View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

^

X-30U4

R e l e a s e d f o r p u b l i c a t i o n Sunaay
191?*
l u S a y morning J u l y 29, 1917#

Not e0 a r l i e r *

STATEMENT FOR THE PRESS.
J u l y 28, 1917.
PruCdsecs a l r e a d y i n o p e r a t i o n i n c o n n e c t i o n w i t h t h e l i q u i d a t i o n of
a d v a n c e s "by F e d e r a l Reserve Banks made t o a s s i s t i n t h e a b s o r p t i o n of
t h e L i b e r t y l o a n a r c again r e f l e c t e d i n t h e weekly s t a t e m e n t of c o n d i t i o n
of F e d e r a l R e s e r v e b a n k s made p u b l i c by t h e F e d e r a l Reserve Board as a t
c l o s e of b u s i n e s s on J u l y 27, 1917.
The week *s o p e r a t i o n s show a d e c l i n e i n c o l l a t e r a l n o t e s d i s c o u n t e d
by about one t h i r d ;
o r from J 8 * 8 m i l l i o n s on J u l y 20 t o about 52*4 m i l l i o n s on J u l y 27*
C o l l a t e r a l n o t e s s e c u r e d by 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 o r i n t e r i m c e r t i f i c a t e s f o r L i b e r t y l o a n bonds d e c l i n e d from
25*3 m i l l i o n s on J u l y 20 t o 12.7 m i l l i o n s on J u l y 27, t h e r e m a i n d e r of t h e
t o t a l d e c l i n e i n t h i s c l a s s of h o l d i n g s b e i n g f u r n i s h e d by member bank
c o l l a t e r a l n o t e s s e c u r e d by commercial paper*
F i g u r e s o b t a i n e d by t h e
T r e a s u r y Department show t h a t n e a r l y t h r e e q u a r t e r s of t h e L i b e r t y l o a n
of two b i l l i o n s h a s a l r e a d y been p a i d i n f u l l , l e a v i n g l i t t l e more t h a n
one q u a r t e r s t i l l i n p r o c e s s of s e t t l e m e n t a f a c t which a c c o u n t s f o r
t h e c o n t i n u o u s f a l l i n g o f f of c o l l a t e r a l n o t e o p e r a t i o n s a t F e d e r a l Res e r v e banks•
R e s e r v e d e p o s i t s of member b a n k s a f t e r r e a c h i n g 1,165*
m i l l i o n s on J u l y 20 shows a d e c l i n e t o 1 , I 3 5 m i l l i o n s on J u l y 27/ a r e d u c t i o n of t h i r t y m i l l i o n s f o r t h e week, w h i l e Government d e p o s i t s f e l l
from 184*6 m i l l i o n s t o 143 m i l l i o n s , a r e d u c t i o n of 41+6 m i l l i o n s •
At
t h e same time t o t a l g o l d r e s e r v e s which were I38O m i l l i o n on J u l y 20 f o i l
t o I362 m i l l i o n s on J u l y 27, a d e c l i n e of a b o u t 18 m i l l i o n ,
week, t h e r e were t r a n s f e r r e d from o t h e r F e d e r a l Reserve ban$e/*)8 m i l l i o n ^
d o l l a r s f o r c r e d i t t o t h e a c c o u n t of t h e T r e a s u r e r of t h e U n i t e d S t a t e s
j
w h i l e s i x t y m i l l i o n s were d i s b u r s e d by t h e l a t t o r t o t h e French Government
- a t r a n s a c t i o n which a c c o u n t s f o r changes i n t h e r e s e r v e and Government
d e p o s i t a c c o u n t s a l r e a d y r e f e r r e d to*
The d e c l i n e i n g o l d h o l d i n g s
was d i s t r i b u t e d among t h e b a n k s a s f o l l o w s :
Boston 6 m i l l i o n s ^ New York
17 m i l l i o n s ; C l e v e l a n d 12*5 m i l l i o n s ; Chicago 9 m i l l i o n s ; St* L o u i s 1+6
m i l l i o n s ; D a l l a s 1*5 m i l l i o n s •
Banks showing i n c r e a s e s were P h i l a d e l p h i a 5 # 5 m i l l i o n s ; Richmond 17*5 m i l l i o n s ; A t l a n t a 1 m i l l i o n ; M i n n e a p o l i s
