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V 801 for publication Sunday morning September 17* 1916* ^ Not e a r l i e r . STATEMENT FOR THE PRESS. September l 6 , 19l6. I n c r e a s e s f o r t h e week of 6 , 5 m i l l i o n s in e a r n i n g a s s e t s and of 7.8 m i l l i o n s in "the combined gold r e s e r v e s , a decrease of 11,8 m i l l i o n s in a g g r e g a t e cash r e s e r v e s , and net withdrawals of 4 m i l l i o n s of Government d e p o s i t s , a r e i n d i c a t e d by the r e g u l a r weekly bank s t a t e m e n t , made p u b l i c to-day by t h e F e d e r a l Reserve Board as a t c l o s e of b u s i n e s s on F r i d a y , September 15, 1916, New York r e p o r t s an i n c r e a s e of 5*6 m i l l i o n s in i t s gold r e s e r v e , and a d e c r e a s e of 14*9 m i l l i o n s i n i t s t o t a l c a s h r e s e r v e . T h e - r e duction in t h e bank ? s r e s e r v e r e s u l t s from net withdrawals of Government and member Dank d e p o s i t s a r e d u c t i o n of t h e balance due t o o t h e r F e d e r a l r e s e r v e banks, a d d i t i o n a l investments and t r a n s f e r s of gold t o t h e Agent t o bank*s l i a b i l i t y on F e d e r a l Reserve n o t e s . Chicago shows a s u b s t a n t i a l gain in r e s e r v e t o g e t h e r with a r e d u c t i o n of i t s f a v o r a b l e a g g r e g a t e b a l ance with o t h e r F e d e r a l r e s e r v e banks. Losses of gold i n t h e weekly lament account l a r g e l y f o r t h e decreases in r e s e r v e s shown f o r t h e Minneap o l i s and Kansas C i t y banks. Richmond 1 s gain in t o t a l r e s e r v e i s du& mainly t o a chacge of a f a v o r a b l e t o an adverse balance in i t s accounts with o t h e r Federal reserve banks. Aggregate holdings of discounted paper i n c r e a s e d l e s s than $200,000 during t h e veek, t h e l a r g e r i n c r e a s e r e p o r t e d by t h e Richmond bank being more than c f f s e t by decreases shown in the holdings of t h e A t l a n t a and DaDas oanks« . The t o t a l 0 f 27*7 m i l l i o n s i s i n c l u s i v e of t h e amounts a d vanced t o member banks en t h e i r own notes secured by c o l l a t e r a l i n t h e shape of commercial paper-; Such adva .nces were a u t h o r i z e d by a r e c e n t amendment of the F e d e r a l Reserve. Act, and s p e c i a l r a t e s for s uch loans have been announced by f i v e banks, B i l l s bought i n open market, mainly bankers 1 a c c e p t ances, show an i n c r e a s e of 2*8 m i l l i o n s , t h e t h r e e e a s t e r n banks and Cleveland reporting s u b s t a n t i a l gains in t h e i r holdings of t h i s c l a s s of p a p e r , Of t h e t o t a l b i l l s , i n c l u d i n g a c c e p t a n c e s , on hand; 43<7 par cent mature w i t h i n 30 days, a n d 36 per cent - a f t e r 30 but w i t h i n 60 days . A gain of about 1 m i l l i o n in the amount of U, S* bond holdings i s shown, mainly t h e r e s u l t of c o n s i d e r a b l e purchases during t h e week of 2 p e r c e n t bonds by t he New York and Cleveland banks. Investments on a l a r g e s c a l e in New J e r s e y and New England c i t y bonds account f o r an i n c r e a s e of over 2 , 5 m i l l i o n s in t h e t o t a l of municipal