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Released f o r p u b l i c a t i o n Sunday n:orning May 2F>, 1$1$: n o t e a r l i e r . STATEMENT IDE THE PRESS - St - 400 May 24, 1919* Reduction of over 100 m i l l i o n s i n t h e h o l d i n g s of war p a p e r p r i m a r i l y t h e r e s u l t of t h e f i r s t payment on account of V i c t o r y n o t e s , a l s o c o n s i d e r a b l e decreases i n Government d e p o s i t s and i n F e d e r a l Reserve 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 "by t h e F e d e r a l Reserve B o a r d ' s weekly bank statement i s s u e d a s a t c l o s e of b u s i n e s s on May 23, 1919. As a g a i n s t t h e l a r g e r e d u c t i o n i n war p a p e r , the banks shtiw a s l i g h t i n c r e a s e in o t h e r d i s c o u n t s on hand and a g a i n of 8*5 m i l l i o n s i n t h e i r a c c e p t a n c e h o l d i n g s . On t h e o t h e r hand, c e r t i f i c a t e h o l d i n g s f e l l o f f 4«3 m i l l i o n s , t h e l a r g e r decrease in t h i s i t e m r e p o r t e d by t h e New York bank being o f f s e t i n p a r t by f r e s h investments in 2 p e r c e n t c e r t i f i c a t e s shown f o r 4 o t h e r b a n k s . Members'reserve d e p o s i t s d e c l i n e d 15-8 m i l l i o n s , w h i l e n e t d e p o s i t s a r e given a s 67.8 m i l l i o n s l e s s than t h e week b e f o r e . The banks 1 c a p i t a l account shows a gain of $156,000, t h e banks a t P h i l a d e l p h i a , C l e v e l a n d , S t . Louis and San Francisco r e p o r t i n g s u b s t a n t i a l a d d i t i o n s to t h e i r p a i d - i n c a p i t a l . F e d e r a l Reserve n o t e s in c i r c u l a t i o n d e c l i n e d 2 ? . 8 m i l l i o n s , t h e Banks and Agents r e p o r t i n g c o n s i d e r a b l e g a i n s of n o t e s on hand mainly withdrawn from c i r c u l a t i o n , w h i l e redemptions by the Treasury were in excess of 7 m i l l i o n s . The b a n k s ' a g g r e g a t e l i a b i l i t i e s on account of F . R. bank n o t e s i n c i r c u l a t i o n l i k e w i s e show a s l i g h t d e c r e a s e . 6n t h e o t h e r hand g o l d r e s e r v e s show a g a i n of 2-9 m i l l i o n s , w h i l e c a s h r e s e r v e s went up 2 . 1 * millions. The b a n k s ' r e s e r v e p e r c e n t a g e , because of t h e r e d u c t i o n s in both deposit and n o t e l i a b i l i t i e s and the s i m u l t a n e o u s i n c r e a s e i n cash r e s e r v e s , shows a r i s e f r o m 51 '1 to 52-3 p e r c e n t . Be l e a s e d f o r 11 c a t i o n Sunday morning May 25, 1Q19; n o t e a r l i e r . St.40 OF^COlvBIBED Ro, SOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE B/J}JKS AT CLOSE OF