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S ' m i M E f f It® THE PRESS Released, f o r p u b l i c a t i o n F r i d a y morning, A p r i l 29; not e a r l i e r . St.1944. F e d e r a l R e s e r v e Board A p r i l 28, 1921• CONDITION OF FEDERAL RESERVE BANKS I n a c c o r d a n c e w i t h p r e v i o u s announcement, the F e d e r a l R e s e r v e Board made p u b l i c f o r t h e f i r s t time i t s weekly bank s t a t e m e n t a s a t c l o s e of b u s i n e s s on Wednesday, i n s t e a d of F r i d a y . The f i r s t midweek s t a t e m e n t , showing c o n d i t i o n of t h e R e s e r v e b a n k s / a ! c l o s e of b u s i n e s s on A p r i l 27, i n d i c a t e s c o n t i n u e d g a i n s i n gold r e s e r v e s , f u r t h e r loan l i q u i d a t i o n , and r e d u c t i o n i n d e p o s i t and n o t e l i a b i l i t i e s . As a consequence, t h e r e s e r v e r a t i o shows a f u r t h e r r i s e s i n c e A p r f r o m 54-1 to 55 per c e n t . A l l c l a s s e s of e a r n i n g a s s e t s show s m a l l e r f i g u r e s t h a n on t h e p r e v i o u s F r i d a y ( A p r i l 2 2 ) : h o l d i n g s of p a p e r s e c u r e d by U- S . Government o b l i g a t i o n s show a d e c r e a s e of $ 2 2 , 1 0 0 , 0 0 0 , o t h e r d i s c o u n t s on hand d e c l i n e d by about $ 2 8 , 0 0 0 , 0 0 0 , w h i l e a c c e p t a n c e h o l d i n g s f e l l o f f about $ 8 5 0 , 0 0 0 . There i s a l s o shown a r e d u c t i o n of $1, 500*000 i n t h e amount of P i t t m a n c e r t i f i c a t e s h e l d by t h e Chicago Reserve Bank witla the Treas u r y a s cover f o r o u t s t a n d i n g F e d e r a l R e s e r v e bank n o t e s . Since March 25, when t h i s c l a s s of T r e a s u r y c e r t i f i c a t e s was f i r s t shown i n t h e weekly s t a t e m e n t s e p a r a t e l y from o t h e r c e r t i f i c a t e s , the amount h e l d by t h e Reserve banks h a s d e c l i n e d by a b o u t $ 1 5 , 0 0 0 , 0 0 0 , w h i l e t h e d e c r e a s e f o r t h e same p e r i o d i n t h e R e s e r v e b a n k s ' 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 was $ 1 9 , 2 0 0 , 0 0 0 - A d e c r e a s e s i n c e A p r i l 22 of $3,100,000 i s shown i n o t h e r c e r t i f i c a t e s , l a r g e l y l o a n and t a x c e r t i f i c a t e s a c q u i r e d t e m p o r a r i l y u n d e r r e p u r c h a s e a g r e e m e n t s from non-member banks by t h e New York and P h i l a d e l p h i a R e s e r v e banks • As t h e r e s u l t of t h e above c h a n g e s , t o t a l e a r n i n g a s s e t s show a f u r t h e r d e c l i n e of $55,600,000 and on A p r i l 27 s t o o d a t $ 2 , 4 3 5 , 1 0 0 , 0 0 0 , compared w i t h $ 3 , 2 3 5 , 8 0 0 , 0 0 0 a t t h e c l o s e of A p r i l of l a s t year« Of the t o t a l h o l d i n g s of $920,537,000 of p a p e r s e c u r e d by U n i t e d S t a t e s G-overrment o b l i g a t i o n s , $ 5 8 8 , 7 0 0 , 0 0 0 , or 6 4 . 0 per c e n t , were s e c u r e d by L i b e r t y and o t h e r U- S. bonds; $ 2 6 8 , 6 0 0 , 0 0 0 , or 2 9 - 2 p e r c e n t , by V i c t o r y n o t e s , and $ 6 3 , 2 0 0 , 0 0 0 , or 6 . 