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Released for publicat%iBfc Sunday morning December 31 , 1916 . Mot earlier. *3 f STATEMENT FOR THE PRESS. . December 29, 1916. A Summary record of the growth of the Federal reserve system during 1916 is presented in the weekly bank statement of the Federal Reserve Board made public as at close of business on December 29, the last Friday of the present year. The increased strength of the system is indicated chisfly by the gains in cash holdings, investments and deposits. Aggregate cash reserves of the banks increased during the year by $112,7 6 3 ,0 0 0 , w hile combined gold reserves increased $ 1 0 8 ,7 5 0 ,0 0 0 , The gold hold ings of the Agents increased $ 8 5 ,0 7 3 ,0 0 0 , or over 43 per cent, a »& stand at present at $ 2 8 2 ,5 2 3 ,0 0 0 . Total gold resources of the system i»C#ea#$d from* $ 5 4 2 ,4 1 3 ,0 0 0 to $ 7 3 6 ,2 3 6 ,0 0 0 , or over 35 per cent. Larger gold are reported at the close of the present year by ©very bank and every* fcgent, ex cept one. Hew York reports 3 8 .4 per cent of the total gold resojitrjBi&s, o'f the system on December 29, compared with 4 8 .9 . p e r cent about a year ago. Chicago holds at present 8 .3 per ceut of the system's gold, as against 7 . 5 per cent a year ago; Kansas City holds now 6 .4 per cent, as against 3 .7 in 3.915; Cleve land and Dallas each hold now 5 .9 per cent of the total gold as against 5 .8 and 4 ,6 per cent, and P h ilad elp h ia 5 .8 per cent as against 4 . 4 per tent a year ago, Other banks holding at present over 5 per cent of the systemrs gold are Richmond, Boston and San Francisco. A ll the banks except New York show larger proportionate shares of the total gold holdings than a year ago. Of the banks' total gold reserve at the close of 1915 about 7 7 . 3 per cent Was held in the banks' vaults and 2 2 .7 at Washington in the gold redemption and gold settlement funds. Last Friday the proportions were 62 and 38 per cent respectively. Total earning assets of the banks increased from 8 3 ,4 m illions to 2 2 2 ,1 m illio n s , or about 166 per cent. The ratio of earning assets to paid-in cap i t a l Was s lig h t ly over 150 per cent at the end of 1 915, and is nearly 400 per cent at p resent. This large gain is dttft chiefly to the growth of the acceptance business during the year. Both discounts and municipal warrants on hand at the Close of the present y e a r -30.2 and 9 , 0 m illions"- are below the corresponding figures of a year ago. The amount of U. S , bonds owned by the banks - 4 4 . 2 m illio n s , is nearly three times as large as a year ago. The figure just given is exclusive of 1 1 .2 m illions of one-year Treasury notes issued to the banks in exchange for 2 $ bonds delivered to the Treasury. Of the total earning as sets at the close of the present year, 5 7 .4 per cent is represented by accept ances* as against 2 7 .6 per cant at the end of 1 915; 2 4 .9 per cent, as against 1 8 .9 per cent, by U, S , s e c u r itie s ; 1 3 . 