warrants h e l d , Earning a s s e t s a r e c l o s e t o 190 m i l l i o n s , and c o n s t i t u t e 3^3 P e r cent of t h e t o t a l p a i d - i n c a p i t a l , a s a g a i n s t 3 3 - ? a r cent shown t h e week b e f o r e . Of the t o t a l e a r n i n g a s s e t s acceptances r e p r e s e n t 43*5 P 0 r cent; U• S* bonds 24*7 p e r c e n t ; d i s c o u n t s 14,6 per cent; warrants 12*5 per cent; and Treasury n o t e s 4* 7 p e r c e n t , The week w i t n e s s e d c o n s i d e r a b l e withdrawals of Government funds from the - Reserve banks in t h e t h r e e central r e s e r v e c i t i e s and Boston, Member bank deposits show but s l i g h t change in t h e a g g r e g a t e . F e d e r a l r e s e r v e bank n o t e s in c i r c u l a t i o n i n c r e a s e d by about $880, 000 during t h e veek« The net amount of F e d e r a l r e s e r v e notes i s s u e d t o t h e hanks s t a n d s now at $202,530,000 y an i n c r e a s e of $3,312.,000 f o r t h e week, Against t h i s t o t a l t h e Agents hold $185,161,000 of gold and $18,4-52,000 of p a p e r . The banks r e p o r t a t o t a l of $179,409,000 of F e d e r a l r e s e r v e n o t e s i n c i r c u l a t i o n , and a g g r e g a t e l i a b i l i t i e s of $14,223,000 upon n o t e s i s s u e d t o them by t h e Agents, Released f o r p u b l i c a t i o n Sunday morning September 17, 1916. Not e a r l i e r . 801. a STATEMENT OF COMBINED RESOURCES AND L I A B I L I T I E S OF THE TWELVE FEDERAL RESERVE BANKS OF THE UNITED STATES AT CLOSE OF BUSINESS SEPTEMBER 1 5 , 1 9 l 6 RESOURCES , Gold coin and certificates in vault Gold s e t t l e m e n t fund Gold redemption fund w i t h United S t a t e s T r e a s u r e r T o t a l gold r e s e r v e Legal tender notes, silver, etc Total reserve Five p e r cent redemption fund a g a i n s t F. R. bank n o t e s 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 From 11 t o 30 days " 31 t o 60 days " 6 l t o 90 days Over 90 days Total, I n v e s t m e n t s : United S t a t e s bonds One-year United S t a t e s Treasury notes V-1 Municipal w a r r a n t s Total earning assets F e d e r a l r e s e r v e notes - Net Due from F e d e r a l r e s e r v e banks - Met. A l l o t h e r resources TOTAL RESOURCES L I A B I L I T I E S . Capital paid in September 15, I9I0 September 8, 1916 $250,308,000 248,846,000 125 , 271,000 118,950,000 1,894,000 1,884,000 . 377,473,000 369,680,000 7,898,000 27,487.000 385,371,000 337,167,000 500,000 (a) 484,000 - •- 15,685,000 32,521,000 39,788,000 20,697,000 1.611.000 110,322,000 46,915,000 9,039,000 23,714,000 189,990,000 19,975,000 28,937,000 . 2,969.000 $627,742,000 $55,4l6,000 Government d e p o s i t s 40,199,000 Member bank d e p o s i t s - Net ^ 51^,3^3,000 F e d e r a l r e s e r v e n o t e s - Net 14,223,000 F e d e r a l r e s e r v e bank notes in c i r c u l a t i o n . . . 3,214,000 All other l i a b i l i t i e s 347,000 TOTAL LIABILITIES $627,742,000 Gold r e s e r v e a g a i n s t net d e p o s i t and n o t e l i a b i l i t i e s ( A ) . . 69.9/ Cash r e s e r v e a g a i n s t net d e p o s i t and note l i a b i l i t i e s ( A ) . . 71*4^> 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 a g g r e g a t e net l i a b i l i t i e s _on F e d e r a l Reserve notes in_circulation_(A)^_- • • 1.