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Re l e a s e d f o r p u b l i c a t i o n Sunday morning February 18, 1^17. Not e a r l i e r . 1029 STATEMENT FOR THE PRESS• February 17, 1917• Continued g a i n s i n t h e volume of t h e acceptance b u s i n e s s and of d i s c o u n t o p e r a t i o n s > as w e l l as s u b s t a n t i a l i n c r e a s e d i n member banks' d e p o s i t s , a r e i n d i c a t e d by t h e weekly bank s t a t e m e n t of the F e d e r a l Res e r v e Board made p u b l i c today as a t c l o s e of b u s i n e s s on February l 6 , 1917• Aggregate gold r e s e r v e s of t h e banks i n c r e a s e d by 3*5 m i l l i o n s and i n a d d i t i o n t h e gold h o l d i n g s of the system i n c r e a s e d by about 8*5 m i l l i o n s t r a n s f e r r e d to t h e F e d e r a l Reserve Agents a g a i n s t F e d e r a l r e s e r v e n o t e s , which a p p a r e n t l y were used by the banks t o pay f o r i n vestments made d u r i n g t h e week* The New York bank r e p o r t s an i n c r e a s e of about l4»6 m i l l i o n s i n i t s gold r e s e r v e , l a r g e l y t h e r e s u l t of t r a n s f e r s from o t h e r F e d e r a l r e s e r v e banks of c r e d i t s on the books of t h e Gold S e t t l e m e n t Fund f o r purchases, of a c c e p t a n c e s made f o r t h e i r a c c o u n t . A t l a n t a ' s g a i n of about 0*9 m i l l i o n , in cash r e s e r v e i s c o i n c i d e n t with an i n c r e a s e of r e s e r v e d e p o s i t s and t h e l i q u i d a t i o n of i t s f a v o r a b l e balance in account with o t h e r F e d e r a l r e s e r v e banks# In t h e case of t h e Chicago bank the i n c r e a s e f o r t h e week of about 2 m i l l i o n s in cash r e s e r v e goes hand i n hand w i t h a c o r r e s p o n d i n g r e d u c t i o n i n t h e volume of t r a n s f e r d r a f t s bought but not y e t c o l l e c t e d . Discounted paper on hand i n c r e a s e d about 3 . 3 m i l l i o n s ; the Boston t o i t s h o l d i n g s of commercial bank r e p o r t i n g t h e l a r g e s t a d d i t i o n p a p e r . Of t h e t o t a l h e l d , $4,743,000, a s a g a i n s t $3,465,000 the week b e f o r e , i s r e p r e s e n t e d by member banks 1 c o l l a t e r a l n o t e s , h e l d a t p r e s e n t by 9 "banks« A l l t h e banks, except A t l a n t a , r e p o r t a d d i t i o n s t o t h e i r h o l d i n g s of a c c e p t a n c e s , t h e t o t a l g a i n f o r the week being n e a r l y l 4 millions. No m a t e r i a l changes in t h e volume of United S t a t e s s e c u r i t i e s on hand a r e r e p o r t e d f o r t h e week# The amount of w a r r a n t s i s about 1 ' 8 m i l l i o n s l a r g e r t h a n the week b e f o r e . T o t a l e a r n i n g a s s e t s i n c r e a s e d about 19 »2 m i l l i o n s and c o n s t i t u t e a t p r e s e n t 377 p e r c e n t of the banks* p a i d - i n c a p i t a l , a s a g a i n s t 3^3 p e r cent shown t h e week b e f o r e * Of the t o t a l n e a r l y 60 p e r cent i s r e p r e s e n t e d by a c c e p t a n c e s } over l 4 per cent by United S t a t e s bonds; 9*3 per cent by d i s c o u n t s ; 8 . 