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X^45& Released f o r p u b l i c a t i o n Sunday morning October 28, 1917, Not e a r l i e r * STAtEMElIT FOR "THE PRESS, October 27,1917 D i s c o u n t i n g on a. l a r g e s c a l e f o r members i n New York and Chicago mainly i n c o n n e c t i o n w i t h Government loan t r a n s a c t i o n s , i s i n d i c a t e d by the Federal Reserve Board's weekly bank statement as at c l o s e of b u s i n e s s on October 26 The- week w i t n e s s e d t h e c l o s e of the second L i b e r t y l o a n campaign as w e l l as s u b s c r i p t i o n s t o the t e n t h i s s u e of s h o r t - t e r m United S t a t e 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 * The F e d e r a l Reserve banks rendered l i b e r a l a s s i s t a n c e t o the i t members by d i s c o u n t i n g commercial paper as w e l l as t h e i r memberi own n o t e s secured e i t h e r by commercial and bank paper or L i b e r t y bonds and c e r t i f i c a t e s . As a r e s u l t the r e s e r v e banks 1 h o l d i n g s of d i s c o u n t e d paper of 611 c l a s s e s show an i n c r e a s e f o r the week o f about 4 1 0 m i l l i o n s . Of t h i s t o t a l , 07*2 m i l l i o n s r e p r e s e n t s t h e i n c r e a s e i n members ! c o l l a t e r a l n o t e s , which aggregate a t p r e s e n t 271*7 m i l l i o n s , or n e a r l y 70 per c e n t of t W t o t a d i s c o u n t s h a l d . About 2 0 9 . 2 m i l l i o n s of t h e s e n o t e s , as a g a i n s t 144,7 •m i l l i o n s t h e week b e f o r e , are secured by L i b e r t y bonds or c e r t i f i c a t e s of indebtedness• Loan o p e r a t i o n s were h e a v i e s t a t t h e New York Bank, v^hich r e p o r t s a t o t a l i n c r e a s e of 102*4 m i l l i o n s i n e a r n i n g a s s e t s , 86 m i l l i o n s r e p r e s e n t i n g an i n c r e a s e i n d i s c o u n t s , 6*6 m i l l i o n s an i n c r e a s e i n a c c e p t a n c e s and 10 m i l l i o n s an i n c r e a s e i n U n i t e d S t a t e s c e r t i f i c a t e s , cf i n d e b t e d n e s s * Against t h i s l a r g e i n c r e a s e i n i n v e s t m e n t s the Bank r e p o r t s an i n c r e a s e of 43*6 m i l l i o n s i n t o t a l n e t d e p o s i t s , of 9*3 m i l l i o n s i n Federal* r e s e r v e note c i r c u l a t i o n and a l o s s of 47*7 m i l l i o n s i n r e s e r v e * Advances paid through t h e New York Bank t o f o r e i g n governments amounted t o $92 m i l l i o n s for the week * Of t h e t o t a l , 4o m i l l i o n s went t o F r a n c e , 25 m i l l i o n s each t o Great B r i t a i n and I t a l y and m i l l i o n s t o Belgium, The banks 1 r e s e r v e s show a gatzi I f millions c h i e f l y of gold* the nine banks o u t s i d e the C e n t r a l Reserve C i t i e s Reporting s u b s t a n t i a l i n c r e a s e s i n t h e i r g6ld and t o t a l c a s h h o l d i n g s , F e d e r a l r e s e r v e n o t e s iii c i r c u l a t i o n show a l i k e i n c r e a s e , The banks 1 d e p o s i t r e s e r v e shows a d e c l i n e from 74*5 t o 70*3 per c e n t and t h e i r note r e s e