The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
STATEMENT FOU THE PRESS, Reloaded f o r p u b l i c a t i o n Sunday c o m i n g , A p r i l 11, 1920; n o t e a r l i e r . St.1072 F e d e r a l Reserve Board A p r i l 1C, 192C CONDITION 0? FEDERAL RESERVE DANICS. Moderate l i q u i d a t i o n of b i l l s d i s c o u n t e d and bought, accompanied by a c o r responding r e d u c t i o n i n d e p o s i t s , a l s o a f u r t h e r g a i n i n gold r e s e r v e s i s i n d i c a t e d i n the F e d e r a l Reserve Board 1 s weekly bank s t a t e m e n t i s s u e d a s a t c l o s e of b u s i n e s s on April 9> 1920. F e d e r a l Reserve note expansion f o r the week under r e - view was 2*9 m i l l i o n s , compared w i t h an average weekly i n c r e a s e i n n o t e c i r c u l a t i o n of 11,8 m i l l i o n s f o r the p r e v i o u s f o u r weeks and of 29-3 m i l l i o n s f o r the week immediately preceding. The b a n k s ' r e s e r v e r a t i o shows a r i s e from 42*9 to 43*3 I- G r cent. As a g a i n s t an i n c r e a s e of 9#4 m i l l i o n s i n war p a - e r , otiter d i s c o u n t s on hand show a r e d u c t i o n of 42+4 m i l l i o n s , a c c e p t a n c e s - a r e d u c t i o n of 1 »8 m i l l i o n s , and Treasury c e r t i f i c a t e s - a r e d u c t i o n of 5*6 m i l l i o n s . T o t a l e a r n i n g a s s e t s of the Reserve banks, as a consequence, were 4c*4 m i l l i o n s l e s s than the week b e f o r e . Of the t o t a l of l , 4 l 0 « l m i l l i o n s of war jiaper on hand, 578*7 m i l l i o n s , or 4 8 . 1 p e r c e n t , were s e c u r e d by L i b e r t y bonds, 295-8 m i l l i o n s , or 21 p e r c e n t , by Victory n o t e s , and 435,6 m i l l i o n s , or 3^*9 p e r c e n t , by Treasury c e r t i f i c a t e s , a s a g a i n s t 51» 21 and 28 p e r c e n t of 1,4CC-7 m i l l i o n s of war paper r e p o r t e d the week before. Discounted paper h e l d by the Boston, New York, Cleveland, Minneapolis, D a l l a s , and San F r a r c i s c o banks i n c l u d e s 8 8 . 2 m i l l i o n s of paper d i s c o u n t e d f o r the P h i l a d e l p h i a , Richmond, Chicago and S t . L o u i s banks, w h i l e a c c e p t a n c e s h e l d by the Cleveland, A t l a n t a , Kansas City and San F r a n c i s c o banks comprise 3 - 2 m i l l i o n s of b i l l s a c q u i r e d from the New York, and Boston banks, as a g a i n s t 5*7 m i l l i o n s shown the week b e f o r e . All c l a s s e s of d e p o s i t s show d e c l i n e d f o r the week: government d e p o s i t s , by 1,6 m i l l i o n s , r e s e r v e d e p o s i t s , by 48*1 m i l l i o n s , and o t h e r d e p o s i t s , i n c l u d i n g ' ^ / Government c r e d i t s , by 31 * 1 m i l l i o n s . On the o t h e r hand the " f l o a t " c a r r i e d by the F e d e r a l Reserve banks and t r e a t e d as a d e d u c t i o n from g r o s s d e p o s i t s d e c l i n e d 48-7 m i l l i o n s * The r e s u l t i s a r e d u c t i o n of n