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STATEMENT FOE THE, PRESS Released for publication Sunday morning, August S; not e a r l i e r . s t , 1344 F e d e r a l Reserve Board, August 7, 1920# CONDITION OF FEDERAL RESERVE BANKS* I n c r e a s e s i n d i s c o u n t o p e r a t i o n s and i n F e d e r a l Reserve n o t e c i r c u l a t i o n , as a g a i n s t a small g a i n i n cash r e s e r v e s * a r e i n d i c a t e d i n t h e F e d e r a l Reserve Board 1 s weekly "bank statement i s sued as a t c l o s e of b u s i n e s s on August 6, 1A20, The Banks 1 r e s e r v e r a t i o shows a d e c l i n e from 44*2 t o s l i g h t l y over 44 p e r cent* Holdings of p a p e r s e c u r e d by U. S* war o b l i g a t i o n s i n c r e a s e d by 4 4 . 4 m i l l i o n s , and o t h e r d i s c o u n t s on hand - by 13,2 m i l l i o n s , while h o l d i n g s of a c c e p t a n c e s p u r c h a s e d i n open market show a d e c l i n e of 5*9 m i l l i o n s * A d e c r e a s e of 27 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 i s accounted f o r l a r g e l y by the redemption of a l l the s p e c i a l temporary c e r t i f i c a t e s h e l d by f o u r Banks on the p r e v i o u s Friday* T o t a l e a r n i n g a s s e t s of the Reserve Barks stood a t 3>12716 m i l l i o n s , or 25*3 m i l l i o n s i n e x c e s s of the p r e v i o u s week 1 s t o t a l * Of t h e t o t a l of 1,285*4 m i l l i o n s of l o a n s secured 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 , 618*4 m i l l i o n s , or 4 8 , 1 p e r c e n t , were secured by L i b e r t y bonds, 322,3 m i l l i o n s , or 2$,1 per c e n t , by V i c t o r y n o t e s , and 3^4• 7 m i l l i o n s , or 2&T8 per c e n t , b y T r e a s u r y c e r t i f i c a t e s , as a g a i n s t 4 7 , 2 , 24,9> and 27*9 P e r cent of a corresponding t o t a l of about 1 , 2 4 l m i l l i o n s r e p o r t e d the week b e f o r e . Discounted paper 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 150*9 m i l l i o n s of paper d i s c o u n t e d f o r s i x Reserve banks i n the South and Middle r e s t , compared w i t h 132*7 m i l l i o n s the week b e f o r e , w h i l e acceptance h o l d i n g s of the Boston, P h i l a d e l p h i a , C l e v e l a n d and San F r a n c i s c o Banks i n c l u d e 38*5 m i l l i o n s of bank a c c e p t a n c e s p u r c h a s e d from the New York and Chicago Banks, compared w i t h 42*6 m i l l i o n s r e p o r t e d a t t h e 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 an i n c r e a s e of 8*1 m i l l i o n s , members 1 r e s e r v e d e p o s i t s - an i n c r e a s e pf 8<6 m i l l i o n s , 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 and non-members' c l e a r i n g accounts, d e c l i n e d 6 . 5 m i l l i o n s , w h i l e the " f l o a t 1 1 c a r r i e d by the Reserve banks arid t r e a t e d as a d e d u c t i o n from gross deposits shows an i n c r e a s e of 9*5 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 , about 1,698 m i l l i o n s , are 0*7 m i l l i o n l a r g e r than the week b e f o r e * 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 a l l F e d e r a l Reserve Banks, except those of Cleveland and M i n n e a p o l i s , t h e t o t a l i n c r e a s e f o r t h e week b e i n g 21*7 t r i l l i o n s * In a d d i t i o n a n i n c r e a s e of 2%7 m i l l i o n s i n F e d e r a l Reserve Bank n o t e c i r c u l a t i o n i s shown* Gold r e s e r v e s show a gain of 2*9 t r i l l i o n s and o t h e r cash r e s e r v e s - a gain of 0*2 m i l l i o n * Of t h e t o t a l i n c r e a s e of $116,000 i n p a i d - i n c a p i t a l , n e a r l y o n e - h a l f r e p r e s e n t s the i n c r e a s e of t h e p a i d - i n c a p i t a l of t h e Chicago Bank, smaller i n c r e a s e s being shown by n e a r l y a l l the o t h e r Reserve Banks# Released f o r p u b l i c a t i o n Sunday morning, August 8, 1920; not e a r l i e r . STATEvEH1 OF COMBINED RESOURCES AITD LIABILITIES OF THE FEDERAL RESERVE BASKS. Aug, 6, 1920 J u l y 50. 