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STATEMENT FOR THE PRESS Released f o r p u b l i c a t i o n Sunday morning, Dec. 7, 19^9i not e a r l i e r . 7 33 Federal Reserve Beard. Dec. 6, 19'-?• CONDITION OF FEDERAL RESERVE BANKS. Net reduction V 1)2.7 m i l l i o n s of war paper, apparently in connection with s u b s t a n t i a l l i q u i d a t i o n of Treasury c e r t i f i c a t e s by member banks, i s indicated i n the F e d e r a l Reserve Board 1 s weekly bank statement i s s u e d as a t close of business on December 5, 1919. This considerable decline i n war paper holdings i s p a r t l y o f f s e t ty i n c r e a s e s of 26.6 m i l l i o n s of other discounted b i l l s and 18.6 m i l l i o n s of acceptances on hand. Net deposits show a corresponding d e c l i n e . As a r e s u l t , the banks' r e s e r v e r a t i o , notwithstanding a reduction of 5-6 m i l l i o n s in cash reserves and an expansion during the week by 29-1 m i l l i o n s i n Federal Reserve note c i r c u l a t i o n shows a r i s e frcci 45 »5 to 46.4 per c e n t . War paper holdings of the Chicago and St« Louis banks are inclusive of 24«4 m i l l i o n s of paper discounted f o r other Reserve banks, as a g a i n s t 23-5 millions the week before, while acceptance holdings of these two and f i v e other banks include 124*3 m i l l i o n s of b i l l s , as against 136.9 m i l l i o n s the week before, taken over from the Boston and New York banks- Treasury c e r t i f i c a t e s on hand show a decrease of 4 , 2 m i l l i o n s , while the c i r c u l a t i o n of F . R. bank n o t e s , which are l a r g e l y secured ty such c e r t i f i c a t e s , shows a s l i g h t i n c r e a s e . A l l c l a s s e s of deposits show d e c l i n e s f o r the week. Government deposits - by 58.4 m i l l i o n s , members1 reserve deposits - by 14.4 m i l l i o n s , and a l l ether deposits, including f o r e i g n government c r e d i t s , - ty 4.7 m i l l i o n s . the banks increased 50.5 m i l l i o n s . The " f l o a t " c a r r i e d "fcy As a r e s u l t , n e t deposits work out at 127-9 m i l l i o n s l e s s than the week b e f o r e . Gold withdrawals f o r export, a l s o f u r t h e r s a l e s of gold account f o r a n e t r e duction of 6 . 4 m i l l i o n s in gold r e s e r v e s , 2.8 m i l l i o n s of which r e p r e s e n t the decrease in the amount held with f o r e i g n agencies. R e l e a s e d f o r p u b l i c a t i o n Sunday morning, December 1919; not e a r l i e r . S t . 739a CCMBIUED RESOURCES AKD LIABILITIES COT THE TWELVE FEDERAL RESER'T BAJJKS. R E S O U R C E S Gold, c o i n and c e r t i f i c a t e s Gold s e t t l e m e n t m i d - F , R. Board Gold w i t h f o r e i g n a g e n c i e s T o t a l gold h e l d by bonks Gold w i t h F e d e r a l R e s e r ve Agents Gold redemption f u n d Total gold reserves Legal t e n d e r n o t e s , s i l v e r , e t c . Total reserves B i l l s discounted ~oy Goveinment war o b l i g a t i o n s (All other B i l l s bought i n open m a r k e t T o t a l b i l l s on h a n d U. 5 . Government bonds U« S. V i c t o r y n o t e s U. S . C e r t i f i c a t e s of I n d e b t e d n e s s All other earning assets. Total saming assets Bank p r e m i s e s U n c o l l e c t e d items and o t h e r d e d u c t i o n s f r o . , gross d e p o s i t s 5p Redemption f u n d a g a i n s t F . R. bank n o t e s All other resources December 5, 1919 $234,622,000 $235,3^8,000 796,369,000 440,286,000 I35.6Q6.000 811,330,000 1,148,724,000 133.587.000 428,812,000 132.935,000 1,172, 191,000 1 1 8 . 