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Released for publication Sunday morning April 28, 1918. Not earlier* X»905 STATEMENT FOR THE PRESS. April 27, 1918. Large i n c r e a s e s i n n e t . d e p o s i t s and d i s c o u n t s i n connection w i t h Liberty loan o p e r a t i o n s of the Reserve banks are i n d i c a t e d by the Federal Reserve Board 1 s weekly bank statement i s s u e d as a t c l o s e of b u s i n e s s on April 26, 1918# RESERVES: Aggregate r e s e r v e s are given as 1890.9 m i l l i o n s , compared w i t h 1898.3 m i l l i o n s the week b e f o r e and 1723.6 m i l l i o n s at the beginning of the present year# Considerable s h i f t i n g of gold c r e d i t s through the Gold S e t t l e ment Fund i s reported f o r the week, r e s u l t i n g in s u b s t a n t i a l i n c r e a s e s of the gold r e s e r v e s of the Cleveland and Kansas City banks* INVESTMENTS:. D i s c o u n t s on hand show an i n c r e a s e of 94*1 m i l l i o n s , the New York and Chicago banks r e p o r t i n g each about 25 m i l l i o n s 1 i n c r e a s e in t h e i r h o l d i n g s o f t h i s c l a s s of paper. Of the t o t a l h e l d , over 70 per c e n t , or 642*4 m i l l i o n s as a g a i n g t 5 6 4 * 7 . m i l l i o n s the week before, i s represented by member banks 1 c o l l a t e r a l n o t e s and other paper d i r e c t l y t r a c e a b l e t o Liberty loan t r a n s a c t i o n s • Other c l a s s e s of earning a s s e t s Show d e c r e a s e s f o r the week, the r e d u c t i o n of Government s e c u r i t i e s b e i n g due lajrgely t o change in c l a s s i f i c a t i o n by which advances on such s e c u r i t i e s are included now w i t h d i s counts• T o t a l earning a s s e t s , as a r e s u l t , show an i n c r e a s e of but 7 3 , 6 m i l l i o n s , or 20*5 m i l l i o n s l e s s than d i s c o u n t s a l o n e , CAPITAL: Payment f o r Federal Reserve stock by newly admitted members accounts l a r g e l y f o r the i n c r e a s e of $134,000 i n p a i d - i n c a p i t a l . Of the t o t a l i n c r e a s e about $122,000 i s c r e d i t e d t o the Federal Reserve banks of Chicago and D a l l a s * DEPPS ITS: I n c r e a s e s i n Government d e p o s i t s are shown f o r a l l the banks except New York, the l a t t e r r e p o r t i n g the l a r g e s t i n c r e a s e in member bank dep o s i t s f o r the week, FEDERAL RESERVE NOTES: Net note i s s u e s t o the banks increased during the week by 1*6 m i l l i o n s , The banks report a t o t a l outstanding Federal Reserve note c i r c u l a t i o n of 1526,2 m i l l i o n s , an i n c r e a s e of 12 m i l l i o n s f o r the week, CONDITION OF MEMBER BANKS ON APRIL 19, 1918, Reports frozb 685 member banks in about 100 l e a d i n g c i t i e s i n d i c a t e a f u r