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Released for publication Sunday morning August 25, 1912. Not earlier. I STATEMENT FOR THE PRESS. August 24, 191S Increases of 81,6 millions in net deposits and of about 123 millions in earning, assets, largely discounted bills, are indicated by the Federal Reserve Board's weekly bank statement issued as at close of business August 23, I 9I 8 . Gold reserves of the banks show an increase of 10.5 millions and for the first time exceed 2 billion dol lar s . IHVESIMENTS: Discounted bills on hand show an increase of 108.4 millions, practically all at the New York bank. Of the total commercial paper held, 853*5 millions or 6l.2 per cent, against 52*5 per cent the week before, is represented by war paper, i . e ., member banks' notes and customers1 paper secured by Liberty bonds and Treasury cer tificates. Acceptances show a net gain of 24-3 millions for the week, the New York, Boston and Cleveland banks reporting substantial increases in their holdings of this class of paper, Following the redemption by the Treasury of a 15 million certificate of indebtedness held by the New York bank government short-term securities show a de crease of 9,1 millions* Total earning assets show an increase for the week of 122.8 millions. DEPOSITS: With the exception of Minneapolis and Dallas, all F.R. banks report sub stantial gains in government deposits, the total showing an increase for the week of 77*5 millions. Members' reserve deposits decreased about 4.5 millions, while net de posits went up 81.6 millions. jOSSERVES; As the result chiefly of government operations .there has been a further 1- movement of 70 millions of reserves away frcm the New York bank, all the other 1 Reserve banks, except Minneapolis and Dallas, reporting considerable gains in re serves, chiefly through the gold settlement fund. The banks' reserve percentage de clined from 58.5 to 56.7 per cent. NQTE,^ CIRCULATION; Federal Reserve Agents report an increase for the week of 44.9 millions in outstanding F.R. notes. The banks show a Federal Reserve note circula tion of 2 , 032.8 millions, an increase of 4 7 .4 millions for the week, besides an in crease of about 1.7 millions in their aggregate liabilities on F.R. bank notes in circulation. JgAPITAL: Payment for F.R. bank..stock by newly admitted members is largely responsible i for an increase of $ 790,000 in paid-in capital, the larger portion of this increase being shown for the Chicago bank. CONDITION OF MEMBER BAMS AUGUST 16, 1918. ! 1 ^ | j i » Substantial increases in demand deposits at banks in central and other reserve cities coupled with moderate liquidation of U*S. securities are indicated by the Board's statement of condition on August 16 of 733 member banks in leading cities, compared with like figures for 73^ banks on August 9 • Total U.S. securities 011 hand decreased 39*6 millions, ox which 32*5 millions represents the decrease in Treasury certificates held. For the cantral reserve city banks decreases of 15.1 millions in U.S. bonds other than circulation bonds and of . 