1920 Gold and gold c e r t i f i c a t e s $185,165,000 $174,179,000 Gold s e t t l e m e n t f u n d - F . R, Board 381,259,000 389,389,000 Gold w i t h f o r e i g n a g e n c i e s 111.531.000 111 .531.000 T o t a l g o l d h e l d by bariks 677,955,000 675,099,000 Gold w i t h F e d e r a l Reserve Agents 1,150,343,000 1,153,712,000 Gold redemption f u n d 152.307.000 148.893.000 T o t a l gold r e s e r v e s $1,980,605,000 $1,977,704,000 Legal t e n d e r n o t e s , s i l v e r , e t c . 151.139.000 150.936.000 Total reserves 2,131,744,000 2,128,640,000 B i l i s d i s c o u n t e d < S e c u r e d ^ Government war o b l i g a t i o n s 1,285,398,000 1,241,017,000 (All o t h e r 1,264,435,000 1,250,613,000 B i l l s bought i n open market 339.390.000 „ 34-5,305^00 T o t a l M i l s on hand 2,889,223,000 2,836,935,000 U. S. Government bonds 26,810,000 26,791,000 U. S. V i c t o r y n o t e s 69,000 69,000 U. R. C e r t i f i c a t e s of i n d e b t e d n e s s 271.490.000 298,520.000 T o t a l earning a s s e t s 3,187,592,000 3,162,315,000 Bank p r e m i s e s 14,444,000 14,289,000 U n c o l l e c t e d i t e m s and o t h e r deductions from g r o s s d e p o s i t s 733,688^000— 3 , 0 ° ^ 711,064,000 5$ Redemption f u n d a g a i n s t F . R. Bank n o t e s ... 18r6WC000 g-»o 12*684^000 All o t h e r r e s o u r c e s li33*»°PQ. 3.777^000 TOTAL RESOURCES 6,083,^3,000 6,032,769,000 L I A B I L I T I E S Capital p a i d - i n 95,3^1,000 95,225,000 Surplus 164,745,000 164,745,000 Government d e p o s i t s 20,953,000 12,167,000 Due to members - Reserve account 1,816,798,000 1,808,156,000 D e f e r r e d a v a i l a b i l i t y items 5%9,77&,000 536,690,000 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 44,821.000 S./7? 51.296.000 Total gross deposits 2,431^650,000 2,408,309,000 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 3,l4l,861,000 3,120,138,000 F . B . Bank 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 194,834,000 192,168,000 All o t h e r l i a b i l i t i e s 55.012.000 52.184.000 TOTAL LIABILITIES 6,083,44^,000 6,032,769,000 R a t i o of t o t a l r e s e r v e s t o n e t deposit and F . R. note l i a b i l i t i e s combined 44.0% 44.2$ R a t i o of g o l d r e s e r v e s t o F . R. notes i n c i r c u l a t i o n a f t e r cofMv,a g a i n s t net deposit l i a b i l i t i e s 48.9% 4g.^ S t . 1344a August 8. 1919 $262,745,000 618,636,000 881,381,000 1,084,047,000 119.328.000 2,084,756,000 67.362>000 2,152,118,000 1,608,583,000 225,535,000 381.241.000 2,215,359,000 27,095,000 280,000 229,724.000 2,472,458,000 11,805,000 793 301 000 10[803]000 q*8l6'ooo 5,450 301 > 0 0 83,807,000 81,087,000 108,686,000 1,756,807,000 555,485,000 107.882.000 2,528,860,000 2,532,057,000 205,318,000 19.172.000 5,450,301,000 50*4$ Sl.Ofo 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 8, 1920; n o t e a r l i e r . S t . 1344b RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUGUST 6, 1920. 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 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. 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 11,934 39,755 1,196 10,351 2,415 7,840 24,364 3,096 7,209 532 5,690 20,783 185,165 Gold s e t t l e m e n t f u n d - F . R. Board 39,644 50,589 5 0 , l l 6 65,364 19,371 7,212 71,364 11,721 8,250 26,359 5,312 25,957 381,259 Gold w i t h f o r e i g n a g e n c i e s 8.142 4o,932 8.922 9.146 5.465 4,015 13.272 5.242 3,011 5.353 2,900 5,131 111,531 T o t a l g o l d h e l d by banks 59,720 181,276 60,234 84,86% 27,251 19,067 109,000 20,059 18,470 32,244 13,902 51,871 677,955 Gold With F . R. Agents 134,754 278,544 103,727 148,633 44,008 47,720 15%,529 45,775 30,904 37,867 26,348 97,534 1,150,343 Gold redemption f u n d 19,919 35.943 11.145 2.347 5.96% 9.012 43.481 5.173 188 3,578 4,943 10,617 152,307 Total gold r e s e r v e s 214,393 495,763 175,106 235,841 77,220 75,799 307,010 71,007 49,562 73,689 4 5 , 1 9 3 1 6 0 , 0 2 2 1 , 9 8 0 , 6 0 5 Legal t e n d e r n o t e s , s i l v e r , e t c . 