ther i n c r e a s e of 6 2 , 5 m i l l i o n s i n the h o l d i n g s of c e r t i f i c a t e s of indebtedness, l a r g e l y by the New York City banks, Other Government s e c u r i t i e s on hand, i n - . eluding Liberty bonds, show a decrease f o r the week of 2*3 m i l l i o n s . Loans secured by Government War o b l i g a t i o n s decreased by 10,9 m i l l i o n s , the larger d e c l i n e shown f o r the banks i n the c e n t r a l and other reserve c i t i e s being o f f Set in part by s l i g h t i n c r e a s e s a t the country banks, Other loans and i n v e s t ments , w h i l e 8 m i l l i o n s l e s s f o r the c e n t r a l reserve c i t y banks, went up 25.8 m i l l i o n s i n other r e s e r v e c i t i e s , the i n c r e a s e f o r a l l r e p o r t i n g banks being 24,7 m i l l i o n s . Of the t o t a l loans and investments shown Government s e c u r i t i e s , and loans supported by such s e c u r i t i e s c o n s t i t u t e 1 9 . 6 per c e n t as a g a i n s t 19,3 per c e n t t h e week b e f o r e , Total r e s e r v e s , a l l w i t h the Federal Reserve Banks, show a gain of 19.1 m i l l i o n s , a l l c l a s s e s of banks r e p o r t i n g l a r g e r f i g u r e s than the week before* Cash i n v a u l t of a l l r e p o r t i n g banks f e l l o f f over 1 m i l l i o n , the banks in the c e n t r a l reserve c i t i e s r e p o r t i n g a decrease of 2 , 1 m i l l i o n s , demand Aggregate n e t / d e p o s i t s increased 23,2 m i l l i o n s , time d e p o s i t s 6 , 6 m i l l i o n s , While Government d e p o s i t s d e c l i n e d 140,4 m i l l i o n s , For the c e n t r a l reserve c i t i e s corresponding changes were; net demand d e p o s i t s a decrease of 6 , 8 m i l l i o n s ; time d e p o s i t s an i n c r e a s e of 4 , 1 m i l l i o n s , and Government d e p o s i t s , a decrease of 93 m i l l i o n s , The r a t i o of l o a n s and investments t o t o t a l , i n c l u d i n g Government,deposits ..shows a r i s e from 108,3 t o 1 1 0 , 1 per c e n t , corresponding t o an increase for the c e n t r a l r e s e r v e c i t y banks from 104.4 to 106,6 per corat. An increase from 13,3 to 13*6 p&r cent i s shown i n t h e r a t i o of combined cash and reserves t o t o t a l d e p o s i t s . For c e n t r a l reserve city banks this ratio went up from 14*4 to 14.8 per cent* Total excess r e s e r v e s , in the calculation of which no account is taken of Government d e p o s i t s , show an increase for the week from 53,1 to 61,6 millions, Por the c e n t r a l reserve city banks these r e s e r v e s work out at 3 1 , 1 http://fraser.stlouisfed.org/ Trillions, Federal Reserve Bank of St. Louiscompared w i t h 26.9 m i l l i o n s the week b e f o r e * Released, f o r p u b l i c a t i o n Sunday morning A p r i l 28, 191S. i*ot