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Released for publication Sunday morning October 7, 1917. Not earlier, X423 STATEMENT FOR THE PRESS* October 6, 1917. Large gains in gold reserves and aggregate deposits together with con siderable discount and open market operations for the week are indicated in the Federal Reserve Board*a weekly bank statement issued as at close of busi ness on October 5, 1917. All the banks except Chicago and Kansas City report substantial additions to th§ir gold reserves, the total shown, 1438.5 m illionsbeing about 30 mil lions in excess of the figure reported the week before * Payments for addition al investments, especially large at the New York,. Cleveland, Chicago and San Francisco banks, were made in part by Federal Reserve notes issued largely against paper discounted and purchased during the week, It is in this manner that the banks were able to husband their gold resources notwithstanding an increase of 75*9 millions in total investments. Another factor which accounts for the gain in reserve is the large increase during the week in Government ana bank deposits mainly at the New York, Atlanta and San Francisco banks, fol lowing the admission to the system of several state banks and trust companies# and the substantial increases of non-member banksf clearing balances with the New York and San Francisco banks, Advances paid during the week to the Allies by the New York Reserve Bank totaled 114.7 millions. Of the total 50 millions went to GreatBritain, 40 mil lions to Italy, 22,2 millions to Russia and 2*5 millions to Belgium. These operations, as on former occasions, called for the withdrawal of Government funds from local depositary institutions as well as for substantial transfers to New Yort on Government account, through the Gold Settlement Fund. Discounted paper on hand shows a gain of 31.7 millions for the week, the New York Bank alone reporting an increase of 28*2 millions under this head. Almost the entire net gain is represented by member banks4 collateral notes, which aggregate at present about 153 millions as against 122,6 millions the week before» Of the total, 84,7 millions is represented by notes secured by Liberty bonds or U. S« certificates of indebtedness, Acceptances on hand show an increase of about 10 millions, the New York bank reporting large purchases for its own account and the Dallas bank. The banks report also, large additions to their holdings of U. S, certificates of indebtedness* Ag gregate earning assets stand now at 580,9 millions, coixpared with 504,9 mil lions the week before and 552,5 millions the Friday following payment of first installment of the 1st Liberty Loan and constitute 952 per cent of the banks? paid-in capital, as against 851 per cent the week before. Of the total, 45.7 per cent is represented by discounts, 32.3- per cent by acceptances, and 22,2 per cent by U* S, securities. Admission to membership of the Guaranty Trust Company of New York with a combined