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Released for publication Sunday morning March 25, 1S17* ^T°t earlier- X-56 . STATEMENT FOR THE PRESS. March 2k, 1917 .- Considerable increases in note circulation., together with reductions in reserve deposits, mainly at the New York and Chicago Federal Reserve Banks, and continued liquidation of acceptances are.indicated by the Fed eral Reserve Board’ s weekly statement as at close of business on.March 23, 1317* Aggregate gold reserves of the batiks show an increase for the week of 3*2 millions., while total cash reserves decreased 2.3 millions. The banks also transferred 10.9 millions of gold to the Federal reserve agents., increasing thereby the latter1s gold holdings to $349 .>000. The total amount of gold held by the system is now $912,055,000, an amount in excess of" the present gold reserve of any of the European central banks of issue. The reserve position of the banks shows a further improvement, the cash reserve percentage fi '.3 0 .5 Per cent being larger than at any time since February 18, 19lf* ,519 ■iiew York reports the liquidat-ior of 3*5 millions, net, of acceptance*, of lone—ha^lf million of Treasury notes, and of over $2vQ,000 of warrants. The bank' deposited with the Agent 3*9 millions of gold, against Federal reserve notes all of which — and in addition 1.8 millions of notes held by the 'bank —■were put in circulation. Reserve deposits to. tne de creased 12-5 millions. Heavy transfers of gold to other Federal reserve banks were effected by the bank during the week, through the Gold Set tlement Fund. The loss of about 3 millions in reserve by the Chicago bank is due chiefly to net withdrawals of member bank deposits* Discounted paper on hand shows an increase of 1-2 millions. Chicago, Richmond and Cleveland reporting the largest increases under this head. Of the total discounts held $3 , 391 , 000, or over 18 per cent, is represented by mem':er banks' collateral notes discounted by 9 reserve banks. All the banks except'Chicago report considerable liquidation of acceptance?/the aggregate held at present - $87>798,000 - being about 30 psr cent lass than the total held at the beginning of the year. Transactioz^in United States securities are reported by 3 banks resulting -in an increase of $120,000, in the total of United States bonds and a decrease of $550,000, in the total of Treasury notes on hand . A further reduction by $258,000 is shov^in the holdings of municipal warrants. Total earning assets - $170,125,000 - show a decrease for the week of 8.6 millions and constitute at present 3 O3 Per cent of the banks* paid-in capital, compared frith 319 per cent shown the week before. ' Of the total, 51.6 per cent is represented by acceptances; 11.2 per cent by United States bonds; 11.1 per cent by Treasury notes; 10.8 per cent by discounts, and 9.3 per cent by warrants. Government deposits increased 1.1 millions, the Richmond, Atlanta and San Francisco banks reporting considerable gains of Government funds on hand. Member banks' reserve deposits declined about 15 millions. New York alone reporting net with drawals of nearly 13 millions. Federal Reserve Agents report a total issue to the banks o'f $372,244,000, net, of notes, an increase for the week( of about 9 millions. Against the total issued, they hold $34-9>^19,000 of gold and $24,386,000 of paper. The banks show a total actual Federal reserve note circula tion of $346,804,000 and aggregate liabilities thereon of $l 6, 725 >000 . \ m 56 Released for publication Sunday morning March 25 , I 9 17 . Not earlier. X- . aSTATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE T'VELVE FEDERAL RESERVE EANKS OF THE UNITED STATES AT CLOSE OF BUSINESS MARCH 23 , 1917 . R E S O U R C E S . March ?J, 1917 March 16, 1917 December 22, 1916 September 22 ,1916 March 24 ,1916 Gold coin and certificates in vault.............• ...................... $350 , 736,000 355 , 318,000 269. 627.000 258,711,000 260, 866,000 Gold settlement f u n d ............................................................... 209,281,000 201,661,000 178 811.000 117.791.000 79,680,000 Gold redemption fund '-vith United States Treasurer............. ... 2,519,000 2 ,339.,000 - 1. 341,000 i.*»7q.ooo 1, 578,000 Total gold reserve............................................................ 562 , 536,000 559^318,000 449. 917.000 378. 443.000 3 4 2 .1 2 4 .0 0 0 Legal tender notes, silver, etc............................................. 10 . 