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Released for publication Sunday morning February 24, 1918. Wet earlier, X-752 STATEMENT FOR THE PRESS February 23, 1918* The Federal Reserve Board!s weekly bank statement shows condition of the Reserve banks as at close of b\isiness on Thursday, February 21, instee-d of Friday, February 22, which was observed as a holiday by all the banks« The statement indicates an increase of 13*8 millions in gold and total reserves* an addition of 33.5 millions to Federal Reserve notes in circulation and an in crease of over 50 millions in members1 reserve deposits. Government deposits declined about 3 1 .5 millions, while total earning assets went up about 79,6 millions* New York reports a decline in reserve of 39.7 millions accomp.'vnin*; by increases of about 88 millions in earning assets,, largely bills and Govern ment short-term securities, of 33*8 millions in net deposits and of 14*1 mil lions in Federal Reserve note circulation• Large gains in reserves shown for^ the Boston, Chicago and Kansas City banks may be traced to gains in^net deposits and note circulation, and, in the case of the Chicago bank, to liquidation of discounts held* Discounts on hand increased 7*6 millions, mainly at the Boston, New York and Kansas City banks* Of the total, 263*9 millions* as agains^, i.,49*,6 millions the week before, is represented by paper secured by Government Wai loan obligations* Acceptances on hand show an increase of 8 .9 millions, larger, at the New York, Boston and Chicago banks* Of the total bills held, aooui, 1 : per cent mature within 15 days, and about 55 per cent within 30 days- Holdings of short-term Government securities show an increase of 63,8 millions, i/wii-e other classes of earning assets show relatively small changes < Total errnj.ag assets increased by 79*8 millions and constitute at present 70.5 per cei-u c* the banks’ net deposits, as against 67.8 per cent the week before* Payment by newly admitted members for Federal R e se rv e bank otock accounts largely for an increase of $76,000 in paid-in capital, Neariy **11 Re serve banks report substantial net withdrawals of Government funds while mem- ^ be rs1 reserve deposits show the largest gains at the Boston, New York, ^t. Louis and San Francisco banks. Federal Reserve Agents report an addition of 37*2 millions ^ ohe total fcf Federal Reserve notes outstanding* Against the net total issued, tney hald 877 millions of gold and 732*9 millions of paper, The banks show a trial of $ 1 ,3 1 4 ,5 8 1 ,0 0 0 of Federal Reserve notes in circulation, an increase of $33,536,000 for the week. CONDITION OF MEMBER BANKS ON FEBRUARY 15TH, The weekly statement showing condition of 679 member banks in leav ing cities as at close of business February 15th shows the following principal changes: Government securities owned increased 149*8 millions, due princi pally to purchase of U, S* certificates of indebtedness. Of the total increase the share of the 58 New York City member banks is not less than 108.1 m illions. Loans secured by U. S. War loan obligations decreased for all reporting ban^cs hy 10.6 millions, while all other loans and investments increased 164.3 million? corresponding changes for the New York City banks were: Loans secured by U. S. r.4 nds and §©r ".if ice ies - decrease 8.0 millions; all other loans and investment ~ increase 1 1 2 .9 ! 