e a r l i e r ^ * 5 ^ 5TA.TEMEHT OF COMBINED RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS ArHlli 2b, 1918. R E S O U R C E S A p r i l 26, 1918 A p r i l 19, 1918 Sil 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 436,820,000 UgS,829,000 311,7'98,000 Gold s e t t l e m e n t f u n d - F.B. Board ^3 9-, **77»000 413,819,000 d07,920,0-0 Gold w i t h f o r e i g n a g e n c i e s 52.500,000 52, 500j_QQ0 - "7 T o t a l g o l d h e l d by banks 978,797,000 955,148,000 Sl'Kf'r™ Gold w i t h F e d e r a l Reserve A g e n t s 824,218,000 g^U,022,000 oonn Gold redemption f u n d 23,985,000 23,179,000 Total g o l d r e s e r v e 1,827,000,000 1,833,1^9,000 ^45,141,000 Legal tender n o t e s , s i l v e r , e t c . 63.945,000 65>158>OPQ - 30,340,, 000 Total r e s e r v e s , 74 j 1,890)9^5,000 . 1,898,307,000 n B i l l s discounted f o r meubcrs and F„R. banks 902*188,000 SOS,045,000 ) a B i l M u H n J w r r t e t U.S.Government l o n g - t e r m s e c u r i t i e s U.S.Governr,lent s h o r t - t e r O s e c u r i t i e s All other earning a s s e t s Total yaming a s s e t s Dya f r o m o t h e r F . R . b a n k s - n e t 10,314,000 Uncollected i t e m 378,531.000 Total deductions from gross deposits 5# Rs&eoiitian f u n d a g a i n s t I'»R. bank n o t e s A l l other r e s o u r c e s TOTAL RESOURCES L I A B I L I T I E S Capital paid in Surplus Govenuacait d e p o s i t s 130,668,000 Due t o members - Reserve a c c o u n t 1,497,4l6,000 C o l l e c t i o n items 235> 17^,000 O t h e r d e p o s i t s , i n c l . F o r e i g n Government c r e d i t s 81.890.000 Total gross deposits F. R. n o t e s i n a c t r i a l c i r c u l a t i o n 3* Rt c i r c u l a t i o n - net l i a b i l i t y H i e t i w liabilities %%% LIABILITIES R a t i o of g o l d r e s e r v e s t o n e t d e p o s i t and F.R. n o t e l i a b i l i t i e s combined R a t i o at t o t a l r e s e r v e s t o n e t d e p o s i t a n d F . R . n o t e l i a b i l i t i e s combined I I i.aa.w.ooo 41,446,000 37»^07,000 2,722,000 1,286,162,000 ^ 1,116.322,000 46,675)000 46,295,000 3,293»QPP 1 , 2 1 2 , 585,000 479,000 387,176,000 388,845,000 528,000 359,000 3,566,839,000 ' 387•655,000 409,000 261,000 3,499,217,000 7^»963,000 1,134,000 7^,829,000 1,134,000 75,499,000 1,469,860,000 256,220,000 88,322,Q00 1,945,148,000 1,526>232,000 7,895,000 11,467,000 3,566,839,000 i k w i l 36,223,000 81,595,000 . 1^1,203,000 239»464,000 132,000 204,942,000 204,974,000 400,000 ——5,; 553 tQOO 1,425,572,000 5^1^09)000 99»689,000 719*785,000 129,032,000 1,889,901,000 1,514,287,000 7,895,000 . 