foreign Govt, credits < /'^ ^ , 8 2 ,0 6 7 __________“ Total gross deposits , , 1 ,8 3 6 ,3 1 8 ,0 0 0 9 1 ^ ,35 3 ,0 0 0 F.R.Notes in actual circulation 1,499^377,000 1 ,4 7 9 ,9 2 0 ,0 0 0 4 0 1 ,80 9 ,0 0 0 F.R.Bank notes in circulation, net liability 8 ,0 0 0 ,0 0 0 J , 860,000 All other lia b ilitie s ______ 1 0 ,5 8 5 ,0 0 0 _____9 ,9 3 3 ,0 0 0 _______ 6l4,000 Total LIABILITIES 3 ,5 1 2 ,4 9 5 ,0 0 0 3 ,4 5 9 ,6 5 9 ,0 0 0 1 ,3 7 3 ,6 8 4 ,0 0 0 Ratio of Gold reserves to net deposit and F. R. note liabilities combined 60.3 8 2 .9 iRatio of total reserves to net deposit and note % liabilities combined 62.4 84-7 52 ,000 381 163,000 338 369,000 873 077 70,000 21 1 6^000 318 857■000 5 237>000 326 503,000 60 1 815,000 537,000 7 7 800 1 134,000 100 523*000 537,000 23 2 0,000 8 321,000 1 918 651,000 60*3 62.5 356 95^>000 537,000 1 134,000 226 139,000 ,000 36 218,000 73 3 0,000 ,000 1 071,000 170 253 Released for publication S-unday morning April 14, 191S Uot earlier. X-ggOb WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE FEDERAL EESERVE BANKS AT CLOSE OF BUSINESS APRIL 12, 191S. a (In thousands of dollars) R E S O U R C E S -Doston .New York Phila. Clevel, Richm. Atlanta Chicago S t.Louis Minn* Kans.Cy. Dallas San Fran. Total Gold coin and certificates in vauLt 10,153 339,808 10,284 32,247 6,361 6,726 29,093 1,325 16,025 1*13 4,7^7 31,570 488,762 Gold Settlement Fund F.R.Board 56,376 120,698 46,853 34,739 12,368 10,519 43,768 24,534 13,764 18,337 10,336 15.679 407,971 Gold with foreign agencies 3,675 18,112 5,675 4,725 1 , 8^7 1,575 7.350 2,100 2,100 2,625 1,838 2 . 8S8 ___ 55,500 Total gold held by banks 70,204 478,618 60,812 71,711 20,566 18,820 80,2.11 27,959 31,889 21*375 16,931 ' 50,137 9 :;9 233 Gold with Federal Reserve Agents ^3,318 209,4l9 87,101 89,903 29,093 42,902 I4 8 ,4 l4 37,577 39^302 55*272 14,313 55, 8/8 83J,^32 Gold redemption fund 1.^OD 1U. vuu d, "}<JU d^d . JL.JL1S 1 4411 1 ,4 2 4 1 .5 5 8 1 ,1 8 0 845 ______ Total gold reserves 120,508 150,413 161,856 230,049 6 7 ,0 94 , s 77,^92 3 2,483 72,371 Legal tender notes,silver,etc. 2,U29 46,791 1,075 1 ,0 7 4 64 6 ,2 8 4 2 ,5 0 0 303 . 1,893 629 69 Total reserves 744,828 151,488 , s 64,439 236,333 63,987 77,561 3 4 ,9 8 3 106,341 1894,995 Bills dis.for members & F.R*Banks 56,912 3 ^ 6 4 6 ,l4 i 26,925 51,471 39,7 ^1 1 3 ,5 0 4 8 ,4 i l 3 6 ,6 6 8 2 4 ,4 09 3 1 i 453 Bills bought in open market 123,108 21,290 26,692 12,701 46,446 10,793 13,415 9 ,7 5 6 13,223 318,357 24,923 Total bills on hand 48,215 73,163 52,442 , 70)3^7 1 8 ,9 34 49,391 3 0 ,3 3 6 92,537 4 1 , s 56,376 1 0 31 ,6 6 4 U.S.Government long-term securities 1 ,6 0 4 7 ,738 1 4,4 62 4,907 2 ,7 0 4 8 ,8 2,456 1,233 3 ,1 5 7 3 ,9 7 0 54,237 U.S.Government short-term " 76,408 I S , 866 1 ,5 3 8 3 ,1 4 2 3 ,051 3 ,5 6 6 142,143 4,319 5n All other earning assets ft* * *** »• • 130 511 3 ,771 299 1.H5. ........709 ..k....376 Total earning assets 1 2 6,62 4 4 4 s s 55,213 72>719 26,305 62., blS 3 9 ,0 49 63,731 1231*315 Due from other F.R,Banks - net , s 1,356 »«• * 6, 588 6,795 Uncollected items , 41,823 26,337 . 