11 cr :i • / -2- X-572 Wet demand deposits <sf all reporting banks increased 100.6 millions, time deposits, 23.1 millions and Government deposits, 23,6 mil lions. For the Hew York City banks the following increases are shown: net demand deposits, 45 ,7 millions; time deposits, 8.6 millions and Government deposits; 67*4 millions * Total net withdrawals for the week of reserves from Federal Reserve banks, apparently in connection with additional investments in Gov ernment securities, amounted to 6 9 .6 millions, reducing aggregate excess reserves from 142.2 to 61 ,6 millions, oi' oy 8 0 .6 millions, ±he Ne'.*r fork City banks show a decrease in reserves of 52 .8 millions, accompanied by a reduction of 59 millions in excess reserves. For all reporting banks the ratio of loans and investments to total deposits shows an increase from 105.1 to 1 0 6 4 per cent* For tho Central Reserve city banks this ratio went up from 100 to 102.5 per cent and for the New York City banks - frcm 98,7 to 100.7 per cent. , the ratio of aggregate reserve and cash in vault to total deposits of alreporting banks declined from 14>3 to 13.6 per cent. For the banks in the Central Reserve cities this ratio shows a dee’Lim- from 15.6 to 14.4 per cent and for the New York City banks - i'r»m 15.7 to 14-3 per c e n t . * Ifc] t.adt:d f it pu:/i ica-„:i or. Guuday morning, February 24, 19 IS Hot ea: r l i e r , BAHKS AT CLOSE OF BUSINESS FEBEUAEY 21, STATEMENT OF CCMBIHED EESOUECES AiJD LIABILITIES OF THE TWELVE FEDEBAL EESEEVE February 15, 1918 E l S 0 U p. 0 F S February 21, 1918 $446 378,000 •Juld volt1 and certificates, in vault......... . ............... $447,503,000 386, 966,000 Settlement Fynd - F .Iu B o a r d .................................... 3 7 5 )275,000 , Gold v iwh foreign agencies .................................. *.......... 52-.*500,OOP 885.844.000 Total gold held by banks ............................. ............ 875,281,000 852 . 375.000 G-old with Federal Beserve Agents ....................... . 877,023 ,000 20,323,000 Cold vederation fund............................................................. 20,091, 000 1 ,7 5 8 ,5 4 2 ,0 0 0 Total gold reserves ................................................... 1 ,772,395,000 □0,194, COO Lsgal tender notes, silver, etc....................................... 6 0 1 29 »000 I , 8 1 8 ,7 3 b ,000 1, 832,524,000 Total reserves ...................................................... . , Bill s discounted for Members and F.E.Banks ......... . 509,5^4,000 287 , 263,000 Bill s bought in open Market .............................................. 296 ,170, 000 7 8 9 .1 7 9 .0 0 0 Total bills on h a n d ......... ................................... £05,704,000 , U.P* Government long-tem securities ............................... 52,950,000 . U, S ,Go\ errjnent short-term securities ............................. iff) ,']0J ,000 4 .4 8 6 .0 0 0 All other earning assets .................. ......................... * • ...... j , ]b 6 .000 . Total earning assets ................................................. 1,031,737,000 17 258,000 Dae from ether F.E* Banks - net ........................................ 11, 463,<->00 357,069,000 Uncollected items .............................................................. 299, ^i02, OOP 3 7 4 ,3 2 7 ,0 0 0 Total deduction from gross deposits ...................... 310,865,000 537,ooo 5*p Eedempv.ion fund against F. E-..Barik notes ....... ............ 