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STATE TENT FOR THE PRESS Released f o r p u b l i c a t i o n S t , 1553. Sunday morning, Dec . 19; F e d e r a l Reserve Board, not e a r l i e r , December 18, 1920 « CONDITION OF FEDERAL RESERVE BANKS, Large r e d u c t i o n s i n the h o l d i n g s of d i s c o u n t e d b i l l s and a commensurate d e c r e a s e i n d e p o s i t l i a b i l i t i e s a r e i n d i c a t e d i n the Federal Reserve Board 1 s weekly c o n s o l i d a t e d bank statement issued a s at close of b u s i n e s s on December 17, 1920. These changes r e f l e c t l a r g e l y t h e w e e k ' s heavy Government o p e r a t i o n s , i n c l u d i n g the redemption of the p r i n c i p a l and the semi-annual i n t e r e s t coupons of about 700 m i l l i o n s of t a x c e r t i f i c a t e s i s s u e d a t the beginning of the y e a r , the payment of semi-annual i n t e r e s t on F i r s t L i b e r t y bonds and on V i c t o r y n o t e s , the i s s u a n c e of two new s e r i e s of t a x c e r t i f i c a t e s a g g r e g a t i n g about 590 m i l l i o n s and t h e h a n d l i n g of the l a s t q u a r t e r l y i n s t a l l m e n t of i n come and e x c e s s p r o f i t s t a x e s due on the 1 5 t h of the monthRedemption of l a r g e amounts of t a x c e r t i f i c a t e s enabled member banks t o r e d u c e c o n s i d e r a b l y t h e i r i n d e b t e d n e s s to the Reserve Banks. As a consequence the Reserve Banks f h o l d i n g s of paper secured by Government war o b l i g a t i o n s show a d e c r e a s e of 10.3 m i l l i o n s , o t h e r d i s c o u n t s on hand - a d e c r e a s e of 109*8 m i l l i o n s and h o l d i n g s of acc e p t a n c e s purchased i n open market - a d e c r e a s e of 10.1 m i l l i o n s * An i n c r e a s e of 37 *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 h o l d i n g s r e p r e s e n t s a p p r o x i m a t e l y the d i f f e r e n c e between the t o t a l of 93 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 taken by t h r e e Reserve Banks to cover tempo r a r y advances to the Government and the amount of t a x c e r t i f i c a t e s h e l d among t h e i r a s s e t s and p r e s e n t e d f o r redemption by the Reserve Banks. T o t a l e a r n i n g a s s e t s a r e given as 3,223 ,8 m i l l i o n s , a decrease of 92 »9 m i l l i o n s f o r the week , Of t h e t o t a l h o l d i n g s of about 1159 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 660,3 m i l l i o n s , or 57 p e r c e n t , were secured by L i b e r t y bonds," 295 *4 m i l l i o n s , or 25 *5 per c e n t , by V i c t o r y n o t e s , and 203 .3 m i l l i o n s , or 17*5 per 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 , as a g a i n s t 54*9, 27-5, and 17 -6 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 I I 6 9 -2 m i l l i o n s r e p o r t e d on t h e p r e c e d i n g Friday* Discounted paper held by the Boston, P h i l a d e l p h i a and Cleveland Banks i n c l u d e s about 111 m i l l i o n s of b i l l s d i s c o u n t e d f o r f i v e o t h e r Reserve Banks i n the South and Middle West, compared w i t h 125 -4 m i l l i o n s h e l d on the previous F r i d a y f o r the same f i v e Banks and the Reserve Bank of New York, which redeemed d u r i n g the week a t o t a l of 6#4 m i l l i o n s r e d i s c o u n t e d w i t h the Cleveland Bank» Acceptance h o l d i n g s of the San F r a n c i s c o Bank a r e given i n c l u s i v e of &*9 m i l l i o n s of bank a c c e p t a n c e s purchased from the New York Bank. Government d e p o s i t s show an i n c r e a s e f o r the week of 24 .8 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 f e l l o f f 20 *1 m i l l i o n s , w h i l e o t h e r d e p o s i t s , composed l a r g e l y of f o r e i g n government c r e d i t s and non-members* c l e a r ing accounts, i n c r e a s e d by about l 4 m i l l i o n s » In connection w i t h the large volume of t a x chocks and d r a f t s r e c e i v e d by the Reserve Banks the " f l o a t , r Sxxo-.