Full text of H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks : December 17, 1916

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Released, f o r p u b l i c a t i o n Sunday morning, December 17, 1916.

922
Not earWifcr.

STATEMENT FOR THE PRESS.

December l 6 , 19l6«
of
Gains of n e a r l y 25 m i l l i o n s i n n e t bank d e p o s i t s and/over 10 m i l l i o n s i n a g g r e g a t e r e s e r v e s a r e i n d i c a t e d by the F e d e r a l Reserve Board's
weekly bank s t a t e m e n t i s s u e d as a t c l o s e of b u s i n e s s on December 15, l $ l 6 .
Combined gold r e s e r v e s show an i n c r e a s e during t h e week of 7«3 m i l l i o n s V
In a d d i t i o n , a t o t a l of 8 . 6 m i l l i o n s of gold was t r a n s f e r r e d t o t h e Federal
r e s e r v e a g e n t s a g a i n s t n o t e s i s s u e d , i n c r e a s i n g t h e i r a g g r e g a t e gold holdings
t o $273^274,000, as a g a i n s t $187,, 840,000 held by them about a y e a r ago.
The t o t a l gold h o l d i n g s of t h e system, comprising amounts h e l d by both the
banks and a g e n t s , i n c r e a s e d during the year from $$22,727,000 t o $708,576,-

000.

As a g a i n s t an i n c r e a s e of 6.7 m i l l i o n s in r e s e r v e , t h e New York bank
r e p o r t s a g a i n of 15®6 m i l l i o n s in d e p o s i t s , o f f s e t i n p a r t by an i n c r e a s e
of 8 . 1 m i l l i o n s i n t h e balance due from o t h e r F e d e r a l r e s e r v e banks.
Chicago's gain of 4 . 1 m i l l i o n s i n r e s e r v e i s accompanied by a r e d u c t i o n of
about 4 . 5 m i l l i o n s i n i t s f a v o r a b l e balance in account w i t h o t h e r F e d e r a l
r e s e r v e banks, and a g a i n of over $700,000 i n n e t d e p o s i t s . San Francisco
r e p o r t s an i n c r e a s e in r e s e r v e of s l i g h t l y l e s s than 2 m i l l i o n s , t h e l a r g e r
i n c r e a s e i n t h e b a n k ' s net d e p o s i t s being o f f s e t i n p a r t by t r a n s f e r s of
gold t o the agent ,
Discounted paper on hand shows a d e c r e a s e of about $600,000 f o r the
week, t h e New York and Boston banks r e p o r t i n g s m a l l e r h o l d i n g s of paper
than a t t h e end of t h e preceding week. Of the t o t a l d i s c o u n t s over 12.5
m i l l i o n s , o r almost 30 per c e n t , i s r e p r e s e n t e d by advances t o members on