66^.000 16 , 176,000 7.642.000 6.025.000 12.223.000 Total reserve..................................................................... 573,201,000 575,4°4,000 455. 942.000 386 085.000 354.347.000 Fi e per cent redemption fund against F. FL bank notes... 400,000 400,000 400,000 500.000 200,000 Sttis discounted - Members...................................................... 18 , 473^000 17,234^000 32. 297.000 27 . 706.000 2 1 .3 0 6 . 0 0 0 iSWeptances bought................ .................................................... 87 , 798,000 97 , 002,000 124. 633.000 83.884.000 39.244.000 united States bonds................................................................... 29,275,000 29,155,000 43. 504.000 47 . 553.000 40.184.000 One-year Treasury notes............................................... ............ 18,818,000 19,368,000 8. 039.000 11 . 167.000 Lunxcipal warrant............................................... ...................... 1 5 . 761.000 l 6 . 02Q .000 24,117 1000 10.557.000 32.669.000 Total earning assets......................................................... 170,125,000 178,788,000 191 , 319,000 222. 158.000 133.403.000 Federal reserve notes - Net..................................................... 19,440,000 21,991,000 19. 236.000 16. 080.000 24,84§,000 Due from other Federal reserve banks - Net......................... 3*298 000 3 ,3 7 9 ,O X 49. 318.000 29, 266,000 12 628.000 Unc6 '.\fecied items.................................................................. 757*000 155 ^976^000 All other r e s o u r c e .................................................................. 5 .6 80 .00 0 6 ,iq 8 .QOO 3 . 506.000 8.451.000 ■’ 4,571,006 TOTAL RESOURCES................................................................. $917,901,000 942, 22b,000 750 . 560.000 631.701.000 529.998.000 L I A B I L I T I E S . Capital paid i n ........................................................................... 56,057,000 56,054,000 55 . 765.000 55.423.000 54.910.000 Government deposits................................................................. 19 , 702,000 18,594,000 29. 472.000 39.947.000 35.088.000 Due to lumbers - reserve account...................................... . 711 , 117,000 726,104,000 ** Member bank deposits - Net........... .......................................... . 648.787.000 518.456.000 428.816.000 Collection items..................................... ................................ 113,784,000 121,550,000 ^ r a l reserve notes - Net..................................................... 16,725,000 19,444,000 15.754.000 14.605.000 9.977.000 Federal reserve bank note liability...................................... 2.914.000 1 .0 5 3 . 0 0 0 All other lia bilitie s............................................................... 516.000 480.000 ___ 782,000 356.000 154,000 TOTAL LIABILITIES.............................................................. $917,901,000 9^2,226,000 750.560.000 631 . 701.000 5 2 9 .9 9 8 .0 0 0 Gold reserve against net deposit and fiote l ia b ilit ie s .... 79-0$ 11-0% 69 . 8^ 69 . Sfo 74.2$ Cash reserve against net deposit and note l ia b ilit ie s .... 80 . 5$ 79-2^ 7-i.ogS 70.7S& 7 6 .8 $ Cash reserve against net deposit liabilities after setting aside 40$ gold reserve against aggregate net liabilities on Federal reserve notes in circulation......... ................... 8 1.4$ 8 0 . 3$ 7 1 -3* 71-92 77 M MEMORANDUM: Distribution by maturities: March 23 , 1917 . 1 - 15 days l6 - 30 days 31 - 60 days d... 6 l - 90 days Over 90 days Bills and acceptances.......................................... .................... 30,245,000 28,410,000 36 , 260,000 10.505.000 851,000 Municipal warrants..................................................................... 794,000 52,000 582,000 12. 122.000 2 211,000 . . « * • » « * 4 » . * % * , Released for publication Sunday morning March 25, 1917 . Mot earlier. X-56 . WEEKLY STATEMENT OF RESOURCES AMD LIABILIT IES OF EAC1 OF THE TWELVE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS ilARCH 23, 1517 (in thousands oi dollars) N- Y. Boston Phila. Clevel. Richm. Atlanta Chicago St *Loui<3 Minnls.. Kas.Cy. Dallas S.Fran. ?otal R E S O U R C E S . 7 , 6o4 13,236 350,736 Gold coin and cert if icates '.in vault $13,977 200,084 26,101 17,380 5,603 6,147 28,201 12,935 11,711 7,757 21,241 16,841 7,568 8,641 26,017 16,085 4 , 04l 43,870 4,24 o 21,015 Gold settlement fund 26,153 13,569 209,281 250 250 5.0_ Gold redemption fund 620 200 259 155 .... H I ____ 83 ....... 