7 0 4 , COO $2,087,264,000 66, 3 3 1 , 0 0 0 1,603,313,000 504,795,000 514.219.000 TOTAL LIABILITIES. R a t i o of t o t a l r e s e r v e s t o n e t d e p o s i t and F . R. n o t e l i a b i l i t i e s ccubined 2,154,095,000 2,622,327,000 5, 829.000 m 496.000 2,067, 401,000 2L 966.000 2,121, 367,000 1,467, 396, 1,736,033,000 478,175,000 495.595,000 2,709,804,000 2O, 8 4 3 , 0 0 0 57,000 288,032,000 322,000 462,000 3 1 k 4o6.000 2,235, 190,000 29, 196,000 * 105,606,000 27.000 3,024,741,000 2,370,019,000 920,299,000 1,013,426,000 650,039,000 8.328.000 6,041,396,000 6.659.000 6,230,041,000 26,973,000 87,001,000 81,087,000 12, 896,000 12, 878,000 12, 696,000 81,087,000 1,830,037,000 717,552,000 q4. ill.000 6,1918 7 S I , 528,000 1 , 2 0 7 , 377,000 2,159,666,000 2,933,082,000 39,79S,ooo December $ 3 5 3 , 208,000 4 2 2 , 491,000 $2,093,641,000 66.025..Q00 26,848,000 54,000 283,853,000 TOTAL RESOURCES L I A B I L I T I E S Capital paid-in Surplus Government d e p o s i t s Due t o members - R e s e r ve account D e f e r r e d a v a i l a b i l i t y items Other d e p o s i t s , i n c l u d i n g f o r e i g n government c r e d i t s Total gross deposits F . R. n o t e s i n a c t u a l c i r c u l a t i o n 5*. R. bank n o t e s i n c i r c u l a t i o n - n o t l i a b i l i t y All other l i a b i l i t i e s November 28, 1913 2,681,820,000 12,671,000 98,157,000 1,844,4)4,000 861,436,000 98.798.000 2,881,359,000 257,480,000 52.677,000 256,793,000 50.058,000 6,230,041,000 6,041,396,000 46.4 $ 53-7 $ 2,902, 825,000 2,852,277,000 •Includes 1-year Treasury n c t e s . 4,844,000 22-440.000 5,168,709,000 80,304,000 1,134,000 185,355,000 1,547,838,000 514,512,000 106.685.000 2,35^,390,000 2,584,523,000 92,799,000 55.559.000 5,168,709,000 % 4 5 . 5 fo 49.5 52.5 . $ 5 9 -0 1° Released f o r p u b l i c a t i o n Sunday morning, December 7> 1919; not e a r l i e r . St.739^ RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DECEMBER 5, 1919RESOURCES ( i n thousands of d o l l a r s . ) Federal Reserve bank of Gold coin and c e r t i f i c a t e s Gold Settlement Fund - F.R.Board Gold with f o r e i g n agencies Total gold held by banks Gold with F. R. Agents Gold redemption fund Total gold reserves Legal tender n o t e s , s i l v e r , e t c . Total reserves B i l l s discounted: Secured by Government war o b l i g a t i o n s (a) All other B i l l s bought i n open market (b) Total b i l l s on hand U. S. Government bonds U. S. Victory notes U . S . c e r t i f i c a t e s of indebtedness Total earning a s s e t s Bank premises Uncollected items and other deductions from gross deposits 5% Redemption f m d - a g a i n s t F.R. banknotes All other resources TOTAL RESOURCES Boston New York 8,722 1$1,201 5^,243 74,561 9,704 48,787 72,669 274,549 71,692 291,356 19,248 25,000 163,609 590,905 4,535 50,107 168,144 641,012 Phila. 1,234 28,792 10,635 4o,66l 77,485 12,864 131,010 477 131,487 Clevel. Richm. 