t h e i r own c o l l a t e r a l notes» Acceptances on hand gained about 3*^ m i l l i o n s ,
Richmond, Minneapolis and Kansas City r e p o r t i n g t h e l a r g e s t i n c r e a s e s under
t h i s head. Of t h e t o t a l b i l l s - i n c l u d i n g a c c e p t a n c e s - on hand, 46<7 P e r
cent mature w i t h i n 30 days, and 32*5 p e r cent a f t e r 30, but w i t h i n 60 days.
T r a n s a c t i o n s in United S t a t e s bonds a r e shown f o r
t h r e e banks,
t h e t o t a l on hand - 4 2 . 6 m i l l i o n s - being over 1 m i l l i o n in exceSs of the
t o t a l shown t h e weekTBfore. No change i s r e p o r t e d in t h e amounts of 1 - y e a r
Treasury n o t e s h e l d . L i q u i d a t i o n on a l a r g e s c a l e of l o c a l c i t y warrants
by t h e New York bank accounts m a i n l y f o r t h e d e c r e a s e of over 2 m i l l i o n s
shown i n the t o t a l holdings of municipal w a r r a n t s .
T o t a l e a r n i n g a s s e t s a r e a t p r e s e n t i n excess of 225 m i l l i o n s , cons t i t u t i n g about 405 p e r cent of t h e banks' p a i d - i n c a p i t a l , a s a g a i n s t 3OO
p e r cent s i x months ago. Of t h e t o t a l e a r n i n g a s s e t s 54.5 p e r cent i s r e p r e s e n t e d by a c c e p t a n c e s ] 18.9 p e r cent by United S t a t e s bonds; l6*7 per
c e n t by d i s c o u n t s ; 5 p e r cent by w a r r a n t s , and 4 . 9 p e r cent by Treasury
notes.
No a p p r e c i a b l e change i s shown i n t h e t o t a l of Government d e p o s i t s ,
though t h e r e has been some s h i f t i n g of Government funds between banks during t h e past week. Large i n c r e a s e s i n n e t bank d e p o s i t s a r e i n d i c a t e d f o r
t h e Boston, NewYork and San F r a n c i s c o banks.
L i a b i l i t y on c i r c u l a t i n g F e d e r a l r e s e r v e bank notes has been e x t i n g u i s h e d through t h e d e p o s i t of l a w f u l money with t h e T r e a s u r e r of t h e United
S t a t e s . F e d e r a l r e s e r v e a g e n t s r e p o r t the i s s u e of $289/778,000, n e t , of
F e d e r a l r e s e r v e n o t e s , an i n c r e a s e of over 10 m i l l i o n s d u r i n g the week.
Against t h e t o t a l i s s u e d they hold $273,274,000 of gold and $17,030,000 of
p a p e r . The banks r e p o r t a t o t a l c i r c u l a t i o n of $260,376,000, and aggregate
n e t l i a b i l i t i e s of $12,606,000 of n o t e s i s s u e d t o them by t h e a g e n t s .




