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Released for publication Sunday morning April 21, 1918. Not earlier. X-887 STATEMENT FOR THE PRESS. April 20, 1918 Liquidation on a large scale of U .S . securities and a corresponding gain in discounts, largely of collateral notes secured by Government war obliga tions - mainly the result of recent changes in the law, whereby notes secured by Liberty bonds and certificates of indebtedness are no longer subject to stamp taxes - are indicated in the Federal Reserve Board's weekly statement showing condition of the Reserve Banks as at close of business on April 19, 1918. Gold reserves show aggregate gains of 2.9 millions and net deposits a decline of 31.6 millions. Reserves. Movement of funds from New York in connection with the loan op erations of the Government is mainly accountable for the considerable decrease in reserves of the Few York bank, and the corresponding gains reported chiefly by the Boston, Chicago and San Francisco banks. A decrease of 6.1 millions in the reserves of the St.Liuis bank may be traced to substantial discount operat ions. Investments. Large increases in discounts on hand are reported by the New York, Atlanta, Chicago and St. Louis banks. Nearly 70 per cent of the total discounts, or 564.7 millions, as against 465.6 millions the week before, is represented by paper secured by U .S . war obligations. Other classes of in vestments, including acceptances and Government securities, show considerable decreases. Capital. An increase of $81,000 in paid-in capital is due chiefly to payment for Federal Reserve Bank stock by newly admitted members, largely in the Cleveland and Chicago districts. The decrease in the Hew York bank's capital account is explained by the liquidation of the Market and Fultcn National Bank. Deposits. Government deposits declined about 25 millions, and member banks'reserve deposits 24.7 millions, large, net withdrawals from the New York Bank being offset in part by gains under this head at Philadelphia, St-.Louis and San Francisco «'■ F.R.Notes. Additional net issues of 13.4 millions of notes are reported by F.R.Agents largely at Cleveland, Chicago and San Francisco. The banks report 1,514.3 millions of outstanding F.R. note circulation, an increase of 14.9 millions for the week. CONDITION OF MEMBER BANKS ON APRIL 12. 1918. According to reports from 683 member banks, indicating conditions at close of business on April 12, investments in Certificates of Indebtedness increased by over 324 millions, while other loans and investments show a gain for the week of 54.2 millions. About 200 millions of certificates were added to the holdings of the Central Reserve city banks, 177.9 millions t« those of the New Yark City banks, and 110.3 millions to those of the banks in other reserve cities. Other Government securities, including Liberty bonds on hand, show no material changes. Loans secured by U .S . bonds and certificates show a total increase of 12.8 millions. Reserves with Federal Reserve Banks of all reporting banks de creased 21.7 millions; tetal excess reserves dropping from 79.7 millions to 53.0 millionsr total cash in vault increased 4 .4 millions. Aggregate net de mand deposits increased 49.3 millions, time deposits 13.7 millions and govern ment deposits 273.2 millions. In the Central Reserve Cities corresponding changes were: Loans secured by U.S. bonds and certificates increased 4 .4 millions, all other loans and in vestments 32.7 millions. Reserves with Federal Reserve Banks decreased 13.8 millions, .... excess reserves went down fram 42.2 millions to 26.9 millions, while cash in vault gained 1.5 millions. Net demand deposits increased 12.6 millions, time dep*fcits decreased 2.7 millions, and Government deposits increased 168.6 millions. The ratio of investments to aggregate deposits of all reporting banks in creased from 108 to 108.3 per cent. For the New York City banks, owing to their relatively heavier investments in certificates, this ratio shows a rise of over 1 per cent, from 103 to 104.1 per cent. Inversely the ratio of combined vault cash and reserve to deposits of all reporting banks declined frcta 13.9 to 13.3 per cent, while for tho New York City banks this ratio shows a docrcase from 15.1 to 14.3 per cent. Released for publication Sunday morning April 