The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Released for publication S^^- y morning, November 4, lglt'
W
™
Not Earlier
X470
STATEMENT FOB THE PRESS,
Admission to membership in tne Federal Reserve system and pay
ment of large reserves by tne newly admitted members account for some of the
principal changes in tne Board's weekly Bank Statement issued as at close of
business on November 2, 1917 . Members' aggregate deposits show on increase for
the week of 1^7*7 millions, tne New York Reserve Bank alone reporting -n in
crease i'of lti^.1 millions under this head, following, tne admission to memoershro of about ten of the strongest state b-nks -na trust companies, including
the Equitable and New York Trust Companies, the Metropolitan Bank ana the
Bank of America in New York City and the Buffalo Trust Company of Buffalo,
N. Y, Aggregate cash reserves of the banks show a gain of 4,3.9 millions, not
withstanding the large loan aemands by members on the Reserve Banks in connect
ion with Liberty loan transactions.
The New York Reserve bank reports a large increase for the week
of discounted paper, largely members' collateral notes, tne bank's present
holdings, 277»7 millions, bein*-, about 14u millions higher than tne maximum
shown for June lp, waen subscriptions to the first Liberty loan closea. For
tne past two weeks discounted bills hela by tne New York bank increased oy
about l^u millions, as against ljjb millions for tne last two weeks of the
first Liberty loan campaign.
Assistance by tne New York Reserve Bank was extended to some of
the largest city members, who besides meetin6 considerable withdrawals of
funds by correspondent banks in tne interio r, also paid to tne Government
witnin tne last two weeks by cash or credit on their books several hundred
millions subscribed to the last issue of United States C ertific ate s of Indebt
edness, As a matter of .;fact the amount of certificates of indebtedness a llo t
ted to the NwW York Reserve district since August 9 is nearly e^ual to the
estimated total of
^^ m illions subscribed in that district to the second
Liberty loan*
Other banks which report considerable increases in discounts on
hand are Chicago and Kansas City. Of the total discounts held 371*1 millions
as against 271.7 millions the week before, are represented by member banks'
collateral notes, of which nearly Su per cent were secured by Liberty bonds or
Certificates of Indebtedness. During the week the total of acceptances in
the hands of the banks increased about 6*4 millions, net liquidation by the
New York Bank of 17»7 millions bein& more than ofiset by net gains under this
head shown for the Cleveland, Philadelphia, Kansas City and San Francisco
banks»
Aside from the disposal of 10 millions of United States Certif
icates of Indebtedness by the New York Bank, no material changes are shown
in the holdings of United States securities* The New York Bank reports an
investment of over 1 million dollars in New York City warrants. Total earn
ing assets of the ba,nksst&nd at present at 79^*3 millions and constitute 1229
per cent of the banks1 paid-in capital, compared with 1094 per cent the week
before and o46 per cent on June 15> when subscriptions to the first Liberty
loan closed. Of the total, discounts constitute.’. 63.6 per cent; acceptances
23.5 per cent; U, S. Securities 12,5 per cent, and municipal warrants -o,2
per cent.
Increases in capital account are reported by tne New York,
Philadelphia, Cleveland and St. Louis banks, tne total increase - ^l,6b2,ouu
measuring somewhat the extent of tne movement into the System during the
past week. Cash payments on account of Liberty bonds and Certificates ac
count largely for an increase of 43*7 millions in Government deposits* As
compared with the increase of 104.1 millions in reserve deposits of tne New
York Bank, already noted changes in reserve deposits at tne otner banks
were relatively small• Clearing deposits of non-member banks show a re
duction of about 11 millions following admission to membership of a l^rge
number of New York banks and tne shifting of their clearing, accounts to the
reserve deposit column.
During the week tne amount of Federal Rcserve notes outstanding
increased from $9u3i3S7>ouO to $941,2&4,ou>,' ^11 tne-Agents reporting sub
stantial issues of notes to their banks. The latter show an aot-a-l b.-'ler.: L
Reserve note circulation of $c>ol,001, wuu, an increase of $33 *4$2 *'•AA’ -01’
the week.
15
Released for publication Sunday morning November 4, 1917 .
Not earlier
STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE TWELVE FL*)ERAL RESERVE BANKS AT CLOSE OF BUSINESS NOVEMBER 2,1^1/
RESOURCES
Nov. 2,1917October do, : >1/
Gold coin ana certificates in v-ault.......................... <-$5ol,311,uuo
Sj>4bl, 1 1 5 , uoi,/
Gold settlement funa..-........................................ -.......... 37S»51^>GOw
3bj>, 'yb'f, oOO
Gold witn foreign agencies.*........{. . . ............................
