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I / Released, f o r p u b l i c a t i o n Sunday morning Dec. 2 $ , igig; not earlier S t , 131 STATB1E1MT FOB THE PRESS Deceribar 2 8 , 1^12. FEDERAL RESERVE BADEING IN i g i g . r , I % | I ' A g e n e r a l o u t l i n e of development in the f i e l d of F e d e r a l Reserve banking during ^ c a l e n d a r year 1$16 i s p r e s e n t e d Dy t h e Federal Reserve Board* s Weekly statement of c o n d i t i o n of t h e Reserve Banks on t h e l a s t F r i d a y i n 1^18 and 1917. ^ a r s e r v i c e in t h e f i s c a l f i e l d involving c l o s e c o o p e r a t i o n w i t h t h e Government in f l o a t i n g t h e L i b e r t y l o a n s , i n c l u d i n g c o n c e n t r a t i o n and disbursement of f u n d s f o r and on account of t h e Government, became t h e l e a d i n g a c t i v i t y of the Banks during t h e y e a r , overshadowing to a l a r g e extent t h e i r p u r e l y commercial f u n c t i o n s , As f i s c a l a g e n t s f o r t h e Government t h e Reserve Banks r e c e i v e d s u b s c r i p t i o n s through member and non-member banks and b a n k e r s to t h e t h i r d and f o u r t h L i b e r t y Loans of ^•,159 and 6,955 m i l l i o n s , b e s i d e s p l a c i n g 15 i s s u e d of T r e a s u r y c e r t i f i c a t e s in ant i c i p a t i o n of t h e t h i r d , f o u r t h and f i f t h L i b e r t y l o a n s , r e p r e s e n t i n g a t o t a l of 6,781 m i l l i o n s ano. 7 i s s u e s of c e r t i i i c a t e s a g 0 r e g a t i n g 1,oSU m i l l i o n s i s s u e d in a n t i c i p a t i o n of t a x payment s , By f a r the l a r g e r p o r t i o n of t h e f u n d s c o l l e c t e d f o r the Government was d i s b u r s e d in New York Oity and t h i s n e c e s s i t a t e d continuous t r a n s f e r s of f u n d s from the i n t e r i o r through une u s e of the Gold S e t t l e m e n t Fund# A f t e r disbursement the 0 r e a t e r p a r t of t h e s e f u n d s found t h e i r way back t o the v a r i o u s s e c t i o n s of t h e c o u n t r y , a g a i n l a r g e l y through t h e c r e d i t machinery of the F e d e r a l Reserve System, without a c t u a l s h i p ment of currency, Not l e s s important was t h e work of the Reserve Banks in f i n a n c i n g t h e i r members in c o n n e c t i o n with t h e s e v e r a l war loan o p e r a t i o n s of the Government* I t i s t h i s p a r t of t h e i r work which i s mainly r e f l e c t e d in the a d j o i n i n g s t a t e m e n t , p r i m a r i l y loo^h t h e l a r ^ e growth of t h e Reserve Banks 1 h o l d i n g s of s o - c a l l e d war p a p e r , i # e $ , b i l l s secured Dy L i b e r t y bonds and T r e a s u r y c e r t i f i c a t e s . As a m a t t e r of f a c t , of t h e t o t a l i n c r e a s e f o r the y e a r of 1,250 m i l l i o n s in e a r n i n g a s s e t s , 1,117 m i l l i o n s i s r e p r e s e n t e d by t n e i n c r e a s e in the h o l d i n g s of war p a p e r - Amounts of o t h e r d i s counts on hand a t the c l o s e of the p r e s e n t year (commercial paper p r o p e r ) a f t e r t h e usual seasonal f l u c t