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% \ f » . * > STATEMENT FOR THE PiiESS Released f o r p u b l i c a t i o n Sunday c o r n i n g , A p r i l 4; not e a r l i e r . ' r • - r S t , 1055 F o d o r a l Reserve Board A p r i l 3, 1920, CONDITION OF FEDERAL RESERVE BANKS Aggregate r e d u c t i o n s nJ 7 6 , 6 m i l l i o n s i n t h e D i l l n o l d i n g s of the F e d e r a l R^serve banks accompanied "by 82 m i l l i o n s of t e m p o r a r y a d v a n c e s to the Gov^^nu^nt, pending c o l l e c t i o n of f u n d s from d e p o s i t a r y i n s t i t u t i o n s , a r e i n d i c a t e d i n thw F e d e r a l Reserve Board*s weekly bank s t a t e m e n t i s s u e d as a t c l o s e of b u s i n e s s on A p r i l 2, 1920, F i s c a l o p e r a t i o n s d u r i n g the week i n c l u d e d amon_ o t h e r s t h e r e demption cf over 100 m i l l i o n s of o u t s t a n d i n g bonds of the War Finance C o r p o r a t i o n and heavy check payments on a c c o u n t of t h e R a i l r o a d A d m i n i s t r a t i o n * F e d e i a ^sc-rv^ note c i r c u l a t i o n shows a f u r t h e r e x p a n s i o n of 29-3 m i l l i o n s , w n i l e n e t depoai s show but a nominal i n c r e a s e . Net gold i m p o r t s and f u r t h e r d e p o s i t s of s i l v e r aw count f o r a g a i n of 1$<5 m i l l i o n s i n geld and cf 23*3 m i l l i o n s i n cash r e g u i v c S ' The banks* r e s e r v e r a t i o shows a s l i g h t i n c r e a s e from 42»7 t o 4-2*9 cent. War p a p e r on hand shows a r e d u c t i o n f o r t h e week of 40 *4 million**, o t h e r cAs counts - a r e d u c t i o n of C,4 m i l l i o n s , a c c e p t a n c e s p u r c n a s e d i n open market - ^ ^ r e d u c t i o n of 27*2 m i l l i o n s , "while T r e a s u r y c e r t i f i c a t e h o l d i n g s i n c r e a s e d by uc-O m i l l i o n s v T o t a l e a r n i n g a s s e t s , as a consequence, show an i n c r e a s e 01 5*9 ^ons' Of the t o t a l of 1 , 4 0 0 J m i l l i o n s of war paper on hand, 7 1 3 m i l l i o n s , o r ^ l ^ p e r cent, were s e c u r e d by L i b e r t y bonds; 294.4 m i l l i o n s , or 21 P 5 r c e n t , by \iuuO*y n o t e s ; and 3 9 2 - 5 m i l l i o n s , or 2o 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 ^ , ao a^ain., ; l . o , 19,2 and 29 > 2 per c e n t of about 1 , 4 4 l m i l l i o n s of war p a p e r r e p o r t e d t e w^ek b e f o r e , D i s c o u n t e d p a p e r h e l d by t h e Boston, New York, C l e v e l a n d , A t l a n t a , iinn^-^ a p o l i s , D a l l a s and San F r a n c i s c o banks i n c l u d e 7 6 , 4 m i l l i o n s of p a p e r d i s ^ o u n e & ^ v r the P h i l a d e l p h i a , Richmond, Chicago and S t , Louis banks, w h i l e a c c e p t a n c e ho of the Cleveland, A t l a n t a , Kansas C i t y and San F r a n c i s c o banks comprise 5 . J m i i ^ i c n s of b i l l s p u r c h a s e d from the New Y^rk and Boston tanks, c o m p a r e d w i t h 5^ the week b e f o r e , As a g a i n s t a r e d u c t i o n of 17*3 m i l l i o n s i n government d e p o s i t s , m e m b