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83.1 Released f o r p u b l i c a t i o n Sunday morning October 8, 1916, Not e a r l i e r , STATEMENT FOR THE PRESS. October J j 1916, Continued l i q u i d a t i o n of discounts and acceptances, large purchases of municipal w a r r a n t s , and considerable t r a n s f e r s of gold to the Agents to reduce the banks 1 l i a b i l i t i e s on notes issued to them, accompanied by subs t a n t i a l gains i n member bank d e p o s i t s ^ are i n d i c a t e d by the weekly bank statement of the Federal Reserve Boarc^at close of business on October 6, 1916. The aggregate cash reserves of the banks increased during the week by about 6 m i l l i o n s , while t o t a l gold r e s e r v e s show a s l i g h t d e c l i n e , Combined gold holdings of the banks and Agents are now about 592 m i l l i o n s , a gain f o r the p a s t s i x months of about 84 m i l l i o n s , of which 24 m i l l i o n s repr e s e n t s the increase of gold i n t h e hands of the Agents and 60 m i l l i o n s the increase of gold i n the hands of the banks» Considerable s h i f t i n g s of gold between the banks are shown, l a r g e l y the r e s u l t of t r a n s f e r s on t h e books of the Gold Settlement Fund. Boston r e p o r t s a decrease of over 6 m i l l i o n s in i t s gold r e s e r v e , which i s due in p a r t to net withdrawals of government and member bank d e p o s i t s , the building up of large favorable balances in account with other Federal Reserve banks, and the t r a n s f e r of gold to t h e Agent * The New York Bank r e p o r t s a gain of 3*7 m i l l i o n s i n i t s gold reserve and of 9*3 m i l l i o n s in t o t a l r e s e r v e s , mainly from t h e redemption of notes by the Treasury, Chicago r e p o r t s a gain of 4»P. m i l l i o n s in t o t a l r e s e r v e , following the c o l l e c t i o n through the Gold Settlement Fund of p a r t of i t s favorable balance with other Federal Reserve Banks * Reductions of 1,7 m i l l i o E ^ o f 2*4 m i l l i o n s in reserve reported by the Minneapolis and San Francisco banks, a r e more than o f f s e t by i n c r e a s e s i n t h e i r balances due from other reserve banks, Discounts on hand show a decrease during t h e week of almost 2»3 mill i o n s , Dallas and the other two southern banks r e p o r t i n g considerable l i quidation of paper, Acceptances on hand decreased about 3*^ m i l l i o n s . Of the t o t a l b i l l s , including acceptances, held by the banks, 42,4 per cent mat u r e w i t h i n 30 days and 31*8 per cent a f t e r 30 but within 60 days* Transactions i n U,S, s e c u r i t i e s , i n c l u d i n g the conversion of 2 per cent bonds i n t o 3 P e r cent bonds and Treasury n o t e s , are reported by 9 banks, r e s u l t i n g i n a decrease of $2,174,000 in the amounts of bonds, and of $1,~ 836,000 in the amounts of Treasury notes held* Aggregate holdings of wanr a n t s i n c r e a s e d over 5 m i l l i o n s , the Eastern banks r e p o r t i n g large purchases of New York City notes. Total e a r n i n g a s s e t s d i f f e r but s l i g h t l y from the t o t a l shown the week b e f o r e , and c o n s t i t u t e about 33® P e r cent of the banks 1 p a i d - i n c a p i t a l , as a g a i n s t 332 per cent shown on September 29* Of t h e aggregate earning a s s e t s 42,2 per cent is