21 1913 Not earlier STATEMENT OF COMBINED RESOURCES AND LIABILI TIES OF THE TWELVE FEDERAL RESERVE BAMS AT CLOSE OF BUSINESS APRIL 19, 1918 R E S O U R C E S April 1 9 , 1918 Gold coin and certificates in vault Gold settlement fund - F* R* Board Gold with foreign agencies Total gold held by banks Gold with Federal Reserve Agents Gold redemption fund Total gold reserves Legal tender notes, silver, etc. Total reserves Bills discounted for members and F. Bills bought in open market Total bills on hand U ,S . Government long-term securities U*S,Government short-term securities All other earning assets Total earning assets Due from other F.R,Banks, net Uncollected items 4 8 8 .76 2 .0 0 0 407.97 1 .0 0 0 5 2 .5 0 0 .0 0 0 9 4 9 .2 3 3 .0 0 0 8 5 7.492.000 3 5 5 .1 4 5 .0 0 0 8 5 4 .82 2 .0 0 0 Banks Total d eductions from gross deposits 5/o Red actio n fund against F,R« bank notes A ll other resources TOTAL RESOURCES L I A B I L I T I E S Capital paid in Surplus Gove mment dep osi t s Due to members - Reserve account Collection items Other deposits, including foreign Govt,credits Totcil gross deposits F/R-Notes in actual circulation F*R,Bank notes in circulation - net liability All other lia b ilitie s TOTAL LIABILITIES £atio of gold reserves to n~t deposit and F.R* note lia b ilitie s combined Eutic of total reserves to net deposit and F.R, note lia b ilit ie s combined April 12, 1918 4gg,829,000 8 0 8 .04 5 .0 0 0 3 0 8 .2 7 7 .0 0 0 1. 833. 149.000 6 5 .1 5 8 ,0 0 0 1. 893. 307.000 1. 116. 322.000 46. 675.000 23.546. 000 712,807,000 3 18,85 7 ,0 0 0 4 6 .2 9 5 .0 0 0 ____ 2-1.293,000 1 .2 1 2 .5 8 5 .0 0 0 i+79,ooo 3 8 7 ,1 7 6 ,0 0 0 1, 215,000 1. 830. 271.000 6 4 .7 2 4 ,0 0 0 1. 294. 995.000 1 , 031, 664,000 54, 237,000 1 4 2 ,1 4 3 ,0 0 0 ____ 1 ,7 1 2 ^ 0 0 0 , , , c 1 231 335 00 3 8 4 ,8 2 4 ,0 0 0 5 3 7.000 324.000 3 ,5 1 2 ,4 9 5 ,0 0 0 261.000 3 , 499, 217,000 7 4,8 29 ,0 0 0 , 7 5 ,4 9 9 ,coo 1 ,4 6 9 ,8 6 0 ,0 0 0 , 8 8 ,3 2 2 .0 0 0 20 6,830,000 3 8 5 ,0 0 9 ,0 0 0 3 8 7 ,6 5 5 ,0 0 0 409.000 1 134,000 256 220,000 1. 889. 901.000 1 .5 1 4 .2 8 7 .0 0 0 7 ,8 9 5 ,0 0 0 1 1 ,1 71 .0 0 0 . . 3 499 217.000 60. 8 % 62. 9^ 100 523,000 2 270,000 7 4 ,7 4 8 ,0 0 0 1 ,1 3 4 ,0 0 0 , a 5 3 7 ,ooo T--- ^ , 8 t ,321,000 * 1917 330, 152,000 April 20, 5 3 6.932.000 418.538.000 . . 2 4 .4 6 2 .0 0 0 9 8 2.633.000 . 72.9 25 .0 0 0 . . 7 3 .3 60.000 15 .3 39 .0 0 0 . 2.4 7 3.00 0 , )OOP . 400,000 2 651.000 958 171.000 29 737.000 102 662.000 36 215.000 227 576.000 166 966 169 439.000 .. 4 ,5 9 ^ ,0 0 0 1 .3 3 4 .6 4 2 .0 0 0 56. 411.000 4 l ,9 8 8 ,coo 742.584.000 1 2 8.556.000 1 .9 1 3 .6 5 1 .0 0 0 1 .4 9 9 .3 7 7 .0 0 0 , 1 0 ,5 8 5 .0 0 0 . . 8 000,000 3 512 495.000 60. 3$ 62. 5/i 913. 428.000 414.357.000 _______ 44 6, 000 1 .3 8 4 .6 4 2 .0 0 0 32-7/® 8 4 .8 $ P le a s e d for publication Sunday morning April 21,' 1918 . Hot earlier, WEEKLY STATEMENT OF RESOURCES AMD LIABILITIES OF EACH OF TEE FEDERAL RESERVE BA13X3 AT CLOSE OF BUSINESS APRIL 19, 1918. . . ... (In thousands of dollars) X-SS7-b E E S O C B C E S Boston ifew York P h ila. Clevel. Richci. Atlanta Chicago bt.Louis ^in n . Kans.Cy. Dallas San Fran. Total Gold coin and c irtificatas in vault 340,401 43 2,82 9 9,3 2 5 3 2 , SOU 6 ,7 4 6 28,951 16,533 145 Gold Settler,sent Fund. F. R. Board 66,990 S 7,170 50,754 413,219 19,533 Gold with foreign agencies 3 ,6 7 5 1 8 ,1 1 2 3 ,6 7 5 4 ,7 2 5 1,237 1 .5 7 5 1.238 2,888 Total gold held by banks s i , I" V ,~ s ", ^ & T 9 ^ 5 T 3 ~ 2 2 r 9 3 ^ 6 7 r i 3 ^ 3 T 0 B I ~ i ^ 2 7 ” 52^T7“ Gold with Federa Reserve Agents 8 5 4 ,8 2 2 l 6 l ,S 4 l 36 ,9 41 45 ,2 20 1 4 ,2 8 6 59.19^> Gold redemption fund 9.91S 1 ,0 7 7 1 ,1 0 9 1,243 23,179 Total gold reserves 131>50S 664.S11 150,735 16474S5* 63,128 ' 6l7os4 , s 1 2 3 3 ,1 4 9 Legal tender notes, silver etc. 2 ,088 46,845 924 1 ,0 8 2 _________ 3 2 1 . 319 2 ,6 2 4 404 _____ 6 5 ,1 5 2 Total reserves 133,596 711 , 656151,709 165,567 53,249 53,249 64,64i 262,551 ,s65~ £ 7 7 9,427 3 3 ,7 9 2 1292,307 B ills dis. for meribers & F.R.Banks 808,045 u’ p S 5 0 , 7 8 5 k? , 7 S 1 3 9 *15S 5«2S9 3 1 .7 6 4 B ills bought in open rarkot ^.»