8 per cent by Treasury n o t e s , and 7*9 P e r cent by w a r r a n t s * The a g g r e g a t e c a p i t a l of t h e banks shows an i n c r e a s e of about $60,000 l a r g e l y t h e r e s u l t of t h e admission t c membership of t h e Commonwealth T r u s t Company of Boston* A f u r t h e r r e d u c t i o n of about 4*7 m i l l i o n s i s shown f o r Government deposits. Member banks' r e s e r v e d e p o s i t s i n c r e a s e d 10*4 m i l l i o n s , P h i l a d e l p h i a and A t l a n t a r e p o r t i n g the l a r g e s t gainsunder t h i s head. F e d e r a l r e s e r v e n o t e s i s s u e d by t h e Agents b a r e reached a t o t a l of $321,453>000, an i n c r e a s e of $13,10$,000 f o r t h e week. Against t h e t o t a l t h e Agents hold $297,270,000 of gold and $26,746,000 of p a p e r . The banks r e p o r t a t o t a l of $291;839;000 of F e d e r a l r e s e r v e n o t e s .in c i r c u l a t i o n and a g g r e g a t e l i a b i l i t i e s t h e r e o n of $17,089,000, • r i g g g f i a i n u a a n n i ^ e e = as us si§ m m m m ^ = = E s t i S l ! » f » . ; | E § 1 1 ' " 1 I » I « V I s ! 5 g i E »®SEEHEE=EE 3B S « « ^ ' S ^ l i i l ^ " ^ t ' d e i o ; ^ : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : : Due t o members - Reserve account Member bank d e p o s i t s - Net # # # S ' j & S S 688,591,000 15:525:0% 678,170,000 § : m , ' S o • -•• • ' err™8^-:-«::::::::::::::::::::::::::::::: % % F e d e r a l r e r ^ r v e bank note l i a b i l i t y . . . . . . . m • • ••• a s t e o Gold r e s e r v e a g a i n s t n e t d e p o s i t and note l i a b i l i t i e s Cash r e s e r v e a g a i n s t n e t d e p o s i t and note l i a b i l i t i e s , . . . . Cash r e s e r v e a g a i n s t n e t d e p o s i t l i a b i l i t i e s a f t e r s e t t i n g a s i d e 40$ gold r e s e r v e a g a i n s t a g g r e g a t e net l i a b i l i t i e s OB 71,8$ 72-9^ ^go'ooo n ? 73*0/ 74-b/o ? # « * ' $ : « » 505,090,000 416,490,000 290,000 l40,000 ^ « , £ £ » ' O* / 71.4% * . 12 i f x 1 f , # L : . K e i - * * , . ' 3 8 3 S 509,551,0=0 - 80.6$ 81 5^ Released f o r -cub l i cat i o n Sunday morning February 18, 1917 • Not e a r l i e r . 1029 t)WEEKLY STATEMENT OF RESOURCES AMD LIABILITIES OF EACH OF THE TWELVE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEBRUARY l b , I 9 I 7 . ( I n thousands of d o l l a r s ) RESOURCES Boston N. Y. P h i l a . C l e v e l . Richm. A t l a n t a Chicago S t . L o u i s Minnls. Kas.Cy. D a l l a s S.Fran. Total Gold coin and c e r t i f ! i n v a u l t $12,1*98 128,155 28,305 15,704 5,291 5,687 28,310 11,081 11,326 7,365 6,717 13,928 274,367 Gold s e t t l e m e n t fund 18,472 56,644 3,944 25,443 18,258 8,002 40,048 437 4,857 25,687 7,854 6,575 2 1 6 , 2 2 1 hjx. ^7? Gold redemption fund 3 1 , 0 1 8 185,049 32,349 41,172 23,877 14,182 68,558 11,559 16,308 33,206 14,596 20,518 492,392 Total gold r e s e r v e 44 785 90 665 7,609 2,788 158 408 152 113 987 140 1.279 Legal t e n d e r n o t e s , s i l v e r , e t c 500,001 2 0 , 5 6 2 31.158 185,201 32,507 41,580 23,990 15,461 69,545 14,347 16,973 33,296 15,381 T o tal r e s e r v e 400 100 300 redempt. fund - F. R. bank notes 206 489 1,616 19,553 581 1,375 1,478 2,474 2,570 2,208 1, 988 . 694 3,874 B i l l s discounted - Members 2 , 3 2 0 10,024 1 2 6 , 0 5 4 4,358 7,968 5,584 3,484 10,135 6,735 35,544 15,166 10,859 13.877 B i l l s bought i n open market 4.847 9,305 8,549 3,695 10,230 145,607 9,458 16,085 5,958 11.751 37,532 15.860 12,337 Total b i l l s on hand 2,429 29,471 8,518 1,409 3,403 442 2,203 5,961 71 50 4,985 Investments: U. S. bonds 18,647 1,500 1,430 1,230 1,666 1,820 891 2,9b2 963 1,491 726 1,969 One-year U. S. Treasury note ; 1,999 16,678 , 254 340 515 1,127 965 2,842 1,431 124 621 15 5,534 2,910 Municipal w a r r a n t s 8,782 15,124 210,403 43,863 19,290 22,052 11,884 7,623 23,516 12,770 12,459 14,668 18,372 T o ta l e a r n i n g a s s e t s 2,401 22,520 439 16,200 1,315 F e d e r a l r e s e r v e n o t e s - Net 1,390 775 415(a) 7,840 "266 193 509 78 3,750 Due from o t h e r F. R. banks — Net 5,731 5,608 6 , 5 5 3 