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. STATEMENT FOR THE PRESS, Released f o r p u b l i c a t i o n Sunday morning, April 18, 1920; not e a r l i e r . st.1090 Federal Reserve Board April 17» 1920 CONDITION OF FEDERAL RESERVE BANKS. Increased borrowings by member banks, r e f l e c t e d i n l a r g e r holdings by the Federal Reserve Banks of war paper and other discounted b i l l s , and corresponding increases i n reserve d e p o s i t s are i n d i c a t e d i n the Federal Reserve Board*s weekly bank statement issued as a t close of business on April l b , 1920. For the f i r s t t i ' e since January 23 the bank statement shows a decrease i n Federal Reserve note c i r c u l a t i o n * The Reserve Banks l o s t 2-2 m i l l i o n s i n gold* but gained 2 , 6 m i l l i o n s in other reserve money, l a r g e l y s i l v e r . The reserve r a t i o remained unchanged at 43«3 per c e n t , War paper on hand i n c r e a s e d 20,8 m i l l i o n s , and other discounts - 22,8 m i l l i o n s . As against these i n c r e a s e s , holdings of acceptances purchased i n open market show a decline of ^ A m i l l i o n s and Treasury c e r t i f i c a t e s , mainly i n consequence of the r e demption of temporary c e r t i f i c a t e s , held by the banks to cover advances to the Government - a decline of 3&,2 m i l l i o n s . Total earning a s s e t s of the Reserve Banks, in consequence, were 2 m i l l i o n s l a r g e r than the week b e f o r e . Of the t o t a l of 1>U30»9 m i l l i o n s of war paper he ld, 660*7 m i l l i o n s , or 46*2 per cent,were secured by Liberty bonds; 308.1 m i l l i o n s , or 21•5 P 3 r cent, by victory notes, and 462.1 m i l l i o n s , or 32*3 per cent, by Treasury C e r t i f i c a t e s , as against 48+1, 21 ,and 30*9 par cent of 1,410,1 m i l l i o n s of war paper shown the week b e f o r e . Discounted paper held by the Boston, New York, Cleveland and Dallas Banks includes 101.4 millions of paper discounted f o r the P h i l a d e l p h i a , Richmond, Chicago, St.Louis, Minneapolis and Kansas City Banks, while acceptances held by the Cleveland and Atlanta Banks comprise 8.7 m i l l i o n s of b i l l s acquired from the Boston, New York and St. Louis Banks < All c l a s s e s of d e p o s i t s show i n c r e a s e s f o r the week: government deposits - by 21.8 m i l l i o n s , notwithstanding the considerable i n t e r e s t payments on the 4th Liberty Loan, made on and a f t e r April 15> reserve deposits - by 47*8 m i l l i o n s , and other deposits, including f o r e i g n government c r e d i t s - by 2.1 m i l l i o n s * As against these increases the " f l o a t " c a r r i e d by the Reserve Banks and t r e a t e d as a deduction from gross deposits incg^jtsed by 61.2 m i l l i o n s , with the consequence t h a t net deposits show w incra&sa o f / I D . 5 m i l l i o n s * Federal Reserve notes i n c i r c u l a t i o n show a d e c l i n e f o r the week of 6*5 millions* 9 out of the 12 banks r e p o r t i n g reductions i n c i r c u l a t i o n f i g u r e s . In addition the Banks1 l i a b i l i t i e s on Federal Reserve Bank notes show a f u r t h e r r e duction by 3.7 m i l l i o n s * Increases i n c a p i t a l i z a t i o n of e x i s t i n g member banks, l a r g e l y i n the Atlanta, Chicago and Minneapolis d i s t r i c t s account f o r the g r e a t e r p a r t of the $112,000 i n c r e a s e i n the c a p i t a l account of the Reserve Banks. Released f o r p u b l i c a t i o n