_. p7 >406 ____ __ _ ___ 4 ,9 8 0 .308,2 2 7 Total b ills on hand , ~ V s 55,422 1116,322 U-S.Government long-term securities 7 ,7 2 2 1,032 , 8,8 62 3 ,9 7 0 2, 46,675 U.S.Govermuont short-terra " 2,166 4,230 ' 2,521 3,142 4,863 4,503 4 6 ,2 95 A n other earning assets 158 _§36_ i>_lZ2_ 108 ____ 3 , 293 ___ M L -.459 Total earning assets 66,172 ' , " 6 2 ,0 6 4 47,753 3 3 ,3 4 9 29,602 63,069 32,753 62,849 1212,585 Due from other F .R , Banks - not * 5,933 5,759 ••• 4,602 Uncollected iteas -44,. 2 5 .995 2 1 ,1 4 2 68 ,1 75 2 6 .9 64 2 5 *2 5 1 J3.I.244 .61887.-.-23.>814 16,956 17 , 051' 3 2 1 ,1 7 6 Total deduct.from gross deposits S 2 6 ,9 6 4 1 6 ,9 5 6 21,653' 29.573 3 2 7 ,6 5 5 'p Redeap,, fund against F.R.Bk. notes 40§ 137 All other resources 12 ■-....----- 1-'-____ -249. __________ 261 TOTAL RESOURCES 1328,403 286,179 128,579 459,657 143,281 109,584 172,341 89,632 196,593 3499,217 10,586 -1 25 45 6 3 48,257 209,210 2,000 1 2 117 63.240 526,778 861 1,592 1.471 4,427 535 203 5 25.253 3,944 225,021 L I A B I L I T 'l E S Capital paid-in 6,444 19,691 Surplus 649 75 Government deposits 7,245 11.577 Due to Lienibers, reserve account 636,841 Collection items 21,133 65,293 Due to other F, R. Banks - net 10,021 - 87 Other depos.incl. fo r . Gov11 , credits 81.l60 Total gross deposits F.R. notes in actual circulation 99,437 F, R» Bk. notes in circul. net liab. A ll other lia b ilit ie s J M _____6 ,5 3 .5 TOTAL LIABILITIES , 6,290 2,125 4,867 30,056 36,662 13,682 17,695 56,272 13,362 7,480 30,291 8,922 52,500 7,350 2,100 2,100 2,625 53 751 747131 217809 5 70 6 5 84,549 90,102 29,976 36,063 39,127 2,482 192 1,506 1,550 827 1,255 20 52,862 255,920 66,543 31 16 111,627 1,453 6,631 1,722 619 62 ,162 112,091 63,717 11,090 12,515 n *623 39'°77 27,440 24,527 4,191 20,284 9,709 48,103 10,391 2 23,658 54,052 75,312 44,982 29 993 111,820 50,248 24,138 49 46 30,269 2,939 1.233 456 11,137 2,233 2 566 5,073 11,250 1,532 511 JlLL 94,350 128,370 53,451 1,522 1,123 561 733 26,262 44,733 26,262 27,577 22,265 62,736 12,820 272 258,755 120,267 6,903 2,504 3,792 2,964 2,764 9,655 3 ,5 0 9 3,447 2,851 4,305 74,229 lj6 40 216 38 1,134 3,864 8,181 436 4,229 6,476 4,822 4,723 7,244 5,105 10,997 89,202 93,428 108,692 43,492 39,002 186,891 50,901 41,290 69,014 ,4 7 0 74,637 1469,860 34,622 22,817 18,010 15,106 24,811 17,670 5,913 1 3 ,0 40 3 65,950 256,220 1 1 ,7 95 697 964 4 ,5 2 4 2,788 _123_ 3,042.. 114 10 3 , 831 88.322 118,267 804,892 132, 671140,777 61, 938" 58,342 221,226 72,031 51,957 89,308 50,313 101,260 1289,901 496,636 119,181 136,147 62,536 58,921 227,620 61,228 54,619 70,913 36,227 90,822 1514,237 _Z5L 2S lL 3 4 Q ______ 513 206 772 247 206 II., 1.71. 225 0211328,403 258,755 286,179 128,579 120,267 459,657 143,281 109,584 172,341 897638 196, 593 ^ 49 ^ ^ 7 5 , 4 9 9 3 * • • » * « 1 • • • . 7 , 8 9 5 * Difference between net ar.iounts due from and net amounts due to other Federal Reserve Banks. 7 , 8 9 5 Released for publication* Sunday morning April 21, 1918. Hot earlier. STATEMENT OF FEDESA£ RESERVE AGENTS* ACCOUNTS AT CLOSE OF BUSINESS APRIL iy, 1913. (in thousands of dollars) FEDERAL RESERVE NOTES Received from Comptroller Returned to Comptroller Chargeable to 5- R. Agent In hands of F- R. Agent Issued to F.R, Banks less amount returned to F«R* Agent for redemption Boston l4 0 ,lb 0 25.303 114,657 12,400 New York Phila. Clevel. Richm. Atlanta Chicago St.Louis 175,400 174,160 98,140 91,620 25.991 J i t 5 1 8 . ■18, 979, 1.4 ,921 662,750 149,409 160 ,642 7 9 ,l6 l 76,699 116,400 19.740 14,240 6,260 16.145 828,280 165,530 1 0 2 ^ , _ 5 4 6 . J ^ 1 2 ^ 6 6 i . . 146,402 72, 901_ Minn. X-837c Kans,Cy. Dallas San Fran 86,900 98,700 68,500 297,660 7 1 ,9 8 0 -13,185 -11,837 -12,4 51 ^ > 5 1 7 14,7 74 284 5 75,063 53,726 59,527 83,183 43■460 7 ,0 3 0 - 1 , 49.5 . -1L..21Q. ,.47 7,060 60^ 5 4 ^ 241.015 _67-9S3 _76,123 _ 36, 5l 6 111,360 8.606 103,254 Total 2243,360 340,814 1902,546 639.056 103^254_ j- COLLATERAL HELD AS SECURITY FOR OUTSTANDING NOTES: Gold coin and eertif, on hand Gold redemption fund Gold settlement fund F.R,Board Eligible paper, minimum required Total AMOUNT OF ELIGIBLE PAPER DE LIVERED TO F« R, AGENT 31,000 173,251 . . . 2,504 ....................... . 13,102 . . . 11,581 ... 10,959 6,930 12,092 8,010 1 ,976 2 ,3 8 9 625 2,037 1 ,5 8 5 2,360 2,121 4,794 11,500 25,000 77,619 70,000 28,000 31,170 l 6l , 2l 6 34,904 24,500 42,3o0 584 54,396 54,000 337,140 45,120 -5^1.0042,^25 2 4,491 7 9 ,1 7 4 3.1,042 1 6 ,8 4 5 30.905 22,23 0 4 4,064 -' ! 