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Released f o r p u b l i c a t i o n Sunday n:orning May 2F>, 1$1$: n o t e a r l i e r .
STATEMENT IDE THE PRESS -

St - 400

May 24, 1919*

Reduction of over 100 m i l l i o n s i n t h e h o l d i n g s of war p a p e r p r i m a r i l y t h e
r e s u l t of t h e f i r s t payment on account of V i c t o r y n o t e s , a l s o c o n s i d e r a b l e decreases
i n Government d e p o s i t s and i n F e d e r a l Reserve n o t e c i r c u l a t i o n , a r e i n d i c a t e d "by
t h e F e d e r a l Reserve B o a r d ' s weekly bank statement i s s u e d a s a t c l o s e of b u s i n e s s on
May 23, 1919.
As

a g a i n s t t h e l a r g e r e d u c t i o n i n war p a p e r , the banks shtiw a s l i g h t i n c r e a s e

in o t h e r d i s c o u n t s on hand and a g a i n of 8*5 m i l l i o n s i n t h e i r a c c e p t a n c e h o l d i n g s .
On t h e o t h e r hand, c e r t i f i c a t e h o l d i n g s f e l l o f f 4«3 m i l l i o n s , t h e l a r g e r decrease
in t h i s i t e m r e p o r t e d by t h e New York bank being o f f s e t i n p a r t by f r e s h investments
in 2 p e r c e n t c e r t i f i c a t e s shown f o r 4 o t h e r b a n k s .
Members'reserve d e p o s i t s d e c l i n e d 15-8 m i l l i o n s , w h i l e n e t d e p o s i t s a r e given
a s 67.8 m i l l i o n s l e s s than t h e week b e f o r e .

The banks 1 c a p i t a l account shows a gain

of $156,000, t h e banks a t P h i l a d e l p h i a , C l e v e l a n d , S t . Louis and San Francisco
r e p o r t i n g s u b s t a n t i a l a d d i t i o n s to t h e i r p a i d - i n c a p i t a l .

F e d e r a l Reserve n o t e s in

c i r c u l a t i o n d e c l i n e d 2 ? . 8 m i l l i o n s , t h e Banks and Agents r e p o r t i n g c o n s i d e r a b l e
g a i n s of n o t e s on hand mainly withdrawn from c i r c u l a t i o n , w h i l e redemptions by the
Treasury were in excess of 7 m i l l i o n s .

The b a n k s ' a g g r e g a t e l i a b i l i t i e s on account

of F . R. bank n o t e s i n c i r c u l a t i o n l i k e w i s e show a s l i g h t d e c r e a s e . 6n t h e o t h e r
hand g o l d r e s e r v e s show a g a i n of 2-9 m i l l i o n s , w h i l e c a s h r e s e r v e s went up 2 . 1
* millions.

The b a n k s ' r e s e r v e p e r c e n t a g e , because of t h e r e d u c t i o n s in both

deposit and n o t e l i a b i l i t i e s and the s i m u l t a n e o u s i n c r e a s e i n cash r e s e r v e s , shows
a r i s e f r o m 51 '1 to 52-3 p e r c e n t .