e t d e p o s i t s by 32*1 m i l l i o n s * The banks 1 a g g r e g a t e l i a b i l i t i e s on F e d e r a l Reserve bank n o t e s i n c i r c u l a t i o n show a f u r t h e r r e d u c t i o n of 6*4 m i l l i o n s . Since January 9> when the d e c l i n e i n F e d e r a l Reserve bank n o t e c i r c u l a t i o n s e t i n , the banks 1 l i a b i l i t i e s on account of t h e s e n o t e s show a r e d u c t i o n of 68 • 9 m i l l i o n s , as a g a i n s t an i n c r e a s e of 1$5«S m i l l i o n s shown f o r the same p e r i o d i n the banks * l i a b i l i t i e s on Federal Reserve n o t e circulation. E e l e a s s d f o r p u b l i c a t i o n Sunday morning, April 11, 192O; n o t e a r l i e r . St.1072a STATEMENT OF COMBINED RESOURCES Al® LIABILITIES OF THE FEDERAL RESERVE BANKS. RESOURCES April 9, 1920 A p r i l 2, 1920 A p r i l 11, l q i q Gold and gold c e r t i f i c a t e s $183,117,000 $171,585,000 $335,162,000 Gold s e t t l e m e n t f u n d - F , R . Board 368,724,000 379,558,000 610,196,000 Gold w i t h f o r e i g n a g e n c i e s X12-781 ,-00Q 112,781,000 Total gold h e l d by banks 6b4]b22,060~' 603,924,000 SP+^,~358,000 Gold w i t h F e d e r a l Reserve Agents 1,173,125,000 1,169,137,000 1,082,444,000 Gold redemption f u n d 119.743.000 117,198,000 115,078,000 Total gold r e s e r v e s $1,957,490,000 $1,950,259,000 2,142,880,000 Legal t e n d e r n o t e s , s i l v e r , e t c . 129,816.000, 130,lo9,000 69,109,000 Total r e s e r v e s 2,057,306,000 2,080,428,000 2,211,989,000 B i l l s discounted Secured by Government war o b l i g a t i o n s 1,410,059,000 1,400,664,000 1,767,^59,000 111 a i c o u n ^ a ( A n o t h e r 999,849,000 200,465,000 q 5 ? 4£ q 0 0 0 B i l l s bought i n open market 4P?'241 'OOP 424,041,000 218 , 590,000 Total b i l l s on hand 2,789,779,000 2,824,554,000 2,185", 514,000 U. S. Government bonds 26,798,000 26,798,000 27,136,000 U- S. Victory n o t e s 08,000 68,000 U. S. C e r t i f i c a t e s of indebtedness 339,919,000 3^5,550,000 185,711,000 All other earning a s s e t s "' . 22 000 Total e a r n i n g a s s e t s 3,156,564,000 3,196,970,000 2,399,383^000 Bank premises IE,104,000 12,009,000 10,558,000 x Uncollected items and o t h e r deductions from gross d e p o s i t s 793.,6lh 000 835,676,000 636,384,000 Redemption fund a g a i n s t F. R. bank n o t e s 12^481'cOO 13,689,000 6!988^000 All o t h e r r e s o u r c e s 3'xn/nnn 4,474,000 7,332,000 TOTAL RESOURCES 6,067,872,000 6,143,246,000 5,272,634,000 L I A B I L I T I E S Capital p a i d - i n 91,160,000 91,284,000 81,750,000 Surplus 120,120,000 120,120,000 49,466,000 Government d e p o s i t s 8,777,000 10,4l6,COO 169,972,000 Bue to members - Reserve account 1,850,960,000 1,899,063,000 1,628,693,000 Deferred a v a i l a b i l i t y items 575,412,000 568,752,000 487,153,000 Other d e p o s i t s i n c l u d i n g f o r e i g n government c r e d i t s 100,605.000 . 