capital and surplus of 50 millions, the Canal Bank & Trust Company and the Metropolitan Bank both of New Orleans and the Spokane & Eastern Trust Company of Spokane, Wash,, account for most of the increase in paid-in capital virnich for the first time is shown to exceed 60 millions. Government deposits increased about 15 millions, New York, Cleveland, Atlanta and Dallas reporting ^he largest increases in Government funds on hand* The largest gain in reserve deposits is reported by the San Francisco bank and its 3 branches at Portland, Oregon and Seattle and Spokane, Washington, An increase of 26,6 millions is shown in the total of non-memberd* clearing balances, all the local trust companies and state banks, except one, now settling their clearing balances through the New York Reserve Bank. The wsek witnessed a further large addition to the amount of Federal Reserve notes outstanding, the total, $797,630,000, being 40.6 millions in ex cess of the corresponding total on September 28, Against the total issued the Agents hold at present $560,111,000 of gold and $248,913, 000 of papor,. The banks increased the amount of paper pledged with the Agents against notes by 44:4 millions with the result that the note reserve shows a decline from.81,1 to 76,9 per cent. Federal Reserve notes in actual circulation total $740,916,OOOp or $40,704,000 more than the week before. X‘J-2'3a Rpl-ased. for publication Sunday morning October 7, 1917Not, earlier. STATE®!? OF COMBINED RESOURCES AND LIABILITIES Or THE TWELVE FEDERAL r^STTtVE BA.KS^AT CLOfi? OF BUSINESS_OCTOBER 5, 1917 . October 5> 1917 (a) September ■8, 1917 October R E S 0TU R G E S $445,597,000 ?481, U . $ , Gold coin and certificates in vault .................... . ........ Gold S3 ':tle;;:ent frnd .......................................................... Geld with foreign agencies .................. ............................ Total gold held by banks .......................................... Gold with Federal Reserve Agents .................................-• 9,465.000 iold redemption f u n d .......................................... ................ Total gold reserve ............................................ . Legal tender notes, silver, etc.................................... Total reserves ............................................................ , Bills discounted - Members ..................................... . l£ , Bills bought in open market ............................................. Total bills on hand ................................................... U. S. Government long-term securities * .......................... U. S. Government short-term securities ............-•.......... . Municipal warrants ....................................................... Total earning assets ................................................. , Due from other F. R. Banks - Net .................................. 230,423,000 Uncollected items ............................ ............. -................... Total deductions frcm gross deposits . , ................ 50 redemption fund against F. R. bank notes ........... . All other resources ............... ........... ............................. . __ TOTAL RESOURCES Q L I A B I L I T I E S Capital paid i n ......... ......................................................... Government d e p o s its .......................................................... ?S Due to members - reserve account ........... .................... , . , Due to non-member banks - clearing account ................... Member bank deposits - i~et --....... ................. ».......... 159.283,000 Collection items ......................................... .................. Total gross deposits ............... ................................. F, R. Notes in actual circulation ......................... . F. R. Bank notes in circulation, net l i a b i l i t y ........... All other.liabilities including foreign Govt, credits. TOTAL LIABILITIES Gold reserve against net deposit liabilities ............ Gold, and lawful money reserve against net deposit liab 1s Digitized for d FRASER Golreserve against F. R. notes in actual circulation http://fraser.stlouisfed.org/ (a), -Arngaded fis-,res Federal Reserve Bank of St. Louis 2 6 9,000 334,7C7,000 52.500.0CC 868, 936,000 560, 111,000 265 251,000 6 162.000 2 570,000 86,285 000 1 7 ‘000 94 029,000 6, 1916 265 626,000 342,337,000 52.500.000 840,434,000 , 9.809,000 119,441,000 385, 067,000 558 227,000 512,000 1 86 715,000 1/408,470,000 49.089.000 1,457,559,000 1,1+38, 48,203,000 ,^ , 451, 413,000 55, 727,000 73, 632,000 ....... 79,000 580, 851,000 232, 993,000 500,000 574,000 2,301, 633,000 61, 027,000 233,539,000 , 176 169.000 5, 929,000 234, 361,000 71, 289,000 1, 136, 930,000 409, 708,000 55, 129,000 39, 876,000 224,000 504, 937,000 500,000 387.000 2, 203, 673,000 59,379,000 157.524.000 740 916,000 8 000,000 3 206.000 2 301 633,000 69.20 73-00 76.90 8 763,000 000 183 312,000 26 232 000 26, 232,000 500,000 3.045,000 818, 533,000 55, 084, 0:0 33,971,000 • • « • - * 526, 019,000 % * i,488,4g4,ooo , , , , , 23 656,000 * 240,290,000 67,433,000 . . . 204,476,000 1,910.000 591,453,000 13.991.000 605,444,000 , 77.438.000 101,094,000 44,370,000 , 29.085., . , , , ' 1,433,176,000 , , . , , 70.40 74-50 81.10 700 212,000 8 000,000 2 906.000 2 203 673,000 559,990,000 , , 462.000 S IS , 72.10 74.80 . 50 201 364,000 1 033,000 533,000 102 Released for publication Simday morning October 7, 1917* Not earlier. X^231d WEEKLY STATEMENT OF RESOURCES AM) LIABILITIES OF EACH OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCTOBER 5, 1917. (In thousands of dollars) RESOURCES Boston N« Y* Phila,. Clevel. Richm* Atlanta Chicago St, Louis Minn, Kans.Cy* Dallas Gold coin and certificates in vault 2k,8k6 299,057 19 ,~Ql+5 25,2^2 6,2UU 6,15^ 37,*392 3>6S1 18,203 7*611 12*557 S.Fran Total 21,6l7 U81,6U9 G o l d s e t t l e m e n t f u n d 2 G o l d w r e i g n a g e n c i e s G o l d i t h T o t a l G f _ w P f o g o i t h l d F r e d e m T o t a l L e g a l g o h b y e d e r a l p t i o n l d b a n k s R e s e r v e n o d i s c o u n t e d i l l s b o u g h t T o t a l b i n i l l s 7 s i l v M e m o p e n o n m . G o v e r n m e n t l o n g - G o v e r n m e n t s h o r t - M u n i c i p a l o t h e r n c o l l e c t e d n « o F t e i t e m p t i o n r L t e r m 0 , 3 0 0 7 1 , 6 7 5 4 , 4 o 4 4 5 , 7 2 7 4 , 3 3 8 1 , U g 6 , 0 0 0 5 7 9 . 