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Released f o r p u b l i c a t i o n Sunday rnornin^, February iV , ivol e a r l i e r , XV35 STATEMENT FOR THE PRESS. February 16, 1918. L i q u i d a t i o n in some Volume of i n v e s t m e n t s w i t h a c o r r e s p o n d i n g d e c r e a s e i n r e s e r v e d e p o s i t s , and a f u r t h e r g a i n in gold and t o t a l r e s e r v e s a r e i n d i c a t e d i n t h e F e d e r a l Reserve Board 1 s weekly bank s t a t e ment as a t c l o s e of b u s i n e s s on February 15, 1918. Gold r e s e r v e s show an i n c r e a s e of 3 . 9 m i l l i o n s , t h e r e s e r v e banks a t ^ew York, Cleveland and S t . Louis r e p o r t i n g t h e l a r g e s t g a i n s f o r t h e week, l a r g e l y a s t h e r e s u l t of l i q u i d a t i o n af d i s c o u n t e d paper and Treasury c e r t i f i c a t e s * D i s c o u n t s on hand d e c l i n e d 23.2 m i l l i o n s , w h i l e h o l d i n g s of a c c e p t a n c e s show a gain of 6 . 6 m i l l i o n s . Of t h e t o t a l d i s c o u n t s , 249*6 m i l l i o n s * as a g a i n s t 269.3 m i l l i o n s t h e week b e f o r e , i s r e p r e s e n t e d by paper secured by Government war loan o b l i g a t i o n s * About 44 per c e n t of a l l b i l l s h e l d mature w i t h i n 15 d a y s , and over 56 per c e n t w i t h i n 30 days» Government s e c u r i t i e s on hand f e l l o f f 67*6 m i l l i o n s , l a r g e l y a t t h e New York Bank. Total earning a s s e t s decreased 8 4 . 1 m i l l i o n s and c o n s t i t u t e a t p r e s e n t 67.8 per c e n t of t h e banks 4 n e t d e p o s i t s a s a g a i n s t 68.9 per c e n t the week b e f o r e , Admission t o membership and payment f » r F e d e r a l r e s e r v e bank s t o c k a c c o u n t f o r an i n c r e a s e i n c a p i t a l a c c o u n t of #400,000, the New York and C l e v e l a n d banks 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 h e a d . Government d e p o s i t s show an i n c r e a s e of 2 8 , 1 m i l l i o n s , w h i l e member b a n k s 1 r e s e r v e d e p o s i t s d e c l i n e d 91.6 m i l l i o n s , a l l the banks e x c e p t Chicago r e p o r t i n g n e t w i t h d r a w a l s of members 1 r e s e r v e d e p o s i t s f o r t h e week • F e d e r a l Reserve a g e n t s show a n e t a d d i t i o n t o o u t s t a n d i n g Fede r a l r e s e r v e n o t e s of 18*8 m i l l i o n s . A g a i n s t t h e t o t a l o u t s t a n d i n g , $ 1 , 3 9 2 , 4 8 4 , 0 0 0 , t h e y hold a t p r e s e n t $852,375,000 *f gold and $575,434,000 of p a p e r • The banks r e p o r t an a c t u a l F e d e r a l r e s e r v e n o t e c i r c u l a t i o n of $ 1 , 2 8 1 , 0 4 5 , 0 0 0 , an i n c r e a s e f o r t h e week ef $ 1 9 , 8 2 6 , 0 0 0 . The r a t i o of t o t a l r e s e r v e s to^ t h e banks 1 a g g r e g a t e n e t d e p o s i t and note l i a b i l i t i e s shows an increase? f o r the week from 6 5 , 6 t o 67 ^ per c e n t . CONDITION OF MEMBER BANKS ON FEBRUARY 8TH. The weekly s t a t e m e n t showing c o n d i t i o n of 670 r e p o r t i n g member banjcs i n l e a d i n g c i t i e s as a t c l o s e of b u s i n e s s on February 8 shows the f o l l o w i n g p r i n c i p a l changes f o r t h e week: . United S t a t e s s e c u r i t i e s owned i n c r e a s e d 37+7 m i l l i o n s , loanp secured by Government war loan o b l i g a t i o n s d e c r e a s e d about 0 . 