15 ....2,519 35 425 35,042 221,575 43,192 ^3,^32 22,113 10,808 72,271 1 7 , ^ 4 20,507 3^,087 Total gold reserve 15,255 26,820 562,536 58 288 240 102 101 10,665 Legal tender notes, silver, etc. 679 2,003 3.985 1,439 705 .......52 . i^oii.. 26,878 21,212 16,268 313,201 .15,3.30.. 225,560 43,432 43,534 22,214 12,247 72,950 19.437 34,139 Total reserve 300 100 400 % redempt- fund - F. R. bank notes 1,093 888 2,034 447 18,473 1,970 2,240 4,067 798 Eills discounted - Members 1,387 1,533 273 1,7^3 5.4 88 ^ .8 7 ,7 9 8 6,542 2,368 1,636 5.170 9.041 10,738 21,400 10,486 4,555 6.719 3,655 Bills bought in open market 6,263 5,761 106,271 12,1+82 22,288 H ,8 7 3 5,689 11,011 2,815 3,169 8,782 10,786 Total bills on hand 5,353 2,429 1 ,454 81 442 170 8,147 3,403 Investments: U. S. bonds 5,961 2,203 29,275 4,985 1,784 2,912 1,430 1^666 1,491 1,500 18,818 126 1,820 1,230 One-year Treasury notes 891 1,999 1,969 1,094 486 506 887 _ 1.5,761 ____ 298 1,378 3,066 2,648 Municipal warrants 15 7 5,199 ,177. 27,694 15,250 18.653 13,212 9,541 9,124 13,232 __8^508 _ . 101577 .110,125 Total earning assets 7,357 22,532 ll^5 1,741 19,440 878 Federal reserve notes - Net 13.287 1,335 2,199 1,664 1,636 1 , 768 (a) 3,298 255 Due from other -p. R- Banks - Net 1,950 396 1,920 2,479 316 9,814 29,605 18,514 11,609 8,567 5,067 Uncollected items 6,496 145,757 13,78? 3,723 7,367 21,090 10,118 206 .1 ,3 8 9 442 5,680 400 89 168 181 500 All other resources 551 ■ 142 1,603 ___ 66,570 .296,546 77,364 76,775 44,337 31,053 119,667 39,963 36,151 59,327 . 31,332 47,902 .917,901 TCTAL RESOURCES L I A B I L I T I E S . Japita.1 paid in Government deposits ~Due to members - reserve account Collection items Federal reserve notes - Net Due to other F. R. banks - Net All ether liabilities TOTAL LIABILITIES M E M O R A N D U M F. R . F . R. F . R. G *ld 5,068 1 , 22k 49,108 11 , 07 ^ 96 66,570 11,880 7»3?5 247 , 615 22,577 6,913 186 296,546 5,260 1,378 49,267 18,100 1,403 1,819 6,090 258 58,993 11,434 2,4l4 1,308 25,968 7,868 2,210 5,785 19,411 4,643 2,375 6,999 912 96,584 15,172 2,698 3,941 47,405 7,22? 1,167 23,746 2,604 2 ,3 U 38,150 1,252 763 2,795 317 2,415 3,089 888 354 27,036 7,223 2,552 27,834 2,433 2,555 3,429 56,057 19,702 711,137 113,784 16,725 35^ 26 137 77,364 3,408 76,775 44,337 . 31.053 119 , 66/ ______ 1 1 ...______516 47,902 J I L 3 Q . 1 , . Il,312_ ...5.5L12Z_ 39,9.63. 3.6,1 5 k 20,525 20,988 15,125 20,113 23,327 21,404 15,762 372,244 556 878 .., .5M... i J i i l . 2,199 _____155 .... _____ n * t e s h » l d by b a n k s 1,335 14,529 n *tes in ciPtiilation 14,809 19,969 18,789 14,370 19,568 22,585 20,859 14, 021 346,804 16 ,142+ 161,742 21,400 ...15.^07.. ' 10,262 ...17*521 20,988 ...11 J J 8 . 17,013 ...2L.I33... 20,096 . i ^ 62_ and la w fu l m oney (a) Difference between net amounts due fr^m and net amounts due to other Federal reserve b?.nks notes issu ed to banks 16,144 161, 74 ? 24,750 13,28 7 1,947 l4 f, 455 22^803 15,^07. 16,957 913 16,047 Released for publication Sunday morning■ March 25, 1917- X-56 , c. Not earlier- STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS MARCH (In thousands of dollars) 23 , 1917. Boston N. Y . Phila- Clevel. Richm. Atlanta Chicago St.Louis Minnls. Kas.Cy. Dallas S. Fran Total Federal Reserve Notes: Received from Comptroller $33,880 287,480 37/520 23,860 29/500 36,380 29,360 23,340 32,000 37/720 35/720 18,560 625,320 ^^jturned to Comptroller .....9*136. _.__65,338 .7/570 4,953 8,943 5,050 1,872 3,875 2,237 3,295 6,800 2,798 121,867 . 24,744 222,142 29,950 18,907 20,557 31,330 27,488 19,465 29/763 34/425 28,920 15/762 503/453 8,600 60,400 5/200 3/500 3,600 10,805 6^,500 4/340 9/650 11,098 7/516 ......... 131/209 Issued to F. R. bank less amount returned to F. R, Agent for redemption 16,144 161,742 24,750 15,407 16,957 20,525 20,988 15/125 20,113 23/327 2l,4o4 15/762 372,244 Amount held by F. R. Agent in reduction of liability on outstanding notes: On hand: Gold coin ani. certificates 15,4 io 156,564 3/730 10/573 5,165 13,018 2,370 10,110 73^ 5/178 1/180 834 262 878 698 563 865 1/303 1,106 752 1^/353 16,490 4,000 10,000 13,820 20^290 6,050 3/130 17/660 8,880 15/010 H 5 /3 3 0 « 6,695 2/931 3/3^7 3 /ioo 1/994 1/308 15/407 16/957 20,525 15/125 20,113 23/327 21,404 7/480 2,977 3/352 3/ioo 2,087 2,000 Chargeable to F. R. Agent In hands of F. R. Agent ^ ^ e d it balances: In gold redemption fund -With Federal Reserve Eoard As security for outstanding notes: Commercial paper Total Amountof commercial paper de livered to Federal Reserve Agent + 4 • « « t * « * * 16,144 * • * % » 161,742 3/350 24,750 3/390 * * » • 2,896 20,988 219,836 22,725 15/762 372,244 24,386
@FedFRASER