The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
STATEMENT FOR THE PRESS Released f o r p u b l i c a t i o n St•1636 . Sunday morning, Dec. 12; Federal Reserve Board, not e a r l i e r . December 11, 1$20* CONDITIQN" OP FEDERAL RESERVE BANKS. Aggregate gains of 12.6 m i l l i o n s in gold r e s e r v e s and of l4»2 m i l l i o n s in t o t a l r e s e r v e s , also n e t l i q u i d a t i o n of about 60 m i l l i o n s of discounted paper are i n d i c a t e d in the Federal Reserve Board 1 s cons o l i d a t e d weekly bank statement issued as a t close of business on December 10, 1920. Net d e p o s i t s declined by about 5 m i l l i o n s , while Federal Reserve note c i r c u l a t i o n shows merely a nominal r e d u c t i o n . As a consequence of these changes the Banks 1 reserve r a t i o shows a r i s e for the week from 44,1 to 44*5 per centAs a g a i n s t an increase of S»6 m i l l i o n s i n loans secured by United S t a t e s war o b l i g a t i o n s , the Banks r e p o r t a r e d u c t i o n of 68,5 m i l l i o n s in other discounted paper on hand, while holdings of purchased paper were 1.6 m i l l i o n s in excess of the t o t a l shown on the previous Friday« During the week the New York Reserve Bank purchased from l o c a l member banks a t o t a l of about 4o m i l l i o n s of Treasury c e r t i f i c a t e s and sold over 30 m i l l i o n s of c e r t i f i c a t e s thus acquired to the Cleveland and Chicago Banks. The e f f e c t of these o p e r a t i o n s was a corresponding gain of gold by the New York Bank i n the gold s e t t l e m e n t fund, and t h e r e f o r e a s u b s t a n t i a l improvement in the Bank1 s r e s e r v e p o s i t i o n , besides a more equable d i s t r i b u t i o n of the c e r t i f i c a t e s among the several. Reserve d i s t r i c t s in a n t i c i p a t i o n of t h e i r redemption on December 15* Total earning a s s e t s stood a t 33l6»7 m i l l i o n s , a decrease f o r the week of about 17 m i l l i o n s * Of the t o t a l of U69 >2 m i l l i o n s of paper secured by government war o b l i g a t i o n s 64l*7 m i l l i o n s , or 5^*9 P ER cent, were secured by Liberty bonds, 321*7 m i l l i o n s , or 27*5 P ER cent, by Victory notes, and 205 '8 m i l l i o n s , or 17•6 per cent, by Treasury c e r t i f i c a t e s , as against $4,6, 26,9 and 18,5 per cent of a corresponding t o t a l of 1160.7 m i l l i o n s reported the week b e f o r e . During the week the S t . Louis Bank redeemed a l l i t s paper rediscounted w i t h other Reserve banks, and the t o t a l of discounted paper held on December 10 by the Boston, P h i l a d e l p h i a and Cleveland Banks includes 125*^ m i l l i o n s of paper discounted f o r the New York Bank and f i v e other Reserve Banks i n t ie South and Middle