Be l e a s e d f o r

11 c a t i o n Sunday morning May 25, 1Q19; n o t e a r l i e r .
St.40
OF^COlvBIBED Ro, SOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE B/J}JKS AT CLOSE OF BUSIIJESST2IAY 23, i g i g .
Gold c o i n ^ a n d ^ c e r t i f i c a t e s
May 23, 1919
May 16, 1919
May 2 ^ / 1 ^ 1 # ,
Gold S e t t l e m e n t Fund - F . R . B o a r d
$3^6,997,000
$335>224,000
$478,460,000
Gold w i t h f o r e i g n a g e n c i e s
572 , 0 0 1 , 0 0 0
3'^^ ^ 95^" > 000
hO J ,jG~l t 0 0 0
T o t a l g o l d h e l d by "banksz
z
52, r7/0 -> 000m
Go I d wi t h F e d e r a l Re s e r v e Agent s
9^8 >998 ,000
884 , 1 (6, OuQ
93S ,72 / ,000
Gold Redemption Fund
^ A 3 9 ,825.000
1,150,903;P00
930 , 1 8 1 , 0 0 0
Total gold reserves
119.916,000
140,7^6,000
29TII3,000
Legal tender n o t e s , s i l v e r , e t c . '
2,178,739,000
"
2,17^,837,000 1,898,023,000
Total reserves
69,194,000
70,020 ^000
58.013,000
"Rills d'scoiin+^d ( S e c u r e d b y Gov^t.war o b l i g a t i o n s
, .
2,2^7,9]]^000
2,2^5,857,000 1,956,050,0^0
^
s d_suo^_cl ^
1,762,1187,000
1,863^76,000
600,499,000
B i l l s bought i n open m a r k e t
176,379,000
175,^64,000
322,800,000
T o t a l b i l l s on hand
193,187,000
184^717,000
278,221,000
U» S* Government bonds
2,132,053,000
2,223,657,000 1,201,520,000
U« S* V i c t o r y n o t e s
27,1^9*000
27,1>1,000
42,067,000
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
17,000
19,000
All other earning a s s e t s
199>7^8,OCO
2)4,082,000
*32,^76,000
Total earning a s s e t s
—Z
~
1,151,000
Bank p r e m i s e s
2 , 3 5 ^ ,967 ,000
2,45^- ,889.000 1,277,21^- ,000
U n c o l l e c t e d i t e m s & o t h e r d e d u c t i o n s frcm g r o s s d e p o s i t s
10,970,000
10,976,000
5/5 Redemption f u n d a g a i n s t F» R. b a n k n o t e s
679,798,000
709,355 >000
351,^07,000
All other resources
8,271,000
8,92^,000
537,000
TOTAL. RESOURCES
—_10,2%9,000
10.242,000
89^000
L I A B I L I T I E S
5Jl6,2j4,000
5,4*40,24],000 3 , 5 8 5 J O ] ,000
Capital paid-in
surplus
82 553,000
82 3 9 7 , 0 0 0
75,465,000
J
Government d e p o s i t s
'
*
•
^"9 66,000
1,13^,000
Due t o members - R e s e r v e a c c o u n t
. <-^4 ' i t u ' nnn
185,841,000
122,350,000
X
>
referred, a v a i l a b i l i t y items
n 'nnn
1j713 ,3^1,000
1,4-36,284,000
O t h e 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
7+9,702,000
242,488,000
Total gross deposits
142 ,138,000
125,786,000
107.903.000
F . E„ 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,'77,303;000
2,57*+, &70 ,000 1 , 3 0 9 , 0 2 5 , 0 0 0
F . R. b a n k 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 , 5 3 2 , 0 3 9 , 0 0 0 1 , 5 7 8 , 6 2 1 ,000
All other l i a b i l i t i e s
167,208,000
168,045,000
7 >7$+ ,000

TOTAL LIABILITIES
Ratio of total reserves to net deposit and p. R.
note l i a b i l i t i e s combined
R a t i o mf g o l d r e s e r v e s t o F»R. n o t e s i n c i r c u l a t i o n