^— '(A) Less items in t r a n s i t between F e d e r a l r e s e r v e b a n k s , v i z : $28,937,000 (a) Corrected f i g u r e s . 14,318,000 32,236,000 39,625,000 19,333,000 1.823.000 107,335,030 45,954,000 9,055,000 21.166,000 183,510,000 19,324,000 28,706,000 June l 6 , 1916 262,062,000 104,101,000 1.833,000 367,996,000 13 .622,000 381,618,000 450,000 12,050,000 18,551,000 28,727,000 21,434,000 4,611,000 85,375,000 52,875,000 4,190,000 22.067.000 164,507,000 24,419,000 21,365,000 W3.403.000 5,538.000 597,897,000 55,406,000 44,236,000 514,225,000 16,076,000 2,334,000 54,864,000 55,751,000 477,293,000 612,594,000 67.7/0 72,8% 597,897,000 70-8/ 73-¥0 632,594,000 117.000 - UM , 28,706,000 8,003,000 1,726,000 260.000 _74*0$_ 21,365,000 March 17, 19lb September 17,191' 253,880,000 224,402,000 63,040,000 78,970,000 1,197,000 1,623,000 288,639,000 334,473,000 16,001,000 11,304,000 304,640,000 3^5,777,000 150,000 6,773,000 12,128,000 20,511,000 16,272,000 2,016.000 57,700,000 39,213,000 33,034,000 129,947,000 - 24,608,000 16,248,000 4,878.000 521,608,000 54,937,000 32,380,000 4,784,000 12,997,000 17,452,000 7,294,000 1,134,000 43,661,000 9,047,000 24,444.000 77,152,000 12,481,000 8,533,000 3,382.000 406,188,000 54,749,000 15,000,000 423,259,000 316,953,000 16,562,000 148.000 521,608,000 74. __ 2,924,000 406,188,000 84.9# 89.6/0 10,203,000 681,000 76, ; \<t - - 17^81 16,248,000 - -32.yL_ 8,533,000 Phil a.. H. Y. Boston RESOURCES . 8,525 $7,312 155,158 Gold coin and c e r t i f . i n vault 16,890 11,747 16^ 787 Gold settlement fund 50 250 5 Gold redemption fund 24,104 167,155 25,46Total gold reserve 237 98 2.117 Legal tender n o t e s , s i l v e r , e t c . 25.702 Total reserve 24,202 169,272 5% redompt, fund F , R. bank notes - 659 993 339 B i l l s discounted - Members 10.948 27.716 11.928 B i l l s bought in open market 11,607 28'.70S 12.267 Total b i l l s on hand 2,825 2,659 2,972 Investments: U. S„ bonds 818 2,282 250 One-year U. S,Troas.notos 4,539 2,431 4,496 Municipal warrants 19.325 3 8 1 8 9 18.341 Total earning a s s e t s 544 951 13,842 Federal reserve notes - Not 1,182 Due from other F. R. banks - Not 52 293 44 /'All other resources 45,704 221.596 44.639 TOTAL RESOURCES L I A B I L I T I E S . Capital paid in Government deposits Member bank deposits - Net Federal reserve.notes - Net F. R. bank notes in c i r c u l a t i o n Due to other F. R. banks - Net A l l other l i a b i l i t i e s TOTAL LIABILITIES 5,024 2,803 37,736 141 45.704 11,601 5,887 203,838 5,222 6,372 30,685 270 2,276 84 44,639 221.596 ™E mmPEDEML^RESEEVE BANKS AT CLOSE OF BUSINESS SEPTMER i i , 1916. (in thousands of d o l l a r s ) Total. Clovol. Richm. Atlanta Chicago S t . Lou i s Minnls . Kas. Cy. Dallas S.Fran. 4,153 3,242 10,191 250,308 14,805 4,984 4,253 26,066 5,475 6,144 5,355 3,590 125,271 12,187 12,603 3,343 25,180 4,530 2,747 10,312 126 422 10 1,894 18 443 238 200 102 30 377,473 13,791 9,019 27,010 18,030 7,834 51,446 10,107 8,921 14,591 7^898 68 617 1,034 62 1,003 1,305 1,067 220 70 3 8 5 8*837 52^751 11.174 9,141 14,661 9.636 13,859>^ 28,044 18.092 500 100 400 27,713 380 7,196 1,766 1,891 1,147 3,161 3,476 528 6,177 82.609 6.786 • 583 1.333 3,024 5.123 4,968 2.042 6 . 