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• fiel#ase& f o r p u b l i c a t i o n Sunday morning December 9, 1$!?, \ • SaMBEST BOB fHE PRESS. X559 Mot e a r l i e r , Deo. 6, 391%. LiUjaidation in some vol"wae of discounts and a c c e pt a nc e s, oota$:le4 With c o n s i d e r a b l e decreases in net d e p o s i t s i s i n d i c a t e d i n the F e d e r a l Reserve Board's weekly bank s t a t a b e n t issued a s a t c l o s e of b u s i n e s s December 7, 1917. Federal Reserve n o t e s i n c i r c u l a t i o n show an i n c r e a s e f o r t h e week of f>3*6 m i l l i o n s , while combined gold r e s e r v e s i n d i c a t e # g a i n of about 10 m i l l i o n s l a r g e l y through the exchange of Federal Reserve n o t e s f o r gold* The reserve s i t u a t i o n of t h e banks a s gauged by the r a t i o of cash r e s e r v e t o net d e p o s i t s shows an improvement f o r t h e week froei 6 2 , 8 $0 66.6 p e r c e n t , while the n o t e reserve shows a s l i g h t decline from 63*8 t o 6j*2 p e r c e n t . The r a t i o of t o t a l cash reserves t o net deposit and Fede r a l Reserve note l i a b i l i t i e s combined shows a r i s e f o r the week from 6j#2 \ t o .65* 1 _p9r Qent-. —DTaTng""the week the Ressnhs banks redeemed the outstanding balance Of t h e 300 m i l l i o n s of U. S. C e r t i f i c a t e s of Indebtedness issued under date of September 17- The r e s u l t i s seen i n a considerable reduction of the c o l l a t e r a l loan account, l a r g e l y a t the New York Bank, The l a t t e r r e p o r t s a gain of about 4^ m i l l i o n s In r e s e r v e , a redaction of 103-2 m i l l i o n s i n discounts and an even l a r g e r raduct na in c o l l a t e r a l notes secured by L i b e r t y Loan bonds ajad c e r t i f i c a t e s , ' . Met 4&poftite::at the bank decreased 64.2 m i l l i o n s while i t s dote c i r c u l a t i o n went t p by 15-7 m i l l i o n s . Boston r e p o r t s an increase of 35-3 m i l l i o n s i n discounts on hand, l a r g e l y customer*' paper secured by L i b e r t y bonds and c e r t i f i c a t e s , and a decrease of about 13 m i l l i o n s i n acceptances.,, I t s r e s e r v e s declined about 6 . 5 m i l l i o n s , while i t s net deposits increased about I 3 . I m i l l i o n s . Cleveland r e p o r t s a reduction of 22-9 m i l l i o n s i n r e serve following the withdrawal of about 16.S m i l l i o n s of Government deposits and a change of an adverse balance of 20.6 m i l l i o n s i n account with other Federal Reserve banks t o a favorable balance of 5»7 m i l l i o n s . Reductions in t h s r e s e r v e s of other banks a r e due to withdrawals of Goyafxyaeat d^posi£$ t o heavy t r a n s f e r s of c r e d i t balances betweenbanks on th# books of t h e Gold Settlement Fund. net @wi% t a e week MSfpiliE C f ^ T F m i l l i w s of paper, the larger total reported by the New York Bank u r e wxthifi 15 days, fTiiTA "F"'4 Citv'w^ n" ovoa? 6a per omt mature within 30 days. °lainly f o r the h 8 w f o r k , E M U d e l p h i a and Kansa. E^BPIilEr Released, f o r p u b l i c a t i o n Sunday morning December 9> 1917» Hot e a r l i e r . X353STATEMENT OF COMBINED RESOURCES A1H) LIABILITIES OF THE TVjELVE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DECEMBER 1 - 1 9 - 7 . RESQilBCES. December J, November 30, 1 9 1 7 December 8 K 1916 Gold coin and c e r t i f i c a t e s in v a u l t , » $.499,887,000 $500,6^6,000 $245,335,000 Sold s e t t l e m e n t f u n d . .................. 