6 per cent, as against 3 8 .9 per cent, by discounts; and 4 .1 per cent, as against 1 4 .6 per cent, by warrants. I'otal paid-in capital of the Federal reserve banks increased from $54,9 15,000 to $ 5 5 ,6 9 5 ,0 0 0 , largely as the result of accessions to membership of newly organized national banks and e xisting State institution s, and to a smaller ext e M ^ S increase in capital and surplus of member banks. New York reports the laTgest gain in cap ital, the past year having witnessed the transfer of certain Connecticut banks from the Boston to the New York Federal reserve d is t r ic t , also the accession to membership of the Corn Exchange Bank. Government deposits, which at the end of 1915 were 15 m illions distributed equally among the three southern banks, have increased to 2 8 .8 m illions at the end of the present year? ^'largest amount of Government funds held by the Federal reserve banks during the*"present year was 1 1 4 .4 m illions on July 7 . Net bank deposits total at present 6 6 8 .8 niillions, or 2 6 8 .8 m illions in ex cess of corresponding figures on the last Friday in 1 91 5. The smaller relative increase in bank deposits shown for the New York and Chicago banks is, of course due to the large preponderance in these two d istric ts of the local city banks, which were not required to make additional transfers of reserves during the present year. -2 - 943 \ Federal reserve notes issued by the agents increased in volume from $ 2 1 4 ,1 3 5 ,0 0 0 to $ 3 0 0 ,5 1 1 ,0 0 0 . The proportion of notes covered by gold is 94 per cent at present, as against 92 per cent at the close of 1915# Ac cordingly the banks' aggregate l i a b il i t i e s upon notes issued to them by the agents have changed but l i t t e , being $ 1 4 ,1 3 0 ,0 0 0 at present, compared with $ 1 3 ,4 ^ 6 ,0 0 0 at the close of 1915. Released for publication Sunday morning December 3 1 , 1916 . Not earlier. ql«. i STATEMENT OF COMEINED RESOURCES AND LIA BILITIES OF THE TWELVE FEDERAL RESERVE BANKS OF THE UNITED STATES AT CLOSE OF BUSINESS DECEMBER. 2 9 , E S 0 U R C E S . December 29, 1916December 22, 1916 Gold coin and c e r tific ate s in v a u l t ......................................... $ 2 8 1 ,5 8 8 ,0 0 0 2 6 9 ,6 2 7 ,0 0 0 Gold settlement fu n d ................................................... •................... 1 7 0 ,4 7 1 ,0 0 0 1 7 8 ,8 1 1 ,0 0 0 Gold redemption fund with United States Tre as ure r . . . . . . . 1 . 6 54 , 0 0 0 1 .4 7 9 .0 0 0 Total gold reserve.......... . .................................................... 453 , 713,000 4 4 9 ,9 1 7 ,0 0 0 Legal tender notes, s ilv e r , a t e ................................................. 1 7 ,5 1 8 .0 0 0 6 ,0 2 5 .0 0 0 Total reserve. . . . . . . . . . ........................................................ 4 j l , 2 5 1 ,0 0 0 455, 9 4 2 ,0 0 0 Five per cant redemption fund against F. R. bank notes . . 4 0 0 ,0 0 0 4 0 0 ,0 0 0 • / B i l l s discounted and bought: • . M aturities: W ith in 10 d ay s......................................................... F^ ° m 1J‘ i ° f ' 7 3 ................................................. „ 31 to 60 day s................................................. 61 to 90 day s............................................. . O v .r 90 days.............................................................. Tota]-............................................................................................ Investments: United States bonds............................................... One-year United States Treasury no te s.......... ! JA Municipal w arrants................................................. Total earning a s s e t s ............................................................. ■ f e d e r a l reserve notes - Net......................................................... F^Fue from Federal reserve banks.- N et...................... ................ A ll other resources..................................................................... . . TOTAL RESOURCES....................................................................... L I A B I L I T I E S * September 2 9 , 1916 June 30, 1916 December 3 0 . 1915. 2 6 0 ,8 4 5 ,0 0 0 2 6 2 ,0 3 8 ,0 0 0 2 6 6 ,5 4 6 ,0 0 0 1 2 4 ,4 2 1 ,0 0 0 1 1 2 ,9 3 1 ,0 0 0 7 7 ,2 9 3 ,0 0 0 1 , 9 29,000 1 ,7 8 9 ,0 0 0 1 ,1 2 4 ,0 0 0 3 8 7 ,1 9 5 ,0 0 0 3 7 6 ,7 5 8 ,0 0 0 344^96^000 7 ,8 1 1 .0 0 0 2 7 ,4 4 8 ,0 0 0 1 3 .5 2 5 .0 0 0 3 9 5 ,0 0 6 ,0 0 0 4 0 4 ,2 0 6 ,0 0 0 3 5 8 ,4 8 8 ,0 0 0 50 0 ,0 0 0 450 000 J ' 3 0 ,2 5 6 ,0 0 0 2 4 ,3 4 8 ,0 0 0 2 1 ,4 0 8 ,0 0 0 1 1 ,4 5 1 ,0 0 0 6 ,4 6 ? 000 4 l , 5 l4>000' 47,772*0003 7 ,1 0 5 ,0 0 0 ^ _ 1 , 0 4 6 ,0 0 0 . 15.7 , 633, 000. . 4 4 ,2 4 7 ,0 0 0 1 1 ,1 6 7 ,0 0 0 _ J L 3 I l ,O O O j 2 2 2 ,0 8 2 ,0 0 0 21,300,000'»" 4 6 ,9 5 8 ,0 0 0 _ _ 6 , 2^ y Q C O $ 7 6 8 ,2 2 6 ,0 0 0 4 7 ,3 8 1 ,0 0 0 49, 375,000 3 4 ,7 5 9 ,0 0 0 1,067 -000 156 , 930,000 4 3 ,5 0 4 ,0 0 0 1 1 ,1 6 7 ,0 0 0 1 0 ,5 5 7 .0 0 0 2 2 2 ,1 5 8 ,0 0 0 1 9 ,2 3 6 ,0 0 0 4 9 ,3 1 8 ,0 0 0 3 ,5 0 6 ,0 0 0 7 5 0 ,5 ^ 0 ,0 0 0 . 2 3 ,2 4 5 ,0 0 0 36, 527,000 23, 882,000 1 ,5 1 6 .0 0 0 106, 578, 000. 4 6 ,5 4 4 ,0 0 0 6 ,9 2 7 ,0 0 0 2 4 .0 2 8 .0 0 0 1 8 4 ,0 7 7 ,0 0 0 1 4 ,2 5 0 ,0 0 0 31 , 365,000 _ 7 , 5 ^ 3 ,0 0 0 6 3 2 ,7 4 1 ,0 0 0 16 , 539,000 28, 492,000 3 0 ,6 1 4 ,0 0 0 5 ,1 8 7 .0 0 0 92, 283,000 5 2 ,9 3 9 ,0 0 0 4 ,1 9 0 ,0 0 0 2 2 .6 7 1 .0 0 0 1 7 2 ,0 8 3 ,0 0 0 2 3 ,1 8 2 ,0 0 0 2 0 ,4 1 4 ,0 0 0 4 ,6 2 2 ,0 0 0 6 2 4 ,9 5 7 ,0 0 0 1 4 ,2 7 8 ,0 0 0 16 , 859,000 13 , 696,000 4 ,0 8 1 ,0 0 0 55 , 381,000 1 5 ,7 9 7 000 5 5 ,7 ^ 5 ,0 0 0 2 9 ,4 7 2 ,0 0 0 6 4 8 ,7 8 7 ,0 0 0 1 5 ,7 5 4 ,0 0 0 5 5 ,3 9 3 ,0 0 0 3 8 ,9 8 5 ,0 0 0 5 2 1 ,7 4 0 ,0 0 0 1 3 ,2 1 6 ,0 0 0 3 , 033,000 374^000 6 3 2 ,7 4 1 ,0 0 0 71-4$ 72-8^ 54 , 854,000 1 0 1 ,1 5 2 ,0 0 0 4 5 7 ,5 0 3 ,0 0 0 9 ,4 4 0 ,0 0 0 1 ,7 2 1 ,0 0 0 '2 8 7 ^ 0 0 0 6 2 4 ,9 5 7 ,0 0 0 68-8^ 73 .8 $ Capital paid m .................................................................................. 5 5 ,6 9 5 ,0 0 0 Government deposits............................................. ............................ 2 8 ,8 3 7 ,0 0 0 Member bank..deposits - N et........................ .................................. 668,7586,000 Federal reserve notes - N e t......................................................... 1 4 ,1 3 0 ,0 0 0 < Federal bank notes in circulatio n............................................ > All. other l i a b i l i t i e s ..................................................................... _ . 7 7 8 ,0 0 0 TOTAL L IA B IL IT IE S .............. .................................. . ............... $ 7 6 8 ,2 2 6 ,0 0 0 Gold reserve against net deposit and note l i a b il it ie s (A) 6 8 .2 $ Ca.sh reserve against net deposit and note l i a b il it ie s (A) 70-9$ Cash reserve against net deposit l i a b il it ie s after setting aside 40$ gold reserve against aggregate net l ia b il it ie s ________ 7 8 2 ,0 0 0 7 5 0 ,5 ^ 0 ,0 0 0 . 69 . 8$ 70-7^ _on Federal reserve notes i n ^ i r c u l a t i o n ^ A ) ^ . ^ . ^ . ^ . ______ ______________________ 71-3$________________ 7 1 *6$ Less items in transit between Federal Reserve banks,viz.. $ 4 6 ,9 58 ,0 0 0 4 9 ,3 1 8 ,0 0 0 ~ 3l73657000 1916 . 74.4^> ’ ~ 2074l4,000 1 2 .2 2 0 .0 0 0 8 3 ,3 9 8 ,0 0 0 2 1 ,9 1 0 000 2 0 /7 6 7 ,0 0 0 6 ,5 4 7 ,0 0 0 4 9 1 ,1 1 0 ,0 0 0 .54 , 915,000 1 5 ,1 0 1 ,0 0 0 4 0 0 ,0 1 2 000 1 3 ,4 8 6 ,0 0 0 7 ,5 9 6 ,0 0 0 4 9 1 ,1 1 0 ,0 0 0 8 4 .6 $ 87 . 9$ 89 . 6$ 20, 7 6 7 ,000 1 943 b. Ro1fl . . ...vi ication Sunday morning December 31, 1916. K e leaaed ^io ^p ^ ^ resources * RESOURCES. AND LIABILITIES OF EACH OF THE TWELVE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DECEMBER 2 9 , 1 9 1 6 . f(In T-n + .ViA»<aan^Q n ITS ) thousands off do llars) C le v e l,. Richm. Atlanta Chicago St .Louis M inn ls,. Kas.Cy . Dallas S .Fran. N. Y. Ph ila. Boston Gold coin and certif- in vault Gold settlement fund Gold redemption fund Total gold reserve Legal tender notes, s il v e r , e tc. Total reserve 5 $ redempt. fund B ills discounted - cembers B ills bought in open market Total b il l s on hand Investments: U. S . bonds One-year U. S . Treasury notes Municipal warrants Total earning assets Federal reserve notes - Ne;t Due from other F. R. banks — Net^ A ll other resources TOTAL RESOURCES L I A B I L I T I E S . Capital paid in , Government deposits Member bank deposits - Nejj Federal reserve notes - M t - \ F . R. bank notes in c irculatio n^ Due to other F. R . banks - Net A ll other l i a b i l i t i e s TOTAL L IA BILITIES M E M O R A N D U M . F. R. notes issued to the banks Br. R. notes in hands of banks f . a . notee in circulation Gold and lawful money with Agent Carried to net assets Carried to net l i a b i l i t i e s Not earlier 6,137 4,976 8,912 5,187 . 27,572 11,0 2 2 4,859 $11,640 155,028 18,746 15,735 14,947 7,064 21,236 3,395 7,439 26,183 20,570 8,042 .16,953 19,416 14,737 57 150 30 255 299 200 211 42ICO 250 50 19,980 27,523 16,006 26,427 175,848 26,888 32,730 24,486 12,925 53,955 14,672 136 253 164 857 1.381 197 51 521 461 635 12.806 27.659 20,233 16,170 Vviv 188,654, 27,349 33.251 24.537 13.122 54,812 16.053 /W 27I *062 100 300 * # m m * * M m S 815 516 1,974 3,090 4,416 , 1,311 2,879 7,068 3,061 1,082 3,727, • 3,890 12.725 41.457 13.602 . 9,871 ’ 3,694- 4.554- 10 ,212 < 6.784 6.128 4,406 ^ 2^201 3,020 8,102 8,095 14,638 6,573 7,644 48,525 16,663 10,953 16,452 4,328 8,493 2,442 ' 2,203 8/858' 1,710 2,192 1,043 1,651 7,361 1,33<3 . 