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STATEMENT FOR THE PRESS Released for publication Friday morning, Dec. 16; not earlier. _ . St-2484. Federal Reserve Board December 1 5 , 1921- CONDITION CF FEDERAL RESERVE BANKS Increases of $24,500,000 in deposit liabilities and of $20,400,000 in Federal reserve note circulation, as against a gain of about $11,000,000 in cash reserves, are indicated in the Federal Reserve Board’ s weekly bank statement issued as at close of business can December l4, 1921- A gain dur ing the week of $18,200,000 in gold is partly offset by a loss of $7 , 200,000 in other reserve cash. Total cash reserves for the first time are shown in excess of $3,000,000,000. The reserve ratio, in consequence the above changes, shows a decline for the *week from 73-1 to 72*6 per cent. Federal reserve bank holdings of bills secured by United States Govern ment obligations show an increase of about $ 2 , 000, 000, larger increases in the holdings of paper secured by Treasury notes and treasury certificates being offset in part by reductions in the amount of paper secured by United States bonds and Victory notes. Other discounts on hand show a decline of $ 19 *800, 000, while holdings of acceptances purchased in open market, largely by the San Francisco, New York and Boston banks, increased by about $18,000,000. Uni ted States bonds and notes show an increase of $8,800,000, Pittman certificates, used as cover for Federal reservi^note circulation, show a further decline of $5>000,000, while other Treasury certificates, largely held under repurchase agreements by the New York reserve bank, in creased. by $23»500, 000. Holdings of municipal warrants reported by the Phila delphia, Minneapolis and Kansas City banks totaled $273,000, ccmpared with $227,000 the week before. Total earning assets of the reserve banks, as the result of the changes indicated, show an,tjaoreas*L of $ 27 , 600,000 for the week, the December l4 total of $1,482,600,000 marking a decline of about 5^ Per cent from the total reported about a year ago. Of the total holdings of $459 ,600,000 of bills secured by United States Government obligations, $330,100,000, or J1.8 per cent, were secured by Liberty and other U- S. bonds, $68,500,000, or 14-9 per cent, - by Victory notes, $26,000,000, or 5*7 per cent, - by Treasuiy notes, and $35*000,000, or 7.6 per cent, - by Treasury certificates, compared with $333,500,000, $72,400,000, $ 23 , 200,000 and $28,5^0,000 reported the week before. During the week the Atlanta bank redeemed $4,300,000, the total amount of bills held under discount with the Boston bank, while Dallas reduced the total of bills rediscounted with that bank from $ 1 , 900,000 to $ 1 , 000, 000, this being the total amount of rediscounted bills outstanding at present. Government deposits are shown $17,100,000 larger than the week before. Reserve deposits show an increase for the week of $5,200,000, while other deposits, canposed largely of non-member’ s clearing accounts and cashier's checks, increased by $ 2 , 200, 000. An increase of $24,200,000 in Federal reserve note circulation is re ported by the New York reserve bank, and much more moderate increases by the Philadelphia and Cleveland banks. These increases are offset in part by reductions reported by five other reserve banks, the net increase for the system being $20,400,000- In addition the reserve banks report an increase of $1,300,000 in their aggregate net liabilities on Federal reserve bank notes in circulation, though the actual amount outstanding, according to Treasury records, shows an increase of slightly over $700,000 for the week under review. Released for publication Friday morning, Dec. lb, 1521; not earlier. St.24S4a. RESOURCES Alffi LIABILITIES OF TEE TWELVE FEDERAL RESERVE SAMS COMBINED. (in thousands of dollars) R E S O U R C E S Dec. 14, 1921 Gold and gold certificates . . . . . . . . U30 , 5b0 Gold settlement fund - F.R.Board , . . . 