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XReleased f o r p u b l i c a t i o n Sunday morning, August 19, 19^7* Not e a r l i e r . STATEMENT FOR THE PRESS August 18, 1917• S u b s t a n t i a l i n c r e a s e s in b i l l s held, including both paper discounted and acceptances purchased in open market, also large net withdrawals of Government d e p o s i t s are indicated by the Feddral Reserve Board's weekly bank statement issued as at c l o s e of business on August 17, 1917• Member banks'reserve d e p o s i t s show a gain almost as large as the l o s s shown in Government d e p o s i t s , New York and some of the i n t e r i o r banks reporting considerable increases in reserve d e p o s i t s . Acting as f i s c a l agent f o r the Government New York paid during the week 90 m i l l i o n s to the a l l i e d Governments of Great B r i t a i n and France, while an a d d i t i o n a l 20 m i l l i o n s was transferred from the banks to Washington f o r account of the Treasurer of the United S t a t e s , part of t h e s e funds coming from depository banks. Large amounts received by the Federal reserve banks tin account of the third installment (30 per cent) of the Liberty Loan, were redeposited w i t h q u a l i f y i n g number and non-member banks. Aggregate gold and cash reserves show but l i t t l e tihange, though there has been considerable s h i f t i n g of reserves from New York to other Federal Reserve banks * The r a t i o of cash reserve to n6t d e p o s i t s declined during the week from 79*3 t o 77»4 per cent, w h i l e the note reserve percentage shows a r i s e from 9 0 . 1 to 91.7 per c e n t . Discounted paper on hand increased about 9*7 m i l l i o n s , most of the banks reporting considerable gains under t h i s head. Of the t o t a l on hand 44.7 m i l l i o n s , as against 4 4 . 1 m i l l i o n s the week b efo re, i s represented by member banks' c o l l a t e r a l n o t e s . Nearly 25 per cent of these notes were secured by United S t a t e s Liberty Bonds or United S t a t e s C e r t i f i c a t e s of Indebtedness, the t o t a l , 1 1 . 1 m i l l i o n s , being about 1»5 m i l l i o n s below the corresponding t o t a l of a week ago. Acceptances on hand show a gain of about 5*5 m i l l i o n s , feoston, Philadelphia and San Francisco reporting the l a r g e s t additions' to t h e i r holdings of t h i s c l a s s of paper* The increase in United S t a t e s bonds on hand i s probably of a temporary character sending the f i n a l allotment of Liberty bonds t o ultimate purchasers. Holdings of municipal warrants i n d i c a t e Cont'imied l i q u i d a t i o n . Total earning a s s e t s show a gain of about 17 m i l l i o n s and c o n s t i t u t e 647 per cent of the banks' p a i d - i n c a p i t a l , compared with 620 per cent shown the week b e f o r e . Of the t o t a l , 4 1 . 3 per cent i s represented by acceptances, 38*2 per cent by discounts, 2 0 . 2 per cent by U• S. s e c u r i t i e s , and 0 . 3 per cent by warrants. Admission to membership in the system of the S t a t e Bank of Chicago and l i q u i d a t i o n of some member banks in other d i s t r i c t s account for the increase of $123,000 i n c a p i t a l account. Government d e p o s i t s with the New York bank.declined about 6 l . l m i l l i o n s and with a l l banks about 3^*3 millions. The smaller d e c l i n e in t o t a l Government d e p o s i t s i s e v i d e n t l y due to the large i n s t a l l m e n t payments received by the other banks on account of the Liberty Loan, a portion of which i s s t i l l on hand. Member bank reserve d e p o s i t s increased 2 9 . 