5 2 ,‘juv,Quo
^ 2 ,^oo,poo
Total gold neld by banks................................ 932 , 325 , 0^
C77,5o0,000
Gold with Federal Reserve Agents.................................... 6u2,433,uuy
b l4,6^2,000
Gold redemption fund....................................... ................. 1 1 , 3 1 7 , ^ _
II,lb 4 ,00 0
l,
J>, j,b,ooo
Total gold reserve............................... ............
.
1 ,5 4 6 , 075 ,ovv
, . ^,
5o, 7 4 4,poo
S g a l tender notes, silver, e t c . . . . ......................... . . .
,
,
—
Total reserves...................................................
1*596, £19»Wv
Bills discounted - Members............................................... 5u3 »963 ,Ouu
...
397, 094,000
.-* ..
Bills bought in open m arket........................-................. 18b,ol2.uuu
^
17 7, ^ o , uon
5 7 4 ,bu4,ooo
Total bills on hand.................. ......................
. ..
609,97 7 >
, l b,Ooo
U. S, Government long-term securities...........................
53>851, i^A'
»S
,ooo
U- S. Government short-tem securities.........................
45,2ll,uoo
2 j j , OOo
Municipal warrants..............................................................
1 ,2 6 7 .QuQ
bb4, ^
Total earning, assets.......................................
79<J»3 'J6 ,w o
Due frcm other F« R. Banks - Net.................................. I4,3^3,0uu
b , 096,000
Uncollected items................................................................ 317 >9^1»boo
2o l, 677,0m*
Total deductions from gross d e p o s it s ....—
332,284,0oo
b ,57j>
5/o redemption fund against F. R. Bank notes-..............
537
1 ,5 ^ 4 ,0 0 0
All other resources............................... ...........................
... 1 >5S6, o Uu
2
,5
2
8
,3 6 5 ,0 0 0
TOTAL RESOURCES
2,721,5j>4,bO0
^
L I A B I L I T I E S
6 2 ,6 29 ,00 0
^ p i t - l p^id-in ..................................................................
64,291,0o0
Government deposits............................................................ 175 , 912,000
lj)2,ccl,uuu
Due to members - reserve a c c o u n t ............ .-I-,372 , 023 ,.uou
l,2b4,j)2j),ooo
Due to non-member banks..................................................... 2 4 , 33 w. 1
35>->->5>Uu'J
Member bank deposits - Net.................................... — . . .
.........
' '
---Collection items........... .................................................* 1 ^ 1 , 811,000
.. .—
174 , 492,000
1 ,6 0 6 ,3 7 l,ouu
Total gross deposits.....................................
1 , 764 , 056,000
847, 5° 0 . Ooo
F, R, Notes in actual circulation.................................
881,ool,000
8 , OOo, OOO
F. R„ Banknotes in circulation, net l i a b i l i t y .......
8 , 0oO,ooo
All otner liabilities including foreign Govt, credits
4 ,1 86 ,000
,
, 3b^,
TOTAL LIABILITIES
2J21,534,O oo
Gold reserve against net deposit liabilities,. . . . . . .
65-1 h
6 b- 5>
7o o >
Gold and lawful money reserve against net deposic liab's
60.6 %
73 -8%
Gold, reserve against F. R. notes in actual circulation
69.7 6j°
f
«
30 4
4 30^000
1 552 942,000
54 6
53 76
9 9,000
28
537,000
859,000
2 528 000
X--70 a
Nov. j),191b
$ 2 7
2
; 1 5 7
J O o O
405. 795.000
225. 060.000
1. 394.000
6_>2, 252,000
6 .2 8 4 .0 0 0
6j>^,lj>6,ooo
1 5 , bo2, 00O
G 5 ,0 b l , 0O0
lo 4,7 b ^,o u o
4 o , 540,000
11,367 j^oO
24,l0o ,o w o
lo O ,
j)4,7i'^»Ouu
770,000
3 4 ,7 7 8 ,OOO
4 2 0 ,0 0 0
. *
3 071^000
858,175,000
55, 7^ 9 » ^ o
2 8 ,6 8 6 #000
♦^ «
mm+ \
5p2,3 8b ,0 uu
581, 072,000
219 , 938,000
l,Oj>l,ooo
425 , OOO
8 5 8 , 1 7 5 ,^ 0
74 . 3^6
75-5^
I03 .
Released for pub li cat ion Sunday mornir% November 4, 1^1/ .
Not earlier.
X^/Cb
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOVEMBER 2, 1^17(In thousands ol dollars}Total
Boston
N. Y*
FM 1&. Clevel. Richm
Atlanta Chicago St .Louis Minn.. Kans-Cy.Dallas. S.. r
RESOURCES
16,622
6,354
12,197
25,954
5^1*311
35,9o4
6,092 5,794
Gold coin and certificates in vault 29*5^7 3^8,420 16,675 3^,550
5,199
cXJ
,
06
37S
,514
19
,
6
ol
4,55o
2u,S46
1
7
,^
19,687 111,396 29 , 941 -39 , 13 s
52 ,955
33,751 3 , 65^
Gold settlement fund
—
j
-Gold with foreign agencies
— <
l>
.y1j.
