Full text of H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks : April 9, 1916

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Released f o r p u b l i c a t i o n Sunday morning A p r i l 9, 1916,

Not e a r l i e r .

605.

STATEMENT TOR THE PRESS,
A p r i l 8, 1916,

The F e d e r a l Reserve Board made p u b l i c today i t s r e g u l a r weekly
/bank s t a t e m e n t as a t c l o s e of b u s i n e s s on A p r i l 7, 1916. The s t a t e m e n t
i n d i c a t e s c o n s i d e r a b l e a c t i v i t y of the banks in t h e open market d u r i n g
t h e p a s t week, ^ s u i t i n g i n an i n c r e a s e by about 11,8 m i l l i o n s in t h e
x
t o t a l amount ofybanks 1 e a r n i n g a s s e t s « Among t h e s e a s s e t s a r e s h o w n / ^
$ 1 , 9 3 2 , 0 0 0 of United S t a t e s Treasury n o t e s i s s u e d i n exchange f o j r ^ 2 p e r
cent bonds p r e v i o u s l y a c q u i r e d by t h e F e d e r a l r e s e r v e banks •/"These notes
b e a r i n t e r e s t a t the r a t e of 3 p e r cent p e r annum and a r e payable one year
a f t e r d a t e of i s s u e , The combined gold r e s e r v e s of t h e banks decreased
d u r i n g the week 7»9 m i l l i o n s , w h i l e t h e banks ' a g g r e g a t e casjh r e s e r v e s
d e c l i n e d about 6.2 m i l l i o n s . Considerable n e t w i t h d r a w a l s of gold a r e
r e p o r t e d by the Boston, A t l a n t a , Chicago and D a l l a s banks«
The d e c r e a s e in Boston*s gold r e s e r v e by about 1*5 m i l l i o n s
i s p r a c t i c a l l y o f f s e t by an i n c r e a s e i n t h e t o t a l due from o t h e r Federal
r e s e r v e banks, As a g a i n s t a r e d u c t i o n of 1 , 5 m i l l i o n s in i t s gold h o l d i n g s ,
A t l a n t a r e p o r t s t h e p u r c h a s e of over one-half m i l l i o n of United S t a t e s
bonds and t h e d e p o s i t w i t h t h e Agent of 1 m i l l i o n d o l l a r s to enable i t to
withdraw m a t u r i n g p a p e r , The i n c r e a s e by 1 , 7 m i l l i o n s i n t h e amount of
United S t a t e s bonds on hand more t h a n accounts f o r t h e l o s s of 1 . 1 m i l l i o n s
of C h i c a g o ' s gold reserve^ w h i l e the p u r c h a s e of about 1*5 m i l l i o n s of
United S t a t e s bonds f u l l y o f f s e t s t h e d e c r e a s e of 1*3 m i l l i o n s i n D a l l a s '
gold r e s e r v e ,
A renewal of d i s c o u n t a c t i v i t y a f t e r a p e r i o d of comparative
n a c t i o n i s shown f o r t h e Chicago and D a l l a s b a n k s . The aggregate^^discounted p a p e r h e l d by t h e banks i n d i c a t e s f o r t h e f i r s t time d u r i n g the
p r e s e n t y e a r an i n c r e a s e over t h e f i g u r e s shown f o r t h e p r e c e d i n g week*
Acceptances on hand show an i n c r e a s e of 1*7 m i l l i o n s , t h e New York and
P h i l a d e l p h i a banks r e p o r t i n g t h e l a r g e s t g a i n s u n d e r * t h i s head. Of t h e
t o t a l h o l d i n g s of t h i s c l a s s of p a p e r t h e t h r e e banks on t h e E a s t e r n
seaboard a r e c r e d i t e d w i t h over 80 p e r c e n t . Of t h e t o t a l amount of paper
on hand 31,7 p e r cent matures w i t h i n 30 days and 3 4 , 1 p e r cent a f t e r 30
but w i t h i n 60 d a y s . The week w i t n e s s e d t h e p u r c h a s e by 7 banks of n e a r l y
5 m i l l i o n s of United S t a t e s bonds, a l s o an i n c r e a s e of 2 , 2 m i l l i o n s i n
t h e h o l d i n g s of m u n i c i p a l w a r r a n t s , Cleveland r e p o r t i n g t h e purchase of
about 2 m i l l i o n s of n o t e s issued by Ohio m u n i c i p a l i t i e s *




