Full text of H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks : May 27, 1917

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X-175
Released f o r p u b l i c a t i o n Sunday morning May 27, 1917.

Not e a r l i e r ,

STATEMENT FOR THE PRESS.
May 26, 1917.

;

Loan o p e r a t i o n s of t h e Government c a l l i n g f o r the c o n c e n t r a t i o n of funds a t
t h e New York F e d e r a l reserve
bark, a l s o the opening of f u r t h e r c r e d i t s t o a l l i e d
Governments by the U . S . T r e a s u r y a f f e c t ; , to a large- e x t e n t , the c o n d i t i o n s t a t e ment of t h e F e d e r a l r e s e r v e banks i s s u e d t o - d a y by the F e d e r a l Reserve Board as a t
c l o s e of b u s i n e s s on May 25,, 1917, On the a s s e t s i d e the l a r g e s t i n c r e a s e f o r the
week i s shown f o r ^Uncollected Items", l a r g e l y c l e a r i n g house exchanges, which r e p r
fsent
. checks and d r a f t s on N.Y. c i t y banks i n payment of s u b s c r i p t i o n s to
3 c e r t i f i c a t e s of i n d e b t e d n e s s issued d u r i n g the week.
The s u b s t a n t i a l i n c r e a s e
in the amounts 11 Due from d e p o s i t o r y banks - f i s c a l agent a c c o u n t u r e p r e s e n t s ,
amounts paid i n by banks on account of s u b s c r i p t i o n s t o U.S, c e r t i f i c a t e s of i n debtedness and r e d e p o s i t e d with the s u b s c r i b i n g batlkd*
On th& l i a b i l i t y s i d e the l a r g e s t i n c r e a s e i s shown f o r member banks 1 r e s e r v e
d e p o s i t s ; c h i & f i y a t the! N4Y* bank, due to temporary r e d e p o s i t s of funds p r e v i o u s l y p a i d out by the f e d e r a l r e s e r v e bank in connection with f o r e i g n Government
c r e d i t o p e r a t i o n s . As the r e s u l t of t h e s e o p e r a t i o n s the Reserve Banks 1 gold r&+s e r v e s d e c l i n e d about 20*2 m i l l i o n s and t h e i r t o t a l r e s e r v e s about 1 0 . 8 m i l l i o n s *
In t r a n s f e r r i n g funds t o the N. Y, bank the Government a v a i l e d i t s e l f l a r g e l y of
the s e r v i c e s of the Gold S e t t l e m e n t Fund, as i s i n d i c a t e d by the l a r g e i n c r e a s e
in
t h e amount s t a n d i n g t o t h e c r e d i t of t h e N. Y. bank and by t h e r e d u c t i o n s in
the c r e d i t b a l a n c e s of n e a r l y a l l o t h e r F e d e r a l r e s e r v e banks•
An i n c r e a s e f o r the week of n e a r l y 10 m i l l i o n d o l l a r s i s shown in t h e h o l d ings of b i l l s d i s c o u n t e d and bought. Discounts on hand i n c r e a s e d about 2*7 m i l l i o n s n o t w i t h s t a n d i n g l a r g e d e c r e a s e s under t h i s head r e p o r t e d by t h e 3 e a s t e r n
banks. A g r i c u l t u r a l and l i v e s t o c k paper m a t u r i n g a f t e r 90 days (6-month.
paper)
