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\ / Rel^&s&d for publication Sv.ndj^ morning June- 2 k, 1917- «k» :PW ^fclier. X-235* STATEMENT FOR THE PRESS. June 23, 1917. I r The Federal Reserve Eoard's weekly bank statement., issued today as at close of business on June 22, reflects to some extent the effect on the con dition of the Federal reserve banks of the amendments to the Federal Reserve Act, approved by the President on June 21, 1917* Section 7 of the amendments provides that gold and gold certificates held by Federal Reserve Agents as collateral against notes issued to the banks shall be counted as part of the banks' gold reserve against their Federal reserve notes in actual circulation, and accordingly the statement includes a::onj the banks' reserves the amounts of gold held by the Federal Reserve Agerts. These amounts, together with gold held by the banks with the United States T r e a s u r e r for the redemption of Federal reserve notes, constitute a special "note gold l* reserve", as distinct from the "net deposit reserve" composed of the <rold and lawful money holdings of the banks proper including amounts held in vault, with the Federal Reservo Board and with foreign agencies. In placc of the former net liability on Federal reserve notes, which represented amounts of ^ Federal reserve notes issued to the banks less amounts of notes held by the banks and gold deposited with the Federal Reserve Agents,the statement, in ►* its new form,shows among the liabilities of the banks ths amounts of Federal f reserve notes in actual circulation, i. e., .amounts of notes received from the -Federal reserve agents less amounts held by the tanks and' in process of redemption by the Treasury. Reserves have been figured separately against net deposit liabilities and against Federal reserve notes in actual circulation. With the view of enabling the reader more readily to trace changes in the con► dition of the Federal Reserve System the statements of June 15 and of a year ago have been reconstructed and readjusted on the new basis. Other minor changes affect the form, rath jt ithan the subatance,of the statement, and, it is h-jped, will make it easier for the reader to follow future developments of the Federal reserve system. ► Liberty loan operations of the banks, as fiscal agents of the Government, also the placing with the Bank of England of 52*6 millions of "earmarked" gold for account 0 f the Federal reserve banks are mainly responsible for the changes 1 in the volume and composition of reserves, aggregate gold reserves showing an increase of l 6l*l millions and total cash reserves - an increase of 172,3 mil lions* In furtherance of their general policy of assisting the Liberty Loan op erations of the banks in their districts the Federal reserve banks have in r creased, through open market purchases, their total bill holdings by about 68 millions, although the statement indicates a decrease for the week of 11.8 mil lions in the amount of discounted paper held. Of the total discounts, 119*8 millions represent member banks’ collateral notes, as against 158 -!+millions the week before. Nearly 33 millions of these notes, as against 29*5 millions the week before, “Sire secured by U. S. obligations. No material changes arc , shown in the amounts of other earning a ssets, the total constituting .