3 m i l l i o n w h i l e 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 about 85.5 m i l l i o n s . For t h e 57 member banks i n New York City c o r r e s p o n d i n g changes f o r the week were: Government - s e c u r i t i e s owned - i n c r e a s e 9.2 m i l l i o n s ; l ean s s e cured by Government o b l i g a t i o s - i n c r e a s e 10.2 m i l l i o n s ; and e 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 4 1 . 6 m i l l i o n s , Net demand d e p o s i t s of a l l r e p o r t i n g banks i n c r e a s e d about 4 . 5 m i l l i o n s , time d e p o s i t s d e c r e a s e d 1,2 m i l l i o n s , w h i l e Government d e p o s i t s went up 37 . ^ m i l l i o n s . For t h e New Y ork City banks n e t demand d e p o s i t s show a d e c r e a s e of 9 . 8 m i l l i o n s , time d e p o s i t s a d e c r e a s e of 0 , 8 m i l l i o n , &nd^Governm#a%t d e p o s i t s - owing t o l a r g e w i t h d r a w a l s of funds from speci a l d e p o s i t a r y banks...'-- .a d e c r e a s e of 6 m i l l i o n s . Banks o u t s i d e of New York C i t y , ; i n c l u d i n g t h e s e a t Chicago and S t . L o u i s , r e p o r t s u b s t a n t i a l i n c r e a s e s i n Government d e p o s i t s . r e s e r v e s w i t h F e d e r a l r e s e r v e banks show a gain of a b o u t 5 m i l l i o n s , w h i l e t o t a l c a l c u l a t e d e x c e s s r e s e r v e s i n c r e a s e i by 5 ,4 m i l l i o n s from 136,8 t o 142,2 m i l l i o n s . For t h e New ^ork C i t v t a n k s a dec r e a s e of 12,5 m i l l i o n s i n r e s e r v e s w i t h t h e F e d e r a l R e s c u e hank i s accompanied by a d e c l i n e of e x c e s s r e s e r v e s from 93 .4 t o 88.4 m.vll • ens< Fo:^ a l l r e p o r t i n g banks t h e r a t i o of loans and i n v e s t m e n t s t o t o e x I ; ir»,:.Ls.aiing Government, d e p o s i t s stood a t 105.1 per c e n t , as a g a i n s t lr0 per c e n i "or banks i n t h e c e n t r a l r e s e r v e c i t i e s end 88.7 per c e n t f o r Lhe Oil b a n k s . The r a t i o of t o t a l d e p o s i t s t o combined r e s e r v e s and v&^it c r s h wa 1 4 . 3 per c e n t f o r a l l r e p o r t i n g b a n k s , 15*6 per c e n t f o r banks in c e n t r a l http://fraser.stlouisfed.org/ r e s eofr vSt.e Louis c i t i e s and 15.7 p e r c e n t f o r t h e New York C i t y b a n k s . Federal Reserve Bank Xf35a rlxor, Released, f o r p u b l i c a t i o n Sunday mcrnii.g, February 1J, l y l g . SmTJtMENT OF C0MBUC5D RESOURCES AND LIABILITIES 03? THE TWELVE FEDERAL RESERVE BAliKS AT CI/ E OF BUSTKESti FEB3UABY *5,1918. F e b r u a r y 16, 1917February 8, 1918 RESOURCES February 15, 1918 $274,367,000 $439,907,000 Gold c o i n and cei hif xcates i n v a u l t . $446,378,000 216,22.1,000 404,042,000 Gold Settlement Fund - F. R, Board.. . . . 