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} a ' . Released for publication^P!nda,y morning April 8, 1917 • No^yarl i e r . X-74. STATEMENT FOR THE PRESS. April 7, 1917. The Federal Reserve Board made public today i t s regular weekly bank statement as a t cldse of business on April 5 - 6 , 1917 > As the Federal • -Reserve Banks.of Philadelphia and Minneapolis, also the Federal Reserve Branch of New Orleans, observed l a s t Friday as a legal holiday, the statement shows the condition of these i n s t i t u t i o n s as at close of business April 5th• The condition of the other banks is shown as a t close of business on April 6th. The statement r e f l e c t s to some extent the r e s u l t s of several recent operations in United States s e c u r i t i e s which a f f e c t a l l the twelve Fede r a l reserve banks. All of the banks report holdings of United States c e r t i f i c a t e s of indebtedness a l l o t t e d to them by the Secretary of the Treasury a f t e r the proposed issue 01 $0 millions had been 0verseribed by the banks, Considerable increases are shown in the a m o u n t of United States bonds and Treasury notes held as the result of purchases through the Treasurer of $10,8i'7,500 of United States bonds with c i r c u l a t i o n privilege formerly owned by Rational banks, and of the conversion about April^ 1st of a certain amount of# 2 per cent bonds into 3 P e r cent 30~ year oonds and one-year Treasury notes without the c i r c u l a t i o n privilege• Furthermore $1,(1^,000 of Treasury notes due or- April 1st previously sold were repurchased by the New York and Cleveland banks• The depletion of the banks* cash reserve through the t r a n s f e r of gold to the Treasury on account of the 50 million d o l l a r loan was f u l l y made up by heavy cash deposits during the week by member'banks, mainly in New York City. As the net r e s u l t of a l l these operations the aggregate cash reserves of the Federal reserve banks show a decrease for the week of only about 2.4 millions, while t h e i r combined gold reserves show a decrease of about 12.3 m i l l i o n s . During the week the net amount of Federal reserve notes issued increased by $18,134,000 and the amount of gold t r a n s f e r r e d to the agents as cover f o r outstanding notes by $17,782,000, The aggregate gold resources of the system, including amounts of gold held by the Federal reserve banks and Agents, show an increase during the week from $3J>8 046,000 to $9^3,552,020, while the t o t a l amount of lawful money held by the system at present i s $962,662,000, an increase of $15,33^,000 for the week* Earning a s s e t s of the banks, other than G-ovennment securities^ show smaller t o t a l s than the week before * In p a r t i c u l a r , discounts show a decrease of about 2,2 millions, Boston reporting the l a r g e s t net amount of l i q u i d a t i o n under t h i s head. Of the t o t a l discounts $2,535,000, as against $3,400,000 the week before, i s represented by member banks 1 coll a t e r a l notes held by 8 reserve banks. Acceptances on hand likewise show a decrease of about 1.7 millions, both New York and Boston reporting smaller amounts than a t the end of the preceding week. Only £ banks increased t h e i r holdings of