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!> Released. f r r p u b l i c a t i o n Sunday morning June 9 , 1918 Not e a r l i e r . June 8, 1918, STATEMENT FOR THE PRESS. Gains in discounted b i l l s h e l d , o f f s e t in part by l i q u i d a t i o n ®f Government s e c u r i t i e s and acceapanied by s l i g h t increase in the Banks' gold r e s e r v e s are indicated in the Federal Reserve Board's weekly bank statement issued a# close of business on June 7, 1918. __ INVESTMENTS. Discounts on hand show an increase of 8 7 . 1 m i l l i o n s , New Yvrk, St.Louis and P h i l a d e l p h i a shewing the largest gains fJT the week. Of the t o t a l en hand - 6 3 . 7 per c e n t , compared w i t h 62.7 per cent the week b e f e r s , i s represented by member banks' c o l l a t e r a l notes and customers 7 paper suppoMed by U.S. war s e c u r i t i e s . Acceptances en hand show a further decrease ef 7.Q m i l l i o n s , mainly at the Chicago and rev- Icrk banks, U.S. s e c u r i t y holdings decreased 49.6 m i l l i o n s due c h i e f l y t o the redemption during the week of 60 m i l l i o n s of Treasury c e r t i f i c a t e s held by the Mew York bank. Tetal investments went up 2 9 . 4 m i l l i o n s during the week. DEPOSITS: Government d e p o s i t s increased 13.7 m i l l i o n s , a n d member banks' r e serve d e p o s i t s - 9 . 1 m i l l i o n s . Net d e p o s i t s show a d e c l i n e of 10.2 m i l l i o n s . RESERVES; Gold r e s e r v e s increased 1 . 4 and t o t a l cash reserves about 2 m i l l i o n s . New York reports large gains i n r e s e r v e s , mainly through t r a n s f e r s f o r Government account of c r e d i t s in the Gold Settlement Fund. FEDERAL RESERVE CIRCULATION: Federal Reserve Agents report a d d i t i o n a l net i s s u e s ef 33.3 m i l l i e n s of Federal Reserve Motes. The actual note c i r c u l a t i o n cf the banks increased 39.9 m i l l i o n s , of which 1.2 m i l l i o n s represents the increase in Federal Reserve Bank note c i r c u l a t i o n reported by the Chicago and Kansas City banks. CAPITAL: Payments f o r Federal Reserve Bank stock by newly admitted members accounts l a r g e l y for an increase cf $116,000 in p a i d - i n c a p i t a l reported by 11 banks. CONDITION OF MEMBER BANKS MAY 31, 1918 S u b s t a n t i a l gains in iaffifridual demand d e p o s i t s , accompanied by nederate withdrawals ef Government d e p o s i t s , are indicated in the Board's weekly statement showing c o n d i t i o n en May 31, of 689 member banks and t r u s t companies in about 100 leading c i t i e s . Treasury c e r t i f i c a t e s of indebtedness on hand show a fu rth er ce c l i n e of almost 100 m i l l i o n s , the banks in the central reserve and in other r e serve c i t i e s reporting about equal reductions in t h e i r h o l d i n g s . U.S.bonds en hand ( e x c l u s i v e of c i r c u l a t i o n bends, which show but s l i g h t changes from week to week) increased abeut 1 7 . 4 m i l l i o n s , though the banks in the c e n t r a l reserve c i t i e s report a decrease under t h i s head of 2 . 