Full text of H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks : August 15, 1920

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STATB#:NT FOR TEE PRESS
Released f o r p u b l i c a t i o n
Sunday morning, August 15;
not e a r l i e r .

s t .1361
F e d e r a l R e s e r v e Board,
August 14,1920.

CONDITION OF FEDERAL RESERVE BANKS ,
Aggregate i n c r e a s e s of 2 6 , 7 m i l l i o n s i n
cexiling • asa&te
a d d i t i o n o f " 2 ? J m i l l i o n s t o F e d e r a l Reserve n o t e c i r c u l a t i o n a r e i n a i c a t j i
i n t h e 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 as a t c l o s e 0
b u s i n e s s on August 13, 1920* Cash r e s e r v e s show a g a i n of 1»1 m i l l i o n s ,
w h i l e n e t d e p o s i t s d e c r e a s e d by about 6 m i l l i o n s , w i t h a consequent s l i g h t
d e c l i n e of t h e Banks * r e s e r v e r a t i o frcm 44 t o 4} * 9 P e r cent*
Holdings of b i l l s s e c u r e d by Government war o b l i g a t i o n s i n c r e a s e d ^ o y
11-6 m i l l i o n s , o t h e r d i s c o u n t s on hand - by 27 *6 m i l l i o n s , w h i l e h o l d i n g s of
a c c e p t a n c e s bought i n open m a r k e t d e c l i n e d by IS*& m i l l i o n s < An i n c r e a s e
of 6*3 m i l l i o n s i n T r e a s u r y c e r t i f i c a t e s on hand i s due l a r g e l y t o t h e
i s s u a n c e d u r i n g t h e week of 9 m i l l i o n s of s p e c i a l c e r t i f i c a t e s t o t h e
Boston and P h i l a d e l p h i a Banks, and t h e l i q u i d a t i o n by t h e New Itork Bank of
2 . 6 m i l l i o n s of c e r t i f i c a t e s t e m p o r a r i l y p u r c h a s e d ,
Of t h e t o t a l of about 12g? m i l l i o n s of b i l l s s e c u r e d by U n i t e d S t a t e s
war o b l i g a t i o n s h e l d , 647 «9 m i l l i o n s , or 49«9 P e r c e n t , were s e c u r e d by
L i b e r t y bonds, ] l 6 . 4 m i l l i o n s , or 2 4 . 4 p e r c e n t , by V i c t o r y n o t e s , and
332*7 m i l l i o n s , or 25*7 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 , a s a g a i n s t ^ 8 . 1 ,
2 3 . 1 and 26 a8 per c e n t of a c o r r e s p o n d i n g t o t a l of 1285'4 m i l l i o n s r e p o r t e d
t h e week b e f o r e , Discounted p a p e r h e l d by t h e Boston, New York, and
Cleveland Reserve Banks i s i n c l u s i v e of 1 3 4 , 8 m i l l i o n s of p a p e r d i s c o u n t e d
f o r s i x Reserve banks i n t h e South and Middle West, compared w i t h 1^0«9
m i l l i o n s the week b e f o r e , w h i l e a c c e p t a n c e h o l d i n g s of t h e B o s t o n , P h i l a d e l p h i a , Cleveland and San F r a n c i s c o Banks i n c l u d e 47*5 m i l l i o n s of bankers *
b i l l s p u r c h a s e d from t h e New York and Chicago Banks, compared w i t h 33*5
m i l l i o n s r e p o r t e d a t the c l o s e of the p r e v i o u s week.
Government d e p o s i t s show a r e d u c t i o n of 9*2 m i l l i o n s , w h i l e members *
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 17 »8 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
f o r e i g n Government c r e d i t s and non-members f c l e a r i n g a c c o u n t s , i n c r e a s e d
by 0 -2 m i l l i o n . The 11 f l o a t 1 1 c a r r i e d by the Reserve Banks and t r e a t e d a s a
d e d u c t i o n frcrn g r o s s d e p o s i t s shows a g a i n of l 4 * S m i l l i o n s , As a consequence, c a l c u l a t e d n e t d e p o s i t s , 1692,5 m i l l i o n s , a r e about 6 m i l l i o n s
s m a l l e r t h a n the week b e f o r e . S u b s t a n t i a l i n c r e a s e s i n F e d e r a l Reserve note
c i r c u l a t i o n a r e r e p o r t e d by the Boston, P h i l a d e l p h i a , Cleveland, and
Richmond Banks, t h e t o t a l i n c r e a s e f o r the system b e i n g 27 -3 m i l l i o n s . In
a d d i t i o n , t h e r e was a l s o a n i n c r e a s e of 2*1 m i l l i o n s i n F e d e r a l ..R^se'rve 'Bank
note c i r c u l a t i o n .
Gold r e s e r v e s d e c l i n e d by 3 *3 m i l l i o n s , w h i l e o t h e r c a s h r e s e r v e s show
a g a i n of 4 . 4 m i l l i o n s , The u n u s u a l l y l a r g e i n c r e a s e of $ 1 , 2 1 0 , 0 0 0 i n the
p a i d - i n c a p i t a l of t h e Reserve Batiks i s due l a r g e l y t o i n c r e a s e s i n the
c a p i t a l and s u r p l u s a c c o u n t s of e x i s t i n g members i n t h e New York, Richmond
and San F r a n c i s c o d i s t r i c t s ,