after setting aside 35^ against net d e p o s i t , l i a b i l i t i e s




—
3
5 >31° ,234,000
5 2 «3%

64.61

^Includes One-Year Treasury iMotes*

3

,626 ,C00
1J^ 2 ^ , 0 0 0
5 , ^ 0 , 2 4 3 , 0 0 0 3 ,$85,303 ,000
51-1$

62 %:7/
qi

62.4%

Releasee, zur po.oj.icc.ciOii Sunday morning May 25, 1919S n o t e a r l i e r * •
gt.40ub
WEEHLY STATEMENT OF BE SOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 23, 1919RESOURCES
(In thousands of d o l l a r s - )
Boston New York p h i l a . C l e v e l . Richm . A t l a n t a Chicago St»Louis Minn» Kans»Cy - D a l l a s San F r a n .
Total
Gold coin and c e r t i f i c a t e s
3,%75
253.-779
606 27,263
2,166
7,876 2],046
3,921
3,3^5
135
7,245
9,^0
3%6,997
Gold settlement Fund - F.R.Board 3 8 , 8 l 4
178,524 40,852 50,691 34,185 12,633 111,062 16,493 1 3 , 9 6 ! 38,835
6,513 27,438
572,001
T o t a l gold h e l d by banks
42,289
432,303 ^ l / i 5 8 77,95% 3 6 , 3 5 1 20,509 134,108 22^4lU 22,306 38,970 13,758 36,572
918,99-3
Gold w i t h F e d e r a l Reserve Agents 59,975
287,679 71,137 129 , 677 28,17 8 41,699 267,507 58,198 4 l J 1 0 30,567 16,391 107,507 1,139.8^5
Gold redemption f u n d
11. 282
2.4.q4?. 11,236
690
7J38
6 . 0 2 1 33,071
5,239
5,324 11.341
2.65^
979
119,9^6
T o t a l gold r e s e r v e s
113,5%
744,924 123,831 208,321 71^667 6 8 , 2 2 ^ ^ 3 4 ]%86 85,851 68,g4o 80,87 8 3 2,802 1^5,054 2,178,739
Legal tender n o t e s , s i l v e r , e t c 7,716
51.712
571
1,070
4;6
1 .,_80_0
l._052
2,208
116
133
2,165
215
69,194
T otal r e s e r v e s
121,262
796, b36 124,402 209,39 1 72,103 7 0"j029 435,738 '88^059 69,036 81,011 3^,9°7 l l O > 273 2, 2^7,933
B i l l s disccuntsd:
Secured by Government war
o b l i g a t i o n s (a)
l44,102
708,974 1 7 0 J 1 5 134,152 81,413 70,909 201,723 61,625 47,345 51,720 19,35% 70,855 1,762,487
All O v h e r —
5,199
23 , 422 12,378
5,206 12,190 13,479 i 4 , 8 8 2
8,726
8,094 31,339 26,986 14,478
176,379
5 , 1 5 1 28,332
4,443
8,469
l.Obl
1.063 5^,822
193,137
B i l l s bought i n open market ( b ) - 15.859
44.424
918 21.562
7.083
Total b i l l s on hand
165,160 776,820
183,611 160,920 100,686 89,539 244,937 74,794 63,908 84,120 47,403 l4o,155 2,132,053
U.S.Government bonds
556
1,303
1,385
1,083
1,234
377
4,476
1,153
lib
0,868
3,966
2,632
27,l4g
U* S <* Vi o to r y no te s
—
—
—
—
—
7
—
—
10
—
—
—
17
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 l6.91o
68,336 19,690 16,442
5,8o0
9,509 20,612 14,682
9,028
6,453
4,900
7,320
199,748
Total earning a s s e t s
182,63 2
8%,"459 2 0 4 , 6 I O 7 8 , 4 4 5 107,780 99,432 270,025 90,629 73,062 99,%4l 56T269 150,107 2,358^9^7
Bank premises
800
3,772
500
875
312
218
2,936
5%1
401
221
400
10,9/6
U n c o l l e c t e d items and other
deductions from g r o s s d e p o s i t s - 57-,94.f
155,917 65,539 55,886 43,837 37,638 83,142 45,894 17,312 56,968 26,581 33,136
679,798
5f> Redemption f u n d a g a i n s t
F-R, bank n o t e s
S4l
1,852
925
770
196
450
886
469
415
730
379
358
8,271
All other resources
418
3.043
1,205
700
606
312
1,205
4)3
204
440
723
1,000
10,289
TOTAL RESOURCES
363,901 1,807,679 397,257 446,067 224,834 203,079 793,932 226,025 160,049 238,991 119,140 330,280 5,316,234
(a) I n c l u d e s b i l l s d i s c o u n t e d
f o r other F . R . b a n k s , v i z (b) I n c l u d e s bankers * a c c e p t a n c e s
bought from o t h e r F*R*banks:With t h e i r endorsement
Without t h e i r endorsement—
-




