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Released for publication Sunday morning, Nov, 2U , 1918> not earlier. st .79 STATEMENT FOR THE PRESS . Noveciber 23 , 191S* Liquidation in some volume of bills discounted and bought, also considerable net withdrawals of Government deposits, accompanied by a more than corresponding increase in members1 reserve deposits are indicated in the Federal Reserve Board's weekly bank statement issued as at close of business on November 22, I 9I 0 . nJVESTKSNTSi The week witnessed net liquidation of 7&>1 millions of discounts, secured by Government obligations, while hoJdings of other discounted bills de clined 10,3 millions and those of purchased paper -9 * 1 millions. The increase of 5^*7 millions in U.S. short-term securities is caused primarily by^temporary advance to the Government by the New York Bank of 6C million dollars covered by Treasury certificate, Total earning assets show a decline of *1 millions. DEPOSITS: Government deposits declined 133*^ millions, while m e m b e r s ' reserve deposits show an increase of 154>1 millions. Net deposits, mainly because of t h e increase in the "flo a t," declined 32*9 millions. RESERVES; Of t h e total increase of 6M millions in cash reserves, 3 * 5 millions represents an increase in gold holdin.es. The banks’ reserve percentage s h o w s a rise from ^9*9 to 5^*5 per cent. NOTE CIRCULATION; For the first time since May 17 the Federal Reserve note cir culation shows a decline for the week, the total of 2 ,5 5 5 ’2 millions being 7 '3 mill ions less than the week before. On the other hand, the banks' aggregate liabilities on Federal Reserve bank notes in circulation increased from 72*9 to SO .5 millions. CAPITAL: Increase in the capital of member banks, also accessions to member ship of state banks and trust companies, account for an increase of $122,000 in the Federal Reserve Banks1 paid-in capital, viftiich for the first time is shown in excess of SO million dollars. CONDITION OF MEMBER BANKS, NOVEMBER 15 , 191S. Further investments in Treasury certificates offset in party by disposal of U.S. bonds, also continuous withdrawals of Government deposits accompanied by sub stantial gains in net demand deposits are indicated by the Federal Reserve Board's weekly statement of condition on November 15 of 752 member banks in leading cities. During the week the reporting banks increased their holdings of Treasury certi ficates by 66 millions, the increase representing apparently to a large extent pur chases of U-l/2 per cent tax certificates. This increase is most notable at the banks in the central reserve cities. Holdings of U .S . bonds, other than circula tion bonds, fell off 32*3 millions, the banks in the central reserve cities report ing liquidation "under this head of 1*4.1'M llio n s , Loans secured by Government obligations show a total increa.se of about 3 millions, the central reserve