.5 m i l l i o n s ; Kansas C i t y 4 , 5 m i l l i o n s a.nd San F r a n c i s c o 1*5 r n i l l i o n s *
The Now York bank shows a f a l l i n g o f f of 3 8 . 5 m i l l i o n s i n member, * r e s e r v e
d e p o s i t s w h i l e o t h e r banks show minor i n c r e a s e s o r r e d u c t i o n s #
B i l l s d i s c o u n t e d and b o u g h t show a d e c l i n e from 359 m i l l i o n s on J u l y 20
Now York
t o 333*5 m i l l i o n s on jJuly 2J - o r 25 + 5 m i l l i o n s i n t h e a g g r e g a t e *
w i t h 1 8 . 5 m i l l i o n s and B o s t o n w i t h 4*5 m i l l i o n s show t h e g r e a t e s t l i q u i d a t i o n s u n d o r t h i s head, o t h e r banks r e p o r t i n g o n l y minor changes#
Accepta n c e s on hand wore 197*7 m i l l i o n s on J u l y 20 a g a i n s t 195 m i l l i o n s on J u l y
27j a d e c l i n e of 2*J m i l l i o n s *
O t h e r e a r n i n g a s s e t s show b u t s l i g h t
changes *
The t o t a l of e a r n i n g a s s e t s shown i s 412 m i l l i o n s a r e d u c t i o n of
24 • 6 m i l l i o n s f o r t h e week.
T o t a l e a r n i n g a s s e t s a r c now a t t h e same
l e v e l as on J u l y 13, and c o n s t i t u t e 712$ of t h e banks p a i d - i n c a p i t a l comparod w i t h 756$ on J u l y 20 and 7%4$ on J u l y 13.
Of t h e t o t a l , 3 3 . 6 $
i s r e p r e s e n t e d by d i s c o u n t s , 47• 4$ by a c c e p t a n c e s , 18*7 $'v'by U* S« s e c u r i t i e s and
by w a r r a n t s ,
The d e c l i n e i n d i s c o u n t s which were 37i° of
e a r n i n g a s s e t s on J u l y 20 o c c u r s s i m u l t a n e o u s l y w i t h an e a s i n g of c a l l
money r a t e s .
C a p i t a l s t o c k i s r e p o r t e d a s 57*8 m i l l i o n s a g a i n s t 57*7
on J u l y 20.
The F i t c h b u r g Bank & T r u s t Company of F i t c h b u r ^ , Mass* and t h e
M a r s h a l l and I l s o y bank of Milwaukee,-Wis* p a i d i n 23 t h o u s a n d d o l l a r s and
51 thousand d o l l a r s r e s p e c t i v e l y upon becoming members, t h u s l a r g e l y a c c o u n t i n g f o r t h e i n c r e a s e , t h e r e m a i n d e r boin~ a p p a r e n t l y due t o i n c r e a s e s
i n t h e c a p i t a l and s u r p l u s of banks a l r e a d y members In c o n n e c t i o n w i t h r e d u c t i o n s of Government d e p o s i t s amounting t o
4 1 . 6 m i l l i o n s a l r e a d y n o t e d i t s h o u l d be o b s e r v e d t h a t of t h e 60 m i l l i o n s
d i s b u r s e d i n b e h a l f of t h e F r e n c h Government 40 m i l l i o n s wore d e p o s i t e d i n
member banks w h i l e 20 m i l l i o n s went o u t s i d e t h e s y s t e m .
F e d e r a l R e s e r v e n o t e s i s s u e d t o t h e banks a r e r e p o r t e d a s 5^4+5
m i l l i o n s or about
- h a l f a m i l l i o n more t h a n on J u l y 21*
This t o t a l
i s s e c u r e d by t h e d e p o s i t w i t h t h e F e d e r a l Reserve Agents of 4 3 4 , 2 m i l l i o n s
of s o l d and 3fC*7 m i l l i o n s of p a p e r , an i n c r e a s e i n t h e ? o l d p r o t e c t i o n of
a b o u t 10 m i l l i o n s f o r t h e week*
The banks r e p o r t an o u t s t a n d i n g c i r 
c
u
l
a
t
i
o
n
of
534
m
i
l
l
i
o
n
s
0
r
a dehttp://fraser.stlouisfed.org/
c r e a s e of a b o u t $200,000 f o r t h e wook.
Federal Reserve Bank of St. Louis