West, as against a t o t a l of 152 *7 m i l l i o n s held on the previous Friday f o r 7 other Reserve Banks • Acceptance holdings of the P h i l a d e l p h i a and San Francisco Banks are shewn i n clusive of 7 *9 m i l l i o n s of bank acceptances purchased from the New York Bank, as against 9*3 m i l l i o n s shown the week before * All c l a s s e s of d e p o s i t s show smaller t o t a l s than on the previous Friday: Government d e p o s i t s - by 32.3 m i l l i o n s ; members1 r e s e r v e dep o s i t s - by 4 , 8 m i l l i o n s , and. other d e p o s i t s , comprising l a r g e l y foreign government c r e d i t s and non-members1 c l e a r i n g accounts, - by 1,2 m i l l i o n s . On the other hand, the " f l o a t " carried by the Reserve banks and t r e a t e d as a deduction from immediately a v a i l a b l e d e p o s i t s shows' a decrease of 33*3 m i l l i o n s » The r e s u l t i s seen in a decrease of about 5 m i l l i o n s in the c a l c u l a t e d amount of n e t deposits* Both Federal Reserve notes and Federal Reserve Bank n o t e s i n c i r c u l a t i o n show small r e d u c t i o n s f o r the week * s u b s t a n t i a l decreases in note c i r c u l a t i o n r e p o r t e d by the New York, Chicago, S t . Louis and Dallas Banks being p r a c t i c a l l y o f f s e t by the increases in c i r c u l a t i o n f i g u r e s shown for the P h i l a d e l p h i a , Cleveland and San Francisco Banks. > 3 l e a s e d f o r p u b l i c a t i o n Sunday morning, December 12, 1920; n o t e a r l i e r RESOURCES AND LIABILITIES OE THE TWELVE EEDERAL RESERVE BANKS COMBINED R 3 U R C E 5 , ® ° . December 10, 1920. December 3. 1920 Cold and gold c e r t i f i c a t e s $194,869,000 $201,131,000 410,917,000 3 88 743 000 Gold s e t t l e m e n t fund - E. R. Board 1 Cold with f o r e i g n agencies . 67,745,000 67! 864^000 T o t a l gold held by banks 673,531,000 657,738,000 Cold w i t h Eederal Reserve Agents .... 1,210,563,000 1,194 204 000 Cold redemption fund 151,177,000 _i70l733!QQ0 Total' gold r e s e r v e s $2,035,271,000 $2,022,675,000 Legal t e n n e r n o t e s , s i l v e r , e t c . 177,136,000 175,520.000 T o tal r e s e r v e s ; 2,212,407,000 2,198,195,000 B i l l s discounted, by Government war o b l i g a t i o n s 1 ,lo9 > 2-44,000 1 l60 685 000 . ( " 1 =ther 1,5*7.595,ooo l,6lO<ooo l n ^ f °$en B a r k e t — , s o o ooo -. i t ™ 0I ; Dec. 12.1919 $243 148 000 4o4 066*000 140 910*000 788.124 000 1 188'343*000 ' l i q ! 821*000 2,096,228,000 64.117.000 2,160,405,000 1 588 Ul7 000 ' 5^',3J),0O0 5U1.551.000 £ 5 . n o e s * Y _ V " C e r t i f i c a t e s of i n d e b t e d n e s s Bar° p r e m i s e s ^ a s s e van* premises , Lncollectwd i t a n s and o t h e r d e d u c t i o n s frcm gross d e p o s i t s 5 / Redmption fund a g a i n s t E. R. Bank n o t e s other resources TOTAL RESOmCES I T I E g 55:::.... 