131,714,000 128,481,000 Total gross d e p o s i t s 2,535,75*4,000 ' 2,609,945,000 2,414,299^000 notes in actual c i r c u l a t i o n 3,080 , 217,000 3,077,323,000 2 , 548,-588,000 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 190,157,000 196,594,000 151,560,000 All o t h e r l i a b i l i t i e s 50.464,000 4-7,980,000 26,971,000 TOTAL LIABILITIES b ,067,872,000 6,143,246,000 5,272,634.000 R a t i o of t o t a l r e s e r v e s to n e t d e p o s i t and F.R. note l i a b i l i t i e s combined 43.3% 42-9$ 51*1$ Ratio of gold r e s e r v e s to F.ll. n o t e s i n c i r c u l a t i o n a f t e r s e t t i n g aside 3 5 a g a i n s t net deposit l i a b i l i t i e s Ug ~;t 4 7 . 4 6 2 - 4 f > ReinMod f o r xAi"h1.1 c a t i o n Sunday morning, Ar;ril 11, 1920; not e a r l i e r . St-1072b RESOURCES'AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 9, 1920. RESOURCES (In tnousands of d o l l a r s ) f e d e r a l Reserve Bank of Boston New York P h i l a . C l e v e l . Richm. A t l a n t a Chicago S t . L o u i s itinn. Xans.Cy. D a l l a s San F r a n . Total Gold and gold c e r t i f i c a t e s 11,412 95, 412 l , 0 l 4 10, l4? 2,444 8,594 24,420 4,026 7,290 529 7 , 1 5 1 10 378 183 117 Gold s e t t l e m e n t f u n d - F.R. Board 34,53% 58,364 27,142 51,282 12,366 24,257 69,956 7,786 15,880 29,150 8,055 29*925 36b'724 v v Gold w i t h f o r e i g n a g e n c i e s ^ ^n ~ ' r ~ 13,421 "5,301 "3,045 ~v ™ 5,413 ' 41.)yu 9.026 9.246 4.ObO 5, 52b 2.933 5,188 112.781 Total gold h e l d by "banks 54,176 195,166 37,179 70,677 20,336 37,211 107,227 17,113 26,215 35,092 12,139 45,491 664,622 Gold with Agents 110,599 314,749 90,824 143,445 ^3,751 55,960 171,644 46,939 34,069 36,966 32,275 91,004 1,173,125 Gold redemption f u n d 20.590 27.000 10.960 409 5.002 5.636 26.943 6.954 126 4. 516 2.503 5.204 119.743 Total gold r e s e r v e s I85,665 536,915 132,963 214,531 69,089 95,807 3 0 6 , 4 l 4 71,006 60,410 76,574 53,817 145,299 1,957,490 Legal t e n d e r n o t e s , s i l v e r , e t c . 104.905 584 1,203 6,343 4. 842 1.319 7.912 376. 1.085 74 691 452 129.816 Total r e s e r v e s 192.008 641.820 139.547 215 734 6q.46R inn i?fi xiU xpF. 7S RUK An Ugh 77 £RO Kli Rn£ 1 he "7 CH 0 AC7-7 1 rsC B i l l s d i s c o u n t e d : (a) " ' ' ^ ^ ~ ~ Secured by Government war obliga^ . ti0 "® 95,695 581,209 162,828 111,059 / 59,213 58,447 143,525 33,911 27,494 33,322 42,407 54,359 1,410,069 All o t h e r 68,065 180,837 36,g4o 49,634 1 3 5 , 6 9 1 4 1 , 8 1 6 2 6 3 , 2 2 2 70,500 42,543 75,450 23,659 69,062 957,469 B i l l s bought i n open market (b) . 20 , 852 163.848 3. 972 56.737 11.499 8.298 6 1 . 2 1 1 9.597 5.26l 879 838 79.24-9 4?g.gU] Total b i l l s on hand 184,612 925,944 209,?4o 217,430 107,003 108,561 467,95% 114,008 7 5 , 2 9 s 109,651 66,904 202,670 2,789,779 U. S. Government bonds 561 1,457 1,386 833 1,235 ll4 4,477 1,153 ll6 8,268 3,966 2,632 26,798 U. S. Victory n o t e s 5 50 10 3 . „ . 68 U.S. c e r t i f i c a t e s of indebtedness 28.639 114.013 34.520 26.362 17.260 15.665 39.645 17.241 10.433 13.850 9 . 