Full text of H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks : September 9, 1917

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R e l e a s e d f o r p u b l i c a t i o n Sunday m o r n i n g

x-359 d
Sept en: "be r 9; Hot e a r l i e r *

Statement f o r the Press.
S e p t e m b e r 8, 1917•
Large d i s c o u n t and open m a r k e t o p e r a t i o n s , a l s o s u b s t a n t i a l a d d i t i o n s by al-i
the R e s e r v e banks t o o u t s t a n d i n g 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 a r e i n d i c a t e d in the
^bokly sank s t a t e m e n t of t h e F e d e r a l R e s e r v e Board i s s u e d a s a t c l o s e ' o f b u s i n e s s on
^ e p t e m b e r J, 1917 • Government f i n a n c i n g , i n c l u d i n g p a r e n t s t o a l l i e d governments,
vaused t r a n s f e r s on g o v e r n m e n t a c c o u n t of o v e r 75 m i l l i o n d o l l a r s from t h e i n t e r i o r t o
t h e F e d e r a l R e s e r v e Bank of New York.
These payments t o t a l e d 80 m i l l i o n s , t h e B r i t i s h
and F r e n c h g o v e r n m e n t s r e c e i v i n g 40 m i l l i o n s e a c h . A c r e d i t of 10 m i l l i o n s s t a n d i n g
0 t h e c r e d i t of t h e I t a l i a n g o v e r n m e n t was a l s o w i t h d r a w n from t h e TTew York Reserve
^ '
^ a r S e government e x p e n d i t u r e s c a u s e d a d d i t i o n a l w i t h d r a w a l s of f u n d s , w i t h t h e
r e s u ^ h a t t o t a l g o v e r n m e n t d e p o s i t s show a d e c r e a s e f o r t h e week of 114*4 m i l l i o n s *
ar f c e p o r t i o n of t h e f u n d s w i t h d r a w n by t h e g o v e m e n t was d e p o s i t e d w i t h member bank
j t h e l a t t e r r e d e p o s i t e d w i t h t h e F e d e r a l R e s e r v e b a n k s . As a i r e s u l t of t h e s e
p e r a 10ns and t h e payment of r e s e r v e s by newly a d m i t t e d members, r e s e r v e d e p o s i t s
° W a - - 6 i n c r e a s e f o r t h e week of 6 8 . 7 m i l l i o n s , l a r g e l y a t t h e Mew York bank*
,
6 ^ r 6 g a t e g o l d r e s e r v e s a g a i n s t d e p o s i t s show a f u r t h e r i n c r e a s e of 9*5 m i l l i o n s ,
6
S ° l d h o l d i n g s of b o t h t h e banks and a g e n t s i n c r e a s e d by a b o u t 11*3
10nS
7q q
*
b e r a t i o of c a s h r e s e r v e . t o n e t d e p o s i t s shows but a s l i g h t d e c r e a s e from
f y p e r c e n t t o 79*0, w h i l e t h e r a t i o of c o l d c o v e r t o r e s e r v e n o t e s i n c i r c u l a t i o n
lin
f ? r ^
^
t o 8 0 . 8 p e r c e n t * As a m a t t e r of f a c t , Of t h e 35 + 1 mil*
, ns. °
? s r a l R e s e r v e n o t e s i s s u e d d u r i n g t h e week n e a r l y 90 p e r c e n t were secured
COlIl lierc a
'
^
P a T ) e r p l e d g e d w i t h t h e A g e n t s , t h e l a t t e r h o l d i n g a t n r e s e n t about 187• 2
^ions 0
i s c o u n t s and a c c e p t a n c e s a s c o l l a t e r a l f o r n o t e s i s s u e d t o t h e banks, as
a g a i n s t 1 5 6 , : m i l l i o n s t h e week b e f o r e .
v h ' in
and commercial p a p e r r a t e s c a u s e d a c o n s i d e r a b l e demand f o r f u n d s ,
i c was me
a r g e l y t h r o u h t h e d i s c o u n t and open m a r k e t o p e r a t i o n s of t h e Few York
e s e r v e bank, t h e l a t t e r r e p o r t i n g an i n c r e a s e f o r t h e week of 2 5 . 6 m i l l i o n s i n d i s nfU+\e
m o s t l y c o l l a t e r a l n o t e s , and of 17*4 m i l l i o n s i n a c c e p t a n c e s on hand.
oc\ £ 6 . -1 ? . a d i s c o u n t s , 6 4 , 1 m i l l i o n s i s r e p r e s e n t e d by c o l l a t e r a l n o t e s , of which
d:u,b m i l l i o n s were s e c u r e d by L i b e r t y Loan bonds o r 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 .
... on s ^ on hand show a s l i g h t d e c r e a s e , w h i l e t h e h o l d i n g s of s h o r t - t & r m government
s e c u n u s i n c r e a s e d by a b o u t 10 m i l l i o n s , t h e New York bank r e p o r t i n g an i n v e s t m e n t of
„+?"? f' rnc5uri l n ^ *
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 . M u n i c i p a l w a r r a n t s no l o n g e r cons 1 u e any a p p r e c i a b l e p o r t i o n of t h e b a n k s ' e a r n i n g a s s e t s , t h e d e c r e a s e f o r t h e wedk
r e p r e s e n ing amounts m a t u r e d and l i q u i d a t e d .
T o t a l e a r n i n g a s s e t s show an i n c r e a s e f o r
® Wc,v ,C 0 .
- m i l l i o n s and c o n s t i t u t e 72$ p e r c e n t of t h e b a n k s 1 - o a i d . i n c a p i t a l ,
compared w i t h 64/ p e r c e n t r e p o r t e d a w^ek e a r l i e r . Of t h o t o t a l , UO.J p a r c e n t i s
r e p r e s e n t e d by a c c e p t a n c e s ; 3 9 . 2 p e r c e n t by d i s c o u n t s ; and 20-5 n e r c e n t by U. S.
securities.
j j •,
^on
F e d e r a l R e s e r v e system of s t a t e banks and t r u s t companies, a l s o
a d d i t i o n s t o c a p i t a l and s u r p l u s of member banks a c c o u n t f o r an i n c r e a s e of $352,000
^n p a i i n c a p i t a l , t h e Chicago and Kansas C i t y r e s e r v e banks r e p o r t i n g t h e l a r g e s t
^ain or
e week. An i n c r e a s e of 2 3 . l | m i l l i o n s i s shown i n nonmember c l e a r i n c d e p o s i t s
wee
®
k t h e M e t r o p o l i t a n T r u s t Co. of '"ew York opened a c l e a r i n g a c c o u n t
with the F e d e r a l Reserve bank.
fhn),
^ s ® r y e n o t e s i s s u e d t o t h e banks a r e g i v e n a s $ 6 8 0 , 0 7 3 , 0 0 0 s e c u r e d by
V
anc
tkoi orr
^ -°
* $ 1 8 7 , 2 1 8 , OJO of p a p e r ,
The banks r e p o r t an a c t u a l c i r c u l a t i o n
o * 0 ^ 1 , 2 9 9 , 0 0 0 of F e d e r a l R e s e r v e n o t e s , an i n c r e a s e f o r t h e week of $ 3 3 , 3 8 4 , 0 0 0 ,