represented by acceptances; 24,2 per cent Iby U, S* bonds; 15*9 P e r cent by warrants; 12,9 P e r cent by discounts; and 4,8 per cent by Treasury n o t e s . The New York Federal Reserve Bank r e p o r t s an increase of $300,000 i n the amount of i t s p a i d - i n capital,, corresponding t o a r e p o r t e d increase of 10 m i l l i o n s i n the amount of c a p i t a l of a leading New York City member bank* Government d e p o s i t s show a decline f o r the week of 5 m i l l i o n s , the 3 e aste r n banks r e p o r t i n g large net withdrawals of Government funds# Net member bank d e p o s i t s increased 4*3 m i l l i o n s , New York, Atlanta and Dallas r e p o r t i n g the l a r g e s t i n c r e a s e s under t h i s head, Dallas r e p o r t s the deposit with the Treasury of 2 m i l l i o n s to reduce i t s l i a b i l i t y on Federal r e s e r v e bank notes, The Agents r e p o r t t o t a l net i s s u e s t o the banks of $220,4^0,000 of Federal r e s e r v e n o t e s , an increase f o r the week of $6,523.*000* Against t h i s t o t a l they hold $204,4/6,000 of gold and $16,220,000 of paper. The banks r e p o r t a t o t a l of $201,364,000 of Federal reserve notes in a c t u a l c i r c u l a t i o n and aggregate l i a b i l i t i e s of $11,782,000 on notes issued to them by the Agents * i.aleasea f o r p u b l i c a t i o n Sunday morning October 8, 1316. Not ea r l i e r . 4&ATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE T m r ' , FEDERAL RESERVE BANKS OF THE UNITED STATES AT CLOSE OF BUSINESS RESOURCES . October 6, 1916 Gold c o i n and c e r t i f i c a t e s in v a u l t $265,626,000 Gold s e t t l e m e n t fund... 119,441,000 Gold redemption fund xvith United S t a t e s Treasurer 1,910 000 T o t a l gold r e s e r v e 386,977,000 Legal t e n d e r n o t e s , s i l v e r , e t c 11.991,000 Total reserve 400,968,000 Five p e r cent redemption fund a g a i n s t F. R. "bank n o t e s . . . 500,000 B i l l s d i s c o u n t e d and bought: M a t u r i t i e s : Within 10 days 15,061,000 From 11 t c 30 days 27,810^000 From 31 t o 60 d a y s . . . . 32,112,000 Frcm 61 t o 90 days 24,947,000 Over 90 days 1.164.000 Total. 101,094,000 Investments: United S t a t e s bonds 44,370,000 One-year United S t a t e s Treasury notes 8,763,000 Municipal w a r r a n t s 29.085.000 -K Total earning assets 183,312,000 F e d e r a l r e s e r v e notes - Net 14,894,000 Due frcm F e d e r a l r e s e r v e banks - Net 26,232,000 All other resources . 1,045,000 TOTAL RESOURCES. ' $628,951,000 L I A B I L I T I E S . C a p i t a l paid in 55,684,000 Government d e p o s i t s , . . . 33,971*000 Memter bank d e p o s i t s - Net 526,019,000 Federal reserve notes - N e t . . 11,782,000 F e d e r a l r e s e r v e bank rotes i n c i r c u l a t i o n . 1,033,000 All other l i a b i l i t i e s 462,000 TOTAL LIABILITIES $628,951,000 70.9^ Gold r e s e r v e a g a i n s t n e t d e p o s i t and note l i a b i l i t i e s (A) Cash reserve against n e t d e p o s i t and note l i a b i l i t i e s (A). 