24,867 81 ,*723 68,029 22, 505 23*337 12,497 14,209 3 8 3,009 Total deduct.from gross deposits 26, 41,823 21,004 3 8 4 ,8 2 4 23,337 12,497 29,093 5$ Redenp.fund against F.R.Bk.notes %• • ♦* * ••• «• « •• > *• * ««• »* • 400 137 537 All other resources *«« • «* »« » 28 •*% * »»% %*• % %« • #* % 324 TOTAL RESOURCES 457,882 , 111,802 1 6 9 ,6 7 2 9 4 ,7 8 4 M S 3 5 12 ,4 9 5 698,037 122,937 861 1,471 ,507 469,615 547,627 223 81,723 221 879 137 L I A B I L I T I E S Capital pa/d-in 6,444 Surplus 75 Government deposits Due to members, reserve account Collection items Due to other F.R.Banks - net * %« Other depos.incl.for.Gov't.credits * •* « Total gross deposits 116,304 F.R.Notes in actual circulation 98,138 F.R.Bk.notes in circul. net liab. All other liabilities JOTAL LIABILITIES 50,797 63,133 371 1,306 162,930 51 16 23 260 9,421 15,194 62,543 101.145 1 29 29,613 25 05.0 27,635 25,050 296 7 256,150 291,710 131,431 117,417 19,727 6,885 8,46s 3 ,7 3 0 2 ,9 6 4 Uo 116 649 4,265 6,588 5,644- 16,499 5,641 3 ,6 9 0 90,292 675, 5S6 88,133 107,020 43,241 3 7 ,3 40 21,747 56,906 36,709 22,071 17,110 12,4 36 1,106 600 3 3 ,3 76 155 78,556 S 491,776 56,012 6 ,0 1 4 194 1 31,086 145,784 118,179 *** ** « 136,762 696 7 66,147 55,079 61,248 59,33** *»» l4o **» 1,239 30,665 45 2,233 57 26,896 3,032 22,617 94,925 25,049 73,000 10,523 4,156 5,927 23 106 03 1830.271 ,724 712,807 62 1,601 1,815 20,615 20,615 138,614 191,126 9,610 3 ,5 0 9 2 ,7 6 4 3 ,4 4 7 2 ,3 4 5 4,3 0 5 7 4 ,7 4 8 216 38 1,134 11,723 StS&S 5,686 100,523 6 ,0 9 9 10,391 14,328 18 8,26 4 46,131 41,519 69,883 36,956 69,672 1434,537 22,132 16, 70s 4,809 1 1 ,2 58 5,921 /'R>,463 <f '2 3 & ,2 7 0 1, 601 . . . ... 2,312 i l 562_ 4 ______ 19 _ .-s. X , 845 * ^ , 3 2 1 -223, 681 72,942 54,330 37,259 5 M 6 9 99,308 1918,651 223, 405 61,671 54,469 70,222 3 6 ,8 5 0 37,323 1499,377 •» . *«• **t 8,000 ♦• ♦ S.000 492 201 .......7 ^ 220 190 . 10,535 * Difference between net amounts due from and net amounts due to other Federal Reserve Banks. Released for publication Sunday morning April lU, 1918 Hot earlier x~880c STATEMENT OF FEDERAL RESERVE AGENTS1 ACCOUNTS AT CLOSE OF BUSINESS APRIL 12 Phila. (In thousands of dollars-) Clevel. Richm. Atlanta Chicago St.Louis FEDERAL RESERVE NOTES Boston New York Received from Conptrcller Returned to Comptroller Chargeable to F . R.Agent In hands of F. R. Agent Issued to F.R-Banks less amount returned to F.R. Agent for redemption 132,760 815,480 175,400 1 70,280 108,218 6.900 6.50,159 105.600 103 ,318 544 559 1918 Minn. Total Kans.Cy. Dallas San.Fran68,5uu 108*9 50 2 ,2 1 1 ,5 6 0 82,390 7 .260 53,853 1 6 .8 45 ___ _ *.? .... '*9 * 100, 543 1 , 8'f 5, 033 — 249.335 55.548 7 5 .1 30 37.008 100 542 l ,625.698 -— 315 2 ,0 6 8 148,099 35,509 89.175 3 1 .0 42 13,102 1 ,7 0 0 24,500 16.246 -2,912 52,360 19,853 11,5 81 2,148 584 22.695 91,620 295,840 8 6 ,9 0 0 149,461 157,063 19 .740 13 . 