8 p e r c e n t , by T r e a s u r y c e r t i f i c a t e s , compared with. $608,300,000, $256,100,000 and $ 7 8 , 2 0 0 , 0 0 0 r e p o r t e d the week b e f o r e . R e d i s c o u n t i n g o p e r a t i o n s a r e r e p o r t e d by t h e Richmond, M i n n e a p o l i s and D a l l a s Banks. The two f o r m e r banks h o l d u n d e r r e d i s c o u n t w i t h tne New York Bank b i l l s t o t a l i n g $ 1 2 , 0 0 0 , 0 0 0 , w h i l e t h e D a l l a s 'Bank r e p o r t s $ 6 , 6 0 0 , 0 0 0 of b i l l s r e d i s c o r n t e d w i t h the Boston and Cleveland Banks, a s compared w i t h $7, 400,000 on t h e p r e v i o u s F r i d a y . Government d e p o s i t s show r e d u c t i o n s s i n c e A p r i l 22 of $ 3 1 , 6 0 0 , 0 0 0 , w h i l e r e s e r v e d e p o s i t s i n c r e a s e d by $ 7 , 8 0 0 , 0 0 0 and o t h e r d e p o s i t s , composed l a r g e l y of non-member b a n k s ' c l e a r i n g a c c o u n t s and C a s h i e r ' s c h e c k s , went u p a b o u t $ 3 0 0 , 0 0 0 . The " f l o a t " c a r r i e d by t h e Reserve banks, as measured by t h e d i f f e r e n c e between t h e t o t a l of " u n c o l l e c t e d i t e m s " on t h e r e s o u r c e s i d e and the t o t a l of " d e f e r r e d a v a i l a b i l i t y i t e m s " on t h e l i a b i l i t y s i d e , shows a f u r t h e r d e c r e a s e of $ 7 , 6 0 0 , 0 0 0 . Since March 18, when b o t h t h e s e i t e m s began to be d i s r e g a r d e d i n c a l c u l a t i n g d e p o s i t l i a b i l i t i e s and r e s e r v e r a t i o s , t h e amount of t h e f l o a t h a s d e c l i n e d from over $ l 4 6 , 0 0 0 , O X to $ 8 9 , 1 0 0 , 0 0 0 . F e d e r a l R e s e r v e n o t e c i r c u l a t i o n shows a f u r t h e r d e c l i n e s i n c e A p r i l 22 of $ 2 6 , 6 0 0 , 0 0 0 , t h e A p r i l 27 t o t a l of $ 2 , 8 3 0 , 1 0 0 , 0 0 0 being $574,800,000, or 17 p e r c e n t , below t h e peak f i g u r e of December 23, 1920, and $ 2 4 4 , 4 0 0 , 0 0 0 , or a b o u t 8 per c e n t , below t h e t o t a l r e p o r t e d a t the c l o s e of A p r i l l a s t year - There i s a l s o shown a f u r t h e r d e c r e a s e of $ 3 , 4 0 0 , 0 0 0 i n t h e R e s e r v e b a n k / ' n C i r c u l a t i o n , t h e i r n e t l i a b i l i t i e s on a c c o u n t of t h e s e n o t e s a g g r e g a t i n g $156,200,000, comp a r e d w i t h $ 1 7 7 , 9 0 0 , 0 0 0 a b o u t a year a g o . Since the p r e v i o u s F r i d a y t h e Reserve banks, l a r g e l y t h r o u g h t h e p u r c h a s e of i m p o r t e d g o l d , i n c r e a s e d t h e i r gold r e s e r v e s by $ 1 9 , 5 0 0 , 0 0 0 , w h i l e t h e amount of o t h e r r e s e r v e c a s h , i . e s i l v e r and l e g a l s , shows a d e c l i n e of $ 7 , 5 0 0 , 0 0 0 . eleased f o r p u b l i c a t i o n Friday morning, April 29, 1921; n o t e a r l i e r - St,1944s RESOURCES AI'D LIABILITIES OF TFE TsrELVE FEDERAL RESERVE BANKS COMBINED ( i n thousands of d o l l a r s ) RESOURCES Gold and gold c e r t i f i c a t e s . , . v-old s e t t l e m e n t fund - F.R,Board Gold with f o r e i g n a g e n c i e s . , . Total gold h e l d by banks . . •C-old with Federal Reserve -Agents Gold redemption fund Total gold r e s e r v e s Legal tender n o t e s , s i l v e r , e t c . Total r e s e r v e s Bills.discounted: Sec. by U.S. Government o b l i g a t i o n s All other B i l l s bought in open market . . , . Total b i l l s on hand , U. S. Government bonds U. s , Victory n o t e s 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 : One-year c e r t i f i c a t e s (Pittman Act) All other Total earning a s s e t s Bank premises , , 5$ Redemption fund a g a i n s t "P. R. Bank n o t e s . . . . . . . , Uncollected items All other r e s o u r c e s TOTAL RESOURCES L I A B I L I TIES Capital paid in , Surplus Deposits: Government d e p o s i t s Dae to members - r e s e r v e account 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 . . . . . . Total d e p o s i t s . . . . . . . F.R, n o t e s in a c t u a l " c i r c u l a t i o n F.R. Bank notes in c i r c u l a t i o n net l i a b i l i t y Deferred a v a i l a b i l i t y items •. • All ether 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 d e p o s i t and F.R. note l i a b i l i t i e s combined , . . Ratio of gold r e s e r v e s t o F.R. n o t e s in c i r c u l a t i o n a f t e r s e t t i n g a s i d e 35$ a g a i n s t d e p o s i t l i a b i l i t i e s . . te. £ 1 1921 3^+7, Ugg,219 4 477,229 836,165 1,317,860 163, 544 2,317,569/ 816,661 1,321,816 2,50U,763 2,492,804 159.59% 2,298,071 19%,733 187.19ft 920,537 1,143,202 Apr-JOJJJO 174,561 376,003 112.781 663,345 1,137,928 . 135,447 1,936,720 134,045 2,070,765 9U2,665 1,465,320 10H.H52 407.24? 2,042,313 1,171,191 103.609 2,167,343 25,690 19 2,-218,308 25,691 19 1,069,751 26,797 6s 259,375 239,375 2,708 240,875 5.827 2, 435, i4o 2,490,720 7.274 3,235,832 21,832 21,782 12,369 11,339 11,562 — 519,828 550,950 — 12j-110 5,580,128 11,578 5,504,480 12,091 712,240 . 7,170 6,050,467 101,235 101,231 202,036 120,120 35,872 67,483 1,648,858 37,592 1,859,844 l,725,S99-" 0 33.010 1,749,351 98.794 1,996,230 2,830,118 2,256,700 3,074,555 159,590 156, 24-9"-* $ 454,238 430,700 56.982 52.243 5,580,128 5,504,480 177,881 529,855 60,187 6,050,467 202,036 1,656,718 33,3.0jK £ 91,639 55 -o/o 54.1$ *42.4$ >7 -2$ 65.; <46 .7$ *Calculated, on b a s i s of n e t d e p o s i t s and. Apr . 22.1921 339,432 n o t e s i n c i r c u l a t i on 1 R e l e a s e d f o r p u b l i c a t i o n Friday morning, April 29, 1921; not e a r l i e r . RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BAMCS AT CLOSE OF BUSINESS ;ERIL 2 7 F e d e r a l R e s e r v e Bank of Gold and g o l d c e r t i f i c a t e s Gold s e t t l e m e n t f u n d - F . R . B o a r d T o t a l g o l d h e l d by banks Gold w i t h F* E . A g e n t s Gold r e d e m p t i o n f u n d Total gold reserves 255,854 Legal tender n o t e s , s i l v e r , e t c . 15,092 Total reserves 270,946 B i l l s discounted: (a) S e c u r e d by U.S.Gov*t o b l i g a t i o n s 43,434 All other 55,993 B i l l s bought i n open market ( b ) 7,113 T o t a l b i l l s on hand 106,54o Ue S„ Government bonds 550 U. S . V i c t o r y n o t e s TJ» 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 One y e a r c e r t i f i c a t e s ( P i t t m a n A c t ) 20,436 All other Total earning assets 127,666 Bank p r e m i s e s 3,316 % Redemption f u n d a g a i n s t F . E . Bank n o t e s 1,022 Uncollected items 43,955 All ether resources 544 TOTAL RESOURCES 447,449 (a) Includes b i l l s discounted for o t h e r F . R« Banks, v i z : (b) Includes b a n k e r s ' acceptances bought from o t h e r F.R.Banks withou t t h e i r endorsement 2,600 667,602 182,413 281,452 7 5 , 9 1 4 8 6 , 7 3 4 337,325 117,453 785,035 1.786 4.104 4.1% 186,199 285,756 80,053 1921 St l 9 4 4 b 89,122 43,209 67,801 33,642 196,501 2,317,569 5 . 