386,963,000 52.500,000 Gold with f o r e i g n a g e n c i e s , 52,500,000 490 >583,000 896,449,000 Total g o l d held by banks. 885,844,000 297, 270,000 838,259,000 Geld with Federal Reserve Agents. 852,375*000 i q . 9 6 0 . 0 0 0 J L 804,000 Gold redemption fund. .»• • • ...... 20 . 3 23 * 000 662.000 1 , 7 5 4 , 6 6 8 , 0 0 0 7%9, Total gold r e s e r v e s . 1,758,5^2 000 609,000 58.426,000 _ L Legal tender notes, s i l v e r , e t c . 60,194,000 1,813,094,000 797, 271,000 Total reserves 1,818,736,000 19, 553,000 525,121,000 B i l l s discounted f o r Members and F.. R. Banks 50%,916 000 054.000 126, 280,705,000 B i l l s bought i n open market 287,263>000 607,000 145, 805,826,000 Total b i l l s on hand 789,179.000 471,000 29, *55;782,000 U. S. Government long-term s e c u r i t i e s . . 52,3%,000 18, 647,000 *170,100,000 U. S. Government short-term s e c u r i t i e s 105,981,000 4,423,000 - l i b . 816,000 A l l other earning a s s e t s . 4.486,000 210, 541;000 1,036,131,000 Total earning a s s e t s 951 <989,000 12,458,000 7, 840,000 Due f rem other F. R. Banks - net 17,258,000 272,506.000 Utti 249,000. Uncollected items. 357.069,000 152, 089,000 284,964,000 Total deduction from gross d e p o s i t s . . . . . . . . . . . . . . 37^*327,000 400,000 537,000 5$ Redemption fund a g a i n s t F. R» Bank notes* 537,000 481.000 Si 551.000 A l l other resources 582,000 1,168,782,000 3,135,277,000 TOTAL RESOURCES 3,146,171,000 L I A B I L I T I E S 55,773,000 72,829,000 Capital p a i d - i n 73,229,000 1,134,000 Surplus 1,134,000 10,851,000 59,488,000 Government d e p o s i t s . . 87,643,000 688,591,000 1,501,301,000 Due t o members - reserve account . . .1,409,71^*000 121,218,000 167,154,000 C o l l e c t i o n items 228,289,000 1 59.874,000 Other d e p o s i t s , including f o r e i g n Gov 1» c r e d i t s . . . . . . 52,315,000 820,660,000 1,787,817,000 Total gross d e p o s i t s 1,777,961,000 291,839,000 1 , 2 6 1 , 2 1 9 , 0 0 0 F« R. Notes i n actual c i r c u l a t i o n * 1,281,045,000 8 , 0 0 0 , 0 0 0 F. R. Banknotes i n c i r c u l a t i o n , net l i a b i l i t y . . . . . . . . 7,999,000 510.000 4.278.000 A l l other l i a b i l i t i e s . 4,803,000 1,168,782,000 3,135,277,000 TOTAL LIABILITIES 3,146,171,000 Ratio of g o l d reserves t o uat deposit and F. R. note 82.255 63.5# l i a b i l i t i e s combined 65*5$ Ratio of t o t a l reserves t o net deposit and F. R. note 83.0$i 65.6# l i a b i l i t i e s combined 67»7/» •Amended f i g u r e s . Released f o r p u b l i c a t i o n Sunday morning February J7. I$il8. .Wot e a r l i e r , vmrKiX STATEMENT OF EESOURCES AND LIABILITIES OF EACH OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEBRUARY 15. (in thousands of d o l l a r s . ) Boston N. Y. Phila.. C l