922- a .
R e l e a s e d f o r p u b l i c a t i o n Sunday morning December 17, 1916.
Not e a t H e r .
sitTEMEBT OF COMBINED RESOURCES AND LIABILITIES OF THE F'SLVE FEDERAL -RESERVE BANKS OF THE UNITED STATES AT CLOSE OF BUSINESS DECEMBER 15, 1916.
'X
R E S O U R C E S .
Bs^emoer 15, 1916 December 8 , 1516 September 15, 1916. June 16, 1916 December 1 / , 1 9 1 § .
250,308,000
245,325,000
262,062,000
257,373,000
Gold c o i n and c e r t i f i c a t e s i n v a u l t
- • •« $ 2 5 6 , 4 1 8 , 0 0 0
104,101,000
181,101,000
125,271,000
76,330,000
Gold s e t t l e m e n t f u n d
177,3^1,000
c,
1
,
8
1
1
.
0
0
0
1
,
8
9
4
,
0
0
0
1.184.000
l
,
5
1
l
l
0
0
Q
_
Gold r e d e m p t i o n f u n d w i t h U n i t e d S t a t e s T r e a s u r e r
1,541,000
3
6
7
,
9
9
6
,
0
0
0
3
3
4,887,000
'
^
2
7
,
9
^
7
0
0
0
3
7
7
,
4
7
3
,
0
0
0
T o t a l gold r e s e r v e
435,302,000
1
1
.
6
2
2
,
0
0
0
4
,
6
4
4
.
0
3
0
7,898,000
26.976,000
Legal t e n d e r n o t e s , s i l v e r , e t c
7 j907 ,000
381,618,000
432,683,000
361,865,000
385,371,000
Total reserve..
443,209,000
450,000
420,
500,000
F i v e p e r c e n t r e d e m p t i o n fund a g a i n s t F. R, bank n o t e s
420,000
B i l l s d i s c o u n t e d and b o u g h t :
12,050,000
28,654,000
15,685,000
6,742,000
23,317,000
M a t u r i t i e s : W i t h i n 10 days
• 32,521,000
18,551,000
45,310,000
12,379,000
From 11 t o 30 days . . A
51,307,000
28,727,000
18,190,000
39,788,000
49,705,000
52,118,000
"
3 1 t o 60 days
20,697,000
21,434,000
11,494,000
33,366,000
"
6 l t o 90 days
32,3^2,000
i,611,000
4,611,000
1,092,000
3, 891, 000
Over 90 days
. 1,082.000
110,322,000
158,127,000
52,696,000
Total
A
-$160,666,000
85,375,000
41,548,000
46,915,000
I n v e s t m e n t s : U n i t e d S t a t e s bonds
42,648,000
52,8751000
14,523,000
11,167,000
u
O n e - y e a r United S t a t e s T r e a s u r y n o t e s
11,167,000
4,190,000
9,039,000
23J14,000
22,067,000
13,235,000
*
Municipal w a r r a n t s . . .
11,, 195.000
11,600.000
224,077,000
169,990,000
164,507,000
80,819,000
Total earning assets
.•
225,676,000
18,760,000
24,419,000
19,975,000
F e d e r a l r e s e r v e n o t e s . - r Net
19,504,000
20,939,000
36,565,000
21,365,000
Due from F e d e r a l r e s e r v e banks , Net.
47,536,000
28,937,000
21,331,000
2,881,000
2,969,000
5,538,000
4,122,000
All other resources
4,656,000
627,742,000
715,316,000
489,276,000
TOTAL RESOURCES
$741,051,000
597,897,000
L I A B I L I T I E S .
54,864,000
55,746,000
55,416,000
54,900,000
Capital paid in. . . . . . .
55,731,000
28,668,000
28,762,000
40,199,000
15,000,000
55,751,000
Government d e p o s i t s . 618,643,000
Member bank d e p o s i t s - Net
6543,136,000
43,136,000
514,343,000
^77,293,000
397,879,000
12,606,000
11,423,000
14,223,000
14,461,000
8,003,000
F e d e r a l r e s e r v e n o t e s - Net
28,000
F e d e r a l r e s e r v e bank n o t e s i n c i r c u l a t i o n
3,214,000
1,726,000
' 808,000
816,000
147,000
260,000
7,016.000
All other l i a b i l i t i e s .
715,316,000
627,742,000
489,276,000
TOTAL LIABILITIES
$741,051,000
59?,897,000
68.8/'
Gold r e s e r v e a g a i n s t n e t d e p o s i t and n o t e l i a b i l i t i e s (A) • 70.8^.
69.9^
82.5$
68 -3f'
Cash r e s e r v e a g a i n s t n e t d e p o s i t and n o t e l i a b i l i t i e s ( A ) . .
6
9
.
5
^
7
1
.
4
#
89.1$
69.6^
73-4^
Cash r e s e r v e a g a i n s t n e t d e p o s i t l i a b i l i t i e s a f t e r s e t t i n g
q,side 40$ g o l d r e s e r v e a g a i n s t a g g r e g a t e n e t l i a b i l i t i e s
- - - - - 7 0 ^
74.0>
_ l n Federal reserve notes in_circulation_(A)
_70.1^
1 2 , 2 ^ __
- - 20_9£ ,
2i;3^,000"
(A) Less i t e m s i n t r a n s i t between F e d e r a l r e s e r v e b a n k s , v i z . $ 4 j , 5 8 6 , 0 0 0
36,565,000
28,937,000
21,331,000