5 3 7 ,000 5^2,000 All other resources ............................. ............................. 73-1, 000 J,14b,lyijOOG TOTAL EESOUECES 3,176,454,000 L I A B I L I T I E S , Capital paid in . ................................................................. 73»305>0GC , Surplus . . . . . . . ............. ....................................... ............. I >13^) 000 87,643,000 Government deposits ......... ................................................. fj6 , 165,000 , , Due to members - reserve account .....................................1,459,7^0,000 228 289,000 Collection items ................................................................. 199?278,000 52.315.C00 Other deposits, including foreign Gov't, credits ....... 53,329,000 . . Total gross deposits .......................... ...................... 1 , 7 f3,^92,000 1 .2 8 1 .0 4 5 .0 0 0 F,P..Hotes in actual circulation ...................................... 1,31^>5^1 .-000 . FIE.Bank notes in circulation, net liability ............... 7>995,000 4 .8 0 3 .0 0 0 All other liabilities ............................... ......................... ....... 5j.3 M j _000 . . TOTAL LIABILITIES 3,176,454,000 %,f,io of gold reserves to net deposit and F.E. note . $ liabilities combined .............*.......... *..................... 63 -8$ cf total reserves to net deposit and F.E. note $ "Virihi.12.t 3.es conibinsd .......................................... . 66 . 0 ^ 52 500,000 501 916,000 52 343,000 105 981.000 , 951 989.000 73 229,000 1 134,000 1 409 714,000 , 1 777 961.000 7 999.000 3 146 171.000 65 5 67.7 1918. X/52a February 23, 1917 $ 281, 355,000 213.3 6 1 .000 4 9 5 .21 6 .0 0 0 . ,S 8 0 3 ,3 2 4 ,loG 1 5 .2 4 9 .000 818.57 3 .0 0 0 . 306 186.000 1 22,000 20 266.000 1231360.000 1 4 4 .2 3 2 .0 0 0 2 9 .4 7 1 .0 0 0 1 8 .6 4 7 .0 0 0 209. 717.000 732.000 5 4 0 .0 0 0 137.67 2 .0 0 0 k'jO, . ____ 8 ,0 2 8 ,000 1 ,1 7 ^ ,3 9 0 ,0 0 0 000 55. 989.000 13. 407.000 692,475,000 108. 826.000 8 1 4 .70 8 .0 0 0 303. 171.000 ______ 522,000 1 ,1 7 ^ ,3 9 0 ,0 0 0 82.0% 33-5^ "Rcica-ed f a’ r u M ic-at i or SuncUy morning j?ebinary 24, h 19IS “ S t Bnoardult AS S 5 1 o t S ‘ goiarh S b y ^ s Te’ d with Federal Reserve Agents 43,696 Ugal tender notes, siXver, etc. 5 ,» i ’j l i is'.ff sl’M 39§’, 09| 254,827 71,083 39 7X3 937 $ liL jT m “o n ° C d a r 8 75’. 7 3 £5: S : » r = S i 2 . ^ o ^ s ^ Due f rcan other ^ Ncc earlier S i t ^ r ^ » » 79^ r Banks - net , . r o s e d e p o g ,?:g 4 1 Ts'M ' 25,?28 30,903 25,283 1,7 7 flg > .& 53.778 ... s i t s g | g 195A 35 1229)126 1 E S Government deceits Dae to members? reserve account Collection items Due to other F. R. Banks ~ net ^ Other deposits incl.for,Sort.credits . E ^ M o t e s ^ n a c I*R,Blc.notes ^ t u a l c i r u l a t i o n circulA.net liab, All othv*r lia bilitie s TOTAL LIABILITIES V c Digitized for\FRASER y t il * * ^ . . A n ' ° S m rS 5 i S s & 1:1 I S &M I j & 3» 43,112 142,930 l ;g | .j g ~ 5; | T 8 .XX0 35M 67 f . % « 3$ Tg : « b £ « g * ;■ % M JJ 2 2 5fo Redemp. fund against F.RJSSk.notes.................................- F ** ~fJEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEBRUARY 21, ljlS . (in thousands of dollars) ^ F S G U H C E S Boston N. Y. Phila. Clevel. Richm. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San. j; ran. ^ 2 3 ^ 5 2 3I : I ill IS tS ^.Va 38,599 26,50° « T 5 ,2 « 41,050 55.664 24,pip ?3 6ft 7| a . ,7 0 x o .g 5 x s .g x 8 , ^ I ' l I ’l * life * 5 'S a H -! -g 33,558 H0,0l6 X t* » .