r v e from 77«3 t o 73#8 per cent*^ D i s c o u n t Operations o u t s i d e of New York were l a r g e s t at. the Chicago, S t % Louis and Kansas C i t y Banks, t h e i n c r e a s e 6f paper on hand reported by t h e s e t h r e e banks b e i n g c o n f i n e d almost e n t i r e l y t o member banks 1 c o l l a t e r a l n o t e s * New York and C l e v e l a n d r e p o r t a l s o s u b s t a n t i a l i n c r e a s e s i n t h e i r ho i n g s of purchased paper*. . . Aside from the purchase o f 10 m i l l i o n s of U n i t e d S t a t e s c e r t i f i c a t e s o f i n d e b t e d n e s s by t h e New York Bank, none of the banks..report any m a t e r i a l changes i n t h e amounts of U n i t e d S t a t e s s e c u r i t i e s on h^nd#. . T o t a l e a r n i n g s a s s e t s of the banks i n c r e a s e d about 124*2 m i l l i o n ^ f o r t h e week and cons l t u t e a t p r e s e n t 1094 per c e n t o f the hanks * p a i d - i n c a p i t a l as a g a i n s t 9 per c e n t the week b e f o r e * Of t h e t o t a l , 58#0 per c e n t i s r e p r e s e n t e d by d i s c o u n t s ; 25% 9 per c e n t by a c c e p t a n c e s ; arid 16*1 per c e n t by U n i t e d S t a t e s securities, Admission t o membership of the C e n t r a l and M e t r o p o l i t a n Trust Companies of New York C i t y accounts l a r g e l y f o r the i n c r e a s e of $ 7 8 2 , 0 0 0 i n c a p i t a l account# Payments r e c e i v e d f o r c e r t i f i c a t e s df i n d e b t e d n e s s and on accoun of t h e second L i b e r t y l o a n are l a r g e l y r e s p o n s i b l e f o r the i n c r e a s e in. Government d e p o s i t s r e p o r t e d by n e a r l y every bank, t h e t o t a l s t a n d i n g t o t h e c r e d i t of the Government b e i n g 55*9 m i l l i o n s in e x c e s s of the t o t a l shown the week b e f o r e * I n c r e a s e s i n r e s e r v e d e p o s i t s were l a r g e s t a t the New York, ( Cleveland and San F r a n c i s c o Banks* A d e c r e a s e of 7*9 m i l l i o n s i n non-members c l e a r i n g d e p o s i t s r e p o t t e d by the New York Bank r e s u l t s l a r g e l y from the s h i f ing t o the r e s e r v e column of the newly admitted members 1 c l e a r i n g accounts *. There was a n e t i n c r e a s e of $ 2 8 , 1 0 9 , 0 0 0 i n t h e t o t a l of F e d e r a l r e s e r v e n o t e s o u t s t a n d i n g , a l l t h e Agents e x c e p t t h o s e a t Chicago and da-i r r a n c i s c o r e p u t i n g a d d i t i o n a l n o t e i s s u e s f o r t h e tofeek» A g a i n s t t h e t o t , a l i s s u e d , ^ $ 9 0 3 , 3 8 7 , 0 0 0 , the Agents hold a t p r e s e n t $ 6 1 4 , 6 9 2 , 0 0 0 of g o l d and ^ 3 0 3 / 7 0 4 , 0 0 of paper* The banks r e p o r t a t o t a l a c t u a l F e d e r a l R e s e r v e n o t e c i r c u l a t i o n 0.. $ 8 4 7 , 5 0 6 , 0 0 0 , an i n c r e a s e of 0 3 2 , 2 9 6 , 0 0 0 f o r t h e week, it A .