5S.^jiam^L R I EET . 69,000 328,294,000 3,3l6T7%,000 17,658,000 bob,SOS.000 11,387,000 8,332,000 6,233,038,000 69 000 54 000 287.0101000 273.219'.000 3,333,792,000 2,981,087,000 17,456,000 12,985,000 73k 523 000 983 527 000 12*197^000 12)961,'000 7.716,000 8.276.000 6,303,879,000 6,159,241,000 HE . Other d e p o s i t s , i n c l u d i n g f o r e i g n government c r e d i t s T o t a l «ross d e p o s i t s F. R- n o t e s i n a c t u a l c i r c u l a t i o n F- E. Bank n o t e s i n c i r c u l a t i o n - n e t l i a b i l i t y „ l i a b i l i t i e s combined • R a t i o of gold r e s e r v e s to E-R. n o t e s in c i r c u l a t i o n a f t e r s e t t i n g a s i d e 35^ a g a i n s t n e t d e p o s i t l i a b i l i t i e s St.1636a 24.511.000 2,325,806,030 3,311,842,000 214,523,000 <#•* 4<+.5£ 49.2$ PR , 74? > nnri ^ 2 4 0 1 781 000 3*312'039*000 *214*919*000 im'kw'nno i W q s t o M 2'907*435*000 *444*000 DSSDSES 44.1% ' U6 o i '' ^ gc£ iiii- ssiiaiiaiaiss Be leased for p u b l i c a t i o n Sunday morning, December 12, 1920; not e a r l i e r . RESOURCES AI"D LIABILITIES OF T E FEDERAL RESERVE BATIKS AT CLOSE OF BUSINESS DECE'CBER 10, 1920RESOURCES (In thousands of d o l l a r s , ^ LILF--. -1 I L S S S S S S S S S S I S S IIH™:;: : LIS u *GJGM 1 Z 3 B. *^ i%l u! s ! Certif i c a t e s ^ f indebtedness a M e t s Un d n c t i o n s d f ^ S r S s deposits" 2®£"" TOTAL RESOURCES (a) Includes b i l l s discounted f o r other F, R. Banks, v i z : (b) Includes bankers' acceptances bought frail other F-R.Banks: Without t h e i r endorsement UStm 72.121 31.447 43.799 12.262 ^ 12 ^ 4g,635 ^ 126,827 #,372 63,433 ^ l6.l6g Uq,6l2. , s ?:Sg 27,749 ! : $ S3,354 1 3 9 i ^ i 32,859 '^Y g >Ugl 12 » ff1 9 0 - ® 1 3 7 > ^ 53,408 5, 8 I:U 2 4 3 43,513 •!£ 3 43,496 ' 3 i?:^ 666,505 '•"" ?A •« MB A B . A A A A A A R 58,196 22,663 439,516 l , 8 1 9 , 5 2 3 4 8 4 , 1 6 2 6 0 5 , 7 7 8 2 8 1 , 1 7 0 271,933 937,177 2 6 1 , 2 9 6 1 6 6 , 4 7 6 2 6 8 , 2 6 7 153,293 464,447 6 , 2 3 3 , 0 3 8 17,79^ - - 18,666 - 1,006 88,920 - - - - - ~ - - - ~ ~ ~ ' ~ ~ fi ~ Q17 '^ -19t- -TOO ' 7 Qpx ' S t , l o ^ o c. Released f o r p u b l i c a t i o n Sunday morning, December 12, 1$20; not e a r l i e r . T RESOURCES AND L I A B I L I T I E S OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DECEMBER 1 0 , 1 9 2 0 . Federal Reserve Bank Capital p a i d - i n Surplus *Government d e p o s i t s ••Due to members - r e s e r v e account D e f e r r e d a v a i l a b i l i t y items _0ther d e p o s i t s i n c l u d i n g f o r e i g n government c r e d i t s Total g r o s s d e p o s i t s F. R„ Notes i n a c t u a l c i r c u l a t i o n F. R* Bank n o t e s i n c i r c u l a t i o n net l i a b i l i t y All e t h e r l