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V
Released, for publication^f^iday morning February 25, 1917.^fcot earlier.
X-I3
STATEMENT FOR THE PRESS*
February 24, 1917*
Gains of over 12 million dollars in aggregate cash reserves of the
Federal reserve banks largely due to increases in Government and member
bank deposits; in part, also
liquidation of bank acceptances held
and the reduction/0? Federal reserve notes on hand are indicated by the
weekly bank statement issued today by the Federal Reserve Board as at
close of business February 23 , 1917*
The total gold holdings of the system, including
amounts of
gold held by the Federal reserve banks and agents, stand at present at
$803,324,000 compared with $701 , 501,000 about 3 months before and $536 ,-*
221,000 about 6 months before.
New York reports a gain of over 15 millions in reserve and an in
crease of 12.4 millions in its balance due to other Federal reserve banks»
Considerable amounts of Federal reserve notes have been issued to the
bank and been put into circulation by the latter, the Federal Reserve
Agent reporting an addition during the week of about 5*3 millions to his
gold holdings.
Atlanta's loss in cash reserve is due largely to changes
in the deposit account, while Chicago’ s decrease of cash reserve is more
than offset by an increase in the favorable balance in account with other
Federal reserve banks.
Discounted paper on hand increased about $713-»POO; Boston, Philadelphia
and Cleveland reporting the largest gains for the week. Of the total
shown $4,632,000 represents advances made by 11 banks on member banks'
collateral notes, compared with $4,743,000 reported the week before. Ac
ceptances purchased decreased $2,088,000, the banks on the Atlantic and
Pacific seaboards reporting smaller holdings of this type of paper. No
changes are shown in the holdings of United States bonds and notes.
Kansas City and Dallas report small additions to their holdings of mu
nicipal warrants, the total on hand being $446,000 larger than the week
before.
Of the total bills on hand 25*6 per cent mature within 15 days and
22.8 after 15 but within 30 days.
Of the warrants on hand 14 per cent
mature within 30 days and 77*7 Per cent after 90 days, as against 0.6
per cent for bills.
Total earning assets'ware $209,474,000, or 37^ P©r cent of the banks*
paid-in capital, as against 377 P©r cent the week before. Of the total
earning assets - 59*2 per cent is represented by acceptances; 14.0 per
cent by United States bonds; 19*7 Per cent by discounts; 8.9 P©r cent by
Treasury notes, and 8 .2 per cent by warrants.
Considerable additions to the capital stock and surplus of member
banks have caused a proportionate increase of about $216,000 in the paidin capital of the Federal reserve banks, 10 reserve banks reporting ad
ditions to their capital account.
The week witnessed also an increase
in Government deposits by over 2.5 millions, New York reporting the largest
gain in Government funds.
Reserve deposits increased 3*9 millions, though
total net bank deposits, including transit items, declined over 1 million
since Friday the week before.
Federal Reserve Agents report a total of $331^^69,000 of Federal re
serve notes issued, an, increase for th©‘ week of $10,016,000. Against
the total issued they hold $306, 186,000 in gold and $28 , 618 , 000, of
paper.
The banks' outstanding circulation is given as $303,171,000, an
increase for the week of $ 11 , 332 , 000, with aggregate net liabilities there
on of $ 19 , 061, 000 .
Released for p u ^ i i ^ i o n Sunday aoraing February 25, 1
STATEMENT OF COMBINED RESOURCES A M LIABILITIES OF THE .
R E S 0 U R C E S •
vault
...........................
c o m
a n d
certificates m vault....................
Gold settlement fund....................... 1 " "« ................. 1 ’ ..............
Gold redemption fund with United States Treasurer..............
T o t a l s o l d reserve......... . ..................................... ............ •
L e g a l
tender notes, silver, etc.................... ............................
• Total reserve........... . ............ .............................................
Five per cent redemption fund against F. R. Bank no es.......
A l l s discounted - Members...................................................... .
.cceptances bought........................................ 29^471^000
United States b o n d s .. .................................................... .......... ^
One-year Treasury notes............................................................
Municipax w a rr a n ts .^.. ............................1!!! 1
.
G o l d
f
- N * ! . ! ! ! ' • ! ! ! :. • • : ........ ....................
TUncollected
reserve tMks items......................................
•
C a - i * * \ L * in*
.......................................................
Government <le»osUs....................................................................
m H o memteri -"reserve account.............................................
i l S L
-
r L r v ; notes - Sat......................................................
'
^
® g ^ r^
$281,355,000
21^ 861 000
lo p P O O O
497' 13 s ' 000
^ ^ 8 ,0 0 0
512 387 000
knnnnn
266^000
123' q66' 000
274,367,000
216,221,000
1 8 0 4 000
1+92^392^000
18,647,000
17,124,000
209,474,000
500 001 000
400 000
19 553^000
126,054,000
29 , 471,000
18,647,000
16,678,000
210,403,000
22,076,000
^ ,
8 271 000
i & m o o
8.619.000
520,000
^ a o .o o o
^ .o ^ o *
55,939,000
13,1(07,000
,U
692 75,000
55,773,000
10,.851,COO
,
688 591,000
103,826,000
19 , 061,000
121,218,000
17 , 089,000
TOTAL LIABILITIES...............................................................