u a t i o n s v a r y but l i t t l e f r o m corresponding t o t a l s shown the year b e f o r e . Acceptances on hand were l a r g e s t in volume about t h e end of October, when n e a r l y 00 m i l l i o n s were r e p o r t e d * Since then t h e s e o f f e r i n g s have somewhat slackened and^tha t o t a l h o l d i n g s reported at t h e c l o s e of the year )04 m i l l i o n s are about m i l l i o n s in e x c e s s 01 the t o t a l shown f o r December 2 8 , 1917 * J3e . 1 .. P 1 2 1 * t h a ^ y e a r t h e B a n k s ' h o l d i n g s of U« S • b o n d s show a r e d a c t i o n b y a b o u t 20 rail l i o n s , p a r t l y t h r o u g h t h e r e d e m p t i o n by t h e G o v e r n m e n t o f J p b o n d s d i e d u r i n g t h e y e a r , a l s o t h r o u g h t h e d i s p o s a l o f L i b e r t y b o n d s h e l d t e m p o r a r i l y f o r t h e accommodat i o n of member a n d n o n - m e m b e r b a n k s . An i n c r e a s e of 2 2 4 m i l l i o n s i n t h e h o l d i n g s of Government s h o r t - t e r m s e c u r i t i e s r e p r e s e n t s p r i m a r i l y a t o t a l o f l b 2 m i l l i o n s o f T r e a s u r y c e r t i f i c a t e s t o c o v e r t e m p o r a r y a d v a n c e s t o t h e Government h e l d a t p r e s e n t y 1 banjc p e n d i n g t h e c o l l e c t i o n of f u n d s f r o m d e p o s i t a r y i n s t i t u t i o n s , and to a ^esser ent inv e s t m e n t s in 1 - y e a r 2 per cent c e r t i f i c a t e s to s e c u r e F e d e r a l i - o u r v e b a n k n o t e s . T o t a l e a r n i n g a s s e t s of t h e B a n k s i n c r e a s e d d u r i n g t h e y e a r f? 111 J* m i l l i o n s , o r 11% p e r c e n t . Of t h e l a t t e r t o t a l , d i s c o u n t s c o n s tu e 73.5 per cent as against »7 p e r c e n t a t t h e end of 1917> a c c e p t a n c e s I 3 . I p e r c e n t a s a g a i n s t 2 5 .G p e r c e n t , a n d U . S . s e c u r i t i e s 1 3 . 4 p e r c e n t , a s a g a i n s t 10 p e r c e n t a t t h e c l o s e o f 1 5 1 7 . C o n c e n t r a t i o n o f t h e c o u n t r y ' s m o n e t a r y s t o c k of g o l d a t t h e R e s e r v e B a n k s c o n t i n u e d d u r i n g t h e y e a r tfith t h e r e s u l t t h a t t h e F e d e r a l R e s e r v e B a n k s h o l d a t ^ m i l l i o n s of g o l d a s a g a i n s t 1 , 6 7 1 * 1 m i l l i o n s on t h e l a s t F r i d a y i n j j l f , t h e i r p r e s e n t h o l d i n g s b e i n g o v e r t w o - t h i r d s o f t h e o f f i c i a l l y e s t i m a t e d monet a r y s t o c k of g o l a i n t h e c o u n t r y . A l a r g e p o r t i o n o f t h i s g o l d w a s o b t a i n e d i n e x c h a n g e f o r F e d e r a l R e s e r v e n o t e s , t h e c i r c u l a t i o n of w h i c h i n c r e a s e d d u r i n b t h e y e a r ^ o n l f ° ' 5 t o 2 i o S 5 ' 2 m i l l i o n s . T h e l a t t e r t o t a l c o n s t i t u t e s a b o u t 70 p e r c e n t of „. ^ p a p e r c i r c u l a t i o n of the c o u n t r y ( e x c l u s i v e of the g o l d and s i l v e r c e r t i 1 i c a t e s ) a s a g a i n s t $4 p e r c e n t a t t h e c l o s e of I 5 I 7 , Included in t h e t o t a l p r