Ro i s as yd f o r p u b l i c a t i o n Gund ay morning September 9, I 9 I 7 •
Not e a r l i e r .
^-j>59a.
STATEMENT OF 'COMBKIEL RESOURCES AMD LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPTEMBER 7, l g i / .
R E S O U R C E S
• September 7, I 9 I 7
August 31, 1917
September S, 1916.
Gold c o i n and c e r t i f i c a t e s i n v a u l t
$Ul4, 433,000
$416,797,000
$848,846,000
. Gold s e t t l e m e n t fund
3 ^ , 853,000
383,937,000
118,950,000
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 g o l d h e l d by banks
pAp 7qC nnn
/
Gold w i t h F e d e r a l Reserve A g e n t s . . . .
494^779'000
493'185'nno
,000
50,608.000
1,415,391,000

1 j 3 6 M 83

Legal t e n d e r n o t e s , s i l v e r , e t c
Total reserves
'
I s d i s c o u n t e d - Members
:
B i l l s bought i n open m a r k e t
T o t a l b i l l s on hand
U. S. Government l o n g - t e r a ; s e c u r i t i e s
...
U. S . Government s h o r t - t e r m s e c u r i t i e s
Municipal warrants
n,
Total earning a s s e t s . . . . . . . . . . .
Due from o t h e r F . R. Banks - N e t . . . . .
Uncollected items
T o t a l d e d u c t i o n s from g r a s s d e p o s i t s
r e d e m p t i o n fund a g a i n s t F. R. bank n o t e s
.All o t h e r r e s o u r c e s
S
E S
L i T f i ™

#

168, 217,000
173.199.000

i

t

e

14?, 315,000
154,591.000

34l,4l6,000
45,394,000

.