11,171,000 3,499,217,000 59.3$ 60.8# 61-3* 62.956 9^ 8, 506, 000 420,509,000 UU8,,Q0Q 1,425,872,000 81.2$ H e l e a s e d f o r p u b l i c a t i o n Sunday morning A p r i l 28, 1918 Not e a r l i e r WEEKLY STATEMENT OF RESOURCES Alto LIABILITY OF EACH OF THB H30EH&I. EESEKKB MHKS AT CLOSE OF BUSINESS APRIL 2 6 , 1916. ( 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 New York 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. Kans.Cy. D a l l a s field c o l a 8866 c e r t i f i c a t e s i n v a u l t 9,833 340,841 9,185 30,339 6,435 6,8)3 28,676 1 , ? 6 2 16,423 235 4,958 Gold s e t t l e m e n t f u n d - F . l L B o a r d 69,868 85,774 43,393 49,733 1 1 , 1 5 6 1 6 , 6 8 0 71,325 1 7 , 1 7 9 1 3 , 1 8 0 3 3 , 5 6 7 1 0 , 3 4 5 #614 with foreign agencies Lj.Jt.JLz.. — t v - j .,,*•1 vvi --J -ILJ.. . T o t a l fcold h e l d by banks 83,376 444,727 56,253 84,997 1 9 , 4 2 8 2 5 , 0 8 8 107,351 2 1 , 0 4 1 3 1 , 7 0 3 3 6 , 4 2 7 1 7 , 1 4 1 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 48,211 208,827 8 2 , 7 4 4 9 2 , 2 9 2 2 9 , 8 8 0 3 3 , 8 3 2 138,432 3 3 , 4 0 8 3 5 , 0 8 9 45,158 1 4 , 2 6 1 Gold redemption f u n d 10,000 1,997 1,028 2,500 1.409 1.571 1.542 1.311 813 1,263 397 Total gold reserves 1 3 3 , 5 8 4 6 6 3 , 5 5 4 141,497 1 7 7 , 6 8 6 5 0 , 3 3 6 60,329 2 4 7 , 3 5 4 55,991 68,103 8 2 , 3 9 8 3 2 , 6 6 5 Legal tender notes, s i l v e r , e t c . 2,074 47.484 1,450 763 1,102 5.069 1 , 8 8 8 292 2 , 7 0 9 361 393 Total reservea 135,658 7 H , 0 3 S 142,947 1 7 8 , 4 4 9 . 5 0 , 7 2 9 6 1 , 4 3 1 252,423 57.879 6 8 , 4 6 4 82,690 3 5 , 3 7 4 B i l l s d i s . f o r members & F . E . B a n k s 54,307 4 3 4 , 2 5 6 3 5 , 3 5 1 53,212 47,333 20,4551" ^ 88,553 43,656 14,591 4 3 , 9 1 2 26,167 B i l l s bought i n open market 16,606 121,027 26,303 2 0 , 6 2 8 5,177 8 4g, 002 1 1 , 3 8 1 11.546 4,555 7,132 T o t a l b i l l s on hand 70,913 555,283 6 1 , 6 5 4 7 8 , 8 4 0 5 2 , 5 1 0 2 9 , 4 0 3 136,555 55,037 26,137 51,044 30,722 1Z U.S.Gov't, long-term s e c u r i t i e s 861 2,029 1,594 7,684 1,233 7 , 7 88 2,005 8 , 8 6 2 3 , 9 6 9 2,233 U.S.Gov* t* s h o r t - t e r m s e c u r i t i e s 1,421 1,226 4,163 1 1 , 0 0 4 4,072 2,319 1,523 511 1,934 4,645 2,632 A l l other earning a s s e t s 430 291 301 121 1.349 133 # * t # l 6&rning a s s e t s 6 7 , 8 4 6 9 7 , 6 3 2 55,266 3 1 , 4 8 9 1 4 8 , 7 4 1 5 8 , 0 7 2 ?3,195 559,196 30,377 64,672 38,672 18 ®W f t 9 $ I o t h e r F . R . banks - n e t 16,)49 1,345 3,148 3.365 7,393 3,931 21,446 t & c o l l e e t e d items 87,194 3 9 , 2 4 2 3 2 , 5 5 2 2 5 , 6 3 1 1 9 , 9 7 4 4 9 . 8 2 1 31^622 2 5,371 20,711 7,797 21,464 Total deduct.from gross deposits 87,194 66,170 31,622 46,635 32,552 26,976 23,339 11,728 28,519 20,711 5J& B e d e c ^ . f m d a g a i n s t F . R . % . n o t e s .391 137 A l l other resources " 3 TOTAL RESOURCES 230,317 1357,428 2 5 7 , 7 8 4 308,633 1 3 2 , 9 7 1 116,262 467,334 147,573 110,569 176,272 94,894 J , X-9O50 San Fran. Total 31,100 486,820 17,277 439,477 51,265 62,084 ^ .154 113,503 360 113,863 34,999 21,490 56,489 2,461 1,957 97 61,004 8,573 17,170 25,743 200,610 3566,839 L I A B I L I T I E S Capital paid-in 6,444 19,699 6,909 8 , 5 0 4 3 , 7 9 2 2 , 9 6 4 9,711 3,509 2,765 3 , 4 4 4 2,917 4,305 Surplus 75 649 ... ... 