5 9 6 i g . 6 4 g 11.256 9 2 , 3 3 0 3 4 9 ^ 7 4 100J78 . 8l4 3,504 6,052 110,140 5^,949 , 4 3 , 8 2 3 51,784 120,356 34,564 14,067 32,344 11,191 3 4 , 8 8 6 86,543 7 1 , 4 6 3 61,856 244,751 46,107 58,248 62,099 54,969 __i&829—12,387 l4,802 1,801 1.260 8.037 7o4 J5 25 650,230 1 5 7 , 4 1 3 1 5 6 , 2 9 4 117,057 114,900 373,144 81,435 72,315 94,468 66,185 1,005 1,434 834 1,233 621 >,490 1,153 116 8,867 3,979 10 3 1 55,276 28,280 23,799 12,260 15,564 36,612 13,068 8,480 10,320 4,4oo 353,659 2 55,742- 2.102 71 4,yi 1 8 9 3 'R§ 520 1 1 3 1,831 ?'% 1,773 I 131.089 348 2.56q 44,023 71,305 39,694199,070 18 187.iq4 2,504,763 50,235 920,537 110,545 1,143,202 10,566 105.6oq 171,337 2,167,348 10,880 239,375 1,408 -101 25,690 19 2,708 414,594 95,656 80,929 113,656 74,564 183,728 2,435 ^ 4 0 730 3,106 626 599 2,052 1,824 542 21,832 599 1,300 601 1,239 628 1,868 603 523 361 544 11,339 46,612 47,384 40,037 20,090 64,119 29,459 14,765 4 0 , 2916 9 3 25,718 33,021 519,828 623 848 639 614 2 , 2 4 8 610 146 585 941 11-578 J21 1,621,855 424,483 517,995 253,684 245,481 835,909 227,252 141,065 228,807 14-3,102 417,398 5,504,480 1,734 114,375 3,287 12,000 25 4,000 18,600 25 St .1944c. R e l e a s e d f o r p u b l i c a t i o n F r i d a y - m o r n i n g , A p r i l 29, 1921; n o t e a r l i e r . RESOURCES AND LIABILITIES OF TBE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 27, 1921. ( I n t h o u s a n d s 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 , RicTrm . A t l a n t a Chicago St .Louis Minn. K a n s . C y . D a l l a s San Fran . Total F e d e r a l Reserve Bank 7,838 26,408 8,585 10,955 5,387 4,067 14,203 4,443 3-, 503 4,475 M 3 6 7,235 101,235 Capital paid in 15,711 5d,4i4 17,010 20,305 10,561 8,343 28,980 8,346 6,980 9,159 6,033 1M9U 202,036 Surplus 2,016 10,798 932 954 4,343 2,299 2,138 2,111 1,939 1,552 2,602 4,188 35,872 Government d e p o s i t s 108,096 647,896 101,302 138,128 53,331 ^2,765 234,362 64,088 41,487 69,376 45,846 110,o4i 1,656,718 Due t o members - r e s e r v e account .<0 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 .422 9 . 2 3 3 . 3 0 / 562 524 326 2.766 663 497 878 15,533 1,095 771 government c r e d i t s 110,99c 674,227 103,329 139,853 58,198 45,390 239,266 66,862 43,923 71,490 48,570 123,503.1,725,899"* Total d e p o s i t s 258,9^6 741,46o 234,527 280,320 136,559 155,530 470,823 109,808 65,544 89,286 55,095 232,220)2,830,118 F . R„ n o t e s i n a c t u a l c i r c u l a t i o n v . E. Bank n o t e s i n c i r c u l a t i o n SS. 22,015 15,293 20,728 8,251 12,281 23,397 7,086 • 6,885 11,023 5,56 2 8,12£- 3/ 156,24^15,006 net l i a b i l i t y 81,135 ^2,315 42,154 32,439 16,507 49,135 28,672 12,148 40,615 21,5^0 28,232 430,700 35,808 Deferred a v a i l a b i l i t y items • 20.196 3.424 3.680 2.289 2,763 10.105 2,035 2.082 2.759 1.866 3.894 58,243 3,150 All other l i a b i l i t i e s 447,449 1,621,855 424,483 517,995 253,684 245,481 835,909 227,252 IUI,O65 228,807 1^3,102 417,398 5,504,480 TOTAL LIABILITIES R a t i o of t o t a l r e s e r v e s t o d e p o s i t and F , R . n o t e l i a b i l i t i e s combined, p e r c e n t 73 -2 MEMORANDA 55'5 55.1 68.0 C o n t i n g e n t l i a b i l i t y a s e n d o r s e r on discounted paper rediscounted with o t h