504,744 Gold with foreign agencies . . . . . . . Total gold held by banks ............... 935,304 Gold with Federal Reserve Agents . . . . ■1,813,422 Gold redemption fund .............................. 120 , 447 Total gold reserves . . . . . . . . . 2,S69,173' Legal tender notes, silver, etc. . . . . ' 132.U13 Total reserves . . . . . . , . . 3 , 001,536 Bills discounted: Sec. by U, S, Government obligations. 1+59,630 All other . ..................................... . 693,203 Bills bought in open market 99,735 Total bills on hand .......................... . l,252 , 5bS U. S. bonds and notes . . . . . . . . *+3,575 U. S. Certificates of indebtedness: One-year certificates (Pittman Act)i 119,500 All other . . . . . . . .................. 66,710 Municipal warrants ................................. . ....... 273 . Total earning assets . . . . . . . 1 ,4 8 2 ,b2 b Bank premises .............. ' 3^,336 5/o Redemption fund against • F. R, Bank n o t e s ................................. • ■ 7,389 Uncollected i t e m s ........................... ... 629,790 All other resources . . . . . . . . . 20.209 TOTAL RESOURCES ' 5,17b,U3b Dec. 7. 1921 4S4,04S 1+57,202 941,250 Dec. 17. 1<2 200,4$+ 353 .*66 67,7^5 622,105 1,737,724 122^051 . 2,351,027 139»b06 1,269,725 150 , 53s 2 ,0 4 2 , 36S •iso,ioc .2,990,633 2,222,4bS 457,613 713*041 81,734 1,252,443 1 , 153 , 97!+ 1,1+37,775 234,609 3^,731 2,331,353 2 b ,$23 124,500 ■43,163 227 259,375 106,130 - l , 455,069 3,22 3,S4l • 33,331+ 17,952 7,351+ 510,961 19,1+76 3 0 0 ,^ 2 9,550 5,017,377 12,530 6,337,263' L I A B I L I T I E S 56,030 103 ,os 9 213,324 5 5 , 56b 99,275 164,745 - 69 ,1+07 1 ,6 4 5 ,bio 2 7 , 71+3 52,337 l,b40,445 25.501 • 1 ,742,760 1,713,233 53,173 1,733,32b 33,471 1,330,470 F.R. notes in acttial circulation . . . • F.R. Bank notes in circulation net liability . . . . . . . . . . . Deferred availability items . . . . . All other liabilities ............... . . . 2,393,777 2,373,355 3,31+1+,332 7S,309 562 , 97*+ 25^5S2 77,014 217,434 450,752 6l4,l66 116,341 5 , 176 ,1+36 5,oi7,377 103,130 213, S2U Reserved for Gov't. franchise tax , , Deposits: Government............................................ Member bank - reserve account . . , . Total deposits . . . . . . . . . . TOTAL LIABILITIES . . '.............. : Ratio of total reserves to deposit and F.R, note liabilities•combined . . . 72.6# Ratio of gold reserves to F.R. notes in circulation after setting aside ytfo against deposit liabilities , . 99. sf> 25A % 73-1 ^ M O O Capital paid i n .................................... 6,337,263 * 45 . 5^ * 50. ^Calculated on basis of net deposits and F. R. notes in circulation. Keleased for publication Friday rooming, December lb, 1821; not earlier. RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DE Federal Reserve Bank of Gold and gold certificates Gold settlement fund - F.R.Board Total gold held by banks Gold with F. R, Agents Gold redemption fund Total gold reserves Legal tender notes, silver, etc. Boston New York 7,624 41,407 337,050 75,398 49,031 412,448 179,017 593,537 1 8 ,gib 15,000 246,864 1 , 020,985 .16,508 Total reserves' 43,560 R E S O U R C E