116 4o 216 ... 38 ... ... ... Government d e p o s i t s 12,858 8,448 9 , 4 0 8 19,050 7,069 4 , 4 9 6 17.767 11,273 6,037 10,459 3 , 6 0 5 2 0 , 1 9 8 Due t o members, r e s e r v e a c c o u n t 9 1 , 5 8 6 667,602 8 8 , 4 5 2 112,321 4 2 , 6 8 0 37^02 186,812 5 1 , 1 0 5 41,235 70,758 39,518 67,545 C o l l e c t i o n items 17,088 52,733 31,939 24,041 17,638 12,405 22,638 19,316 5,508 11,526 8,802 11,540 Due t o o t h e r F.R.Banks - n e t ... 25,074 ... 3> 542 ... ... ... 961 ... ... 4,231 .... Other d e p o s . i n c l . f o r . G o v ' t . c r e d i t s ... 75,815 178 ... 14 2,077 32 22 ... ... 3,745 Total gross deposits 121,532 829,672 129,799 159,132 67,387 54,717 229,294 8 2 , 6 9 4 52,802 92,743 56,156 1 0 3 , 0 2 8 F.B. notes in a c t u a l c i r c u l a t i o n 101,467 500,640 121,076 140,236 61,580 5 8 , 5 4 1 227,155 60,867 5 4 , 7 3 1 71,330 35,622 92,987 F . R# n o t e s i n c i r c u l a t i o n ** ne t ... ... ... ... *«. ... .. ... 7,895 ... ... liability All o t h w l i a b i l i t i e s 799 6,768 --__l6l_ 96 ^ 958 __5P3 233 860 iqq ?qo TOTAL LIABILITIES 230,317 1357,428 257,784 308,633 132,971 1 1 6 , 2 6 2 467,334 147,573 110,569 176,272 9 4 , 8 9 4 200,610 * D i f f e r e n c e between n e t ar.nomts due f r o m and. n e t a^viounts due t o o t h e r F e d e r a l Reserve Banks. 978,797 824,218 23.985 1827,000 63.945 1890,945, 902, lgg1302, W * 1204,587 41,446 37,407 2,722 1286,162 * 10,314 378,531 388,845 528 5W 74,963 1,134 130,668 1497 416 235,174 8 1 890 igWite 1526,232 7 895 n h 356M39 R e l e a s e d f o r p u b l i c a t i o n Sunday morning A p r i l 28, 1918 Mot e a r l i e r STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS APRIL 26, 1918. ( I n thousands of d o l l a r s . ) New York Phila. Clevel. Richm. A t l a n t a Chicago StLouis Minn. X-905C FEDERAL RESERVE NOTES Boston Received from Comptroller Returned t o Comptroller C h a r g e a b l e t o F . R . Agent I n h a n d s of F . R . Agent I s s u e d t o F.R.Banks l e s s amount r e t u r n e d t o F.R.Agent f o r r e demption 145,160 834,580 182,200 178,760 98,140 91,620 304,000 86,900 73,980 100,700 68,500 111,860 25.904 119,251 15,040 172,973 , 2 7 , 7 9 b 661,907 1 5 4 , 4 0 4 115.800 26,540 13,82? 164,932 18,440 19,320 78,820 6,200 76,568 290,087 11,870 75,030 7.080 104,211 546,107 146,492 72,620 60,173 242,607 67,950 - 5 5 x 3 3 1 Gold c o i n a n d c e r t i f i c a t e s on h a n d 3 1 , 0 0 0 Gold r e d e m p t i o n f u n d 5,711 Gold s e t t l e m e n t f u n d F.R.Board 11,500 E l i g i b l e p a p e r , mininnci r e q u i r e d 56,000 Total 104,211 173,251 10,576 25,000 337.280 546,107 75,959 45,120 127,864 