city banks reporting an increase under this head of J.O <U millions. All other loans and investments declined about 57 millions at all reporting banks and 3^*3 millions at the banks in the central reserve cities. The ratio of U .S. war securities and loans supported by such securities to total loans and investments shows a rise for the week from 21*6 to 2 1 .,9 per cent. For the central reserve city banks a rise in this ratio from 23 to 23*7 V3V cent is indicated. Large disbursements by the Government caused the net withdrawal during the week of 177*7 millions of Government deposits, 6l.2 millions representing withdrawals from central reserve city banks. Time deposits declined 2.9 millions, while net demand deposits went up 107 .3 millions, of which 55*7 millions represent the gain at the central reserve city banks. Total reserve balances with the Federal Reserve banks declined SO .3 millions, while cash in vault increased 2.3 millions. For all reporting banks the ratio of deposits to investments, because of the considerable withdrawals of Government deposits, shows a decline from 79-2 to 78*7 per cent. For the central reserve city banks this ratio declined from 85*5 to 85 *2 per cent. The ratio of combined reserve and cash to deposits because of the large drop in reserve balances shows a decline from 15 to lU .4 per cent for all reporting banks and from 16 to 15«2 per cent for the banks in the central reserve cities. "Excess reserves" of all reporting banks declined from 139*3 to '47*6 millions. For' the banks in the central reserve cities a decline of this item from 77 ^ to 27 <3 millions is noted. Released for publication Sunday morning November 2U, 1513; not earlierSTATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE R E S O U R C E S Gold in vault Gold Settlement Gold with Total and in foreign with Federal Gold Redemption Fund Legal Bills 7 3 .1 2 9 .0 0 0 reserves silver, reserves discounted: bought Total in bills Secured by other earning 3 ea a c t i o n November 1 5 , 1918 315,21+1 2,060 ,265,000 ,056,777,000 S > L £ 3 S . .o c o 2,116,257,000 2 ,1 0 9 3 1 0 .000 . 1 ,35-' M O *+39,392 3 7 7 , S 77 0 0 c* from gross'deposits) against F.R- bank notes resources 209, 905.000 £ ^ 5 ,9 0 7 , 0 0 0 9 3 , ^ - v .O C O 57 , 3 5 0 , 0 0 0 2,255,560,000 2 , 2 9 3 .ci-'-O .000 8 1 9 ,0 1 0 „000 U , 5 2 5 ,CC0 2 b ,1 7 5-000 7 1 7 J S 5 ,oco 4 ,003 ',000 979:1^1,000 31'! .397,000 000 30 ,0i_3 ■>-.00 xn paid i . w Surplus Government Due to m e m b e r s f Collection Other deposits, Total gross F. R. noues F* R. All TOTAL of In including actual of foreign govt, credits circulation circulation - net liability reserves gold to to circulation after net liabilities deposit net deposit 7 9 :9 0 3 ,0 0 0 67 . 136.000 113,335,000 oO ,50'4,000 F - R - notes setting aside 35$ 2.333.462.000 2.562.517.000 72,930,000 1+3,1+72.000 5,11+3,1+18,000 a n d F.R* combined reserves .967.000 in 537,000 ? Q56,130,000 1 ,14-1+3, ^ 9 .000 573,727'coo 50 . 