6.752 119.528 255 2.283 145 1.66q 8.4l6 7.74a 75 1.829 1.525 920 151.139 Total reserves" 221,145 615,291 175,361 238,124 77,365 77,468 315,426 78,749 49,637 75,518 46,718 160,942 2,131,744 B i l l s discounted: (a) • . . . r Secured by Govt, war o b l i g a t i o n s 105,030 5 5 1 , 9 1 9 1 3 8 , 2 9 6 77,068 4 l , 5 3 3 56,121 155,956 35,427 10,014 47,319 17,299 4 9 , 4 l 6 1,285,398 All other 58,631 306,659 36,175 90,583 63.163 59,780 284,473 73,679 70,593 61,957 55,929 102,813 1,264,435 B i l l s bought i n open market (b) 25.009 134.576 11.158 54.866 6.451 3.472 39.924 2.619 2,905 3.916 1.123 53,371 339,390 T o t a l - b i l l s on hand 188,670 993,154 185,629 222,517 111,147 119,373 480,353 1 H . 7 2 5 83,512 113,192 74,351 205,600 2,889,223 U, S. Government bonds 557 1,462 1,386 834 1,233 ll4 4,4§0 1,153 ll6 8,867 3,966 2,632 26,810 U. S . V i c t o r y n o t e s 5 50 10 3 1 69 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 21.54l 68,743 3 2 , l 6 5 23.322 12.260 15,665 39,723 17.274 8.481 12,842 8.300 11,174 271.490 Total earning a s s e t s 210,773 1,063,409 219,180 246,683 124,64o 135,155 524,566 130,152 92,109 134,902 86,617 219,406 3,187,592 Bank p r e m i s e s 1,582 3,869 619 1,156 1,079 603 2,118 866 566 762 992 232 14,444 U n c o l l e c t e d i t e m s and o t h e r ded u c t i o n s from g r o s s d e p o s i t s 57,362 154,059 59,798 71,858 53,904 23,534 99,966 46,329 19,078 68,089 42,304 37,407 733,688 5tfo Redemption f u n d a g a i n s t F . R. ' yh? , . 3<><»Y Bank n o t e s 1,072 3,156 1,300 959 451 526 2,505 ^ 339 91$ 586 665 All other resources 288 598 371 227 242 l6l 451 105 283 182 27I 3.)3% TOTAL RESOURCES 492,222 1,840,382 456,629 559,007 257,681 237,4-47 945,032 256,417 161,834 280,470 177,399 418,923 6,083,443" fYY (a) Includes b i l l s discounted f o r o t h e r F . R. B a i k s , v i z : (b) I n c l u d e s bankers* acceptances bought from o t h e r F„ R. Banks: Without t h e i r endorsement 59,5l4 2,518 27,285 - 10,0l4 v>*> 64,083 9,329 150,882 - - - - - - ' - r ,590 __ . 3 , 51 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 g, 1920; n o t e a r l i e r . S t . 1344c RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUGUST 6, 1920. ( I n thousands of d o l l a r s ) L I AB I L I T I E F e d e r a l Reserve Bank Boston New York Phi l a . Clevel- Richm. A t l a n t Chicago S t . L o u i s Minn. Kans.Cy. D a l l a s ,San J r a n Total 7,586 24,680 8,312 10,1 to Capital paid-in 4,878 3,864 13,$Bo 4,272 3,311 \ 3 2>22 2 3,924 b, 476 95,341 12,351 Surplus 51,302 13,069 13,712 2,067 7,050 23,917 5,884 5,178 4,152 11,662 164,745 1,110 8 io,oi4 1,039 ?fo Government d e p o s i t s 316 2,218 1,160 1,064 '643 354 533 20,-2%117,727 722,701 106,997 142,913 58,593 49,757 258,318 60,801 48,174 79,652 1,638 Due to members - r e s e r v e account 53,677 117,488 1,816,798 43,636 D e f e r r e d a v a i l a b i l i t y items 94,727 46,853 53,25s 42,4i6 20,361 64,987 44,902 18,419 67,966 24,836 27,417 549,778 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 .3,386 21,340 2,773 2.4I6 1.350 1.055 3.808 1. 6 7 6 / 94l 1,471. 889 3.716 44.821 T o t a l gross d e p o s i t s 81, o4o 149,005 2,43Lr6§& 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 239!872 I 5 2 J 6 9 255:765 3 l 4 : n i 128:2% 140J 87 537 : 951 1 2 0 ^ 4 76:05! 