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 , August 15, 1920; n o t e a r l i e r
STATEMENT OF COMBINED RESOURCES AliD LIABILITIES OF THE FEDERAL RESERVE BANKS
Aug. 6, 1920
Aug. 15> 1920
R E S O U R C E S
$
1
8
5
,
1
6
5
,000
$
1
7
9
,
6
3
0
,
0
0
0
Gold and g o l d c e r t i f i c a t e s
3
8
1
,
2
5
9
,000
Board
3
S
9
,
9
2
7
,
0
0
0
Gold s e t t l e m e n t f u n d - F . R
111,531,000
1
1
1
,
5
3
1
,
0
0
0
Gold w i t h f o r e i g n a g e n c i e s
681,088,000
677,955.000
T o t a l g o l d h e l d by b a n k s
1,164,562,000
1,150,343,000
Gold w i t h F e d e r a l R e s e r v e A g e n t s
131,708,000
152,307,000
Gold r e d e m p t i o n f u n d
$1,977,358,000
$1,980,605,000
Total gold reserves
155,527,000
151,139,000
L e g a l
tender notes, s i l v e r , e t c .
2,132,885,000
2,131,744,000
Total reserves
( S e c u r e d by Government war o b l i g a t i o n s
1,296,981,000
1,285,398,000
B i l l s discounted (All other
1,292,025,000
1,264,435,000
320,618,000
339,390,000
B i l l s b o u g h t i n open m a r k e t
2,909,624,000
2,889,223,000
T o t a l b i l l s on h a n d
26,810,000
26,810,000
U. S . Government bonds
69,000
69,000
U. S . V i c t o r y n o t e s
2
7
7
,
8
3
6
,
0
0
0
271,490,000
U. S . C e r t i f i c a t e s on i n d e b t e d n e s s
3
,
2
1
4
,
3
3
9
,
0
0
0
3
,
1
87,592,000
Total earning assets
l4,6o4 ! oco___ <f. 2-OAJ
14,444,000
79ST^§975oo
733,688,000
U n c o l l e c t e d i t e m s and o t h e r d e d u c t i o n s from g r o s s d e p o s i t s
11,947,000
13,002,000
5$ R e d e m p t i o n f u n d a g a i n s t F . Ft. Baric n o t e s
3,259,000
3,500,000
All other resources
6
,
1
7
^
2
9
,
0
0
0
6
,
0
8
3,970,000
TOTAL RESOURCES
k *36
L I A B I L I T I E S
96,551,000
95,341,000
Capital paid-in
164,745,000
1
64,745,000
Surplus
11,623,000
2
0
,
7
8
0
,
0
0
0
Government d e p o s i t s
1,834,542,000
1,816,798,000
Due t o members - R e s e r v e a c c o u n t
5
9
9
,
3
9
7
,
0
0
0
5^9,778,000
Deferred a v a i l a b i l i t y items
4*^-043,000
iCa'Z,
44,821,000
O 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 e d i t s
2,490-7605,000
2,432,177,000
Total gross deposits
3
,
1
6
9
,
1
8
1
,
0
0
0
3,141,861,000
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
_ _ _
194,834,000
196,912,000
F , R. Sank 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
5
7
,
7
9
5
,
0
0
0
55,012,000
All other l i a b i l i t i e s
6,175-78?>000
6
,
0
8
3,970,000
TOTAL LIABILITIES
— —
. •
483 4
R a t i o of t o t a l r e s e r v e s t o n e t d e p o s i t and F . H. n o t e
43.9/0
44.0$
l i a b i l i t i e s combined
R a t i o of g o l d r e s e r v e s t o 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
48.6$
48.9$
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