2 0 7 3 , 0 . 1 1 0 3 » 7 S 9 0 2 , 4 6 i 1 8 5 , 1 0 5 ? 2 b , 7 2 7 1 , 1 R . 4 B a n k s - N e t f r a n d g r o s s a g a i n s t F d e p o s i t s . R . 3 k . n t s 0 , 9 1 9 1 7 , 0 , 3 8 3 2 1 2 , 8 1 0 , 8 7 5 1 0 , 9 1 6 . 9 1 5 2 1 2 7 , 7 9 0 8 3 2 5 5 6 3 4 7 , 5 0 8 0 3 8 2 7 g , 8 2 4 , 6 4 6 . 5 7 5 3 2 , 5 4 7 1 0 , 3 7 5 3 4 3 8 , 8 5 2 , 2 3 5 9 7 4 4 , 7 6 1 1 7 5 , 1 7 , 5 7 1 + 2 6 , 7 0 6 4 4 1 6 , 8 2 2 3 , 5 , 0 6 7 ^ 9 , 5 8 4 3 9 8 2 . 1 8 1 1 0 , 0 8 7 , 3 5 4 l g , 6 9 7 1 1 , 7 6 5 4 9 , 1 8 9 l , l 6 l g 9 3 2 - . g 4 4 2 5 5 7 8 2 , 8 9 4 . . . 1 1 0 2 1 9 , 9 6 3 2 1 , 7 4 l 2 1 7 , 6 5 8 4 . 4 9 9 2 2 , 1 5 7 1 2 6 8 } 4 l 5 1 3 . 1 4 5 8 , 8 8 , 7 3 2 1 1 . 5 6 0 0 8 . 7 2 0 1 , 4 5 0 , 3 5 0 , 8 0 5 4 2 4 i 7 , 0 0 7 6 . 4 3 8 7 9 , 3 7 9 1 . 5 1 9 3 1 , 8 5 9 g , g 4 9 3 , 9 6 9 3 , 4 9 2 , 5 1 g 2 , 4 3 2 5 , 2 0 , 6 1 5 4 1 4 & 4 4 , 7 . . . 2 6 , 9 4 9 0 8 . l 6 l 1 5 6 9 1 6 , 8 . . . , 1 , 3 1 ' 5 0 0 . . . 1 0 1 5 , 9 4 1 6 l 7 2 1 , 8 2 0 9 . 1 6 7 2 , 9 _ 3 7 3 3 1 8 7 , 1 4 8 , 0 2 8 9 . 7 6 l 2 . 0 1 1 2 . 7 1 7 , 3 2 9 1 3 , 2 1 2 0 , 3 8 3 1 , 4 8 . 4 6 5 , 5 1 2 4 7 5 3 8 . 2 6 , 7 S 1 1 0 1 7 9 1 , 0 8 6 . 1 1 . 7 3 , 1 . 2 3 ? 8 6 2 . 5 5 , 7 2 7 3 7 3 , 6 3 2 7 9 l 6 9 5 4 5 1 , 4 1 3 l 7 , 3 0 3 1 2 6 5 , 2 5 1 3 9 9 8 5 2 8 a 0 2 7 0 . 4 2 3 2 1 2 1 2 3 2 , 9 9 3 3 3 0 , g 5 1 , 5 1 0 0 ..................................... 9 0 6 9 2 4 9 9 3 , 4 . . . 1 9 7 7 6 2 6 1 ^ 0 0 2 2 3 8 0 2 . 2 2 4 6 0 _ . 7 5 , 7 3 1 , 3 0 6 5 0 5 6 0 , 1 1 1 5 3 , 3 8 6 8 , 9 3 6 6 1 , 7 7 7 0 0 4 5 5 , 4 , 7 8 2 . 5 0 1 1 1 2 1 3 , 4 4 5 0 3 4 5 3 0 4 6 4 8 2 2 7 1 4 , 2 2 0 , 1 7 7 3 7 , 1 , 5 4 3 5 2 2 2 3 0 . 1 2 , 9 , 2 5 2 2 8 1 8 5 . g g g 2 4 , 6 0 6 5 , 0 2 1 3 7 , 7 1 9 2 7 3 . 0 9 0 . 6 1 3 6 8 , 7 6 9 8 6 1 5 7 2 2 ’ 3 0 4 8 1 8 0 , 4 g £ ) 2 __________________ 2 2 0 _____________________ 3 9 .......................... ............................................... ....................... 6 6 __________________________ ____________________________ 6 7 4 3 1 7 . 8 8 5 . 4 6 , 7 2 6 __________________ 5 1 8 ,"5 9 5 2 0 1 , 5 1 . 9 1 6 1 0 , 2 1 1 , 0 . 3 9 5 . . . 0 7 6 4 5 , 8 7 3 7§,7&2 3 , 9 8 1 4 8 4 , 9 . 8 4 9 9 , 7 , 4 , 8 4 O 1 7 6 , 2 0 7 , 1 3 0 5 7 2 _____________________ 9 9 , 2 , 4 , 6 2 5 2 6 2 7 4 2 6 1 , 3 l . l U 4 0 3 1 5 3 7 9 4 6 , 4 0 3 2 . 1 0 0 5 , 4 6 5 1 , 7 9 3 2 . 1 0 0 9 . 7 4 2 0 , 9 . . . ^ l 6 1 0 1 5 3 1 ' 0 1 9 5 . 3 1 5 6 ________________________2 9 0 5 2 , 3 6 3 1 6 , 2 0 , 7 7 4 . . . 8 8 0 , ^ 0 2 5 9 1 7 7 2 8 5 5 1 2 9 , 8 0 7 ^ 1 3 , 6 , 8 7 3 2 1 3 kj , 3 6 . 