BUSIIJESST2IAY 23, i g i g . Gold c o i n ^ a n d ^ c e r t i f i c a t e s May 23, 1919 May 16, 1919 May 2 ^ / 1 ^ 1 # , Gold S e t t l e m e n t Fund - F . R . B o a r d $3^6,997,000 $335>224,000 $478,460,000 Gold w i t h f o r e i g n a g e n c i e s 572 , 0 0 1 , 0 0 0 3'^^ ^ 95^" > 000 hO J ,jG~l t 0 0 0 T o t a l g o l d h e l d by "banksz z 52, r7/0 -> 000m Go I d wi t h F e d e r a l Re s e r v e Agent s 9^8 >998 ,000 884 , 1 (6, OuQ 93S ,72 / ,000 Gold Redemption Fund ^ A 3 9 ,825.000 1,150,903;P00 930 , 1 8 1 , 0 0 0 Total gold reserves 119.916,000 140,7^6,000 29TII3,000 Legal tender n o t e s , s i l v e r , e t c . ' 2,178,739,000 " 2,17^,837,000 1,898,023,000 Total reserves 69,194,000 70,020 ^000 58.013,000 "Rills d'scoiin+^d ( S e c u r e d b y Gov^t.war o b l i g a t i o n s , . 2,2^7,9]]^000 2,2^5,857,000 1,956,050,0^0 ^ s d_suo^_cl ^ 1,762,1187,000 1,863^76,000 600,499,000 B i l l s bought i n open m a r k e t 176,379,000 175,^64,000 322,800,000 T o t a l b i l l s on hand 193,187,000 184^717,000 278,221,000 U» S* Government bonds 2,132,053,000 2,223,657,000 1,201,520,000 U« S* V i c t o r y n o t e s 27,1^9*000 27,1>1,000 42,067,000 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 17,000 19,000 All other earning a s s e t s 199>7^8,OCO 2)4,082,000 *32,^76,000 Total earning a s s e t s —Z ~ 1,151,000 Bank p r e m i s e s 2 , 3 5 ^ ,967 ,000 2,45^- ,889.000 1,277,21^- ,000 U n c o l l e c t e d i t e m s & o t h e r d e d u c t i o n s frcm g r o s s d e p o s i t s 10,970,000 10,976,000 5/5 Redemption f u n d a g a i n s t F» R. b a n k n o t e s 679,798,000 709,355 >000 351,^07,000 All other resources 8,271,000 8,92^,000 537,000 TOTAL. RESOURCES —_10,2%9,000 10.242,000 89^000 L I A B I L I T I E S 5Jl6,2j4,000 5,4*40,24],000 3 , 5 8 5 J O ] ,000 Capital paid-in surplus 82 553,000 82 3 9 7 , 0 0 0 75,465,000 J Government d e p o s i t s ' * • ^"9 66,000 1,13^,000 Due t o members - R e s e r v e a c c o u n t . <-^4 ' i t u ' nnn 185,841,000 122,350,000 X > referred, a v a i l a b i l i t y items n 'nnn 1j713 ,3^1,000 1,4-36,284,000 O t h e r 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 c r e d i t s 7+9,702,000 242,488,000 Total gross deposits 142 ,138,000 125,786,000 107.903.000 F . E„ n o t e s i n a c t u a l c i r c u l a t i o n 2,'77,303;000 2,57*+, &70 ,000 1 , 3 0 9 , 0 2 5 , 0 0 0 F . R. b a n k 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 2 , 5 3 2 , 0 3 9 , 0 0 0 1 , 5 7 8 , 6 2 1 ,000 All other l i a b i l i t i e s 167,208,000 168,045,000 7 >7$+ ,000 TOTAL LIABILITIES Ratio of total reserves to net deposit and p. R. note l i a b i l i t i e s combined R a t i o mf g o l d r e s e r v e s t o F»R. n o t e s i n c i r c u l a t i o n after setting aside 35^ against