o v.
A u g u s t 1 5 , 1919
"$250,651,000
591,206,000
8 4 1 , 857,000
1,118, 894,000
121, 836,000
2,082, 587,000
69, 136,000
2 , 1 5 1 , 723,000
1,522, 992,000
220, 347,000
3 7 4 , 375,000
2,117, 714,000
27, 0 9 8 , 0 0 0
274,000
295, 7 2 7 , 0 0 0
2 , 4 4 0 , 813,000
11, 806,000
928, 030,000
11, 313,000
9, 503,000
5,553,188,000
84,400,000
81,087,000
58,590,000
1,778,365,000
670,539,000
109,210,000
2,bib,704,000
2,540,904,000
209,709,000
20,384,000
5,553,188,000

50.9$
61-4$

Released f o r p u b l i c a t i o n Sunday morning, August 15, 1920; not e a r l i e r .

S t . 1361b.
RESOURCES A13D LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUGUST 13, 1$20
RESOURCES
( i n thousands of d o l l a r s )
F e d e r a l Reserve Bank of
Boston New York Phi l a . C l e v e l . Richm. A t l a n t a Chicago S t . Louis Minn. Kans-Cy- D a l l a s San F r a n . T o t a l
, Gold and gold c e r t i f i c a t e s
11,99b
91,440
1,220 10 407
2,380
7,913 24,358
2,997
7,225
548
5,267 1 3 , 8 7 9
179,630
Gold s e t t l e m e n t fund - F-E.Board
6 419 39,550
42,039
29,238 47,285 05,449- 20,532
6 , 2 6 1 88,800 10,027
6,718 27,609
3
89,927
8
•rG-old w i t h f o r e i g n agencies
* 142
4o[^]2
8,922
9,146
1^465
4^-015 13.272
5.242
5,131
111,531
T o t a l gold h e l d by banks
62,177 161,610
57,427 85,002 28,377 18,189 126*430 18,266 16,954 33,510 14 586" 58,560
681,088'
.Gold w i t h F- R- Agents
132,865
277,642 101,^27 149,261 42,376 49,688 174,823 44,303 30,919 37,747 28 405 95,006 1 164,562
Gold redemption fund
_2l.34j
35,958 11,671
1.558
6.875
1.467 22.668
6,474
7
4.242
3 > 1 5 10.030
131.708
T o t a l gold r e s e r v e s
HbJ85
475,210 170,625 235,821 77,628 75,344 323,921 6g]o43 47,880 75,499 46"l4O6"" 163,596 1,
977,358
Legal t e n d e r n o t e s , s i l v e r , e t c .
°,&23
123,996
473
2,198
56
1,4-97
8,087
8,066
54
1,773
1^721
983
155.527
Total reserves
22X008
599,206 171,098 238,019 77,684 76,84i 332,008 7 7 , 1 0 9 ^ 7 , 9 3 4 11,212 48,127' 164,579 2,132,885
B i l l s d i s c o u n t e d : (a)
Secured by Govt, war o b l i g a t i o n s
107,592
554,564 136,899 84,235 ' 41,911 57,378 151,556 4 i , 547 i i , i 4 o 42,331 17,423 50,405 1,296,981
All other
102,407 1,292,025
- B i l l s bought in open market (b)
1
320.618
T o t a l b i l l s on hand
205,036 "2,909,625
~U. S- Government bonas
1
1 , 3 80
S
1,233
l l k
4,490
1,153
2,632
26,810
5
50
10
116
8,867
3*966
U. S . Victory n o t e s
69
2
6
,
3
2
5
6
6
1
1
6
U.S. C e r t i f i c a t e s of indebtedness
•
.
,V
36,205 23,322 12,260 15.665 39.656 17.257
8.481 12.845
8,300
11.204
277.836
Total earning assets
f t r 2 ^4, 722 125,3b4 136,222 521)270 132,329 86^860 123,413 8 4 , I 9 7 218,872 3 , 2 1 4 , 3 3 9
Bank premises
1,644
3,S4I
686
1,15b
1,129
603 2,118
866
566
762
1,001
232
14,6o4
U n c ol l ect ed items and other d e fO-w
Vd.oJ
f
d u c t i o n s frcm gross d e p o s i t s
66,610
173,908 697 , 6 1 9 78,816 56,113 29,444 101,751 44, 890 21,523 70,758 45,712
397011
13&rm
5$ Redemption fund a g a i n s t F. R.
Bank n o t e s
1,072
2,157
1,300
451
482
959
2,433
524
402
916
586
665
11,947
A l l other resources
402
824
318
197
178
83
700
108
J4|L
128
,257
,
322
3.859
TOTAL RESOURCES
506,373 1,859,545 470,865 583 , 869 266,919 243,675 960,280 256,060 157,393 273,378 179,751 4 2 3 - ^ % 6 , 1 7 M %
V.
m(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. Banks, v i z :
60,429
10,391
63,979
134,799
( t ) Includes b a n k e r s ' a c c e p t a n c e s
bought from o t h e r F. R. Banlcs:
7/ithout t h e i r endorsement
1,444
7,130 21,559
17,389
47,522