i

-2-

-605-

Of t h e t o t a l e a r n i n g a s s e t s of 146.8 m i l l i o n s , bonds coil-*
s t i t u t e a t p r e s e n t 3 0 . 3 p e r c e n t , acceptances - 28.7 p e r c e n t ; ^ w a r r a n t s — 24.0 p e r c e n t ; d i s c o u n t s — 15,2 p e r cent ; and United s t a t e s
Treasury n o t e s 1 . 3 p e r c e n t .
The r a t i o of t o t a l e a r n i n g a s s e t s t o
p a i d - i n c a p i t a l now s t a n d s a t 268 p e r c e n t , as a g a i n s t 246 p e r cent
the week b e f o r e , and 163 p e r cent r e p o r t e d a t the end of t h e f i r s t week
in t h e p r e s e n t y e a r .
Government d e p o s i t s show a, d ecreas e f o r the week of about
1 . 5 m i l l i o n s , t h e New York bank r e p o r t i n g t h e n e t withdrawal of 2.2
m i l l i o n s of Government f u n d s . The aggregate member bank d e p o s i t s i n c r e a s e d about 3 . 5 m i l l i o n s , l a r g e l y w i t h t h e Boston, New York, and
Cleveland banks.
The o u t s t a n d i n g c i r c u l a t i o n of F e d e r a l r e s e r v e bank n o t e s
i n c r e a s e d about 0 . 3 m i l l i o n .
F e d e r a l Reserve Agents r e p o r t a t o t a l of
190.5 m i l l i o n s n e t 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 banks, a g a i n s t
which t h e y hold 180.6 m i l l i o n s of gold and 10.8 m i l l i o n s of p a p e r . The
banks show a n o t e c i r c u l a t i o n of 168.3 m i l l i o n s , and a g g r e g a t e l i a b i l i t i e s
t h e r e o n of 9 . 5 m i l l i o n d o l l a r s .




]
Released f o r p u b l i c a t i o n Sunday morning A p r i l 9, 1916.
Not E a r l i e r .
-605-aSTAIEMENT
OF
COMBINED
RESOURCES
AND
LIABILITIES
OF
THE
TWELVE
FEDERAL
RESERVE
BANKS
OF
THE
UNITED
STATES
AT
CLOSE
OF
BUSINESS
APRIL 7, 1916.
V
/

„
Gold
w>la
Gold

RESOURCES.
coin and c e r t i f i c a t e s i n v a u l t
s e t t l e m e n t fund
redemption fund with United S t a t e s T r e a s u r e r
Total gold reserve
Legal t e n d e r n o t e s , s i l v e r , e t c
T< tal r e i 5 e r v 6
?
-B i l l s discounted and bought :
M a t u r i t i e s : WiMin 10 days
From 11 t o 30 days
"
31 t o 60 days
"
*° 9 0 d a y s
Over 90 days
Total....
Investments: Unite a S t a t e s Bonds
One-year United S t a t e s Treasury Motes
Municipal Warrants
Total earning assets
f e d e r a l r e s e r v e n o t e s - Net
Due f r o u F e d e r a l r e s e r v e banks - Net
All other resources
TOTAL RESOURCES
L I A B I L I T I E S Capital paid in
Government d e p o s i t s . .
Reserve d e p o s i t s - Net
F e d e r a l r e s e r v e notes - Net
Federal reserve bank notes in c i r c u l a t i o n
All other l i a b i l i t i e s . . . .
TOTAL LIABILITIES

A p r i l 7, 1916.
$245,778,00;
80,011,000
1.549.000
$327,338,000
11.600.0Q0
$338,938,000
'. . .

6,911,000
13,558,000
21,930,000
20,134,000
1,851.000
$ 64,384,000 1
45,226,000
1,932,000
15.2^6.000
$146,798,000
21,761,000
Il,l6l,000
7.587.000
$526,245,000
$ 54,843,000
37,016,000
423,497,000
9,500,000
1,251,000
118.000
$526,245,000

Gold reserve against net deposit and note l i a b i l i t i e s (A)
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)
Cash r e s e r v e a g a i n s t net d e p o s i t ;
liabilities after setting
^ a s i d e 40$ g o l d r e s e r v e a g a i n s t aggregate n e t " l i a b i l i t i e s
cn F e d e r a l r e s e r v e notes in c i r c u l a t i o n (A)
(A) Less items i n t r a n s i t between F. R. banks, v i z .