a g g r e g a t i n g a b o u t 2 , 8 m i l l i o n s i s r e p o r t e d by t h e s o u t h e r n and w e s t e r n banks,
n e a r l y o n e - h a l f of t h e t o t a l being h e l d by the Minneapolis and Dallas banks *
T o t a l d i s c o u n t s are i n c l u s i v e of 16*3 m i l l i o n s of member banks * c o l l a t e r a l
notes as a g a i n s t 14*9 m i l l i o n s the week b e f o r e * The l a r g e r t o t a l comprises 1*9
m i l l i o n s of c o l l a t e r a l n o t e s secured py U» S. c e r t i f i c a t e s of i n d e b t e d n e s s , the
Board having a u t h o r i z e d
d i s c o u n t s of such notes a t s p e c i a l l y f a v o r a b l e r a t e s *
Acceptances on hand show an i n c r e a s e of 7,2 m i l l i o n s , mainly a t the N% Y* and
Cleveland banks + U. S, c e r t i f i c a t e s of i n d e b t e d n e s s held by the banks aggregate
3 4 1 m i l l i o n s i n excess of the amount r e p o r t e d the week b e f o r e # No m a t e r i a l
changes are shown in t h e amounts of o t h e r i n v e s t m e n t s held* T o t a l e a r n i n g a s s e t s ,
287.3 m i l l i o n s , show a g a i n of 13*2 m i l l i o n s , and c o n s t i t u t e 504 p e r cent of the
banks p-aid-in c a p i t a l , compared w i t h 482 p e r cent t h e week b e f o r e . Of the t o t a l
e a r n i n g a s s e t s , a c c e p t a n c e s c o n s t i t u t e 37,4 p e r c e n t , U.S, c e r t i f i c a t e s of indebt e d n e s s 2 0 . 1 p e r c e n t , d i s c o u n t s 1 6 , 6 p e r c e n t , U. S . bonds 1 2 , 7 p e r c e n t , Treasury notes 8 . 1 p e r c e n t , and w a r r a n t s 5*1 p e r c e n t ,
Accessions d u r i n g t h e week to the F e d e r a l r e s e r v e system and i n c r e a s e s in capi t a l and s u r p l u s of member banks J account f o r an i n c r e a s e of $123,000 in the p a i d in c a p i t a l of t h e F e d e r a l r e s e r v e b a n k s . Government d e p o s i t s show an i n c r e a s e of
11,3 m i l l i o n s , a l l t h e banks except N» Y* and Cleveland r e p o r t i n g heavy withdrawals
of Government f u n d s . A g a i n of 64,8 m i l l i o n s i s shown f o r member banks* r e s e r v e
d e p o s i t s , t h e g a i n of 7 2 . 6 m i l l i o n s a t t h e N, Y, bank b e i n g o f f s e t i n p a r t by decreases i n d e p o s i t s a t e i g h t o t h e r r e s e r v e banks„
Federal r e s e r v e a g e n t s r e p o r t a t o t a l of $488,088,000 of n o t e s o u t s t a n d i n g ,
an i n c r e a s e d u r i n g t h e week of 9 . 2 m i l l i o n s , nearly t w o - t h i r d s of t h i s i n c r e a s e
f a l l i n g to the s h a r e of t h e N, Y. and Cleveland banks, Against the t o t a l i s s u e d
the agents hold $456,611,000 of gold and $32,685,000 of p a p e r . The banks r e p o r t
a t o t a l F e d e r a l r e s e r v e n o t e c i r c u l a t i o n of $454,402,000 and a g g r e g a t e n e t l i a b i l i t i e s t h e r e o n of $ 2 6 , 2 0 1 , 0 0 0 ,