2 m i l l i o n s , a l l the banks, except Philadelphia, Richmond and Kansas City, reporting appreciable gains f o r the week . Kansas City reports an increase in i t s l i a b i l i t y on account of Federal reserve bank notes in c i r c u l a t i o n from $4,182,000 to $4,907.:000. Federal reserve agents give a t o t a l of $613,646,000 of notes outstanding, secured by $502,588,000 of gold and $120,711,000 of paper. The banks report a t o t a l actual Federal reserve note c i r c u l a t i o n of $558,782,000, an increase of $9,538,000 f o r the week. Released f o r p u b l i c a t i o n Sunday morning, August 1Q, 1917. Not e a r l i e r . X-334- STATEMENT OF COMB I FED RESOURCES AND LIABILITIES OF THE TV3ELVE FEDERAL RESERTi 5 BANKS AT CLOSE OF BUSINESS AUGUST 17, 1917. S ^ S O U R C E S August 17, 1917 August 10, I 9 I 7 • August 18, 1916 Gold coin and c e r t i f i c a t e s i n v a u l t • - • • • $399,198,000 $413,849,000" $260,926,000 Gold s e t t l e m e n t f u n d . 410,502,000 409,852,000 110,001,000 Gold w i t h f o r e i g n a g e n c i e s . • . *52,500.000 52.500.000 T o t a l rold h e l d by banks 862,200,000 876,201,000 370,927,000 Gold w i t h F e d e r a l Reserve A~ents 502,588,000 485,467,000 162,036,000 .Gold redemption fund 9.795.000 9.274.000 1.991.000 T o t a l gold r e s e r v e s 1, 37^, 583,000 1, 370,942,000 53^,954,000 Legal t e n d e r n o t e s , s i l v e r , e t c 52.906,000 53,117.000 16.998.000 Total reserves . 1,427,489,000 1,424,059,000 551,952,000 B i l l s d i s c o u n t e d - Members 143,946,000 134,229,000 26,756,000 B i l l s bought i n open m a r k e t 155• 129.000 149,790.000 80.118.OOP T o t a l b i l l s on hand 299,275,000 284,019,000 106,894,000 U.S.Government l o n g - t e r m s e c u r i t i e s 45,129,000 41,276,000 47,029,000 U.S.Government s h o r t - t e n a s e c u r i t i e s . . . . . 30,552,000 32,604,000 7,885,000 Municipal w a r r a n t s 223, 000 1.274.000 27.788.000 T o t a l earnin-: a s s e t s 376,179,000 359,173,000 189,596,000 Due from o t h e r F. R. Banks - Net 11,688,000 ( a ) 1,655,000 21,068,000 U n c o l l e c t e d items 230.704'000 205.761.000 T o t a l d e d u c t i o n s from g r o s s d e p o s i t s 242,392,000 204,106,000 21,068,000 5# redemption fund a r a i n s t F.R.Bank n o t e s '-500^000 500,000 500,000 All other resources . 1, 882!000 425.000 3.226.000 TOTAL RESOURCES p 048 442 000 1,988,263,000 766,342,000 L I A B I L I T I E S ""Capital p a i d in Government d e p o s i t s 110,110 000 Due t o members - r e s e r v e account 1130,817,000 Due to non-member banks - C l e a r i n g account 11,637,000 Member bank d e p o s i t s - Net C o l l e c t i o n items 171,916,000 Total gross deposits F. R. Notes in a c t u a l c i r c u l a t i o n . F.R.Bank n o t e s i n c i r c u l a t i o n , n e t l i a b i l i t y All o t h e r l i a b i l i t i e s i n c l u d . f o r e i z n G o v t . c r e d i t s . . . . TOTAL LIABILITIES * 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 l i a b i l i t i e s Gold and l a w f u l money 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 i l ' s • Gold r e s e r v e a ^ s t . F . R . n o t e s i n a c t u a l c i r c u l a t i o n . . . . (a) Net amount due t o F.R. Banks. ' 58,093,000 140,447,000 1,101,614,000 10,274,000 1,424,480,000 5 5 8 ,7 8 2 ,0 00 4^907^000 2'iso'ooo 2,048,'442^000 72.9^ 77-4$ gi„7$ 57,970,000 55,110,000 49,717,000 505,090,000 122.491.000 1,3?U, 