MEMORANDA
-

1, S60
-

29,486

-

-

-

-

-

54,783

-

-

-

10,000

-

15,000

-

"JO

-

-

-

-

-

28,4l3

109,27%

1,S60
28,483

R e l e a s e a f o r p u b l i c a t i o n Sunday m o r n i n g May 25, I919; n o t e a r l i e r .
WEEKLY STATET.EITT OF RESOURCES AND LIABILITIESOF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MY 23, I 9 I 9 .
( i n t h o u s a n d s of d o l l a r s > )
L I A B I LI I I e s
Boston New York phila» Clevel- Riclm. A t l a n t a
Capital paid-in
6,849
21,345
7,630
\195
9,225
Surplus
2,996
21, 117
2,60s
2,196
3,552
Government deposits
=•
9,°05
7:386
7,51S
' 7 , 2 1 5 i i , 194
9,032
Due to members - Reserve account 103,744
733,225 S3,967 133,287 5 1 , 2 9 1 4 4 , 6 7 3
Deferred a v a i l a b i l i t y items
50,875
126,8S9 6 3 , 8 0 1 4 7 , 7 0 4 3 6 , 1 3 1 2 8 , ^ 5 5
Hoi
AH other deposits
1,0^5
114,524
863
742
293
Total gross deposits ~
lb5, 2bgT 9217853" "1647704" 190, SE6 -~95754T 8 0 , 8 0 7
notes in actual circulation- 169,6^7
7 3 5 , 4 6 2 2 0 1 , 3 6 2 224,788 115,902 112,264
F.R. bank notes in circul a t i o n - net l i a b i l i t y
16, 466
3 5 , 1 6 3 IS,066 15,176
5,425
8,894
A l l other l i a b i l i t i e s
2, 67 4
2,4Uo
2,287
12,739
1,775
1,363
TOTAL LIABILITIES
3 6 3 , 9 0 1 1 , 8 0 7 , 6 7 9 397,257 446,067 224, S34 208,079
Contingent l i a b i l i t y as endorser on Discounted paper re discounted
with other F . R , banks
Bankers1 acceptances sold to
other F.R. banks
1, S60

Cl'^ic j

4°i

St

St.UcOc

ru

To t a l
82, 553
- 49,4o6
'99,999
1,697,524
537,642
142,138

31;0sbis

b,4l6
1,605
29,027
6,864
2 3 5 , 1 9 5 58,947
61,670 36,294
4,60s
748
3 5 0 , 5 0 0 102,8534 1 9 , 5 5 4 103,365

1,415
2,421
2,845
4,237
48,070 71,545
11,509 3 6 , 2 6 7
1,510 10,919
6 3 , 9 3 4 122,968
8 5 , 0 0 6 94,767

1, lb4
1,677
3,399
40,794 87,786
17,693 2 0 , 3 5 4
6.167
318
60,482 H7,70o 2^/77503"
4 6 , 0 6 6 196,070 2 , 5 0 4 , 2 5 3

2 2 , 4 7 2 13,103
5 , 7 0 3 13,104
6,774
167,20s
6,862
5,703
1,014
1,947
3,549
i,24o
1,311
2,512
35,451
7 9 3 , 9 3 2 226,025 160,049 2 3 8 , 9 9 1 H 9 , l 4 o 3 3 0 , 2 8 0 5 , 3 1 6 , 2 3 4

1/1 E M 0 R AN D A
27,341

45,000

109,274

36,933

1,860
FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION,

F , R. notes outstanding
F . R. notes held by bank
F„R-notcs in actual circulation

177,242
7,595
^69 647

831,870 213,644 238,624 1 2 1 , i 4 i 116,459 4 5 4 , 2 0 2 l l £ , 9 3 2
96,408 12,282 13,836
5,239
4 , 1 9 5 3 4 , 6 4 8 15,567