municipal warrants, the t o t a l on hand being about one-half million l e s s than the week before * Total earning assets stand at present at $225,541,000, and constitute over 400 per cent of the banks' paid-in c a p i t a l , compared with 300 per cent on March 30* Of the t o t a l earning a s s e t s , acceptances represent 36.7 per cent; U, S, c e r t i f i c a t e s of indebtedness - 22.2 per cent; U. S. bonds - 16.2 per cent; Treasury notes - 10,2 per cent; discounts - 8*0 per cent, and municipal warrants - 6«7 per cent. Nearly one-half of the banks 1 present investments are composed fof Government s e c u r i t i e s . Government deposits show an increase of about 25*3 millions,due mainly to the credit operations of the Government during the past week. Member bank reserve deposits increased 37*8 millions, the New York bank alone reporting an increase of 37*3 millions for the week* x-74. — 2 Federal Reserve Agents report a t o t a l of $400,698,000 net of Federal reserve notes outstanding,against which they hold $378,450,000 of gold and $23,55^.-000 of paper. The banks report a t o t a l of $37b,510,000 of Federal reserve notes in actual c i r c u l a t i o n and aggregate net l i a b i l i t i e s thereon of $14,295 .>000. Released for publication Sunday morning April 8, 1917. Not e a r l i e r . x-74 STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 5 - 6, 1517. RESOURCES . April 5-6,1917 March 30, 1917 January 5, 1917 October 6, 191$ April 7, 1916. Gold coin and c e r t i f i c a t e s in vault $362,4/2,000 374,903,030 267,169,303 265,626,003 245,778,330 Gold settlement fund . . . . . 200,125,000 200,061,000 192,001,000 119,441,000 80,011,000 Gold redemption fund with United States Treasurer 2,505.000 2.414.000 1.600.000 1.910.000 1,549,000 Total gold reserve 565,102,000 577,378,000 460,770,000 386,977,300 327,338,000 Legal tender notes, s i l v e r , etc 19.110.000 9.282.000 16.180.000 11,991.000 11.600.000 Total reserve 584,212,000 586,660,000 476,950,000 400,968,000 338,938,000 ve per cent redemption fund against F. R. bank n o t e s . . . . . 400,000 400,000 400,000 500,000 350,000 b.ls discounted - Members , 17,$28,000 20,106,000 26,217,000 23,656,000 22,268,000 Acceptances bought 82,735*003 84,473,000 121,807,000 77,438,000 42,116,000 United States 'bonds 36,629,030 29,275,000 41,052,000 44,370,000 45,226,000 One-year Treasury notes. 23,042,003 18,425,036 14,857,000 8,763,000 1,932,000 United States c e r t i f i c a t e s of indebtedness 53,030,000 Municipal warrants 15,207 .000 15,715,000 8.716.000 29.085.000 35,256,000 Total earning assets 225,541,000 167,994,000 212,669,000 183,312,000 146,798,000 Federal reserve notes - Net 16,235,030 (a)18,999,000 21,664,030 14,894,000 21,761,000 Due from other Federal reserve banks - Net 3,412,000 2,275,000 6,666,030 26,232,000 11,161,000 Uncollected items 146,422,000 132,759,000 142,629,000 All other resources 4,909,000 (a) 5,393,000 8.752.000 3.045,000 7,237,300 TOTAL RESOURCES $981,131,000 914,480,000 869/730,000 628,951,000 526,245,000 L I A B I L I T I E S . Capital paid in 56,100,000 56,075,000 55,695,000 55,684,000 54,843,000 Government deposits . 