5 0 0 12.881 339.919 Total earning a s s e t s 213,817 l , 0 4 l , 4 6 4 245,706 244,635 125,498 124,343 512,050 132,402 55, 897 132,369 20,170 218,183 3 , 1 5 6 , 5 6 4 Bank premises 1,157 3,226 64o 500 1,156 550 2,116 866 530 464 66s 231 12,104 Uncollected items and o t h e r deductions from gross d e p o s i t s 145,260 62,357 70,733 55,877 31,364 114,710 57,533 24,471 75,456 57,723 39,025 59,043 793,615 5fo redemption fund a g a i n s t F, B* bank n o t e s 1,132 3,112 1,300 231 451 483 277 272 4oo 996 562 1,465 12,481 All o t h e r r e s o u r c e s 4i7 845 344 340 409 167 836 319 26 225 1.442 3b9 5.802 TOTAL RESOURCES ( a ) ' I n c l u d e s b i l l s discounted f o r o t h e r F . R . b^nks, v i z : (b) Includes bankers' acceptances bought from o t h e r F.R. banks: With t h e i r endorsement Without t h e i r endorsement 467,574 1,235,727 449,754 533,429 252,340 257,033 944,945 267,240 171,868 287,172 195,133 405,057 6 , 0 6 7 , 8 7 2 18,000 - 26,850 - - - 20,570 - - 261 - - - - 112 - - 4,948 - 10,000 447 „ 7,809 So, 177 2,371 820 2,371 R e l e a s e d f o r p u b l i c a t i o n Sunday morning, A p r i l 11, foot e a r l i e r . RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF ( i n thousands of d o l l a r s -) L I A B I L I T I E S Boston New York P h i l a . C l e v e l . fiichm. A t l a n t a F e d e r a l Reserve Bank of 7,207 23,737 8,198 9,945 4,721 3,561 Capital paid-in 8,359 45,082 8,805 9,089 5,820 4,695 Surplus 548 444 281 181 294 401 Government d e p o s i t s Due to members - Reserve account 115,688 720,474 104,880 128,354 57,509 58,344 D e f e r r e d a v a i l a b i l i t y items 45,101 109,712 48,518 55,818 42,981 27,016 Other d e p o s i t s i n c l u d i n g f o r e i g n 5,514 44,485 7,755 6,142 3,644 2,748 government c r e d i t s Total gross deposits lB~6,S5l 875,115 1617434 190,495 104,428 88,509 F»R.notes i n a c t u a l c i r c u l a t i o n 267,284 835,554 248,332 304,348 126,920 147,493 F.R.bank n o t e s i n c i r c u l a t i o n 14,425 38,860 19,502 15,828 8,639 10,914 net l i a b i l i t y All other l i a b i l i t i e s 3,448 17,379 3,483 3,724 1,812 1,861 TOTAL LIABILITIES Contingent l i a b i l i t y as e n d o r s e r on Discounted paper r e d i s c o u n t e d w i t h o t h e r F- R» banks Bankers 1 a c c e p t a n c e s s o l d to o t h e r F . R . banks Contingent l i a b i l i t y on b i l l s p u r chased f o r f o r e i g n c o r r e s p o n d e n t s St.1072c BUSINESS APRIL 9, 1920. Chicago S t . L o u i s Llinn. Kans.Cy. D a l l a s San F r a n . T o t a l 12,679 4,161 3,188 4,213 3,520 6,030 91,160 14,292 3,724 3,569 6,116 3,030 7,539 120,120 860 642 475 1,276 821 2,554 8,777 265,699 68,508 61,582 87,177 62,157 120,588 1 , 8 5 0 , 9 6 0 72,927 39,211 11,210 63,974 34,340 24,604 575,412 10,027 3,952 349,513 112,313 529,452 134,702 30,829 8,180 10,830 2,110 2,180 3,586 75,447 156,013 82,352 101,846 5,317 1,395 1,990 8,582 100,605 99,308 156,328 2 , 5 3 5 , 7 5 4 79,587 221,947 3 , 0 8 0 , 2 1 7 16,893 2,091 8,059 1,229 9.46l 3,752 190,157 50,464 467,574 