367.000 5 , 219 , 527,000 LIABILITIES total 113 i.U22[000 13.169 ,000 5 , 1^ 3 , ^ 13,000 2!l-5>01,000 2 .45 ].,732,000 2 ^555:215 >000 liabilities notes l i a b i l i t i e s Ratio account deposits bank notes-in other Ratio reserve items 53,962,000 -1*291,000 1,134 .000 ;cgc 1 1 3 ,|7 U , o o o 1 , oC'4 ,033 >C O O o20 , 60S ,000 deposits 1 ,6 5 3 ,7 6 2 , 0 0 0 ,3 7 5 , ^ 5 ,C00 29,Uv,-, .uOO L I A B I L I T I E S Capital ___ 5-1,053,000 ',6 5 6 ,0 0 2 , 0 0 0 cco 5 > 219,527,000 T O 1A-u R E bO U R C E S • 963,207,000 623,3^3 ,000 1 1 .5^ 9 .0 0 0 1^504, 701+,000 cco* ____ ____2J .000 (J.^duet $530,01+5,000 3 3 6 ,6 6 2 , 0 0 0 000 _I*L25L November 23 ,1917 ____5 2 .5 0 0 .000 5 5 , 9 9 2 ,000 lU£ ^ Z O securities NOVEMBER 22, 1913. 1 , 1 6 6 , 5 7 9 .000 cco 29 ,1 3 4 ;000 securities assets Fund BUSINESS 2 , 0 7 3 ,2 1 9 , 0 0 0 ssets earning ether other short-tern U n ^(/j .Lected i t e m s All obligations o p e n m/tr k e t long-term U '3 .3 c * v e r n n e n t fn,. Govt-war on h a n d U *S ••G o v e r n m e n t All 1ys 28€fn®5.000 000 366.78^.000 /. All Bills etc* CLOSE OF 5 .329 000 313.219.000 1 , 163 , 517,000 Agents AT $375,527,000 ^ 3 3 ,235; 000 _____ 5 . 3 2 9 , 0 0 0 hanks Reserve tender notes, Total Board agencies gold held by gold R. jr 22, 1913 $371,1+33,000 1435. 392.000 transit Fiona,. F ~ Gold Total Novemb St . 79a BANKS 50 -5fb 1+9.9 ^ 6 0 .5 ^ 5 9 * ^ 196 /411,000 l,l+26 /o!-S,000 215 , 163,000 25 . 291.000 1 ’, 3 6 1 , 519 ,000 1 .015 . 392.000 c!> s000 , 0 0 0 .... 3 , 5 3 3 , 0 0 0 2 . 956 . 130.000 64 .7# actual against ♦Amended fig-uras St .79 b Released for publication Sunday ucrnin^ Noveabor 2*+, 191S; not earlier. YIESKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOVEMBER 22, lgiS (in thousands of dollars.) Total B E S O U R C E S Boston New York Phila. Clevel, Richn. Atlanta Chicago St'-Louis Minn. .Cans.C y . Dallas San Fran. 6 , 6 7 0 1 0 , 3 6 3 3 7 1,39 3 Gold, i n v a u l t a n d i n t r a n s i t 300 3,377 277,331 193 28,263 2,311 ' 7,573 23,531 2,206 -8,366 2,103 33,506 335,892 S o l d S e t t l e m e n t Fund, F.R. B o a r d 33,763 32,209 32,657 32,953 12,33b 5,720 17^,365 2S . 11 S 12,583 25,396 Gold with foreign agencies 203 321 6.829 J t B S - _____ 2 . 0 1 1 _____ 3 0 3 ____ 5 2 5 2 0 3 _____ 1 7 5 _ __ _ o l 6 ___ . 2 3 3 2 33 291 Total gold h e l d b y banks 26 ,087 8 ,977 53,191 313,2 19 311,56 1 33,259 6 1,772 13,399 13,36 9 19 9 ,71 2 30,557 21,187 37,5U£ Geld with Federal Reserve Agents 37,850 22,523 117,813 1,168,917 65 ,^3 6 282,650 7 9 ,2 2 1 1 3 3 , 1 3 0 59 ,9 73 3 3 ,9 5 6 2 0 3 , 7 0 2 53,131 57,531 6 »6Ui Gold Redemption fund 23.00,2 7 . 7 0 0 ____ 3 , ^ 2 5 0 ____ % S 3 2 ____3 . 9 1 7 11.790 8 78,129 . .3.,33.2____1 , 0 2 ...3.715. _ 2 To tal £ 0 Id r ? ser vs s 33,655 172,013 2,060,265 109,1325 6:19,203 120,130 19 S . 