e r s serve d e p o s i t s show an i n c r e a s e cf 31*9 m i l l i o n s , o t h e r d e p o s i t s , i n c l u u i n ^ i c r e i g n government c r e d i t s , an i n c r e a s e of 31*6 m i l l i o n s , while the n f l e a u Cc-^rie^^oy Reserve banks and t r e a t e d a s a d e d u c t i o n from g r c s s d e p o s i t s i n c r e a s e d oy^ -r-o m i l l i o n s , Net d e p o s i t s , a c c o r d i n g l y , work, c u t a t 1 , 4 m i l l i o n s more than t h e wee before. The banks* 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 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 4,C m i l l i o n s - A d d i t i o n s to c a p i t a l and s u r p l u s y member banks, l a r g e l y i n t h e Richmond d i s t r i c t , account f o r most of the $ 2 2 ^ 0 0 i n c r e a s e i n the c a p i t a l a c c o u n t of the R e s e r v e banks, 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 4, 19 20; n o t e a r l i e r . STAT^uZHT OF C05BIKED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS March 26 r 1920 R E S O U R C E S A p r i l 2. 1920 Gola and g o l d c e r t i f i c a t e s $154,237,000 $171,585,000 Gold s e t t l e m e n t fund - F. R* Board 363,132,000 379,552,000 112.731.000 Gold w i t h f o r e i g n a g e n c i e s 112.7S1.000 630,1)0,000 T o t a l gold h e l d by banks 663,924,000 * Gold w i t h F e d e r a l Reserve Agents 1,186,529,000 1,169,137,000 117.776.000 wGolti r e d e m p t i o n f u n d 117.198,000 $1,93^,755,000 T o t a l golv. r e s e r v e s $1,950,259,000 122.400.000 - Legal t e n d e r n o t e s , s i l v e r , e t c . 130.169,000 Total reserves 2,057,155,000 2,080,425,000 1,441,015,000 B i U s d i s c o u n t e d (Secured by Government war o b l i g a t i o n s 1,400,664,000 (All other 1 ,002,215,000 999,849,000 B i l l s bought i n open m a r k e t 451,879. 000 424,041,000 2,901,109,000 T o t a l b i l l s on hand 2,824,554,000 26,795,000 U- S- Government bonds 26,798,000 6s,000 U« S- V i c t o r y n o t e s 68,000 ' ^U. S . C e r t i f i c a t e s of i n d e b t e d n e s s 2 6 3 , 0 5 6,000 345,550,000 A l l ot,,.;r e a r n i n g a s s e t s Total earning assets 3,191,031,000 "3,196,970,000 v Bank p r e m i s e s 11,990,000 1 2 , 0 0 9 , 0 0 0 „ 3.0& ' U n c o l l e c t e d i t e m s and o t h e r d e d u c t i o n s from ^ r o s s d e p o s i t s 76s, 785,000 835-^67000 5$ Redemption fund a g a i n s t F- R. bank n o t e s 13,900,000 13,689,000 All other resources 4.907.000 4,474,000 TOTAL RESOURCES 6 , 0 4 7 ,771,000 b,l4>7S4fe,000 L I A B I L I T I E S » afb Capital paid-in 91,059,000 91,284,000 Surplus 120,120,000 120,120,000 Government d e p o s i t s 27,711,000 10,41o,000 Due t o members - Reserve a c c o u n t 1 , 8 6 7,125,000 1,899,06)^JC_ygfo " D e f e r r e d a v a i l a b i l i t y items 546,696, 000 5o%-iy€^000 ^ J j t h e r 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 o d i t s 100,160,000 151,7*4-,000 Total gross deposits 2,5^1,692,000 2, 609^745,000 933 I -F. R» Motes xn a c t u a l c i r c u l a t i o n 3 ,048,039,000 3,077,323,00c F- R. banlc 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 201,39^,000 196,594,000 45.469.000 , All other l i a b i l i t i e s 47,980.000 TOTAL LIABILITIES 6 , 0 4 7,771,000 O,1 , 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- n o t e I l i a b i l i t i e s combined 42-7% ^2.9 ^ ^ R a t i o of gold r e s e r v e s to F . R , n o t e s i n c i r c u l a t i o n a f t e r 47.1% 1 s e t t i n g a s i d e 35^ 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 4 7 . 