46,461,000 20,567,000 25,566,000 33,971,000 37,016,000 Due to members - reserve account 758,219,000 720,411,000 656,422,000 paher bank deposits - Net 526,019,000 423,497,000 ollection items 105,436,000 100,961,000 118,559,000 Federal reserve notes - Net 14,295,330 15,941,000 13,245,000 11,782,000 9,500,000 . Federal reserve bank note l i a b i l i t y 1,033,000 1,251,000 All other l i a b i l i t i e s 620.000 525,300 241.000 462.000 118.000 TOTAL LIABILITIES $981,131, 003 914,480,000 869,730,000 628,951,000 526,245,000 Gold reserve against net deposit and bote l i a b i l i t i e s 73-0$ 79-9$ 69.3 $ 70.9$ 71.3$ Cash reserve against net deposit and note l i a b i l i t i e s 75-4$ 81.2# 71.8$ 73-5$ 73-9$ Cash reserve against net deposit l i a b . a f t e r s e t t i n g aside 76.1$ 40$ gold reserve a g ' s t . net l i a b . on F.R.notes in c i r c u l a t i o n 82.1$ 72.4# 74.2# 74.6$ MEMORANDUM: Distribution by maturities: April 5t6, 192-7• 1 - 15 days l6 - 3O days 31 - 60 days 6l - 90 days Over 90 days Bills and acceptances 22,631,000 34,433,000 29,744,030 13,073,000 782,000 Munic ipal warrant s 52,000 519,000 7,720,000 4,574,030 2,342,000 (a) Amended f i g u r e s . « f Released f o r publication Sunday morning April 8, 1917* Not e a r l i e r . X-f4. V. WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF E.-.CH OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 5 - 6 , l g i ? . (In thousands of dollars) RESOURCES . Boston N, Y. Phils.. Clevel. Rich®. Atlanta Chicago St.Louis Minnls. Kas.Cy. Dallas S.Fr?.n. Total Gold coin and c e r t i f i c a t e s in vault $13,350 209,993• 22,020 17,785 5,766 6,128 31,053 12,815 12,890 7,888 7,750 15,034 362,4/2 Gold settlement fund 15,940 26,443 20,520 27,657 16,248 4,345 33,457 5,046 10,376 24,902 6,405 8,78b 200,125 Gold redemption fund _ •LOO 1DQ cvv <00 -i*v?? A3 n Total gold reserve 29,340 236,686 42,790 45,467 22,410 11,128 64,710 18,029 23,522 32,955 14,230 23,835 565,102 Legal tender notes, s i l v e r , e t c . 271 11,220 88 251 89 1,124 19,110 981 1,620 74 927 65 198 29,611 249,906 43,04l 45,555 22,499 12,111 65.617 19.649 21.920 33,029 15,354 23,900 534,212 Total reserve b redemption fund-F.R.hank notes — — 400 100 300 Bills discounted - members 2,032 1,110 1,449 857 1,668 2,158 1,460 1,326 17,928 340 1,055 3,773 730 Bills bought in open market 11,816 18,298 11.620 5.040 6,445 1,481 6,882 7,784 2,256 1,283 82,735 1.902 1,928 Total "bills on band 13,818 6,489 10,218 19,155 12,730 2,986 8,839 2,951 7,222 100,663 5,254 5,362 5,639 United States "bonds 1,306 530 1,152 549 6,255 2,429 7,007 6?5 36,629 8,792 3,966 2,233 1,735 One-year Treasury notes 2,194 2,788 1,224 2,548 1,491 1,444 1,969 1,452 1,500 23,042 3,218 1,784 1,430 U. S. c e r t i f i c a t e s of indebtedness 20,000 3,500 3,000 2,000 2,000 1,500 2,003 5,030 50,000 3,500 2,500 2,500 2,500 Municipal warrants 1,504 178 2,990 5,174 15 1,068 811 2,267 7 456 560 15,207 171 Total earning assets 48,423 20,811 20,458 15,154 9.112 26.111 12,499 10,726 16,518 10.907 14,462 225,541 19,720 Federal reserve notes - Net 10,212 —— 1,227 962 228 1,916 1,690 16,235 Due from other F. R. banks - Net — — — — 3,414 2,744 — — i,009( a) 3,412 449 1,591 437 5,899 Uncollected items 12,282 26,027 19,850 9,064 10,131 7,427 24,689 10,503 3,370 146,422 9,144 6,386 7,549 All other resources 615 142 84 1,133 ,45 121 106 183 1.227 4,909 159 321 571 TOTAL RESOURCES 66,299 