102,,257 ^ 6,350 129,669 1 46,402 72l 901_ 0 0 ^ 4 ^ 241,015 _ 67,983 _ 56.032 _ 76 . 123 _ 36.516 JL 03.254 5,757 63,340 526,778 51,960 75,312 43,324 2 4 ,8 4 2 102,510 44,325 22,266 46,256 30,269 45,940 243,530 50,043 561.249 7 8 4.23 4 1639,056 1077,622 M E M O R A N D A FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION F* IL Hotes outstanding F , R. Notes held by banks 10o ’ iSJ F , R. Notes in actual circulation 99,437 5!+6’ 35P 496,636 129,669 119,181 146,402 10.255 136,147 72,901 60,554 241,015 67,983 56,032 76,123 1 . 6VS 1^95 6. r a l .m s.ho 62,536 58,921 227^26 6 1 ^ 28 5 4 ^ 1 9 7 0 ;'913 6,516 103 254 163Q 056 < xu.^oo 10.365 ' ' 36,227 90^822 DISTRIBUTION OF BILLS, U. S» GOV*T. SHORT TEEVl SECURITIES AND UARRANTS BY ivIATURITIES 15 days 581,700 Vxthin Bills discounted and bought U* S. Gov’ t short-term securities Municipal ’.varrants 12,541 14 16 to 30 days 200,131 4,399 21 31 to 60 days 206,190 1,986 492 6l to °0 days 113,781 13,004 26 Over 90 days ,520 14 1 4 ,3 6 5 l Total 1, 116,322 46,295 554- 1514,287 t T Released for publication Sunday morning April 21, 1918. 1 Wot earlier STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE, RESERVE AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS APRIL 12, 1918 'A-8 8 Jd Q^l reportinp, banks in each d istric t* (In thousands of dollars) Meiaher Jreaaks Boston New York Phila. Cleve. Richm. Atlanta Chicago St.Louis ^linn. Kans*Cy Balias San.Fran. Total No. reporting banks U.S.Bonds to secure circulation Other U.S.Bonds in cluding Liberty Bonds U.S.Certificates of indebtedness Total U .S . Securities Loans secured by U .S. bonds, etc. A H other loans and investments Reserve with F*R«Bank Cash in vault Net demand deposits Time deposits Government deposits 2. " a w zor oantcs 39 97 48 72 67 14,622 50,596 12,981 41,934 24,063 10,648 165,246 10,340 35.560 45,984 71,254 955.126 1,170,968 63,658 26,979 34,949 167,506 21,290 748,703 4,014,234 607,958 61,995 52.176 597.375 25,846 125,594 19 .601 632,359 4 , 407,852 569,902 289,747 14,586 78,5^5 63,267 428,077 -_M,673 39 4l 47 5.742 13,938 16,094 35,399 267,316 10,347 6,076 10,090 11,780 16,37^ 344,117 29.235 146,332 39.619 67,340 17.979 29,803 61,702 17,477 45.351 50,255 102,628 1 ,4 35,149 2,046,522 30,094 8,782 2, 542 2, 723 3,350 5,133 331 , 0^7 31 ' 14,900 19.667 17,374 18,198 12,622 36,836 67,322 144 ,816 21,770 27,850 55,372 32,785 10,861 5,0?4 64,031 916,513 3 49,024 79.627 28,465 32 285,008 1.349,987 358,729 233,253 26,114 20,211 i 4i ,94 i 31,235 30,259 15,678 14,620 9,225 65.617 12, 718 621,145 278,335 214,390 1 , 063, 05s 268,400 189,901 211,747 60,212 82,724 348,328 73.7^7 4 s ,36 i -JJL 820 „ i k S 2 .. 14.508 „6L.215 _27.J3.2_. 10,848 3 7,67 4 . 442,321 167,303 481,260 9, 961,013 40,040 18,975 43,847 1 ,1 4 8 , 06l 16,940 14,111 21,166 371,^35 3 89,684 156,743 372,513 9 ,2 2 4 ,2 2 2 24,674 1 0 5,59 3 1 ,3 9 0 ,9 4 6 52.677 19>403 _..12,25I_ ............ 4 _ 1 1 4 ,^ 6 in ea.cn '-'snxrrai -Reserve '-•ity, banks in all other Re s e r v e Ci t i e s and othor reporting banks. &ew YorkChicago S t .Louis Total Cen«R es. Cities Reserve Cities Country Banks April 12— -April 5 April 12 April 12 April 12—April 5 April 12--April 5 No. reporting banks 66 66 • 40 l4 120 (a) 120 (b) 409 41 6 147 150 U.S-30nds to sec.circ. 36,252 36,237 1,393 10,374 48,019 48,000 170,331 •48 ,505 48 ,916 171.137 Other U.S.Bonds incl. Liberty bonds 150,223 151,224 14,433 6,724 172,040 171,690 140,946 140,648 31,012 31,131 U.S.cert.of indebt. 935,022 757 .l4l 55,789 32,973 1,0 23 ,84 4 823*988 361,842 251,144 36,006 49,463 Total U.S.S^curitiesl, 122,217 944,602. 71.615 5 0 ,0 7 1 1 ,2 4 3 .9 0 3 1,043,678 129,510 673,169 562,929 115,523 Loans secured by U.S. bonds etc. 147,743 139,763 13,059 6,806 172,638 168,205 20,464 137,985 130,169 19,928 investments 3,672,917 3,637.581 812,71? 