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Released for publication Sunday morning, August 26, 19If-* "Not earlier. ATEMSNT FOR TEE PRESS ■ A “ gust 25, • X jkj 1917 . Relatively small variations in total resources and liabilities, accompanied 1>y considerable shifting of funds... oifsOt in part by compensating movements in other accounts, are shown by the v/eckl*/ bank statement of the Federal Reserve Board, issued as at close of business Au.gust 24. 1917* Aggregate reserves were reported at 1,424 millions against 1; 4£7 a week ago* Government deposits declined from 110 millions to 60 millions..,'While aggregate deposits, including both public and those made by member banks on reserve accountj fell off from 1^424 millions to 1j 351 millions. During the week aggregate withdrawals by the New York Bank from Liberty Loan depositaries amounted to 110 millions, while at the same time there were paid out to representatives of foreign governments and deposited in national banks, 40 millions on behalf of France, 50 millions on behalf of Great Britain, and 2*5 millions on behalf of Russia* The sum of 7*5 millions was paid to the representatives of Belgium, making a total of borrowing on behalf of the Allied Nations of 100 millions* Large offsetting gains were made through an increase in non-member bank clearing accounts, from 11.6 millions on August 17 th to 3^*9 millions on August 24th* At the same time the amount of notes collateraled by United States securities fell to the lowest point thus far registered since the issue of the Liberty Loan, amounting on August 24th to 8*4 millions, as against 11 millions on August 17 th, and 9*2 millions on August Jrd» The total of collateral notes not secured by Government obligations showed a moderate decline, from 44,7 millions on August 17 th to 36*5 millions on August 24th, a shrinkage of a little over 8 millions, of which nearly 3 millions was accounted for by the decline in the holdings of notes protected by United States securities. As in past weeks, the process of transferring funds between the Federal reserve banks, in order to carry out the Government loan and disbursement operations, has proceeded actively* During the week the percentage of cash reserves to net deposits increased from 77*5 per cent to 80*6 per cent, while the change in the percentage of note reserves to outstanding circulation showed a decline from 91*7 to 86*5 per cent# From the earning standpoint, there have been only minor changes, total earning assets falling about 11 millions, from 376-2 millions a week ago, to 364#9 millions. Bills discounted fell off considerably more than this, the total change being to 128#4- millions from 143-9 millions a week ago* This de cline was in part offset by an incrrease in bills bought in the open market from 155*3 millions to 159*5 millions. Holdings of long and short term Government securities and municipal warrants continued substantially unchanged throughout the week. Analysis of the amounts of acceptances ^eld by various Federal reserve banks shows substantial declines at New York and Dallas, while the figures given for the Cleveland, St. Louis and Minneapolis banks indicate considerable net additions to their holdings during the week* There has been a further gain during the week in capital stock, large ad ditions being made in the first district through increases in the capital stock and surplus of National banks, while the admission of State institutions of con siderable resources in other districts made substantial additions to capital stock accounts at the local Federal Reserve Banks* In the aggregate, gains in capital account amounted to $ 391 ; 000, while total earning assets represented 624 per cent of the paid in capital of the reserve banks, as compared with 647 per cent for August 24th. Acceptances constituted 43*7 ?er cent of the total earning