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1 8 7 X-1429 E f f e c t on Reserve S i t u a t i o n of Federal Reserve Banks of discounts of Trad? Acceptances of the United S t a t e s Railroad Administration, In t h e a t t a c h e d t a b u l a t i o n an attempt has been made t o c a l c u l a t e the e f f e c t upon the reserves of the Federal Reserve Banks of discounts of paper accepted by t h e Railroad Administration. Varying degrees o£ d e p l e t i o n of the excess r e s e r v e s a r e shown, the r e s u l t depending upon whether the paper i s discounted i n i t s e n t i r e t y or in p a r t only by the Federal Reserve Banks, a l s o whether t h e Federal Reserve Banks pay by deposit c r e d i t or by Federal Reserve n o t e s . The l e a s t d e p l e t i o n of reserves i s shown in case member banks r e discount with Federal Reserve banks only enough t o provide s u f f i c i e n t r e s e r v e balances a t t h e i r Federal Reserve banks t o cover t h e i r own r e s e r v e requirements. I t i s assumed t h a t a l l member banks a r e in c e n t r a l reserve c i t i e s and t h a t accordingly a 13 per cent r e s e r v e minimum i s r e q u i r e d . In t h e note t o the t a b l e f i g u r e s are given showing t h e present amount of the " f r e e gold" and t h e a d d i t i o n a l lending c a p a c i t y of t h e Federal Reserve Banks. On March 14 the amount of " f r e e gold" was 576.2 m i l l i o n s , which w i l l support a t o t a l of a d d i t i o n a l d e p o s i t c r e d i t of 1,646.3 m i l l i o n s or of 1,440.5 m i l l i o n s of Federal Reserve notes. In the following t a b l e a r e shown amounts of the s e v e r a l c l a s s e s of paper held by t h e Federal\Reserve banks on March 14,1919: IX 8 X-1429 -2- War paper Other discounted paper Acceptances bought $1,702,351,000 184,012,000 262,139,000 Total $2,148,502,000 D i s t r i b u t e d by m a t u r i t i e s as f o l l o w s ; Maturing w i t h i n " " " " " " after 15 days 30 " 60 " 90 " 90 " 1,624, 727,000 124,142,000 301,941,000 76,645,000 21,047.000 Total $2,148,502,000 R e s p e c t f u l l y submitted, M. JACOBSOH. Statistician March 18,1919. X-1429 STATEMENT SHOWING EFFECT OF DISCOUNT OF U.S. RAILROAD ADMINISTRATION TRADE ACCEPTANCES UPON THE RESERVE POSITION OF FEDERAL RESERVE BANKS. Reserves required a t Reserve Banks against Total F.R. notes Deposits All or 700 m i l l i o n s sold t o Reserve Banks: For c r e d i t 75$ f o r c r e d i t and 25$ f o r F.R. n o t e s $245,000,000 183,750,000 70,000,000 $245,000,000 253,750,000 One-half or 350 m i l l i o n s sold t o Reserve Banks: For c r e d i t 75$ f o r c r e d i t and 25$ f o r F.R. n o t e s 122,500,000 91,875,000 35,000,000 122,500,000 126,875,000 13$ of t o t a l or $9,100,000 sold t o Reserve Banks: For c r e d i t 75$ f o r c r e d i t and 25$ f o r F.R. n o t e s 3,185,000 2,389,000 NOTE: Excess r e s e r v e s ( " f r e e gold") of Federal Reserve Banks on March 14,1919; Net d e p o s i t s $1,769,445,000 x 35$ $619,306,000 F.R. note c i r c u l a t i o n $2,503,095,000 x 40$ . . . , .,1.001.238.000 Total reserves required . . . . . . . . . . . . Total r e s e r v e s h e l d . Excess r e s e r v e s ( " f r e e gold") . . . . . . 1,620,544,000 2.196 . 737.000 576,193,000 This " f r e e gold" w i l l support $1,646,266,000 of deposit c r e d i t s or 1,440,482,000 of note c i r c u l a t i o n 910,000 3,185,000 3,199,000 X-1429 ADVANCES TO THE ALLIES B THE UNITED STATES GOVERNMENT:' Y COMMITMENTS AND ACTUAL PAYMENTS BY THE TREASURY. (Figures as of March 15,1919) Comritments Actual Advance; $4,118,481,000 $4 Z 072,000,000 France 2,517,477,800 2,, 287,477,800 Italy 1,421,500,000 1,411,500,000 Belgium 340,555,000 283 , 745,000 Russia 325,000,000 137,729,750 Greece 39,554,036 United Kingdom 35,000,000 14,100,000 Serbia 2 7, 000,000 22,0:0,000 Rourran i a 15,000,000 10,000,000 15,000,000 10,000,000 5,000,000 12,000 .Czecho Slovaks Cuba Liberia $8,859,567,836 $8,298,564,550 X-1429 BALANCE OF TRADE, ALSO OF GOLD AND SILVER MOVEMENTS SINCE AUGUST 1,1914: (In thousands of d o l l a r s ; i . e . , 600 omitted) 1 . COMMODITY MOVEMENT. Imports Aug. 1 Dec. 31, 1914 Calendar year 1915 " " 1916 " " 1917 " " 1918 Excess of Exports. Exports 912,642 3,554,671 5,482,641 6,233,478 6,150,193 263,959 1,776,074 3,091,006 3,281,010 3,118,888 10,802,688 Total 648,683 1,778,597 2,391,635 . 2,952,468 3,031,305 22,333,625 11,530,937 2. SILVER IMPORTS AND EXPORTS 1 Imports Aug 1. Dec. 31,1914 Calendar year 1915 " " 1916 " " 1917 " " 1918 Exports Excess of Exports 22,140 53,599 70,595 84,131 252.847 10,011 19,115 38,332 30,790 _ 181.471 203,593 Total 12,129 . 34,484 32,263 53,341 71.376 483,312 279,719 3. Total Commodity and S i l v e r Imports and Exports* Aug.l, 1914 - Dec. 31,1918 Imports 11,006,281 Exports 22,816,937 Excess of Exports 11,810,656 4 . TOTAL GOLD IMPORTS AND EXPORTS. Imports Aug, 1, 1914 - Dec. 31, 1918 1,776,616 Exports 705,210 Excess of Imports 1,071,406 142 X-1429 IMPORTS AND EXPORTS OF CURRENCY July 1918 t o Feb. 1919. (Note: Data furnished by the War Trade Board.) 1918 July . Imports Exports Net Expor $444,194 $3,168,406 $2,724,212 August 5Co.199 2,410,319 1,908,120 September 280,697 12,079,497 11,798,800 October 701,734 2,712,354 2,010,620 November 506,346 7,585,726 7,079 , 3 8 0 December 5,557,131 2,139,987 (a) 3,417,144 1919 January February 938,688 3,374,678 $12,305,667 (a) Net imports. 1,373,167 289,439 $31,758,895 434,479 (a) 3,085,239 $19,453,228
@FedFRASER