e v e l . Richm. Atlanta Chicago S t . L o u i s Minn. Kans.Cy. DciUX^s •RESOURCES 8:863 376 30,587 5,002 15.667 6,328 5,893 Gold c-An and c e r t i f i c a t e s in vault 10,112 304,027 10,917 22,706 26.485 17,125 7,322 41,416 31,593 Uoj.d settlement fund F« R. Board 18,572 107,790 40,281 52,437 15,132 13,772 1,838 2,625 2,100 7,350 2,100 3,675 13,112 3,675 4,725 Qc 13. with f o r e i g n a g e n c i e s , 1,837 1,575 27,886 29.486 23,297 21,240 Total g o l d held by banks 32,359 429,929 54,273 79,368 79,353 33,695 25,039 23,943 134,671 35,030 41,158 55,727 25,982 46,306 Goid with Federal Reserve Agents 47,225 255,239 71,645 74,047 1,303 430 *19 1 . 2 2 5 2,000 10,000 1,500 291 355 851 1,418 Geld redemption fund 53,132 81,584 695,168 128",018 154,206 49,698 68,771 214,879 74,576 67,665 85,643 Total gold reserves _ 68 1,912 613 5,990 39,202 1,821 1,622 ,366 1,635 5,294 1,372 Legal tender n o t e s , s i l v e r , e t c . 2 a ) , 173 75,948 68,278 85,711 55,044 50,064 70,406 87,574 734,370 129,839 1 55,828 Total reserves 83,841 23,615 11,658 17,597 8,128 34,929 10,320 55,803 161,396 26,226 38,601 B i l l s d i s . f o r members & F.F. Banks 14,401 5,431 1,957 1,494 11.291 3,264 6,620 B i l l s bought in open market 14,923 170,760 17,733 8,905 98,242 2§,046 13,615 19,091 19,419 38,133 "16,940 70,726 332,156 43,964 47,506 Total b i l l s on hand 4,021 8,862 3,288 7,007 2,233 630 4,789 6,070 8,261 1,231 3,494 U.S.Govt, long-teita s e c u r i t i e s 2,730 5,066 5,013 5,004 1,444 1,969 3^016 U.SoGovt. s h o r t - t e r a s e c u r i t i e s 2,194 45,963 3,352 287723 1,352 1,031 678 146 434 511 10 A l l other earning a s s e t s 27,522 23,002 33,019 110,931 32,869 41,393 23,884 Total earning a s s e t s 73,550 323,419 53,396 84,490 2,454 13,547 18,487 Due from other F» R« Banks - net 7,801 ... 3,826 2,593 5,367 a , 3 7 5 19,261 25,216 60,042 11,709 18,085 22,614 17*120 25,802 85,883 37,243 21,552 Uncollected items 19,261 32,763 27,.9*8139,095 78,529 20,539 11,709 Total deducts,from g r o s s deposits 33,603 85,883 41,069 24,145 400 137 5$ Redemp. fund a g a i n s t F.R.Bk.notes A l l other resources J£L 411 194*7271203]678 224,^80 264,*463 11^432113,43 2 409^633 129,356 102,939 157,893 101,964 TOTAL RESOURCES l i a b u i h e s C-apital p a i d - i n 6,845 8,293 6,006 19,656 Surplus •• 75 649 Government deposits 8,485 6,288 4 , 5 4 4 . 13,969 Due t o members reserve account 77,U6 613,234 83,923 111,459 C o l l e c t i o n items 21,392 63,246 28,755 18,412 Due t o other F. R. Banks - n e t 38,226 Other deposits i n c l . f o r . G o v t . c r e d i t s 47,113 Total gross d e p o s i t s 106,993 768,107 117,222 143)975 F.R,Notes In actual c i r c u l a t i o n 80,985 412,449 100,613 i l l , 9 6 0 F.H.Bk,notes in c i r c u l a . n e t l i a b . A l l other l i a b i l i t i e s 668 2.811 ... 235 TOTAL LIABILITIES 194,7271203,672 224,680 264,463 > , • * • « * • » 3,739 2,877 116 -40 4,343 %,903 43,3^6 37,393 14,805 12,945 "62,494 53^253 53,079 57+262 1912 X735t. Total San ^ F r a n . 