270,336 4,761,970 4 ,7 29 ,30 4 4,431,770 767,656 4,431.387 Reserve with F»R. "bank 567,4L6 520,932 98,725 23,944 690,085 703,837 4 l 6 ,U 0 406 ,766 51,210 Cash in vault 112,514 111,461 41,213 7,893 161,620 160,077 172,358 3 4,294 175,521 Hat decani deposits 4, 097,815 4,084,426 706, 29s 195,633 4,999,746 4,987,106 3,585,295 3,5 7 0 ,4 1 8 639,241 Time deposits 245,797 247,940 137.192 57.139 440,128 442,887 781,845 771,909 168,973 Government deposits 404.710 253,755 50,875 23,810 479,3 95 310,756 265.329 — _____ 170,224 29,312 v&) Includes and (b) excludes 9 Brooklyn banks reported with Central Reserve city banks for first time Total April 12--April 5 683 679 267,642 267,316 344,117 1,435,149 Z, 046,582 1 , 111,138 1 , 722,130 331,087 318,302 745,750 9,961,013 9 ,9 06 ,82 4 49,843 34,577 617,427 162,460 19,249 1,148,061 371, **35 9 ,2 2 4 ,2 8 2 1 ,3 90 ,94 6 774,036 1 ,1 6 9 .7 9 0 All other loans and 683 69 95 343,350 367,012 9 ,174,951 1 .3 77 ,25 6 500,829 » ♦ . • * * Released for publication Sunday morning April 28, 1918» Not earlier* X~905 STATEMENT FOR THE PRESS. April 27, 1918. Large increases in net.deposits and discounts in connection with Liberty loan operations of the Reserve banks are indicated by the Federal Reserve Board1s weekly bank statement issued as at close of business on April 26, 1918# RESERVES: Aggregate reserves are given as 1890.9 millions, compared with 1898.3 millions the week before and 1723.6 millions at the beginning of the present year. Considerable shifting of gold credits through the Gold Settle ment Fund is reported for the we^k, resulting in substantial increases of the gold reserves of the Cleveland and Kansas City banks* INVESTMENTS: . Discounts on hand show an increase of 94*1 millions, the New York anii Chicago banks reporting each about 25 millions 1 increase in their holdings o f this class of paper. Of the total held, over 70 per cent, or 642.4 millions as against 564*7. millions the week before, is represented by member banks* collateral notes and other paper directly traceable to Liberty loan transactions. Other classes of earning assets Show decreases for the week, the reduction of Government securities being due largely to change in classification by which advances on such securities are included now with discounts. Total earning assets, as a result, show an increase of but 7 3 .6 millions* or 20*5 millions less than discounts alone. CAPITAL: Payment for Federal Reserve stock by newly admitted members ac counts largely for the increase of $134,000 in paid-in capital. Of the total increase about 1122,000 is credited to the Federal Reserve banks of Chicago and Dallas * DEPOSITS: Increases in Government deposits are shown for all the banks except New York, the latter reporting the largest increase in member bank de posits for the week. FEDERAL RESERVE NOTES: Net note issues to the banks increased during the week by 1*6 m illions♦ The banks report a total outstanding Federal Reserve note circulation of 1526,2 millions, an increase of 12 millions for the week. CONDITION OF MEMBER BANKS ON APRIL 19* 1918. Reports frord 685 member banks in about 100 leading cities indicate a fur ther increase of 62*5 millions in the holdings of certificates of indebtedness, largely by the New York City banks. Other Government securities on hand, in- . eluding Liberty bonds, show a decrease for the week of 2.3 millions* Loans recured by Government War obligations decreased by 10,9 millions, the larger decline shown for the banks in the central and other reserve cities being off* Set in part by slight increases at the country banks, Other loans and invest^ ments, while 8 millions less for the central reserve city banks, went up 25.8 millions in other reserve c itie s, the increase for all reporting banks being 24,7 millions. Of the total loans and investments shown Government securities, and loan& supported by such securities constitute 1 9.6 per cent as against 19#3 per cent the week before, Total reserves, all with the Federal Reserve Banks, show a gain of 19.1 millions, all classes of banks reporting larger figures than the week before* Cash in vault of all reporting banks fell off over 1 million, the banks in the central reserve cities reporting a decrease of 2.1 millions, demand Aggregate net/deposits increased 23,2 millions, time deposits 6 .6 millions, While Government deposits declined 140,4 m illions> For the central reserve cities corresponding changes were; net demand deposits a decrease of 6,8 mil lions; 'time deposits an increase of 4 .1 millions, and Government deposits, a decrease of 93 millions. The ratio of loans and investments to total, including Government,deposits ..dhows a rise from 108,3 to 110,1 p«.r cent, corresponding to an increase for the central reserve city banks from 104.4 to 106*6 per c^nt. An increase xTrom 13 *3 to 13*6 p&r cent is shown in the ratio of combi red cash and reserves to total deposits. For central reserve city banks this ratio went up from 14*4 to 14.8 per cent, Total excess reserves, in the calculation of which no account is taken of Government deposits, show an increase for the week from 53, 1 to 61,6 millions. For the central reserve city banks these r e s e r v e s work out at 31. 