The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
, X-190 I! Released for publication Sunday morning, June 3, 1917, ^^Not carl iff*. • STATEMENT FOR THE PRESS. June 2, 1917. Transfers of funds from Few York City to the interior in settlement of checks and drafts on Hew York banks, originally placed to the credit of the Qov^rnmont by other Federal rosorve banks in pe.yment for the 3t per ccnt cer tificates of indebtedness purchased the week before, are largely responsible for the changes in tho condition of the Federal reserve banks shown in the Federal Reserve Board’ s weekly bank statement issued to-day as at close of business on June 1, 1917, These transfers, effected through the Gold Settlement Fund, as well as not withdrawals of deposits by member banks, and liquid?.-I tion of foreign government credits, account largely for a decrea.sc of 83.5 j millions in the reserve of the Now York Federal Reserve Bank- Aggrogato cash reserves of the banks show a decline of 31.2 millions, resulting in a loss of 2 per cent in the cash reserve percentage. About 10,4 millions of gold was placed by tho banks with the Federal reserve agents against Fodoral reserve notes issued to oight banks during tho week. The largo decrease in total as sets and liabilities is due chiefly to the elimination of the items "Due from depositary banks - fiscal agent account1’-which represented amounts received from banks and trust companies- in payment for United States certificates of indebtedness and rodepositod by tho Federal rcsorve banks with subscribing banks. These amounts, according to a ruling of tho Treasury, are treated now as being duc’fficf the Government and are therefore no longer includod among the assets and liabilities of the Federal reserve banks. Discounts on hand show an increase of 3,3 millions, mainly the result^ of rediscounting for local members by the Boston bank. Agricultural and live stock paper maturing after 90 days (6-month paper) totals about 3.3 millions compared with 2.8 millions the week before. Total discounts are inclusive of 15.2 millions of member banks’ collateral notes, compared with 16,3 mil lions on May 25th, Tho total for the more recent date comprises 2,3 millions of notes secured by United States certificates of indebtedness and reported by 9 Federal reserve banks. Holdings of acceptances increased about 8.7 mil lions, Chicago alone reporting a gain under this head of 6,8 millions. No material changes are shown for other earning assets, except that tho banks report not sales of about 3.6 millions of United States certificates of in debtedness, the present holdings of tho Federal reserve banks being only a little over 4 millions in excess of the 50 millions of 2 per cent certifi cates which fall due at the end of the present month, Total earning assets show an increase for the week of about 7.5 millions and constitute about 517 per ccnt of the banks' paid-in capital, compared with 504 per cent the weok before. Of the total earning assets, acceptances rep resent 39.4 p„r cent, United States certificates of indebtedness 18.4 per cent, discounts 17.3 per cent, United States bonds 12.3 per cent, Treasury notos 7,9 per cent, and municipal warrants 4.7 per cent, Accession to tho Federal reserve system of tho Winchester (Mass) Trust Company, and of the International Bank of St,Louis, and the liquidation of 5 smaller national banks in New England, account for the changos in capital ac count. Government deposits increased by 20.3 millions. All the banks, ex cept St.Louis, report substantial increases of Government fund3 on hand, which include instalment and total cash payments received on account of Lib erty Loan bonds. Member bank reserve deposits show a not decrease of 92.2 millions, the larger loss at the New York bank being offset by gains reported by all other banks, oxcopt San Francisco. Federal resorve notos outstanding are nearly 500 millions, having increase;. 