net d e p o s i t , l i a b i l i t i e s — 3 5 >31° ,234,000 5 2 «3% 64.61 ^Includes One-Year Treasury iMotes* 3 ,626 ,C00 1J^ 2 ^ , 0 0 0 5 , ^ 0 , 2 4 3 , 0 0 0 3 ,$85,303 ,000 51-1$ 62 %:7/ qi 62.4% Releasee, zur po.oj.icc.ciOii Sunday morning May 25, 1919S n o t e a r l i e r * • gt.40ub WEEHLY STATEMENT OF BE SOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 23, 1919RESOURCES (In thousands of d o l l a r s - ) Boston New 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 F r a n . Total Gold coin and c e r t i f i c a t e s 3,%75 253.-779 606 27,263 2,166 7,876 2],046 3,921 3,3^5 135 7,245 9,^0 3%6,997 Gold settlement Fund - F.R.Board 3 8 , 8 l 4 178,524 40,852 50,691 34,185 12,633 111,062 16,493 1 3 , 9 6 ! 38,835 6,513 27,438 572,001 T o t a l gold h e l d by banks 42,289 432,303 ^ l / i 5 8 77,95% 3 6 , 3 5 1 20,509 134,108 22^4lU 22,306 38,970 13,758 36,572 918,99-3 Gold w i t h F e d e r a l Reserve Agents 59,975 287,679 71,137 129 , 677 28,17 8 41,699 267,507 58,198 4 l J 1 0 30,567 16,391 107,507 1,139.8^5 Gold redemption f u n d 11. 282 2.4.q4?. 11,236 690 7J38 6 . 0 2 1 33,071 5,239 5,324 11.341 2.65^ 979 119,9^6 T o t a l gold r e s e r v e s 113,5% 744,924 123,831 208,321 71^667 6 8 , 2 2 ^ ^ 3 4 ]%86 85,851 68,g4o 80,87 8 3 2,802 1^5,054 2,178,739 Legal tender n o t e s , s i l v e r , e t c 7,716 51.712 571 1,070 4;6 1 .,_80_0 l._052 2,208 116 133 2,165 215 69,194 T otal r e s e r v e s 121,262 796, b36 124,402 209,39 1 72,103 7 0"j029 435,738 '88^059 69,036 81,011 3^,9°7 l l O > 273 2, 2^7,933 B i l l s disccuntsd: Secured by Government war o b l i g a t i o n s (a) l44,102 708,974 1 7 0 J 1 5 134,152 81,413 70,909 201,723 61,625 47,345 51,720 19,35% 70,855 1,762,487 All O v h e r — 5,199 23 , 422 12,378 5,206 12,190 13,479 i 4 , 8 8 2 8,726 8,094 31,339 26,986 14,478 176,379 5 , 1 5 1 28,332 4,443 8,469 l.Obl 1.063 5^,822 193,137 B i l l s bought i n open market ( b ) - 15.859 44.424 918 21.562 7.083 Total b i l l s on hand 165,160 776,820 183,611 160,920 100,686 89,539 244,937 74,794 63,908 84,120 47,403 l4o,155 2,132,053 U.S.Government bonds 556 1,303 1,385 1,083 1,234 377 4,476 1,153 lib 0,868 3,966 2,632 27,l4g U* S <* Vi o to r y no te s — — — — — 7 — — 10 — — — 17 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 l6.91o 68,336 19,690 16,442 5,8o0 9,509 20,612 14,682 9,028 6,453 4,900 7,320 199,748 Total earning a s s e t s 182,63 2 8%,"459 2 0 4 , 6 I O 7 8 , 4 4 5 107,780 99,432 270,025 90,629 73,062 99,%4l 56T269 150,107 2,358^9^7 Bank premises 800 3,772 500 875 312 218 2,936 5%1 401 221 400 10,9/6 U n c o l l e c t e d items and other deductions from g r o s s d e p o s i t s - 57-,94.f 155,917 65,539 55,886 43,837 37,638 83,142 45,894 17,312 56,968 26,581 33,136 679,798 