i a b i l i t i e s TOTAL LIABILITIES ( I n thousands of d o l l a r s ) L I A B I L I T I E S P h i l a - Clevel* Richm. A t l a n t a Chicago S t , L o u i s Minn. Kans.Cy. D a l l a s San F r a n . g i+93 1 0 , 3 5 2 5,285 4 , 0 2 3 13,901 4,364 3,39S 4,46o 4,091 6,904 13,069 13,712 8,067 7,050 23,917 5,884 5,178 5,395 4,152 1 1 , 6 6 2 New York Boston 26,185 7>713 51,308 12,351 1,482 1,709 8,981 1,137 683",S05 1 0 9 , 0 8 9 1 4 7 ,637 115,328 8 6 , 1 7 7 4 6 , 2 9 8 5 2 ,484 37,443 521 154,429 28$,134 2,150 59,428 43,598 1,312 46,707 Total 99,174 164,745 28,394 1,599 2,759 49,176 120,316 1,758,967 3 2 , 8 2 3 35,406 516,934 46^ 283 65,874 127,551 81,404 108,356 242 3,476 24.511 83,840 161,957 2,328,806 81,181 266,811 3 , 3 1 1 , 8 4 2 1,702 1,820 1,205 2,478 47,674 2 3 9 , 2 1 5 64,075 36,347 44,723 19,663 77,901 21,427 58,561 669 226 1,700 240 409 15.001 1,279 n s 1 0 2 , 9 71 793,964 158,148 202,239 105,416 7 0 , 6 3 9 301, 8 6 3 , 5 6 0 2 7 6 , 1 4 6 349,311 1 4 7 , 5 0 0 171,693 541,967 134,279 214,523 7,628 l 4 , 4 o o 7,327 10,290 22,506 22,675 i i , 5 7 4 14,580 37,967 10,106 36,O4O 19,430 6,823 113,948 4,605 2j.ip2 , 9 9 4 17.647 3.948 4G,466 5.800 l A J,328 6,454 439*516 1 , 2 1 9 ^ 5 2 3 484',162 6 0 5 / 7 7 8 2 8 1 , 1 7 0 2 7 1 , 9 3 3 937,177 2 6 1 , 2 9 6 1 6 6 , 4 7 6 2 6 8 , 2 6 7 1 8 3 , 2 9 3 4 6 4 , 4 4 7 6 , 2 3 3 , 0 3 8 MEMORANDA Ratio of t o t a l r e s e r v e s t o n e t deposit and F»R. 44.5 4i.l 40,1 45.6 4i.4 47,1 4o,4 4o.8 40.S note l i a b i l i t i e s combined, per cent ^1.8 56.7 39-1 56.1 Contingent l i a b i l i t y a s endorser on d i s c o u n t e d paper r e d i s c o u n t e d w i t h o t h e r Federal Reserve Banks Bankers* acceptances s o l d to o t h e r F* R* Banks without endorsement Contingent l i a b i l i t y on b i l l s purchased 1,168 f o r foreign correspondents 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 TP. 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 "bev-ght i n open . a r k e t U, S„ C e r t i f i c a t e s oi i n d e b t e d n e s s 6,4oo 9,831 35,91: 15,166 28,265 125,382 29,808 7,923 7,923 6,073 1,280 576 1,904 752 432 1,312 784 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION 3 0 5 , 6 3 2 1 , 0 0 2 , 7 9 4 2 8 7 , 9 0 2 3 6 5 , 7 1 2 1 5 4 , 0 8 3 1 7 6 , 5 3 2 640,839 155.-898 16.498 1 39 , 2 3 4 1 1 . 7 5 6 L O , 4 0 1 6,583 4,839 9 8 . 8 7 2 2 1 , 6 1 9 289,134 8 6 3 , 5 6 0 276,146 3 4 9 , 3 1 1 1 4 7 , 5 0 0 1 7 1 , 6 9 3 541,967'134»279 76S 83,509 114,770 2,105 5,914 81,404 108,856 4i6 736 16,201 86,115 303,776 3 , 6 7 7 , 5 6 2 4 , 9 3 4 36,965 365.720 81,181 266,811 3,311,842 DISTRIBUTION OF BILLS AND U. S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES Over 90 days 6l to 90 days 31 to 60 days l 6 to 30 days Within 15 days 268,111 55,947 483,727 264,308 1,644,746 • 15,147 