$ P.jLii._wO& f o r p u b l i c a t i o n Sunday morning October 26, 1917 Hot e a r l i e r . STATEMENT OF COMBINED RESOURCES AMD LIABILITIES OF THE T'/ELVE FEDERAL RESERVE BANK; n E S O U R C i i i October 26 1917 Gold c o i n ^nd c e r t i f i c a t e s i n v a u l t $ 4 5 1 , 1 1 3 000 Gold s e t t l e m e n t fund 3 6 3 , 9 6 ? ' 000 Gold with f o r e i g n a g e n c i e s 52.500.000 T o t a l g o l d h e l d by banks 877,580^ 000 Gold w i t h F e d e r a l Reserve Agents 614,692*000 Gold redemption fund 11.164.000 Total gold reserve ' 1,503,436,000 |al tender notes, s i l v e r , e t c . 49.506.000 ^ Total reserves 1,552,942,000 B i l l s d i s c o u n t e d - Members 397 094 000 B i l l s bought i n open market 17?' 590!000 T o t a l b i l l s on hand ~ ' ' 574,684,000 U. S . Government l o n g - t e r m s e c u r i t i e s 54.166,000 U. S. Government s h o r t - t e r m s e c u r i t i e s 55,876,000 M u n i c i p a l warrants 233.000 Total earning a s s e t s 684,959,000 Due from o t h e r F. R. Banks - Net 6 , 8 9 6 000 U n c o l l e c t e d items 28l'. 67?' 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 ' ' ~~ 288,573,000 5$ redemption fund a g a i n s t F. R. Bank n o t e s 537,000 All other resources 1.354.000 TOTAL RESOURCES 2,528,365,000 L I A B I L I T I E S i t a l paid i n 62,629,000 eminent d e p o s i t s ^32 2 2 1 000 Due t o members - r e s e r v e a c c o u n t 264*323*000 CUB t o non-member banks — c l e a r i n g a c c o u n t 35 335 Q00 Member bank d e p o s i t s - Net ' * t C o l l e c t i o n items 174 aqp AAA Total gross d e p o s i t s ^ X:.' 1,606,371,000 F. R, Notes i n a c t u a l c i r c u l a t i o n .. 847,506,000 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 8,000,000 A l l o t h e r l i a b i l i t i e s i n c l u d i n g f o r e i g n Govt, c r e d i t s . 3.859.000 TOTAL LIABILITIES 2,528,365,000 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 66.5% 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 d e p o s i t l i a b ' s 70.3^ 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 circulation 73.8% « X458J October 19, 1917 $419,195,000 369,799,000 52.500.000 841,494,000 618,827,000 11.218,000 1 , 4 7 1 , 5 3 9 , 000 48.973.000 1,520,512,000 286,615,000 171.611.000 458,226,000 .55,088,000 47,255,000 233.000 560,802,000 32, 540, OVA) 332.302.000 364,842,000 500,000 1.185.000 4447,841,000 76,365,"000 1,230,557,000 42,262,000 61,847,000 1917. O c t o b e r 27, 191 $274,001,000 U L , 587, 000 "396,588,000 219;502,000 l,391.u0u 617,481,000 9.976,000 627,457,000 21,131,000 86.085.000 107,216,000 . 40., 469 .000 il,435,000 29.890.000 189,010,000 33,197,000 33,197,000 420,000 3,708.000 853,792,000 55,703,000 29,982,000 551,918,000 210.048.000 1,559,232,000 815,210,000 8,000,000 3.552.000 2,447,841,000 70.4% 74.5^ 77.3% 581,900,000 214,622,000 1,031,000 •536.000 853,792,000 72.3% 74.1% 102.9# R e l e a s e d f o r p u b l i c a t i o n Sunday uiornieg October .28, l y l ] Hot e a r l i e r . .... }[458b vnSHCLY STAT5MEKT OF RESOURCES ABB LIABILITIES OP EACH OF T1IE FEDERAL RESERVE BANKS 'AT CLOSE OF -BUSINESS OCTOBER 26, I917 . (in thousands of dollars) RESOtmnPS C^d coin and c e r t i f i c a t e s in vault Gold settlement fund Bootorj 27,54b 261,213 22,047 36,496 Gold w i t h F O R E I G N a g e n c i e s ' 3 , 6 7 5 Total g o l d h e l d by banks • 53,2&& Gold w i t h F e d e r a l Reserve Agents 35,371 redemption fund .. l.