9 m i l l i o n s . Loans secured by U.S. war o b l i g a t i o n s went up by 20.5 m i l l i o n s , about 70 per cent of t h i s increase being the share of the Central reserve c i t y banks. Other loans and investments of a l l reperting banks gained about 10.5 m i l l i o n s . Of the t o t a l loans and investments, the share of U.S. war 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 was 17.4 per cent as against 17.8 per cent the week b e f o r e . For the c e n t r a l reserve c i t y banks t h i s r a t i o werks out at 22.5 per c e n t , and f o r t h e New York City banks at 25 «2 per cent. Net demand d e p o s i t s of a l l reporting banks show a gain f o r the week of about 156 m i l l i f a s , nearly a l l at c e n t r a l reserve c i t y banks. Time d e p o s i t s increasea br •ver 10 m i l l i o n s , the New York banks alone reporting a gain under t h i s head ©f ; v.. aDout 12.5 m i l l i o n s . The week saw net withdrawals ef 119.4 m i l l i o n s of Government d e p o s i t s , 77 m i l l i o n s representing the net withdrawals from the c e n t r a l reserve c i t y banks and 34.6 m i l l i o n s the net amount withdrawn from the banks in other r e serve c i t i e s . Aggregate r e s e r v e s , a l l w i t h the f . R . b a n k s , d e c l i n e d 9 . 5 m i l l i o n s , the banks in the c e n t r a l reserve c i t i e s showing a decrease of 6.75 m i l l i o n s , p r a c t i c a l l y nc change i s shown f e r cash i n v a u l t . Owing t o the decrease of t o t a l investments and the simultaneous increase cf t e t a l d e p o s i t s the r a t i e ef investments t o t c t a l d e p o s i t s ef a l l reporting banks shews a d e c l i n e fram 111 t o 110 per c e n t . For tne c e n t r a l reserve c i t y banks a much larger d e c l i n e ef t h i s r a t i o frem 109.2 t o 106.9 per cent i s noted. S i m i l a r l y the r a t i o ef cembined reserve and cash t o d e p o s i t s of a l l r e p o r t i n g banks declined from 13.3 to 13.1 per c e n t , and f e r the c e n t r a l reserve c i t y banks from 14.8 to 1 4 . 4 per c e n t . T*tal e x c e s s r e s e r v e s went down from about 80 m i l l i o n s t o 5 0 . 4 m i l l i o n s . For the c e n t r a l reserve c i t y banks a corresponding d e c l i n e frem 5 5 . 1 http://fraser.stlouisfed.org/ m i l l i o n s t«p28.5 m i l l i e n s i s s h o w n v Federal Reserve Bank of St. Louis IP * tor p u b l i c a t i o n Sunday morn Ins: Jnn% Q l L f f f f l ' B E S O m , u £ ^ -r* A S D and c e r t i f i c a t e s in v a u l t Jc- 1 settlement fund, F.R. Board trcxo With f o r e i g n agencies Xotal gold h e l d by banks uold with Federal Reserve Agents Gold redemption fund Total gold r e s e r v e s Legal tender n o t e s , s i l v e r , e t c . Total reserves B i l l s discounted f o r members and F.R. banks v?0?.d CO.In a i " m - . w * ur, Svt^'25 cl'^'22 953*2t5cs'000 2K U ^ n n n ' 5 984,492,000 T^Tiahis^nnrrket COM OF b u s i e s ' n ., r l«k£'r>™ T q # # # % ' Q1Q ' Total deductions from gross d e p o s i t s 5^ Redemption fund a g a i n s t F.R. b a n k n o t e s A l l other resources ' ' hn? c?q n n 0 A77 nnn TOTAL RESOURCES 179,876,000 1,449,486,000 239,971,000 109,560,000 w 1,301 19.19u.oco 7 59-2f 6l.