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STATEMENT FOR THE PRESS• March 3, 1917* Liquidation of commercial and “bankers1 bills., as well as substantial gains in member bank reserve deposits are indicated in the Federal Re serve Board's weekly statement made public today as at close of business on March 2, 1917 * The Federal reserve banks improved their reserve posi tion by increasing during the week their gold and cash reserves by 21*4 and 16,1 millions, respectively. They hold at present 513*5 millions of gold and about 10 million dollars of other reserve money* In addi tion there is deposited with the Agents Against Federal reserve notes a total of 317*6 millions of gold, making the total gold resources of the system about 836 million dollars# New York reports a gain of over 10 millions in its gold reserve* Its total reserve shows a,n increase of 5*1 millions due largely to gains in net deposits and the liquidation of paper on hand. Nearly 9 millions of the gold acquired during the \sreek has found its way to the Federal Re serve Agent, who reports 1^3*^ millions of gold on hand, or about 45 per cent of the total held by all the Federal Reserve Agents, as against less than 40 per cent of the combined gold reserves held by the New York bank# The Chicago bank shows a gain of over 8*5 millions of gold, mainly through the reduction of its favorable balance in account with :>ther Fed eral reserve banksDiscounted paper on hand decreased about 1*4 millions. Of the total discounts $3 , 621, 000, as against $4,632,000 the week before, is represented by member banks * collateral notes, the New York bank alone reporting the liquidation of about 1 million of such notes# Acceptances on hand de creased nearly 10 millions, reflecting probably to some extent the decline in foreign shipments trcm Eastern ports* No change is shown in the ag gregate holdings of United States securities* None of the banks report increased holdings of warrants, in\restments of this character having been declared by the Board inopportune at the present time* Total earning assets stand at present at $19/,814,000, constituting 353 Per cent of the banks1 paid-in capital, as against 374 per cent ob taining the week before. Of the total earning assets 57*7 Per cent is represented by acceptances; 14*5 P$r sent by United States bonds; 9*8 per cent by Treasury n o tes;.9*5 Per cent by discounts; and 8*5 P©r cent by mrrants* Chicago and Kansas City report considerable additions'" to their capital account, due largely to increases in the capital and surplus of their member banks* The total paid-in capital of the reserve barks is now in excess of 56 millions, and shows an increase of about $350 .)000 since the beginning of the year* Government deposits increased $755^000 during the week, Boston, Chicago and San Francisco reporting considerable gains, and New York a substantial loss in the amounts of government funds on hand. Member banks1 reserve deposits increased $ l 6 ,418,000, though their net deposits including all items not immediately available show an increase for the week of only 7-6 millions* Federal Reserve Agents report a total of $3^3^347,000, net, of notes issued, an increase for the week of $12,378/000« Against the total issued they hold $317,581,000 of gold and $28,700,000 of pa^er- The banks show a total of $314,258,000 of Federal reserve notes in actual circulation and aggregate net liabilities thereon of $ 19 , 772 , 000 * Released for publication Sunday morning March 4 , 1917. Wot earlier x-22 . STATEMENT OF COMBINED RESOURCES AMD LIABILITIES OF THE TWELVE FEDERAL RE' SERVE BANKS OF THE UNITED STATES AT CLOSE OF BUSINESS MARCH 2, 1917. R E S O U R C E S . March 2 , 1917 February/23^17 December l/l6 September l/l6 March 3, 1916. Gold coin and certificates in vault.................................. $304,163,000 281 . 355.000 261.917.00 0 245 . 358.000 261 . 822.000 Gold settlement fund.............................................................. 212 , 031,000 213 . 861.000 175, 781,000 104. 601.000 74 . 890.000 Gold redemption fund with United States Treasurer......... 2.347.000 1,922.000 1,476.000 1.812.000 . 1,538,000 Total gold reserve....................................................... 518.541.000 497.138.000 439, 174,000 351.771.000 338.250.000 Legal tender notes, silver, etc........................... ............. 