ig

.:ti 35 Eg 3

-«•*

R e l e a s e d f o r p u b l i c a t i o n Sunday morning, August 15, 1920; not e a r l i e r
st.1361c
RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUGUST 13, 1920.
(In thousands of d o l l a r s )
L I A B I L I T I E S
Boston
New York Phi l a . C l e v e l . Richm. Atlanta Chicago St.Louis iidnn. Kans.Cy. Dallas San Fran.
Federal Reserve Bank
Total
7,589
,Capital p a i d - i n
25.338 f . 3 1 2 10,167
5,097
3,865 13,555
4,272
3,322
4,322
3,929
6,783
96,551
12,351
Surplus
?'?£?
3,712
8,067
7,050 23,917
5,884
5,178
8,395
4,152 11,662
164,745
361
government d e p o s i t s
11,623
121,109
J)ue to members - reserve account
m ' o L 3 153'127
h
265,708 64,993 1+3,272 79,799 53,'310 1 1 ^ 0 3 5 1,834,'542
51,144
Referred a v a i l a b i l i t y items
113,013 53,127 63,207 44,099 26,429 72,184 39,542 19,205 59,351 28,3^7 29,749
599,397
Other d e p o s i t s , including f o r e i g n
Z1
? 3oi
"
4,311
21,895
3,ll4
2,408
1,405
1,094
3,635
l,6oo
961
1,506
government c r e d i t s
860
1 7 6 , 9 2 5 8 6 5 7 6 7 7 164,878 211,188 103,236 78,410 342,145 106,968 63,754 141,352
Total gross d e p o s i t s
F« R. notes i n actual c i r c u l a t i o n
292,189
852,695 262,309 326,617 132,342 140,707 538,278 128^262 75,'799 101,'832 79,202 238^949 3,*169! 181
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
19,186 10,688 11,901 34,704
19,8]
8,864
7,802 15,395
7,199 11,070
196,912
2,
1,1+89
All other l i a b i l i t i e s
1,742
2,999
7,681 1,810 1,538
2,042
1,502
2,952
57,795
TOTAL LIABILITIES
506,373 1,859,545 470,865 583,869 260,919 243,675 960,280 256,060 157,393 273,378 179,751 423t6SI 6 , 1 7 ^ 7 6 9
(o 8 3 £>
LI ? T-%
TRatio of t o t a l reserves to net deposit and F.R.
38.8
47.9
51.9
„ note l i a b i l i t i e s combined, per cent 55-4
43.3
40.5
42.6
40-5
40.6
44.8
41.0
46.7
43.9