<D^ r '390'°00 ±g|»331,000 1f-, i n 1 9 W * 9 * * . June g, I917 . 330,001,000 205,886,000 — 535, 887,000 475,201,000 2,730,000 1,013,818,000 37,693,000 1,051,511,000 ^ ^ /» 233,291,000 36,387,000 9,298,000 nr.n 3 % : % ^08,137,000 62$,000 304.730.Qfin 309,541,000 400,000 3,686,300,000 1,725,54O!OOO 75,546,000 1,134,000 ... y^.vyOI , 62" , _ J I S ° 1,153,730,000 54,842,000 92,082,000 j^'i 1,978,893 000 ^^.srsiooo 9!580!000 6,355 000 3,711,703/000 T S fog.QQP -«711 > f 03, ^oo 7c nnn i'134'ooo ' ' J M , . ^ 31, 1913 456,177,000 425,237,000 52,500,000 ^33,914,000 955,919,000 SL22LOOO 1,917,826,000 57,883.000 go? 1*975,709,000 000 ihhsh"™? w ^ ZS 1 n o gl^ooo tonks net , a , U U.S.Government long-term s e c u r i t i e s U.S.Government short-term s e c u r i t i e s A l l other earning a s s e t s Total earning a s s e t s L I A B I L I T I E S Capital paid in Surplus Government d e p o s i t s Due t o members - Reserve account C o l l e c t i o n items Other d e p o s i t s including f o r e i g n Govt, c r e d i t s Total gross d e p o s i t s » »• ^.a°^1Jcirfu?ation F. B. bank n o t e s in c i r c u l a t i o n - net l i a b i l i t y A l l other l i a b i l i t i e s TOTAL LIABILITIES Ratio of gold r e s e r v e s to net deposit and F.R. note l i a b i l i t i e s combined Ratio of t o t a l r e s e r v e s t o net deposit and F.R. note l i a b i l i t i e s combined (a) Net amount due to other F.R. banks M m 1918 1,600,968,000 8,324,000 3 ooo,3uu,000 5,476.000 57,oco,coo 228,125,000 775,771,000 181,321,000 1,000.000 i.is6,a7,ooo ' 4 s i ! 469*000 7 , _„ —S5K4D0 1,72*5 s4o nrn ^ 7k.6* ^ 77-4$ f o r p u b l i c a t i o n Sunday morning Jtaie 3, IQlg WEEKLY STATEMENT OF RESOURCES AMD LIABILITI x-990b Not e a r l i e r OF EACH OF THE FEDERAL RESERVE BASKS AT CLOSE OF BUSINESS J W E f , 1918 (In thousands of d o l l a r s . ) ew York P h i l a . C l e v e l . Richm. A t l a n t a Chicago. St.Louis.Minn. Kans.Cy. D a l l a s San.Fran 336,171 9,234 21,628 6,370 6,740 28,756 1,905 8,404 83 35,747 5,675 28,189 54,775 6 3 , 3 4 2 1 7 , 9 6 7 21,315 6 6 , 9 2 6 2 7 , 4 7 0 1 7 , 7 0 2 2 2 , 8 5 9 17,905 6,723 16 3.675 W25—1.837 1,575 7.350 2.TQO 2 , m n p. f.2* X.R8R 1 .838 381,252 6 7 , 6 8 4 8 9 , 6 9 5 2 6 , 1 7 4 56,540 2 9 , 6 3 0 1 0 3 , 0 3 2 31,475 2 8 , 2 0 6 2 5 , 5 6 7 1 4 , 2 3 6 246,807 87,912 1 1 6 , 8 7 3 32,669 80,498 32,857 1 6 6 , 6 6 7 40,555 3 4 , 4 0 0 3 6 , 8 5 8 1 9 , 1 2 2 12 son 3 r ODD S7P. - 1 , 4 7 , 3 2.223 l,7Pn 129 2.387 7 9 2 . , .1 . 2 5 6 640,559 158,596 206,967 59,415 6 3 , 9 6 0 2 7 1 , 9 2 2 73,730 6 4 , 9 9 3 6 3 , 2 1 7 3 4 , 6 1 4 1 3 7 , 1 6 7 43,8?, 8 1.04P 41 n ^7i 94 *89 2.286 2S& Z22 2-OS5 1,325 684*.387 1 5 9 , 6 4 4 207,377 59,786 64,669 2 7 7 , 1 1 7 75,055 6 5 , 0 8 7 63,606 36,902 137,462 462,099 49,599 45,796 4 9 , 5 5 5 2 5 , 9 2 3 9 3 , 1 6 0 39,285 3 0 , 7 0 3 6 8 , 1 5 0 33,443 39,766 130, 4 . 