• 967 per cant of the banks* paid-in capital, compared with 8U6,per cent the week before. , , The New York bank reports a gain of about 100 millions in Government de posits, and a decrease of 50 millions in member banks' reserve deposits. The bank's total reserve shows an increase for the week of 87*7 millions. Its bill holdings increased 9*8 millions, the bank resorting heavy investments in ac ceptances and considerable liquidation of discounted paper, largely member banks’ collateral notes. ‘ ' Gcwernment deposits, representing largely full-paid and part-paid subscrip tions to t he Liberty Loan show an increase of 233*2 millions, while -ember banks1 reserve deposits decreased about 6U.5 millions. There has been an addition during the week of $12,005,000 to the volume of Outstanding Federal reserve notes, i . e . , the net amount of notes issued to the banks. The actual circulation of these notes stands now at $U-99, 721,000, or http://fraser.stlouisfed.org/ about 8 millions in excess of the total shown the week liefore. Federal Reserve Bank of St. Louis 1___ :___________ Released for publication Sunday morning June 2k, 1917Not earlier. STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE R E S O U R C E S . Gold Goin and cert if icates in vault....... .............................. « ....... ............ .................... * Gold settlement fund Gold with foreign agencies....................................................... Total gold, held by banks- * . . ............. Gold with Federal Reserve Agents . . . * .................. , . .......... Gold redemption, fund................. . / ........................................... . Total gold reserves ...................................... ................... Legal tender notes, silver, etc- -........... . Total reserves*.....................* ............................................ Bills discounted. - members........................................................ Bills bought in open market...................... ............................... Total bills on hand.................... ...................................... U. S. Government long-term securities.................. ................. U. S. Government short-term securities................................... Total U. S. securities. . . ......................................... Municipal warrants............................... ....................................... Total earning assets.......................................................... Du*; from other F. R. banks - net............................................. Uncollected items.............................................................. . Total deductions from gross deposits.......................... 5fo redemption fund against F. R. bank notes......................... All other resources................................................................ TOTAL RESOURCES.....................................!!!!.*!!.'!!.*.......... L I A B I L I T I E S . Capital paid in..................................... ....................... .......... Government deposits.......................................................... Due to members - reserve account....................................... Member bank deposits - net................................................. Collection items....................... ............................. Total gross deposits.......................................................... F. R. notes in actual circulation-.................... F. R. bank notes in circulation, net liability.................... All other liabilities, including Foreign Gov't credits.... TOTAL LIABILITIES.................................................... Gol1 r^serve against net deposit liabilities....................... Gold and lawful money reserve ag'st net deposit liabilities old reserve against F. R. notes in actual circulation.... 4 ,* a> 22, 1917 . $l*92,742r00022j 191? * 365, 020,U000 15' 1917 ' is ^ S h j'Q O O 16' 267.910.000 221,970,000 106;io i;000 52,600,000 • ... . ...... . , 371, '4)4 390.765.000 459,91+2,000 166,823^000 — 8, 001,000 _.. 3,958,030 l.SqU.OOQ 1.212.018.000 1,050,890,000 540,461,000 ___ 35., 680,000 . 2 4 , 518,000 14,026.000 1.247.698.000 1 , 075 ,4 0 8 , 0Q0 554,487,000 190.984.000 202,824,000 „ 20,750,000 244^ 303,000 .1.64,525,000 68 , 953.000 , . 