1 http://fraser.stlouisfed.org/ ____ Federal Reservemillionsi Bank of St. Louiscompared with 26.9 millions the week before* Released for publication Sunday morning April 28, 191S. Hot earlier ^*9^ . 3TA.TIMEHT OF COJffilNED RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APHJ.L 2b, lyla* R E S O U R C E S April 26, 1918 April 19, 1918 Gold Coin and certificates in vault 4g6,820,000 488, 829,000 311 , 798,000 Sold settlement fund - F.R.Board 439,1*77,000 413 , 819,000 • -207,920,000 Gold vsith foreign agencies 52,500,000 *52.500.000 -c)r Total &old held by banks 978,797,000 955, 148,000 ' ’5 a Gold with Federal Reserve Agents 824,218,000 354,822,000 l\ 2 2 , X) Gold redeemtion fund 23 , 985,000 23 , 179.000 ■^.5.18i.QQP Total gold reserve -1 , 827, 000,000 1 , 833 , 149,000 945,141,000 legal tender notes, silver, etc. 63,945,000 65, 158*000. . Total reserves j 7H3 1 , 890!945,000 . 1 , 898, 307,000 Bills discounted for r^rioers and banks 902*IS ??,000 SOS,0^5,000 3 5 j043 >0u Bills bought in open market 3 0 2 ,4 ^ .0 0 0 308,277,000 „ ..7.1>ffij.,0g?, Total bills on. hand %i\d 1,204,587,000 1 , 116 ,322,000 106,443,000 U.S.Govemnient long-term securities ' 41,446,000 46,675,000 36 , 223,000 U* S* Gove rnr>ient short ~terei securities 37,407,000 46,295,000 81,595,000 All other earning assets 2,722,000 3,293-.000 . 1.5,i^ 3 .i.OQO fotal yarning assets 1,286,162*000 1* 212,5^5>000 239*^64,000 Ih*a from other F.R. banks - net 10,314,000 479,000 132,000 Uncollected items 378,531.000 387,176,000 204^842 ,000 Total deductions from gross deposits 388,845,000 387,655,000 204,974,000 5# R^&fflowtion fund against I‘»R. bank notes 528,000 409,000 400,000 _______359.000 _______ 261,000 — —5j.553.tQ00 All Qthar resources T02AL EJSOUBC1S 3,566,839,000 3,499,217,000 1,425,872,000 L I A B I L I T I E S Capital paid in Sujjilias Government deposits Due to menibers - Reserve account Collection items Other deposits, incl. Foroi^n Government credits Total gross deposits F. R. notes in actual circulation S»- R» ?W!sSfc.*»£>'$*$\%ft circulation - net liability A*1 otiw liabilities w m LIABILITIES Batio Of gold reserves to net deposit and F.R. note liaM 2&ties combined at total reserves to net deposit and F.R. note liabilities combined ' 74, 829,000 74,963,000 1,134,000 130,668,000 1,497,416,000 75,499,000 1,469,860,000 235,174,000 8 i .890.000 1,945,148,000 1 , 526»232,000 7,895,000 11,467,000 3,566,839,000 256, 220,000 88, 322,000 I 99,689,000 719,785,000 129,032,000 _________ 948,506,000 420,509,000 1,889,901,000 1,514,287,000 7,895,000 11,171,000 .... 448,000 3,499,217,000 1,425,872,000 5 9 .3 $ 60. g# 61-3$ 6 2 .9 $ Ratio t 56,409,000 1,134,000 8 1 .2 $ Heleased for publication Sunday morning April 28, 1918 Not earlia*WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF TBSHSBEML HESEK935 MHKS Af CLOSE OF BUSINESS APRIL 2$, 1918- X-905'o (In thousands of dollars.) R E S d V R C E S fioW cola certificates in vault Gold setttaaent fund - F.lLBoard with foreign agencies Tofca.1 ^eld held by banks Gold with Federal Reserve Agents Gold redemption fund Total gold reserves Legal tender notea, silver, etc. Boston New York Phila. Cl eve 1. 9,833 , s 340,841 8 5 ,7 7 4 9 ,1 8 5 43,393 3 0 ,5 39 83,376 48,211 1,997 133,584 444,727 56,253 69 86 208,827 10,000 82,744 230,317 ___T.* XfeJL 84,997 92,292 19,428 __ . 25,088 29,880 33,832 1.409 1357,428 --LJ.Jt.JLZ..- 107,351 138,432 21,041 33,408 1,542 55,991 1,028 1.571 50,336 60,329 247,354 1,888 5,069 _ . 393. 1,102 173,449 , 50,729 61,431 252,423 57,879 5^,212 **7»333 20,€51“^0 88,553 43,656 8 ,-%52j m 48,002 .11,381 20,628 . 5,177 78,840 52,510 29,403 136,555 55*037 7,788 7,684 727 1,233 2,233 4,072 11,004 1,226 511 1,523 291 ....... m .. _____ H3P 97,^32 55,266 31,^89 148,741 58,072 16,349 1,345 3.365 32,552 25,631 19,974 49,821 31^622 66,170 31,622 32,552 26,976 23,339 f ** * #« %* * « #* 257.784 308,633 132,971 Minn. Kans.Cy. Dallas San Fran. 28,676 1,?62 16,680 71,325 17 ,1 79 235 4, 95s 31,100 13,180 33*567 1 0 ,3 4 5 17,277 6,833 2,500 397 663,554 141,497 177,686 4 7 . 