e s e n t p a p ^ r c i r ^ u a t i o n i s a t o t a l o f 117 m i l l i o n s of F e d e r a l R e s e r v e b a n k n o t e s , vvfrich w e r e i s s u e d to t a k e t h e p l a c e of s t a n d a r d s i l v e r d o l l a r s b r o k e n up a n d s i l v e r c e r t i f i c a t e s r e t i r e d f r o m c i r c u l a t i o n u n d e r t h e A c t of A p r i l 2 3 , I 9 1 5 . * s t .131-1 Some i n d i c a t i o n of t h e g r o w t h of t h e System i s a f f o r d e d , by t h e c o m p a r a t i v e f i g u r e s of p a i d - i n c a p i t a l , which show an i n c r e a s e of o v e r 10 m i l l i o n s , f r o m $ JO >442,000 t o $ 8 0 , 6 3 1 , 0 0 0 , r e p r e s e n t i n g a n i n c r e a s e i n t h e a g g r e g a t e c a p i t a l a n d s u r p l u s of member "banks o f $ 3 ^ 1 , ^ 0 0 , 0 0 0 , p r a c t i c a l l y a l l of which i s due t o t h e a c q u i s i t i o n of new members d u r i n g t h e y e a r » The l a r g e s t r e l a t i v e g a i n s i n c a p i t a l a r e shown by t h e P h i l a d e l p h i a a n d Chicago B a n k s , w h i l e t h e l a r g e s t i n c r e a s e s i n t h e number of "banks a d m i t t e d t o membership d u r i n g t h e y e a r a r e r e p o r t e d f o r t h e C h i c a g o , D a l l a s and San Francisco d i s t r i c t s « G r o s s d e p o s i t s of t h e R e s e r v e Banks show an i n c r e a s e f r o m 1 , J 7 1 to 2 , 3 1 2 * 5 m i l l i o n s , t h e l a r g e s t i n c r e a s e s u n d e r t h i s g e n e r a l h e a d b e i n g shown f o r members* r e s e r v e d e p o s i t s a n d f o r e i g n government c r e d i t s . Net d e p o s i t s i n d i c a t e a much s m a l l e r g r o w t h * b e c a u s e of t h e r e d u c t i o n i n Government d e p o s i t s and t h e l a r g e r " f l o a t * c a r r i e d a t present by the Reserve Banks. CONDITION OF MMBERS BANKS DECEMBER 2 0 , 1918$ Large i n c r e a s e s in Government d e p o s i t s , a l s o s u b s t a n t i a l g a i n s i n h o l d i n g s of L i b e r t y bonds and- l o a n s s e c u r e d by Government * war o b l i g a t i o n s , accompanied by l i q u i d a t i o n i n some volume of a l l o t h e r loans and investments a r e i n d i c a t e d by t h e Board 1 s weekly s t a t e m e n t showing c o n d i t i o n on December 20 of member banks in leading c i t i e s * Holdings of T r e a s u r y c e r t i f i c a t e s d e c r e a s e d 2 *8 m i l l i o n s a t %ll r e p o r t i n g b a n k s , t h e l a r g e r d e c r e a s e of 18*7 m i l l i o n s r e p o r t e d by t h e New York C i t y banks b e i n g a l most e n t i r e l y o f f s e t by i n c r e a s e s under t h i s head shown f o r o t h e r c e n t r a l r e s e r v e and r e s e r v e c i t y b a n k s . U n i t e d S t a t e s bonds, o t h e r than c i r c u l a t i o n b o n d s , show an i n c r e a s e f o r t h e week of J2 >2 m i l l i o n s , s u b s t a n t i a l g a i n s b e i n g r e p o r t e d by b o t h r e s e r v e c i t y and c o u n t r y b a n k s . War p a p e r , i e * , l o a n s s e c u r e d hy Government war o b l i g a t i o n s , i n c r e a s e d S m i l l i o n s , l a r g e l y a t banks o u t s i