assets, while discounts were 35*^ Ter cent, United States securi ties 20*8 per cent, and warrants «3 ?er cent. The falling off of Government deposits at reserve banks was greatest in Boston, where the decline was over 10-5 millions, New York where it was more than 29 millions, and Richmond where it was about J millions. A few insti tutions like Chicago and Minneapolis held their public deposits at the old level or increased them slightly* The fact that the second subscription of the month for Treasury Certificates of Indebtedness did not close until August 25 th, pre vented the banks from feeling the pressure of demand for accommodation wiih which to pay for these securities, while the near arrival of the period Ox actual subscription for the second issue naturally led to the closing up of som's advances obtained for the purpose of participating in the first issue made during the earlier part of the month. Federal reserve notes outstanding increased by about 14 millions, rising from 613 millions on August 17 th to 627 millions on August 24th# The notes reported in actual circulation advanced from 55‘3 millions to 573 millions* There was very change in the volume of notes held by the banks, which continued at slight Digitizedlittle for FRASER ly less than 55 millions throughout the week* Federal reserve agents held 488 http://fraser.stlouisfed.org/ FederaltReserve Bank of St.~ Louis old and_146 in ■nn-nftr n^aing-h mvhst.pnHin? V , ft. vi 11 *innfl_in . .... •. . X-3U7-a Released for publication Sunday morning, August 26, 1917- Not earlier. STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKSAT CLOSE OF BUSINESS AUGUST 2k, 1917 * R E S O U R C E S August 2k, I 9 17 . August 17, 1917* August 25, 1915. Gold coin and certificates in vault ................ ........ $ 426,751,000 Gold settlement fund....................................................... 397*067,000 Gold with foreign agencies.......................................... 52.500.000 Total gold held by banks.................................... . 876,318,000 Gold with Federal Reserve Agents............................. 488,53^*000 Gold redemption fund....................................................... 7. 175.000 ) Total gold reserves..................................................... Legal tender notes, silver, e t c . . . ............................... Total reserves.......................................... ................... Bills discounted - Members........................................... 128,407,000 Bills bought in open market.......................................... 159,557.000 Total bills on hand ................................................... U.S.Government long-term securities......................... . U.S.Government short-term securities......................... Municipal warrants......................................................... Total earning a s s e t s ......... .................... ................. Due from other F. R. Banks - Net................................ 243,000 Uncollected items............................................................ 210,387,000 Total deductions from gross deposits...................... 5$ redemption fund against F.R.Bank notes................ All other resources......................................................... TOTAL RESOURCES L I A B I L I T I E S 'Capital paid- in.............................................................. Government deposits......................................................... 59,972,000 Due to members - reserve account.............................. 1,121,129,000 Due to non-member banks - Clearing account............... 32,933,000 Member bank deposits - N et.......................... ............... .....1___ 1___ Collection items.............................................................. 