3T)0 9 6,140 u , u00 77,518 6 .470 77,023 16.125 283.2*9 75,639 4 5 .6 6 0 7.080 53,843 4 .2 9 5 129.721 143.703 71.048 60.913 237.589 68.619 . --6,482 80,619 42.^20 12,703 7,2 0 0 70,000 53.300 2,093 27,000 41,955 2,504 2,728 37,670 18.011 1 JL * 7 1,980 wfJLv 1 9 7 ,7 0 0 JLJ , o.i V COLLATERAL HELD AS SECURITY FOR OUTSTANDING NOTES: Gold coin and certif.on hand Gold redemption fund Gold settlement fund F.R.Board Eligible paper, minimum required Total AMOUNT OF ELIGIBLE PAPER DE LIVERED TO F.R.AGENT 32,110 173,251 4,703 11,168 1 1,500 25,000 53-.000 335.140 4.982 50,896 44. fi*j4 245,251, 4 8,5 04 563,737 768,206 101,318 544,559 129^721 143,703 7]., 048 60,913 237,589 68,619 55,548 7 5 ,1 3 0 37,008 100,542 1 ,6 2 5 ,6 9 8 70,387 469,614 42,781 78,163 51,855 1 9 ,3 1 0 92,171 38,187 17,784 46,131 3 0 ,3 36 49,972 1 ,0 0 6 ,6 9 1 37 ,0 08 158 3 6 ,8 5 0 100,542 1 .6 2 5 ,6 9 8 1 3 .2 19 'l2o'.321 87,323 1 ,4 9 9 ,3 7 7 M E M O R A N D A FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION F.E.Notes outstanding F.R,Notes held by banks F.R.Notes in actual circulation 101,318 544,559 _ .3 ,1 8 0 52.783 98,138 491,776 129,721 11.542 118,179 143,703 6.941 136,762 71,048 9 .8 0 0 61,248 60,913 1.579 59,334 237,589 68,619 14,lP4_...6194e 223,405 51,671 55,548 1,079 54,469 75 ,1 30 4 .9 0 8 70,222 DISTRIBUTION OF BILLS, U. S, GOV'T, SHORT TEEM SECURITIES AND V/ARRANTS BY MATURITIES, Within 15 days Bills discounted and bought U . 8 , Gov't, short-term securities Municipal warrants 536,016 105,716 14 16 to 30 days 99,869 4,959 21 31 to 60 days 6l to 90 days 282,036 2,109 36 103,898 1 5 ,7 03 496 Over 90 days 9 ,845 1 3 ,6 56 Total 1 ,0 3 1 ,6 6 4 142,143 567 Released for publication Sunday morning April l4, 1918. 1. Not earlier. STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE, RESERVE AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS APRIL 5, 191S. ~ Data for all reporting banks in each district.__________ (In thousands of dollars.) Member Banks Boston New York Phila. Cleve. Richm. Atlanta Chicago St.Louis No. reporting banks 38 98 *7 79 67 37 92 32 U.S.bonds to secure circulation 1*,621 50,581 12,981 *2,923 2*,117 l *,500 19,*76 17,370 Other U>3*Bonds in- eluding Liberty Bonds 10 , 51s U.S.certificates of indebtedness 22,196 Total U .S . securi- ties Loans secured by U„ S* *7,335 ____________________ Minn. Kans.Cy. Dallas San.Frs.ru 33 69 *1 US Z-CSOd Total 6|9 5 . 6*2 13 , 93s 16 , 09* 35,399 267, 6*2 3 *3,350 165,953 10,362 35,892 1 8 , 16* 13,666 3 *,2 *9 11,020 5,981 10,037 12,128 15,380 770,905 *7,611 * 2,387 17,657 1 9,6** 67,173 30,**7 13,792 29,772 13,373 36,181 1 , 111,138 987,*39 70,95* 121,202 * 7 ,sio 120, 89s 58,837 25**15 53 , 71+7 1+1,595 86,960 1 , 722,130 59, 93s bonds, etc. 3*.528 159,588 21,1** 31,163 13,003 3.756 33,932 8,015 2,793 2,632 3 ,0 *7 *,701 318,302 All other loans and investments 728,383 3 , 973,508 596,160 922,233 3 * 8,265 278,560 1,3*7,387 376 , 5*2 223, 67* * 52,*69 