395,236,000 181,101,000 376,778,000 Gold with f o r e i g n a g e n c i e s ..................... 52.500,000 52,500,000 Total gold h e l d by banks. 947,623,000 426,436,000 • 929,934,000 Gold with Federal Reserve Agents ,,... 661,824,000 264 639,000 • 683,^39,000 Gold redemption fund. 12,278,000 17,485,000 1,553,000 Total gold r e s e r v e 8 . ... $1,621,725,000 692,608,000 1,631,358,000 ^ e a l tender,,notes, s i l v e r , e t c 54.486,000 4,644,000 51,949,000 ^Pfcal reserves 1,676,211,000 1,683,307,000 697,252,000 B i l l s discounted - M e m b e r s . . . . . . . . . . . . . . . . . . . . . . . . . . . 756,457,000 636,902,000 38,345,000 - B i l l s bought in open ;,:arket 205,454,000 190.682.000 119,782.000 Total b i l l s on hand 961,911,000 877,584,000 158,127,000 U.S.Government long-term s e c u r i t i e s . 49,195,000 47,304,000 41,548,000 U.S.GoveraBBM short-term s e c u r i t i e s . . . 50,424,000 41,792,000 11,167,000 Municipal warrants 914,000 1,429.000 13,235,000 Total earning a s s e t s . . .. 1,052,436,000 978,120,000 224,077,000 Due from other F. R. Banks — Net. (a) 7,091,000 26,332,000 36,565iOOO Uncollected items 373,160.000 310,572.000 Total deductions from gross d e p o s i t s . 336,904,000 373,160,000 36,565,000 5$ Redemption fund a g a i n s t F. R« Bank n o t e s . . . . 537,000 537,ooo 420,000 All other r e s o u r c e s . . . 2.968.000 2,499,000 2,881,000 TOTAL RESOURCES 3,104,843,000 3,001,836,000 961,195,000 L I A B I L I T I E S Capital paid-in 68,500,000 69,048,000 551?46,ooo ^fcerraient d e p o s i t s . . 220,962,000 • 168,568,000 28,668,000 to members r3s3xv0 a c w O u x * . . . . . . . . . . . . . . . . . « * > > 1,437,174,000 1^89,429,000 Due t o non-member "oanks — electrlug aeoou-./.v*,. * • • • * » . , 17,549,000 •• 13,662,000 Member bank d e p o s i t s . 618,643,000 C o l l e c t i o n items. 231.776,000 189,861.000 Total gross d e p o s i t s . (a) 1,966,807,000 1,809,265,000 047,311,000 F. R. Notes in a c t u a l c i r c u l a t i o n 1,056,933,000 1,110,537,000 257,302,000 F. R. Banknotes i n c i r c u l a t i o n , net l i a b i l i t y . . . — . 8,000,000 8,000,000 28,000 A l l other l i a b i l i t i e s including foreign Gov't c r e d i t s 4,986,000 4,553.000 808.000 TOTAL LIABILITIES 3,104,843,000 3,001,836,000 961,195,000 Gold reserve a g a i n s t net deposit l i a b i l i t i e s . 63-1% 59.4$% 69 .8$ Gold and lawful money reserve against net deposit l i a b i l i t i e s 62.2^ 66.6$ 10~6i Gold reserve against F.R.notes in actual c i r c u l a t i o n 63 . 8 $ 63.2% 103.4^ »• (a) Net amount due t o other F. R. Banks $7,091)000 included in Gross d e p o s i t s . i its .leased f o r p u b l i c a t i o n Sunday morning Devomuot a, xyjiy N . r X—559 WEEKLY M S B . OF KESOUhCES LIABILITIES OF E„CH Or THE FEDEEtfL RESEFiVE BMK8 »T CLOSE OF BUSINESS DECEMBER 7 , 1 9 1 7 . (In thousands of d o l l a r s ) . RiSOuRGKo: G;r. 11 onm ana c e r t i f i c a t e s i n v a u l t Gold s e t t l e m e n t fund Gold with f o r e i g n a g e n c i e s Tocv.l gold held by banks Gold w i i h Federal Reserve Agents Go.