R e l e a s e d f o r p u b l i c a t i o n Sunday Horning J u l y 29, 191?«
earlier.
.
A->.
STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 2 / , i g i > R E S O U R C E S
J u l y 27, 1917.
J u l y 20, 1917J u l y 2-3, i g i b 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
$460/764,000
.
$488,119,000
$259,931,000
Gold s e t t l e m e n t fund
^5,739,000
403,821,000
102,911,000
Gold w i t h f o r e i g n a g e n c i e s - - 52,500.000
52.500,000
•
T o t a l g o l d h e l d by banks
919,003,000
944,440,000
362, 842,000
Gold w i t h F e d e r a l R e s e r v e Agents
14^4,193,000
423,889,000
162,//6,000
Gold r e d e m p t i o n fund
9 . O S l , 000
11,691.000
*
1,918.000
• Total gold r e s e r v e s
1 362 263 000
1,380,020,000
527,536,000
Legal t e n d e r n o t e s , s i l v e r , e t c
' 51/789'oOQ
50,301,000
16,569,030
Total reserves
1 4 l 4 052 QOC
1,430,321,000
544,125,000
B i l l s d i s c o u n t e d - Members
138,459,000
'
'
'
161,386,000
27,59^,000
B i l l s bought i n open market
195 ,097 ,000
197,725,000
83, 454,000
T o t a l b i l l s on hand
333,556,000
359,111,000
• 111,048,000
U- S. Government l o n g - t e r m s e c u r i t i e s
41,135,000
42,265,000
48,656,000
U. S. Government s h o r t - t e r m s e c u r i t i e s
35,818^000
33,050,000
7,925,000
Municipal w a r r a n t s
1,469,000
2,186,000
- 27,220,000
Total earning a s s e t s
411,978,000
436,612,000
1$4,349,000
Due from o t h e r F . R. Banks - Net
(%)-11,106,000
4,113,000
, 1 2 , 620,000
Uncollected items
204.756.000
242.967.000
.
T o t a l d e d u c t i o n s from g r o s s d e p o s i t s
193,650,000
24/,080,000
12,620,000
5fo r e d e m p t i o n fund a g a i n s t F . R. bank n o t e s
500,000
500,000
450,000
All o t h e r r e s o u r c e s
1,057,000
1,611.000
5,514,000
TOTAL RESOURCES
2,021,237,000
2,116,124,000
757,558,000
L I A B I L I T I E S
C a p i t a l paid i n
57,82^,000
57,723,000
55,206,000
Government d e p o s i t s
143,032,000
*'
184,631,000
' 56,542,000
Due t o members - r e s e r v e account
1,135,456,000 •
1,164,995,000
Due t o non-member banks - C l e a r i n g account
8,547,000
4,767,000
Member bank d e p o s i t s - Net
. . .
•
•
•
491,266,000
Collection items
1T7•815,000
165.284,000
.
Total gross deposits
1,424,850,000
1,519,6/7,000
54/,808,000
F. R. Notes i n a c t u a l c i r c u l a t i o n . 534,015,000
53^, 226,000
152,590,000
F. R. Bank n o t e s i n c i r c u l a t i o n , n e t l i a b i l i t y
2,459,000
2,306,000
1,692,000
All o t h e r l i a b i l i t i e s including foreign G o v t . c r e d i t s . .
2,088,000
2,192.000
262,000
TOTAL LIABILITIES
•
2,021,237,000
2,116,124,000
757,558,000
Gold r e s e r v e a g a i n s t n e t d e p o s i t l i a b i l i t i e s
74.6$
74-2$
6f . 8 $
Gold and l a w f u l money r e s e r v e a g a i n s t n e t depos • - . l i a b i l ' s
78.8$
78.1$
70.9$
Gold r e s e r v e a g a i n s t 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
83.0$
81.5$
107*9$
«
( a ) Net amount due t o F. R. banks.