Released f o r p u b l i c a t i o n Sunday morning December 17, 1916.

Not e a r l i e r .

^22 b .

WEEKLY STATEMENT OF RESOURCES AID L I A B I L I T I E S OF EACH OF THE TWELVE^FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DECEMBER 1 5 ,

Boston
RE S O U R . E S .
Gold c o i n and c e r t i f - in v a u l t
$13,961
Gold s e t t l e m e n t fund
14,590
Gold redemption fund
28,601
T o tal gold r e s e r v e
82
Legal t e n d e r n o t e s , s i l v e r , e t c .
28,681
T o tal r e s e r v e
5$ redempt. fund - F . R. bank no iS - B i l l s discounted - Members
7,236
10.617
B i l l s bought i n open market
T o t a l b i l l s on hand
17,853
Investments: U. S. bonds
1,332
One-year U. S. Treasury n o t e s> 1,000
Municipal w a r r a n t s
-1,000
T o tal e a r n i n g a s s e t s
21,185
F e d e r a l r e s e r v e n o t e s - Net
1,160
Due from o t h e r F. R. banks - Net
8,944
|A11 o t h e r r e s o u r c e s
11
"
TOTAL RESOURCES
59,983
L I A B I L I T I E S .
C a p i t a l paid i n
Government d e p o s i t s
Member bank d e p o s i t s - Net F e d e r a l r e s e r v e n o t e s - Net
F. R. bank n o t e s in c i r c u l a t i o n
Due t o o t h e r F. R. banks - Met
A l l other l i a b i l i t i e s
TOTAL LIABILITIES

4,990
2,871
51,873

249
59,983

N. Y.
134,726
16,900
ou
151,876
4,792
156,668

Phila* Clevel16,780 15,611
8,910 18,608
JLUU
45
25,790 34,267
102
632
25,892 14.899

9,666
42.084
51,750
993
1,205
2.082
56,030
11,311
14,056
316
218.181

6,191
14,361
20,552
1,651
1,174
739
24.116

11,914
3,717
222,578

5,228
3,081

172
238,381

93

50,101

1,477
8.801
10,278
7,361
618
2.682
20,919
761
3,605
217
60.421

( i n thousands of d o l l a r s )
Richm. A t l a n t a Chicago St .Louis Minnls«
4,602
5,435 26,814
9,485
7,931
23,054
7,407 34,379
4,348
8,494
lbb
dUO
_30_
0.5
27,909 13,100 61,393 13,999 16,455
10
158
1,102
356
175
27,919 13,258 61,749 15,30l_ 16,610
2,547
5,108
7,655
1,710
824
4o6
10.595

45
34,736

1,227
735
25,815

8,474
11,843
8,408
1,517
1,440
21,208
1,686
8,795
760
96,198

2,480
3,670
16,066

6,685
1,455
88,015

259

3,346
3,145
24,561
2,775

2,278

875

39,072

181
50,101

5,990

1,183

53,248

60,421

31

14.716

3,549
^0

25.815

MEMORANDUM .
F. R. n o t e s i s s u e d t o t h e banks
13,103
98,875 17,2
,23
10,574 20,034 25,799
F . R. n o t e s in hands of banks
1.160 .11,311
Z04
805
J61
-212
F. R. n o t e s i n c i r c u l a t i o n
11^4]_
87,564 16,191
9,811 19,229 24,827
Gold and l a w f u l money with Agent
13,103 98,875 15,932 10,574 16,45
21,278
p a r r i e d to net a s s e t s
l,l60
11,311
761
'Carried t o net l i a b i l i t i e s
_25I_
-2JZ1
3,549
(a) Less items in t r a n s i t i . e . t o t a l amounts due from l e s s



3,369

2,473
2,742
5,215
426
1,070
6l
6,772

—

~

—

—

1,710
6,821
8,531
2,205
891
729
12,156
8,774
673
37,104
2,798
3,044
27,125
4,157
—

41

—

1,258
5,748
7,006
2,442
700
672
10,820
. 2,066
28
29,544
2,608
855
25,765
-

-

295

Kas.Cy. D a l l a s
5,398
4,809
18,114 14,664
111
57
19,540
197
23,677 19,717
100
520
605
923
1,101
1,914
3,906
2,817
9,166
4,522
965
705
116
127
14.151
7.991
1,455
112
40,115

725
28.551

5,068
562
35,600
1,105

2,695
1,519
22,960
781

—

—

598

1916.