d e r e s e r v e c i t i e s * A l l o t h e r loans and i n v e s t m e n t s d e c r e a s e d JT• 7 m i l l i o n s , n e t l i q u i d a t i o n under t h i s head of 3 2 , 2 and $ J , 8 m i l l i o n s being r e p o r t e d by banks in New York C i t y and i n o t h e r r e s e r v e c i t i e s , r e s p e c t i v e l y , w h i l e c o u n t r y banks show an i n c r e a s e f o r t h e week of 5 *7 m i l l i o n s . The r a t i o of tl.S* war o b l i g a t i o n s and was paper combined t o t o t a l l o a n s and i n v e s t m e n t s of a l l r e p o r t i n g banks works out a t 22#J as a g a i n s t 22 ,4 p e r c e n t t h e week b e f o r e * For t h e c e n t r a l r e s e r v e c i t y banks t h i s r a t i o remains unchanged a t 24 «5 p e r cent * t Government d e p o s i t s show an i n c r e a s e f o r t h e week of 219*6 m i l l i o n s , of which 9 1 m i l l i o n s r e p r e s e n t s t h e i n c r e a s e a t New York C i t y banks and 110*4 m i l l i o n s t h e i n c r e a s e a t banks i n o t h e r r e s e r v e c i t i e s . Other demand d e p o s i t s , n e t , i n c r e a s e d 3 6 . 4 m i l l i o n s , t h e l a r g e r g a i n of 43<8 m i l l i o n s r e p o r t e d by t h e New York C i t y banks b e i n g p a r t i a l l y o f f s e t by n e t w i t h d r a w a l s a t banks i n o t h e r r e s e r v e c i t i e s , I n v e r s e l y time d e p o s i t s d e c l i n e d 33*^* m i l l i o n s d u r i n g the week, 23*3 m i l l i o n s r e presenting withdrawals at other r e s e r v e c i t y banks. Reserve b a l a n c e s w i t h F e d e r a l Reserve Banks went up 31 *3 m i l l i o n s a t New York P i t y banks and 29 m i l l i o n s a t a l l r e p o r t i n g b a n k s , while cash i n v a u l t d e c l i n e d 5 *1 m i l l i o n s * For a l l r e p o r t i n g banks t h e r a t i o of d e p o s i t s to i n v e s t m e n t s , mainly because of t n e l a r g e i n c r e a s e i n Government d e p o s i t s , works out a t 80#2 p e r c e n t ^ s a g a i n s t J8*3 p s r c e n t t h e week b e f o r e . Likewise t h i s r a t i o shows a r i s e f r o m 86*4 to 89,2 p e r c e n t f o r t h e c e n t r a l r e s e r v e c i t y banks• The r a t i o of combined c^sh and r e s e r v e t o d e p o s i t s d e c l i n e d f r o m 1 ^ , 4 t o 15*3 p e r c e n t f o r a l l r e p o r t i n g t a n k s , w h i l e f o r c e n t r a l r e s e r v e c i t y banks t h i s r a t i o r o s e f r o m 1 6 . 2 to 16 *4 p e r c e n t . rt Excess reserves 1 1 of a l l r e p o r t i n g banks work out a t 10 5 *0 m i l l i o n s , a s a g a i n s t JS *1 m i l l i o n s t h e week b e f o r e * For t h e c e n t r a l r e s e r v e c i t y banks an i n c r e a s e in t h i s item f r o m 4 6 . 6 to 6 8 . 1 m i l l i o n s may be n o t e d . # r R e l e a s e d f o r p u b l i c a t i o n Sunday m o r n i n g December 29, 1918; n o t e a r l i e r . STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DECEMBER R E S O U R C E S December 27, 1918 December 20, I 9 I 8 Gold i n v a c . l t a n d i n t r a n s i t $ 337,365,000 $335,lUl,000 Sold s e t t l e m e n t f u n d , F*R.Board 37^,758,000 461,369,000 Gold w i t h f o r e i g n a g e n c i e s 5.829*000 5.829.000 T o t a l gold h e l d by b a n k s 717,952,000 802,339,000 Gold w i t h F e d e r a l R e s e r v e A g e n t s 1,288,309,000 1,194,228,000 Gold r e d e m p t i o n f u n d 84,013,000 82.421'000 i'otal gold r e s e r v e s 2,090,274,000 2,078,988,000 Legal tender notes, s i l v e r , e t c . 