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• • Re-laas od for publication Sunday r-iomm: August 5> 1917* x-3 io Not earlier STATEMENT FOR THE PRESS August 4, 1917 * Transfers of government funds from ths interior to New York and Washington and large advances through the Hew York Reserve Bank to the Allied Governments of Great Britain, Italy and Russia are tho main factors accountable for the changes in the condition of the Federal Reserve Banks during tho week ending. August 3« Most of the funds paid out to foreign governments apparently wero deposited with Sow York member banks and by the latter redeposited with the Federal Reserve Bank* Those operations account probably for the lar ger part of the increase of 71*4 millions in member banks1 reserve deposits shown by the New York Resorve Bank* Acting as fiscal agents for tho government the Resorvo Tanks redeemed practically the entire balance of outstanding U* S* certi ficates of indebtedness, by far the larger portion having been sur rendered previously in payment for Liberty bonds# Some 10 millions 0 these certificates held by the Reserve Banks themselves were liquidate ted. The New York bank reports net liquidation of 22*1 millions of acceptances and of over 7 millions of discounted paper* The reserve position of the banks is slightly stronger than the week before, hw note reserve percentage for the system showing a gain of over 5$ fol lowing the substitution by the New York Bank of about"29 millions of go or an equal amount of paper held by the agent as collateral for outstanding reserve notes. All the other reserve banks, following the rather heavy withdrawals of Government funds show substantial decreases in reserves and, with the exception of St* Louis, also in Government deposits* Discounted paper on hand shows a decrease for the week of about 7«5 millions, New York and St* Louis reporting the largest reductions in the amounts of discounts held. Total holdings of collateral notes are 44*0 millions as against 5 2 ,4 the week before, while the amount of collateral notes secured by U« S# securities, included in the abovo totals, declined from 12*7 millions to 9 .2 millions. Addi tional decreases of about 21 millions in the holdings of acceptances and of 10.4 millions in the amount of U. S. certificates of indebted ness held more than account for the decline of 37*7 millions in the total earning assets* Of this total, acceptances constitute 46*5 per cent; discounts 35 r>er cent; U. S. securities 18.2 per cent and warrants 0*3 Ver cent. The ratio of total earning assets to paid-in capital shows a decline from 712 to 647 per cent. Acces^on to tho system of the Northern New York Trust Company of fetertown/JN» Y#, also of the International Trust Co* of Denver, Colorado, is indicated by tho increases in capital account reported by the New York and^Kansas City Reserve banks. Tho Kansas City Reserve Bank reports a liability of $2,828,000 on its bank note circulation as against $2,459;000 the week before* No liability attaches to tho Dallas bank upon its bank notes in circulation, since sufficient funds are on deposit with the Treasurer for the redemption of these notes* Federal Reserve- Agents report a total of $590, 389^000 of reserve notes outstanding, an increase for the week of $5,925,000. Those notes are secured by $467,845,000 of gold and $ 133 , 478,000 of paper, Thu banks report an actual reserve note circulation of $540,785,000, a gain of $6 , 770,000 for the week* Released for publication Sunday Morning August 5, 1917* S T A T E M E N T R E G o l d S O U c o i n R a n d G o l d s e t t l e m G o l d w i t h o l d w G o l d i t h B i l l s f u g o l d p t i o n T o t a l g o l d e n b y s i l v b M i n o p e n i i l s o n e m m l o U . S . G o v e r n m e n t s h o r t - M u n i c i p a l w a r r a n ^ T o t a l o t h e r ^ C a p i t a G o v e r n m l i t e m S 0 $ 4 , 1 5 3 , 0 0 0 . ^ 0 0 , 0 0 0 0 , 4 3 8 , 0 9 4 7 , 8 4 5 , 0 0 0 , 3 0 0 9 . 