335,183 81,864 78,906 48.068 31,574 125,041 42,957 18,624 59,839 33,974 48,931 981,131 % — — — — — — — — — : L I A B I L I T I E S . ^ P ^ p i t a l paid in 11,882 5,260 6,089 5,059 3,431 Government deposits 3,248 5,241 4,101 4,089 3,902 Due to members- reserve account 47,720 291,666 50,703 58,464 25,592 • Collection items 9,490 19,519 18,341 10,252 7,720 — «— Federal reserve notes - Net — — — — 2,960 6,345 Due to other Federal reserve "banks fet - — — 1,187 8,697 891 All other l i a b i l i t i e s 128 — 172 — — 171 TOTAL LIABILITIES 66,299 115,181 81.864 78.906 48.068 M E M 0 R A ND UM. F. R, notes issued to banks 17,103 176,808 27,054 17,207 16,857 F. R. notes held by banks 1.227 10.212 1.190 962 775 F. R. notes in circulation 15,876 166,596 25,864 16,24$ 16,082 Gold and lawful money with Agent 17.101 176.808 22,904 17.207 9.717 (a) Difference between net amounts due from and 2,418 4,403 18,708 4,064 1,981 7,002 6,660 98,948 12,433 —- — — •— —• — — — 11,574 125.04l — 2,419 3,088 2,716 56,100 2,795 3,941 46,461 2,968 2,718 2,055 3,345 3,731 26,880 29,793 47,223 24,028 38,497 758,219 2,012 8,653 6,563 2,655 105,436 3,734 1,261 1,022 726 14,295 — «— — «— — — 1,304 52 — — 620 107 9 42.957 18.624 59,839 31,974 48,911 981,111 19,944 27,052 15,955 450 1.8l6 1,586 19,494 23,216 14,369 17.511 25.112 11.108 net amounts due to other «— — «— 21,248 888 20,360 19,118 Federal 23,688 1.251 22,4)5 22.663 reserve -W 20,593 17,189 400,698 124 1.685 24.188 20,469 15,504 376,510 19.741 17.194 178.450 banks. Released, for publication Sunday morning April 8, 1917. Not e a r l i e r . STATEMENT OF FEDERAL RESERVE AGENTS' ,XCOlPTTS AT CLOSE OF BUSINESS APRIL 5, (in thousands of dollars) Beston N. Y. Phila. Clevel. Richm. Atlanta Chicago St.Louis Minnls«. Kas.Cy. Dallas S. Fran Total $36,880 313,600 39,120 27,46o 25,500 36,380 34,480 2^,340 32,000 37,720 36,520 20,060 667,060 Returned"to Comptroller 9,177 69,272 7,666 5,153 9,243 5,281 1,888 4,045 4,452 3,874 7,326 2,871 130,248 Chargeable to F. R, Agent 27,703 244,328 31,454 2.2,307 20,257 31,099 32,592 19,295 27 , 548 33,846 29,194 17,189 536,812 In hands of F. R. Agent 10,600 67,520 4,400 5,ioo 3,4oo n,i55 5,540 3,340 6,300 10,158 8,601 ' 136,114 Issued to F. R. bank l e s s amount returned to F. R. Agent f o r redemption 17,103 176,808 27,054 17,207 16,857 19,944 27,052 15,955 21,248 23,688 20,593 Amount held by F. R. Agent in reduction of l i a b i l i t y on outstanding notes: On hand: Gold coin and c e r t i f i c a t e s 15,910 170,601 3,730 10,273 5,665 13,018 2,370 10,110 1,193 6,207 1,484 934 637 1,647 682 693 1,200 1,133 1,173 714 17,697 17,690 6,000 9,100 12,970 24,450 6,750 5,120 19,160 8,460 16,480 126,180 7,120 2,431 1,920 2,847 1,910 1,025 16,857 19,944 27,052 15,955 21,248 23,688 20,593 7,200 2,456 1,941 2,850 1,910 1,114 1,894 Federal Reserve Notes: Received from Comptroller ^ C r e d i t balances: ^ y i n gold redemption f u n d r 6, 191'7. With Federal Reserve Board As security f o r outstanding notes: Commercial paper Total Amount of commercial paper delivered t o Federal Reserve Agent . ' « . . . ' • • • 17,103 ... * • * ' " 176,808 • « . . . 4,150 27,054 4,189 • , . . . 17,207 » « • « • 2,896 . 650 * • • • 17,189 400,698 234,573 * ' * • 17,194 • 22,253 400,703 23,554
@FedFRASER