8,077 2,314 43,191 31,662 10,901 6,514 62,169 40,490 118,420 45,381 983 7,750 181,572 93,621 913 209 182,485 93,830 105,868 39,870 36,266 182,004 539 22,081 204,624 1,091 184,407 15,028 3,649 203,084 1,385 -3i,7o0 236,229 500 116,672 84,478 65,497 173,759 43,519 35, ^63 15,324 35,208 87,854 31,32s 57,900 12.004 11,849 95,063 31,149 210,035 111,806 112,554 356,676 105,996 844 1,235 376 4,477 1,153 1|. _ 25,146 12,26b 15,665 39,903 17,300 236,025 125,301 128,599 401,056 124,44-9 889 491 503 2,936 691 66,250 1,072 284 225,597 75,93% 2,884 1,363 1,450 350 65,025 78,423 1,262 753 575 2,181 Chicago St.Louis Minn. ICans.Cy. Dallas San Fran. Total 24,129 3,l48 8,257 158 6,565 12,611 234,622 57,009 18,456 9,368 37,297 24,295 26,689 428,812 15,819 6,248 3,589 6,381 3,456 6,115 132.935 96,957 27,852 21,214 437836 3^,316 45,415 796,369 243,826 61,207 35,733 40,126 26,651 105,217 1,172,191 23.678 6,147 94l 3.983 2,776 9,263 118,704 364,461 95,206 57,888 87,945 63,743 159,895 2,087,264 2,715 4,744 6l 277 1,314 259 66,831 367,176 99,950 57,949 88,222 65,057 160,154 2,154,095 36,836 106,157 804 200 1,876 1,092 26,167 33,544 19,040 78,751 ll6 8,380 87,247 600 43,330 27,630 64,474 1,603,313 46,669 13,920 31,245 504,795 10.205 12,663 92,566 514,219 100,204 54,213 188,285 2,622,327 8,868 3,966 2,632 26,848 _ _ 54 15,811 8,645 11.495 283.853 124,883 66,824 202,412 2,933,082 402 399 400 12,896 65,712 24,024 76,894 497 245 134 *• 173 957 514 49,952 49,495 530 390 655 783 920,299 12,696 8,328 441,46% 1,870,283 445,950 486,439 300,801 265,571 880,293 291,544 170,127 291,872 183,152 413,899 6,041,396 (a) Includes b i l l s discounted f o r other F.R.banks,viz. - (b) Includes bankers' acceptances bought from other F.R.banks: Yfith t h e i r endorsement Without t h e i r endorsement - 667,512 119,342 131,865 918,719 1,257 50 75,407 995,433 3,994 Atlanta 8,206 23,249 4,786 3b,24l 55,097 6,071 97,409 1,220 98,629 - - - - - - - 20,367 * Includes Government ovor . r a f t of ' ~ f i , w v - .5,080 - - 20,850 3,500 - - 15,210 15,118 - - 27,732 10,551 - ,- 10,005 - 5,065 5,012 - 24,350 - 40,473 10,185 83,852 St.739c V Ri»loa.<iz»r! f o r iiabUeation Sunday morning; December 7 , 1 9 1 3 ; n o t e a r l i e r . RESOURCES AND LIABI1 I T I E S OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DECEMBER 5 , 1 9 1 9 ( i n t h o u s a n d s of d o l l a r s . ) L I A B I L I T I E S New York P h i l a . Clevel. Richm* A t l a n t a C h i c a g o S t . L o u i s Minn. Xans.Cy. Dallas San Fran. Total Boston F e d e r a l R e s e r v e "bank of 4,060 3,073 3,998 22,373 7,873 9,469 U.JSG 3,439 5,473 86,973 7,105 Capital paid-in 9,710 2,589 4,578 81,087 3,800 2 , 8 0 5 5,206 3,957 Surplus 3,662 2,269 1,676 1,119 6,467 39,798 2,305 Government d e p o s i t s 50,874 S 6 , 6 4 o 746,535 50,27S 243,715 Due t o members - R e s e r v e a c c o u n t 1 1 5 . 7 5 6 67,77S 5 S , l 6 l 31,335 22,886 717,852 36,590 76,730 53,407 Deferred a v a i l a b i l i t y items Other d e p o s i t s including 5,748 43,117 6,624 6,073 3,571 2,715 9,542 4,002 2,124 3,575 2,050 4,992 94,133 f o r e i g n government c r e d i t s 182,246 95,204 152,128 2,681,820 964,027 70,104 Total gross deposits 774,971 142,296 2,881,359 223,073 F.R.notes in actual circulation F.R.barik n o t e s i n c i r c u l a t i o n 20,044 net l i a b i l i t y 19,827 4,019 3,699 2,150 2,09s 6,013 1,875 3,791 1,380 3,736 *52,677 All other l i a b i l i t i e s 32,922 5,311 5,860 11,455 3,157 2,92s 2,102 100,122 128,145 62,091 162,920 68,655 