86,765 60,706 82,072 231,799 11,499 14,398 10,216 60,382 Total 2,716,839 244,690 328,294 St.lo36d• Released f o r i s u b l i c a t i o n Srtnday morning, December 12, 1920; not e a r l i e r ^ FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS DECEMBER 10, 1920, (In thousands of d o l l a r s ) Boston New York Federal Reserve Agent a t RESOURCES 113, 64o 163,500 Federal Reserve n o t e s on hand Federal Reserve n o t e s o u t s t a n d i n g 3 0 5 , 6 3 2 1,002,794 Collateral s e c u r i t y f o r F e d e r a l Reserve n o t e s o u t s t a n d i n g : 5,600 209,608 Gold and gold c e r t i f i c a t e s Gold redemption fund 22,785 12,592 15,000 Gold s e t t l e m e n t fomd-F.R.Board 1 0 5 , 0 0 0 E l i g i b l e paper 172,24? 765,594 Amount r e q u i r e d 13 , 880 . 214,299 Fxcess an cunt v e l d TOTAL Phila» Cleve 1 * Richm. A t l a n t a Chicago St .Louis 3 7 , 6 8 0 3 1 , 9 0 0 26,149 62,735 2 2 7 , 9 0 2 3 6 5 , 7 1 2 15^,083 1 7 6 , 5 3 2 16,105 22,775 19,399 114,389 1 2 0 , 0 0 0 - 2,93s 49,000 3,500 3,207 55,800 157,408 203,538 102,145 i i 4 , 0 2 5 13,428 12,295 11,994 2 5 , 8 2 0 Minn. Kans»Cy« D a l l a s San F r a n . 121,320 17,620 640,839 155,898 10,290 15,280 606,244 86,115 303,776 3,677,562 7,560 4,292 36,031 13,052 1,176 11,200 449,355 108,015 35,653 13,443 8,340 183,144 6,130 83,509 114,770 5,331 - Total 267,426 3,283 36,360 5,230 15,234 58,081 75,127 15.453 40,526 60,320 201,144 2,466,999 15,344 19,470 431,605 17,474 85,15S 116,821 826,316 738,784 2,383,3 87 6 2 6 , 9 1 2 7 7 5 , 6 1 9 346,309 44i, 6 1 9 1 , 4 3 3 , 6 5 1 342,859 1 9 2 , 7 6 1 2 7 6 , 1 9 6 2 0 2 , 8 5 4 6 2 7 , 0 2 2 8 , 3 9 2 , 9 7 3 L I A B I L I T I E S Federal Reserve n o t e s r e c e i v e d from Comptroller - g r o s s 7 4 2 , 9 0 0 2 , 3 7 L , 6 4 O 680,580 7 0 3 , 5 2 0 39S,o6o 4 1 2 , s 4 o l , 2 5 9 , 9 0 0 3 9 2 , 8 0 0 1 8 8 , 1 2 0 2 6 4 , 5 8 0 1 9 6 , 1 6 0 549,440 8 , 1 6 0 , 5 4 0 Less amounts r e t u r n e d f o r destruction 323,628 1,205,346 354,99S 305,908 217,828 173,573 497,741 219,282 94,321 143,680 .94,765 245,664 3,876,734 4 1 9 , 2 7 2 1 , 1 6 6 , 2 9 4 3 2 5 , 5 3 2 3 9 7 , 6 1 2 180,232 2 3 9 , 2 6 7 762,159 173,518 93,799 1 2 0 , 9 0 0 101,395 3 0 3 , 7 7 6 4 , 2 8 3 , 8 0 6 191,484 25,428 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 t 1 e Currency C o l l a t e r a l r e c e i v e d from Federal Reserve Bank: Gold E l i g i b l e paper TOTAL 133.3S5 186,127 2 3 7 , 2 0 0 130,494 1 6 2 , 1 7 4 51,938 62,507 979, S93 1 7 0 , 8 3 6 2 1 5 , 8 3 3 n 4 , 1 3 9 139, S45 47,883 485,008 1 2 1 , 4 5 S 39,643 73,534 115,653 25,795 102,632 1,210,563 75,664 220,614 2,898,6o4 7 3 8 , 7 8 4 2 , 3 S 3 t 3 S 7 6 2 6 , 9 1 2 7 7 5 , 6 1 9 346,309 44i, 6 1 9 1 , 4 3 8 , 6 5 1 342,859 1 9 2 , 7 6 1 2 7 6 , 1 9 6 2 0 2 , 8 5 4 6 2 7 , 0 2 2 8 , 3 9 2 , 9 7 3
@FedFRASER