4 3 8 7 , 9 5 1 I , 9 .................................................................. r e s o u r c e s R E S O U R C E S 1 , 5 . . . 1 5 , 4 1 ~ TtZJVo 1 3 , 9 0 2 4 I J 5 Q , 6 6 1 . 8 1 7 1 2 1 4 x 5 1 2 — 5 4 2 8 5 1 , 0 6 9 8 U 5 1 1 2 , 5 5 3 9 2 2 1 0 3 3 1 , 3 1 . 6 . 2 ,f t f c * 2 0 2 9 5 0 ___________________ 3 7 3 .9 > 4 0 8 , 5 1 ? ° 3 4 ________________ s f t m . 7 5 3 , 4 9 1 6 1 0 s e c u r i t i e s 3 4 0 6 1 8 , 6 1 5 £ 5 ----- 3 2 4 s e c u r i t i e s t e r m a s s e t s F » d e d u c t i o n e h A 2 a r r a n t s e a r n i n g R e d e m , 2 1 2 3 7 3 , 7 2 1 _ 4 , , , 0 8 4 — i ? S . A e t c . h a n d S 5 $ e r , 6 2 4 , . 1 0 4 . T o t a l o 1 ? . f r o m , i 2 b e r s U T o t a l s a r k e t U w 5 6 , 5 5 2 1 8 . 1 2 7 , 5 9 4 8 - 0 5 ----- 5 0 Q ----- 4 t e s , i l l s U g e n t s r e s e r v e s B D u e 4 A f t o a d B 9 . 6 2 > o 7 5 r e s e r v e s t e n d e r T o t a l e l d 1 . . . 5 1 2 8 ________________________________________ 5 7 4 8 4 . 0 3 6 1 2 0 . 7 2 4 , 0 2 8 2 . 3 0 1 . 6 3 3 ~%t I A B I L I T I E S C a p i t a l G o v e r n m D u e t o p a i d e n t m i n 5 , 4 6 3 d e p o s i t s e m b e r s - r e s e r v e a c c o u n t 7 2 , 4 6 , 2 Due to non-member V k s -clearing acct C o l l e c t i o D u e t o T o t a l F . r . N l l e i g n i t e m g r o s s a l i a G o v e r n m L I A B b . B a n k s c i n t m l - N e t 5 s l a t i o l a t i o n , i n c l u d i n g e n t c r e d i t s I L I E n n e t f o e e n n e t a m , 2 4 0 7 7 3 4 , 5 5 , 7 3 3 , 5 6 5 0 1 9 6 0 3 9 2 5 , 4 3 , 2 * 7 8 9 , 1 3 4 9 8 , 8 4 0 3 7 7 3 9 5 9 8 , 7 6 2 2 6 5 , 6 7 7 5 3 , 3 9 7 . . . . . . . . . 0 5 , 7 4 , 4 7 9 1 6 1 1 , 5 7 7 2 0 , 1 2 , 2 0 0 1 6 5 3 5 3 , 8 6 5 2 , 9 5 8 1 9 . 8 1 2 9 , 7 5 5 8 5 , 2 8 1 1 3 , 1 6 9 5 7 212 2 7 . 0 1 7 ________________s_ t J ________________ 1 8 8 2 , 5 9 6 3 5 6 9 575 ♦ 4 0 , 1 8 3 b . 4 , 1 9 9 3 2 2 , 7 8 3 4 , 5 2 2 2 , 9 5 3 4 , 5 3 6 7 , 1 * 4 9 9 , 4 7 8 5 5 6 8 , 3 0 9 4 2 1 9 J 2 2 l , 4 4 9 1 9 4 , 5 8 0 6 9 3 17 1 3 6 , 0 9 0 ____________ 9 8 , 0 3 5 3 6 6 , 4 4 l 3 3 , 9 0 , 7 9 3 3 , 9 8 3 9 , 8 5 8 4 , 8 8 5 4 6 , 0 0 1 7 9 , 2 5 2 4 3 , 3 7 6 8 6 , 0 3 2 3 3 9 2 9 3 7 , 8 3 , 4 , 1 9 . . . ___________________________ . . . 8 , 4 7 4 , 0 0 l , 0 2 7 8 6 , 2 8 5 4 8 , 8 8 7 9^,029 1 5 9 ^ 2 8 3 ______________________________ 5 7 , 4 3 9 5 3 1 6 ^ 1 2 8 _______________________. . . 2 9 , 0 6 U,M +6 18 ___________________________ 4 2 6 3 , 3 ______________________________ . . . 3 , 9 0 1 0 2 , 5 6 9 2 , 2 ^*^93 3 , 1 3 , 2 6 9 3 0 7 7 0 , 6 6 1 , 4 4 8 8 , 4 8 4 7 4 0 , 9 1 6 . . . . . . 8 r 1 b e t w 4 84,268 4 9 8 S * D i f f e r e n c e Digitized fora FRASER l i a 0 , 7 2 2 , 8 4 2 1 , 0 9 8 . . . 9 c i r c u c i r c u i l i t i e I T 4 , 7 3 1 2 , 0 8 1 R d e p o s i t s i n 3 .... s . n o t e s o t h e r T O T A L F o t e s F . R . B a r i k A n o t h e r 1 0 3 6 , 8 7 3 o u n t s d u e 1 . 8 6 2 8 8 0 , 0 2 5 f r o m a n d 1 2 5 l 6 4 n e t , 7 4 a m l 1 2 1 1 8 0 o u n t s . 