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^ 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