S Fhila, Cleve. Rich, Atlanta Chicago St. Louis Minn. Kans.Cy. Dallas San Fran. Total 1,872 12,24 5 2 ,se 7 5,001 22,190 3,275 9,090 2,322 8 , 59 + 18,310 430 ; 560" b8 , 885 52,109 23,714 7,003 117.645 2 5 , 3bl 27,244 24,615 4 , 107 37,256 504.744 70,757 64,354 26,641 12,004 139,835 28,636 36,334 26,997 12,701 55,566 935,304 143,157 175,978 28,074 42,377 306,bbl 66,812 17,314 29^03 ll,:L 3i 219,561 1,813,422' 10,649 6,695 .13,729 6,480 32,185 3,160 2.530 2,465 3,118 5,620 120.447 224,563 247,027 68,444 60 , Sbl 478,681 , 98,608 56,178 59,265 26,950 280,747 2 , 869, 173 6,277 7,29b '-1.489... 6,787 13,707 12,917 263,372 1 , 064,545 230,840 254,323 Bills discounted: (a) Secured by U.S. Govt, obligations All other Bills bought in open market St.2424b. 14, l & l . ' (in thousands of dollars) 67,648 4 $ 2 , 38S 111,52 5 56 , 81b 67,354 44,537 .39,255 70,028 53,275 3,702 2 ,6 9 6 2 4 ,9bb 50,64b 68 , 53s 125 , SOI 3,808 3,975 24,877 36,711 ISO 8,747 4 6 ,630 18,979 . 9,093 56,511 44,130 1,334 165 96,232 1,233 97,312 180,422 6 1 , 76s 55,377 76,824 53,388 .26,493 40,109 8,299 126,448 87,379 44,682 66,405 19,225 Total bills on hand 74,901 258,515 U. 3. bonds and notes 1,601 2,500 $4,235 H 7 ,2 b l 2,280 5,226 9,950 36,400 161 66,089 8,665 74 , 933 33,726 284,116 3 , 001 , 58b Municipal warrants Total earning assets Bank premises 5fo Redemption fund against F. R, Bank notes Uncollected items All other resources ) - - 2b,bl3 4,657 _.45.. 8,040 134 - 3,760 - 99,735 693,203 86,273 1 ,252,568 209 43,575 1,211 117 8,868 2,643 8,564 1 14,667 b,5b9 189 4,450 5,320 17 1,900 40 78 150 60,062 91,179 57,931 4,425 2,173 788 34,336 916 156 394 7,889 - -- 18 - 363,504 10s ,631 130 ,711 101,225 117,489 201,182 6,620 3,662 6,120 2,222 535 1,037 - 69,737 628 76-9 1,629 700 539 188 50b 1,665 523 251 -57,009 137,698 57,431 6 6 ,072 51,575 22 ; 869 76,139 35,570 15;?S2 422 4,116 450 1,056 419 741 1,682 777 1,000 22,223 6,075 422 TOTAL RESOURCES (a) Includes bills discounted for other F. R, Banks, vis: 12,000 11 459,630 11,612 U. S. Certificates of indebtedness: All other 19,184 4 4 ,066 .7,880 119,500 ■66,710 — 271> 94,362 1 ,482,62b 40,401- 26,405 -42; 82 9 - 629 ,-790- _6,410 965 20,209 . 5 U . ..2.59S 60 134,655 20k , 122 ,9^9 428,899 5,176,43b 1,000 Beleased for publication Friday r,orninfaJ Bee. lS, 192 I ; not earlier B B O O H K AND LIABILITIES OF THE FEDERAL RESERVE BABXS AT CLOSE OF BUSINESS DEC (In thousands of dollars) v ■ , ™ l i a b i l i t i e s Federal Reserve Bank Boston M New York Phila. Cleve. Capital paid in __Atlanta Chicago St.Louis 27.113 8,736 11,124 5,427 4,178 14,293 4,591 Surplus 16,342 59,318 17,564 22,263 11,026 8,708 30,536 9,114 Beserved for Govt, franchise tax 3.075 20,408 3,668 3,001 3.159 4,381 9,858 1,509 Deposits: Government 29,71b 9,195 2,740 3,903 2.983 2,053 3,318 2,794 Moncber bank - reserve account 111,604 642,747 97,822 132,13S 50,616 43,323 234,748 62,800 All other 946 15,435 1,36b 921 470 389 2,151 803 Total deposits 121,745 fjffip*. 101 > 928 I3g7^ ^ 705r w b 3 24oi 217 66,397 F. B. notes in actual circulation 207,668 646,659 203,767 216,640 100,310 119,035 402,140 97,708 F. B. Back notes in circulation net liability 5,440 18,704 5,288 3,721 5,777 7,634 3,642 5,751 Deferred availability items ^9,121 112,950 56,322 58,869 44,225 71,650 34,376 19,333 All other liabilities 1,168 _5>°62 1,314 1,483 1,569 1,256 4,731 1,423 TOTAL LIABILITIES to deposit a n d * ! a ? 5 1 ’ 578* ^ 2 39*7567 456,363 231,262 210,290 7 7^ 17 6 218 J 60 Batio of total reserve note liabilities combined, per cent g 0 -° 79*8 75*5 71-9 46.1 4 i .o 76.7 68.0 7 . 