705 700 963 891 824 1,517 618 1,070 1,205 1,174 1,000 127" 164 570 576 1,326 402 61 465 2.685 972 890 n t < 7 a c . f t TRO — iq -.y .U o -U — 1 1 . o i.a... M , 7 6.3— 329. .19 ,...674 , 51^7A§_ 19,953^ 21,612. ..9,.B,3£- IQ , 58Q___2fi, • + 2,188 2,647 • * 560 * * * % 622 13> 637 1,494 9,180 12,686 «- • 2,592' 3,294 5,393 11,188 234 i,ii_i 19 765 509 34 271 639 264 .nr L m 254 * ftA. fV tc OQO VI 30 191 43.713 29.624 58.800 .256.892 51.235 61,092 34.467 25.420 D>VOO Ol, lDO wv JL*X j i 11,866 4 ,9 9 0 2 ,1 6 5 5 1 ,3 7 8 4 ,1 * 1 24 0,73 'i 13 , 518 622 1 0 7 ,0 0 4 1 3 ,6 3 7 (a ) Items in transit 5 ,2 2 8 3 ,1 8 4 4 1 ,4 5 3 1 ,1 3 6 6,022 ' 990 5 4 ,0 8 0 3 ,3 4 6 3 ,0 6 2 ' 2 5 ,2 6 7 2 ,6 9 2 2 ,4 5 0 3 ,8 5 0 1 5 ,8 7 4 3,220 6,6 8 5 2,256 88,042 2 ,7 9 9 2 ,9 7 9 2 8 ,0 6 9 3 ,9 1 6 2,610 a71 26,169 3 ,0 7 4 261 3 8 ,3 3 8 2 ,0 4 0 2*696 1 ,4 9 1 22 ,6 5 9 1 ,1 2 6 t l^fi 2 691*r 3 220 d.vxo . ♦ — amounts 'due" from*less totkl mounts due to other Federal reserve oanks. Total. 11,774 281,588 10,489 170,471 10 1.654 22,273 453,713 76' 17.538 22,349 471,251 400 30,196 253 12,379, 127.497. 12,632 157,693 2,634 '-myzvi 500' 11>167 737 8.975 1 A CAO 0 90 AA9 1^ 646 21,'300 3,378(a)46,958 417 6.235 44.293 768.226 3 ,9 2 9 3,6 17 36, 683 5 5 ,6 9 5 .2 8 ,8 3 7 6 6 8 ,7 8 6 1 4 ; 13Q Released for p ub licatio n Sunday morning December 3 1 , 1916 . Not e a r lie r. 9^3 c - STATEMENT OF FEDERAL RESERVE AGENTS* ACCOUNTS AT CLOSE OF BUSINEBS DECEMBER 29, i g i 6 . x ( I n thousands of dollars) • r Boston federal Reserve Notes: Received from the Comptroller $ 2 8 ,8 8 0 Returned to the Comptroller Chargeable to F. R . Agent In hands of F. R. Agent Issued to F. R. banks loss amount returned to F. R . Agent for redemption AmountSheld by F. R. Agentv' Amoredaction of l i a b il i t y LU M I H e f t outstanding notes: On har >: Gold oin anl c e rtific ate s N. Y . P h ila . Clevel. Richm. Atlanta Chicago St. Louis Minnls. Kas.C y. Dallas S .F ra n . 1 8 0 ,4 0 0 3 0 ,4 8 0 17,660 6,150 3,728 29,500 35,380 11,8 8 0 2 2 ,5 4 0 6,569 3,835 1,697 2,610 2 4 ,5 0 0 896 Total 2 8 ,1 2 0 3 5 , 3 20 17,720 U 62,380 2,132 4,501 1,939 9 4 ,9 3 5 7 , 1+02 53,476 21,^7 8 126 , 92U 2 4 ,3 3 0 1 3 ,9 3 2 2 2 ,9 3 1 3 1 ,5 ^ 5 10,183 19,930 23,604 25,988 30,819 1 5 ,7 8 1 367,445 7 ,9 6 0 19,920 7,260 3 ,1 0 0 2,500 5,625 3,000 3,01+0 3,120 3 ,7 5 3 6,656 1 ,0 0 0 6 6 ,9 3 4 1 3 ,5 1 8 1 0 7 ,0 0 4 1 7 ,0 7 0 1 0 ,8 3 2 20, 1+31 25, 920. 7 ,1 8 3 16,890 2 0 ,4 8 4 22,235 24,163 1 4 ,7 8 1 300,511 12,600 101,452 3 ,7 3 0 1 0 ,2 2 0 5,165 13,230 4,370 10,340 918 5 ,5 5 2 I Credit balances: ' In gold redemption fund With Federal Reserve Board As security for outstanding notes: Commercial paper Total - - ---- - - - 13,518 - 107,001* 1,300 1 7 ,0 7 0 173 868 1 *00.4 1,065 1,293 461 15 ,3 7 6 16,000 16,220 7,010 6,510 6,250 14,260 10,830 14,320 1 0 2 ,5 8 0 - 3 ,8 3 0 4 ,2 7 1 - 4,347 ----- 1 0 ,8 3 2 20, 1+31 2 5 ,9 2 0 l+,077 4 ,2 8 5 ----- - .601 - 7 ,1 8 3 16,890 2 0 ,4 8 4 2 , 540- 1,700 22,235 24,163 2,545 1 ,8 4 4 red Y to Federal Reserve Agent _ - 1,300 164,567 1 ,9 6 9 612 860 1 1 ,1 8 0 3 , 1+60 — - - - 4,351 - - ---- 1 4 ,7 8 1 - - 1 7 ,9 8 8 3 0 0 ,5 1 1 1 8 ,4 0 2
@FedFRASER