435,287,000 , 89,703,000 36,427,000 , 875 000 _L 8, 491,000 , 7 7 , 728,000 ^lqo^ooo 114.918.000 114,128,000 57,065,000 ■-2,444,000 _ 2,470,000 21 , 632.000 552. 649.000 483, 947,000 168, 400,000 2, 561,000 5,642,000 19, 287,000 195.826.000 294,968.000 ................ • . , "19,287,000 500.000 450,000 408.000 ..... 635. 0Q0 4,387.000 1.999.642.000 1, 861, 000,000 747 , 011,000 8 1 3 2 5 2 . 0 0 0 5 8 6 9 9 0 , 0 0 0 7 3 3 6 1 9 8 3 8 7 . 0 0 0 57 , 171,000 495.807.000 806. 209.000 * ................. 137.581.000 6 7 3 4 9 , 0 0 0 4 0 0 , 0 0 0 3 0 0 6 1 0 , 0 0 0 4 0 0 , 0 0 0 57 , 171 , 000' 262,581,000 870, 734,000 ■; ' '■* 176,424,000 1,439,597,000 499,721,000 776,000 ---2 4 7 .1,000 , ; coo 65-5^ 68*4fo 1 9 3 3 79 . 8^ • 1,309,739,000 491,615,000 362,000 ____ ?, 113,000 1,861,000,000 58.2$ 60 -Gfo 94.4$ 0 0 0 52 54, 863,000 64,499 000 . ... ^ 72, 613,000 _ ......... ... 5 3 7 ,1 1 2 ^ 0 0 153 , 038,000 1,723,000 . 275-000 747,011 000 ■ 71.8/b 74.5$ 110 . 2 # fel«3,'o0d for cublicat ion Sunday morning June 24, 1917* Not iarlier. . WEEKLY STATEMENT.OF RESOURCES AND LIABILITIES OF EACH OF THE FEDERAL ’RESERVE BANKS AT CLOSE OF BUSINESS JUNE (In thousands of dollars) R E S O U R C E S . Boston II. Y. Phila. Clevel- Richm. Atlanta Chicago St.Louis Minnls- Kas,Cy. Sold coin and certificates in vault $14,766 330,989 26,982 19,571 6,599 6,299 3^,380 8,066 12,514 8,262 3old Settlottsnt Fund . 39,593 38,748 23,433 32,835 18,611 2,447 29,077 16,583 11,211 24,735 old with foreign agencies 3 , 675 .': J 8 ,738 3,675 4,725 1.837 1.500 7,350 2,100 2,000 --2 ,f,00 58,034 388, 475 54,090 57,131 27,04? 10,246 72,807 26,749 25,725 35',.’;97 Total gold held by banks 26,744 123,680 32,355 34,482 9,568 21,578 14,918 3oldflfelth Federal Reserve Agents 7,419 16,432 62,028 48 _5.i_202 212 254 208 486 661 jolc^rodemption Fund 51 267 J m 8 4 , 8.26 517,357 86,895 91 ,664 35,129 26,932 135,047 36,584 4 7 ,5 H 50,901 . Total gold reserves .t 545 _ 2.80.39.7 198 639 t#g*il .tender bctm, :\ etc* 12 2,527 ____ 983. 132 203. . 8 1 3 91,862 Total reserves 85,371. 545, 75 ^ 87,53*+ 35,332 27,7*+5 137,57^ 37,567 47,643 50,913 26,495 Bills discounted - Members. 9,024 11,279 3,344 14,699 8,743 7,588 73,11*+ 18,4 o 6 5,195 146.918 15.300 9a_180 _ Bills bought in open market 6,072 1,843 10 ,*443 -_llj.J+75_. -5,640 . 1^883 _. 27, .23*+. Total bills on hand 5,227 *+1,933 11,267 10,586 18, Ojl *+1,795 220,032 27,586 20,499 16,919 549 1,306 EL S* Government long-term securities 5,853 7,007 8,842 530 1,152 699 2,233 l, 857 5,194 3,944 U* S- Government short-term securities 3.4124,284 24x126. 6,048 ._. .5,39.1_ lu3§3.... *+, 291 ._ 7 .985 5,724 26,102 Total U> S. Securities 4,990 14,992 5,121 6,597 11,244 5.269 13,126 6,177 1 Municipal warrants 212 166. 158..... 1 , 265... 51 _i.!L. 152_ Total earning assets • 47,519 246,500 34,341 33,008 22,055 10,218 57,077 17,656 15,855 31 ,. 208 2,492 Due from other F. R, Banks - Net 7,011 14,683 1,464 1,834 4,038 5,425 2,549 855 Uncollected items 41.798 21*055.. 17.168 .10*287.. ..._^526 29,161 11.870 15,125 6 0 2 1 , 1.L1-34 Total deductions from gross deposit ! 17,617 41,798 28,066 31,851 12,251 12,075 30,016 13,704 10,159 18,559 * » « •> V %« * * *» * • «» * *■» * j«jempt.Fund ag’ st F.R.Bank notes . 400 All^Rher resources « »• 120 58. 67 3L TOTAL RESOURCES 150,307 83^ 052 ., 149. 941 . 156, 7 2 1 ...60^63 8_ 50 ,105 224,787 .68,963 73,657 101,118 L I A B I L I T I E S . ______ _ _ . . . * .. 22, I 917 . X-235^ Dallas S.Fran- Total o, b'55 13,659 492, 742 14,077 16,560 267,910 32,969 813,252 17,153 24,408 390,765 141 *T. 1Q 8jnm. 41,776 57,396 1 , 212,018 24,482 1.106 125 35,680 42,882 57,521 1,247,698 4,468 8,629 190,984 ■ 683 7,632 244,303 5,151 16,261 435, 287 3,970 2,429 36,427 3.430 5.747 78.491 7,400 8,176 114,918 20 204 2.444 12,571 24,641 552,649 639 3,568 (a) 2,561 8,318 11,763 195.826 198,387 8,957 15,331 100 . . . . 