*
http://fraser.stlouisfed.org/
1
Federal Reserve Bank of St. Louis

Released, f o r p u b l i c a t i o n Sunday morning, J u l y
WEEKLY STATEMENT OF RESOURCES AND
B E ^ O U R v E S
!:°ston
x
Gold c o m and c e r t i f i c a t e s m v a u l t
$32,685
Gold s e t t l e m e n t fund
8,811
Gold w i t h f o r e i g n a g e n c i e s
T o t a l g o l d h e l d by banks
^
6 g e n t s

t z

'

X

:

2g, 1917.
Mot e a r l i e r .
LIABILITIES OF EACH OF THE FEDERAL RESERVE BANKS AT CLOSE
( I n t h o u s a n d s of d o l l a r s )
N.Y.
P h i l a . C l e v e l . Richm. A t l a n t a Chicago S t . Louis
234,737 U l , 2 1 5 33,3U2
6,450
7,613 39,744
4,752
120,36/ 20,232 45 , 443 4-3 , 800 . 7 , 9 2 1 5 3 , 0 8 6 2 3 , 8 8 8
4^25
1,837
1.575
7 . ISO
2.100
373,216 6 5 , 1 2 2 83,510 52,087 17,109 100,180 30,740

X-10 4b
OF BUSINESS JULY 27. 1917.

l

^

7

3 2 ,

^

i e

hg

- ^

M i n n l s . Kas.Cy. D a l l a s S . F r a n . T o t a l
17,792
8 , 5 2 2 14,195 19,717 460,764
11,47 6 39,140
8 , 6 ? 4 2 2 , 9 0 1 405,739
2.100
2.62%
1.818
2.888
52.500
3 1 , 3 6 8 50,287 24, 707 45,506 9 1 9 , 0 0 3
^

ilP==, m 111 a 11 a s 1 a
i E

T

? : s . f

o

i t t . r s : . r .

Total reserves

Due f r o m ^ t h e r ' F 1 ! ! / ^ ^ - n e t

71,512

589,527

3

"

^ 3

6

'

2

i 5

^

^

99,957 114,931

6o,624

^

a

'

8 2 3

i-%

i - : :

^

^

41,821

36,226 159,494

48,992

53,324

65,891

9.196

19.432

14.814

34.68?

62,953

13,095

71,753 3,414,052

19.036

uss lp-¥5ti

All o t h e r resources
TOTAL RESOURCES
)l A B I L I T I E S

126,574

29
759*462 151,530 166,855

22
93..744

80
...
61,129 283,920

271
78,430

400
62
21
7 3 , 1 0 1 110,700'

411,973

%,%o

100
...
500
44s
...
1,057
61,982 110,798 §021,237

m | | j l i s # is a ib 11 m 111141
B ^ o ' c ^ T r ,

Banks - n e t

'

^

imn

g : g j
F.R.Bk.Notes m c i r c u l a t i o n , n e t l i a b
All other l i a b i l i t i e s including foreign
Government c r e d i t s
308
1.518
217
.... .
...
TOTAL LIABILITIES
126,574 759,462 151,530 166,855 9 3 , 7 4 4
( a j d i f f e r e n c e between n e t amounts due from and n e t amounts due t o o t h e r F, R« Banks


S ' S

1^1 %M

T

2

' ° £

'/kd

^
& ! £
...

^

^

%%
...

«

2 459

3
42
2.088
, 8 } , 9 i 0 Ih,.:y.
" 7 3 , 1 0 1 11077OT " 6 T , W n o . 7 ^ S 0 2 i t 2 3 7
n o ^ amount duo t o F . R. Bariks.