Sunday morning, April 18, 1920; not e a r l i e r . St.1090a STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BAHKS. April 16, 1920 April 9, 1920 April 18, 1919 RE S 0 U R C E S Gold and gold c e r t i f i c a t e s $183,117,000 $189,229,000 $346,145,000 3b0,088,000 Gold settlement fund - F-R. Board 368,724,000 612,365,000 112,781,000 Gold with f o r e i g n agencies Total gold held by banks 664,622,000 662,098,000 958,510,000 Gold with Federal Reserve Agents 1,170,313.000 1,173,125,000 1,085,519,000 Gold redemption fund 122,883,000 119,743,000 118,128,000 Total gold reserves $1,955,294,000 $1,957,490,000 2,162,157,000 132,437,000 Legal tender notes, s i l v e r , e t c . 129.816,000 68.702.000 Total reserves 2,037,731,000 2,087,306,000 2,230,859,000 (Secured by Government war obligations 1,410,069,000 1,430,888,000. 1,720,960,000 B i l l s discounted. ( m o t h e r 980,303,000 957,^69,000 201,314,000 422,241,000 416,784,000 196,885,000 B i l l s bought in open market 2,789,779,000 Total b i l l s on hand. 2,119,159,000 2,827,975,000 26,792,000 U. S. Government bonds 27,137,000 26,799,000 68,000 U- S. Victory notes 68,000 U- S. C e r t i f i c a t e s of indebtedness 189,038,000 339,919,000 303,728,000 Total earning a s s e t s Bank premises Uncollected items and other deductions from gross deposits 5fo Redemption fund a g a i n s t F.B. Bank notes All other resources TOTAL RESOURCES L I A B I L I T I E S Capital p a i d - i n Surplus Government deposits Due to members - Reserve account Deferred a v a i l a b i l i t y items Other deposits, including f o r e i g n government c r e d i t s Total gross deposits F, R. notes in a c t u a l c i r c u l a t i o n F. R. Bank notes i n c i r c u l a t i o n - net l i a b i l i t y All other l i a b i l i t i e s TOTAL LIABILITIES Ratio of t o t a l r e s e r v e s to net deposit and F.R. note l i a b i l i t i e s combined Ratio of gold reserves to F.R. notes in c i r c u l a t i o n a f t e r s e t t i n g aside 35^ against net deposit l i a b i l i t i e s 3,158,570,000 12,123,000 956T6S9r7oco~ 14,015,000 91,272,000 120,120,000 1,898,810,000 677,282,000 102TG57,000 3.666 / 0,353 2,70973#%,000 3,073,693,000 186,501,000 53,483,000 6,2347^13,000 -f.Ma-ai 43.3$ 48.03 2,335,33^,000 5,802,000 6,067,872,000 7,995,000 5,248,646,000 91,160,000 81,774,000 49,466,000 12,481,000 6,234^*3,000 30 , 595,000 3,156,564,000 12,104,000 793,615,000 8,777,000 1,850,960,000 575,412,000 100,605,000 120,120,000 10,558,000 655,446,000 8,454,000 106,561,000 1,655,860,000 496,788,000 131,307,000 2,535,75^,000 2,390,516,000 190,157,000 so.464.000 6,067,872,000 155,074,000 3,080,217.000 2,543,704,000 28,112,000 5,248,646,000 43-3$ 52.1^ 48.0$ 63.8^ rlier!3is:vs BA: KS AT CLOSE OF BUSIM2SS s n o t S CE S P h i l a . Ulevel. Hichv. A t l a n t a Chicago 2.3S5 8,824 24,516 1,038 10,209 26,972 52,220 15,642 18,169 70,553 5,526 4,060 13,421 9,248 9,023 37,033 71,677 23,553 31,053 108,495 89,865 143,374 42,732 56,255 l 6 7 , 6 l 4 5,340 6,500 30,220 10,794 337 137,692 215,338 71,625 93,208 306,329 1,607 8,373 , 1,382 542 669 138,361 216,770 72,167 95,415 314,702 rcelo._v>etl f u r imhllna.ti on Sunday morning, April ,18, 19^0, 110 ^ RHi^OTIRCES AWD..T.T/LRTT.IT.TES OF THE F^DE^AT, Federal Reserve Bank of Gold and gold c e r t i f i c a t e s Gold Settlement Fund - F-R-Board Gold with f o r e i g n agencies Total gold held by banks Gold with F. R. Agents Gold redemption fund Total gold reserves Legal tender notes, s i l v e r , e t c . Total reserves B