4 fo St.1055a A p r i l 4. i q i q $333,354 612,711 946, 095 1,100, 173 104. 652 2,150, 950 67, 675 2, 215, 628 1, 674, 916 0b6 230 2 , 1 0 c , 772 27, 134 175,646 1 :, 314, 555 9,713 644,959 6,792 1ais 5,202,385 655 49! 466 008 1,655', 29s 457, 120. 2,345, 325 2,547, 670 149, 449 25, 517 5,202,355 52 - 2/o 63-7 $ R e l e a s e d f o r p u b l i c a t i o n Sunday m o r n i n g , A p r i l 4, 1920; n o t e a r l i e r . t - i . . ')'}•! RESOURCES MID LIABILITIES 0? THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 2 * 19^0. R E S O U R C E S ( I n t h o u s a n d s of d o l l a r s ) F e d e r a l R e s e r v e 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 i i i n n . Kans-Cy. D a l l a s San F r a n . T o t a l Gold and g o l d c e r t i f i c a t e s 3,724 8,652 24,44o 11,296 83,674 936 10,069 2,413 7,249 513 7,164 11,405 1 7 1 , 5 8 5 Gold s e t t l e m e n t f u n d - F . R . B o a r d 2,047 22,203 7 , 9 0 7 "17,936 2 8 , 4 0 0 30,555 9 5 , 4 4 5 3 1 , 6 4 9 5 2 , 3 1 1 1 8 , 2 1 4 1 5 , 7 7 6 51,115 379,558 Gold w i t h f o r e i g n a g e n c i e s 4,060 1 3 , 4 2 1 3 , 0 4 5 5 , 4 1 3 2.933 5,188 __ 8 . 2 3 3 41,390 9,023 9,248 5,526 5,301 112,781 r P T o t a l g o l d h e l d by banks 220,509 41,658 71,628 26,153 2 8 , 4 8 8 8 8 , 9 7 6 16,932 2 8 , 2 3 0 3 4 , 3 2 6 1 8 , 1 4 4 3 8 , 7 9 6 50.084 663,924 Gold w i t h F . R . Agents 311,810 89,611 132,826 45,690 5 5 , 8 0 3 175,211 4 7 , 4 7 1 3 ^ , 1 3 8 3 7 , 9 7 0 3 4 , 9 7 3 1 0 5 , 5 4 4 1 , 1 6 9 , 1 3 7 98.085 Gold r e d e m p t i o n f u n d 6,623 24,276 7,108 468 4,071 4,027 8,115 26,980 1 1 , 3 7 2 471 4,436 -19,251 117,198 Total gold r e s e r v e s 167,420 559,299 142,641 204,925 76,279 9 0 , 9 1 4 288,463 7 1 , 5 H 62,836 76,367 57,149 152,455 1 , 9 5 0 , 2 5 9 Legal t e n d e r n o t e s , s i l v e r , e t c . 7,443 4,87-5 6,325 105,650 625 1 , 1 1 1 411 1 , 6 1 0 670 459 1 3 0 , 1 6 9 -58 _ 950 Total reserves 173,745 664,929 143,266 206,036 76,692 92,524 295,906 76,386 62,894 7 7 , 3 1 7 57,819 1 5 2 , 9 1 4 2 7 0 8 0 , 4 2 8 B i l l s d i s c o u n t e d : (a) Secured by Government war obligations 97,274 531,9^2 1 6 7 , 8 7 3 122,195 57,930 59,510 152,124 3 7 , 4 6 3 2 9 , 7 0 2 3 9 , 4 1 3 4 6 , 9 7 1 58,267 l , 4 o c , 6 6 4 All other 88,143 204,255 40,856 49,330 / 38,303 4 3 , 4 5 2 270,43s 67,645 3 5 , 8 3 4 7 1 , 9 4 7 22,500 67,146 999,849 B i l l s bought i n open m a r k e t (b) 1,186 68 , 681 4 2 4 , 0 4 5,345 1,329 -18,529 171,749 4 , 9 6 0 58,914 11,353 8 , 4 l l 6 3 , 0 4 7 10,537 T o t a l b i l l s on hand 203,946 907,946 2 1 3 , 6 8 9 2 3 0 , 4 ^ 9 1 0 7 , 5 8 6 1 1 1 , 3 7 3 485,609 115,645 7 0 , 8 8 1 1 1 2 , 6 8 9 70,657 1 9 