$890,280 000
89U,032,0CO
Gold reserve against net deposit and note liabilities.........
71-4/
{L-Up
Cash reserve against net deposit and note liabilities......... 7 3 ( 2 - 9 ft
Cash reserve against net deposit liabilities after setting
aside 40$ gold reserve against aggregate net liabilities
on Federal reserve notes in circulation.................................
7 4 .6 /
MEMORANDUM: Distribution by maturities: Feb. 23,1917
*
1 - ^5 ^ays
lb - 30 days
Bills and acceptances...................................................................
*36,912,000
32,925,000
1,242,000
1,148,000
Municipal warrants.
23 , 1917 .
KS QF TRE UHITED STATES AT CLOSE OF BUSINESS FEBRUARY
August^ r u a r y 25 , 1916 .
2 8 3 ,7 3 °,000
259,799,000
262,491,000
174,801,000
110,951,000 76,435,000
l . MoU.000
1.6^7.000 1,512,000
459,935,000
372,387,000
340,438,000
17,974,00012,26.5,000
1 7 ^ 8,000
477,909,000
384,652,000
358,116,000
470,000
500,000
50,000
20.501,000
27,032,000 22,827,000
102 ^9 2 ,0 00
82,146,000 29,05^,000
39,427,000 46,796,000 29, 632,000
11,167,000
8,205,000 . . . . • ••
22,166,000
2 7,863,00 0 2^, 403,.000
106, 916,000
192, 042,000
1 9S 353,000
—
—
23,793,000
21,222,000
1 ^ 4 ,0 0 0
13,274,000
21,654,000
.
541^000
2.651,000
623,611,000
735
, 060,000
55,363,000
55,711,000
50,099,000
2o, 313,00)
. . ... ■■■
502,421,000
% «
« « «
« *
•
« *
11,351,000
513 , 500,000
54,897,000
32 , 501,000
* * •
13,733,000
lU
, g ,000
1, 690,000
305,000
623
,
611,000
735,060
000
6 8 .4 ;
10 M
O O /0
416,566,000
9,386,000
•
•
7 1 . 4/0
I if
6l - 90 days
hq~fil7
CTO
23,915,000
•B .& T .O *
517,000
« #
*
•
»
150,000
513 , 500,000
76 . 5#
80.4/£
.
911,000
» * *
Over
81.3#
90 days
863,000
13 , 306,000
Release d for puhlici-xi cn Sunday rK.arr,1ng Feti-usx-ry 2.5^ 1517 . Not ear liar.
X—13 .
TiJEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH Or Tr.«s; TWELVE" FEDERAL RESERVE'BANKS AT CLOSE OF BUSINESS FEBRUARY £3 , 1917(in thousands of cLollairs)’.
Phila.
Boston
N. Y.
R E S O U R C E S .
158,403
$12,7U0
24,070
Gold coin and cert if- in vault
17,825
53,768
Gold settlement fund
10,855
250
100
50
Gold redemption fund"
192,421
35,025
Total gold reserve
30,615
226
7,831 ... _ 233
Legal tender notes, silver,etc.
30,841 200,252 35,258
Total reserve
redenrot. fund - F. R. bank n o t e s -2,066
1,304
^ f i l l s discounted - Members
2,969
BilT 3 bought in op-en market
...12,749 .. 33,384 14,130
35.450 15,434
15,718
Total bills on hand
_ _
Investments: U. S. bonds
71
1,666
726
One-year U. S. Treasury notes
1,999
611
Municipal warrants
5,534
1,431
Total earning assets
17,995 .. 41,781 18,864
-Federal reserve notes - Net
1^,958
839
—Due from other F. R. banks - Net
1,409
1,995
Uncollected items
29,590 17,133
15,257
All other resources
68
280
_ 313
TOTAL RESOURCES
66,409 286,894 73,530
L I A B I L I T I E S .
Capital paid in
^^rcvernment deposits
^ 0 u e to members - reserve account
Collection items
Federal reserve notes - Net
Due to other F. R.banks - Net
All other liabilities
TOTAL LIABILITIES
5,083
340
*+9,783
11,109
- - -
3^
66,409
_________ ...
11,888
3,836
233,368
23,712
-13,885
205
286,894
5,259
1 ,191
46,458
17,398
3,086
_ ■
____ 1.38
73,530
St-T.oui 3 Minnls.. Kas -Cy . Dallas
6,948
7,562
9,553 11,410
7, 66g
2,302
4,457 27,358
22
149
125
19
11,874 15,992 35,069 14,630
81 ■
2,822
819
... 711 .
14,696 16,703 35,150 ..15,449.