55.945,000 54,636.000 Total reserves 2,146,219,000 2,133,624,000 B i l l s d i s c o u n t e d : S e c u r e d by G o v t . w a r o b l i g a t i o n s 1,400,371,000 1,299,524,000 ( All other 306,567,000 306,778,000 ( B i l l s b o u g h t i n open m a r k e t 303,671,000 340.765.000 To v s l b i l l s on h a n d 2,006,611,000 1,9^7,067,000 U.S.Government l o n g - t e r m s e c u r i t i e s 28,869,000 28,850,000 U.S.Government s h o r t - t e r m s e c u r i t i e s 282,677^000 325,073,000 All other earning a s s e t s ' 13*000 16,000 Total earning a s s e t s 2,315.170,000 2,301,006,000 U n c o l l e c t e d items (deduct from g r o s s d e p o s i t s ) 759^608,000 826,831,000 5yo Redemption f u n d a g a i n s t F . R . banlc n o t e s 5*988*000 5,880,000 Ail other resources pp'on^QoO 20.'79^1000 TOTAL RESOURCES 5,251,990,000 5,288,134,000 L I A B I L I T I E S Capital paid in 80 6 8 1 , 0 0 0 80,585,000 Surplus 1,134,000 1,134,000 Government d e p o s i t s 63,367,000 38,693,000 Die t o members, r e s e r v e a c c o u n t 1,587,318,000 1,642,444,000 Collection items 55^,823,000 588,755,000 Other d e p o s i t s , i n c l u d i n g f o r e i g n g o v t . c r e d i t s T06 QQp'nnn 106.6gq.000 Total gross deposits_ 2,312,500,000 2,376,581,000 h.R. n o t e s i n a c t u a l c i r c u l a t i o n 2 , 6 8 5 , 2 4 4 000 2,663,701,000 F . R . bank n o t e s i n c i r c u l a t i o n - n e t l i a b i l i t y . 117.122*000 111,909,000 HsEE:,,..,.,.,,™,, n o t e l i a b i l i t i e s combined R a t i o of g o l d r e s e r v e s to. F~R. n o t e s i n a c t u a l c i r c u l a t i o n a f t e r s e t t i n g a s i d e 35$ a g a i n s t n e t deposit l i a b i l i t i e s -***« sSwS 50.6$ 50-6$ 59-7^ 59•if" St.13 l a 27, 1918. December 28, 1917 $ 4 9 9 , 917,000 317,520,000 52,500,000 "859,937,000 781,851,000 19,3^5,000 1,671,133,000 4q.635.000 1,720,768,000 7nfi r n n ''ub,uuu 275.366.000 956,072,000 4g,350,000 58,883,000 4,990.000 1,068,295,000 313,043,000 " 537,000 461000 3,102,689,000 70,442,000 108,213,000 1,453,166,000 191,689,000 17.969.000 1,771,037,000 1,246 4gg 0 0 0 %'nnn'nnn 61.8$ Released f o r p u b l i c a t i o n Sunday morning December 29, 1918; n o t e a r l i e r WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DECEMBER 27, 19IS. ( i n thousands of d o l l a r s . ) R E S O U R C E S Boston Gold in v a u l t and in t r a n s i t Gold s e t t l e m e n t fond, F.R. Board Gold with f o r e i g n a g e n c i e s Total gold h e l d by banks Gold with F e d e r a l Reserve Agents Gold Redemption Fund Total gold r e s e r v e s Legal tender n o t e s , s i l v e r , c t c . T ot a l r e s e r v e s B i l l s )Sec-by Govt.war o b l i g a t i o n s Diseed)All o t h e r B i l l s bought i n open market T o t a l b i l l s on hand U . S . G o v ' t , long-term s e c u r i t i e s U.S-Gov' t , s