^v # & o t a l gold reserves 6^,639 Legal t e n d e r n o t e s , s i l v e r , e t c , .^,y37 Total reserves 93,6/6 B i l l s d i s c o u n t e d - Members 1v,o73 B i l l s bought in open market 24,u46 T o t a l b i l l s on kwnd • 34,919 U. S. Government l o n g - t e n , ; s e c u r i t i e s blv U- S- Government s h o r t - t e n , , s e c u r i t i e s 2 , b S 6 Municipal warrants ... Total earning-assets Due from other p. R. Banks - %et uncollected ite^is FOTEL REDUCTIONS FROC. G R O S S 3,111 IS,593 D E P O S I T ^ ... All other^resources 1 1 & , H 2 335,^26 187,234 5,000 5 2 6 , l v 4&,2?6 566,32b 21J.624 66,564 3^2,186 2,426 16,074 ... p h i l a , ,-Clevei. 21,b57 52,36b %,219 30,394 3,675 •4,72.5 1,837 : 59,341 ( o,T50 3 8 , 4 3 0 4 8 , 2 2 0 , 47/715 2 6 , 7 2 9 95v 12 715 8 , 5 1 1 126,4// 6f,ay4 j6o __ 352 __ 157 i v y , z / i 126,629 637^51 lv,242 9 , 5 9 s 11,32u 13,357 1 8 , l v l 5,731 2 3 , 5 9 9 27,(399 1 7 , v 5 1 550 7,947 1,296 3,126 3,693 2,364 I T 1 T S capital paid in Government d e p o s i t s Due t o numbers - r e s e r v e account ... 37,151 35,21B 3 9 , 3 8 2 29, 4B8 ^ 2 J - 2 C ~ ? G O 3 / , 1 5 1 5,273 6,46v a,313 73,634 15,157 93,754 Due non-net,ber b»ks - clearing account . . . c o l l e c t i o n ite^is .12,243 Due t o other F- R- Banks - net A l l other l i a b i l i t i e s i n c l u d i n g f o r e i g n awatwunt^credits, 5^3 25,287 32,537 36,426 ... 28,693 3,477- 155 lw 2,263 15.629 684,959 . 1 2 , 5 2 9 I / , 6 9 2 2 S . / 9 4 286 ,'-L; 6,w2 19,873 . 2 3 , 8 / 3 . . 345 322,v35 i l l , 0 7 9 2,595 5,v46 3,3^5 8,53 5 5 , ^ b 4o,799 32,226 17,545 156,951 9,660. 46,537 3$u ... lw 13,7v9' 1 2 , 8 3 1 lv,695 ... ' . . . . 5,749 19,945 1,572 7 12,960 ... lv ... 524 2,b2? I,O3O 2^^1(2 K , 6 2 0 2b,303 517 . o46 / / , £>90 36,893 45 493 / T , / 3 5 5/,5&6 23,764 9,4§v 1,237 7,847 2 5 , v u l 17,297 8,853 3,972 2 1 , 2 4 6 4^ ... 90,666135,4^5 2,579 12,225 13,0/9 3,372 • 5 , 0 1 3 10,746 39,587 6 7 , 6 1 2 " 39 2 ' 4,2v9 10,962 ... ... 122 2,32u 4l4 lS'v 153. ... si ... 3 2 2 , 0 3 5 llT7u79 ^anks. ... 168 9v,666 # 5 , 4 4 5 25,0^2 ^y,2jl 46l,llj 363,967 52,500 2 . 0 0 0 55",-Ol 26,360 3v 8 / ( , 360 614,692 11,164 ol,611 1 , ^ 3 ; 4 j 6 3^7 49,5^6 61,996 17552,^%' 13,574 397,094 4,vv2 177>59u 17757^T—574,68% 2,519 54,166 55,576 "*\1. • 233 6,395 fax 6 896 l q . T O K Li 677 *63 5/6 'cL 1,354 99,1^4 132,696 2 . 5 2 8 J 6 5 2,703 ' 4 , ^ 4 6,746 36,854 b,ivh' . ,uvv TOTAl, LIABILITIES 1 5 3 , 6 v . 9 4 4 , 2 3 " 175,94w 195,1)48 l v 8 , 6 9 1 9 7 , 2 2 9 •(-2.) d i f f e r e n c e between n e t ar-iounts due f.ror,, ana n e t amounts due t o o t h e r y . g 2,512 3,695 l v , u i 7 17,551 24,641 28^LT3 2 , ^ 6 1,114 17,&93 19,266 15,236 46 23,36/ 6^,843 6,497 32,555 12,o23 1 5 , 5 9 1 74,592 5 2 8 , o 3 5 V., 1 5 , 9 2 5 36,064 81,372 391 19/,223 1,816 199,^41 52,173 7,715 59,868 21, w 7 -4,9^ , , .. 55,216 •-. 2,100 25%$4g; 35,625 393 6 l , 366 322 64,66b 9,231 1,757 ll,vl& l,S6v 3^37 2,100 257O3O 27,075 768 55,^/3 613 56,46b 21,719 2,428 24,14? 2,233 1,793 7,350 2J7711 2 4 , 2 9 4 ... 17,0/6 5,44o 5,370 3^,460 ll3,462 1,575 12 ... 