12,036,000

204.000
429,455,000

216.Q6q.000

52,610,000
1,406,108,000
301,906,000
45,406,000
k*.

42,441,000

Capital paid in
government d e p o s i t s
39,926,000
t o members - r e s e r v e a c c o u n t
-1,138,542,000
Due t o non-member banks - C l e a r i n g a c c o u n t
52,339,000
Member bank d e p o s i t s - " e t
. . .
- C o l l e c t i o n items
154,112,000
• Total gross d e p o s i t s . . . . .
F. R.Notes i n 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 other l i a b i l i t i e s including foreign Govt.credits - .
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 a i n 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 g a i n 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 .
V
J . a.



-

10,233,000

C>I

'1^230iOOO
381,063,000

260.184.000

228,996,000
500,000
372',000
2,074,714,000
59,256,000

270,417,000
500 0 0 0
29V.000
2,058,381,000

154,358,000

58,904,000

1,069,804,000
28,903,000
'
l40.278.000
1,384,919,000
621,299,000
6,894,000
2, 346*000
2,074,714,300
7 9 - 0f<

aon 8od
f

°'

27'48?J000
578,1< 6 , 0 0 0
27 527 000
7s!808^000
107,335,000
45 95 4 000
9

0 ^

0 0 0

2l'1^6^000
183,510,000
28,706,000
. . .
2 8 , 7 0 6 000
484^000
3,403*000
794,299,000
55,406,000

44,236,000
. . .

1,393,343,000
587,915,000
6,023,000
12!196'000
2,058,381,000
75-2^
70- ex*
85.%%

514,225,000
I . !
558,461,000
177,781,000
2,334,000
' 317\000
794,299,000
t>9-5/o
~[k.bfo
^
102.

aood f o r p u b l i c a t i o n Sunday m o r n i n g S e p t e m b e r

. 1917.

Hot e a r l i e r *

2-359b

WEEKLY STATEMENT OF RESOURCES AND L I A B I L I T I E S OF EACH OF THE FEDERAL RESERVE Bi'lIKS AT CLOSE OF BUSINESS SEPTF.MBI
*/,
1