4s 4 ..1,450 763 Total reservea 135,658 711,03s 142,947 Bills dis.for members & F.E.Beuiks 54,307 434,256 35,351 Bills bought in open r.mrket 16,606 121,027 26,303 Total bills on hand 6 l , 654 70,913 555,283 XI.S.Gov*t. long-term securities 861 1,594 2,029 U.S.Gov* t* short-term securities 1,421 4.163 2,319 Ajx other earning assets truing assets 67,846 ? 3,195 559,196 18 ZN* ft&H other F.R. banks - net 7,393 21,446 „ j a i i * 4 ., 39,242 tfecollected items 21,464 total deduct.from gross deposits #7,194 46/635 55& Kedecjj.fund against F.R.ISc.notes •All other resources __ i § 6 . TOTAL RESOURCES 49,733 Richm. Atlanta Chicago StLouis 6 ,4 3 5 1 1 ,1 5 6 . "_J L _ 116,262 m* 9 %« ♦ 467,334 • • *. 1 6,423 .. 31,703 35,089 1,311 68,103 361 68,464 14,591 11,546 26,137 2,005 1,934 301 30,377 3,931 7,797 11,728 36,427 45,158 813 82,398 292 17.141 14,261 1,263 51,265 62,084 -, 15^ 32,665 113,503 2,709 360 82,690 35,374 113,863 43,912 26,167 34,999 4,555 21,490 7,132 51,044 30,722 56,489 8 , 862 2,461 3,969 4,645 2,632 1,957 121 1.349 97 64,672 38,672 61,004 3,148 8,573 25,371 20,711 17,170 28,519 20,711 25.743 .391 137 • «t •• • # • * •• 147,573 110,569 176,272 94,894 200,610 L I A B I L I T I E S Capital paid-in 6,444 19,699 6,909 8,504 3,792 2 ,9 64 9 ,7 U 3,509 2,765 3,444 2,917 4,305 Surplus 75 649 .................. 116 4o 216 ... 38 Government deposits 12,858 8,448 9,408 19,050 7.069 4,496 17.767 11.273 6,037 10,459 3,6 05 20,198 Due to members, reserve account 91,586 667,602 8 8 ,4 52 112,321 42,680 37 $02 186,812 51,105 41,235 70,75® 39,518 67,545 Collection items 17,088 52,733 31,939 24,041 17,638 12,405 22,638 19,316 5.508 11,526 8,802 11 , 5% Due to other F.R.Banks - net ... 25,074 ... 3,542 ... ... ... 961 ... ... 4,231 Other depos.incl.f or.Gov11 .credits ... 75.815______ __________ 178 __________ 14 2,077_______ 33________ 22 ••______ . . . 3,745 *otal gross deposits 121,532 829,672 129,799 159,132 67, 3 8 7 54,717 229,294 82,694 52,802 92,743 56,156 163,028 F .R . notes in actual circulation 101,467 500,640 121,076 140,236 6l,580 58,5**1 227,155 60,867 5^,731 71,330 35,622 92,987 F.R. Bank nates in circulation - net ... ... ... ... ... ... ... ... ... 7,895 --* ... Total 4s6,820 439,4-77 . .j'-riuy:r 978,797 824, 21S 23,985 1827,000 63,945 1890,945 90^188*3C2 .W * 1204,587 41,446 37,407 2,722 1 2 s l,l6 2 * 10,314 >78,531 388,845 528 .......... 3 5 9 3566,839 74,963 1 134 13o',668 1497 416 235,174 81 890 1945'148 1526*232 7 ,8 95 lia b ilit y All o*h*r liabilities fo n t LIABILITIES 799 _ 6 iI 68______ __________ l6l_______ 96______ ^ _______ 958______ 5 0 3 _ ... 233860 199 290 n ,k £ 7 230,317 1357,428 257,784 308,633 132,971 116,262 467,334 147,573 110 , 569176,272 94,894 200,610 .. 3 5 6 6 ^ 9 * Difference between net acjounts due from and. net <a,i.iount3 due to other Federal Reserve Banks. Released for publication Sunday morning April 28, 1918 Not earlier STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS APRIL 26 , 1918(In thousands of dollars.) New York Phila. FEDERAL RESERVE NOTES Boston Received from Cocptroller Returned to Comptroller Chargeable to F.R. Agent In hands of F.R. Agent Issued to F.R.Banks less amount returned to F.R.Agent for re demption 145,160 834,880 25.909 . 172.973 Clevel. Richm. Atlanta Chicago StLouis Mirua. X-905c Kans.Cy. Dallas San Fran. Total 119,251 661,907 15,040 115.800 182,200 27,796 154,404 26,540 178,760 98,140 91,620 304,000 86,900 73,980 100,700 68,500 lll,S 60 15.8_5.5_ i J u s a L ....&JXZ 13.828 19r320 15.052 13.913 I I .870 12f550 84,845 53,674 103,148 164,932 78,820 76,568 290,087 75,030 61,430 •• « 7.760 17,210 18,440 6,200 16,395 47.480 7.080 5.495 2276,700 3 52 ,..604 1924,096 104,211 546,107 127,864 146,492 36,464 103,148 1640,656 Gold coin and certificates on hand 31,000 Gold redemption fund 5»7H Gold settlement fund F.R.Board 11,500 Eligible paper, minimum required 56,000 Total 104,211 173,251 10,576 • 11,581 2,096 2,798 584 34,542 22,203 67.950 ..55,.215 .. 