3 8 0 26.151 S.9SQ 2.375 600 720 19.297 592,679 7 2 , 7 1 3 55,849 5 3 , 0 6 7 3 0 , 3 0 3 1 1 9 , 3 1 1 45,244 3 3 , 0 7 8 6 8 , 7 5 0 34,163 59,053 25,283 1,347 7,800 1 , 2 3 3 730 7,090 2,233 1,845 8,865 3,981 3,461 4,814 2,127 9,692 1,524 1,207 2,979 511 1,769 1,490 1,334 3,61 3 52 47 30 28 519 18 622,776 76,187 7 3 , 3 4 1 55,624 3 2 , 2 9 2 1 2 9 , 4 2 7 4 8 , 0 1 8 36,285 8 1 , 2 2 8 4 0 , 1 5 3 64,301 7,477 1,073 9,891 2,085 3,014 2 , 6 2 2 -I5JL32. 4 6 . 1 9 5 34.465 26,679 31,398 5 5 , 3 0 8 2 9 . 3 6 9 $,4*5 31.643 17,523 19,635 75,1.3 46,19 5 41,942 27,752 31,396 65,199 31,454 1 1 , 4 9 9 3 4 , 4 6 5 1 7 , 5 2 3 19,635 100 400 137 RESOURCES Boston " o l d c o i n and c e r t i f i c a t e s i n v a u l t . 2 909 Gold s e t t l e m e n t f und, F.R.Board 72*502 Gold w i t h f o r e i g n a g e n c i e s 3*675 T o t a l g o l d h e l d by banks 79 ogg Gold w i t h Federal Reserve Agents 6 3,037 Gold redemption fund 2,000 Total gold reserves 144,123 Legal t e n d e r n o t e s , s i l v e r , e t c -2,489 Total reserves 146,612 B i l l s d i s . f o r members & F,R»Banks 4 7 , 0 1 3 B i l l s bought i n open market 21 .fill T o t a l b i l l s on hand 68,824 U . S . G o v ' t . long-term s e c u r i t i e s 616 U.S.Gov't.short-term securities 1,541 A l l o t h e r earning a s s e t s T o t a l earning a s s e t s 70,981 Due f rom other F.R. banks, n e t U n c o l l e c t e d items 25.031 T o t a l deduct.from g r o s s d e p o s i t s 25,031 5$ R e de qp. fmd a g a i n s t F.R.Bank notes A l l other resources TOTAL RESOURCES 242,624 1382,356 282,^26 322,66^143,363 L I A B I L I T I E S Capital paid in 6,474 Surplus 75 Government d e p o s i t s 23,062 Due t o members, r e s e r v e account 39,040 C o l l e c t i o n items 15,920 Due t o o t h e r F.R.Banks, n e t 22 Other d e p o s i t s i n c l u d i n g f o r e i g n Government g r e d i t s ... Total gross deposits 126,044 F.R.notes in actual circulation 107,327 F.R.bank n o t e s in c i r c u l . , n e t l i a b . A l l other l i a b i l i t i e s 704 tet„8en n e t 19,777 549 16,826 640,968 48,464 14,385 128,379 4 7 1 * 8 4 3 1 5 4 , 5 2 7 112',£.71^79 6,939 8,557 3,815 ... ... 116 18,846 2 6 , 4 7 8 8 , 4 2 3 9 1 , 1 0 2 109,456 4 2 , 8 4 4 2 9 , 8 1 5 22,859 1 7 , 8 5 5 228 3,034 9,771 40 216 1 0 , 3 3 4 15,766 34,652 181,909 19,897 20,576 3,627 103.926 ... 137 ... 824,569 139,991 1 5 8 , 9 3 0 69,122 536,764 1 3 5 , 0 0 4 154,347 70,016 16 2.136 68,526 2 2 0 , 3 8 7 56,748 238,498 1,700 31 1x271 597 a & f N t m m 92 626 293 3,627 18,797 46,118 20,298 2,786 3 , 5 2 2 38 12,736 1 0 , 3 1 9 38,735 6 3 , 6 4 4 4,399 19,629 104 85,317 65,004 5 5 , 9 5 2 93,592 53,635 73,374 579 ts m w z b W M i s a d P • ... 7,880 460 e ? 1 1,331 28,431 1919,263 56,461 1977,724 984,492 248.542 1233,034 64,484 32,601 694 1330,813 i 1,605 400,924 402,529 637 94,715 221,398 3711,703 2,970 4,390 7 5 ,6b2 1,134 7,740 38,662 8,850 2,037 10,549 72,356 11,409 4,456 179,676 1449 , W 239 ,971 57,289 34,073 3JL59 101,931 114,789 82 ... Total 463,622 417,675 51,280 932,577 958,255 ... 