1%454 79,509 237,893 3,i4l,"s6l F. R» Bank n o t e s i n c i r c u l a t i o n 14,297 net l i a b i l i t y 35,360 19,465 18,675 10,572 11,805 34,312 8,776 7,720 15,486 7,278 11,088 194,834 All otner l i a b i l i t i e s ^ 2,251 27,883 2,356 2.780 A j 6 l 1,608 7,125 1,758 1,506 2,081 1J+26. 2,799 •y 55,012 TOTAL LIABILITIES* 49^,222 1,840,^82 45C629 559,007 257,681 237:447 945,032 256,5if l6l 834 280 470" 177,399 418,923 6,083, Me R a t i o of t o t a l r e s e r v e s to n e t deposit i t and F J L - J n o t e l i a b i l i t i e s combined, per cent 55.5 39-8 49.6 53 -9 43.2 4O-9 4I,2 41 .6 39-7 41.5 44.0 39-5 46.1 Contingent l i a b i l i t y as endorser on Discounted paper r e d i s c o u n t e d with o t h e r F . R. Bankrs Contingent l i a b i l i t y on b i l l s purchased for foreign correspondents 1,168 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 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 i n d e b t e d n e s s 299,841 —9JL262_ 289,872 MEMORANDA 6,093 1,280 r 5|CpAL_ 1,312 24,924 28,183 784 576 1,904 31,904 12,226 25,756 27,889 752 432 768 4i6 150,882 736 16,221 RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION 974,570 2b9,j,35 330,870 133,928 146,695 599,764 145,279 77,24o 105,983 83,157 271,73 8 3,438,500 12c,301 1X 570 16,099 5.704 5,908 61.813 17.065 1.188 5.529 852,369 255,765 314,771 128,224 140,787 537,951 128:214 76:052 100:454 79:309 237:893 3 , 1 4 ° : 8 6 1 DISTRIBUTION OF BILLS AND U. S. CERTIFICATES OF, INDEBTEDNESS BY MATURITIES Within 15 days 16 to 30 days 31 to 60 days 6 l to 90 days Over 90 days Total 1,529,341 189,930 434, Noo 342,326 53,836 2,549,833 114,800 69,882 122,345 32,363 339,390 17,967 12,900 37,738 4o,273 162,612 271,490 Released f o r p u b l i c a t i o n Sunday morning, August 8, 1920, n o t e a r l i e r - st.!3U5d. FEDERAL RESERVE AGENTS' ACCOUNT'S AT CLOSE OF BUSINESS AUGUST 6 , 1 9 2 0 . ( i n thousands of d o l l a r s ) F e d e r a l Reserve Agent a t 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 security for 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 E l i g i b l e paper Amount r e q u i r e d Excess amount h e l d TOTAL L I A B I L I T I E S F e d e r a l Reserve n o t e s r e c e i v e d from Comptroller - g r o s s Less amounts r e t u r n e d f o r destruction Net amount of Federal Reserve n o t e s r e c e i v e d from Compt r o l l e r of the Currency 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 t TOTAL * Boston New York phila- Clevel. 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 - 43,300 299,841 135,000 22,780 30,750 26,714 68,165 974,670 269,335 330,870 133,928 146,695 6 6 , i 4 o 17,o4o 599,764 145,279 900 16,254 117,000 196,608 18,936 63,000 32,025 17,33S 16,608 26,329 100,000 2,503 41,500 2,500 5,220 4o,ooo 9,384 145,145 165,087 23.583 696,126 165,608 182,237 263.734 6,381 38,003 89,920 19,697 98,975 20,392 445,235 35.131 Total 11,095 5,64o 77,240 105,983 12,110 5,080 443,814 83,157 271,738 3,438,500 3,810 2,934 39,031 13,052 2,052 15,800 2,507 35,360 10,331 5,283 10,734 99,504 12,101 46,336 26.790 68,116 44.887 5o,S09 174,204 2,288,157 17.542 22,088 530.329 666,565 2,348,074 567,831 730,493 31-4,267 381,947 1,300,799 319,699 192,365 262,493 195,966 570,644 7,851,143 615,700 2,238,960 605,880 624,820 345,900 361,720 1,095,600 346,960 169,580 236,080 171,980 477,580 7,290,760 18,160 79,374 259,226 117,784 773,333 272,559 1,129,290 313,765 263,200 185,258 146,860 429,696 184,641 81,245 124,457 76,713 200,762 3,408,446 3 4 3 , i 4 i 1,109,670 292,115 361,620 160,642 214,360 665,904 162,319 88,335 111,623 95,267 276,518 3,882,314 134,754 188.670 1 5 4 , 5 9 45,775 480,366 111.605 30,904 37,267 73.126 113.003 26,348 97,534 1,150,343 74,331 196.292 2,818,486 666,565 2,348,074 567,831 730,493 314,267 381,947 1,300,799 319,699 192,365 262,493 195,966 570,644 7,851,143 278,544 103,727 148,633 4 4 , 0 0 8 : ^ 7 , 7 2 6 959.860 171.989 220,240 109.617 119.367
@FedFRASER