i l l s discounted: (a) Secured by Government war obligations All other B i l l s bought i n open market (b) Total b i l l s on hand U. S. Government bonds U. S. Victory notes U, S. c e r t i f i c a t e s of indebtedness Total earning a s s e t s Bank premises Uncollected items and other deductions from gross deposits 5/% Redemption fund a g a i n s t F.R. Sank notes All other resources TOTAL RESOURCES (al Includes b i l l s discounted f o r other F.R.Banks, v i z : (b) Includes bankers' acceptances bought from other F.R. Banks '7ith t h e i r endorsement Without t h e i r endorsement Boston rW/ York 11,485 96,202 19,527 71,215 ;,233 41,590 208,807 39.245 313,546 124,287 27,000 16,379 549,353 179,911 . . 105,541 6,88 186,790. 654,894 112,017 64,243 24,561 200,821 561 5 21,723 223,110 1,170 72,007 527,692 167,356 98,784 191,716 33,952 63,746 3,416 61,238 152,516 931,924 204,730 223,768 1,386 834 1,457 10 50 100,113 32,690 23,368 1,033,544 232,006 247,980 1,156 500 3,228 201,410 76,439 St.1090b APRIL l6, 1920. (in thousands of d o l l a r s . ) St-Louis Minn. Kans.Cy. Dallas San Fran- Total 7,226 515 8,080 13,391 189,229 5,35S 5,528 23,289 8,020 34,761 360,088 10,187 3,045 5,413 2,933 5,188 112.781 5,301 20,846 19,799 29,217 19,033 53,340. 662,098 46,089 3^,489 37,1^5 30,982 83,935 l ,170,313 338 4,766 3,021 10,550 7,632 122,883 74,573 54,626 71,128 53,036 147,825 l ,955,294 76 1,071 774 544 132,457 Jk273 79,5% 54,702 72,199 53,810 148,369 2,087,731 61,747 59,479 146,853 50,319 33,610 43,341 273,345 58,357 1,919 10,827 7,530 61,209 106,184 110,350 481,407 110,595 114 4,477 1,153 1,235 15,665 39,646 17,242 119,679 126,132 525,530 128,990 64c 554 2,116 866 88,642 % 12,260 67,705 38,013 142,051 60,758 49,262 1,430,888 69,842 980,303 1,282 85,793 416,784 70,398 204,897 2,827,975 2,632 26,799 3,966 68 303,728 8,483 15,357 8,300 10,881 32,811 130,914 82,664 218,410 3,158,570 66s 12,123 231 530 464 21,743 32,658 46,437 75,570 6,052 461 74,212 108,689 116 8,868 42,978 26,138 27,381 63,97s 72,939 95&T66T 14,015 1,465 5,305 367 tT/^7. S + i-l484,713 1,897,039 456,063 555,742 261,096 260,70s 987,856 271,213 166,105 277,774 201,916 4 i 4 r i g g 6 , 2 3 4 7 ^ 5 1,24s 382 3,130 833 35,920 36,450 1,30c 657 451 454 442 J52. 623 i20_ 582 99 996 262 562 234 101,359 5,000 23,989 6,260 2,385 1,072 112 2,371 6,372 2,371 ^Released f o r publ-L t i o n Sunday morning, April IS, 1920; not e a r l i e r . st.1090c RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL l 6 , 1920 (in thousands of d o l l a r s • ) L I A B I L I T I E S Federal Reserve Bank of Boston New York Phi l a - Clevel- Richm* Atlanta Chicago St.Louis i/linn- Kan: ans.Cy. Dallas San Fran. Total Capital p a i d - i n 7,207 23,73s 8,192 9,945 4,727 3,613 12,707 4,164 3,19s 4,215 3,524 6,036 91,272 45,082 8,359 8,805 9,089 5, 820 ' ' ' v Surplus 4,695 14,292 3, 724 3,569 6,116 3,030 7,539 120,^0 Government d e p o s i t s 665 179 994 205 2,467 1,932 6,336 2,531 1,679 3 , 555 4,3 89 5,663 30,595 •"Due to members - Reserve account 118, 883 752,072 101,025 138,403 58,615 53,35 2 283 , 737 69,499 50, 757 82,200 65,772 123,895 1,898,810 ^Deferred a v a i l a b i l i t y items 59,940 136,788 59,652 69,7s! 49,857 32,474 92,927 40,421 15,424 58,015 34,297 27,676 677,282 Other deposits including f o r e i g n 1T&-S 3 kL government credi t s 46,585 7.650 6.390 1.616 5,692 2.723 10.855 3.834 2.132 3,612 2.025 -7; 5 ^ 102-r6crfTotal gross d e p o s i t s 185,ISO 935,624 169,321 214,779 114,585 90,481 393,855 116,285 69,992 147,982 106,483 1 6 4 ^ , 2,7^ ^ F*R. notes i n a c t u a l c i r c u l a t i o n 266,020 S35,738 246,717 302,583 125,631 149,422 528,700 134,211 81,918 100,561 79,839 222,353)3,073*693 F-R, Sank notes i n c i r c u l a t i o n - net liability 14,381 35,679 19,063 15,234 8,432 10,545 29,623 10,686 5,911 16,690 7,71+0 9,517 186,501 All other l i a b i l i t i e s 18.178 3,566 4 112 1,901 3,959 k352 8.679 2.143 1,517 2.210 l.