117,955,000 Total gross deposits................................................... F. R. Notes in actual circulation......................... F.R.Bank notes in circulation, net liability........... All other liabilities includ.foreign Govt.credits.. TOTAL LIABILITIES Gold reserve against net deposit liabilities........... Gold & lawful money reserve agst.net d e p .lia b il's .. Gold reserve agst. F.R.notes in actual circulation. ^399,198,000 410,502^000 52,500,000 862,200,000 502,588,000 9,795,000 1,372,229,000 52.540.000 1,424,769,000 $1*374,583,000 ______52.906,000 1,427,489,000 143,946,000 155.329.000 287,964,000 45,226,000 30,480,000 1,212.000 364,902,000 299,275,000 % ,1 2 9 ,0 0 0 30,552,000 _______ 1,223,000 376,179,000 11,688,000 210,704,000 210,630,000 500,000 liq.000 2,001,140,000 58,484,000 242,392,000 500,000 _______ 1.882,000 2,048,442,000 ’ 58,093*000 110,110,000 1,130,817,000 11,637,000 _____________ 171.916.000 1,351,989,000 573^049,000 5^4/3^000 12^145^000 2,001,140,000 " 76 . 0% 80.6$ 86 . 5$ 1,424,480,000 558,782,000 4,907,000 2,180,000 2,048,442,000 72-9$ 77-4$ 91*7$ $2 ^ ,7 3 9 *0 0 0 110,951*000 -----370,750*000 163*834,000 1 ,617,000 536*221,000 12.2.65,000 548,486,000 27,032,000 82.146,000 109,178,000 46,796,000 8,205,000 37.861.000 192,042,000 21,654,000 ------21,654,000 500,000 1.541,000 726,223,000 55*3^3*000 50,099,000 ------------502,421,000 ------552,520,000 156, 345,000 1,690,000 105.000 726,223,000 69 . 8$ 7 2 .1 $ 105 . 8$ Released for publication Sunday morning August 26, 1917* Not earlier. WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE FEDERAL RESERVE (In thousands of dollars) R E S O U R C E S Boston N« Y. Phila. Clevel. Richm. Atlanta Gold coin and certificates in vault $ 229,517 29,869 Gold settlement fund 17>55 26,867 , 30,798 Gold with foreign agencies 3,675... 18,112. 3,. 675 4.725 1,837 1.575 Total ~old held by banks 47,772 364,908 59,281 88,941 38,863 14,266 Gold with Federal Reserve Agents 25,822 206,898 32,l6l 32,121 8,781 18,902 Gold redemption fund /uu 44 b02 850 tal gold reserves 74,094 574,306 92,142 121,106 48,494 33,770 1 tender notes, silver, etc. 1,204 4qi L. 724 .., 31./4p6_ 131 653 Total reserves 77,818 613,712 93,346 121,597 48, 625 34,423 Bills discounted - Members 16,959 9,762 5,950 13,691 5,690 15,327 Bills bought in open market 17.544 49,898 18,603 20.026 2,384 1,608 Total bills on hand 65,225 28, 370 25,97 b 16,075 7,293 34,503 UoSoGoverrment long-tera securities 610 1,192 2,805 704 7.918 549 U.S.Government short-term securities 2,194 2,548 2.918 3,522 3,538 1,969 Municipal warrants 131 1.055 Total earning assets 71,568 31,598 37,867 19,236 11,524 37,307 Due from other F.R.Banks - net 639 1,416 Uncollected items 1-4,441 58.652 28,539 16.714 12,417 9.421 Total deductions from gross deposits 15,080 58,652 28,539 16,714 12,417 10,837 Redemption Fund agst F.R.Bk notes All other resources 66 TOTAL RESOURCES 130,205 743,932 153,483 176,178 80,278 56,850 ^ 1 A B I L I T I E S C ^^ta l ’■'aid-in 12,123 ‘5,373 5,277 6,365 3,470 2,507 Government deposits 9,112 4,126 1,021 1,809 6,287 5,578 Due to members-reserve account 72,319 420,957 70,694 104,649 37,275 26,740 Due to nonmember banks—clearing acct. 30,924 Collection items 24,841 26,250 13,729 10,671 13,745 4,794 Due to other F.R. Banks — net 15,425 6.488 2.788 2,713 Total gross deposits 25,176 496,273 105,241 127,453 56,237 32,555 F. R. Notes in Actual circulation 29/323 224,151 42,728 42,358 20,518 21,788 F.R.Bk Notes in circulation, net liab. All other liabilities including for eign Government Credits . 2 _ -35— lit 385... ...237. / t°tal LIABILITIES 130,205 743,932 153,483 176,178 80,278 56,850 ' Difference between net amounts due from and net amounts due to other F. R. Banks. 2 6 , 5 4 4 3 * 2 1 1 7 , 2 7 9 8 , 7 3 9 6 5 4 3 4 - 7 , 2 2 8 7 , 0 0 7 5 , 6 8 4 X-jUj-b BANKS AT CLOSE OF BUSINESS AUGUST 24, I 917 . Chicago St.Louis Minnls* Kan^Cy. Dallas San Fran Total 17,092 .