i " thou$>anrL-z c '; <J.«.\l. .ars)
R E S O U R C E S
Bos";cn
Y. T-hila. O l s r e i .
Hichm.
At3.an a C h i s a g o S t . 1c u i s M i n n l s . Kas.Gy.
Gold c o i n and C e r t i f i c a t e s i
ault
^30,175 238,724 11,097 26,693 6,285 6,308
*0, *S-± 3 , 1 8 6
16,015 8,693
Gold s e t t l e m e n t f u n d .
7,259 1 1 4 , 9 6 0 32, C : * 8 , 5 7 4 3 0 , 9 6 5 1 , 9 7 2
70,768 26,142
6,168 3 6 , 7 3 9
Go34 w i t h f o r e i g n a g e n c i e s
3,675 18.112
3 . 6 7 5 Q , 7 2 5 1.R37 / 575
7.350
2
.
1
0
0
2
.100 2.625
T o t a l g e l d h e l d by b a n k s
41,109 371,796 47,000 79,992 39,087 9 , 8 5 5
118,602
3
1
,
4
2
8
2
4
,283 48,057
Gold w i t h F e d e r a l R e s e r v e A g e n t s
23,605 195,649 30,187 34,890 10,650 24,610
78,824 16,518
1
6
,
255 17,383
Gold Redemption Fund
-—500
2.500
700
23
829
283
379
709
520
^ J d t ' a l gold r e s e r v e s
6 5 , 2 1 4 5 6 9 , 9 4 5 7 7 , 8 8 7 314,905 5 0 , 5 6 6 3 4 , 7 4 8
197, 681 4 8 , 3 2 5
4
1
,
2
4
7
6
5
,
9
60
^ p a l tender notes, silver, ate.
-2^897
18,604 1 . 1 4 3
347
130
353
3.336
1
.
4
3
9
344
168
Total reserves
6 9 , 0 2 1 f 08,549 7 9 , 0 3 0 1 1 5 , 2 5 2 50,696 3 5 , 1 0 1
201,017 49,764
4 1 , 5 9 1 66,128
B i l l s d i F c o u n t e d - Members
16,100
*-6,853 1 1 , 7 6 4 6 , 4 2 5 1 3 , 2 8 4 5- 833
14,980 10,923
14,585 12,624
B i l l s bought i n open market
1 6 . 541 63. 871 22 , 002 2 0 . 8 ^ 4 2 . 0 6 2 i , ~;,3
16.287
4.912
3.230 9.147
T o t a l b i l l s on h a n d
32,641 110,724 33,766 27,249 15,346 7,576
31,267 15,835
1
7,815 21,771
U.S.Governrv.ent l o n g - 1 e r a s e - . u r - t i e s
610
2,804
867 7 , 9 1 8 1 , 1 5 3
703
11,915
8,235
1
,859 8,849
U.S.Government s h o r t - t e r m s c u r : tie™.
2,194 13,538 2,548 2,865 1,969 5,504
3,660
1,444
1
,554 1,789
Municipal warrants
126
32
Total earning a s s e t s
35,445 127,066 37,307 38,064 18,468 13.783
46,842 19,514
21,228 3^,409
Due from TO t h e r F. R. Banks - Net
3,547
...
5,981
667
7
,
3
3
8
1
,
3
4
1
1,418
154
Uncollected items
P » 1 5 0 — 4 7 . 1 0 6 30,636 14.048 12,690 11,968
25.634 12.913
7.833 12.283
T o t a l d e d u c t i o n s f r o m g r o s s d e p o s i t s 2 6 , 6 9 7 4 7 , 1 0 6 3 6 , 6 1 7 1 4 , 7 1 5 12 690 11 968
32,972 14,25*
9,251 12,437
5<p Redemption Fund sig1 e t P . R . B k . n o t e s
,s.,
'
'
%
• * »
a « .
400
All o t h e r r e s o u r c e s
.
'75
50
16
TOTAL RESOURCES
~~~
1 3 1 , 1 6 3 7 8 2 , 7 2 1 S&,954 168,031 81,85% 6 0 , 9 2 7
280,881 83,548
7 2 , 0 7 0 1 H , 374
L I A B I L I T I E S
i t a l paid in
5,464 12,125 5,267 6,459 3,476 2,505
7,993
3,269
2,556 3,372
ernment d e p o s i t s
3,627
8,927 2,848 2,621 2,522 (b)815
5,993
3,935
3
,330 2,110
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 1 , 3 4 2 4 3 5 , 2 1 1 7 3 , 6 8 7 1 0 1 , 2 8 0 37«,526 2 5 , 1 7 1
160,319 4 * , 2 1 9
36,549 66,630
Sue t o nonmember b a n k s - c l e a r i n g a c c t
' * • " ^•> 571
...
...
...
* , 534
1r.
Collection items
18,324 30,018 27,382 11,682 10,960 8,179
17,39*
9,062
3, 2-±2 8 , 0 8 8
•Due t o o t h e r F . R . B a n k s - Net
7.371
3.486
3*5
Total gross deposits
9 3 , 2 9 3 5 2 9 , 0 9 8 1 0 3 , 9 1 7 115,583 5 * , * 9 4 3 2 , 8 8 0
188,240 57,216
43,121 76,828
F.E.Notes i n a c t u a j c i r c u l a t i o n
32,009 2 3 9 , 9 8 7 4 3 , 5 0 1 4 5 , 9 3 9 2 3 , 8 4 6 2 5 , 5 4 2
81,6*8 23,063
26,345 2*,247
F.R.Bk.Hotes in c i r c u l a t i o n , n e t l i a b
6,894
All o t h e r l i a b i l i t i e s i n c l u d i n g f o r e i g n Government c r e d i t s
397
1.511
269
50
38