^oo 3.966 53.483 ^ TOTAL LIABILITIES *r ^Contingent l i a b i l i t y as endorser J on Discounted paper rediscounted with other F. R. Banks Bankers' acceptances sold to other F w R, Banks Contingent l i a b i l i t y on b i l l s purchased f r o n f o r e i g n correspondents St xx 484,713 1,897,039 456,063 555,742 261,096 260,708 987,856 271,213 166,105 277,774 201,916 4i&-i& 6,23474-13 M E Ivl 0 E A N D A 29,500 373 - 19,270 - 10.35- 3 - 15,450 26,139 - 5,999 5,000 - 6,000 - 101,359 - - * 16,188 16,188 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION. »F, R. notes outstanding F. R. notes held by bank F. R. notes i n a c t u a l c i r c u l a t i o n 275,074 9.054 266 >020 6,372 949,581 256,692 315,382 131,902 153,229 559,069 151,023 83,600 106,811 54,036 259,949 3,32b,948 -113,843 9,975 12,799 6.271 4.1+07 30,36q 16.812 1.682 835,738 246,717 302,583 125,631 14-9,422 528,700 134,211 6.250 4,197 81,918 100, 561 37.596 253.255 79,83 9 222,353 3,073,693 DISTRIBUTION OF BILLS AND U. S* CERTIFICATES OF INDEBTEDNESS BY MATURITIES. B i l l s discounted B^lls bought i n open market Jp'-S. c e r t i f i c a t e s of indebtedness Within 15 days 1,447,603. 99,822 42,766 l 6 to j)0 days ~yi to 60 days 244,362 464,532 80,165 177,450 1,000 5,747 bl to 90 days Over 90 days Total 228,719 25,975 - 2,411,191 59,317 6,245 245,970 416,784 303,72g Released f o r p u b l i c a t i o n Sunday morning, April IS, 1920; not e a r l i e r . St.l090d FEDERAL RESERVE AGENTS* ACCOUNTS AT CLOSE OF BUSINESS APRIL l 6 , 1920. ( i n thousands of d o l l a r s . ) Boston FEDERAL RESERVE NOTES: Received from Comptroller Returned to Comptroller Chargeable to F.R. Agent In hands of F.R. A-ent New York P h i l a . Clevel- Rich®. Atlanta Chicago St.Louis a i m . Kans.Cy. Dallas San Fran. Total ^ 55^,200 2,123»240 571,620 5^4, 500 J>1J,380 33^>000 959>320 318,060 l60,080 219,220 156,380 433,320 6,711 >320 228,026 1,049,259 281,628 217,458 152,03%- 121,226 373.611 149,897 68,985 106,679 6l,079 l 6 6 , 3 6 l 2,982,243 326,174 1,073,981 289,992 347,042 159,3^6 212,774- 585,709 168,163 91.095 112,5^1 95.301 266,959 3,729,077 51,100 124,400 33,300 31,660 27,444 58,945 26,64o 17,i4o 7,495 5,730 11,265 7,010 402,129 Issued to F.R. Bank l e s s amount 256,692 315,382 r e t u r n e d to F. B. Agent f o r redemption COLLATERAL SECURITY FOR OUTSTANDING NOTES: ' Gold and gold c e r t i f i c a t e s on Gold redemption fund Gold Settlement Fund - F.R.Board 194,743 32,025 - 16,387 18,803 1*,*76 l6,}*9 3,732 107,000 100,000 75.389 95,000 39,000 E H , m e paper, mlnimm r e a r e d ^ . 7 * 7 J - 131,902 153,829 559,069 151,023 636.035 166.827 172.008 2,500 1,980 13,052 8."70 2.179 2-137 2.285 50,000 1 59,1"" 41,930 19.300 3",S60 3.755 - 83,600.106,811 89.170 _ ^ 5 7 * 39! , " 5 . 10".93" - "9.11^9 ^ 275,07" 9"9.58l 256.692 315.382 131,902 153.829 559,069 1 51,023 8 3 200.821 929,802 1 ^ 1 * 0 213.801 63,507 108,689 97, "53 110,3"3 "81,137 110,570 1 6 o L 84,036 259,9^9 3,326,948 7,831 ~ ".917 17,39* „ nvl .. 110,88" 18,3 S3, 05" 176,01" 2.156,635 l o M l l _ g M 3 6 ^ ^ 70,398 1 9 1 . H 5 2,7*8.776
@FedFRASER