e r F e d e r a l R e s e r v e Banks 4i.l 46.0 49,3 56.8 4o.2 44.4 Bankers' acceptances sold to other F . R, Banks w i t h o u t endorsement C o n t i n g e n t l i a b i l i t y on b i l l s p u r c h a s e d for foreign correspondents 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 banks F . R. n o t e s i n a c t u a l c i r c u l a t i o n 2,336 271,118 12,172 258,946 12,120 2,560 2,624 1,568 3,808 1,504 8 64 1,536 832 55.0 18,600 25 25 1,4-72 32,376 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION 885,505 255,650 308,357 141,978 163,736 510,620 133,^91 68,179 98,520 59,337 280,513 3,177,004 l44,o45 21.123 28.037 5.419 8.206 39.797 23.683 2.635 9,234 4,242 48,293 346.886 74l,46o 234,527 280,320 136,559 155,530 470,823 109,808 65,5^4 89,286 55,095 232,220 2,830,118 DISTRIBUTION OF BILLS AND U. W i t h i n 15 d a y s 16 t o 30 days Bi]1s discounted B i l l s bought i n open m a r k e t IT. 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 1,152 56-0 6,600 2,000 10,000 38.2 % 229,368 201,058 4,000 2,165 58,175 21,429 CERTIFICATES' OF INDEBTEDNESS BY MATURITIES 31 to 60 day's 6 l to 90 days Over 90 days 364,964 218,399 49,950 18,060 " 7,.o4O 5,945 7,605 221,273 Total 2,063,739 103,609 242,083 •Released f a r p u b l i c a t i o n Friday morning, A p r i l 29, 1921; not e a r l i e r FEDERAL RESERVEAGENTS' ACCOUNTS AT CLOSE OF BUSINESS APRIL 27, 1921. St.l9Ul4d. ( i n thousands of d o l l a r s ) F e d e r a l Reserve Agent a t Boston New York Phila, Clevel - Richm- A t l a n t a Chicago S t . L o u i s Minn. Kans.Cy- D a l l a s San Eran. Total RESOURCES F e d e r a l Reserve n o t e s on hand F e d e r a l Reserve n o t e s o u t s t a n d i n g C o l l a t e r a l s e c u r i t y f o r Federal Reserve n o t e s o u t s t a n d i n g : Gold and gold c e r t i f i c a t e s Gold redemption fund Gold s e t t l e m e n t fund-F.R.Board Eli gible paper: Amount r e q u i r e d Excess amount h e l d TOTAL 109,090 271,HS 268,000 21,420 37,970 25,809 80,790 885,505 255,650 308,357 l4i,97g 163,736 5,600 24,621 i4o,ooo 176,924 15,04I 100,897 5,643 587,540 23 , 77 5 3,500 4,6oo 159,560 27,520 11,580 510,620 133,491 68,179 98,520 11,594 16,035 3,59% 3,407 106,000 112,389 155,000 38,500 50,000 15,180 159,644 131,667 113,547 99,884 106,829 4,i4o 42,036 l4,066 8,033 335,796 37,26i 36,651 6,110 13,052 4,346 3,016 3,243 6,200 28,360 52,531 28,730 42,200 813,269 59,33 7 280,513 3,177,004 4,891 3,483 7,235 15,607 108,982 233,852 119,167 964,S4I 45,911 66,917 43,728 155,524 l,559,l44 10,883 25,378 27,527 21,800 l 4 , i 4 o 247,558 70,504 652,969 2,075,601 536,860 .696,720 323,831 416,295 1,218,061 305,385 173,316 229,167 169,204 617,566 7,4l4,835 l i a b i l i t i e s Net amount of F e d e r a l Reserve n o t e s r e c e i v e d from Compt r o l l e r of the c u r r e n c y C o l l a t e r a l r e c e i v e d from F e d e r a l Reserve Bank: Gold E l i g i b l e paper TOTAL 376,208 1,153,505 277,070 346,327 167,787 244,526 670,180 161,011 79,759 103,120 88,067 322,713 3,990,273 170,221 174,824 62,987 22,26s 31,603 15,609 124,589 1,317,860 373,057 81,387 71,289 94,444 65,52s 170,064 2,106,702 106,54O 297,965 123,983 194,810 42,094 56,907 624,191 13 5,go7 155,583 H 3 , 9 5 0 114,862 652,969 2,075,661 536,860 696,720 323,831 4I6,295 1,218,061 305,385 173,316 229,167 169,204 617,366 7,4l4,835
@FedFRASER