‘-.j__
_
....
932,325
23,3o2 29,825 31,093 49 ,548
96,212
4 6 , 68u 11,019
27,10V
52,909 437,930 52,294 74 j413
Total gold held by banks
b02 ,433
3o,u59
32,491 3^,314 26,485 3o,i29
28/614 39,027
37,539 177,432 51,749 44,223
Gold with Federal Reserve Agents
74,371
870
11,317
5 , oou
992
, 31
664
398
766
. 950
id redemption fund
35
585
511 ... 515 _
56 , 3 o4 60,654 58,448 79,705 1,546,075
91,440 620.362 104,993 18,671
75,958 50,631 170,981
'Total gold reserves
57,925
50,744
•li
522
4,368 41,134
482
321
281
69
Legal tender notes, silver,etc*
1.609
695
873
179
56,625 60,723 58,970 79,913 1,596,819
76,137 5 ^ 1 2 - 172 >59w
95,808 661,496 105.866 119,153
38 , 62u
Total reserves
503,905 |
24,815
Bills discounted-- members
11,995 277,754 11.321 .12 ; 636- 11,471 11,877
69,365
14,591 31,975 1^,535 15,030
8 ->35 186,012
1,976 .5,.94Z_
2,076
7,696
Bills bought'in open market
23,483 70.869 17,240 29.6s6
6,399 *,295
689,977
26,591
16 , 3b7 37,522 17,942 2 4 ,368
35,478 348,623 28,5bl 42,322
17*870 26 . 1/2
I7,ool
. Total bills on band
2,'->19
l,8bo 8.851
53,851
21,007
3,972
; d 5Q.
610 2,302
1,361
550 7,697
2,233
U* S. Gc/erament long-term securiti; s
45,211
2,862
2,183 2,2J0
4,ooo
6,074
2,3b4 3,250
2,b5o
4j 9-7
3,065 3,737
1,793
U* S* Government snort-term security
*. *
46
1,267
»« *
12
►* * .
%♦*
n»
1,017 V 10
.... 25
257
Municipal warrants
790 , 30 b
24,842 32,074
21,595 26 , 46s 102,068
38,774 358.016 32,i8o 53,768
30,917
20,635 4b ?
Totul earning assets
8,489 (a)14,383
728
1 1 ,hob
4 , bbb
. 6,851
* #«
2,504
228 1,749
6,75b
5)365 1,788
Due from other F„ R* Banks - Net
10,102
19,544
18,544
19,084
31L .901
8
1.oOu
42,027
14,695
y\.
:;hl
\
20.116
17,183
17,505
17,737
Uncollected it eras
332 , 2S4
26,30i 22,358 20.272 27,033
48,878
20,344 19.2S4
81 ,000 39,729 -,-,>5
23,750
T c ^ a l d e d u c t i o n s from gross d<jpos: ts^j, 687
•
1
400
537
m
*
4
*
137
.
.
.
5/o Redemption f u n d against F * R * B k s 1,
5.88 .
670
127
217
42b
145
*
♦
^
♦
«
►
*
1
(
*
«
—
*
A l l other resources
r..1. \ A. —
t
TOTAL . R E S O U R C E S
A
L I A B I L I T I E S
2,579
3,372
2,783 4,033
64,291
5 , 1+67 16,733
5-284 6 , 47 s
3,477 2,595
8,047
3,443
^apitcvl p a i d - i n
15,139
fa.
806
12,875
20,423
175.912
6
,
52
s
49s
819
6,965
9,599
15*120
4,869
i
s
,
224
7,245
Government deposits
75.523 632,111 72.£bS 9Ss 447
40,553 34322 157*244
4 7; 614 42,028 66, 85s 39,755 63,464 1 ,372*033
D u e to m e m b e r s - reserve account
10
2
...
U,vv?3- 24,310
14,409
.
.
.
609
.
.
.
SI
5>i?8
18
D u e n o n — m e m b e r b ’k s
4,
516'
10,027
5,664
9,971
191,611
12,494
49,351
29,072
1
3
.
60
O
14,692
8,865
19,330
14,3-29
C o l l e c t i o n it eras
^
* ^ _*. *.' _ ■_ * * '
* **
D u e to otner F^ R* B a n k s - N e t
1,764,056
97,545 782,037 108,905 322,635
70 , 36546^63 199.976 69 , 2u6
61,693 85,693 58,324 97,861
T o t a l gross deposits
8ol,00l
4l,o64
39,959
37,3^9
5 0
6 4 4 2 9 9 , 2 6 3
6 3
1 5 5 6 3 , 0 7 4
1 1 5 , 4 9 4
F * H- N o t e s in actual circulation
8,000
8
,
OOO
.>.