§ ^ U .O g 3 4 S* * .h 33 , 6x 5 J .T ... l].W> G>.»> ' ^ 6 43,*29 9S.99X 155,567 ^ 3 0 ,389 57 509.53* “’P ' s * x U > 6 6 _ g B ^ f . 3 5 0 X 2 ^ XX3.783 H06.682 X32,UE7 277.023 ^ ; » £ 17, ^ 2 6 , 7 9 9 * 7,910 X ,» . .................. ^ 22X.X61* a & '.n r xi7,337 m i Total . J 1 9 3 X 0 , 8 6 5 g^ g 9 7 ,«>7 169,057 ?3? 3176 ,**5** 6,005 19.665 6, 8*0 8,319 3,739 a , 877 9 .2 g 3 ,^ 9 2,659 3,^X3 2 ,^x 5 ,,230 73,305 jt,272 7 ,j » 5 X.6XX 6.935 1 .^ 2 2 ,W O U 275 *,138 2,756 ^*.815 *,772 XX 33£ 1^ . 1|5 34,711 ~ W %*4y 14,432 49,757 1,405 22,974 27 ,os4 60S 17,209 15,424 ... ^ ' 10,539 434 on Vz£ 20,736 iV k w 13,487 ^ 7 ^ 3 ,4 3 2 223 a 9,035 ...^ 7,537 ... 70,134 45,693 34,979 52,119 5 0 , 5 0 7 5 8 , 7 X 9 ..^ S ogg— i ! 5 5 7 'T S ^ S b T '^ M l 1 0 M T 6 U T , « < J * 5 3 , ^ 5 5^3^ Q G \ z (3 5 8 , 9 3 7 , ^ 1 9 0 2 5 8 ; t o 5 ';;b '39 7 4 9 1 __ 369___94 ^57 j[55; uf5 1223/126 ^22iVi64 265,117 117T337 ^H3',733 4oSV6s2 132,437 93,991 155,567 t e ; 3 6 9 q 9,S56 1QQ27S 199 , 27s ^ 92‘,94S 7 1 .m 104 ... 97,407 169,057 1773^492 X 3 X « , 5 S 1 5^43 3176^54 * Difference between net amounts due from and net amounts due to otherFederal Reserve Banks♦ Released for publication S-tmday rooming February 24, 1918. Not earlier. STATEMENT OF FEUEBAL RESERVE AGENTS1 A C C O U N T S AT CLOSE OF BUSINESS FEBRUARY 21, 1918* \In thousands of dollars) BOSTON HEff YORK PHILA. CLEVE. RICHM- ATLANTA CHICAGO ST.LOUIS MINN. KANS.CY, FEDERAL RESERVE NOTES: 115.72C 721,280 142,240 142,160 81,740 89,620 248,640 Received from Comptroller, 23,740 73,260 67.980 22.564 Returned to Comptroller, Chargeable to F. R» Agent 93,156 586,427 120,083 131,443 64,902 77,542 239,446 70,340 64 , 09s 56,736 7,360 93/200 1 4 ,6so 10,080 32,021 In hands of F, R. Agent 5,140 7,060 6,105 15,130 3,285 Issued to F. R» Banks, less amount returned to F, R, 25,796 493,227 105,403 i a ,3 6 3 63,260 Agent for redemption 60,813 51,596 52,797 62,418 201,425 COLLATERAL HELD AS SECURITY FOR OUTSTANDING NOTES: Gold coin and certificates 3,604 24,413 13,102 en hand 33,109 204,064 495 10,823 888 2,804 3,235 2,278 Gold redemption fund 2,4^8 4,087 6,435 5,729 40,000 Gold settlement fund F.R,Board 11,500 52,860 37,732 25,500 65,35^ 50,000 25,000 41,270 142,485 34,320 40,460 32,909 14,306 .. 52,445 Eligible paper,minimum require* ■37,100 238,340 7 , 616 20,79X_ 10,546 6o,si3 Total _5i^36 63,280 25,796 493,227 105,403 121,363 52,797 62,418 201,425 AMOUNT OF ELIGIBLE PAPER DE 6l,44s 26,044 10,753 14,668 36,622 44,330 32,613 .14,529 LIVERED TO F. R. AGENT 5 7, 26s 354,066 ■4 ■* * * * * * % X-75^c DALLAS SAN. FRAN. TOTAL 68,500 90,600 lb)26r680 55,016 12,435 23,033 1642,223 212, 496 42,521 23,033 • <% * 14,580 2,311 7,624 18,066 42, 581 39,116 ♦ r ^ 1429,732 292,877 39,204 45,699 532,447 552,709 53,033 1429,732 12,275 55,579 732,855 4,113 M E M O R A N D A FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUjBL CIRCULATION. F. B. Notes outstanding F. R. Notes held by banks F. R. Notes in actual cir culation 25,796 2,095 493,227 66,670 105,403 121,363 3,227 3,929 52,797 5,322 62,-418 3,-421 201,425 23,701 426,557 102,176 53,415 52,237 190,442 117,454 10,923 51,596 1,089 63,280 4,561 42,581 212 23,033 11,154 1429,732 115.