2I .9 millions in certificates are shown. Aggregate loans secured by U.S. war obligations show a slight decline, Other loans and investments fell off 13*9 millions for all reporting banks and 1.4 millions for the banks in the central reserve cities. The ratio of U.S. war obligations and loans secured by such obligations to total in vestments shows a decline for the week from 15*7 to 15*4 per cent. For the central reserve city banks this ratio declined from 17*2 to 16.7 per cent_. ^ Government deposits at all reporting banks fell off about 21*millions, a reduc tion of 105*5 millions of Government funds at central reserve city banks being offset largely by gains in government deposits at other banks following the August 6 issue of 500 millions of Treasury certificates. Net demand d 3po'=its show a gain of 125*4 millions, of which the greater part represents gains at banks outside the central reserve cities. Time deposits declined about millions. Total reserves show a gain for the week of 15*6 millions, while cash in vault increased nearly 3 millions. For all reporting banks the ratio of investments to deposits shows a decline from 125.7 to 124.1 per cent. For the central reserve city banks, owing mainly to the large withdrawals of government deposits, a rise in this ratio from ll4«7 to llf> per cent is noted. The ratio of combined reserve and cash to deposits of all report ing banks remains unchanged at l4,4 per cent, while for the central reserve city banks a decline from 15*1 to 14.9 per cent in this ratio is seen. Total excess re serves increased from 7^*7 to 77*4 millions. For the central reserve city banks a decrease in this item from 52*6 to 30*2 millions is noted. Released for publication Sunday morning August 25, I 9I 8 . Not earlier X-ll42a STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUGUST 23, 1918. R E S O U R C E S August 24, I 917 August l6, 1918 August 23, 191S 1426,741,000 $385,072,000 Gold in vault and in transit $385,017,000 553.060.000 397.067.000 Gold settlement fund, F. R. Board 600. 083.000 5,829,000 52, 500,000 Gold with foreign agencies ___ ^ggSLPQQ 943 . 961.000 “ 875,308,000 990. 929.000 Total gold held by banks 1 , 018, 767,000 488.536.000 Gold with Federal Reserve agents 961. 498.000 40,323,000 Gold redemption fund 4 Q . 116.000 7.375.000 2, 003, 051,000 1 . 372. 219.000 Total gold reserves 1.992.543.000 52, 215,000 52. 550.000 Legal tender notes, silver, etc. 52,920.000 1 .4 24 .76 9.0 00 2, 055, 2667000" Total reserves 2 . 045. 523.000 1,393,705.000 Bills discounted for members and F.R.Banks 1 , 285, 368,000 128.407.000 236, 5^6,000 Bills bought in open market ,,212.204.000 — 1-59,557^000 1 , 630, 321,000 Total bills on hand 1 ^ 9 7 ,5 7 2 ,0 0 0 287,9^4,000 la 30 . 624.000 U-S.Government long-term securities 45. 226.000 31 . 497.000 23. 479.000 U.S.Government short-term securities 30.480.000 32.546.000 All other earning assets 62,000 1 . 354.000 ________ 82.000 Total earning assets i,6s4,4g6,ooo 365. 024.000 1 . 561. 697.000 601. 923.000 Uncollected items (Deduct from gross deposits) 210. 630.000 623, 495,000 5$ Redemption fund against F»R.Bank notes 952,000 500.000 866,000 All other resources 11 . 294.000 217.000 10,80^.000 TOTAL RESOURCES . 353.927.000 2.001.140.000 4.242.384.000 L I A B I L I T I E S Capital paid in Surplus Government deposits Due to members - reserve account Collection items Other deposits including foreign gov*t. credits Total gross deposits F. R. notes in actual circulation F.R. bank notes in circulation - net liability All other liabilities TOTAL LIABILITIES Ratio of total reserves to net deposit and F.R. note liabilities combined Ratio of gold reserves to F.R. notes in actual circulation, after setting aside 35$ against net deposit liabilities 173 . 