7j$%5? Cash 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 a f t e r s e t t i n g a s i d e 40^ gold r e s e r v e a g a i n s t aggregate net l i a b i l i t i e s ,_on F e d e r a l r e s e r v e notes in_c i r c u 1 a t i o n _ ( A ) ^ ^ . A A) Less items in t r a n s i t between Federal r e s e r v e banks^, - ^ 26,232,000 September 29,1916 2b0,845,000 124,421,000 1,929,000 387,195,000 ,..,7,811,000 395,006,000 500,000 21,408,000 23,245,000 36,527,000 23,882,000 1,516,000 106,578,000 46,544,000 6,927,000 24,028,000 184,077,000 14,250,000 31,365,000 7,541,000 b32,74l,000 55,393,000 38,985,000 521,740,000 13,216,000 3,031,000 374,000 632,741,000 71.4^ 72.8# - - _71#_ 31,365,000 J u l y 7, 1916 261,232,000 123,611,000 2,011.000 386,854,000 36,902,000 423,756,000 450,000 A p r i l 7, 1916 245,778,000 7,970,000 6,911,000 13,558,000 21,930,000 20,134,000 1,851.000 64,384,000 45,226,000 I,932,000 35,256,000 146,798,000 21,761,000 II,161,000 7,217,000 526,245,000 20,688,000 32,002,000 27,090,000 4,423,000 92,173,000 52,589,000 4,546,000 25,216.000 174,544,000 24,111,000 20,273,000 _IiiI9..iOCo 647,113,000 54,858,000 114,460,000 465,840,000 9,992,000 1,721,000 242.000 b47,113,000 ,67.9^ 74.3 $ 7J2-0£_ . 20,273,000 80,011,000 1,549,000 327,338,000 11,600.000 338,938,000 350,000 54,843,000 37,016,000 ^23,497,000 9,500,000 1,251,000 831-a OCTOBER 6, 1916 October 8, I915 227,769,000 55,850,000 1,212,000 284,831,000 21.102,000 306,133,000 5,893,000 13,786,000 15,257,000 9,109,000 1,120.000 45,365,000 9,483,000 27,029,000 81,877,000 15,523,000 7,723,000 1,124,000 414,380,000 54,781,000 15,000,000 326,787,000 15,225,000 526,245,000 71.3^ 118,000 2,587,000 414,380,000 . 81.5 fo 87.6$ 74.6fo_ 11,161,000 89-8$ _ 77723,000 Released for p u b l i c a t i o n Sunday morning October 8 , 191b. 831-b Not e a r l i e r . •WEEKLY STATEMENT OF RESOURCES AND L I A B I L I T I E S . O F EACH OF THE TTTELVE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCTOBER 6 , f Boston $8,454 9,305 N. Y. 168,972 3,767 17,764 102 17,066 172,989 8,925 181,914 B i l l s discounted - members 758 10,066 B i l l s bought i n open market 10,824 Total b i l l s on hand 2,922 Investments: U. S. Bonds 250 One-year u . S - T r e a s . notes 4,417 Municipal w a r r a n t s 18,413 Total earning a s s e t s 1,64b Federal reserve notes - Net Due from other F, R. banks — Net 6,381 69 All other resources 44,375 > TOTAL m s o m o E S 1,097 23,148 24,245 2,728 RESOURCES Gold coin and c e r t i f Gold Settlement Fund in vault Total Gold Reserve Legal tender n o t e s , s i l v e r , e t c * Total reserve (In thousands of d o l l a r s ) P h i l a . Clevel. Richm- A t l a n t a Chicago St.Louis MinnIs. 6,017 8,425 14,836 3,997 4,263 29,019 3,1 19,121 14,063 16,419 2,781 24,336 5,430 3,465 81 44o 200 27,596 28,980 20,856 6,904 53,555 9,766 • 9,512 1,123 68 1,125 1,076 597 195 523 28,193 30,103 20,924 10,891 54,631 9,707 7,433 Kas.Cy. Dallas 2,981 4,176 10,287 7,093 121 1916 S.Fran. 3,374 119,441 10 14,584 10,487 13,984 386,977 6 190 55 13,991 14,590 10,677 14,039 400,968 100 400 500 1,642 296 4,908 1,459 23,656 144 2,827 1,479 6,435 77,438 2,938 4,469 5,052 6,731 101,094 2,896 2,634 9,270 2,945 44,370 700 704 963 8,763 529 » m 1,252 1,876 29,085 359 8,477 11,945 183,312 9,366 13,530 , 1,488 1,507 14,894 744 4,484( a ) 26,23 2 1,565 3,503 81 464 191 135 3,045 24,164 30,320 20,462 32,14/ 628,951 * L I A B I L I T I E S . C a p i t a l paid in Government deposits Member bank d e p o s i t s - Net Federal reserve notes - Net F. R» bank notes i n c i r c u l a t i o n Dae t o o t h e r F. R» banks - Net All other l i a b i l i t i e s : TOTAL LIABILITIES 5,024 2,580 36,603 » • 168 44,375 • • 7,688 34,6bl 7,968 * w 227 224,770 11,902 2,945 205,944 . . 