11.8 millions during tho week. Against the notes issued the Federal reserve agents hold about 467 millions of gold and 34.4 millions of paper. The banks report an actual Federal reserve note circulation of 464.9 millions, and ag gregate net liabilities thereon of 27.8 million dollars. for publication Sunday morning June 3, 1917. Wot earlier. STATEMENT 0? COMBINED RESOURCES AHD LI ABILITIES OF THE TWELVE FEDrEAL RESERVE Fi S S 0- U P E S June 1, 1917. ay 25, 1917 0 $107,225,000 187,556,000 3»053.000 489,834,000 334.265.000 183.590.000 3 .9 0 5 .00C 520,760, 000 - -H o o o 526, 458, 000 557, 652, 000 400, 000 400, 000 47, 587, 000 50, 854, 000 107, 377, 000 116, 100, 000 36, 513, 000 36, 387, 000 23, 338, 000 23, 338, 000 54, 157, coo 57, 807, 000 13, 912, 000 14,, 675, 000 Total earning assets. . ....................................................... 294, .237, 297, 000 748, 000 Federal reserve notes - Ket....................... ........................... 28, 410, 000 29, 878, 000 Due from other Federal reserve banks - N e t . , . , . .................... 10, 641, 000 3> 677, 000 Uncollected items.......................................................................... 177, 328, 779, 000 092, 000 All other resources........................................................ 6, 056, 000 6, 424, 000 TOTAL RESOURCES.................................................... ' ’ ........ ,219, 603, OCC , 038, 309, L I A B I L I T I E S . '•••$ Capita?, paid in. , .................. ............ ......................................... 56, 991, 000 56, 985, 000 Government deposits.................................................................... a)76, 114, 000 96, 427, 000 ( Due to merrbers - reserve account. . , . . , ................ 813, 326, 000 721, 146, 000 ^Member bank deposits - Net. . ....................., ............... . ........... Collection items. . ........................................... . . ..................... 170, 151, 000 134, 142, 000 Federal reserve notes ~ Net...................................................... 26, 201, 000 27, 776, 000 Federal reserve note l i a b i l i t i e s ........... ......................... All other liabilities including Foreign Government credits 76, 820, 000 1, 833. 000 TOTAL LIABILITIES...................... ......... ........... ............... ^ 038, 309, 000 (a) 1.,219, 603, 000 Gold reserve against net deposit and note l i a b i l i t i e s . 63, 3% 61.3 1° Cash reserve against net deposit and note liabilities....... 67.8 % 65.8>t Cash reserve agTst net deposit liab*after setting aside 40$? gold reserve ag’st net liab. cn F. R, notes in circulation ! 68.7 c 66.8 A MEMORANDUM: Distribution by maturities: June 1, 1917. 1 15 clays 16 - 30 days Bills discounted and bought.............. „ ...................... 47, 463, 000 23, 776, 000 OCw 443, H a 81, 000 (a) An,ended figures , •■Mr ^ C TP < \ *< !■ * o CO VQX Ct ;om and certificates in vault....................................... Gold settlement fund................................................... . Cold redemption fund v/ith United States Treasurer. . . . . . . . . Total gold reserve......................... ................................... Legal tender notes, silver, etc....... . ................... . . . ............ Total reserve ...................................................................... Five per cent redemption fund against F. R. bank n o tes,... Bills discounted - Members............................................. Bills bought in open market........................................ United States bonds. .................... .............. ............................... One-year Treasury notes......................................... . . . . . . ......... United States certificates of indebtedness....,................ KS AT ireh 2 1917 163, 000 0*1 o 031, 000 2±Ji 347 , ooc = 518, 541, 000 9, 971, 000 528, 512, 000 400, 000 18, 840, 000 114, 058, 000 28, 650, 000 19, 468, 000 - 16, 798, 000 814, 000 09 5, 000 023, 000 026, 000 821, 000 691, 000 197, 23, 4, 154, 7, 915, 56, 04 5, ooc 14, 162, ooc 708, 893, 000 116, 330; 000 19, 772, 000 489, 000 915, 691, 000 74.0 1Q 75.4 1o 7 6.4 $ 31 - 60 days 57, 407, 000 1, 069, 000 X-190. BUSINESS JUNE 1, 1917. cEbDr 1, 1916 •Juno .3, 1916. 251,917,000 .-.42, 3 ._j3, COj 17 5/761,000 102,331,000 1,47 6.000 1.793.000 439,174,000 346,377,000 10.836.000 13.855.000 450, CIO, OOC 360,232,0C0 420,000 450,000 21,505,000 19,895,000 106,506,000 53,492,000 40,215, 000 51,991,000 11,167,000 4,190,000 21,254.000 200/747,000 18,301,000 38,188,000 36.633,000 166,201,000 24,082,000 15,300,000 2. 49 5. COO 710,161,000 8.482.000 574,747,000 55,737,000 26,777,000 54,858,000 5 0 ,0C0,000 613, 530,000 460,422,000 13,383,000 28, Oju 706.000 710,161,000 71.4/6 7 3 .1 / 7,512,000 1,731,000 224.000 574,747,000 68.9 £ 71.7# 73.8 $ 61 - 90 days 72.1/6 Over 90 days 3,337,000 1,046,000 3 4 ,9 7 1 ,OOC 273,000 Eoleiisd for publication Sunday morning June 3, 1917. Net earlier X-] 90 b. WEEKLY STAHMDKT OF RESOUtCSS AKD LIABILITIES O' EACH OF THE FEDERAL RESERV BANKS AT CLOSE OF BUSINESS JUKE 1 , 1917. (In thousands of dollars) R £ S ; U H C E s . Bos ton U. Y. PRila. Clevel Richm, Atlanta Chicago St.Louis Mirmla. Kas. Cy Dallas Gold coin ■ £t,3l certificat35 in vault $13,553 143,192 22,470 19,730 6,851 6,298 35,239 11,791 12, 286 8,029 8,270 Cold settlement fund 19,753 37,971 10,656 28,306 13,396 3,522 25,116 6,843 7,960 22,728 5, 506 Gold redemption fund 50 250 250 25 649 214 241 353 215. 144 122 Total gold reserve 33,366 180,413 33,376 48,061 20,896 10,535 60,569 18,875 20,599 30,901 13,898 Legal tender notes, silver, etc. ____382 30,034 380 132 198 1,000 _ 1*525 1,251 292 7 1,256 JCotal reserve 33,748 210.447 33,756 46,243 21,094 11,535 62,094 20,126 20,891 30,908 15.154 5$ J^femption fund - F. R. bank notes 300 100 Bills discounted - members 6,823 1,161 7,099 2,916 9,209 3,424 2,506 4,453 5,223 3,941 3,357 Bills bought in open market 11,656 36.141 11.428 10,331 5.237 2,139 15.890 5,779 1,758 4^540 880 Total bills on hand 18,479 37.302 18,527 13.247 14.446 JL.563--18,396__ 10,232 6,981 8,481 4,237 United States bonds 530 1,306 549 5,844 1,152 672 7,007 2,233 1,857 8,842 3,966 One-year Treasury notes j , 194 2,788 2,548 1,865 1,9 69 1,491 2,985 1,444 1, 340 1,784 1,430 United Statss certificates of indebtedness 3,000 20,361 3,500 3,500 .2,000 2, 593 5,249 2, 500 2,000 2,505 2,905 Municipal warrants 127 4,523 1,424 2.893 15 31 2,131 993 152 405 431 Total earning assets. 