1,835,727 449,754 533,429 252,340 257,033 944,945 267,s4o 171,868 287,172 195,133 405,057 6 , 0 6 7 , 8 7 2 ME M0 R A N D A 22,948 19,852 20,050 88,177 25,327 820 820 16,188 * 16,188 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION. F . R. n o t e s o u t s t a n d i n g F . R. n o t e s h e l d by bank F.R.notes in actual circulation 278,286 11,002 944,867 258,651 314,452 131,721 151,904 556,739 153,733 109,313 10,319 10,104 4,801 4 , 4 l l 27,287 19,031 83,780 108,133 1,428 6,287 83,590 261,758 3 , 3 2 7 , 6 1 4 3>oQ3 39,811 247,397 267,284 835,554 248,332 304,348 126,920 147,493 529,452 134,702 82,352 101,846 79,987 221,94? 3 , 0 8 0 , 2 1 ? DISTRIBUTION OF BILLS AND U.S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES. Within 15 days B i l l s discounted J 3 i l l s bought i n open market U . 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 1,14.23,906 98,706 78,676 l 6 t o 30 days 201,0^9 73,770 3,500 ]>1 to 6c days 402,013 185,719 3,540 b l t o $0 days 226,436 6 4 , o 416' io,6i4 Over $0 days 24,134 243,589 Total 2, 339,919 .eieasso. f o r p u b l i c a t i o n Sunday c o m i n g , A, r i l 11, 192C; n o t e a r l i e r . St.1073d FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS A PHIL 9, 1920. ( I n thousands of d o l l a r s . ) FEDERAL DESERVE NOTES: Received f r o - C o n t r o l l e r York P h i l a . C l a v e l . " i c h ~ . A t l a n t a C h i c i j o S t . L o u i s i i i r a . Xans.Cy. 551,OX' 2 , 1 1 5 , 6 * 0 565,620 555,360 516,650 3 2 7 , o 4 o 944,2C0 ? a l l a s San F r a n . Total 314,660 160,050 215,720 155,320 433,060 5 , 6 5 7 , 6 4 c Returned to Comptroller n-,largea'ole to A -rent- I n hands of F . R . Agent I s s u e d to jj.ii. bank l e s s amount r e t u r n e d to F . R . Agent f o r redemption 105.257 3 Gold S e t t l e m e n t Fund - F . E . B o a r d E l i g i b l e i a p e r , minimum r e q u i r e d Total AMOUNT 0? ELIGIBLE PAPER DELIVERED TO F . R, AGENT f 339,572 IjS, -64 207,519 57"*,big 165,113 -MaW..O2kj>0CU2Z^_;s5^a_2C|1u, 572,2:6 COLLATERAL SECURITY FOR OUTSTANDING NOTES: Gold and g o l d c e r t i f i c a t e s on hand Gold r e d e m p t i o n f u n d , , S q 1,069, col 194,745 - 32,025 14,939 20,006 11,435 16,420 1,751 93,000 100,000 79,359 95,000 42,ouo ',S7 17 4.730 j ) 4 M 6 7 255,651 314,452 131,721 151,904 556,739 153,733 900 l 0 7 615 ^ ° ' U o 275,256 944,867 u-1,612 M'S 4 6 - 91,675 112,863 2,500 % , 7 K 105,133 53,590 2 o l , 7 5 s 3 , 3 2 7 , 6 1 4 5,810 19,4b j 1.12, loU 15,300 33,=60 15,234 71,541 9 5 , 9 4 4 555^035 106, 7 9 4 _ 4 9 , 711 71.167 50.715 1 70.754 2 . 1 5 4 . 4 s q 2 5 5 , 6 5 1 314,452 1 3 1 , 7 2 ! 151,904 556,739 153,733 53,780 108,133 S3,590 261,758 3 , 3 2 7 , 6 1 , 109,537 «12, S03 104,616 108,561 467,518 113,99s 6 2 , 4 8 2 109,625 66,904 191,363 2 , 7 1 5 , 9 6 5 7, 52L.1IJj00X_^970 40,931 w . L 3,10b l6 2,717 7 om 254,531 5 0 , 0 0 0 162,145 3,52S - 11.605 - 9,49c 13 , 032 9 5 , 1 9 5 265,765 3 , 6 5 5 , 3 5 5 6, o j l 3,460 2,480 60. 1 5 , , 6 4 , 0 , , 506,™
@FedFRASER