4 , 0 9 4 2,824,5(5-4 U-S* Government bonds 116 8,868 3,966 2,632 26,798 4,477 1,153 " 1 834) 1,235 H4 U.S.Victory notes 68 10 3 3 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 8.300 11.881 10.538 12.925 345.550 2 14,260 is.66' 8 1 , 5 3 5 ^ 3 4 , 4 8 2 8 2 , 3 2 3 2uS,bC7 3 , 1 5 b , 5 7 ^ Total earning a s s e t s 127,155 668 464 12,009 231 2,116 866 515 ' 500 "1,156 Bank p r e m i s e s 583 532 U n c o l l e c t e d i t e m s and o t h e r 0 H 93 deductions from gross d e p o s i t s 63,660 62,758 70,117 57,087 3 5 , 8 6 4 1 1 1 , 2 9 6 53,271 2 4 , 0 6 2 73,947 53,906 4>ri46 8 3 ^ f 6 5$ Redemption f u n d a g a i n s t F-R, bank n o t e s 562 1 , 4 6 5 13,689 282 996 1,308 627 1,300 1,909 747 451 3,211 831 301 4,474 All other resources 163 _225_ 867 317 274 374 360 542 J J L JIL I2L TOTAL RESOURCES (a) Includes b i l l s d i s c o u n t e d f o r o t h e r F,R* b a n k s , v i z ' (b) I n c l u d e s b a n k e r s 1 a c c e p t a n c e s bought f r o m o t h e r F . R . b a n k s : With t h e i r endorsement Without t h e i r e n d o r s e m e n t 474,824 1,887,676 4 5 4 , 8 3 s 541,357 258,16s 256,879 941,827 268,136 169,405 287,431 196,041 koifSdk 6,143 11,463 5,00c 27.695 3,00c 287 591 7,529 447 10,000 11,760 76,447 4,341 1.325 4,341 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 4, 1920; n o t e a r l i e r . RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BiSNKS AT CLOSE OF BUSINESS APRIL 2, 1920. <,} V.. • >;--c A. I * ( 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 . Richm. A t l a n t a Chicago S t . L o u i s Minn. Ivans.Cy. D a l l a s San F r a n - T o t a l F e d e r a l R e s e r v e Bank of 4,713 3,559 12,684 4,l6l 3,186 4,214 3,500 6,030 9l,284\ Capital paid i n 7,207 23,886 8,19s 9 , 9 4 6 6,116 120,120 5,820 4,695 14,292 3,724 3 , 5 6 9 3,030' 7,539 8 , 3 5 9 45,082 8 , 8 0 5 9*039 . Surplus 606 10,416] 914 594 1,006 739 1,493 1,810 1,081 782 602 . 474 309 * Government d e p o s i t s 9 2 , 1 9 6 63,974119,943J 1,899,063/ 60,051 58,163 265,001 70,398 57,755 115,212 745,746 105,067 145,557 wDue to members - R e s e r v e a c c o u n t 47,287 109,717 48,929 53.358 4 2 , 2 8 9 26,791 69,574 33,787 12,483 58,749 33,751 2 • Deferred a v a i l a b i l i t y items : f33 - 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 8 , ^ 2 , 4 6 9 4 , 4 2 9 2 , 7 4 7 1 3 1 , 7*47 , 8 0 7 57,452 1 0 , 6 4 0 6,499 6,346 3 , 4 9 2 1 5 , 5 8 4 5 , 5 1 1 government c r e d i t s 913,517 165,110 210,723 109,425 8 9 , 9 3 9 351,969 110,777 73,313 156,288 101,06b I 5 6 r 7 2 \ 2 , 6 0 9 r 9 b 5 \ Total gross deposits 171,094 847,782 249,002 291,613 127,174 145,944 523,062 136,448 82,043 101,U07 79,396 222,986)3,077,323 \ F-R. notes i n a c t u a l c i r c u l a t i o n 270,466 F . R . bank n o t e s i n c i r c u l a t i o n net l i a b i l i t y 9,290 11,001 31,993 11,036 6,017 1 7 , 4 3 3 7 , 9 1 6 10,005 196,594 14,268 40,787 20,426 16,422 47,930 1,277 1,973 1,133 3.380J All other l i a b i l i t i e s 16,622 3.297 2 , 5 6 4 1 , 7 4 6 1 , 7 4 1 7,827 1 , 9 9 0 - 3,430 >, I ojrV 474,824 1,887,676 4 5 4 , 8 3 s 541,357 258,16s 