35.76,8 17 402 1 ,330 22.018 12.969 21x130___ 66,380 26,548 27,349 1 9 .582 10.350 Federal reserve notes - Net ,774 16,936 1, 592 5,917 Due frexn other F. R. banks - Nat 2,596 4,997 1,177 899 2,123 7,432 901 1,524 Uncollected items 16,313 44,492 25,660 13,698 10,647 6,395 23,885 5,598 5, 713 7,145 6,670 All other resources 16 1.664 ____629 463 40 781 1.030 472 118 139 440 TOTAL RESOURCES 79..j 7q2__ 339,819 91,590 92.522 52.262 31.184 136.126 43,598 _39,953 62,034 35,333 L I A B I L I T I E S . Capital paid in 029 12,060 5,264 6,248 3,436 2,388 7,057 3,168 2,467 3,165 2,754 Gov^»n3nt deposits 123 24,969 9,995 5,975 3,411 5,279 14,930 2,522 3,229 2,949 2,699 Due ro members - reserve account 880 248,409 49,284 66,885 25,132 18,280 97,786 27,967 28,077 48,450 23,620 Collection items 572 34,779 23,814 13,414 9,725 3,384 16,287 3,516 3,243 6, 313 2,952 Federal reservo notes - Net 3,046 10,523 1,853 -6,132 2,917 1,157 2,148 Due to other F. R. banks - Net 18,367 293 1,160 All other liab. incl. f o r u O o v . aredits 178 £15 187 35 66 20 TOTAL LIABILITIES I?./(82 339,819 91,590 92,522 52,262 31.184 136.126... 43.598 397953 62,034 35,333 ME M0 R A N D UH . F. R. notes issued to banks 24,121 212,763 34,303 .28,293 16,864 18,879 55,547 17,368 23,350 25,760 19,753 R. notes held by banks 2,774 16,936 864 750 1,592 418 5.917 1.495 893 552 127 F. R. notes in circulation 21,347 19 5,827 33,439 26,701 16,114 18,461 49,630 15,873 22,457 25,208 19,626 Gold and lawful money with Agent 24,121 212,763 30.393 28,293 5,591 16.608 55,547 9.741 J19,540 / \ n-rr ------- ;-- . — — ----■: J — — ---- ~-------- r - * ----------------y.y '.;_____________< = , t .3 . D ' i u 24 24,051 17.478 u ; Difference between net amounts due from and net amounts due to other Federal reserve banks _ ^ n n ■ - ■ - a -i r ^ - 7 - - - 1 , - ^ _ ------------ ----------- *— ----------- — *---- - --- ± — - _ _ - - — ° •*» S.Fran. 12, 506 5,799 40 18, 345 117 18.462 Tct-il 2 92,225 187,556 3,053 489,834 36,624 526,458 400 742 50,854 10,321 116,100 11,063 166.954 2,429 36,387 1,500 23,338 4,044 54,157 786 13,912 19,522 294.74; 2, 659 29,878 1,848( x) 3,677 10,871 177,092 264 6,056 53,926 1.038.309 3,949 326 38,376 4,143 — 56,985 96,427 721,146 134,142 27,776 132 1.833 53,926 1.038.309 22,843 2.661 20,182 22,843 499,844 34.979 464,865 466.969 Role as ed for pv.^liozXion Sunday jrorniag June 3* 1917, S T O F Eot earlier. X-190c„ FEDERAL RESERVE AGENTS'1'ACCOUNTS AT CLOSE CE 3US (in thousand-; of dollars) JUNE i, 1917. Boston IK Y. Phil-. federal Reserve I^otee Revived from Oorr;. trailer Ctlavel. Rich®. Atl?.Rtn Chicago St.Louis Minnls. Kzs.Cy. Drill as S■ .Fran. Total $39,680 363,44G 57,340 41,000 30,100 36,380 67, bGQ 25,740 34,640 40, 720 36,920 26,060 819,520 Retuxmed to Comptroller 10,309 73,077 8,697 5,667 10,556 6,296 2,253 5,112 5,600 6,620 8,681 3,217 146,085 Chargeable to F. R. Agent 29,371 310,363 48,643 35,333 19,544 30,084 65,247 20,628 29,04Q 34,100 28,239 22,843 673,435 5,250 97,600 14,340 7,040 2,680 11,205 9,700 3,260 5,690 8,340 8,486 212,763 34,303 28,293 16,864 18,879 55,547 17,368 23,350 25, 760 19,753 In h^nds of F. R. Agent Issued to F. R. bank less amount returned to F. R. Agent for redemption 24,121 Araount held by F. R. Agent in reduction of liability cn outstanding notes: Qn hand: Gold coin and certificates 202,338 3,730 10,828 1,311 10,425 1,853 1,465 591 1, 632 to O o o 20,810 . ... 24,610 16,GOG 5,00G 3,910 . ... 11,273 Credit balances: In gold redemption fund With Federal Rose I’ve Board As security for outstanding r. Commercial pamper Total Amount of conmercial paper us to Federal Reserve A?:ent r . . . . 24,121 ......... 212,763 2,896 . 173,591 . . . 22,843 499,844 3,365 13,918 2,370 11,110 597 526 1,102 1,621 1,008 1,083 23,314 12,080 54,950 5,750 4, 52G 20,060 5,360 21,760 172,290 2,271. ......... 7, 627 3,810 1,709 2,275 34, 303 28,293 16,864 18,879 3,918 *. ... 12,086 2,276 55, 547 17,368 23,350 25, 760 19,753 7,635 3,810 1,892 2,824 271,365 - 22,843 . ,. 32,875 4$9,844 red . .. 34,441
@FedFRASER