9 3 6 14, 1 9 2 1 . St.24S4c. Minn. Kans.Cy. Dallas San Fran. 3,565 4,594 4,203 7,370 7.303 9,330 7,113 15,207 2,319 1,895 2,807 1,824 41,799 455 44 , 07s 56,656 Total 103,130 213,824 56,080 5 , 21 s 1,982 3,681 69,407 65,401 43,137 119,475 1 , 645,610 604 309 3,894 27 ,743 71,223 45,428 127,050 1 , 742,760 68,671 35,255 231,268 2,393,777 3,910 15,354 1,470 11,332 35,881 56.4 4g.l 2,619 4,291 72,309 36,783 562,974 1,922 2,123 25.582 134,655 204,848 122,989 428,899 5,176,436 26,110 2,061 4 1 .g 79.3 72.6 Contingent liability as endorser on discounted paper rediscounted with other F, R. Banks 1,000 Contingent liability on bills purchased for foreign correspondents 2,336 F. R. notes outstanding F. B. notes held by banks F. B. notes in actual circulation Bills discounted Bills bought in open market U. S. Certificates of indebtedness Municipal warrants 226,643 18,975 12,045 7K2 11 ?U?'icn 2 ,5 6 0 2 ,6 2 4 1 ,5 6 s c°TES I n 'l l 5 1 ,1 5 2 3,808 1 ,5 0 4 S 64 1,536 AND IS ACTUAL CIRCULATION 124,545 439,336 118,007 59,930 7 5,600 832 1,000 1,472 32,301 38,876 283,285 2,726,175 3.274 6 .0 2 9 ^- v..3>621 52,011 332,398 267,668 56765 6' 6 667671 5^,656 s ; 671 35,255 231,268 2 ,3937777 DISTRIBUTION OF BILLS, U . S . CERTIFICATES OF INDEBTEDNESS AND MJKICIPAL 'YARKANTS ^BY ^MATURITIES Within 15 days 16 to 30 days 31 to 60 daj-s 6l to 90 days Over 90 days Total 696,923 123,154 167,762 106,217 58,777 1,152,833 65,469 14,215 14,034 5,401 16 99,735 29,490 1,500 2,500 140,851 186,210 11,865 32 194 47 273 . * 5 . S 5& 2 0 ,0 9 5 7 , 1 64 5 ,5 1 0 3 7 ,1 9 6 6 4 6 , 6 5 9 2 0 3 , 7 6 7 ^ 1 6 , 6 4 0 1 0 8 ,3 1 0 1 1 9 , 0 3 5 4 0 2 , l 4o 2 0 ,2 9 9 9 7 ,7 0 2 Eeleased for publication I’rids.y morning, Dec. 16, 1 ^ 1 ; not earlier. FEDERAL EESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS DEC. 14, 1S21. F ed e ra l Beaerve Agent a t Boston ixiirSQlTRrJTi1 . S Federal Reserve notes on hand cu -^o S®serve ^otes outstanding C o lla t e r a l se c u rity fo r Federal a lb ^ lrs Reserve notes outstanding^ Gold and gold certificates Gold redemption fund I I I I , I ! S total 4 ;~ ’375 i ^ 'I s s i S ' S - 3,^00 ,1 ‘V J ,l i l l 56S-357 * » • * * 3*0,252 1 . 087 , 6 * «\ * 5 27 3 ’*35 1^ 3,333 200,79b 179 017 6 6 576 2U.860 10,535 b.Uoo 19 ,1*05 J23b,735 1 15 ,U7U 12U,5U5 3,802 57,000 51,195 10.525 ' ' 33,660 SU5,lbO 1*39,336 118,007 59,5 h 701 4*0 z ’-Ote 2 ,1*1*3 z '.l% IU~,V5 l i b jS i 2,200 27,360 2 ,23U 205 J 3? ! ,2U7 U2 .6i6 10,b97 271,399 iui, 02 , ^ b00,b3b 142,Sb? • K'Z"? nv 2 76,791 * Total 1*5.7 97 3 0 .9 % lK l5* 2T.7U5 25,18b 63 ,721* 21.638 -912:753 288^90 122 , 3U3 621 , ,68 6 , 586,500 • ; ' D allas San Fran. ^c/; cpn ■ b ,01013 0 5 2 ' - = 50 ,6^ \ ’ 161,300 7bf f i S?~,Tg| 8W ? ° g- jj*. ----6,665 1^,911------------ U7.722 7 -- — --- 1- V 76,251 1 SL oo? i n o mr, Collateral received from Federal Beserve Bank: Gold Eligible paper 0~iCa '* * * * ■ Net amount of Federal Reserve notes received from Comp troller of the Currency ^In thousands o f d o lla rs) e7e' Rich* A tlan ta Chicago St. Louis Minn. Kans. Cy. ,a pc’^ J J L L275 . ~ r r ,„ , , . m T M iu g a f l l l ? 155:° ° ° *+7 626 Excess amount held ■ Tom ' U x~x Q1n 5 .b00 lg 1417 m » i ^ d ; P- s - Boara iS S S S S S * ;* 1 Hew YorV Fh-i in ^ 70,4b5 £2,000 5 $ ; 2S1 31 $, 9+5 3,571,335 . 17 ,3* 29.«>3 U . l j l 219.561 l . ^ . U ® 52 . 931 S5.3b2 1,201.743 ' bb?357 26 5,H72 3^ 0,252 1.0S 7,69+ 271,399 141,052 133,594 122,343 6 21 , SbS 6 , 586,500
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