-151 52,445 50,507 52,719 42,369 71,279 1314,531 60,813 2,368 DISTRIBUTION OF BILLS AND WARRANTS BY MATURITIES. Within 15 days Bills discounted and bought Municipal warrants U., S. Gov’ t, short term securities Digitized%for FRASER 332,543 133 46,150 16 to 30 days 104, 330 21,765 31 to 60 days 6l to 90 days 174,460 178,480 7 6,334 2 6,296 Over 9° days Total 9,391 470 805,704 28,612 X69,T07 612 Released for publication Sunday corning F&bruaiy 34. 1516 Kfot S^ATSaaEiJT PEIHCXm- PilSOOP.CF KWj L.Ti!B7LrTT ITE.^S Op jtojfto pvrrV r.r^.'T-’n -m 0.vf rvr>, ,„ ' ‘ — /•->•-*-» , - . . ,, , . Cx.-ii-.t ,1* Ai C ^ i , a S)G:iilSi& rM(JAfiy j 19ie ua.ua * or &11 reporting ban^is in each district. Member banks Boat on New York No. reporting banks.., 38 98 U.S.Sec. owned....'.,.. 41,272 823,710 Leans secured by U. S. . Bonds and Certificates 34.314 195,283 All other loans and investrxjents....... 716,600 4136,563 Reserve with F.R .B .ck. 54,253 590,088 23,033 Cash in v a u l t ............. 125,042 Nat deirand deposits on which reserve is - c....... ...................... Tine deposits.............. Gogt. deposits ........... > 81,430 33,689 j 1 aw 303,008 418,060 Cle./e. 76 124,234 22/423 25,263 6 1 3 ,6V4 58,831 21,372 890,534 86,172 37,720 h.4 1 -a . 'J Fa on. /Ulanta ’ Ciiicagd St.Louis 63 37 95 32 44,853 35,969 95,666 43,077 w UA Phila . 47 49,594 18,857 U. X W O 2,239 r ■ »*<-. ^ ' vY-‘,£d iit.A6i.iv*, iL.bi.nVi. JilO WxliiuH „ „ 38,459 9,169 Minn. 32 20,79 5 2,753 Kansas i'Y T^alias 69 41 37,412 32,735 San Fran. 46 60,859 T otal 679 ,410,185 1, 3,092 3,661 5,559 3 6 1,072 317,703 274,815 1 ,3 3 7 ,8 3 6 372,536 241,920 452,228 26,424 24,911 140,769 34,734 19,8 56 41,502 15*283 12,766 60,594 12,589 8,715 1 6,2 10 190,738 19,132 1 2 ,7 0 5 481,671 42,314 21,474 10, 026,818 1 3 9,38 6 367,503 .. 15,850 36,330 6JU,OVD 1 ,0 1dUU, 4 ,9 3O^t) 5 270.472 181,306 373,660 18 2,15 6 362,735 9, 086,207 £9,14.6 24,128 102,123 1 , 281,799 -13,223 8 ,7 1 8 621,873 ------- ----- ----------- ------- —-- - ---- - _ _ ______ 198,905 343.222 45,677 83,239 7 b 5>.Q9 49,872 28,837 39,864 6 ,379 19,356 S*952 10,365 2 . Data for banks in each Central Reserve city, banks in all other Reserve cities and other reporting banks Total New York Chicago St,Louis Central Reserve uit .xbs uther JKeserve Cities Feb.15Feb. 8 Feb.J.S Feb,};£ Feb. 13-----Feb. F e b .IS -- Feb. 8 Feb.13' --- Feb. ; 8 Feb.IS 58 57 40 14 417 112 110 414 783,000 674,884 39,381 30,04 852,423 739,993 472,482 441,531 „ ho. Reporting banks.. U .S.Sec. owned........... Loans secured by U.S. Bonds & Certificates 174,036 All other loans and Investments. . .,....... 3.710,680 Reserve with F.R.Bank ‘ 553,283 Cash in vault............. 109 , 088 Set danand deposits on which reserve is confuted............. 3969,885 Tine deposits ........... 259,258 Govt, deposits ......... 403,996 182,011 204,710 22,909 211,512 Country Banks Total F^h A *tp«* % \ p4> , * * ____ p« Feb.13---Feb.a-i Feb. 3,5-— tFeb.S'150 146 679 670 85,280 78,867 1,410,185 1260,391 7130,209 , 7* 138,469 26,153 4470,690 726,510 432,198 177,920 48,108 32,800 3621,316 758,488 185,115 589,030 153,033 16,280 3,597,834 606.121 102,745 4813,672 677,211 153,554 826,707 276,2£ 4,690,129 4,486,636 97 522 26 4 C 730 273 414,067 37^434 7,0c 147,829 ' 181,149 3924,219 250,61b 336,569 4844,785 460,202 447,844 683,161 -3,652,392 191,73 4,805,920 137,577 6768,564 3 ,3£ 449,847 27,407 16,44 386,682 157,749 21,655 361,072 371,636 701,670 10,026,818 46,521 1,139.386 30,175 367,503 9862,489 1208,992 355,924 558,325 150,402 21,521 8985,561 1358,737 593,318 9,086,8v7 1,381,799 621,873
@FedFRASER