152 SO, 76'3 63,332 >-116,203 87,020 82 50 L e ^ a l Lander notes, silver, etc. 1 , 17s ..233....... __ 1^12,5 ...-3.5l>029______ SOS_____ 6?3.. 206 1 , 525 Total reserves 33.833 172,237 110,257 113,350 6 6 3 ,2 3 2 1 2 0 ,9 5 8 .1 9 3 , 6 3 7 j a ■? 6 3 ,4 ^ 3 1 7 , 7 2 9 Bills ) S e c - b y G o v t - w a r o b l i g a t i o n s 120,003 555,533 136,372 95,373 6^0*21 32,732 116,872 15,971 L i s e t a * )A l l o t h e r +2 12,578 95,312 15,390 16,330 902‘ oS 3S ,357 66,538 29,739 5)3 Trills b o u g h t i n o p e n m a r k e t 03 . 5 : SoC[lg. 13.112 36 .OIS 5 -33s.___ 172.203 2.0 .586 52 753 a > a 5i a \ : , 034 Totr’ J. b i l l s o n h a n d 8 2 3 , 0 5 0 1 8 2 . 9 3 8 j 63 t6 0 7 QO.oi??. 8 3 . 2 1 1 2 1 9 , 3 3 1 39 J 05 105,773 2 ,0/ 8,219 IT. i. -Jc 7 ‘ w - lonj- tern s e c u r i t i e s 3.003 3,36l 29,133 l >399 I.. 3 6 2 i ,0 88 s . 19 3 , S'4.0 1 ,313 U. $ ,Gov*t/ short-tern " 3 .316 .l|901 2,938 138,130 9 3 ,5 5 s 6 ,2 99 7 ,7 0 6 . 2 J 85 3 ,0 2 .2 12 ,6 12 Al? earning assets rT —— ___ __________ ^ ___________ 21 ‘lea--! earning assets 919,007 190,609 173,301 93,031 92,023 5 5 ,2 0 9 1 3 2 ,2 2 2 2 ,2 5 5 ,5 6 0 >53,763 ~&Tll 3~23^5^3 8 o,yCO 1 Uneoi ice Vi a ite cs (deduct frao. 63,370 deposits) 5$ l^cenrption F u n d against of:.-:-’ r e s o u r c e s TOTAL R^SajR-TH’S L I A B I L I T I E S Capital O , OUJ paid-in Snrp\v & G o vs m ; j.e n t £ue Collection Ail other foreign Total K. 75 7,086 d e p o si t s to m e m b e r s , reserve gross notes 108,538 5 3 ,039 credits 16 8,6 deposits in a c t u a l circulation i n circa\Ia,tior^ liability other 76 /515 63,13 33,506- 73,751 77,692 70,735 liabilities TOTAL. LIABILITIES 33,3os 32,329 819,010 2 0 ,7 2 b 7,359 8,883 . 639 10,6 55 32,808 12,336 68 5,823 16 2 ,2 0 2 70 ,2 75 115,2 36 6 3,9 9 0 53,8 65 709 232 . 19s' 183 560 221 253 3 , 525. 1 .37; ____ 6^0 2 < r .0 , 08.6 ja6_ ____.3x 9... .2 k a i 5 9 /i36 123,337 329 008 5,219,527 '39f.. 8*0 31..33; 237,363 160,880 2)!3,033 116 3 , 23i 5:1.037 3 5 .,073' 11,103 2.16 7,230• 8,385 3o . 7g3 229 ,-169 23,683 6r ,955 3,' 7 5 3-0 3,735 *3,877 56.899 .53,902 2,916 3S 3,753 5 0 ,3og I 2 ,338 3,653 net 03 1'50,9S3 3,139 6,631 3,959 73,333 30,127 32,330 19,932 including ^cvernxaent F*B„bank notes AH account iteas deposits 35,22 6 XpX 220 1,16 1 2/5 1 .105 3-, 7 0 0 o36 3: , 90s 1,7 50 ,103 30 6,328 339,82.2 bar:1:. a c t e s Ail 1 .6 1 , 0 0 3 F JEt. ___________ ..isa, 1 .8.1 .. -_r-__________ 3 0 3.53 .l i i ,.-qi2 13. 966,367 168,073 182,397 100,262 . 72,71s 301,321 126.,132 66,613 121,193 713,7^3 222,906 238 , 597 131-,96c 115,609 398,553 110,935 87 ,383 112,160 3,530 30,025 1,133 113,173 3,193 88 ,171 1,603,033 26,391 • 620 , 608 .rn.--.2 a a 5___ n u a & z ,351,732 56,593 120,750 59,337 197,397 2 , 555.215 3,950 23,761 o ,111 80 ,503 5,033 3 , 56s 2,32b 9 >1'65 3 ,3^7 13,533 3 ,2 5 5 3,637. 2 ^ 3 . ■ 30.367 1.933 a aa ia assz 1 .603 JL33&. 