h o r t - t e r m s e c u r i t i e s TT O f 1 4- /\VI 4* 4" -ww-i «/*\ v> 4" -i rn All other earning a s s e t s T o t a l earning a s s e t s Uncollected, items (deduct frcm gross deposits) 5fo Redemption f u n d a g a i n s t F»R. banknotes A l l other r e s o u r c e s TOTAL RESOURCES L I A B I L I T I E S Capital paid in Surplus Government d e p o s i t s Due t o members, r e s e r v e account C o l l e c t i o n items A l l other r d e p o s i t s i n c l u d i n g f o r e i g n government c r e d i t s T ot a l gross d e p o s i t s F . R. n o t e s i n a c t u a l c i r c u l a t i o n F.R. bank n o t e s in c i r c u l a t i o n , n e t liability All other l i a b i l i t i e s TOTAL LIABILITIES Xfor FRASER Digitized New York Phi l a , Clevel. 256,4o4 12,44o 2,011 270,855 294,8)4 25.000 590,749 46.5 l !6 637,295 610,770 4 l , 605 69,323 721,698 1,395 202,331 13,o43 44,266 525 57,834 138,669 1.002 197,505 1.074 198,579 118,006 10,439 39.276 167,421 1,085 11,681 2,334 15,097 204 17,635 64,990 5.395 88,020 214 88,234 66,228 16,646 5.103 87,977 1,234 4,784 154,607 925,424 195,331 180,187 171,368 7 i 1 1 - 63,191 77 1 - 577 32,855 4q8 33,s4o 100,918 7.900 142,658 898 143,556 l6l,4l7 19,247 3,248 183,912 1,385 10,034I Richm. A t l a n t a Chicago S t . L o u i s . 3,187 42,635 4pg 46,230 60,160 7,610 114,000 1.1G8 115,168 116,328 13,Sl4 15.^44 146,086 1,105 7,416 1 A A*7 - 86,793 I *11 of 1 - 58,64o 131b M i n n . K a n s . C y . D a l l a s San F r a n . Total 7,990 23,351 4,296 8,389 111,569 26,997 175 816 233 16,554 135,736 31,526 44,012 267,717 63,771 6,742 l4',719 3.398 67,308 1 Tl3, 1/2 98,695 230 1.670 2.197 67,53% %19,842 100,892 47,960 106,124 49,309 29,204 54,668 16,268 12,239 7 5.068 7.824 89,403 235,860 73,401 552 4,509 1,153 6,066 15,612 6,568 ^ of 8,299 17 , 203 233 25,735 56,112 4.678 86,525 119 86,644 32,l43 . 5,555 £0.078 57,776 123 5,163 1^5 5,718 12,021 337,365 3 4,018 3,615 25,674 374,758 291 <C4 , 321 5.829 34,454 9,537 3 8,016 717,952 $4,549 22,391 120.126 1,288,309 3.597 2.195 1.777 84.013 , 92,600 34,123 159,919 2,090,27^ l4p 1.230 459 55.945 92,740 35,353 160,378,2,146,219 20,245 19,705 52,136 1,400,371 36,153 31,229 28,039 302,567 l4.403 2.678 38.489 3.03.673 . 70,801 53,612 118,664 2 , 0 0 6 , 6 l j / f 8,867 4,000 J , 4 6 l Zt?8b§ 4,396 3 , 9 0 0 X A 726 281,677 93,995 96,034 255,981 81,122 63,062 84,064 61,512 126,851 2,318,170 * 57,774 38,289 61,011 16,988 56,786 21,87 5 ^ I I ^ ^ f* "1 r* 1 13 - 73,055 ^ - 1 1 rv ^ ^ - jy J ~ 53,83 8 7 59,608 270 1,646 450 516 311 285 828 286 236 566 312 2.82 5,988 1.520 9.813 1.811 766 1.370 766 1.4l0 556 207 1.004 948 1.834 22.005 334,756 1,745,546 427,941 438,688 24l,bS4 202,912 751,116 243,867 167,137 235,160 120,000 343,183 5,251,990 6,688 75 13,533 96,924 44,569 20,820 649 5,l42 682,887 143,992 7,562 9,055 5,021 290 92,955 114,860 76,991 45,440 4,06l 116 4,438 52,560 36,061 3,190 11,128 4o 216 2,960 8,612 44,09 1 219,664 22,216 51,564 3,800 4,660 57,083 49,194 2,931 3,659 3,154 38 3,43 2 5,8l4 2,116 48,487 6 8,03 2 3 2,767 8,978 30,566. 