TOTAL LIABILITIES Contingent l i a b i l i t y as endorser on Discounted paper rediscounted with other F.B.banks Bankers acceptances sold to o t h e r F . R . banks 3,413 12,309 2,320 2,029 2,65s 67,36s 60,700 117,783 1,830,037 51.027 17,106 66,257 177,681 195,307 136,419 91,852 331,663 125,055 160,134 222,612 250,384 150,749 480,334 142,049 85,014 102,342 71,006 '236,529 56,163 28,454 21,720 11,748 14,654 40,264 15,916 8,014 18,954 10,094 11,455 257,480 1,602 2,487 441,465 1,870,283 445,950 486,439 300,801 265,571 880,293 291,544 170,127 291,872 183,152 413,899 6,041,396 MEMORANDA 24,350 24,350 40,473 40,473 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION F . R, n o t e s o u t s t a n d i n g F . R . n o t e s h e l d by bank 232,779 868,304 234,433 265,747 147,937 154,417 507,521 161,921 86,329 108,502 73,776 266,711 3 , 1 0 8 , 3 7 7 9,706 9 3 , 3 3 3 11,821 15,363 5,641 3,668 27,187 19,872 1,315 6,l60 2 , 7 7 0 30.182 227,018 F.R.notes i n a c t u a l c i r c u l a t i o n 223,073 Bills discounted B i l l s bought i n open market U . S . c e r t i f i c a t e s of i n d e b t e d n e s s 774,971 222,612 250,384 142,296 150,749 480,334 142,049 85,014 102,342 71,006 236,529 2,881,359 DISTRIBUTION OF BILLS AND U.S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES 16 t o 3 0 d a y s 31 t o 60 d a y s 6l to 90 days Over 90 days Total 125,065 298,600 189,634 18,724 2,108,108 82,562 116,662 185,802 129,193 514,219 13,242 29,075 8,454 6,289 226,793 283,553 Within 15 days 1,476,085 St-739d Released f o r p u b l i c a t i o n Sunday morning, December 7, 1919; n o t s a r l i e r . FEDERAL BESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS DECEMBER 5, 1919( i n thousands of d o l l a r s . ) F e d e r a l Reserve Agent a t FEDERAL RESERVE NOTES: Received from Comptroller Returned t c Comptroller Chargeable to F . R. Agent In hands of F . R. Agent Issued to F.R. bank l e s s amount r e t u r n e d to F . R. Agent f o r redemption Boston Mew York P h i l a . Clevel. Richm. A t l a n t a Chicago S t . L o u i s Minn. ICans.Cy. D a l l a s San F r a n . Total 461,800 1,904,660 498,780 461,500 293,440 29^,500 804,760 286,760 146,480 197,160 135,500 388,440 5,869,780 184.721 921.1S6 231,007 166,913 124.186 277,079 981,304 265,773 294,587 169,054 202,117 531,361 179,961 44,300 P1P.779 113,000 31,340 28,840 21,117 46.659 120.579 2,404,841 88,383 273,399 106,799 ^7,7&0 23,840 93,039 113,962 88,841 267,861 3,464,939 5,4-OQ 15,065 18,040 6,710 4,000 13,052 3,682 4,277 2,881 3,766 48,500 235,144 52,930 19,200 36,360 1,150 356,562 868.104 2 l 4 . 4 l l 26^.747 147,937 154.417 ^01 COLLATERAL SECURITY FOR OUTSTANDING NOTES: Gold coin and c e r t i f i c a t e s on hand Gold redemption f u n d Gold Settlement Fund - F . R . Board E l i g i b l e paper, minimum required TOTAL AMOUNT OF ELIGIBLE PAPER .DELIVERED TO F . R . AGENT 183,740 - 37,525 - 13,692 12,616 13,096 15,895 1>361 58,000 95,000 64,389 65,000 44,000 2,500 4,097 - 8,831 161,087 ^7h.q43 Ih6,q4s 147,327 102,556 99,320 263,695 100,714 50.526__68 x jl6„ 232,779 868,304 234,433 265,747 147,937 15^,417 507,521 161,921 86,329 108,502 182,004 917,238 161,014 208,542 106,593 104,330 356,193 105,973 68,495 100,204 - 249,648 4,336 13,439 92,155 13,US4 91,778 824,385 47,12q 161,494 1,9:6,186 73,776 266,711 3,108,377 54,213 171,269 2,536,062
@FedFRASER