- ? ^5 ? '4' 25,678 7,871; 38,263 t,Q,2 ) 2u, /'S i 397,067 7.350 2,100 2 .K X K 2,625 __ l.-8jl_ _______ 52,500 93,946 32,115 27 , 06 3 . 49,357 2l7544 38, ?62 876,318 70,007 15,953 19,292 14,4-76 15,636 23,487 488,536 382 244 522 427 15 .589. L3I5. 164,197 48,450 46,944 64,355 37,607 66,764 1 , 372,229 334 52,540 3.413 1.593 3471.153 91 167,610 50,043 47,291 64,689 38,760 66,855 1 , 424,769 128,407 6,942 7,739 12,757 8,657 12, 7 2 7 ;: 12,206 19,601 2.281 1 11,504 5.461 159,557 1.985 8,657 14,118 15,008 287,964 16,396 32,358 ' 23,710 8,927 12,062 8,849 45,226 3,970 2,453 2,255 1,859 1,465 1,784 1,868 3,760 30 ,480 3,360 1,554 1,232 46 47,780 17,838 18,421- 34,343 14,811 22,609 364,902 22,253 586 458 -3,033 (a). . 243 5,076 10.739 8.905 8.118 210.387 27,354 10,011 210,630 5,076 11,197 49,607 10,597 8,905 11,151 400 100 500 10 84 339 179 70,788 110,629 78 , 488 2 ,0 Q 1 ,140 264,997 62,755 100,699 4 0 , 1 1 5 4 , 4 8 1 6 4 , 3 3 7 8 , 4 6 9 1 3 6 9 5 4 2 6 , 7 5 1 ............... 7,651 3,260 11,245 150,525 3,071 43,762 18,226 7,442 181,742 75,537 54,275 20,953 2,524 5,535 35,800 3,203 3,446 2,757 • 3,042 66,858 29,980 7,283 3,659 1,746 2,517 139 43,991 24,227 77,587 24, 344 589 37,270 22,728 3,974 5,700 61,570 263 4,798 72,331 24,394 5,473 67 264 ,997 22 46 70 , 788~110,629 . 78 ,488 — --- _____ — 62,755 100,699 58,484 59,972 1 , 121,129 32,933 137,955 1,351,989 573,049 5,473 .................... 12,145. 27001 '140 Released for publication Sunday :;iomin~, August 26, 1917* ^ot earlier. u "j • ~ • STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS aT CLOSE OF BUSINESS, AUGUST 24, 191J * (In thousands of dollars) Federal Reserve Notes: Boston N» Y. Phila. Clevel. Riclm;. Atlanta Chicago St.Louis Minn's. Kas.Cy. Dallas S. 1 Total Received from Comptroller 62,680 466, l6o 71,500 64,000 .35,840 37,180 112,060 33,700 38,640 42,720 45-920 V:, ’., 039,560 3.433 6,490 6.962 8,559 1Q,CLL 3, ilL. Returned to Comptroller 11,958 88.142 10.939 6.4^9 1 2 ,2 35___ 7.707 Charceable to F.R,A~ent 50,722 377,818 60,561 57,561 23,605 29,473 108,627 27,210 31,678 34, l 6 l 32,849 28,^8. 862,752 In hands of F. R. A~ent 14.900 126.920 15.000 13.440 2.400 6.600 27.300____4.490 5.890 9,280 9,225 --235.4 Issued to F. R. Bank less amount returned to F.R. ^ l ~ e n t for redemption 35,822 250.898 45.56l 44.121 21.205 22.87 3 81.327 22.720 25,78 8 24.88 1 23,624 28.487 627.307 _ Collateral held F. R* Agent as security for outstanding notes Gold coin and certificates on hand Gold redemption fund With Federal Reserve Board Commercial paper, minimum required ” TOTAL Mount of commercial paper de~ live red to F. R. Agent • F. R. Notes outstanding F. R. Notes held by banks F.R.Notes in actual circulation 22,210 196,805 1,612 2,000 10,093 ---- 2,362 25,579 2,114 20,000 J Digitized * for FRASER ---781 .8,000 10,000 35,822 44,000 250,898 13.400 45,56.1 I0,l64 44,644 13,406 3,338 349 69,658 2,370 12,610 1,324 14,240 840 11,760 940 4,250 1,046 11,060 2,822 204 44,121 12.424 21,205 3.971 22,87 3 11.320 81,327 6.767 6.496 22.720 25.788 10,405 24,881 13,508 16,075 3,978 11,509 6,496 269,015 25,780 193,741 23,624 --28.487 138.771 627.307 11,982 8,130 --- 146,664 M E M O R A N D A Federal Reserve notes outstanding and in actual circulation. 35^822 250,898 45,561 44,121 21,205 22,873 81,327 22,720 25,788 24,881 .,.6 , 4g9„_,_2 6 j 4 7 ___ 2^833 1,763 687 1,085 5,790 1.767 1.561 537 29,323 224,151 42,728 42,358 20,518 21,788 75,537 20,953 24,227 24,344 23,624 896 22,728 28,487 4.093 24,394 627,307 54,258 15 days 88,781 1,028 12,000 16 to ---- 3,353 14,102 ---1,497 26,990 Within Bills discounted and bought Municipal warrants 10,007 4,220 6,772 7.988 Distribution of Bills and Warrants by Maturities yL to 60 days 6l to 90 days Over 90 days 30 days 55,667 --- 96,681 II4.5 43,718 __ 3,117 J 563,049 Total 287,964 1,232
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