027.000 1 , 459,^ 30,000 456, 94?,000 112.597.000 77,750,000 1 , 134,000 76 , 960,000 1 , 134,000 95,555,000 i,464,on,ooo 2. 196. 051.000 2. 032. 337.000 16.864.000 29. 351.000 ^,353,927,000 461,202,000 115.234.000 58.484.000 59. 972.000 1 . 121. 129.000 32 . 933.000 148.955.000 2. 136. 002.000 1 . 925. 419.000 15. 167.000 27.702.000 4.242.384.000 56-7^ 5 2 ^ 73-7 $ 76,4$ 1 . 362. 989.000 573. 049.000 5 . 473.000 1 . 145.000 2.001.140.000 82.( Released for publication Sunder morning August 25, I 91B, Hot earlier. 'X-13&S) WEEKLY STATEMENT OF RESOURCES A2fl) LIABILITIES FOR EACH OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUGUST H , 1918 (In thousands of dollars.) R E S O U R C E S pft7 °aAn Cleval‘ Richn. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San F r a a ^ Total Gold in vault and in transit Gold settlement fund, F»R.Board Gold with foreign agencies * 8 i f e * * ! * 5 " l I J i " ' S « S Total gold held by banks 83,401 392,604 49,168 90,652 34,314 26,224 111,137 36,245 20,041 30.711 13,919 55,545 Gold with Federal Reserve Agents 60.185 277,823 113,780 126,174 38,278 27,424 156,622 51,775 22,862 48.711 13,873 81,190 1,T33B>67 Gold redemption fund 4,070 15,000 5. 000 1 ,0 07 924 2,355 4,511 2,415 _ 1 ,1 0 1 1,248 2*611 81 Total gold reserves 147,656 685,497 167;$48 217,833 '73,516 56,003 2f»,370 90,631 45,318 80,633 29,040 13e,6l6~27 Legal tender notes, silver, etc. 2,344 43,231 730 320 802 434 1,872 607 106 402 1,182 185 Total reserves 150,000 728,728 168,678 218,153 74,318 56,437 274,142 91,238 45,4®4 80,925 30,222 137,00!| 2,^355*286 Bills discounted for members and F.R. Banks 67,414 552,409 85,183 82,512 56,567 46,965 209,629 4 7■ ,6 /7 64,288 62,489 42,917 7 5 ,7 2 ^ 1 ,3 9 1 ^ 1 * 5 , B ills bought in open market 26,440 125,276 11*033 26,111 5,588 3,122 14,714 435--- 129______ 634 2 1 ,I l f ■ 236.5*& fe Total bills on hand 93,854 677,685 96,218 108,623 62,155 50,087 224,343 4 9 ,6 2 2 ^ 6 4 ,7 2 3 62,618 43,551 96,842 l ,6 3 < £ i & U.S.Government long-term securities 942 1,453 1,348 2,560 1,233 625 4,509 1,153 122 8,871 4,347 3,461 30,4%« U.S*Government short-term securities 1,416 10,158 1,210 1,695 1,510 991 2,112 321 926 All other earning assets -1,239 901 1,000 23,«*9 62 Total earning assets €2 96,212 689,296 98,776 112,878 64,898 51,765 230,964 51,096 65,771 72,728 48,799 101,303 1 , 6 S 4 , 4 « Uncollected items (deduct frcm gross deposits) 40,933 145,515 71,341 47,742 38,232 27,562 82,364 38,839 10,783 50,523 16,536 31,613 601,981 5$ Redemption fund against F.R. bank notes 74 50 19 200 394 137 84 All other resources 958 771 ,623 749 1,160 908 654 1,356 TOTAL RESOURCES ,294 *87,916 l ,5 6 5 ;« w 3 4 ^ 379, « S 178,23? !3lS,b33 181/725 123,187 3 6 i J ” 96,348 4 ,3 5 3 ^ 7 L I A B I L I T I E S Capital paid in Surplus Government deposits Due to members,reserve account Collection items Other deposits including foreign government credits Total gross deposits F.R* notes in actual circulation F.R.bank notes in cire.,met liab. All other liabilities TOTAL LIABILITIES 6,492 75 21,059 89,839 34,088 20,017 649 19,279 643,645 113,354 7,151 8,703 13,628 20,854 82,559 108,363 55,041 39,078 108,002 884,280 649,650 344 258 2,206 10.529 *405 287,916 565,469 340,468 287' 916 1, ^ »565,469 3,921 116 6,676 46,225 32,111 3,114 10,693 40 216 9,655 26,941 37,581 191,793 22,501 47,553 3,687 9,975 54,758 30,176 2,864 38 1,733 36,369 19,393 3,545 *»— 11,181 68,319 26,690 3,050 -9,576 30,321 11,621 4,513 77,750 . i 134 22,470 173*027 69,708 1 ,4 59,480 19,341 450,947 144,986 134,157 2*133 1,411 3^877 1,184 178,'227 136,532 5 8 ^ 3 0 181 1*689 S g f f i 27^357 16,864 29f351 4, 353)987 Released for put lie at ion Sunday raorning August 25, 1913. Not earlier STATS ENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT (in thousands of FEDERAL RESERVE 1100355: Boston New York Phila. Clevel. Received frcm Comptroller 195, 9^0 1 , 051,680 247,120 246,o4o Returned to Comptroller 57,365 242,857 44,252 21,946 Chargeable to F*R. agent 158,575 808,823 202,868 224,094 In hands of F. R. Agent 20,600 109.200 7,560 13,120 Issued to F»R, bank less amount returned to F .R . Agent for redemption 137,975 699,623 195, 30s 210,974 COLLATERAL SECURITY FOR OUTSTANDING NOTES: Gold coin and certificates on hand 5,000 Gold redemption fund 6,680 Gold settlement fund, F^R« board 4g) 5 'c Eligible paper, uiniErum required J L L 2S £ l Total 137,975 AMOUNT OF ELIGIBLE PAPER DELIVERED TO F.R. AGENT 93,254 163,740 14,153 — X-ll42c CLOSE OF BUSINESS AUGUST 23, 191S. dollars*) Riclm. Atlanta Chicago St Louis Minn* Kans*Cy* Dallas San Fran. Total 127,920 115,860 394,980 117,880 S i ,580 119,700 68,500 173,040 2,940,240 27,807 21,210 26,964 20,565 15,817 20,656 17,713 -497,152 100,115 9^,650 3b8, oib" 9 7 , 315 65; 763 99,044 6,510 28,630 46,220 10,250 4,375 7,720 11,960 13,106 279,25! 93,603 24,313 20,073 n , 8 6 l 103,707 90,000 1,772 36,500 83,047 106,6so 61,222 66,020 321,796 2,503 2,101 87,065 6i , 3S8 91,324 38,827 159,934 2 , 163,837 11,581 — 4 16 — 2,644 13,102 39,610 223,707 46,545 52,036 — 220,239 2,351 1,90s 7,989 63,419 100,000 2 2 , 8:20 156,206 49,131 8,300 46,360 324 73,201 735,109 J-‘±lrIX-1 -51,528 84. S00_ -55Jt£L 3S,^g 6 165,174 ,526 42 ,61 ---24,954 35.290 7 2,744 1. 145.070 b-^,02' 195, 30s 210,974 93,603 6b,020 321,796 27,065 61,322 91,324 38 827 159,934' 2 1 6 3 837 677,685 M E M O R A N D A 1,460 62,61s 43,551 82,554 1,573,109 ' FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION F. R. notes outstanding 137,975 699,623 195,308 210,974 93,603 66,020 321,796 87,065 61,388 91,324 F. R. k notes notes held held by by bank bank xLS18 g g ____ 4^9I3_. 14.882 10,815 5 . 8^6 ^ q s V ^ T k]?hh 781 notes in actual circulation 134,157 649,650 180,426 200,159 27,767 62,722 302,269 8 i , W ~ g o T 6o7 85,958 38 827 159 9^4 2 16^ 877 7k* S ’ ??. 32,079 149*218 2 , 032,237 DISTRIBUTION OF BILLS, U .S . GOVERNMENT SHORT TERM SECURITIES AND WARRANTS BY MATURITIES Bills discounted and bought U-S. Government short-tora securities Municipal warrants Within 15 days i,oc6'*s6? 4, 66o 16 to 30 days 160,579 31 to 60 days 223,723 4,62-5 4i 6l to 90 days 21^,473 771 5 Over 90 days 22,5*16 13,365 16 Total 1,630,321 23,^79 62 Released for publication Sunday morning August 25, 1918. Not earlier. x IIU ph STATEMENT SHOWING PRINCIPAL RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE RESERVE AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS AUGUST 16, 1918. (In thousands of dollars.) 1. Data for all reporting banks in each district.___________ !