54,200 146.492 70,913 555,283 57,638 78,840 127,864 15,052 13,913 16.395 47.480 Kans.Cy. D a l l a s San Fran. 15.85b 84,845 7,760 Total 2276,700 14,%# 53,674 17,210 8,7^ 103,148 1924,096 36,464 103,148 1640,656 5,688 245,954 50,521 20,846 55,935 2,798 42,360 31,927 77,085 11,581 2,096 584 22,203 36,464 56,396 41,064 103,148 816.438 1640,656 49,885 23,603 47,244 30,722 45,319 1170,359 77,085 5.755 71,330 36,464 842 35,622 103,148 10.l6l 92,987 1640,656 114.424 1526,232 12,550 61,430 5,495 283.440 COLLATERAL HELD AS SECURITY FOR OUTSTANDING NOTES: AMOUNT OF ELIGIBLE PAPER DELIVERED TO F.R.AGENT: 6,785 13,102 14,517 ... 2,503 7,775 1,880 2,259 456 2,010 2 , 4 8 7 70,000 28,000 29,070 137,976 31,398 19,500 42,740 72,620 26,341 104,175 60.173 242,607 50,859 26,608 133,445 34,542 67.950 527,743 MEMORANDA FEDERAL SESERVE NOTES OUTSTANDING Alto IN ACTUAL CIRCULATION F.R. n o t e s outstanding F . R . n o t e s h e l d by banks F.R. n o t e s in a c t r a l c i r c u l a t i o n 104,211 546,107 127,864 146,492 72,620 60,173 242,607 67,950 2,744 45.467 6,788 6,256 11,040 1.632 15.452 7 . 0 8 3 101,467 500,640 121,076 140,236 61,580 5 8 , 5 4 1 227,155 60,867 55,935 1.204 54,731 DISTRIBUTION OF BILLS, U. S. GOV'T. SHORT TERM SECURITIES AND WARRANTS BY MATURITIES. B i l l s d i s c o u n t e d and bought U.S.Gov't, short-term securities Municipal warrants I W i t h i n 15 days 16 t o 3 0 days 31 t o 60 days 6 l t o 90 days Over 90 days Total 673,064 5,719 40 194,238 217,535 4,248 513 106,431 6,454 13,319 14,365 1, 1,204,587 37,407 554 6,621 Released, f o r p u b l i c a t i o n Sunday morning A p r i l 28, I 9 I 8 iNot e a r l i e r ™ ^ Ho f °J a 1 1 r e p o r t i n g banks i n each d i s t r i c t . r e p o r t i n g Links Boston New York eircula- 5 9 „ 0IHEB ( I n t h o u s a n d s of d n l i a r e . ) P h i l a . Cl e v e . 98 ™ 80 ^ Eichm. A t l a n t a 67 3 8 ~^ Chicago S t , L o u i s Minn. 93 32 Kans.Cy. 32 70 D a l l a s San F r a n . Hi 47 5 Total 6S 5 ais',~Si'S: i:~:S "=§: SS l:g SS » SS : SS g;g HE Illillliiaillii H I ! &sssa=r "•£ ! ! s.;rii"s;s'irs:;' i i I1 I1 II llllllilil u sssr mi 11 1! is i ! ii ililll II # #8 } Other^U.S.Bonds i n c l u d i n g U . S ? C e r t i f i c a t e s of i n d e b t e d - l 6 2 A l f other loans and i n v e s t - 1 5 3 , 8 4 9 2. '°65 1 2 , 9 8 1 U3, U | 36,565 ° 5 1 2 1 , 2 7 1 °lU 3 7 , 2 3 0 2 3 , 3 6 8 1 2 , 7 3 7 l k '835 1 9 , 7 4 2 17,374 5,698 14,005 16,082 35,399 267,795 13,020 35,399 11,584 6,154 10,109 10,178 16,083 341,298 5,l47 28,845 8,609 2,495 2,955 4,276 4,704 320,168 Data f o r b a n k s i n each C e n t r a l Beserve C i t y , banks i n a l l o t h e r r e s e r v e c i t i e s a n d o t h e r r e p o r t i n g b a n k s . a ., 5JT .Chicago S t . L o u i s T o t a l C e n . B e s . C i t i e s Reserve C i t i e s C o u n t r y Banks Total
@FedFRASER