S.Fran
10,866
7,873
10
18,749
47
18,796

Total
256,418
177,341
, l,54l_
455,502
7,907
441,209
420
37,748
122,918
160,666
42,648
11,167
11,195
225.676
19,504

295
12,945
11,218
2,654
500
941
17.111
2,520
4>774( a) 47,586
. 721
.4,656
44,124 741.051
3,929
3,860
56,275

>43,136

55,731

28,762
12,606

96,198

17.104

29.544

62
44.124

816
741,051

5,513
1.686
1,827
5,513
1,686

17,148
210
l6,918

20,331 21,417 24,649 15,103
2,066
2,520
J15_
-535,

289,778
21.402
266.176
273 , 274
19,504

,23

18.265

40.115

20,882

12,801 20,331 19,777
2,066

28.551

24.114
23,533

12,581
15,105
2,520

1/105
4,157
12.606
J 8 L
t o t a l amounts due t o other F e d e r a l r e s e r v e banks.

p l e a s e d f o r p u b l i c a t i o n Sunday morning December 17, 1916.

922 c.

Hot e a r l i e r .

STATEMENT OF FEDERAL RESERVE AGENTS1 ACCOUNTS AT CLOSE OF BUSINESS DECEMBER 15, 1916.
( I n thousands of d o l l a r s )
N. Y.

Phila.

C l e v e l . Richm. A t l a n t a Chicago St.Louis Minnls. Kas.Cy. D a l l a s S . F r a n .

$28,880

168,400

30,480

16,660

29,500

35,380

7,117

52,805

5,988

3,586

6,466

3,756

21,763

115,595

24,492

13,074

23,034

31,624

In hands of F. R. Agent

8,660

16,720

7,260

2,500

3,000

I s s u e d t o F . R. bank l e s s
amount r e t u r n e d t o F. R.
Agent f o r redemption

13,103

98,875

17,232

10,574

20,034

12,100

92,652

3,820

9,880

1,003

6,223

932

694

Boston
F e d e r a l Reserve Notes:
Received ffom tjhe. Comptroller
Returned t o t h e Comptnoller
Chargeable t o F, R. Agent

1

Amount held "by F. R. Agent
i n r e d u c t i o n of l i a b i l i t y
on outstanding n o t e s :
On hand:
Gold coin and c e r t i f i c a t e s
Credit balances:
In gold redemption fund
With F e d e r a l Reserve Board
As s e c u r i t y f o r o u t s t a n d i n g n o t e s :
Commercial paper
T o tal

'Amount of commercial paper d e l i v e r e d
^ t o F e d e r a l Reserve Agent



—

—

-

-

—

—

—

—

13,103
—

98,875

—

—

.

11,180
1,300
17,232
1,300

-

22,540

24,500

27,120

35,320

17,720

447,380

1,367 • 2,352

849

2,050

4,330

1,617

92,283

9,513

20,188

23,651

25,070

30,990

16,103

355,097

5,825

4,000

3,040

3,320

3,653

6,341

1,000

65,319

25,799

5,513

17,148

20,331

21,417

24,649

15,103

289,778

5,165

13,030

4,370

10,340

926

1,051

1,147

1,263

503

16,677

6,710

6,250

14,260

11,930

14,600

101,780

i,64o

1,116

21,417

24,649

l,64l

1,878

—

3,460

704

2,048

—

-

15,750

15,770

—

-

3,580

4,521

20,034

25,799

4,333

4,528

10,574

—

—

Total

10,880

—

—

183
5,330

4,347

—

5,513

—

-

17,148
4,350

—

-

20,331

—

—

-

154,817

—

—

-

15,103

16,504
289,778
17,030