15,038 4,633 80,681 1,134 7,349 63,367 77,008 1,587,318 30,2l4 554,823 102.577 79 39 1.504 171 16 2.606 106.992 = 1 5 5 , 0 2 6 9 3 4 , 5 9 8 174,967 160,669 93,059 69,306 281,344 111,108 60,913 104,412 4 9 , 9 2 1 117,177 2,312,500 163,205 736,552 233,481 255,486 138,118 122,764 433,775 120,722 9 7 , 3 6 1 112,510 59,57 8 211,692 2,685,244 N c -i <.-.•**• •. >" H • . • ' • f ~ ..... u : 5,828 32,725 8,578 9,382 3,879 5,753 17,524 6,128 4, l4o l l , 4 o 4 5,539 6,242 117,122 3,9)4 20,202 3.353 4.096 2.451 1.859 7.129 2.109 1.754 3.175 I . £08 3.439 5 5.309 334,756 1,745,546 427,941 438,688 241,684 202,912 751,116 243,867 167,137 235,160 120,000 343,183 5,251,990 R e l e a s e d f o r p u b l i c a t i o n Sunday m o r n i n g Becec/ber 29, I Q l g ; n o t e a r l i e r . STATEMENT OF EEDEE.IL EE SERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS DECEMBER 27 I 9 I 8 . ( I n t h o u s a n d s of d o l l a r s ) " Bo^to^ J e w Yor^ P h j . l a . C l o v e n . Richm. A t l a n t a C h i c a g o S t . L o u i s M i n n . ICans.Cy. D a l l a s San F r a n . Total FEBSRAL RESERVE NOTES: R e c e i v e d from C o m p t r o l l e r l **>*?> * i 9 ? J.*?.°» R e t u r n e d to C o u p c r o l l o r C h a r g e a b l e t o F,.R.Agent I n h a n d s of F-.R Agont 13,040 I s s u e d t o F.R» b a n k l e s s amount r e t u r n e d to F«R.Agent f o r r e d c a p t Lcn 511 — ^ ' 7 _ g ^ 2 ^ 0 o _ g 6 ^ 2 6 , 2 5 3 452, 852 l29,_o_G7 9 8 ^ 9 6 3 1 1 9 , 4 2 0 6 0 , 4 3 2 2 2 9 , 2 3 0 2 , 8 5 3 , 6 o 4 COLTATERAL SECURITY FOR OUTSTANDING- NOTES: Gold c o i n a n d c e r t i f i c a t e s on h a n d 5,000 Gold Redemption Fund ,9,160 46,000 Gold SectleLie.it Fund, F , R . B o a r d E l i g i b l e p a p e r , mininruu r e q u i r e d 22U&L Tc t a l 169,413 _gMiJi?7 2 4 2 > 2 0 6 ~ ? g 4 , 9 I l 1 3 1 . 1 3 5 1267133 452^832 1 2 ^ 6 0 7 9OS? 2 ] 9 6 s 119,'420 qQ^4-32. m n U~n ur. «<? t on,-, 25 2. 8 3 3 , 6 5 4 2 x % 5grf 1 1:1 S:1 l i g : § g 3 IS S I 4 ° -Si i'M iS I I i : l J?®' .AMOUNT OF ELIGIBLE PAPER ^!'° S b J 2 1 > 6 5 8 150,926 167,065 '86,793 82,769 235,560 71,624 56,293 70,801 5 3 , 6 1 2 ' 1 1 2 , 8 3 0 1; 9 5 6 , 3 5 7 S ' I I I 2 ^ , 2 0 6 264 9 1 1 1 5 1 , 1 5 5 1 2 6 , 2 5 3 4 5 2 , 8 5 2 1 2 9 , 6 0 7 9 5 , 9 6 s 1 1 9 , 4 2 0 1U&2 5,215 9»425 1 L 0 3 I _ . 3 , 4 8 9 19.077 8.. 88^ 1,.607 6.910 lo_>,c.05 7.50,352 23J),481 2 3 5 , 4 8 6 1 ) 8 , 1 1 8 1 2 2 , 7 6 4 4 3 3 . 7 7 5 1 2 0 . 7 2 2 9 7 , 3 6 1 112 510 DISTRIBUTION OF BILLS, U. S.GO'VERNMEKT' SHORT-TERM SECURITIES,' 1JJ2 -WARRANTS BY MATURITIES. 60,432 229,250 2,853,604 554 1 7 , 5 3 8 170.?60 59 57 2 1 1 , 6 9 2 2 , 6 8 5 , 2 4 ? MEMORANDA FEDER.IL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION F- R- n o t e s o u t s t a n d i n g F» B, n o t e s ha I d by "bank 5\R»notes in a c t u a l c i r c u l a t i o n B i l l s d i s c o u n t e d and bought U.S.Government s h o r t - t e r m s e c u r i t i e s Municipal warrants 16$, 6, 208 8 W i t h i n 15 d a y s 1,254,392 176,436 16 t o 30 d a y s 340,022 1,263 3 1 t o 60 d a y s 271,754 627 10 6 l t o 90 d a y s 113,50b 1,027 3 Over 90 d a y s 26,937 103,324 Total 2,006.611 282,577 13 Released f o r p u b l i c a t i o n Sunday morning December 29, 1918; n o t e a r l i e r . 