3,972 7 224,770 108 11,330 11,438 2,30b 1,174 3,454 18,372 638 223 47,426 365 _6a?4_2 6,607 6,243 760 3,664 17,274 367 2,254 4i6 50,414 5,224 3,678 32,271 5,997 2,301 42,116 » * • » 6,135 118 47,426 • * * • 50,4l4 4,489 1,669 6,153 633 1,070 61 7,922 3,800 3,758 7,558 1,508 526 289 9,881 1,18 b 167 30,199 l,4l4 287 19,015 3,325 4,417 18,441 3,891 2,493 3,924 11,408 1,153 ' 125 30,199 37 19,015 2,505 5,215 7,720 7,596 1,517 4,440 21,273 1,280 7,246 656 85,086 2,229 5,125 7,354 2,689 570 1,585 12,198 6,676 3,262 75,148 2,794 3,999 21,648 2,239 + * . • 85,086 ft % 7,462 129 50,680 • • * 2,597 1,124 20,443 * + m30,680 24,164 MEMORANDUM . 11,297 9,082 13,979 20,266 75,601 F»R» notes i s s u e d t o t h e banks 7,967 3,320 11,452 1,868 1,280 1,108 1,646 638 629 7,968 F»Rn notes in hands of banks 367 2,040 10,344 67,633 7,329 8,715 13,350 18,398 F-R. notes i n c i r c u l a t i o n 9,651 8,105 75,601 3,320 Gold and lawful money with agent 11,297 7,967 9,082 9,459 17,245 • 0 1,280 1,646 638 7,968 Carried t o net a s s e t s 367 , . . e m * « • « 1,153 3,891 2,239 <4 Carried t o net l i a b i l i t i e s (a) Items in t r a n s i t i . e . t o t a l amounts due from l e s s t o t a l amounts due t o other * » Total 10,600 265,626 14,762 1,507 13,255 14,762 1,507 * « Federal 3,043 881 24,177 1,186 1,033 2,689 1,956 12,504 3,313 * - • - * + • * 55,684 33,371 526,019 11,782 1,033 3,920 >,90-25,316 30,320 20,462 7 32,147 462 628,951 17,571 454 17,117 15,931 • » 1,186 reserve 25,104 10,089 1,488 173 24,931 8,601 21,618 10,089 1,488 , * 3,313 banks. 220,490 19,126 201,364 204,476 14,894 11,782 * <%• • • * Ha^.e&sed f o r p u b l i c a t i o n Sunday morning October 8, 1916. Not e a r l i e r . 831-c STATEMENT OF FEDERAL RESERVE AGENTS1 ACCOUNTS AT CLOSE OF BUSINESS OCTOBER 6, 1916. ' ( i n thousands of d o l l a r s ) F e d e r a l Reserve N o t e s : Received from t h e Comptroller ipatonl 15,160 21,500 26,920 9,380 14,600 21,000 22,620 35,320 13,880 364,140 5,563 45,639 4,873 2,778 5,371 3,169 1,179 1,946 608 1,636 3,595 1,231 77,588 19,317 97,761 10,607 12,382 16,129 23,751 8,201 12,654 20,392 20,984 31,725 12,649 286,552 8,020 22,160 2,640 3,300 2,150 3,485 4,881 1,202 5,630 3,413 6,621 2,560 66,062 11,297 75,601 7,967 9,082 13,979 20,266 3,320 11,452 14,762 17,571 25.104 10,089 220,4qp 10,700 71,215 3,820 8,540 5,063 11,620 4,270 10,340 597 4,38b 527 542 . With F e d e r a l Reserve Board . 3,620 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 : Commercial paper 11,297 75,601 7,967 9,082 4,560 Amount of commercial paper d e l i v e r e d t o F e d e r a l Reserve Agent ¥ - - 130,128 11,918 359 1,135 240 532 792 1,061 1,398 3^9 9,100 11,550 3,080 2,510 2,350 10,600 9,880 9,740 4,520 3,021 i,64o 3,486 13,979 20,266 17,571 25,104 1,644 3,629 - 4 Total 15,480 Credit balances: In gold redemption fund TOTAL S.Fran. 143,400 In Stands of F . R. Agent Issued 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 redemption Amounts held by F , R. Agent i n r e d u c t i o n of l i a b i l i t y on outstanding notes: On hand: Gold coin and c e r t i f i c a t e s Kas.Cy. D a l l a s $24,880 Returned t o t h e Comptroller Chargeable t o F . R. Agent - P h i l a . b l e y e l - ' i •Richm...-.Atlanta. bhLcaga Sf.ioiiifrMixmls. - 4,567 3,3^7 3,320 11,452 . 3,348 14,762 62,430' 16,014 10,089 220,490 ' 3,032 . . . 16,220
@FedFRASER