446,378 25,900 14,981 2,888 85,202 299 386,966 52,500 885,844 252,375 20,323 1758,542 60,194 85,501 29,802 1sis,736 501,916 60*281 2,457 729,179 52,343 105,981 4,486 43,769 41,402 30,479 1,502 274 64,514 2,441 12,542 14,923 1 65,157 +17,258 357,069 374,327 537 582 3146,171 2,656 3,403 2,79s 4,224 5,232 177,086 48,436 23,330 14,444 5,547 7,389 71,783 9,449 6,182 41,798 11,532 65,660 10,235 73,229 1,134 87,643 1409,714 228,289 25 ... 88,64656,087 57,416 42,976 7,999 2,828 90,255 52,315 1777,961 2,020 213,665 136,355 " i172 iL 68,234 57,265 38 38,474 3,459 2,717 16 50,213 50,007 7,317 290 70,673 1281,045 7,999 101 J25 13. SL 119 ,-438 %3 ,-432 409,633 129,356 102,989 157,393 101,964 165,157 •Difference between net amounts due from and n e t amounts due t o o t h e r Federal Reserve Banks» - 951,989 3,482 9,250 216 11,229 * -10 287,26) , 147 4,803 3146,171 Released for publication Sunday morning Fe'broary 17, lyig. FKDXB&L BBSEFKE NOTES t E»reived fran Comptroller, Beturaed to CuiupI r o l l e r Cin^rgee'ol e to P., B«, Agent In baz'dc cf F. B, Agent Issued to s\, B. Banks, less dcxomt r e t i m e d to F* B» 1/7 en i fox* re demotion COlXi.i.PEM.u FELD IS SECURITY Not e a r l i e r . StflTWiSSTT OF EELEBAL HESEKVfi AGENTS1 ACCOUNTS AT CLOSE 0$- BUSINESS .ZSBBII&2Y (In t h o u s a n d s of d o l l a r s ) BOSTON WM J0.m. PHILA, CLEVE. BICHM. ATLAMA CHICAGO ST.LOUIS MINN, 1X5;7^0 710,680 140,720 l 4 ? , i 6 o ,81,7'iO 89,620 246,o4o 73,860 67,920 8,943 9,748 10,996 _2M35„"^>l501 22,195 10,573 1 6 , 6 2 4 1 1 , 8 7 8 93,4*5 5,'6,179 118,525 131,587 65,116" 7 7 : 7 ^ 2 3 7 ^ 9 7 9,860 105,800 12,560 16,040 5,795 22,464 ... 15,650 40,980 KANS.CY. DALLAS SAN.FHMJ. TOTAL 83,740 68,500 S9,4oo 1910,160 1 3 , 2 3 4 13,3 25 6,894 281.>46 70:506" 5 5 , 1 7 5 8 2 , 5 0 6 SB23,014 7 , 8 6 0 11,-990 236,530 "SmTZ"" ^;984 4,315 5,680 2,292 13,102 1,556 26,500 %735c 1918. FUR G'iB:3v'AimJHGr MOTES; Go.1 0 ccrlr. and c e r t i f i c a t e s on hand Gold redemption fund Gold. setrlemant fund F,R, Board Eligible, paper,minimum required 33,109 204,064 4,116 11,175 10,000 40,000 ^£,H00 23-5.140 5,336 66,309 34,320 6,523 922 3,604 2,432 45,000 25,000 4 0 , 2 7 0 41>500 33,339 1 5 , 7 8 6 598 134,073 6l,446 Total AMOUNT OF ELIGIBLE PAPER DELIVERED TO F. B. AGENT 36,416 220,955 35,063 47,506 38,193 .lg,<£7 62,4)12 14,580 32,73S 24,767 10,146 2,867 52,860 6,919 59,7 m m,;# #2,646 25,652 12,301 4,236 37,166 4,j, 104 290,923 44,512 516,940 2,339 7,024 19,242 M l M L «&5u6 1392,484 19,419 54,294 575,434 M E M S f p I T A . FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION, F« B. Notes outstanding F„ B- N r tcs held "by barks F. ^oves in actual c i r culation 83,625 470,379 105,965 115,547 59,321 62,092 196,117 59,797 51,304 62,646 4j,185 82,506 1392,484 80,985 £12,449 100,613 111,960 53,079 57,262 186,355 57,265 50,007 57,416 42,976 70,678 1281, 045 2,64o 57,930 5,352 3,587 6,242 4,030 9,762 2,532 1,297 5,230 209 11,828 DISTRIBUTION OF BILLS AND WARRANTS BY MATURITIES. B i l l s disconanted and bought Municipal warrants Within 15 days 16 t o 30 days 31 t o 60 days 6 l t o 90 days Over gO days Total 348,930 93,985 185,5^2 7 150,567 10,155 789A79 634 10 1 469 1,121 111,439 Released for p-tiblicat.i-n Sunday morning "February 17, 19- 8 • STAmiK® SHuWIKG PRINCIPAL RESOURCE AND LIABILITY C/ :Tct e . 