1314 STATEf-IENT SHOWING- PRINCIPAL' RESOURCE AND LIABILITY ITEMS OF MEMBER BRINKS LOCATED IN CENTRAL RESERVE, RESERVE AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS DECEMBER 20, I 9 I 8 . _£-: Data f o r a l l r e p o r t i n g banks, i n each d i s t r i c t , (In thousands of d o l l a r s . ) Boston New York P h i l a . C l e v e l . Rictm. A t l a n t a Chicago S t . L o u i s Minn. Kans.Cy. D a l l a s San F r a n . T o t a l No. r e p o r t i n g b a r k s 4* 10% 56 85 SI U5 101 32 ^5 15 4$ 5O 756 U-. So bonds to secr-re c i r c u l a t i o n 1.4,352 $0,035 11,492 42,^14 2 4 j l 4 15,465 19,030 17,655 6 , 4 l 9 13,610 17,929 33,975 266 S40 Other U,S,bonds, Lib- e r t y bonds I L . S * c e r t i f i c a t o s of i n d e b t e d ne _ss , T o t a l U.S. S0curx.-,.SP Loans secarcd by U;r-tondn s e t c , A l l o t h e r loans and investments Reserve b a l a n c e s wiih F.M. bank Cash i n v a u l t Net demand d e p o s i t s Tine d e p o s i t s Government d e p o s i t s ^ 21,888 324,875 74,716 -67>p7 456,74s 103,647 831,708 102,968 691,802 753 ,216 4,052,923 77=733 ^ 53.553 / ¥ ' 2 9 ° , 137,023 ( i 4 , 9 5 8 4,662,838 3/,bio 243,oi4 60,570 301,245 52,715 133,923 167,457 619,796 63,701 22,291 634,332 18,212 4-7,114 92,338 57,291 43,285 116,033 42,270 12,863 29,073 21,4j6 34,894 871,902 62,870 31,663 38,490 113,147 23,373 14,423 27,263 11,519 57,871 957,489 197,722 113,268 97,240 248,210 83,298 33,705 7 0 , 8 % 50,924 126,740 2 , 0 9 6 2 3 1 101,949 43,274 20,090 64,521 25,164 11,107 10,295 7,825 19,840 1 266*292 9^7,751 390,951 320,482 1,397,820 3 71,523 245,703 462,82.6 181 .>*38 513,703 10'263*132 54,203 33,442 28,453 155,297 35,492 23,963 4 l , 9 3 5 17 ocg 48 232 1 273'q62 37,909 18,229 1 6 . 4 , 4 65,458 13,556 9,294 22.263 12.266 21 599 402 ^ 5 2 748,856 328,972 233,128 1,151,185 277,546 203,482 3 9 3 > 5 5 146:462 399,152 9,894 366 227,200 59,578 9 3 > 9 387,386 72,833 43,061 59,829 2 5 ^ 2 8 I l 6 , 6 l 4 1,444 680 56,660 25,695 27,372 37,578 23,713 13,595 30,922 4,993 4,983 624,452 2. Data f o r banks i n each c e n t r a l r e s e r v e c i t y , banks i n a l l o t h e r r e s e r v e c i t i e s , and ivew Yolk Chicago St.Loiiis T o t a l C e n . R e s . C i t i e s Dec.. 20 Bsc. 13 Dec. 20 Dec, 20 D e c . 2 0 - - D s c .13 No. r e p o r t i n g banks b5 65 44 l4 123 123 U.S.bonds to secure c i r c u l a t i o n 3°,333 36,334 1,119 10,555 48,007 48,008 Other U . S . b o n d s , i n c l u d i n g Libe r t y bonds 272,281 277,54s 53,522 31,436 357,239 360,545 U . S . c e r t i f i c a t e s of i n d e b t e d n e s s %,917 448,572 52,454 18,013 500,334 513,848 other r e p o r t i n g banks. Reserve C i t i e s Country banks Dec. 20 Dec.13 Dec. 20—Dec .13 467 4?0 166 l66 172,019 172,570 4 6 , 8 l 4 4 7 , l l 4 425,578 399,319 89,085 79,827 Total Dec.20 Dec.13 756 759 266 840 267 6q? '' 871,902 879 691 396,530 386,464 60,575 59,975 957,439 960,287 SSS13WSW«.S:S SiS'gg,' $g g® g:5 S:S f-St-g t S S ' I S # 1 1 "III "fjf " I f " f l | : | l i " I f 1 # e:eh;;:: is si 1 1 " i s ' i s w ' 1 8 1 1 sis ' 1 6 ' i i R a t i o of U.S.war s e c u r i t i e s and •mar paper to t o t a l l o a n s and investments, p e r c e n t 26.7 1 26.8 l4.S 20.0 24.5 24.= 21.4 20.7 20.1 19.2 ' 22.7 J J 22.4
@FedFRASER