383 109,560 1978,89 3 1639,579 9,560 288 6,855 j ? u , » s i or p u b l i c a t i o n Swiday rnorrung June Q, j STATE 32!jT OF FEBEBA1 FEDERAL RESERVE NOTES ?ceiv ed from Comptroller sturned to Comptroller ihargeable to F.E.Agent t hands of F.R.Agent (sued to F.E.Banks l e s s amount returned to F.R, Agent for redemption FV2 AG2IrT3' ACCOUNTS A1 CLuSJ Ox BUSINESS JUNE 1918. ( I n t h o u s a n d s of d o l l a r s . } New York Phila. CI ev e l . Richm. Atlanta. Chicago S t . L o u i s .Minn. Boston 157,440 888,480 197,360 197,260 30,583 199,741 32,128 16,24? i26,«57 165,232 i s i . 0 1 3 16,600 105,400 18,900 15.240 109,260 21.728 87.532 7,110 583,339 146,332 165,773 80,42? 59,039 23,517 8,356 85,000 48,900 165,773 — 1,169 31,500 47,753 80,422 w 2,503 — 1,934 572 28,420 166,095 26.182 94,174 59,039 260,841 2,096 38,459 28,432 68,987 1,798 19,500 21,546 55,946 55,84g 52,733 26,487 34,824 27,816 110,257 92,740 323,380 17.176 18,219 75,364 305,161 44.320 16,325 92,200 14,623 77,577 8,590 260,840 68,987 X-990C Kans-Oy. D a l l a s San F r a n Total 104,700 17,459 87,241 8,210 J h l m . 68,500 135,420 2,440,720 15,682 9,799 407.164 52,818 125,621 iToi 2,033,556 263,680 18,530 55,946 3^,288 125,621 1,769,876 73,980 13, 60,401 79,031 (LLATERAL HELD AS SECUEITY FOR OUTSTANDING NOTES: >ld coin and c e r t i f . on hand >ld redenpt ion ftmd i l i settlement fund,F.R.Board igible paper, mimimum req.d. Total CUNT OF ELIGIBLE PAPER DELIVERED TO F.R. AGENT 8,000 169,743 5,537 12,064 49,500 65,000 47,220 336,532 110,257 7,738 80,174 58,420 583,339 146,332 68,824 592,679 71,866 112,003 13 % 102 2,498 3^,360 11,581 — 1,957 6,502 5,584 73,996 4^,12) 228,446 52,221 677,533 -MtlE 15,166 64,365 3M63 52,015 1,193,629 79,031 5,657 34,288 215 125,621 1,769,376 10,832 _ 130,297 79,03134,288 811,$21. 125,621 1,7&9,876 MEMORANDA FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION. R. notes outstanding R. notes held by banks F.B. notes in actual circul. 110,257 2,930 107,327 533,339 146,332 165,773 itm 11.323 11.426 135,004 154,347 80,422 10,406 70,016 59,039 2,291 260,841 22.341 56,748 238,498 68,937 =3,935 55,004 55,946 2.311 53,635 73!374 34-,073 114,789 1,639/579 DISTRIBUTION OF BILLS, U.S. GOVERNMENT SHORT-TERM f iCURITIES AND WARRANTS BS MATURITIES Within 15 days l i s discounted and botglit S.Gorf t. short term securities nicipal warrants i 729,429 3,043 %6 16 to 30 days 103,734 13,655 43 31 to 60 days 198,720 1,536 6l to 90 days 162,771 1,660 1 Over 90 days 33,330 12,707 Total 1,233,034 32,601 500 '.fi: C: I obligation Sunday morning Um.e 9 1-1% Not earlier X-990d SxAT^.i^.T SnOv/IrJ.j PRIICIPAL IxESQUSQE AND LIABILITY IT1&I3 OF MEMBER BANKS LOCATED IN CENTRAL RESERVE, RESERVE AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS MAY 31, 191s, 1. ' Data f o r a l l re-port in.?, "banks in each d i s t r i c t . (In thousands of d o l l a r s . ) Member banks Boston New York Phila. Clevel. Richm. Atlanta Chicago St.Louis Minn. Kans. Cy. Dallas San Fran. Total No-reporting banks 42 . 