Released f o r p u b l i c a t i o n Sunday morning J u l y
1917'
Not o a r l i c r .
STATEMENT OF ?ZDERAL RESERVE AGENTS* ACCOUNTS AT CLOSE OP BUSINESS JULY
19%f
( I n thousands of d o l l a r s )
F e d e r a l Reserve N o t e s :
boston
li. Y.
P b i l a . C l e v e l . Richm. A t l a n t a Chicago S t . Louis M i n n ' s Kas.Cy.
Received from C o m p t r o l l e r
$55,680 453,160 66,900 52,000 32,980 37,100 106,220 31,100 18,640 42,720
Returned t o C o m p t r o l l e r
" T — ^ ^ - t s J ^ O _ J , 1 J _ 3 5
.6,877
2 . 667
5,912
6,188
7 . 609
Chargeable t o F* R, Agent
44,841 367, 890 56,705 45,820 21, 2^5 30, 303 103,553 2 5 , 1 8 8 32,452 35,111
In hands of F* R. Agent
12.950—127 Jgo—V±x.ljQ0—5,94o
i.oqo
8.74o
29.900
U. 820
6,590 9.44o
I s s u e d t o P.R.Bank l e s s
amount r e t u r n e d t o P.R.
}Agent f o r r e d e m p t i o n
^1^831—240,170 42.205 19,880 18.155 21,561 71.651 2 0 . l 6 8 2 5 . 8 6 2 25,671
C o l l a t e r a l h e l d by F* R, Agent
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
Gold coin and c e r t i f i c a t e s
on hand
18,210
Gold redemption fund
1,681
With F e d e r a l Reserve Toard
2,000
Commercial p a p e r , minimum
1Q
required
.«°°P
TOTAL
Amount of commercial p a p e r del i v e r e d t o F . R . Agent

164,7*05

4,220

8,820

9,516 - L 5 1 L
27,404 26,103
8,461
,.

Total
983,160
166,545
816,615
232,151

18.941,

26.101

584.464

911
25,190

230,331
21,568
102,294

Dallas

36,920

26,660

20,000

483
7,000

3, U4l
1,0.51
13,580

...
443
56.210

3,353
718
10,8140

14,102
1,014
6,250

66,500

9,300

9,000

10.672

1.491

17,000

5,457

4.496

31,89 1

240,170

42,205

39,880

18,155

21,563

73,653

20,368

25,862

25,671

18-943

10,116

77,860

9,301

9,069

18,389

3,498

17,199

5,462

4, 496

11,099

4*175

2,025

S.Fran,

29,660

11,110

2,060

8,965

2,370
1,205
11,060

X-304c

1,010
?,5CU

11.0l6 _ 2 * J 1 2

150,271
26,103

584,464
170,664

MEMORANDA
F e d e r a l Reserve n o t e s o u t s t a n d i n g and in a c t u a l c i r c u l a t i o n .
-F. R, Notes o u t s t a n d i n g
F . R . Notes h e l d by banks
F. R. Notes i n a c t u a l c i r c u l a t i o n

31,891

240,170

42,205

39,880

18,155

21,563

73,653

20,368

25,862

25,6/1

26,484

213,182

41,425

37,482

17,546

19,910

68,812

18,402

24,269

24,945

JLMZ

26,988

'
'Vithin 15 days
B i l l s d i s c o u n t e d and bought
Municipal w a r r a n t s
t

Digitized for' FRASER
*
http://fraser.stlouisfed.org/
*
Federal Reserve
Bank of St. Louis

115,221

780

2,198

609

1.651

4,841

1,966

D i s t r i b u t i o n of B i l l s and Warrants by M a t u r i t i e s *
16 t o 30 days
31 t o 60 days
6 l t o 90 days

44,799
51

94,431

1,028

73,393
20

1,593

726

18,943
482
16, 461

Over 90 days

Total

5,210

333,556

49

1, 469

26,103
3,006
23,097

584,464
50,449
534,015