333,908 1 , ^ 0,103 U06.32S 339,5522 230,309 1 96 ^ 7 0 731,333- 237“ 363 i6o ’s83 23gTl36 1 23"337 3 2 9 ’008 5,219,527 Released, for publication Sunday morning November 24, 1918; not earliier . st . 79c STATEMENT OF FEDERAL RESERVE AGENTS* ACCOUNTS AT CLOSE OF BUSINESS NOVEMBER 22 (In thousands of dollars.) FEDERAL RESERVE NOTES: Received frcm Comptroller Returned to Ccmptroller Chargeable to F- R. Agent In hands of F«R. AgentIssued to F. R. bank less amount returned to F.R,Agent for redemption COLLATERAL SECURITY FOR OUTSTANDING NOTES: Gold coin and certificates on hand Gold redemption fund Gold settlement fund, F.R. Board Eligible paper, minimum required Total AMOUNT OF ELIGIBLE PAPER DELINKED TO F.R. AGENT Boston New York Phila. Clevel, Richn. 1913. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Total 320 3 , 660, 5)40 98? c.q-, U 33S 3 , 06s s'vj 300.070 — ->9--^--224,434 232,UU9 261,153 l4l,836 118,44-7 4g4 ,837 117,53-? 5,000 9,436 148 , 93U 15s ,7^0 — 1 3 ,9 10 . 12,555 18,750 j>,380 823,050 156,367 163,393 2,503 2,000 8 8 ,487 120,173 6l . 302 2 n . ? 3S 2 ,7 6 8 777 13,052 213., 626 72,793 88,629 73,581 219 , 44l 63,828 144,630 80. ?.4g 49,305 95.395 2 . 006,306 M E M O R A N D A FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION. R, notes outstanding no cns held, by bank Fin actual circulation ^ 4,434 232,^9 261,153 iUl ,8.36 118 M 7 424 ,837 117 , 53.2 -i£00£--I05u§5p--a ^ a _ l ? ^ 5 .5 6 ___ 9_,_876 2.818 26 281 6^ ? 15?,9S3 718,78. 222,906 248,597 131,960 115,609 392,554 110,935 88,487 120.7 >3 3 qqU g Qw sy,483 112,160 6l . 102 213 ,338 2. 76s J 7 7 59 , 84/ 13 7 ,39 J 2 , 555 , 2?5 DISTRIBUTION OF BILLS, U.S. GOVERNMENT SHORT-TERM SECURITIES AND WARRANTS 3Y MATURITIES. ITithin 15 days 16 to 30 days 31 to 60 days 61 to 90 days Over 90 days Bills d\?'-5c\mted and bought 1 ,206,215 175,680 332,876 337,3^6 20 ,102 U^S.Government short-term securities 69,029 2,023 10,335 66 r793 Muni cipal warranc s 10 6 3 3 Total 2 ,072,219 3.48 ,180 27 ■* Releasod for publication Sunday corning November 24, I 9IS; not earlier. STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS- LOCATED IN CENTRAL RESERVE, RESERVE AND OTHER SELECTED ^ CITIES AS AT GXOSE OF BUSINESS NOVEMBER 15, 1918. , _ . _ ,, (In thousands of dollars.) x. Data for all reporting banks in each district.________ „ ^ Boston I4.I4. No. reporting banks U .S . bonds to secure O t S ^ fS n d s \ including U. ^ ^ c e r t if ic a t e s of in- • New York i°5 lU’U02 5° , 3 U 2lJ8k 363,222 Totai^u^s?Ss3curities v? ? ’ ™9 Loans secured by U.S.bonds etc m ’n o All othsr loans &inve!ta-At 8 Reserve with F.R. bank Cash in srault ~ Net demand deposit's c Z* < ■* Time deposits ^ Govarment d°posits ________;______ f ____ ®_____________ 11^,771 Phila. 53 11,1+92 •• Clevef! S5" ^ Riclm si Atlanta U5 Chicago St. Louis 101 Minn. 32 ^ 2 'S32 2U’ 109 1 5 ’U65 1 S >9° 6 66,965 101,912 51,230 35,829 121,669 35 17 >6^ 6 >369 33,095 10 , 9.77 Kan s-Sy. Lai las San Fran. 73 45 1 3 ,7 1 5 .1 7 ,9 2 9 U- s^ccrtificS- s of in- 305,375 q,«S?tndnf S8 a ... L'-^l i 4 r ~ d b v n \GL j ^ 0 211 H * lA ’ I 526,510 Es J a ° v r » n ^ T E“ £ £ • ““ “ * • 3 ,! ! v b ,s?