^L redemption fund T<^^L gold r e s e r v e s Legal tender n o t e s , s i l v e r , e t c . Total r e s e r v e s B i l l s discounted - Members B i l l s bought i n open market Tota.I b i l l s on hand U.S,Government long-term s e c u r i t i e s U.S.Government short-term s e c u r i t i e s y v . i~i pc. 1 warrants I'ocal e a r n i n g a s s e t s Duo f rem o t h e r F. E, Banks - Net 30)228 317,141 IV^l 1,033 76,795 24,456 36,085 40,200 11,046 .3^675 18,112 _3jJ575 4,725 1,837 1,575 , 53,899 4 8 , 2 8 7 31,816 >346 44,554 .551 80,654 575 63,576 3ik,936 26,290 412,048 170,875 62,225 592,923 1,000 10,000 45,592 56,804 1,500 103,896 * \ % 9 1 119,485 56,417 7,350 ICC , m 106,596 535 161 588 80,815 64,164 214,539 57,058 8,295 18,475 •13>397 31,872 1,299 61,975 5,331 20,152 7 ,700 4,464 15,275 7 ,203 22,478 2,097 7,014 27,852 2,233 44 51,910 12 3,169 87,307 14,007 3,391 72,379 11,743 34,069 5,709 17,82.9 36,340 2,265 28,242 4,969 4,797 42,154 793 564 635,077 104,689 120,049 83,383 10,093 93,476 350,518 52^,558 23,886 22,467 33,905 23,153 412 ,176 2,159 46,353 1,049 2,456 14,196 96,542 511 429,042 16 >795 67,558 276 75,431* 65,578 8,538 6,748 15,286 1,888 3,603 1,444 1,414 ___ 25 104,917 31,529 18,613 ... 13,628 11,104 43 ,705 18 ,670 12,724 43,705 32,298 23,828 •* * * » 945 681 363,161 140,203 21,555 _25_i265 Tor.a.I deductions from gross d e p o s i t s 16,795 07,658 45,812 23,538 23,820 30,234 5% Redemption fund a g a i n s t F.R.Bk n o t e s All o t n s r r e s o u r c e s ... 155 378 TOTAL :uj. 180,360 H31,777 202,411 215,966 141,130 123,018 I A B I L I T I E S Ca. 1j p a i d - i n 5,762 18,143 5,850 7,929 3,650 2,735 8,661 Govbrnaent e 0 o s i t s 9,415 21.057 8,448 5,514 23,102 13,462 12,685 Due-to meiTcbsra - reserve account 76,614 656,353 78,297 104,682 43,926 34,953 165,873 Bud nci-rrer. ber banks-clearing a c c t 6,346 «* 98 79 3,480 C o l l e c t i o n items 13,895 40.058 26,832 14,438 14,594 10,893 20,937 Due t o other F. R. Banks - Met 9,875 28,479 609 Total g r o s s d e p o s i t s 109,799 752,793 113,577 124,732 81,622 59,387 203,584 F. R. Notes i n a c t u a l c i r c u l a t i o n 63,876 358,004 82,403 83,043 55,858 60,896 150,824 F.R.Bank n o t e s i n c i r c u l a t i o n , net l i a b . . , , A l l other l i a b i l i t i e 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 923 2,837 581 262 TOTAL LIABILITIES ~ ( a ) D i f f e r e n c e between n e t amounts due f r o m ^ I T n e l f allunt"^ 'AT 10^ o t h l ^ F . ^ R ^ a n k ? 3 ' U 1 Minn. Kan Cy 14,400 1,587 20,773 12 ,882 36,056 2,100 2,100 2,625 28,33 9 29 ,332 40,278 45,818 35,156 41,123 74^ 732 513 74,882 35,270 81,914 549 308 __ 54 213,526 1,013 67,023 610 0 * Dd.il .^3 . Fran Total 12 ,687 32,520 500,656 2 5 , 6 1 1 25,414 376,778 1,838 2, 52,500 40,136 50,822 529,934 30,092 40,814 683 ,939 . 