144,249 8,261 3,710 9,748 7,996 13,660 29,918 21,275 12,055 7,730 17,735 Uncollected items 431 8,619 208 81 1,289 2,482 128 407 484 1,948 769 298 94 All other resources 64.674 275,589 79,101 77,024 44.529 32.762 116,630 39,347 33,732 56,661 31,599 45,486 894,032 TOTAL RESOURCES L I A B I L I T I E S . C a p i t a l paid in 5,035 vernment d e p o s i t s ( x ) - 89 e to members - r e s e r v e account 49,243 C o l l e c t i o n items IO/O63 F e d e r a l r e s e r v e n o t e s - Net - Due t o e t h e r F. R. banks - Net 331 All other l i a b i l i t i e s TOTAL LIABILITIES 64.674 t n,86i 1,817 229,110 31,l40 — — 1,464 197 275,589 5,243 l,6l6 50,489 19,770 1,847 - 136 79.101 6,020 1,037 58,280 11,687 - - - 77,024 3,363 1,518 25,206 8,252 6,190 - - 44,529 2,418 6,947 2,799 2,405 3,074 2,b93 3,515 55,773 2,032 1,155 U ) - 4 l 6 923U) - 6 7 0 731 1,197 10,851 19,943 95,459 26,680 26,842 44,90) 25,146 37,290 688,591 5,138 13,069 6,958 2,836 6,665 2,642 2,998 121,218 3,077 - 2,560 726 2,689 — - 17,089 154 — 766 - — 387 - — ~ - - - - * ~ =_= §6 5.10 32,762 116,630 39.347 11.712 56,661 31,599 45,486 894,012 MEMORANDUM . F. R. notes issued t o t h e banks 14,750 129,206 20,812 12,040 17,365 21,565 9,443 1 6 , 6 5 6 F . R. notes held by banks 1.390 16.200 1.653 775 560 704 1.315 1,287 F. R. notes i n c i r c u l a t i o n 1 3 , 3 6 0 113,006 19,159 11,265 16,805 20,861 8,128 1 5 , 3 6 9 Gold and l a w f u l money with Agent 14,750 129,206 17,312 12.040 10,615 17,784 9.443 12,809 ^ (x) O v e r d r a f t (a) D i f f e r e n c e "between net amounts due from and n e t amounts due t o o t h e r 20,390 2,374 18,016 17.290 Federal 21,954 516 21,4)8 18,749 reserve 21,047 4l2 20,608 21,047 "banks• 16,225 2,401 13,824 16,225 3^1,453 29,6l4 291,839 297,270 R e l e a s e d f o r p u b l i c a t i o n Sunday morning February 18, 191?• Not e a r l i e r , STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS FEBRUARY 16, 1917( i n t h o u s a n d s of d o l l a r s ) Boston F e d e r a l Reserve N o t e s : Received from t h e C o m p t r o l l e r N. Y , Phila* Clevel. Richm. A t l a n t a Chicago S t . L o u i s Minnls, Kas > Cy » D a l l a s S . F r a n , Total* $33,880 237,680 33,480 23,860 29,500 36,380 13,680 22,540 26,500 28,120 35,320 18,560 539,500 8,570 61,274 6,908 4,220 8,235 4,430 1,737 2,844 1,090 2,478 5,706 2,335 109,827 ^ ^ l a r g e a b l e t o F« R« Agent 25,310 176,406 26,572 19,640 21,265 •31,950 11,943 19,696 25,410 25,642 29,614 16,225 429,673 In hands of F. R. Agent 10,560 47,200 5,760 ' 7,600 3,900 10,385 2,500 3,040 5,020 3,688 8,567 14,750 129,206 20,812 12,040 17,365 21,565 9,443 16,656 20,390 21,954 21,047 13,850 123,549 3,730 11,380 5,165 13,030 4,370 10,110 900 5,657 1,052 660 Returned t o t h e C o m p t r o l l e r Issued t o F. R. bank l e s s amount r e t u r n e d t o F. R. Agent f o r redemption Amount h e l d by F. R. Agent i n r e d u c t i o n of l i a b i l i t y on o u t s t a n d i n g n o t e s : On hand: Gold coin and c e r t i f i c a t e s Credit balances: In gold redemption fund ^ ^ W i t h F e d e r a l R e s e r ve Board As s e c u r i t y f o r o u t s t a n d i n g n o t e s : Commercial paper Total Amount of commercial paper d e l i v e r e d t o F e d e r a l Re se rve Agent — — - — — - — — 14,750 129,206 - - 12,530 3,500 20,812 3,502 - - — — 12,040 — 108,220 — 16,225 321,453 188,144 - 2,960 615 1,374 133 834 1,010 1,119 1,107 545 15,006 10,000 13,450 9,310 6,810 3,250 13,260 9,830 15,680 94,120 6,750 3,781 3,847 3,100 3,205 17,365 21,565 16,656 20,390 21,954 21,047 7,263 3,810 3,850 3,100 3,217 2,004 - - ~ — — 9,443 — — — — — — — - 16,225 — — 24,183 321,453 26,746
@FedFRASER