300
100
i ,l 4 i
2,467
556
■1,198
509
8,4^6
6 ,9 4 0 _ 4,950
10.689
2,517
9,002
9,407
3,658
11,887
5,459
2,203
8,518
5,961
1,403
3,^03
891
963
1,430
2, 962 ,
1,230
2,842
492
506
1,127
515
23,652 13,223 12,561 15,432
8,997
_
——
2,738
236
- —
—
—
10,307
‘55
14,524
9,562
4,063
8,540
4,560
108
187
668
2,201
1,510
59,664
39,682
33,435
30,852
117,233
Clevel. Richm. At 1arrta. ChA-O
5,136
15,010
31,523
5,373
26,510 16,82b
32,6g4
5,197
66
448
200
478
41,586 22,647 11,-411.
64,417
202
12.1
1,231
927
41,788 22,768 12,642
65,344
1,963
10,484
12,447
4,985
1,820
2,9b2
22,214
859
159
11,731
26b
77,017
3.444
10.391
5.667
ii42
50
1 , 96s
. .15
1,491
12,817
- -
—8,977
7,969
102
2,225
44,725 :31,172
3/412
26,048
11,649
7,709
77,017
124
7,328
1,069
6,087
1,079
58,202
——
-_
2,219
3,710
6,681
1,516
6,o4o
-——
44,725
2,800
6,950
1,859
937 U ) -334
96,465 27,372
19,972
12,881
6,699
3,235
-—
2,827
2,935
318
753
—_
——
31.172 ‘ 117,233 39.682
2, 419
2,407
632
26,679
2,178
392
547
——
33,435
2,o95
3,074
832
146
46,116 25,005
2,130
7,147
——
3,181
——
190
——
_ —
59,664 30,852
M E M O R A N D U M .
F. R. notes issued to the banks
14,694 134,546 21,136 13,232 17,225 21,415
13,333 16,227 20,344 22,623 20,486
F. R. notes held by banks
974
14,958
2.108
654
236
620
846
2,738
1.020
839
859
F. R- notes in circulation
13,855 119,588 20,162 12,373 16,605 20,569
10,595 15,207 18,236 21,969 20,250
Gold and lawful money
...1.4,694 134,546 11,076 1.3.,.23 2 . 10,565 17^634
13^333 12,380 17,244 1 8 J 8 8 20,486
(x) Overdraft
(a) Difference between net amounts' due from and net amounts due to other Federal reserve banks.
_
_
S.Fran,
Total
13.027 281,355
8,409 213,861
1,922
_____ 15
21,451 437,138
.15,249
...... 45
21,496 512,387
400
164
20,266
9,552
9,716
2,429
123,966
144,232
29,471
18,647
17,124
209.474
1,500
965
14,610
2,446
22,076
1 ,431(a)
732
5,034 136,940
343
8,271
45,360 890,280
3,915
1,374
37,007
2,979
55,989
13,407
692,475
108,826
19,061
- 85
45,360
—_
522
890,280
16,208
2,446
331,469
28,298
303,171
306,186
13,762
16.208
Released for publication. Sunday morning February 25, 151?«
Hot earlier,
7,-11.
STATEinClTT OF FEDERAL RESERVE AGENTS' ACCOUTTS AT CLOSE 01 ' BUSINESS FEBRUARY
(in thousands of dollars)
N. Y.
Phila.
*
Clevel. Richm. Atlanta Chicago St.Louis Minnls. Kas.Cy. Dallas S.Fran.
Total
$33,880
246,080
37,520
23 , &S:
25,500
36,380
17,680
22,540
32,000
28,720
35,320
18,560
562,040
8,626
61,53*+
7/144
*+>728
8,375
^,580
1,847
3,273
1,136
2,559
5,9^7
2,352
112,101
Chargeable to F*. R. Agent
25,254
184,546
30,376
19,132
21,125
31,800
15,833
19,267
26,161
29,373
16,208
In hands of F. R. Agent
10,560
50,000
9,24o
5,900
3,900
10,385
2,500
3,040
10,520
3,538
8,887
Ii^ued to F. R. bank less
amount returned to F. R.
Agent for redemption
14,694
134,546
21,136
13,232
17,225
21,415
13,333
16,227
20,344
22,623
20,486
Amount held "by F. R. Agent
in reduction of liability
on outstanding notes:
On hand:
Gold coin and certificates
13,850
129,146
3,730
12,543
5,165
13,030
^,370
10,110
844
5,400
1,216
689
--
12,130
-
4,o6o
Boston
Federal Reserve Notes:
Received from the Comptroller
Returned to the Comptroller
•
23 , 1$17.
Credit “balances:
In gold redemption fund
With Federal Reserve Board
‘ .As security for outstanding notes:
Commercial paper
Total
Amount of commercial paper de
livered to Federal Reserve Agent
-
-
-
lk,Ssb
-
-
13^546
—
-
21,136
4,062
2,960
--
16,208
449,939 .
115,470
331,469
154,904
565
1,224
123
785
964
1,038
1,046
828
14,722
-
10,000
13,450
13,210
6,430
3,250
13,380
9,330
15,380
96,560
-----
6,660
3,781
—
3,847
3,100
3,835
--
--
25,283
17,225
21,415
13,333
16,227
20,344
22,623
20,486
8,119
3,809
3,850
3,100
3,835
1,842
13,232
—
—
16,208
331,469
28,618
@FedFRASER