256,879 941,827 268,136 1 6 9 , 4 0 5 2 8 7 , 4 3 1 1 9 6 , 0 4 1 4o6T66^ 6 , 1 4 ^ * 6 TOTAL LIABILITIES M E M O E A II D A * 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 p a p e r r e d i s c o u n t e d w i t h o t h e r F . B . "banks Bankers a c c e p t a n c e s s o l d t o o t h e r F.R# banks 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 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 1 i.OH 20,000 29,363 8,000 76,447 19,084 1,325 1,325 16,138 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 w F.R.notes in actual circulation « 270,466 1 3 l : o l g 15 g-^§ 1 847,782 249,002 291,613 127,174 145,944 523,062 136,448 32,043 101,407 79,396 222,986 3 , 0 7 7 , 3 2 3 DISTRIBUTION OF BILLS AND U . S . CERTIFICATES OF INDEBTEDNESS BY MATURITIES. Bills discounted B i l l s bought i n open m a r k e t 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 W i t h i n 15 days 1,391,720 103,750 85,596 l 6 to 30 days 235,060 85,246 2,500 31 t o 60 days 514,251 171,259 5,500 6 l t o 90 days 238,214 63,786 5,882 Over 90 days 21,268 246,072 Total 2,400,513 424,041 345,550 / r 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 4, 1320; n o t e a r l i e r . £ v . 1 0 ; jo. FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS APRIL d , 1920. ( I n t h o u s a n d s of d o l l a r s . ) Boston rFEDERAL Clevel- Richiri. A t l a n t a Chicago S t . L o u i s It i n n . Kans.Cy. D a l l a s San F r a n . Total 544,700 2,106,000 564,660 553,280 316,080 325,000 93S,600 312,160 157,250 216,920 153,780 432,76c 6,621,220 Returned to Comptroller 224.228 1 . 0 4 1 . 1 0 5 2 7 6 . 3 8 1 2 1 2 . 5 0 7 155.076 117.678 366.014 144,385 67,586 104.853 59,332 162,752 2 , 9 3 2 , 3 9 7 320,472 1 , 0 6 4 , 8 9 5 287,779 3 ^ 0 , 7 7 3 161,004 207.322 572,5S6 1 6 7 , 7 7 5 8 9 , 6 9 4 112,067 94,448 270,008 3,688,823 4i,nnn I n hands of F . R. Agent I s s u e d t o F . R . bank l e s s amount r e t u r n e d to F . R . Agent f o r redemption 279,472 ^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 *" Phi l a . RESERVE NOTES: Received f r o m C o m p t r o l l e r C h a r g e a b l e t o F . R. Agent mm New York i?4,4oo ?Q f 84o 32,520 ? 8 , 7 4 4 56,350 22,800—lk*££Q 6*550 5*11Q—U+%55 194,743 Gold r e d e m p t i o n f u n d 15,185 12,067 14,222 15,801 3*690 Gold S e t t l e m e n t Fund - F.R.Board S2,000 105,000 75,389 85,000 42,000 E l i g i b l e paper,minimum r e q u i r e d 121,327 6p£,6*5 l 6 f t , 3 ? 8 1 7 5 . 4 ? 7 ft6 570 279,472 940,495 257,939 308,253 132,260 150,972 549,786 152,895 8 3 , 1 4 4 106,957 203,946 905,949 179,497 225,072 100,514 111,373 485,531 115.627 AMOUNT OF ELIGIBLE PAPER DELIVERED TO F . R. AGENT 3£1,J59_ 940,495 257,939 308,253 132,26c 150,972 549,786 152,895 83,144 106,957 82,693 262,198 3,307,064 90O Total 7,-SIQ - 32,025 - 2,500 2,850 13,052 9»066 3,690 1,286 2,110 4,663 12,683 97»7b6 50,000 166,145 40,931 19,800 35,860 21,484 92,861 816,470 q5.l6q_3Z4_575_105*424_ 4 9 . 0 0 6 68,987 4 7 , V 5 T5&, ^ 3*303 - - 8,831 - 254,901 2,137.9?7 8 2 , 6 9 3 262,198 3,307,064 65,986 112,689 70,657 171.230 2 , 7 4 8 , 0 7 1
@FedFRASER