86,876 100,964
1,870
6,197

4 7 , 8 6 6 217,971 2 , 7 2 5 , 7 9 1
1,800 2 1 , 9 0 1
221,538

735^462 201,362 2 2 4 , 7 8 8 115,902 112,264 419,,554- 103,565

85,006

46,066 196,070"2,504,253

94,767

DISTRIBUTION OF BILLS AND U . S . CERTIFICATESOF INDEBTEDNESS BY MATURITIES.
17i t h i n 15 days
B i l l s dicounted
.
B i l l s bought in open market
U,S* c e r t i f i c a t e s of indebtedness




1,675,512
57,635
30,746

16 to 30 days
42,344
37,957
681

31 to 60 days
138,435
65,767
3,209

6 l to 90 days
60,492
31,-828
2,097

Over 30 days
22,053
163,015

Total
1,938,266
193,187
199,74s

Released f c r putlication. Sunday morning May 25, 1919; not e a r l i e r .

.

st.400d

STATEMENT OF FEDEBAL HE SERVE AGENTS1 ACCOUNTS AT CLOSE OF BUSINESS MAY 23, I 9 I 9 .

"

( I n t h o u s a n d s of d o l l a r s . )
FEDERAL BESERVE NOTES:
Received from Comptroller
Returned to comptroller
Chargeable to F„B.Agent
i n bands of F.R.- Agent
I s s u e d to f « E - ban> l e s s amount
r e t u r n e d to F . R . A ^ a n t f o r r e demption

Boston

New York

phi l a . Clevel,

Richm» A t l a n t a Chicago S t . L o u i s .

i/linn.Kans.Cy • D a l l a s San F r a n . . T o t a l

307,200 1 , 5 4 6 , 7 8 0 358,7^0 3 53,400 222,720 222,000 604.4g0 146. 220 130,880 162,300 103.160 2?6. 260 4,4#! l 4 o
101,458
571,310 132,856 82,256 72,589 4 6 , 8 3 1 1 1 9 , 9 I S 5 < 3 0 5 30,66% 4 7 , 7 5 6 31.'369 5^12&9 l j 4 , % 6 3 4
205,/o2
975^70 225,884 271,144 150,131 175.114 484. 562 157,512 xb6/?lo 1.V4,544
2?Y T 3 \ l 3 6 " 50?
28,520
143,600 12,240 3 2,520 28,990 58,666 3 0 , ^ S O 18,980 1 3 j 4 o 13,580 2 3 ^ 2 5
l ' , Q 0 0 * 4*10J15
177,242

831,870 213,644 238,624 121,l4i 116,459 4 5 4 , 2 0 2 118,932

86,876 100,964

4 7 , 8 6 6 217,571 2,725,791

COLLATERAL SECURITY FOR OUTSTANDING
NOfES:
Gold c o i n and c e r t i f i c a t e s on
hand
Gold redemption fund
9,975
Gold s e t t l e m e n t F r - l - F . R . B o a r d 50,000
E l i g i b l e p a p e r , m i n i m a r e q u i r e d 117,26?
Total
17 7,242

183,7 40
17,625
2,500
13,052
11,581
228.498
13,939 13,248 12,052
2,178
4,199
5,162
2,767
2^58
1,207
2,626 11,208
8 l j 219
90,000 57,889 100,000
26,000 3 5,000 262,345 55,43 1 25,600 29,360
2.184 96,299
830 108
544,191 142,507 10».947 92. 96j_74.7b0 186,695 60,73% 45,566 70.39? 31>75 110'464 1 , 5 8 0 ' 9 6 6
851,8^0 213,644- 258,65+ 121,141 1167459 454,202 118,932 8b,8?6 100,964 47,865"217",971 2,725,791

AMOUNT OF ELIGIBLE PAPER
DELIVERED TO F . R. AGENT

776,820 144,864 159,O4S




165,160

96,609

84,034 244,916

66,280

60,171

84,120

47,403 123,35 9 2 , 0 5 2 , 7 3 4