.
.
.
F*R*Bank notes in circulation, net liab1.
•«*
**All other liabilities including foreign
____4,186
19------------------216-- .
Government credits
&I3
2*^79______ ^37
^59_______ .163— -------- Total Liabilities
154,269 ^ 00,512 177,781192,446
118,076 :.6,7o2 323,536 113,713 104,231 132,964 104,328 130 243 2,721,534
(a) Difference between net amounts due from and net amounts due to other F. R- Banks.
S
« +
* * ♦
~
r
,
,
4
4
, u
7
. r
l
^
V
- <*
I O
v
2
4
3
5
l
, 6
8
3
4
3
, 2
2
1
..o
*
Oil z
Q
7 21
Released for publication Suna^y morning November 4 , I 917 ,
Not earlier
X47u c
STATEMENT OF FEDERAL RESERVE AGENTS1 ACCOUNTS AT CLOSE OF BUSINESS. NOVEMBER 2 , 1^17(I . thousands of dollars)
Federal Reserve Notes:
Received from Comptroller
Returned to Comptroller
Cnargeable to K R. A&ent
In hands of F* R* Agent
^fcssued to F* R* Bank less
amount returned to F, R„
A&ent for redemption
Collateral held as security
for outstanding notes:
Gold coin and certificates
on hand:
Gold redemption fund;
With Federal Reserve Board:
Commercial paper, minimum
required:
Total
Amount of commercial paper
^delivered to P. R* Agent:
Boston
$ 80 ,880
63,813
1 1 ,4oo
N* Y.
Phila*
Clevel* Richm- Atlanta Chicago
84, 60o 61,900 64,980 155,320
__ LJ..J*' f JrTT.l .f ____________.
432,352 77,479 76,663 47.5S3 55,099 150,091
108*120 10,^40
2,18o
5,590 29.2bo
9 , 94o
541,160 92,440
St,Louis
Minn's Ku,ns Cy- Da.lla.s S-Fr - ToWl
55,840
57, 28o 5^,720 64, 3.80 49,460 1, 366,760
• <>»
■
L'>1UT|
48,577 47,873
48,356
4,050
7,290
8,080
32,779 44,08^ 1,14b, 754
^ , 020
205.470
*
34,419 J 2 4 ,2 3 2 .66,939 166,723
32,799
2,740
2,000
16,850
32o
9, 512
4,22o
3,450
44,o49
lo, 883
3 , 34o
3o, 000
146, 800
15,190
2)2
163 , 953
167,
-
2 L 41 i_ J 2 4 ,
16,599
45,403
****
49,509 120,831 ...
A—tr« %
3 ,575
44 ,306
41,287 39,793
43 , 759. 44,085
13 ,lu 2
« ♦• .
14,46o
1,889
1 7 , 5oo
1,954
28 , 36o
2,331
9,674
2,796
9,479
17,274
2 8 ,000
2,429
33 ,u 2o
392
73,973
2,513
1,48b
26,ubu
22 , 3^0
16.789
lo,482
4b,460
14,247
66,939
bo, 723
45,403
4 9 * ^ 2 . 12o,831
4 4 ,3 ^ .
15,194
22,511
17,570
10,553
14,259
614
47,019
_
941,284
249,495
• ♦t >
•
32,111
1,952
28,191 320,527
13 , 954
532,851
41,287 l i J . i l . 4 i a i s a
4 4 ,0S3 ^ 4 1 ^ 1 4 , .
14,991
14085
363,107
^4,053
.6,734
37 0 4 9
941,254
60,283
*$6l,Qwl
9,301
17,942
M E M O R A N D A
Federal R^s^rve Notes Outstanding aiia in actual circulation.
F. E. notes outstanding
A+i3
F, B, notes held by bcinks
5.775
F,R,notes in actual ci^culu.-.5W &44
tion
Bills discounted cuia bou^at
lujn^cipal v/arrants
324,2^2 bb,9J»9 60,723 43 ,4u3 49,309 12o,831
44,3ob
41,287 39,793
_______________
24,969
3>784 .,3 ,6 4 9 ___1 ,332 ....-............. Ot l A _____ ixi±iL
l .)2 8 4,110
299,203 63,155 63,074 44,071 48*024 115,494
41 y064
39>939 3 5 »6S3
Distribution of Bills ana Warrants by Maturities*
Within 13 clays:
l 6 to }v days:
31 to ^ days : bl to
43^,144
■
.5
96,031
523
.34
43,759
538
4j>,221
days:over
Total
7,5^4
6o^,f;7T
645
1,267
@FedFRASER