° Cash i n , m a t * ‘ 1 1 1 '™ Net demand denosits U W «2 *t o . deposits ' S l '362 Govemnent deposits U ^ 'S g telo o Salio of war paper to total loans and investments, per cent 2 5.4 5 4 for FRASER Digitized Total 752 3^,505 • 267,690 25,069 30,706 827,297 2 9 , 8 6s 4 1 ,6 2 5 8 6 ,8 0 9 24,682 n ,4 o o 31,790 1 2 ,4 7 5 ’> I l0^>'f7 227 .38U -75 >32 2S,jU6 70,3UU. 55 U73 c 2 ’75? ? ? ’U76 3 S ,°?S 2? '^ 71 , 9 ^ * 2 1 2>>S39 2,630 8 , 7S3 7,243 3c A 966,233 3 91’° ^ 31 f ’ 7?? l , U l 9 * & 375,206 2bl;4/0 t a , * 3 190,789 606,115 56,530 83,390 33,974 26,846 150,816 31,042' 22,666 42,866 16,824 131,* 6T >S92 35,3^6 20,187 3.6,287 6l,26s ..12,839 8/776 16,037 12,773 609’06° 74M 9 *> 331,093 223,573 1,106,281 257,930 215 , 1/3 JEU >65 ^ 2,609 537 223,257 56 29U 91,2*4 376,355 73,^29 43,200 .57 ,87Q 25 , 084 Uib ,269 73,310 82,628 18,434 19,473 ' 67 , 658 25,903 6,670 21,043 11,436 953,683 2,108,670 13,061 1 , 202,816 552,55*+ 10,59^,203 53,065 1,188,672 24,104 385,986 428,177 9,647,617 122,287 1,448,387 ^ 5 9 ,^ 3 Hi >+6,573 24,839 6 5 ,8 6 2 , 2 1 2... Data for ba&ks i-j. each central reserve city, banks in all other reserve cities, and other reporting banks. l'^ew York Chicago St. Louis Total Cen-Eos-Cities Reserve duties : Country banks Nov .15 8 Nov.15— -Nov. 8 No. renortin- banlrc Nov. 15— Nov,8 Nov.15 Nov.15 Nov.15--Nov. Nov.. 15— Nov- 8 Nov.15— Nov, 8 l4 129 129 v X Z a s T o sZ ? a cirm 71 71 » 114 129 129 *» w 170 O t J e r ^ s . bonds inclndia - 53 36,879 1,119 3lK,s‘(0 73,573 10,555 10,555 ^2,553 k S ' 533 *+2,553 **S ’ 553 17° ' S13 171,205 US>31S t e ’319 24,901 24,501 407,853 4-07,S53 421,919 >(£1,915 396,731 >(10,754 82,713 86,875 6 3 ,0 5 7 128,268 13,828 869,423 Total Nov.15- Nov. 8 T» 752 267' 69° 2 & .°77 887,257 519,592 491,794 436,605 321,250 32,750 18,833 18,833 *+91,79*+ ^ 36,605 397,210 326,169 6U ,679 64,847 953,683 887 621 948,200 54,289 907,077 732,909 10 7,^ 2 5^,289 9^ 2,200 907,077 96^,759 968, 16 s 195,711 200,0U5 2,108,670 2 ,0757290™ 573,^30 72,752 12,535 18,535 677,797 667,405 667,405 4$4 , 3 i 4 -456,874 70,705 75 538 1 , 202.816 1 100 g17 677,797 3 ,° 1 7 ,° 33 * £ > « ? 271 ' 2J 7 5 , 0X0 ,694 5 , 074,560 U. 6*1,257 u , 653 ,151 8 7 2 ,*5 2 - 8 7 3 .7 * 10 , 55M o 3 l o j e ^ ^ L . l6,97li **55 ,00g 65,205 60, 55U 1,188,672 "l .z G s .S t t ' il ? B J g '2 g « “ ,5 ’ 352 1 S°> 8 2 U l , 9g2 U2 . 00U 5 * 5,986 383,672 208 707 iko £ 1 S ’Z S 5 u S ' ™ 5 ' £ S ’! S 3>“ U*” 9 3 .7 7 5 .3 W 702,818 690,012 9,6>»7,6l7 9,5X0,237 ' 2 1 hlH V ! S? 7 ' 537 f 5’,1 2p M 9 1 202,852 1,41(8,387 1,>(51,2^9 3 , 9 '3 ’75 53,6?U 5lU '7* 3SS.917 >*» > 7 2 > 6 , * 3 2 73,818 865,>(23 1 , 0H-7 ,0 7U 24 R 17 0 isr t ,, , ,, n _ ^ 17 *U 18 *1 23-7 23.O 20.5 2O.5 19.2 1 9 .S. 21-9 2 1.6