Mill

Contingent l i a b i l i t y as endorser on Discounted paper rediscounted with
other F, R. Banks
Contingent l i a b i l i t y on b i l l s purchased
1,168
f o r f o r e i g n correspondents
F. R. notes outstanding
f t R. notes held by banks
•* F. R. notes i n actual c i r c u l a t i o n

B i l l s discounted
B i l l s bought i n open market
U- S. C e r t i f i c a t e s of indebtedness




303,252
11,063
292,189

MEMOBANDA

6,083

1,280

1,312

24,667

25,209

784

576

1,904

20,941

10,073

752

432

23,534
768

•. -FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION
971,932 270,334 338,224 138,296 145,582 596,498 146,967 77,145 107,704
119,237
8,025 11,607
5,954
4,875 58,220 18,705
1,346
5,872
852,695 262,309 326,617 132,342 140,707 538,§78 128,262 75,799 101,832

DISTRIBUTION
Within 15 days
1,549,969
114,917
27,340

30,375
416

134,799
736

16,211

83,305 271,730 3,450,969
4,103 32,781
281,788
79,202 238,949 3 , 1 6 9 , 1 8 !

BILLS AND U. S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES
to 30 days
31 to 60 days
6l to 90 days
over 90 days
Total
189,632
458,770
334,405
56,230
2,589,006
71,014
105,155
29,532
320,618
16,700
38,102
25,503
170,191
277,836

Released f o r p u b l i c a t i o n Sunday morning, August 15, 1920; not e a r l i e r
FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF 3USIN5SS AUGUST 13, 1920.

St. IjBld

(In thousands of d o l l a r s )
Federal Reserve Agent a t

Boston

New York

Phila.

Clevel-

RESOURCES
42,000
'Federal Reserve notes on hand
Federal Reserve notes outstanding
303,252
C o l l a t e r a l s e c u r i t y f o r Federal
Reserve notes outstanding:
Gold and gold c e r t i f i c a t e s
900
Gold redemption fund
19,965
F.RwEoard"112,000
Gold s e t t l e m e n t fuhd
E l i g i b l e paper 170,387
Amount required
16,163
Excess amount held
TOTAL
L I A B I L I T I E S
Federal Reserve notes received
from Comptroller - gross
Less amounts returned f o r
destruction
Net amount of Federal Reserve
notes r e c e i v e d from Compt r o l l e r of the Currency
Collateral received from
Federal Reserve Bank:
•. Gold
E l i g i b l e paper
TOTAL




Richm- Atlanta Chicago S t . Louis Minn. Kans.Cy. Dallas San Fran-

135>000 24,940 27,725 24,974 71,205
971,932 270,334 338,224 138,296 145,582
196,608
18,034

32,025
17,236

3,876

2,500
3,688

86,389 100,000

38,500

43,500

694,290 168,807 188,963
286,145
2 , 4 3 8 33,877

95,920
4,319

95,894
24,508

63,000

15,138

73,900 l 6 , 4 4 o
596,498 146,567

8,679
166,144

3,810
3,163
37,336

Total

10,455
5,280
77,145 107,704

11,020
5,080
448,019
83,305 271,730 3,450,969

13,052
1,917
15,950

11,331
6,340
10,734

3 >387
34,360

16,520
78,4-86

260,226
117,943
786,393

54,900 176,724 2,286,407
17,031 13.412
519,544
664,667 2,365.009 568,046 738,050 305,885 386,877 1,322,071 321,545 188,4io 252,328 194,661 561,952 7,869,'501

619,700 2 , 2 4 5 , 0 6 0 611,240 631,520 350,160 365,680 1,104,800 349,820 169,58c 238,560
274,448 l 1 l 3 g » i g g j ] j i 9 6 6 265,571 186,890 148,893

434,402 186,413

81,980 125,576

345,252 1,106,932 295.274 365,949 163,270 216,78?

670,398 163,407

87,600 112,984

icl'239 J g : g f

uifog?

664,667 2,365.009 568,046 732,050 305,885 386,877 1,322,071 321,545 188,4io 252,328

171,980 480,100 7,338,200
77,655 203,290 3,439,212

94,325 276,810 3,898,988

25,405 95,006 1,164,562
71,931 190,136 2,80S.QR1
194,661 561,952 7,869,501