98 49 81 64 32 37 4g 95 72 38 33 689 U.S.Bonds t o secure circulation 14,62a 12,978 51.367 43,341 21,158 14,390 19,142 17.392 17»074 35 J 355 5.919 13'787 266' 524 Other U. S.bonds including Liberty bonds 15,381 275.590 25,357 68,207 25,226 24,736 77,413 25,801 13,207 18,253 16,052 24,225 610,048 U . S . c e r t i f i c a t e s of indebtedness 30,772 762,004 39,124 32,3% 12,137 18,412 55,292 20,642 9,177 15,768 14„970 32,181 1,041,278 Total U.S. s e c u r i t i e s 60,774 l.ogg,961 77,459 144,491 52,571 57,544 151,847 63,835 28,303 47,808 48,096 90,761 1,918,450 Loans secured by U.S. bonds, e t c . 39,849 46,910 6,o4o 30,059 16,220 14,343 4,502 4,672 5,845 6,967 512,962 A l l other loans and investments 635,-758 942,889 316,243 265,944 1,342,098 375,213 235,341 459,205 162,311 489,784 10,004,162 Reserve with F> E. bank 66,733 589,113 78,808 24,728 24,266 54,591 133,502 34,001 17,935 39,386 13,707 45,844 1,122,664 Cash in vault 24,765 119,999 20,469 32,087 15,259 14,522 62,786 13,625 8,822 15,866 Net demand d e p o s i t s 11,744 19,509 359,453 654,532 4,376,077 575,703 701,413 239,159 189,750 1,010,618 252,047 168,247 350,004 133,219 374,726 9,025,495 Time deposits 95,607 261,507 13,796 229,107 36,836 79.161 346,680 74,621 41,085 61,974 22,516 102,932 1,365,822 Government d e p o s i t s 97,364 ' 70,865 74,633 31,030 14.704 77.634 —— = Trz. L .'..T. c y w _ r t f tW* 54,144 0^.144 , 24,023 . <ZH*Udi5 A -2£L3m_ -19^796—23,416 909,3122. l a t a f o r banks in each Central Reserve City, banks in a l l other reserve c i t i e s and other reporting banks. New York Chicago St.Louis Total C e n . R e s , C i t i e s Reserve C i t i e s Country Banks Total May 33 —May 24 May 31 May 31 May 31 :_ivlay 24 ifey 31 May 24 May 31 May 24 ay 31 May 24 No. reporting banks 66 66 4o -IV l>20 422 422 149 147 . 689 691 U.S.bonds t o secure circulation 37,023 37,023 1,443 10,392 48, 858 48,858 170,457 172,547 46,133 45,209 266,524 265>448 Other U. S.bonds including Liberty Tyonds 256,026 44,713 243,866 19,248 307,827 310,767 236,741 49,633 252,588 %5,187 610,048 592,695 U . S . c e r t i f i c a t e s of indebtedness 750,071 788,777 33,874 17,624 801,569 846,106 213,436 258,713 26,873 36,873 1,041.878 1,141,692 Total U.S. s e c u r i t i e s 1,030,960 1,081,826 80,030 47,264 1,158,254 1,695,731 638,481 665,911 121,715 128,193 1,918.450 1,999,835 Loans secured by U.S. bonds, e t c . 259,889 247,885 17,690 11,776 289,355 275,003 194,4ig 188,983 29,129 28,455 512,962 492,441 A l l other loans and investments 3,676,079 3,688,897 813,974 266,441 4,756,493 4,760,467 4,486,467 4,447,328 761,202 785,885 10,004,162 9,993,680 Be serve with F.R.bank 561,886 571,01s 92,948 26,608 681,442 688,194 391,917 392,434 49,305 51,553 1 , 1 2 2 , 6 6 4 1,132,181 Cash in vault 106,766 112,111 37,953 7,315 152,034 157,307 173.H3 167.173 34,306 35,009 359,453 359,489 Net demand d e p o s i t s 4,070,986 3,920,053 678,725 179,500 4,929,211 4,779,606 3,484,334 3,463,785 611,950 626,151 9,025,495 8,869,542 Time deposits 218,467 206,000 130,252 54,252 JJ02.971 391,405 Government d e p o s i t s 362,136 424,103 62,472 45,357 x , 469,965 546,940 J IU% Hl-M T d S 9§:lu