8 2 3 ' 1.335 4.915 3,099 7.779 7.166 110,322 6,270 7.351 7.512 5.518 8,129 46,915 2,634 2,896 9, 617 3, 374 2,714 8,463 1,508 1,074 6,179 9,039 804 529 616 350 570 850 526 684 760 23,714 1*982. 370 1.010 1.525 4.219 173 86 2,883 9.649 13.702 11.204 12,586 189.990 7,725 21.661 11.079 17.173 9,356 1,672 19,975 1,224 1,391 351 4,742(a)28,937 1,465 2,826 2,962 5,297 722 10,298 2,760 2*969 144 693 199 68 186 527 376 79 308 48,636 27.527 17.660 86.628 27,736 23,044, 31,788 , 23,098—33, 003—627, 742 5,998 1,970 40,668 48,636 3,365 2,905 15,207 5,169 2,490 3,542 9,441 2,175 7?f 12 110 27,527 17,660 2,792 4,294 20,584 66 2,591 1,117 19,336 3,046 1,765 24,041 1,302 1,634 2,691 2,169 11,147 5,511 1,580 3,921 4,418 24,664 86,628—27,736 23,044 31.788 23.098 33.003 13,324 1.224 12.100 13,324 1,224 15,954 398 15,556 14,254 20,664 185 20,479 14,968 10,139 1,672 8,467 10,139 1,672 6,675 2,957 76,996 MEMORANDUM . 6,956 3., 340 9,271 11,310 16,656 7,696 76,773 F. R. notes issued to the banks 10,447 934 1.391 801 351 544 13,842 F. R. notes in hands of banks 951 9.496 62[931 7.152 8.920 10.509 15.828 1.949 6.022 F. R. notes in c i r c u l a t i o n 5,956 3,340 5,340 13,653 9,271 7,696 76,773 Gold and lawful money with Agent 10,447 1,391 351 544 13,842 Carried to net a s s e t s ' 951 66 5,169 2.175 ^Carried to 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 duo from l e s s t o t a l amounts duo 1.302 5.511 to other Federal reserve banks. 55,416 40,199 514,343 14,223 3,214 347 627.742 202,530 23,121 179,409 185,161 19,975 14.223 P^Feased f o r p u b l i c a t i o n Sunday morning September 17, 1916. Hot e a r l i e r . 801 STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS SEPTEMBER 15, 1916. ( I n t h o u s a n d s of d o l l a r s ) Boston N. Y. Phila. C l e v e l . Richrn. A t l a n t a Chicago S t . L o u i s M i n n l s . Kas.Cy. D a l l a s S . F r a n . $20,380 143,4oo 15,4P.Q 15,160 18,500 26,400 9,380 5,H3 39,667 4,744 2,589 5,040 3,000 1,159 15,267 103,733 10,736 12,571 13,460 23,400 In hands of F. R, Agent 4,820 26,960 3,040 3,300 2,150 6,744 4,881 3,762 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 -10,447 76,773 7,696 9,271 11,310 16,656 3,340 6,956 13,324 9,700 73,315 3,820 8,700 747 3,458 456 571 F e d e r a l Reserve n o t e s : Received from t h e C o m p t r o l l e r Returned t o t h e C o m p t r o l l e r Chargeable t o F . R. Agent Amounts h e l d by F, R. Agent 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 c o i n and c e r t i f i c a t e s Credit balances; In gold r e d e m p t i o n fund With F e d e r a l Reserve Beard Amount of commercial p a p e r d e l i v e r e d t o F e d e r a l Reserve Agent http://fraser.stlouisfed.org/ « Federal 6 Reserve Bank of St. Louis 76,773 7,696 3,395 1,181 69,829 8,221 10,718 20,454 21,107 29,205 12,699 281,571 8,541 2,560 79,041 15,95%- 20,664 10,139 202,530 7,130 5,153 2,850 11,320 4,270 10,340 129,365 1,303 260 396 654 784 1,098 399 10,366 5,100 7,300 3,080 2,710 1,350 9,200 3,530 9,74o 45,430 5,970 3,003 1,000 1,700 5,696 9,271 11,310 16,656 3,340 6,956 3,420 10,447 5 46 13,880 351,400 1,513 5,050 1,882 22,620 32,600 240 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 C onime rc i a l pap e r TOTAL 12,600 21,000 Total - - 6,532 3,012 — 1,000 13,324 15,954 -- 1,718 17,369 20,664 10,139 6,190 - - 202,530 18,452