5 7 d u e ____________________________1 2 8 1 1 2 2 9 t o 0 , 6 1 3 o t h e r 8 F 0 . 1 . R 3 5 . 3 B 0 0 a n k s * . 7 5 . . . 8 8 9 . 7 . . . 6 l 8 2 . 0 6 9 l 4 0 1 2 0 , 2 1 . 2 0 6 3 8 8 4 . C 1 6 1 2 0 . 7 2 4 2 3 0 1 . 6 3 3 ased for publication Sunday morning-October 7, 191-7 • Not earlier X423c STATEMENT OF FEDERAL RESERVE AGENTS1 ACCOUNTS AT CLOSE OF BUSINESS OCTOBER 5, 1917(in thousands of dollars) Phi la. 81,020 12.480 12 600 N. Y. 504,960 102,054 402,906 113.420 42.644 289,48.6 _55jlS20 23,659 1,935 2,000 190 ,384 111102 4,220 15.050 1 88,000 42,644 289,486 Boston t$69 9-680 ik '^36 55,244 *ral Reserve Notes’ jceived frcm comptroller jturned to 8 omptroller largsable to F. R- Agent 1 hands of F. R- Agent *si^kto F. R. Bank less iduotR returned to F. R. fcgent for redemption Lateral held as security r outstanding notes: ?ld coin and certificates m hand ild redemption fund Lth Fa derail Be serve Board[ >n:merc ial pap er, min iirram equired TOTAL ± ../ /z . w Clevel- Richm. Atlanta Chicago St. Louis 7 3 ,ooo 49,600 52,920 139,120 40,300 9,010 4,444 7,413 7,415 13,481 43,970 134,676 32,88.7 36,117 65,585 1.510 5.930 29.900 780 9.440 68,540 12.620 15,284 2 ,s 6l "2,721 .3 6 ^ 7 9 12.900 --- 55,920 >r/ y.i j . 38.040 104,776 56 >145... 35,337 ..... ______ 132 2,301 20,000 18,000 28,470 79,124 517 13,360 18,000 16,446 3.810 25.460 l4,547_ 56,145 35,337 38,040 104,776 31,377. . .1 rr.___*i— ..3 4 .J .56 ..33x811 13,102 1,358 10,590 2,953 3,459 891 31*312 Minn’ s. Kas Cy. Dallas 46,64o 51,720 57,060 7,9.5!*... 9.j ?23_ 10,313 38,686 4 i ,897 46,147 8.080 ..1x820 .. 1L33Q 9.,73.6 15,069 91,035 12,906 18 ,014 i s ,697 4,325 38,32]L 3 7 ,0 0 5 _ 131,3 m l4,4S0 269,911 2,017 25,866 10,100 .13x106 9.904 -------------- ----------- 14,562 25,776 1 3 ,^ 5 11,02S 9,318 28,657 1,235 8,524 .-a — m to 1' 206.030 34J.5L. 3 3 IM 1 _ 38,322_ 37.005 -------------- -------------- m 2,370 1,587 19,560 S . Fran, Total 4i,s6o 1,207,940 204,280 4,855__ 37,005 1 , 003 , 66c ------------- 14,737 261,543 237,.,.5.12 797,630 — — • —► 24S ,912 M E M O R A N D A Federal Preserve i'Totes Outstanding and in actual circulation. t e .S * notes outstanding bald by "banks 2.4bl R. Notes held r. Notes in actml circuiationUo,183 R . ^Lls discounted and bought niclEaT warrants 289,1*6 55,920 tf.lks 35.337 3S . 0H0 104,776 31.377 Zv.owri-- sf.j.uZJ-- f --f-.>£-./ 3— — . * *—-- * ' , 265,677 53,397 53,865 33,102 36,090 92,035 29,053 2 . 5 2 3 D i s t r i b u t i o Within 15 days 228,355 2 . 2 8 n (f 0 2 B i l l s l 6 to 30 days 53,631 . 2 3 5 a n d 1 W . 9 5 0 a r r a n t s 6 . 7 . 4 1 "b y 31 to 60 days io4,oo4 7 M 2 a t u , 3 2 4 34,756 33.817 38,327 37.005 797,630 ,-2 pq 474 77 Kll 29 , ^ 37,877 30 664 30,bfc* 740,916 Iioq 33,499 ------- 1 * 2 5 Z ----- 4 ^ r i t i e s . 10 3 ------- i £ 5 Q ----- over 90Total days 6l to 90 days 6 4 , 0 1 1 + 1 , 1 * 1 2 62 1 * 5 1 , 4 1 3 19 ,..5.6x M
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