1,083 59 17,485 101,695 ,631,358 303 51,949 81,968 7 1 , 9 7 6 101,998 1 , 5 8 3 , 3 0 7 25,364 4,938 20,472 686,902 3,146 15,887 13 ,899 190,682 28 ,530 20,825 34,371 877,584 8,849 4,272 2,440 49 ,198 3,534 3,475 2,264 50,424 46 914 40,913 28,618 39,075 978,120 9,421 7 , 6 4 0 (a )26,332 22,726 15,719 13,857 310,572 32,147 1 5 , 7 1 9 21,497 336,904 400 137 537 695 114 2,968 108,700 155,426 117,145 162,684 3,442 17,074 50,231 2,591 13,597 41,026 115 13,752 3,393 8,689 73,123 45 4,289 2 2,796 13,776 44,938 1.437,174 13,111 6,531 4,076 21 ,747 57,158 2,997 10,531 58,957 94,925 1,184 66,431 47,152 102,433 48,799 1,809,265 47,918 56,175 1,110,537 81,172 55,589 8,000 140,203 311 3,001!836 69,048 166,568 13,662 - 189,861 8,000 4,986 108,700 1 5 5 , 4 2 8 117,145 l6?.,f B4 2 >OOl78is Bel eased f o r p u b l i c a t i o n Sunday morning December 9, I 9 I 7 . Not e a r l i e r , STATEMENT OF FEDERAL RESERVE AGENTS* ACCOUNTS AT CLOSE OF BUSINESS DECEMBER 7, I 9 I 7 . (in thousands of d o l l a r s ) Federal Reserve Notes: Boston Hew York P h i l a Cleve Rich '.ULiUta Chicago S t , Louis Minn, ^ a n s Gy.Da.llas Received from Comptroller, 95,120 623,680 113.980 103,680 74,820 86,020 202,280 70,820 61,480 72,740 67,$40 Returned to Comptroller, x( ,eo.u i.xD,_>D^ WiBW xuijju 0,147 J , 9 7 5 1 1 , ^ 3 11,964 Chargeable t o F.R. Agent, 77,310 508,315 97,074 95,139 59,848 75.690 196,133 62,845 55,242 61,177 55,576 In hands of F» R» Agent, 11.700 112.800 9.940 7 * # 0 2,12© 12,870 38.460 4,090 4,030 7.900 7,450 Issued t o F» R» Bank l e a s ^teaaount returned to F*R. ^ R g e n t f o r redemption, 87,134 87.199 57,728 62,820 157.673 53,815 48,152 52,277 48,126 395,515 Collateral held as security f o r outstanding n o t e s : Gold coin and c e r t i f i c a t e s on hand, Gold redemption fund, With Federal Reserve Board, Commercial paper, minimal required, TOTAL, Amount of c o m e r c i a l ^aper ^ ^ e l i v e r e d t o F. R. Agent, X559c San Fran 68,440 5,822 62,618 ... Total. i,64o,6oo 23b, bp 1.403,967 219.,3Cu 62,618 1,184,667 20,810 3,480 2,000 162,820 8,055 ... 4,220 19,202 ... 3,604 ... 4,730 4,697 316 2,980 67 47,854 30,000 31,500 37,970 106,631 2,513 2,500 40,805 13,102 ... 1,554 2,263 20,500 38,860 14,080 ... 2,438 2,693 13*574 38,121 240,351 35.773 407,815 39.320 224,640 30,330 33,300 25,912 18,266 50,975 12,997 12,996 12.154 18,034 21,804 500,728 figrfoO 395,515 87,13* 87,199 57,728 62,820 157,673 58,815 42,152 53,277 48,126 62,618 1,184,667 39,359 239,601 30,356 33.348 32,076 18,852 L5li£30 14,203 13,544 12,534 20,825 30,155 536,473 Federal Reserve notes outstanding and i n a c t u a l c i r c u l a t i o n . 65,610 395.515 87,134 87,199 57,728 62,820 157,673 58,815 48,152 1 4.731 14,156' 1,870 1.924 6.849 3,226 1,000 l>7^ 27,511 • - • 63,876 3 5 8 , 0 0 4 852,403 2 83,043 55,858 60,896 150,824 55.589 47,152 53,277 4,478 48,799 48,126 62,618 208 6,443 47,918 56,175 1,184,667 74,130 1,110,537 MEMORANDA. F. R* Notes outstanding, F. R. Notes held by banks, F, R. Notes in a c t u a l circulation, Distribution of B i l l s and Warrants by Maturities* B i l l s discounted and bought, Muni|lpal Warrants, Within 15 days 463,644 8 16 t o 30 days 82,098 125 3 1 t o 60 days 143,070 150 6 l to 90 days 182,232 631 Over 90 days 6,5*# Total 877.584 914
@FedFRASER