1 " B- .1:2 m emZML DESERVE, RESERVE AND OTHER X/J 5e SELK-C'IED CITIES A3 Ai CLOSE OF BUSINESS f£b^UA r 8, 1918. 1. Data f o r a l l reporting banks in each d i s t r i c t . Boston Member banks No. reporting banks '38 U,3.Sec. owned 35,255 v Loans sec. by U, S. Bonds & C e r t i f i c a t e s 38,236 All other loans and investments 697,232 Reserve with F.B.Bank 65,267 22,461 Cash in vault Net demand deposits on which reserve 602,016 i s computed Time deposits 81,653 Govt, deposits _39,407 , New York 97 714,460 Phila. 47 Cleve* 75 41,926 119,862 Rich. Atlanta 63 34 42,959 32,270 205,319 24,070 27,010 13,259. 4022,579 644,994 117,201 4308,652 296,04s 356,186 Chicago St.Louis 32 92 93,449 37,597 Minn. Kahs.Cy. 34 67 ^ 17,750 36,136 2,710 Dallas 41 30,572 San Fran. 45 57,155 Total 670 1,260,391 3,7H 5,633 371,636 616,788 60, 665 899,456 313,351 266,438 1330,340 353,126 249,161 444,913 192,638 19,032 86,730 27,840 25,813 135,939 35,218 19,186 43,180 21,721 32,637 16,150 12,197 60,821 1 3 , 2 1 6 9,354 16,228 12,452 476,467 45,078 21,486 9,862,489 1,208,992 355,924 574,804 694,116 252,307 195,794 996,912 270,664 178,972 373,483 181,935 44,o66 23,328 81,156 52,031 15,363 203,155 44,697 72,723 342,457 11,800 40,434 27,436 11,905 14,199 58,461 4,566 13,133 8,195 355,906 101,560 7,59b 8,985,561 1,358,737 593,318 2,512 37,665 5,578 1,933 2. Data f o r banks in each Central Reserve c i t y , banks in a l l other Reserve c i t i e s and other reporting banks. Total f Total New York , Chicago St.Louis Central Reserve Cities Other Reserve Cities Country Banks Feb* g~ Feb. 1 Feb. 8——Feb. 1 Feb. 8~*~*—Feb. 1 Feb. 81———Feb. 1 Feb. 8 Feb. 8 Feb - 8*—Fe o X 146 414 670 14 111 149 110 415 No. reporting banks 675 39 57 57 1222,724 421,184 78,367 1260,351 U.S^Sec* owned 25,140 739,993 441,531 83,939 674,884 665,706 717,551 39,969 Loctns sec, by U.S. 21,512 208,116 371,636 371,966 142,338 21,655 Bonds & C e r t i f i c a t e s 182,011 171,846 21,450 138,469 8,051 2 1 1 . 5 1 2 JL V V; -! C -, VC*Xib ana investments 3597,334 Reserve with R,Bank 606,121 Cash Sn va-olt 102,445 Met demand deposits on which reserve i s computed 3924,219 Time deposits 250,616 Govt* deposits 336,569 3639,408 6lS,6l2 101,575 3933,968 *2%3*9 342,575 •Amended figures T 841,957 250,338 4690,129 27,069 730,273 97,083 37,818 7,566 147,329 4767,211 742,012 146,572 4470,690 432,19s 4452,141 701,670 728,530 415,290 46,521 46,654 182,692 30,175 30,998 9362,439 1208,992 355,924 193,030 4805,920 62,370 44-9,847 1 0,668 386,682 39,445 - ' 4810,958 *4$0,$12 331,214 3621,316 3590,569 558,325 579,500 755,363 150,402 153,581 154,634 21,521 20,000 8935,561 3981,027 1358,737 *1359,956 555,848 593,318 688,671 136,861 177,920 758,488 135,115 9947,932 1203,956 360,262
@FedFRASER