500 127 . 408 44,637 97,491 1.999.642 Capital paid in 2,388 7,062 12,063 3,436 5,270 3,243 U68 5,112 6,247 3,166 2,755 3,961 57,171 9,102 16,453 13,552 18,241 27,082 Government deposits 58,846 227,882 32,765 38,356 14,323 *+,577 3 *+, 328 495,807 Ite to members - Reserve account 806,209 50,311 313,418 5^,337 66,153 25,891 19,098 106,356 31,197 28,321 50,759 21,566 38,802 Urllection items 8,546 14,144 6,941 5,186 17,756 2,7619, *30 2,962 5,989 11,398 33 671 18,997 137,581 Due to other F.R.Banks - Net 41,097.. Total gross deposits 120,555 616,968 106,099 118,653 49,444 28,861 158,440 48,845 *+7,535 71,552 42,769 71,873 1,439,597 F.R.Notes in actual circulation 24,627 203,373 38,339 31,777 16,692 18,856 59,285 16,875 23,610 25, 644 19,113 21,530 499,721 F.R.Bank notes in circulation 776 ..................... 776 fell other liabilities including Foreign 1.648 66 233 Government ztp ii* aC -. ________ _________44 _________________________ _________________44 _________________ ... . 2X1. 129 2,377. I^TAL LIABILITIES 150.507 834.052 149,941 156,721 69,638 50,105 224,787 68.963 73,657 101,138 .64,637 97.491 1.999.642 , (a) Difference between nat amounts due from and net amounts due to other Federal reserve banks. > * * A * * * « « » ^ * - * * * » • * * . « * * % 4 » * • k • • ■0 w m » • 4 « • * * « * % * * * ♦ 4t * . . . . • - « » * . . • * . * Released for publication Sunday morning June 24, 1917. X-235 c. Hot earlier, STATEMENT OF FTBZ'i'i.L iJHSERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS JUNE 22 1917. (In thousands of dollars) 000 omitted) Federal Reserve Notes: Boston N . Y. Phila. Clevel, Richm. Atlanta Chicago St, Louis Minnls.Kas. Cy. Dallas S.Fran. Total. Received from Comptroller $47,480 422,440 61,340 48,000 31,720 36,380 84,860 27,340 36,640 42,720 36,920 27,860 903,700 10J386 Returned to Comptroller 77,860 9 f225 6,472 2,291 5,605 6,895 5, 3, 36,794 344,580 52,115 42,122 20,870 29,908 82,568 21,735 30,689 35,825 27,988 24,408 749,602 Chargeable to F. R. Agent 10.050 120.900 11,460 gJn hands of F. R. Agent 7,640 3.560 10.405 18.060 3,860 5,890 9.540 8.261 209,626 Jrssued to F. R. Bank less amount, returned to F. R. 26,744 223,680 40,655 34,482 17,310 19,503 64, 508 17,875 24,799 26,285 19,727 24,408 539,976 Agent for redemption Collateral held by F. R. Agent, as security for outstanding notes Gold coin and certificates 22,910 on hand Gold redemption fund 1,834 2,000 . With Federal Reserve Board Cq l merc ial pape r TOTAL 26,744 Amount oi coianercial paper de livered to Federal Reser\'e Agent 113,114 10,566 13,605 1,877 19,000 100,000 223,630 4,220 2,275 25,860 8.300 40,655 100,058 8,306 -- 419 7, Ouw ... 9,891 34,482 17,310 2,896 1,456 12,030 .3,071 19,503 558 61,470 2.480 64, 508 3,365 513 5, 690 8.307 17,875 14,077 1,251 6,250 3,221 24,799 2,370 1,488 11,060 11,367 26,285 11,110 1,013 5,030 2, 574 19,727 1,018 23,390 24,408 13,498 3,078 2.486 8,312 3,221 11,429 2,748 M E M O R A N D i . Federal Reserve Notes outstanding and in actual circulation, R. notes outstanding 26,744 223,680 40,6.55 34,482 17^310 19,503 64,508 17,875 24,799 26,285 19,727 24,408 F, R. notes held by banks __ 2.117 .20,307 2,316 2.705 618 647 5.223 1.000 1.189 641 614 2.878 F. R. notes in actual circulation 24.627 203.373 38.339 31.777 16.692 18.856 59.285 16.875 23.610 25.644 19.113 21.530 Distribution of bills and warrants by rraturities; June 22, 1917. L - 15 days. 16 - 30 days. 31 - 60 days. 6 1 - 9 0 days, Over 90 days. Bills discounted and bought 222,344 60,510 90,445 57,930 4,058 Municipal warrants 5 370 1,021 20 1,028 I http://fraser.stlouisfed.org/ f Federal Reserve Bank of St. Louis 187,667 24,268 178,830 149,211 539,976 153,136 539,976 40.255 499.721
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