£


1

March 31, 1916.
258,052.000
75,640,000
1,548,000
335,240,000
9,918.000
345,178,000
.
7,126,000
11,721,000
21,409,000
19,453,000
1,966.000
61,675,000
40,275,000
/
11.015.000
134,965,000
25,118,000
13,128,000
4,975.000
523,364,000

$

?1

54,888,000
38,469,000
419,987,000
8,903,000
964,000
151.000
523,364,000

71-3$
73,9^

January 7 , 1916.
272,018,000
81,150,000
1,250,000
354,418,000
12,888,000
367,306,000

October 8, I915.
227,7 69,000
55,850,000
1,212,000
284,831,000
21,302,000
306,133,000

A p r i l 9,1915*
238,635,003
...
902,000
239,540,000
30,018,000
269,558,000

6,605,000
14,074,000
17,715,000
13,247,000
3,938,000
55,579,000
16,734,000

7Qfi o m
'lj '
14,534,000
( 8,869,000
(_
35,251,000
6,813,000

17,097,000
89,410,000
24,156,000
11,137,000
7,078,000
499,087,000

5,893,000
13,786,000
15,257,000
9,109,000
1,320,000
45,365,000
9,483,000
........
27,029,000
91,877,000
15,523,000
7,723,000
3,124,000
414,380,000

54,895,000
23,841,000
407,244,000
12,982,000

54,781,000
15,000,000
326,787,000
15,225,000

36,165,000
294,042,000
10,449,000

125,000
499,087,000

2,587,000
4l4,380,000

45,000
340,701,000

(
(

n

15,938,000
58,002,000
4,826,000
5,659,000
2,656,000
340,701,000

73-8$
76.0$

81.9$
84.8$

81.5$
8716$

80.1^
SC.Zfo

76.7$

86.2$

89.8$

92.0$

x

74.6
l 5 l

ccn

" " " l3Jl28~o6o~

11,137,000

7>21>00

5I659I000"
s

Released, f o r p u b l i c a t i o n Sunday morning A p r i l 9, 1916.
Not e a r l i e r .
605 b .
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE TWELVE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 7, 1916.
( i n thousands of d o l l a r s )
R E S O U R C E S .
Boston
N. Y.
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 Minnls . Kas.Cy . D a l l a s S . F r a n
TOTAL
Gold c o i n and c e r t i f . i n v a u l t
$6,363 156,763
5,667 11,666
4,997
3,569
4,066
3,905
6 , 6 4 1 245,778
4,798
5,563 31,780
Gold s e t t l e m e n t f u n d
5,278
8,106
7,380
4,769
9,157
2,974
80,011
4, 688
9,972 11,424
3,986
2,751
9,526
Gold redemption fund
5
250
50
76
30
10
1.549
248
33
274
200
291
82
T o t a l gold r e s e r v e
11,646 165,119 13,097 21,671 16,496
327,338**
9,065
8,287
8,911
13,310
9,625
8,605 41,506
Legal t e n d e r n o t e s , s i l v e r , e t c .
7
4.499
702
2.488
483
193
11.600
957
79
13
275
1.080
824
Total reserve
11.653 169.618 15.585 22.628 16.575
8.770
9.104
9 . 6 3 8 338.938
9.889
14.012
8.380 42.586
B i l l s d i s c o u n t e d - Members
283
389
706
1,935
600
4,665
519
22,268
317
507
2,407
3,712
6,228
—
B i l l s bought i n open market
12,164
16.072
5.604
1.096
832
766
854
1.346
2.158
1.209
42.116
15
T o t a l b i l l s on hand
12,447
16,461
2,767
1,560
4,665
5,921
1,696
1,728
64,384
4,478
4,565
1,853
6,243
I n v e s t m e n t s : U. S. bonds
3,288
2,449
8,090
4,490
1,864
3,035
3,339
2,818
1,990
45,226
3,849
8,338
1,676
— —
—. —
—• —
— —
One y e a r U . S . T r e a s . n o t e s
1,532
350
50
1,932
— —
Municipal w a r r a n t s
2.578
999
14.824
3.308
1.381
3.711
1.257
35,256
4.950
2.188
60
Total earning assets
18.313
35.266 13.719 10.702
5.155 11,856
7.483
7.979
6 . 9 5 1 146.798
6.292
6.468 16,614
— —
— —
F e d e r a l r e s e r v e n o t e s - Het
719
10,384
1,557
1,025
1,128
5,318
375
172
1,083
21,761
Due from o t h e r F. R. b a n k s - Net 3,456
— —
3,192
5,786
688
1,238
l,498(a)ll,161
622
279
3,173
1,080
1,352
A13(- o t h e r r e s o u r c e s
403
309
15
572
714
110
3.810
194
96
1.019
7.587
310
35
1
TOTAL RESOURCES
34.156 219.078 32.745 34.294 25.669 18.802 67,115 18.608 18.-355 22.601 22.426 23.599 526.245
—

