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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