V

Si.rlier.
X - l / 5 aR e l e a s e d f o r p u b l i c a t i o n Sunday x o r n i n g May 27, 3-91/'
^
? TATEl'-EFT OF COS IKED RESOURCES AND L I A f W f l S S ^ THE TWELVE FEDERAL RESERVE BANKS AT CLOSE OF E u s m u s MAY 25, 1!>17 >:
May
L
),
i
g
i
/
May
16,
.1917
February
23,
1
W
November
24,
1$1L
May
co,
jSi^R E £ 0 U L C I: S .
$334,265,000350,269,000
281,355,000
283,730,020
Gold c o i n 8LTid c e r t i f i c a t e s in v a u l t
183,590,000 .
IB7,969,,000
213,861,000
1/4,8J1,VOO
91,991,000
Gold s e t t l e m e n t fund
2
.
9
0
5
.
0
0
0
2
,
7
5
4
,
0
0
0
1
/
5
2
2
,
0
0
0
_
J
^
0
4
^
0
0
0
2,lo3,000
Gold r e d e m p t i o n f u n d w i t h U n i t e d S t a t e s T r e a s u r e r
5
2
0
,
7
6
0
,
0
0
0
5
4
0
,
9
9
2
,
0
0
0
4
9
7
,
1
3
8
,
0
0
0
4
5
9
,
9
3
5
>
0
0
0
3
3
7,135,000
Total geld reserve
3
6
,
8
9
2
.
0
0
0
2
7
,
4
4
2
.
0
0
0
1
5
.
2
4
9
.
0
0
0
17
^fojOOQ.
2
1
.9^2,000
Legal t e n d e r n o t e s , s i l v e r , e t c
557,652,000
568,434,000
512^387,000
477,909,000
359,111,000
m k Total reserve
400,000
400,000
400,000
470,000
450,000
Five p e r c e n t redemption fund a g a i n s t F« R. bank n o t e s . - . . . .
4
7
,
5
8
7
,
0
0
0
4
4
,
8
4
6
,
0
0
0
2
0
,
2
6
6
,
0
0
0
2
0
,
5
0
1
,
0
0
0
2
0
,
3
65,000
B i l l s d i s c o u n t e d - - Members,.
.
107,377,000
100,177,000
123,966,000
102,092,000
52, 7 0 8 , 0 0 0
B i l l s bought i n open market
36,513,000
36,383,000
29,471,000
39,427,000
51,942,000
United S t a t e s bonds
2 3 ,3 3 8 ,0 0 0
23,338,000
18,64-7,000
11,167,000
3,840,000
One-year T r e a s u r y notes
57,807,000
54,666,000
. . . . . . . .
United S t a t e s c e r t i f i c a t e s of i n d e b t e d n e s s
14.675.000
14,639.000
17.124.000
22,166,000
44,946,000
Municipal w a r r a n t s
000
287,297,000
274,052,000
209,474,000
195,353,
173,801,000
T o t a l e a r n i n g assets?
28,410,000
26,458,000
22,076,000
15,414,000
26,433,000
F e d e r a l r e s e r v e n o t e s - Net
10,641,000
3,057,000
732,000
43,263,000
16,512,000
Due from o t h e r F e d e r a l r e s e r v e banks - Net
122,349,000
84,461,000
Due from d e p o s i t o r y banks - f i s c a l a g e n t account
328,779,000
192,830,000
136,940,000
U n c o l l e c t e d items
6.424.000
5.981,000
8.271.000
2.651,000
9,041,000
All o t h e r r e s o u r c e s
1,341,952,000 1,155,673,000
890,280,000
735,060,000
585,350,000
TOTAL RESOURCES
L I A B I L I T I E S .
56,991,000
56,868,000
55,989,000
55,711,000
54,875,000
i t a l paid in
*
198>463,000
187,127,000
13,407,000
26,319,000
44,131,000
eminent d e p o s i t s
813,326,000
748,499,000
692,475,000
Due t o members - r e s e r v e account
637,072,000
476,680,000
yember bank d e p o s i t s - Net
170,151,000
136,750,000
108,826,000
Collection items
26,201,000
2
4
,
6
4
8
,
0
0
0
19,061,000
1
4
,
2
9
6
,
0
0
0
7
,
7
0
6
,
0
0
0
F e d e r a l r e s e r v e n o t e s - Net. • •
..
1,028,000
1,732,000
Federal reserve note l i a b i l i t i e s
76.820,000
1,781.000
522.000
6^4,000
226,000
A l l o t h e r l i a b i l i t i e s ^ i i a l T . d l R S - I & r j t g E .GovaraaaxA <jredit«i»*
1
,
3
4
1
,
9
5
2
,
0
0
0
1
,
1
5
5
,
6
7
3
,
0
0
0
8
9
0
,
2
8
0
,
0
0
0
7
3
5
,
0
6
0
,
0
0
0
5
8
5
,
3
50,000
TOTAL LIABILITIES
•• • -•
63.3#
66.2%
71.4%
72.5$
65.8#
Gold r e s e r v e a g a i n s t n e t d e p o s i t and n o t e l i a b i l i t i e s
•
67.8$
69.5#
73-6%
75-3^
70-1#
Cash r e s e r v e a g a i n s t net d e p o s i t and n o t e l i a b i l i t i e s
Cash r e s e r v e a g ' s t n e t d e p o s i t l i a b . a f t e r s e t t i n g a s i d e 40%
68-7^
70*4$
74.6$
JG.1%
JO.6$
g o l d r e s e r v e a g a i n s t n e t l i a b . o n F . R , n o t e s in c i r c u l a t i o n . . .
1
15
days
l
6
30
days
31
60
days
6
1
9
0
days
Over
90 days
MEMORANDUM: D i s t r i b u t i e n by m a t u r i t i e s : May 25, 1917•-•
4
3
,
8
4
4
,
0
0
0
2
2
,
3
7
0
,
0
0
0
5
0
,
8
0
8
,
0
0
0
3
5
,
1
4
5
,
0
0
0
2
,
7
97,000
B i l l s d i s c o u n t e d and bought
8
,
7
0
1
,
0
0
0
3
,
5
3
3
,
0
0
0
3
5
9
,
0
0
0
1
,
0
3
6
,
0
0
0
1
,
0
46,000