15 1249.000 10.836.000 ■1.2,994,000 13.605.0 00 Total reserve................................................................. 528.512.000 512 . 387.000 450 . 010.000 365.376.000 351 . 244.000 Five per cent redemption fund against F. R, bank notes. 400,000 400.000 420,000 500,000 150,000 }ills discounted - Members...,............................................. 18 .840.000 20. 266.000 21.505.000 26.392.000 'Acceptances bought............................... ................................. 21.715.000 114.058.000 123.966.000 106,60 fi, 000 79.278.000 United States bonds................................................................ 30.783.000 28 650.000 29.471.000 40.215.000 46.821.000 One-’rear Treasury notes............................................... . 33.063.000 19.468.000 18.647.000 11 . 167.000 8 , 205,000 Municipal warrants................................................................. -16,798.000 17.124.000 21.254.000 21.302.000 Total earning assets..........................„......................... .30,539,000 197.814.000 209 . 474.000 200.747.000 181.998.000 Federal reserve notes - Net.................................... 116 . 100.000 23 . 095.000 22. 076.000 18. 301.000 20.890.000 25.567.000 Due from other Federal reserve banks - Net.................... 732.000 4 . 023.000 38. 188.000 35.607.000 20. 576.000 Uncollected items............................................... 136 . 940.000 154.026.000 All other resources........................................ .................... 7 .821.000 8.271.000 2,495.000 -.3,031,000 5.819.000 TOTAL RESOURCES.................................... $915,691,000 890.280.000 710 . 161.000 607.402.000 519 , 456,000 L I A B I L I T I E S ......... . Capital paid i n ....................................................................... 56.045.000 55.989.000 55.737.000 55.390.000 Government deposits................................................................ 54.919.000 14.162.000 13 . 407.000 26 . 777.000 50.918.000 Due to members - reserve account................................... 7no oQ, nnn 36.043.000 692. 475.000 Member bank deposits - Net............................................... ' o,ey.5,UUU 613,530,000 484,697,000 collection items............................................... 418.718.000 116,330,000 108.826.000 federal reserve notes - Net....... ............................................ 19,772,000 19, 061,000 13,383,000 14,416,000 9.635.000 Federal reserve bank note liability...................................... • ............. . 28,000 1 , 690,000 All other liabilities..................................................... 489.000 522.000 706.000 291.000 141.000 TOTAL LIABILITIES.......................................*. * .!!! !! !!! !! $915,691,000 890,280,000 710 161,000 607,402,000 519 . 456.000 Gold reserve against net deposit and note lia b ilit ie s .... 74.0$ 71-4$ 71.4$ 68.4$ 76 . 2$ Cash reserve against net deposit and note liabilities___ 75-4^ 73-6$ 71.0$ 73-1* 79 . 1$ Cash reserve against net deposit liabilities after setting aside 40$ gold reserve against aggregate net liabilities on Federal reserve notes in circulation............................. 76.4/0 74.6$ 73*8$ 80.0$ 71.9$ MEMORANDUM: Distribution by maturities: Mar. 2 , 1917 . 1 - 15 days 16 - 30 days 31 60 days 6l - 90 days Over 90 days Bills and acceptances....................... ............................. $36,578,000 29,189,000 46,156,000 20, 096,000 Municipal warrants................................................. 879,000 1,754,000 362,000 1 , 103,000 495,000 13,084,000 . • • * • • • * « « , * « * t • • * * • • • « * • * » • % « # Released, for publication Sunday morning March ^ 1$IJ, Not earlier X-22 g. WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE TWELVE FEDER5 •L RESERVE EAHKS AT CLOSE OF BUSINESS MARCH 2, 1917(in thousands of dollars)• R E S O U R C E S . Boston M. Y > Phila. Clevel, Richm Atlanta Chicago St. Louis Minnld. Kas.Cy. Dallas S. Fran Total Gold coin and cert i f » in vault $12,944 162,508 25,145 1 ^ 3 0 3 5,389 6,020 28,872 . . 9,488 11,548 7,808 7,110 13,028 304,163 Gold settldm e.nlfund 21.333 39,984 9,89s 26,493 16,910 5,470 43,883 3,166 4,097 26,463 6,506 7,828 212,031 Gold redemption fund 50 250 250 62 481 547 200 1 7 4 ___ 155 l4i 22 2,347 Total gold reserve 3^,327 202,742 35,293 40,858 22,780 12,037 72,955 12,828 15,800 34,412 13,S38 20,871 518,541 Legal tender notes, silver^ etc* 802 2,190 26s 120 462 2.568 _Zl£ 876 30 .2x371 _25l Total reserve re denipt, fund - F. R* bank notes - ________ ___ . ~ ~ — — — — _ _ _ 1~\C\ TOiO llA A 300 100 400 W l l s discounted - Members 2,812 87*+ 1,177 1,657 3,639 l, 614 2,197 602 46a 1,126 2,475 18,840 199 Bills bought in open market 11 , 1+59 -----30,690 13,305 9.456 7,062 _2xl?.0_ l!