________ _________________________ _ Boston . New York. Phila.. Clavsl Richn. .Atlanta Chicago St. Louis Minn. .Kans.Cy. Dal las. San Frari~ Total ’ No. reporting banks *+2 102 ^ 50 ; S3 72 4-5 96 32 35 73 44 51 ixx U .S . bonds to secure circulation l5,353 50,525 12,770 52,056 25,621 15,465 18,642 16,995 6,469 1^273 17,929 35,205 267,952 Other U-S. bonds including .^ : * Liberty bonds 15,4lO 238,84b 30,601 53,512 31,042 25,105 66,479 18,638 15,732 17,205 15,917 25,455 a4g U.S.certificates of indebtedness 55,529 595,318 49, 703; 72,312 26,683 26,689 108,525 29,009 18,781 31,203 15,327 51,640 978*779 Total U .S . securities 24,352 784,748 93,075; 167,870 22,356 67,259 193,646 64,642 40,988 62,281 48,173 111,300 1 800*679 Loans secured by U .S. bonds, etc. 39,725 217,039 W (225i 3S,oSS 20,028 7,522 61,283 13,273 9,156 4,375 5,299 9,391 ’469*434 All other loans and investments 7 /2 ,130 4 , 436,176 620,256. 973, 2l 4 ?367 , 522 287,587 1,440,540 382,9 88 267,786 468,947174,574 524,925 10 722 171 Reserve with F,R. bank 67,436 576,592 66,063 08,607 29,865 25, 61s l45,i46 33,975 17,725 4s,o4s l4 ,4 i2 43*970 1 *157*522 Cash in vault ^5,220 113,503 2i,oo4; 30,271 16,199 14,025 59,237 11,157 7,962 15,988 11,102 19,262 *359*636 Net demand deposits 652.524 4,237,035 572,632 694,661 305,395 204,499 i,04s,703 266,037 165,376 371,468138,648 383,195 9 096*173 Time deposits 96,921 276,779 15,521 232,304 57,550 90,372 352,898 75,725 55,407 63,176 25,339 112,940 1*448*888 Government deposits 80,943 503,999 42,451 67, 34$ 24,954 21,674 81,307 30,866 25,507 33,750 10,500 13,8l6 953^105 553 2. Data for banks in each Central Reserve City, banks in all other reserve cities, and other reporting banks. Lew loivte .Chicago . St-Louis Total Cen.Res.Cities Reserve Cities . Country BanksTotal Aug. 16— Aug. 9 Aug. 16 Aug. 16 Aug. 16--Aug. 9 A w .16--Aug. 9 Aug.l6--Aug. 9 ’ Aug,l6___ Aus Q No. reporting banks 69 69 4o l4 123 123 5§6 447 165 164 733 734 U*S. bonds to secure circulation 36,3^0 3^,903 1,282 , 9,970 57,592 4 8 ,l4l 171,235 170,618 48,525 48,505 267 952 267 264 Other U»S* bonds including 9 Liberty bonds 215,l4o 214,101 32,004 12,539 259,683 274,800 240,776 230,338 53,489 50,636 5§3 948 955 774 U.S.certificates c-f indebtedness ^ 05? 493,243 57,490 21, I&4 551,906 573,202 364,101 381,829 62,772 61,622 978*779 1 0 1 7 2 ^ Total u ,s . securities 724,732 754,247 90,7/6 43,673 259,121 896,753 776,712 722,725 164,786 160,763 1,800*679 1*840*291 Loans secured by U,S.bonds,etc. 196,828 202,072 44,545 9,809 251,182 255,148 190,632 186,201 27,620 29 424 469*434 *470*77V All other loans and investments 4,087,862 4,087,121 882,556 279,711 5,250,119 5,251,563 5 ,6 49 ,4l4 4,649,115 823,238 835^992 10 722*771 10 7^6 670 Reserve with F.R. bank 551,527 567,640 100,772 25,877 678,182 693,577 425,911 395,359 53,529 53,028 1*157*522 l ’ l4l*Q54 Cash in vault 106,005 110,332 36,572 5,609 l4s, 186 148,921 164,915 162,316 36,535 3 5,5i4 ’ 349*636 S 4 6 651 Net demand deposits 3,990,899 3 , 962,252 705,572 192,705 5,889,176 5 , 836,157 3 , 551,062 3,586,925 655,935 647,623 9,096 173 8 970*765 Time deposits 225, 240 224,180 l32,5l5 . 53,222 412,077 410,717 24 5, 613 879,651 191,192 192,568 1 •1*482 936 Government deposits 467,446 526,379 55,225 24,382 556,053 651,530 332,154 263,110 52,908 49,491 943,105 *964 *,131 Ratio of combined reserve and cash to total net deposits, per cent 14-6 14.7 17-5 13.7 14.9 15.1 14.3 13.9 — ___ ^
@FedFRASER