i3
33
TOTAL LIABILITIES
1 3 1 , 1 6 3 7 8 2 , 72 1 252, 9 54 168 , 031 8 1 , 8 5 * 6 0 , 9 27 2 8 0 , 8 8 1 8 3 , 5 4 8
7 2 , 0 7 0 111, 374^
( a ) D i f f e r e n c e between n e t amounts due from and n e t amounts due t o o t h * r F . R . Banks;

t




•

*

•

'

•

'

*

"

*

*

* *

19i/

D a l l a s C. Jf'ran
Total
13,939
12,834 414,433
7,121
12,957 395,853
• 1.838
2.888
52.500
62,898
28,679 8 6 2 , 7 8 6
16,534
29,674 494,779
498
22
7.218
39,930
5 8 , 3 7 5 1,364,783
860
77
50.608
40,790
58,452 1 , 4 1 5 , 3 9 1
7,544
7, 30S
168,217
2.865
9.715
173.199
10,409
17,017
341,416
3,969
2, 512
45,394
1,869
3,507
42,441
46
204
It,293
•3,909 W 12,036
8.691
10.008
216.986
8,691
13,917
228,996
100
500
130
101
372
66,004
95,506 2,074,714
2,772
2,253
31,461
2,546
1.117
37,377
25,855
s» »
66,00*

3,998
59,256
2,575
39,926
55,147 1,138,542
234
52,339.
7,235
154,112
65,191 1,384,919
26,317
621,299
6,894
*

*

»

2,346
95,506 2,074,714
(b) o v e r d r a f t

R e l e a s e d f o r p u b l i c a t i o n Sunday m o r n i n g September 9, 1917Wot e a r l i e r .
STATEMENT OF FEDERAL RESERVE AGEt'TS' ACCOUNTS AT CLOSE OF BUS I HESS SEPTEMBER 7, 101,' .
( I n t h o u s a n d s of d o l l a r s )
federal
R e s e r v e Motes:
R e c e i v e d from c o m p t r o l l e r
Returned t o Comptroller
C h a r g e a b l e t o F-R. Agent
In h a n d s of F . R . Agent
I s s u e d 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 r e d e m p t i o n

Phila.

Glevel. Rich-. Atlanta Chica-a St.Louit

12,000

HojOgO

15,000

37,765

268,149

45,087 47,890 25,867 28,122

C o l l a t e r a l h e l d "by F . R . A g e n t
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
Gold c o i n and c e r t i f i c a t e s
on hand
19,550
Gold r e d e m p t i o n f u n d
2,055
With F e d e r a l R e s e r v e Board
2,000
Commercial p a p e r , minimum
required
14,160

185,205

4,220

10,444

2,488

TOTAL
Amount of c o m m e r c i a l p a p e r del i v e r e d t o F. R*Agent

•

9,440

1.560

5.150

12,379

2,511

21.580

2.690

90,745

24,485

1,005

« m n * a Kas.Uy.

8.960

28,051

28.048 26.190 PQ.67I

13,102

2,370

12,160

'303
2,250

953
14,060

11.921

7,967

11,796

10,665

3,338
1,222

287
78,537

23,479

20,000

10,000

20,050

72,500

14,900

11.000

15.217

1,512

37,765

268,149

45,087

47,890

25,867

28,122

90,745

24,485

28,051

28,048

14,176

73,256

14,905

13,004

15,3^6

4,017

12,141

7,971

11,796

10,942

M

E

M

0

R

A

H

D

S.Fran

3,590

3,353

65O

55 °c

.

6.4PR

. .

12,610

1,280
2,644

1,434
28,2H0

9,656

Total

1,065,660
180.972
885,088
205.015

680,073

256,127
25,232
213,420
185,294

26,190 29,674
9,664

680,073

187,218

A

F e d e r a l R e s e r v e n o t e s o u t s t a n d i n g ; and . i n a c t u a l c i r c u l a t i o n .
F.R. n o t e s o u t s t a n d i n g
F. R. Notes h e l d by banks
F . R. Notes i n a c t u a l c i r c u l a t i o n

37,765

268,149

45,087

47,890

,5,756

28,162

1,586

1,951

32,009

239,987

43,501

45,939

25,867

2.021

23,846

28,122

90,745

2.580

6,097

25,542

84,648

24,485
1,422

23,063

28,051
1,706

26,345

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 by M a t u r i t i e s •
W i t h i n 15 days
16 t o 30 days
y i t o 60 days
6 l t o 90 days
B i l l s d i s c o u n t e d and bought
Municipal warrants



123,459

56,671
126

96,983
20

57,455

28,048
3,801

26,190 29,674

24,247

25,855

o v e r 90 days
1 848
58

115

680,073

1,157

58,774

26,317

621,299

Total
341, 416
204