0 6 4 0 0 9 0 1 7 U . e t e m t . .................................................................................... ................................ s e c t e r m u r i t i e s e c u R . n B e a k s - f r o m F . R - N o t e s F . R B a n k A l l T o t a l p N g r o s s d e p o F b a n k . R . , 7 3 9 , 0 0 0 2 . 5 0 0 , 0 0 0 1 9 , 0 0 3 , 0 0 0 3 4 , 1 9 9 , 0 L I A G o l d r e s e r v e G o l d a n d G o l d r e s e r v e l a w - d e p o i n n N C . I L I T I E m l e a r i n http://fraser.stlouisfed.org/ » Federal Reserve Bank of St. Louis u l a t i o g o u n t n n , i n c l u d i n g a c c o u n t - - . . , 4 1 9 5 , 0 9 1 4 , 7 7 , 0 5 9 4 6 , 0 8 , 0 0 0 ( a ) - , 9 9 8 , 4 n e t l i a f o r e i g n 5 7 , 6 . 7 0 1 , 3 9 b i l i t o v , 0 5 , 1 7 , 0 0 2 , 0 1 n e t d e p o s i t r e s e r v e F . R d u e . F b a g a i n s t n o t e s t o l i a . i n R . i l i t n e t a c t u a l B a n k s . i e y s , 9 e 9 d 8 i t s , 4 4 4 , 0 0 1 0 2 1 0 1 9 2 1 , 8 2 , 2 8 7 6 , 0 0 9 , 0 2 5 , 4 6 4 , 0 0 0 * . 2 6 , 0 3 4 9 . 0 0 0 4 0 1 , 7 5 , 8 0 0 0 6 . 0 4 , 0 ' 0 2 4 , 0 1 , 2 . * 3 2 . 0 5 3 , 0 4 3 l i a b 3 7 7 , 8 , 0 3 0 , 0 0 1 , 0 8 2 , 0 * 1 * 3 7 1 2 , 0 2 i l ’ s . 6 2 , 1 8 4 , 0 0 0 , 2 8 4 , 0 3 7 9 , 5 6 3 , 0 . 0 0 5 2 , 0 0 0 0 , 4 1 5 , 0 0 0 , 5 1 9 . 0 0 0 9 5 ^ , 3 3 7 0 2 , 8 , 9 , 7 8 2 8 5 1 , 2 3 0 0 3 5 , 8 1 8 , 0 0 0 , 9 7 7 9 - , 0 7 4 0 1 , 4 8 , 0 0 1 9 , 9 1 6 5 2 7 , 3 4 7 1 1 . 6 9 9 . 0 5 0 , 0 9 1 7 5 7 , 1 2 5 , 0 3 9 , 0 4 0 0 0 0 0 9 , 9 3 4 , 0 0 4 8 , 0 3 7 , 0 0 0 7 , 9 2 5 , 0 0 0 1 9 3 , 2 ? 1 , 0 0 0 4 7 , 0 0 0 4 7 , 0 0 0 1 9 , 9 0 0 0 6 , 0 9 , 0 0 0 0 , 0 _ _ 2 7 3 , 6 5 0 , 0 0 0 0 0 0 4 5 O . 0 5 7 ^ 0 0 0 0 0 0 4 . 4 l l ! o O O 5 , 1 4 8 , 0 2 0 0 0 5 , 1 3 5 , 5 , 4 4 7 5 6 , 0 , 0 0 7 , 8 2 5 , 0 0 0 5 0 0 0 , 0 0 0 0 4 , 0 , 0 0 0 0 1 0 , 4 5 0 0 . 6 $ 1 $ 8 8 . 2 ^ 7 2 3 0 0 0 5 7 , 1 2 5 , 0 0 , 0 8 8 , 0 0 4 4 2 2 7 0 5 4 0 0 9 1 6 . 5 6 , 6 0 7 , 0 0 0 5 , 0 4 , 0 0 0 3 1 2 ^ 9 7 6 * 0 0 0 0 0 0 , 1 * * - . 0 0 0 . 8 1 5 0 8 , 0 5 0 0 0 7 0 , 2 4 2 1 0 6 3 1 1 , 0 . , 7 3 1 4 4 0 0 8 . 3 0 0 1 . 1 . 1 0 1 . 0 0 0 0 0 , 8 0 0 0 0 0 6 1 , 4 0 0 , 2 6 6 1 1 , 1 0 6 , 0 0 0 , 0 1 . 0 , 0 0 5 5 6 , 7 6 5 , 0 0 0 5 , 3 1 0 0 3 , 0 2 0 . . c i r c u l a t i o n - 0 1 5 0 2 .......................................... d e p o s i t , 9 4 9 2 ^ 0 0 0 4 0 0 2 4 1 0 , 4 0 0 ................................. r 0 9 1 9 1 3 , 1 2 5 6 , 4 3 7 , 0 0 0 3 . 0 8 0 A U G U S T '3 4 , . 2 7 B U S I N E S S * 4 5 . . ................................. t . c O F A u g u s t 1 9 7 , 0 0 2 ......................................... G C L O S E $ 1 ............................................................................................. S o n e y a s a i n s t a m 0 2 8 ...................................................... .... e t ........................................................................ c i r c s a g a i n s t N a t , 4 3 o t e s ............................................... a c c o u n t .................................................................................................1 - c i r c u l a t i o i l i t i e f u l 0 0 0 0 6 1 s i t s .................................................................................................................................. a c t u a l B , 0 0 3 , 0 , 0 3 3 1 n o t e s b 7 , 3 .............................. s g r o s s l i a 6 s i t s ......................................................... 1 b a n k s d e p o s i t s i n 1 8 3 0 0 A T 0 5 3 e t ............................................................... .................................. c r e s e r v e b e r i t e m 8 , 0 0 5 s ............................. ......................................... t s ......................................................... ................................... . a g a i n s t f - e m , 9 4 , 0 0 s .......................................................................... r i t i e 6 4 5 3 0 B A N K S ‘ 0 , 7 1 a r k . . . ........................................................................................................ ......................................................... b a n k o T O T A L 0 R E S E R V E 2 7 . ........................................................................ s . ................................................................................................................................................................... T b e r s C o t h e r F E D E R A L ...................................................................................................... s i t s .............................................................................................................................. ............................... n o n - m ) t c , 0 2 ................................................................... o m ( a . . ..................................: e 5 8 6 - 8 5 4 .................... ............................. , 7 * 0 g e n n t o . - 9 9 i t o b e r 9 8 e r , T W E L V E J u l y k s .................................. .... ............................................. ........................... d e p D u e l l e c t i o . f u n d T D u e M e m l t ................................................................................... $ 3 t s .......................................... . T H E 1 a s s e d e d u c t i o n s p a i d n u r e s o u r c e s ..... .... ..................................................................... . f e F p t i o n T a O F 1 9 1 7 - X-310a t s .................................................... .... ......................................................................................................... i t e m T o t a l T v I E S 3 , b e r s .................................. ................................... ........................ .............................. n g - e a r n i n g n c o l l e c t e d T I L I T h a n d ....................................... ............................................................... ............................... e n t o t h e r B 1 - G o v e r n m i l L I A earlier. r e s e r v e s . A A r e s e r v e s - S r e d e m b a n R e s e r v e . 5 % i n f u n d .................................................................................. n o t e s , b o u g h t f r o m A N D c i e s .................................................................................................. ........................... U D u e R E S O U R C E S n d ........................ ..................... ........................................................................................................... h e l d d i s c o u n t e d T o t a l U E I N E D A u g u s t a g F e d e r a l r e d e m T o t a l i l l s C O M S c e r t i f i c a t e s e n t [ , e g a l _ t e n d e r B E f o r e i g n T o t a l G O F C Not 9 0 , 6 2 5 , 0 . . . , 8 5 0 , 0 1 5 5 9 , 0 , 4 , 0 , 0 0 0 0 0 0 0 0 0 0 5 1 4 7 , 2 3 5 2 , 7 8 7 , 0 0 0 , 6 2 0 1 2 6 6 9 , 0 , 0 0 0 0 7 - 7 8 . 8 $ 8 ^ - 4 . 6 $ 6 8 . 9 $ ? 1 0 $ 1 $ 1 0 7 - 4 $ 0 0 , 3 7 5 , 0 0 0 Released for publication Sunday morning August 5, I9 1 7 . Not earlier X310b WEEKLY^TATEMEW OF RESOURCES ASD LIABILITIES OF_EACH OF THE FEDS5AL RESERVE BANKS AT CLOSE OF BUS!NESS AUGUST 3, 1917R E S O U R C E S (in thousands of Collars) Boston N.Y. Phila. Clevel. Richm. Atlanta Chicago St.Louis Minnls- Kas.Cy. Dallas S.FranTotal Gold coin and certificates in vault $2U , 88U 202,722 16,323 Gold settlement fund 1 U,U 67 32' lkl 6' U83 7 ^295 110,353 4,703 18,896 8 ,7 H 399,785 7,741+ 255,667 10,482 35,790 22,25 8 2,339 27,08 2 20,698 Gold with foreign agencies 34, 210 3 21+8 9 , 6 Uo 1 +38,153 8,995 -3,675 18*112 Total gold held "by "banks 100 2,625 1,838 2,888 52,500 36,303 U76.501 36,358 73,262 30,578 11,209 74,785 27,501 27 , Ul8 1+5 , 51+6 19,563 31 , kzk 890, 1+38 Gold with Federal Reserve Agents 21+,890 202,670 32,904 30,876 7,483 18,778 59 , 231+ 1 U, 891 21 , 3 U9 14,588 Gold Redemption Fund li+,095 2 6 , 0 8 7 1+67 , 81+5 ^ 00. -5,.g5P. 1+50 22 880 238 361 388 Total gold reserves 528 514 21+5 12 3*399 61,693 68U, 1+21 69,712 10U, 160 38, 9i+l 30,350 13^,257 1+2,780 1+9,295 60, 61+8 1 tender notes, silver, etc4.367,673 33,893 57,523 314 1.347 1+28 170 J * 3 8 !--39, ,760 3,246 2,681 3S6 1+1+0 Total reserves 53,709 65, 271+ 723,735 71,059 104,588 39,111 31,110 137,503 1+5 , 1+61 1+9,651 61,088 ^ .2 9 1 Bills discounted - Members 57,618 3,1+21, 382 16,252 11,855 8,999 9,966 14,575 4,851 19, 86U 8,330 10,752 10,287 Bills bought in- open market 130 , 91+8 5W 30 --73*687 16.557 ' 16.595 U ?qd ^68 23.825 3, 81+ 1+ Total bills on hand JJQ_ . 1.1,756 . 2*„li3___ 4 ^ 2 174,183 32,228 85,5112 25,556 26,561 18,865 5j 819 1+3,689 12 , 17 U 10,882 22, 01+3 U.S.Government long-term securities 7,893 13,879 305,131 701+ 11,376 2,255 U.S.Government short-term securities 8 81+9 1 2,805 5k3 5 ' 318 3,970 2, 1+55 1+2, 1+22 1,859 2,194 3,538 2 , 51+8 . 2,865 1,969 1,491 3,361 1,444 Municipal warrants 1,3140 1,781+ i,i +30 1,500 25, 1+61+ - ■• V---- i-r« ... 106 1.0Q7 . Total earning assets 1+6 1^ 34,952 91,885 28,759 36, 441 21,986 8,011+ 58 , 1+26 Due from other F.R. Banks - net 1U,081 32,676 1 3 , 3 3 9 371 +, 266 6,115 9,478 3, 88U 3 , 01+2 31,318 l+,029 Uncollected items 1,201 8 , 910 c ; £*••4, 746 14,481 1+3.202 28.782 2 ^ 4 1 28*21+0 Total deductions from gross deposits 13 ^ 72 . 6,670 I2L 0 58 5^ Redemption Fund ag*st F.R,Bank notes 11+, 673 6,670 17,863 201, 801+ All other resources 1+00 100 500 16 68 64 TOTAL RESOURCES 16 218 1+92 120,822 858,822 138,078 159,201 7 7 , 5 W 51,587 255,487 76,912 70 , 77 ? 108,853 a b i l i t i e s 5 5 ,5 H 93,315 *998,41+1+ CSPftal paid in 12,091 5,135 5,277 6,365 3,444 2,387 7,465 3,267 Government deposits 57,881 3,197 6,662 6,338 206 5,497 8, 1+1+5 b-716 11,318 l+,088 Due to members-re serve account 4 , 7 8 9 70,603 515,81U 66,053 98,344 36, 51+7 25 , 601+ 147,992 1+3,066 Due to nonmember banks-clearing acc*t3 6 , 8 0 1 65, 22 ? Collection items 12,269 26 , 71+3 n ,0 7 3 2 9 2 7 , 5 5 5 Due to other F,R. Banks - net 2,826 67.268 132,053 Total gross deposits 656 88,338 628 01+2 91,100 115,11+8 2 9 , 1 8 0 1 7 8 , 2 8 6 F.R.Notes in actual circulation 77,994 6 5 , 8 3 8 27,016 216,321 41 , 1+71 37,688 2 0 5 .2 0 6 9 2l+, 61+1 2l+, I+ F.R*Bk«Notes in circulation,net liab2 3 4 9 1 * «■ »■ * «« • All other liabilities including foreign 2 Government credits 2 , 1 6 8 36. TOTAL LIABILITIES -- *** »** 9 2 976 , * 3 5 , 1 8 1 + 9 , 4 8 7 , 1 5 , 2 1 4 . 