828,000 549,244,000 4,182,000 2.019.000 1,988, 263,000 74.8$ 79.3/" 90.1$ 554,807,000 154,444,ooo 1,691,000 290.000 766,342,000 69.5£ 72.7$ 106.2% Released f o r p u b l i c a t i o n Sunday morning, August 19, 1917* -Not e a r l i e r . JC-33UC WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUGUST 17, i g i f . ( I n t h o u s a n d s of d o l l a r s ) R E S O U R C E S Boston N.Y. P h i l a . C l e v e l . Richm. A t l a n t a Chicago S t , L o u i s Minnls- Kas.Cy. D a l l a s S . F r a n Total Gold coin and c e r t i f i c a t e s i n v a u l t $26,372 199,222 27,506 3 1 , 3 4 1 6,257 7 , 0 7 4 40,305 4 , 7 2 8 16,931 8,365 13,460 17,637 399,198 Gold s e t t l e m e n t fund 13,855 166,408 22,568 5 2 , 9 2 8 2 3 , 0 5 3 2 , 4 6 6 41,252 2 2 , 2 7 1 7 , 4 4 3 38,399 4 , 2 1 2 15,647 410,502 Gold w i t h f o r e i g n a g e n c i e s C.J uu 4., 1» 13 V fcj.AvU j-» 0 ,0 Atpy, c , OC3 • u f 7 - 71§.icr> T o t a l %old h e l d by banks 43,902 383,742 53,749 8 8 , 9 9 4 31,147 11,115 88,907 29,099 2 6 , 4 7 4 49,389 19,510 3 6 , 1 7 2 862,200 24,846 228, 312 32,539 30,747 Gold w i t h F e d e r a l Reserve Agents 2 1 , 1 2 4 14,507 14,056 27,539 8 , 3 5 3 20,039 64,555 1 5 , 9 7 1 502,588 Go^fcRedemption Fund * 600 700 56 854 % 250 417 243 185 456 524 15 395 9.795 ^ ^ T o t a l gold r e s e r v e s 69, 248 617,304 -86,988 119^797 4 0 , 3 5 4 3 1 , 5 7 1 153,705 4 5 , 4 5 5 4 8 , 0 5 4 64,420 33,961 6 3 , 7 2 6 1 , 3 7 4 , 5 8 3 .Legal t e n d e r n o t e s , s i l v e r , e t c . 141 1.331 629 713 3.120 1.760 3,445 126 405 1.291 313 39,632 52.906 Total reserves 72, 693 656,936 88,319 1 2 0 , 4 2 6 40,495 32,284 156,825 4 7 , 2 1 5 48,459 6 4 , 7 3 3 35,252 6 3 , 8 5 2 1 , 4 2 7 , 4 8 9 B i l l s d i s c o u n t e d - Members 17,016 13,582 13,168 1 0 , 2 3 1 15,945 5 , 4 3 4 16,310 9 , 6 4 1 13,197 13,730 143,946 8, 695 6,997 B i l l s bought i n open m a r k e t 18,749 56,791 17.630 1 7 . 0 9 8 668 18,392 2 , 8 1 3 3,182 25 1 1 . 1 9 8 2.531 6.252 155.329 T o t a l b i l l s on hand 6 , 1 0 2 34,702 1 2 , 4 5 4 13,222 2 4 , 9 2 8 70,373 30,798 2 7 , 3 2 9 19,127 35,765 9 , 5 2 8 14,947 299,275 UeS»Government l o n g - t e r m s e c u r i t i e s 610 2,806 1,152 ' 704 12,004 2 , 2 5 5 8,849 549 7,918 1,859 45,129 3,970 2,453 U»S*Government s h o r t - t e r m s e c u r i t i e s 2,194 1,868 1,784 2,548 2,973 3,522 3,364 1,471 3,538 1,969 1,554 3,767 30,552 Municipal w a r r a n t s • * * « * * • » • « * • Hi 1.046 • » . 46 1.223 Total earning a s s e t s 38,569 76,717" ^ , 0 ^ - 3 9 > 2 6 6 22-,248- 1 0 , 3 2 8 50,0.70 16,180 16,635 35,561 15,412 21,167 376,179 Due from o t h e r F,R*Banks - n e t 11,428 6,244 11,688 360 5,068 3,299 28,541 595 53 U n c o l l e c t e d items 16.867 "52,622 31.^22 28.067 12.275 1 0 . 7 7 9 39.020 13.450 8 . 2 4 6 12.279 6,504 9,073 230.704 T o t a l d e d u c t i o n s from g r o s s d e p o s i t s 52,622 31,522 18,067 18,519 14,078 67,561 13,450 28,295 242, 392 8,299 17,347 7,099 9,433 5 ^ Redemption Fund a g * s t F.R.Bank Notes * * * *#* -*« »4* *** 400 100 500 tj* All other resources » » * w«• 10 72 ... 1.570 1,882 230 ^ O T A L RESOURCES 72,193 110,127 5 9 , 2 9 3 1 0 2 , 3 6 6 2 , 0 4 8 , 4 4 2 139,557 786,275 153,867 177,769 81,262 5 6 , 7 6 2 274,456 7 8 , 4 1 5 W l A B I L I T, I E S C a p i t a l p a i d in 5,141 12,119 2,524 2,382 7,647 3 , 2 6 1 3,203 5,277 6,165 3,443 2,757 3,974 58,093 Government d e p o s i t s 6,824 110,110 i ; e 2 8 11, 831 425 19,669 3,760 6 . 