—

—

•w

L I A B I L I T I E S .
C a p i t a l p a i d in
5,140
Government d e p o s i t s
549
Reserve d e p o s i t s - Net
28,467
— —F e d e r a l r e s e r v e n o t e s - Net
F , R. bank n o t e s i n c i r c u l a t i o n
— —
Due t o o t h e r F. R, banks - Net
All other l i a b i l i t i e s
TOTAL LIABILITIES
34.156

11,123
8,327
188,425

5,215
1,111
26,419
~

—

i

mm

mm

11,203
mm

mm

219.078

mm

32.745

MEMORANDUM .
F . R. n o t e s i s s u e d to t h e banks 10,418
74,959
F . R, n o t e s i n hands of banks
719
10.384
F . R. n o t e s i n c i r c u l a t i o n
64.575
9.699
GoM and l a w f u l money w i t h AgentlO.418
74,959
Carried to net a s s e t s
719
10,384
— •»
— «•»
Carried to net l i a b i l i t i e s
( a ) Items in t r a n s i t



mm

5,948
936
27,410

7,154
172
6.982
7,154
172

mm rnmm

34.294
10,629
375
10.254
10,629
375

3,345
6,836
11,372
4,086

*

2,383
7,468
8,843
—-

—

6,667
1,209
59,239
—

—

2,788
1,737
14,083
—

—

2,563
521
15,271
—

—

-

-i

-

-

3,006
1,042
16,229
1,073
1,251

2,734
5,695
9,656
4,341
-

-

—

—

30
25.669

108
18.802

67.115

18.608

18.355

22.601

22.426

11,153
284
10.869
6,783

14,944
1.083
13.861
14,944
1,083

3,814
1.557
2.257
3,814
1,557

7,628
1.025
6.603
7,628
1,025

13,144
1.128
I?.016
13,144
1,128

9,849
157
9.692
8,619

16,009
17
15.992
11,651

—'

—

—

—

—

—

—-

—

—

—

—

~

3,931
1,585
18,083
—

—

-

~

. 138
23.599 - 526.245
-»

—

— —

-r

—

~

—

—

10,835
5.318
5.517
10,835
5,318

—
— 1.073
4.341
—
4.086
i . e . t o t a l amounts due from l e s s t o t a l amounts due t o o t h e r F . R. b a n k s .

—

54,843
37,016
423,497
9,500
1,251

—

190,536
22.219
168.317 /
180,57821,761
9.500

As l e a s e d i or paDlica'cion Sunday morning, A p r i l 3*

Earlier*

.

STATEMENT OF FEDERAL RESERVE AGENTS1 ACCOUNTS AT CLOSE OF BUSINESS APRIL 7 , 1916.
( i n t h o u s a n d s of d o l l a r s )

v

Phila.

C l e v e l . Richai. A t l a n t a Chicago S t . L o u i s Minnls« Kas.Cy. D a l l a s S.Fran

Boston

N. Y.

$20,380

109,240

15,480

13,360

17,000

20,400

9,380

9,600

19,000

13,000

1,692

21,281

2,233

1,031

2,447

1,360

685

210

146

478

jGHiargeable t o F . R. Agent

18,688

87,959

13,247

12,329

14,553

19,040

8,695

9,350

18,854

12,522

I n hands of F . R« Agent

8,270

13,000

6,093

1,700

3,400

4,096

4,881

1,762

5,710

2,673

10,418

74,959

7,154

10,629

11,153

14,944

3,814

7,628

13,144

9,849

9,865

71,398

3,360

9,700

2,850

10,140

4,100

9,540

553

3,561

434

929

751

—

—

Federal reserve notes :
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

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 redemption
Amounts h e l d by F.*R» Agent :
In redemption 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 g o l d redemption f u n d
With F e d e r a l Reserve Board

—

—

3,360

~

—

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 :
Commercial p a p e r
- TOTAL

10,418

Amount of commercial p a p e r d e l i v e r e d




353

994

4o4

388

654

619

6,430

13,950

3,410

4,390

2,350

4,370
7.4,959

7,154

10,629

11,153
5,151

14,944

3,814

7,628

13,144

20,780. 11,360
1,188'

total
278,980

525

33,276

19,592 10,835

245,704

3,583

- -

16,009 10,835

-

55,168

190,536

120,953
265

9,905

3,900

1,360 10,570

49,720

1,230

4,358

9,849
1,237

- -

16,009 10,835
4,382

- -

9,956
190,536
10,770