2 7 2 2 5 , 8 7 3 1 7 , 8 3 1 + 7 1 1 . 1 4 8 1 8 2 , 5 2 3 3 , 0 3 5 2 5 , 7 1 2 1 1 , 8 7 9 • 2 4 , 8 1 + 1 , 1 1 , 3 0 7 1 0 , 8 1 8 1+, 1 8 , 9 7 6 3 • 5 5 5 , 8 1 0 1 8 , 2 8 6 « « , 2 4 0 * , 7 0 0 1 8 , 9 5 6 3 9 , 5 0 4 ♦ « 5 , 9 7 , 3 * 7 4 3 2 56,765 1192,887 3 9 0 3 , 3 2 7 i ! l 83 3 6 * * » 7,055 5 4 , 7 0 9 , < m , 7 1,391 2 , 3 4 . 3 7 7 1 8 . 3 7 8 1 , 8 2 8 + 3 9 5 3 4 0 2 , 9 7 4 , 7 8 5 , 8 8 2 - 3 3 3 . - 2 3 6 . (a), Difference between net amounts due from and net f o u n t s ^ u e ^ o 'o t L r ^ F .5^ 1 BanV?7 255,U87 7 6 , 9 1 2 70,774 108,853 93,315 1998,1+i+U 5 5 ,5 H (b) overdraft. Released for publication Sunday morning August 5 , I 917 . Not erclier. STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS AUGUST ( I n thousands of dollars) Federal Reserve R eceived from Returned to Chargeable In hands is s u e d to Agent on F .R . for less to by for and F. redem ption With Tederal Com m ercial R. of S*Fran. Total 36,920 29,660 9 , 55 !+ 3,573 27,366 26,087 983,160 25*8.1+5.. . 25,598 18.905 ^ q o .^ q 11+, 102 11,110 981 897 2, 00U 25,130 7.682 35,038 9 , UUn ft. Uftl 169,1+90 813,670 22V 281 76.2^1+ 20 r828 • -• 3, 353 26.087 certificates 21, 210 193,705 1,680 8,965 fund Reserve paper, 2,000 Board U, 220 2,325 26,359 m inim um . 10 , 000 ..... 3 ?*..000 — 9^-3QQ. 890 239,670 10,115 39,202 IK com m ercial to Kas. Cy. Dallas 1+2,720 Agent TOTAL liverod Chicago St.Louis Minn' s . 106,220 31,100 38, 6U0 2,686 5.932 6,205 103 , 53 U 25,168 32, 1+35 ? 7,300 l+^ho 6,590 outstanding, notes required Amount Clevel. Richm. Atlanta Z & J d Q . _k 2* 2Qk-33*8/6.. 18*552-_£UZ-i+9.... hand Gold Phila- F .R . redem ption held coin Agent igirnt F .R .B a n k security Gold R. returned Collateral as F. N. Y. 1+53,160 66,900 52,000 32,980 37,180 11,290 10, 196.- ^18U... .11,787 6,931 Ui+,390 365*690 56,70U 1+5,816 21,193 30,21+9 .9*500 ._12£,,Q20, ...lk,5QQ . 2,690 .. 8, 5Q0 Com ptroller to of amount Boston $55,680 Notes: com ptroller X-3 IOC 3 , 1917 , F. R. paper 8, 816 2,060 20,000 U83 7,000 9*000. 11,020 3 , 1+1+2 1,996 13 , 3 l*Q 1+21+ 898 58,810 10,61+0 2 3 1 1 . .1Z.300 1+2, 20U 39,876 18,503 21, 71+9 9,076 18,815 2,978 99 7 6,250 2, 370 - 1,158 11,060 262,328 22, 861+ 182,653 5,937 i+, 1+96 76, 231+ 20,828 25,81+5 25,598 18,905 26,087 590,389 i+,U96 11,337 5,005 * *• 133 , 1+78 11,010 , 1+, 810 « *• 122 +,1+ .. *,-51 *' - de- A-rent 9,303 17,199 MEMO B i O 5,952 A • -Federal Rosorvo notes outstanding andI in actual circulation. F. R. Notes outstanding F. R. Notes held F. R. Notes in by banks actual circulation 3 M 90 Bills discounted i and warrants bought 15 days Distribution of Bills and Warrants bv Maturities. 16 to 30 days 31 to 60 days 6l to 90 days over __ 27,016 Within M unicipal 216,321 U2, 20U . -7.33. 1+1 , 1+71 239,670 10?,q<j6 51 39,876 18,503 21, 71+9 2.188 217 1,729 6.53U 1.892 20,020 69,700 18,936 37,688 1,028 18,286 SK&&. 20 76, 231+ 20,828 5&>506 101 25,81+5 1 . 20U 2*+,65i 25,598 761+ 2l+, 83U 90 days ^,135 1+9 18,905 527 18,378 Total 305»1^1 1 , 2*19 26,087 2.593 23 , 1+9!+ 590,389 1+9 . 60U 5 U0, 785
@FedFRASER