5f> Redemption f u n d a g a i n s t F-R, bank n o t e s S4l 1,852 925 770 196 450 886 469 415 730 379 358 8,271 All other resources 418 3.043 1,205 700 606 312 1,205 4)3 204 440 723 1,000 10,289 TOTAL RESOURCES 363,901 1,807,679 397,257 446,067 224,834 203,079 793,932 226,025 160,049 238,991 119,140 330,280 5,316,234 (a) I n c l u d e s b i l l s d i s c o u n t e d f o r other F . R . b a n k s , v i z (b) I n c l u d e s bankers * a c c e p t a n c e s bought from o t h e r F*R*banks:With t h e i r endorsement Without t h e i r endorsement— - MEMORANDA - 1, S60 - 29,486 - - - - - 54,783 - - - 10,000 - 15,000 - "JO - - - - - 28,4l3 109,27% 1,S60 28,483 R e l e a s e a f o r p u b l i c a t i o n Sunday m o r n i n g May 25, I919; n o t e a r l i e r . WEEKLY STATET.EITT OF RESOURCES AND LIABILITIESOF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MY 23, I 9 I 9 . ( i n t h o u s a n d s of d o l l a r s > ) L I A B I LI I I e s Boston New York phila» Clevel- Riclm. A t l a n t a Capital paid-in 6,849 21,345 7,630 \195 9,225 Surplus 2,996 21, 117 2,60s 2,196 3,552 Government deposits =• 9,°05 7:386 7,51S ' 7 , 2 1 5 i i , 194 9,032 Due to members - Reserve account 103,744 733,225 S3,967 133,287 5 1 , 2 9 1 4 4 , 6 7 3 Deferred a v a i l a b i l i t y items 50,875 126,8S9 6 3 , 8 0 1 4 7 , 7 0 4 3 6 , 1 3 1 2 8 , ^ 5 5 Hoi AH other deposits 1,0^5 114,524 863 742 293 Total gross deposits ~ lb5, 2bgT 9217853" "1647704" 190, SE6 -~95754T 8 0 , 8 0 7 notes in actual circulation- 169,6^7 7 3 5 , 4 6 2 2 0 1 , 3 6 2 224,788 115,902 112,264 F.R. bank notes in circul a t i o n - net l i a b i l i t y 16, 466 3 5 , 1 6 3 IS,066 15,176 5,425 8,894 A l l other l i a b i l i t i e s 2, 67 4 2,4Uo 2,287 12,739 1,775 1,363 TOTAL LIABILITIES 3 6 3 , 9 0 1 1 , 8 0 7 , 6 7 9 397,257 446,067 224, S34 208,079 Contingent l i a b i l i t y as endorser on Discounted paper re discounted with other F . R , banks Bankers1 acceptances sold to other F.R. banks 1, S60 Cl'^ic j 4°i St St.UcOc ru To t a l 82, 553 - 49,4o6 '99,999 1,697,524 537,642 142,138 31;0sbis b,4l6 1,605 29,027 6,864 2 3 5 , 1 9 5 58,947 61,670 36,294 4,60s 748 3 5 0 , 5 0 0 102,8534 1 9 , 5 5 4 103,365 1,415 2,421 2,845 4,237 48,070 71,545 11,509 3 6 , 2 6 7 1,510 10,919 6 3 , 9 3 4 122,968 8 5 , 0 0 6 94,767 1, lb4 1,677 3,399 40,794 87,786 17,693 2 0 , 3 5 4 6.167 318 60,482 H7,70o 2^/77503" 4 6 , 0 6 6 196,070 2 , 5 0 4 , 2 5 3 2 2 , 4 7 2 13,103 5 , 7 0 3 13,104 6,774 167,20s 6,862 5,703 1,014 1,947 3,549 i,24o 1,311 2,512 35,451 7 9 3 , 9 3 2 226,025 160,049 2 3 8 , 9 9 1 H 9 , l 4 o 3 3 0 , 2 8 0 5 , 3 1 6 , 2 3 4 1/1 E M 0 R AN D A 27,341 45,000 109,274 36,933 1,860 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION, F , R. notes outstanding F . R. notes held by bank F„R-notcs in actual circulation 177,242 7,595 ^69 647 831,870 213,644 238,624 1 2 1 , i 4 i 116,459 4 5 4 , 2 0 2 l l £ , 9 3 2 96,408 12,282 13,836 5,239 4 , 1 9 5 3 4 , 6 4 8 15,567 86,876 100,964 1,870 6,197 4 7 , 8 6 6 217,971 2 , 7 2 5 , 7 9 1 1,800 2 1 , 9 0 1 221,538 735^462 201,362 2 2 4 , 7 8 8 115,902 112,264 419,,554- 103,565 85,006 46,066 196,070"2,504,253 94,767 DISTRIBUTION OF BILLS AND U . S . CERTIFICATESOF INDEBTEDNESS BY MATURITIES. 17i t h i n 15 days B i l l s dicounted . B i l l s bought in open market U,S* c e r t i f i c a t e s of indebtedness 1,675,512 57,635 30,746 16 to 30 days 42,344 37,957 681 31 to 60 days 138,435 65,767 3,209 6 l to 90 days 60,492 31,-828 2,097 Over 30 days 22,053 163,015 Total 1,938,266 193,187 199,74s Released f c r putlication. Sunday morning May 25, 1919; not e a r l i e r . . st.400d STATEMENT OF FEDEBAL HE SERVE AGENTS1 ACCOUNTS AT CLOSE OF BUSINESS MAY 23, I 9 I 9 . " ( I n t h o u s a n d s of d o l l a r s . ) FEDERAL BESERVE NOTES: Received from Comptroller Returned to comptroller Chargeable to F„B.Agent i n bands of F.R.- Agent I s s u e d to f « E - ban> l e s s amount r e t u r n e d to F . R . A ^ a n t f o r r e demption Boston New York phi l a . Clevel, Richm» A t l a n t a Chicago S t . L o u i s . i/linn.Kans.Cy • D a l l a s San F r a n . . T o t a l 307,200 1 , 5 4 6 , 7 8 0 358,7^0 3 53,400 222,720 222,000 604.4g0 146. 220 130,880 162,300 103.160 2?6. 260 4,4#! l 4 o 101,458 571,310 132,856 82,256 72,589 4 6 , 8 3 1 1 1 9 , 9 I S 5 < 3 0 5 30,66% 4 7 , 7 5 6 31.'369 5^12&9 l j 4 , % 6 3 4 205,/o2 975^70 225,884 271,144 150,131 175.114 484. 562 157,512 xb6/?lo 1.V4,544 2?Y T 3 \ l 3 6 " 50? 28,520 143,600 12,240 3 2,520 28,990 58,666 3 0 , ^ S O 18,980 1 3 j 4 o 13,580 2 3 ^ 2 5 l ' , Q 0 0 * 4*10J15 177,242 831,870 213,644 238,624 121,l4i 116,459 4 5 4 , 2 0 2 118,932 86,876 100,964 4 7 , 8 6 6 217,571 2,725,791 COLLATERAL SECURITY FOR OUTSTANDING NOfES: Gold c o i n and c e r t i f i c a t e s on hand Gold redemption fund 9,975 Gold s e t t l e m e n t F r - l - F . R . B o a r d 50,000 E l i g i b l e p a p e r , m i n i m a r e q u i r e d 117,26? Total 17 7,242 183,7 40 17,625 2,500 13,052 11,581 228.498 13,939 13,248 12,052 2,178 4,199 5,162 2,767 2^58 1,207 2,626 11,208 8 l j 219 90,000 57,889 100,000 26,000 3 5,000 262,345 55,43 1 25,600 29,360 2.184 96,299 830 108 544,191 142,507 10».947 92. 96j_74.7b0 186,695 60,73% 45,566 70.39? 31>75 110'464 1 , 5 8 0 ' 9 6 6 851,8^0 213,644- 258,65+ 121,141 1167459 454,202 118,932 8b,8?6 100,964 47,865"217",971 2,725,791 AMOUNT OF ELIGIBLE PAPER DELIVERED TO F . R. AGENT 776,820 144,864 159,O4S 165,160 96,609 84,034 244,916 66,280 60,171 84,120 47,403 123,35 9 2 , 0 5 2 , 7 3 4