± 2 _ ____________ 4,506 6*480 -Z.x.65.1 __________________?14,058 Total bills on hr.,nd -2^255-gx.l.25 jr^ .271-- 3.1,564 14,482 11,113 10.701 8^ 25:3 .. 8,955 4,974 ,11^33^ 3,381 8.324 1 2.8Q8 Investments; U. S. bonds 71 4,985 442 50 2, 203 5.961 1,409 3,^03 2 , 429' 7,697 28,650 One-foar O r T r e a a i i r ”/ notes 1,666 726 1,820 1,969 1.99' i ,4 q i 2.962 891 1,230 1,784 1,500 19,468 Municipal warrants 1,^30 486 -5,534 -1,-^3[ ^ x252. 2,728 492 1 ,127 16,798 h 2 i 965 Total earning assets 523. 16,423 37,895 IL .915 20,870— 1.3a 127-- 1x294;--22,^ 85— 12^474 12,093 14.947 8,773 13.218 197,814 Federal reserve notes - Ne1r 1,403 15,805 1,097 2,465 20 Due from other F* R banks - Net 2,305 23,095 2,559 2,354 2,444 398 2,172 1,881 679 1,123 738(a) 4,023 Uncollected items 12,373 29,052 22,008 12,086 8,054 24,016 8,953 9,881 4,349 7,923 8,346 154,026 All other resources 6,985 _____ 2± 458 31L 250 117 _2xlI8 387 -1x525. 111 211 -1/758 417 7.821 TOTAL RESOURCES 67,981 288,401 I g,x293 77,690 _U 5^Q9Z— 11,105 125,442 39, 953 34,212 59,769 32,150 45.925 915.691 --------------------- L I A B I L I T I E S , Capital paid in Government deposits ^Bie to members - reserve account collection items Federal reserve notes - Net Due to other F. R« br.nks - Net All other liabilities TOTAL LIABILITIES 5 , 083 . 1,240 53,280 11,888 2,507 242,046 8,297 22,123 81 67,981 9,647 190 288,401 5,259 1,128 47,876 20,790 3,102 6,085 737 59,530 11,338 Q 3 892 25,441 8,096 2,420 1,988 19,700 4,248 7,021 238 2,747 6,999 1,668 97,765 2,79^ 236 27*188 19,010 7,226 2,509 2,412 732 27,629 2,396 1,043 -138. ME M O R A N D U M * F. R* notes issued to banks 15,476 143.361 22,103 14,003 F. R< notes held b}' banks 15,805 -258. -1x091. F. R, notes in circulation 14,073 127,556 21,145 12,906 Gold and lawful money -15x416 143.361 18,043 -lltxOQi. (a) Difference between n et^o u n ts lue ........1 x H 3,409 17,120 20,685 15,369 16,184 20,328 184___ 2,465 1,338 2,057 19,901 12,904 14,846 18,271 iZxlSik^ I 5x_l 69. _ 12ii 37 17,228 584 — 16,536 JL515 3/089 , 351 *+7,535 5,444 3,350 2,696 926 24,372 3,716 • - — — - - 440 - - — 22,496 3,911 1,757 36,531 3,646 — 20,540 -523270 21 / 97T 20,270 18,623 -20^290 — 56,045 14,162 708,893 116,330 19,772 — 80 Jm . 16,182 343,847 i x i o i ,29x589 13,877 31^,258 16 ,182 317 r581 Released for publication Sunday morning March I?, 1917* Not earlier. X-22 STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS MARCH (In thousands of dollars) Eoston Federal Reserve Notes: Received from Comptroller N. Y. Phila. c- 2, 1917- Clevel. Richm, Atlanta Chicago St.Louis Minnls. Kas.C'/. Dallas S.Fran. Total 37/520 -23,860 29,500 36,380 18,720 22,5*40 32,000 28,720 35/320 18,560 576 , UCO 7,177 4,757 8,480 4,630 1,851 3,316 1,152 2,736 6,144 2,378 113,184 197,681 30,3^3 19/103 21,020 31/750 16,869 19,224 30,848 25,984 29/176 16,182 463,216 9,560 54/320 8,240 5/100 3/900 11,065 1/500 3/040 10,520 3,488 8,636 ......... 119/369 Issued to F* R* bank less amount returned to F. R Agent for redemption 15,^76 143/361 22,103 14,003 17/120 20,685 15/369 16,184 20,328 22,496 20/540 16,182 343,847 Amount held by F* R- Agent in reduction of liability on outstanding notes: On hand: Gold coin and certificates 14,650 136,946 3/730 13/233 5/165 13,030 4/370 10,110 826 6/415 1/183 770 Beturned to Comptroller Chargeable to F. RV Agent In hands of F. R. Agent $33,880 259,400 8,844 61,719 25/O 36 Credit balances: ^ | n gold redemption fund With Federal Reserve Board . f , . . . . . . As security for outstanding notes: Commercial paper Total Amount of coimercial paper de livered to Federal Reserve Agent 15,476 143,361 2,960 515 204,194 1/174 119 742 948 993 1,100 802 15/587 13,020 15/250 6,430 3/250 13,260 9,080 15,380 97/800 3/847 3,100 3,873 250 ** * ** 26,266 16, 1CU 20,328 22,946 20/540 16,182 343,847 3,886 1,835 ......... 13,130 ......... 9,000 4,060 ......... .7/605 3/531 ......... 22,103 14/003 17/120 20,685 15,369 ^062 ......... 8 , 4l 0 3,559 ......... 3,848 3,100 28,700
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