3 I O 12»5J6 4,297 33,472 5,503 3, 655 Due t o m e m b e r s - r e s e r v e a c c o u n t 7 2 , 2 5 2 440,849 63,955 1C4,648 35,410 2 5 , 4 7 2 150,288 4 3 , 4 5 5 36,819 6 6 , 0 7 2 2 6 , 9 5 4 6 2 , 4 3 2 1 , 1 3 0 , 8 1 7 Due t o nonmember b a n k s * - c l e a r i n g a c c ' t . . *» » ^ » « f . 11,461 176 11,637 Collection items 7,011 11,663 13,452 30,184 36,617 1 6 , 5 9 2 i o , 326 171,916 5 , 6 5 4 32,316 9 , 2 7 4 2,952 2,875 Due t o o t h e r P.R.Banks — n e t * # • 36.615 ... ... 1,523 1.415 4.^47 Total gross d e p o s i t s 4 5 , 2 7 4 77,380 3 5 , 4 8 4 7 4 , 0 9 5 1 , 4 2 4 , 4 8 0 105,373 5 5 2 , 5 8 1 105,728 132,097 5 8 , 2 7 2 3 2 , 9 5 4 194,435 5 4 , 7 0 7 F,R,Notes in a c t u a l c i r c u l a t i o n 2 8 , 6 7 1 220,195 4 2 , 6 3 8 39,307 19.499 2 1 , 4 2 6 7 2 , 2 7 9 20,447 24,377 24,628 21,052 24, 263 558, 782 F.R.Bk.Notes in c i r c u l a t i o n , n e t l i a b * — ... ... ... 4,907 • * * 4,907 All other l i a b i l i t i e s including foreign 4 34 18 »1 * 95 *•• Govemment c r e d i t s 48 2,180 224 ... 372 1,380 TOTAL LIABILITIES 8 1 , 2 6 2 5 6 , 7 6 2 274,456 7 8 , 4 1 5 7 2 , 1 9 5 1 i n , 1 2 7 59,293, 102,366 2 , 0 4 8,442 139,557 786,275 153,867 177,769 (a) D i f f e r e n c e between n e t amounl ;s due from and n e t amounts due t o o t h e r F. R* Banks, ... * A + <* * » * # * » m 0 * * ..* ... * % * * • » * * f o r r e p l i c a t i o n Sunday m o r n i n g August 1^, 1917^st, e a r l i e r STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS, AUGUST 1?, ( I n t h o u s a n d s of d o l l a r s ) Boston N. Y* P h i l a . C l e v e l . Richm- A t l a n t a Chicago S t . L o u i s Minn's Reserve Notes: d fro™ C o m p t r o l l e r $62,680 1459,760 66,900 64,000 35,OUo 37,180 112,060 32,500 38,6U0 d to Comptroller ible t o F, R. Agent 50,746 371,732 56,339 57,688 23,006 30,008 108,844 26,028 32,010 5,890 15,900 125,420 11,000 14.941 s of F. R. A^ent 2.300 4,390 7,100 29,899 to F.R,Bank l e s s it j ^ ^ u r n e d t o F.R. 34,846 246,312 45,339 42,747 20.706 22,908 7 8 , 9 4 5 21,638 26,120 ~ f^JPredemption &_3j)4b igif, Kas,Cy. '42,720 Dallas S.Fran. 36,920 31,160 34,615 9,280 27,066 27,539 5,855 845,621 231,975 25,335 21,211 613,646 2,370 1,077 11,060 12,610 1,242 204 4,996 10.828 5,667 14,390 7 8 , 9 4 5 .21,638 26,120 25,335 w.w -— p f 7,155 21,211 Total 1,019,560 *al h e l d by F. R- A~ent i r r t ; for outstanding o i n and c e r t i f i c a t e s id edemption fund ' e d e r a l Reserve Board *cial p a p e r , minimum Lred 'AL f commercial p a p e r de)d t o F* R. A~ent 21,210 217,905 1,636 TO,407 2,000 4,220 8,582 2,46o 2,165 25,859 20,000 18,000 10,000 34,846 246,312 12,800 45,339 12,000 1 2 , 3 5 3 42, 747 20,706 2,869 22,908 10,164 12,805 12, 618 .19,127 2,978 18,877 853 7,500 3,441 1,858 14,740 374 64,181 14,581 3; 353 14,102 858 1, 272 11,760 5,750 5,670 4,996 10,861 849 26,690 287,793 25,051 189,744 27,539 111.058 613,646 8,034 120,711 U K 0 R A ND A F e d e r a l Reserve n o t e s o u t s t a n d i n g t and i n a c t u a l c i r c u l a t i o n >tes o u t s t a n d i n g t e s h e l d by banks 34,846 246,312 45,339 42,747 20,7-06 6,175 26,117 2 , 7 0 1 3,440 1,207 1 2 8 , 6 7 1 220,195 42,638 39,301 19,499 W i t h i n 15 days .scounted and bought il w a r r a n t s i 99,799 1,028 22,908 1,482 21,426 7 8 , 9 4 5 21,638 26,120 6,666 1,191 1,743 72,279 20,447 2 4 , 3 f 7 25,335 101 24,628 D i s t r i b u t i o n of B i l l s and W a r r a n t s bv' M a t u r i t i e s 16 t o 30 days 31 t o 60 days 6l t o 90 days Over 90 days 56,555 90,114 146 49, # 2 3,335 49 21,211 27,539 159 3 , 2 7 6 21,052 24, 263 Total 299,275 1,223 613,646 54,864 558,782