4,7/2 21,1^ IT^bOy 40,058 54v 3<V^W 248 >2,433 11,526 2,775 14,301 S93 £*$45 153,6uv 9 4 4 , 2 3 0 1 7 5 , 9 4 0 195,648 l u g , 6 9 1 9 7 , 2 2 9 5,467 35,270 72,842 39,351 11,269 18,199 ... b,175 3,659 -10 -• L 'Richie. A t l a n t a Chicago S t . Louis 'Miim. Rans-Cy- D a l l a s S. yran. Total 17,623 jo,04) 2/,2o'7 36,215 32v,b6o 5% R e d a c t i o n fund a g a i n s t p. R-Bk.nts ^ p P A L Hl|0tmCES N- 7- ... 62,629 14,196 132 221 bb,742 1 264 32) 3761 Q>V3 m f W^3S 174 492 ' y *** ... 8,0ou x ,, RQ 99,1^4 132.696 2 , ^ T m v y R e l e a s e d f o r p u b l i c a t i o n Sunday morning Octobor 2 8 , 1917. Mot e a r l i e r STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS OCTOBER 2 6 , 1 9 1 7 . ( i n thousands of d o l l a r s ) F e d e r a l Reserve N o t e s : R e c e i v e d from c o m p t r o l l e r Returned t o C o m p t r o l l e r Chargeable t o F. £ . Agent In hands of F. R. Agent I s s u e d t o F. R. Bank l e s s amount r e t u r n e d t o F. R, Agent f o r r e d e m p t i o n . C o l l a t e r a l held as s e c u r i t y for outstanding notes: Gold c o i n and c e r t i f i c a t e s on hand Gold redemption fund With Federal R e s e r v e Board Commercial paper, minimum required Total Amount of commercial paper del i v e r e d t o F. R. Agent Boston 479,680 15,029 64,651 13.400 N. Y. ^32,760 106,016 426,744 111.520 Phila. 92,440 14,080 78,360 15.040 51,251 315,224 63,320 30,599 2,772 2,000 1 7 7 , 0 8 2 4,22-0 10,142 3,361 ... 40,639 15,880 C l e v e l , Richm. A t l a n t a Chicago. 83,000 60,100 59,980 151,440 7,845 14,107 9,801 4,908 75,155 45,993 50,279 146,532 29.900 10.940 1.680 3 , 1 1 0 6 4 , 4 4 , 3 1 3 S t . L o u i s . Minn's Kans.Cy. D a l l a s S . F r a n . 55,840 290 6 6 , 7 2 0 63,980 44,460 7,468 - 7,-468 W # 9 10.460 13U294 5,326 48,372 48,711 46,260 3W* 7,050 8.290 8.680 9>780 . . . 4%069 116,632 41,322 40,421 19,321 3,394 25,000 3,579 729 2 , 5 0 9 28,000 33/970 444 80,928 2,513 1,502 23,060 13,102 2,270 2,023 1,990 20,500 26,360 128,000 15,100 16,500 15,#4 7,011 35,269 14,247 4,796 51.251 315.224 63,320 64,215 44.313 47.069 116,632 41,322 40.421 15,899 133,130 15,105 16,508 17,051 35,783 14%258 8,886 9,331 Total 1,337,680 214,903 1,122,777 219.390 37 ' 5 f t Q ^ 4 2 , 9 0 6 3 9 , 1 3 4 903,387 14,480 . . . 2,349 1,989 9,474 24,391 267,166' 33,204 Jl4,]22 6,960 16,603 12,754 288,695 37.580 42,906 39,134 903.387 17,297 13.076 303,704 42,906 39,134 292 4^574 42,614 34,560 903,387 55^881 847,506 7,380 M E M O R A N D A F e d e r a l Reserve -Notes O u t s t a n d i n g and i n a c t u a l c i r c u l a t i o n . F. R. n o t e s o u t s t a n d i n g F. R. Notes h e l d by banks f.® F, R, Notes i n a c t u a l c i r c u l a t i o n ^ , 9 3 2 B i l for l s FRASER d i s c o u n t e d and Digitized http://fraser.stlouisfed.org/ Municipal w a r r a n t s Federal Reserve Bank of St. Louis 3 lHli 288,798 W i t h i n 15 days bought 344,190 6 Hg? 59,613 60,998 42^896 45*547 "trill 112^144 41 z'MS * ! > . } & 3l'%° 38,582 ""39,239 3 3 , 0 0 6 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 3 1 t o 60 days 61 t o 90 days 51,887 *8 101,512 75,211 n r o v e r 90 days 1,884 *» *"• Total 574,684 000
@FedFRASER