Municipal w a r r a n t s

»



R e l e a s e d f o r p u b l i c a t i o n S u n d a y morning May 2 7 , I 9 1 7 .
Not e a r l i e r .
X-I/STD
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF TUB FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 2 5 , 191/".
(In thousands cf dollars)

::::::: z:

Gold I L ^ c a r t m c a t e s

in v a u l t

%
f

-°g

i S S "

^

^

1 6

^ w n r ™ » r , . t . .

i 6

- $

8

- ^

W W

^

l°

l%

ikfi

^

3

- ^

ȣ--tttttttttttis

#

r

e S ^ i o ™ - F . H .

::

b

„knoteS

^

-

TOTAL RESOURCES
L I A B I L I T I E S

4

™

#

76,^2

l 6

^

a

g - g

654,911

' ^

^

^

» . u l

3,550

11,)

2

p,,la

557,^

155 809
3Uf2
i:i3s ;:
:;
?
s
-*&%$*
« « *-%: * * >>% »•>* >>% ^ * » *« %

2 q a

l q

^

86,0^0

88,182

^

n

49,516

l 0

',8°

v S

1 M a s

i i , o 4 i 111,121

40,991

«?•*?

18,121

60.961

ll,4iq

51,190 I . l 4 l . q 5 2

|S£»"™-•- rS lil is SSII -E 81 # -EII l l I I I I
K T . S S T 2 ? ^ . * % *
: :
157
All other l i a b . i n c l . f o r e i g n Gov.credits
M

RTI'ITu .




-76,5^

: :
76,268

6^.«

m

2

i=i
210

e6,o,o

^
- -

aa.,8,

V ?

20
H ,

l b

^

: :

- ^

3, =
?c

''933
~

b 0

. ^

3

a::M
'

„.

u

r

0

»

:

8

?
7 I

~ ~

Released f o r p u b l i c a t i o n Sunday morning May 27, 1917.

Not e a r l i e r .

175-c

STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS MAY 25, 1917.
( I n thousands of d o l l a r s )
Federal Reserve Notes:
Received from Comptroller

Boston

Phila. Clevel.

Richm. A t l a n t a Chicago S t . L o u i s Minnls.

383,440

57,340

35,600

30,100

36,380

65,060

25,740

34,640

• 73,-820

8, 627

5,626

10.406

6,045

2.244

5,072

5r435

29,390

310,620

48,713

29,974

19,694

30,335

62,816

20,668

29,205

6,750

102,000

15,340

2,640

2,680

11,205

10,340

4,260

5,840

23,640

308,620

33,373

27,334

17,014

19,130

52,476

16,408

23,365

19,310

197,938

3,730

9,830

3,365

13,918

2,370

11,110

1,330

10,682

1,623

1,504

655

1,882

486

666

1,117

1,160

1,034

25", H O

16,000

5,000

12,080

51,990

5,750

4,170

20,560

6,627

4,160

1,865

16,408

23,365

25,955

6,635

4,160

1,892

$39,680

turned t o C o m p t r o l l e r
Chargeable t o F . R. Agent
In hands of F. R. Agent
Issued t o F. R. bank l e s s
amount r e t u r n e d t o F . R,
Agent f o r redemption
Amount held by F . R. Agent
i n r e d u c t i o n of l i a b i l i t y
on o u t s t a n d i n g n o t e s :
On hand:
Gold coin and c e r t i f i c a t e s
Credit b a l a n c e s :
gold redemption fund
With F e d e r a l Reserve Board

2

'

000

N. Y.

*

-

As s e c u r i t y f o r o u t s t a n d i n g n o t e s
Commercial p a p e r
Total
Amount of commercial p a p e r del i v e r e d to F e d e r a l Reserve Agent




2,910
22/640

208,620

33,37a

2,917

ay,334

2,897

11,359

2,271

17,014

19,130

11,987

2,279

52,476

Kas.Cy, D a l l a s S . F r a n .

Total

40,720

36,920

25,060

810,680

6,425

8,515

3.206

144.711

34,295

28,405

21,854

665,969

8,340

8,486

25,955

19,919

.

.

21,854

.

.

177,881

488,088

264,468

1,094

23,233

5,490 20,760

168,910

2,285

31,477

19,919 21,854

2,815

.

.

488,088

32,685