7LtP85.._ 36,464 5,688 245,954 50,521 56,396 41.064 1.02,148 816,438 1640,656 47,244 30,722 ^5,319 1170,359 77.085 5.755 36,464 842 103,148 10.l6l 1640,656 114.424 71,330 35,622 92,927 1526,232 72,620 60,173 242,607 67,950 55.935 77,085 283,440 COLLATERAL HELD AS SECURITY FOR OUTSTANDING NOTES: AM OUNT * 14,517 7,775 ••• 2,503 2,259 • •• 13,102 2,010 2,487 1,880 456 70,000 28,000 29,070 137,976 31,398 19,500 6,785 75,959 337,280 ..45,120 546,107 127,864 54,200 1U6 J &2 72,620 26,341 104,175 60,173 242,607 57,638 78,840 50,859 26,608 133,445 49,885 23,603 25,000 OF ELIGIBLE PAPER DELIVERED TO F.R.AGENT: 70,913 555,283 42,740 42,360 20,846 . 31,927 *»* 527,7^3 M E M O R A N D A FEDERAL BESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION F.R. notes outstanding F.R. notes held by banks F.R. notes in actm l circulation 51+6,107 127,864 146,492 72,620 60,173 242,607 67,950 55.935 2,744 45,467 6,788 6,256 11,040 1.632 15.452 7.083 1,204 101,467 500, 640 ' 121,076 140,236 61,580 58,541 227,155 60,867 54,731 104,211 DISTRIBUTION OF BILLS, U. S. GOV'T. SHORT TERM SECURITIES AND WARRANTS BY ivJATUBITIES. V<rithin Bills discounted and bought U.S.Gov’ t, short-term securities t^unicipal warrants I 15 days 16 to 30 days 673,064 194,238 5,719 40 6,621 31 to 60 days 217,535 4,248 513 6l to 90 days 106,431 6 ,4 5 4 Over 90 days Total 13,319 14,365 1,204,587 37,407 1. 554 Plea sed for publication S-unday morning April 28, 1918 . .* .m n w SHOWING PRINCIPAL u5 Not earliftr LIABILITY H B B O T n BANKS LOCATED IN CENTRAL BESERVE, RESERVE AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS APRIL 1918. reporting banks in each district. (In thousands of rinl i a ™ .) Bostcin New York Phila Ho. reporting Links Boston New York Phi la. Cl eve. Richa. Atlanta Chicago St.Louis M im . 39 U.S*Bonds to secure circulation Other U.S.Bonds including Liberty Bonds U*S%Certificates of indebted- 1*,621 10,702 98 48 93 32 23,368 1*,895 19,7*2 17,37* 5,698 14,005 16,082 35,399 267,795 35,399 11 , 58* 6,154 10,109 10,178 16,083 341,298 93,393 37,781 17,518 37,091 20,372 50,5U l , *97,677 46,632 101,993 2, 106,770 28,845 8,609 2,495 2,955 344,825 27,824 291,716 1,3**, 2*7 26,036 1* 2,709 15,688 1*,328 62,322 273,308 212,714 1 , 062,040 **,655 83,307 346,241 371,630 7,204 77,167 20,462 ^ 36,565 18,408 13,020 <? • • iotal U.b. securities Loans secured by UiS. bonds, * 0,786 1,006,120 1 , 006,120 72,12* 72,124 i^*786 66 . 10Q i1.,?218,801 i * j?m a£ 66,109 96,136 71,608 im 21,985 28,388 Ai?tCIi. All other loans and invest ments Reserve with F.R.Bank Cash in vault Net demand deposits Time deposits Government deposits 38,050 38,050 63,761 56,303 21,271 37,230 12,737 722,683 * , 028,915 609,5*7 60,897 603,777 59,7** 2*,488 126,150 20,917 631,738 *,392,772 596,066 79,476 294,823 1*, 796 *6,o4l 3^8,759 * 6,207 Total 38 11,031 11,031 153,849 153,849 Dallas San Fran. 67 50, 6l 6 12,981 162,065 162,065 Kans.Cy. X-Qo^ 5, 1*7 5, *32 32 70 1* 8, 53* 66,739 29,370 61,205 52,337 228,292 36,*05 19,667 9,561 13,9*3 273,602 184, 56s *7,038 11,035 4l 4,276 *7 * , 70* 685 320, 16s 450,999 176,929 * 80,065 9,985,73* 41,746 16,557 392,522 55,978 15,1*7 *9,136 1,167,175 20,175 370,36* 153,618 378,103 9,247,487 24,684 103,686 1,397,596 10,620 426 633,621 16,58? 10,579 2. Data for took* in each Central Besenre City, banks in all other reserve cities and othar reporting banks. * No. reporting banks .. .e^ A°r -T m i cc a hicag? St.Louis Total Cen.Res.Cities Reserve Cities ] ^ pri3; 15 APril ^ P ^ i l 1$ Aprii 1$-April 12 %■*> 3 U Loans secured by U .S.bo nds.et!** 1 § All other loans and in v est Beserve with f.b. bank Cash in vault Net denand deposits I i » deposits Governriient deposits } ik f’fkl ^ 7 ’7^ 3'S h ’? S 3 * S f ,S I ?7? ' ^ 7 ). iS’IS 1 112»51* 2® 5 2 fIS'llu 3 29,93* h^h lVn 404,710 I f i?*?S M S 17,757 6' 621 l6 ° ’ 001 1 ‘ 2U3*?°3 X?2 ’ 63S ^*978 136»°95 &SS 673,169 Country Bank$ Total Aprii l9~April 12 April 19*-APril 1 2 I ? ,95 A S : i g , « 129,251 129,510 2,106,770 2,046,582 137,985 2 *,072 20,464 320*168 331.087 753, 9^0 *,761,970 *,*57.195 *,*31,387 77*,599 767,656 9,985,73* 9, 961,013 701,*50 690,085 4i4,325 *>6,766 51 ,*100 51.210 1,167,175 1,1*8,061 159,528 161,620 176,028 175,521 3*,80g 3*,29* 370,36* 371,*35 19? 'is° I*'??p-97S ‘‘•??9.7»t6 3 . 627,901 3,585.295 626,608 639. 2U1 9.2H-7.HS7 9.22U.2S2 T i'f * 7SS.504 781.81*5 l61t.8l(0 168,973 1,397.596 1.390,9>t6 39 , 1*5 17,328 386#*07 *79,395 224, 4o4 265,329 22,810 29,312 633,621 774,036 * £ '% !! 2Sh’ kz5 ^ ?9,97* 38,593 27,279 7,652
@FedFRASER