180,86* *78,779 9 , 906, 82* Reserve with F.R.Bank 61,727 609,509 61,717 79,093 2 8 ,*35 28,022 1 * 1,730 33,239 20,273 **,0*3 18,371 * 3,631 1 , 169,790 Cash in vault 23,805 12*,3ll 20,015 3 *,3 3 * 16,253 1*,557 63,881 1 3 ,**5 9,133 16,6*40 10,713 19,925 367,012 Net demand deposits 611,766 *,391,736 562,572 690,012 277,1+21+ 213,331+ 1,01+8,175 271+.333 187,010 387,60* 159,709 371,276 9 , 17*,951 Time deposits 81,003 291,632 1 *,6 8* 210 ,*25 50,010 80,658 338,829 8*,362 **,ll+2 53,835 24,692 102,98* 1,377,256 Government deposits 1+5,501 267, 85* 29,263 *9,992 7 ,0 5* 6,625 51,775 17,300 7,682 10,518 7,265 ---500,829 2. Data for banksin each Central Reserve City, banksin all other reserve cities and otherreporting banks. New York Chicago St..Louis Total Cen.Res.Cities Reserve Cities Country Banks Total April 5— ^ r c h 29 April 5 April 5 April 5— ivfe-rch 29 April 5— March 29 April 5— iy&.rch 29 April 5— March 29 No. reporting banks % 66 40 ll+ 120 119 409 *12 150 151 ' 679 682 14 1+09 119 * 8,000 *7,900 u.s.bonds to sec.circ. 36,237 36,187 1,393 10,370 * 7,900 171,137 173,107 *8,505 * 8,505 * 9,150 267, 6*2 270,157 36,187 10,370 1,393 171,137 Other U.S.bonds incl. Liberty Bonds 151,221+ 152,079 6,808 171,690 1*2,827 1 * 2,827 31,012 32,136 3*3,350 3*7,790 171,690 172,827 l40,648 140,648 31,012 6*808 152,079 13,658 1*+2,071 823,988 866,186 251 251,144 U.S.Certif.of indebt. 757 , 1 !+! 2*,776 , 1* * 281,962 36,006 39,357 1,111,138 1 , 187,505 2 *,776 797,958 1 , 0*3,678 1,086,913 Total U.S.Securities 941+,602 986,221+ *1,95* 120,643 1 , 722,130 1 , 805, 1+52 986,224 57,122 562,929 597,896 115,523 * 1 , 95* 1,0*3,678 115,523 Loans secured by U.S. bonds, etc. All other loans and 139,763 investments 3,637,981 Reserve with F.R.bank Cash in vault iil,46l Net demand deposits , Time deposits , Government deposits 580,932 4 084,426 247 9*0 253,755 168,205 170,816 120,038 19,92820,649 318,302 1 1,539 22,089 22,0896,3536,353168,205 170,816 130,169 120,038 19,928 311,503 130,169 , 729,304 **,,750,703 9 ,1 1 2 7*5,750 650,097 825,846 825,846 265 265,*77 ,*77 4*,729,30* 750,703 *,431,770 4, 431,770 *,*5 4, 459,112 7*5,750 767,307 9,906,824 9,977,122 33,,650,097 416,110 603,827 603,827 98,900 98,900 24,005 24,005 703,837 703,837 731,031 4 i6 ,n o 407,191 *9,8*3 49,843 50,324 1, 169,790 1, 188, 5*6 731,031 *07,191 160,077 112,061 *1,377 41,377 7,239 160,077 160,406 i6o,4o6 172,35s 171,955 171,955 3*, 3*,577 33,395 367,012 365,756 112,061 172,358 7,239 577 4, 087 , 4-65 705,330 705,330 197,350 197,350 **..987,106 987,106 4,991,224 4, 991,2243,570,418 3, 570,418 3,589,590 3,589,590 617,*27 617,427 620,574 9,17*,951 9, 201,388 *,0 8 7 ,*65 442 , 8S7 435,172 1,750 137,66* 137, 66* 57,283 57,283 *42,887 435,172 771,909 777,95* 777,95* 162,460 162,460 165, 0051, 377,256 1,378,131 22**1,750 771,909 170 , 22 * 213,211 390,836 325,896 42,122 42,12214,879 310,756 390,836 170,224 213,211 19,849 27,211 500,829 631,258 310,756 325,896 19,8*9 i*,«7 9 * 1*1,539
@FedFRASER