-vs an i n c r e a s e of 126 -3 m i l l i o n s « Net d e p o s i t s , as a consequence, were 107*7 m i l l i o n s l e s s than t h e week b e f o r e F e d e r a l Reserve n o t e c i r c u l a t i o n shows an i n c r e a s e f o r the week of 3 2 . 5 m i l l i o n s , a l l Reserve Banks, except those a t Cleveland, Minne a p o l i s and D a l l a s , r e p o r t i n g s u b s t a n t i a l i n c r e a s e s in t h e i r c i r c u l a t i o n figures, There was a l s o an i n c r e a s e of 2 , 9 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 . Gold r e s e r v e s show a further gain f o r the week of 19.1 m i l l i o n s and t o t a l r e s e r v e s - a gain of 22,1 m i l l i o n s . Trie Banks 1 r e s e r v e p e r c e n t a g e shows a r i s e from 4 4 , 5 to 45<6 per c e n t * Released for p u b l i c a t i o n Sunday morning, December 19, 1920; not e a r l i e r . St.1658a• RESOURCES AND LIABILITIES OF THE TWELVE INDERAL RESERVE BANKS COMBINED. RESOURCES Decanter 17, 1920 December 10. 1920 Dec. 19.1919 Gold and gold c e r t i f i c a t e s <*-oO.N4y $5^^-497,000 $194, 869,000 $241,325,000 Gold settlement fund - F. R. Board 353,866,000 UlO, 917,000 3 99,935,000 Gold w i t h f o r e i g n a g e n c i e s 67.745.000 67,745,000 137.717.000 Total gold held by banks 6-33,105,000 6 73,531,000 778,977,000 1,269,725,000 1,216,563,000 1,201,654,000 Gold w i t h Inderal Reserve Agents Gold redemption fund "111, H3Sr 000 H* 151.177,000 115.182.000 Total gold r e s e r v e s $2,05%,368,COO $2,035,271,000 2,095,813,000 I s gal tender n o t e s , s i l v e r , e t c . 180,100,000 177.136.000 59.098.000 Total r e s e r v e s 2,25^,468,000 2,212,407,000 2,154,911,000 B i l l s discounted (Secured by Government war o b l i g a t i o n s 1,158,974,000 1,169,244,000 l,4l4,950,000 ( A l l other 1,437,775,000 1,547,595,000 580,162,000 B i l l s bought i n open market 234.609,000 244T 690,000 566. 266.000 Total b i l l s on hand 2,831,358,000 2,961,529,000 2,561,378,000 U. S. Government bonds S 6 - 8 5 9 000 26,857,000 26,846,000 IT. S. Victory n o t e s ' 69'000 69,000 54,000 U-_S. C e r t i f i c a t e s o f indebtedness 355 555'000 328,294.000 303,558,000 • Total earning a s s e t s 3 2 2 3 8 4 1 000 ' 3,316,749,000 2,891,836,000 Bank premises ' 17*952*000 17,658,000 12,986,000 Uncollected items and other deductions from gross d e p o s i t s -Z&Q 042*000 666,505,000 1,l4o,224,000 12*530*000 11,387,000 13,333,000 5$ Redemption fund a g a i n s t F. R. B a n k n o t e s All other resources 8/430*000 8.332.000 11.314,000 TOTAL RESOURCES 6 387 263 000 6,233,038,000 6,224,6o4,000 L I A B I L I T I E S ' Capital p a i d - i n 99,275,000 99,174,000 87,049,000 Surplus 164,745,000 164,745,000 81,087,000 Government d e p o s i t s 53,173,000 28,394,000 . 64,459,000 Due to members - Reserve account 1,738, 826,000 * 1,758,967,000 1,733,013,000 Deferred a v a i l a b i l i t y items 6l4,166,000 516,934,000 848,607,000 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 38,471 T OOP 24T 511,000 105,069,000 Total gross d e p o s i t s , 2,444,636,000 2,328,806,000 2,751,148,000 F. R. n o t e s i n actual c i r c u l a t i o n 3,344,332,000 3,311,842,000 2,988,894,000 F. R. B a n k 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 217,434,000 214,523,000 • 259,975,000 All other l i a b i l i t i e s 116,841,000 113.948.000 56.451.000 TOTAL LIABILITIES 6,387,263,000 6,233,038,000 6,224,604,000 Ratio of t o t a l r e s e r v e s to n e t d e p o s i t and F. R. n o t e l i a b i l i t i e s combined 45.^ 44 .5$ 46.8$ Ratio of gold r e s e r v e s t o F.R. notes in c i r c u l a t i o n a f t e r s e t t i n g aside 35% a g a i n s t net d e p o s i t l i a b i l i t i e s 50 4g .2% 53-2^ Released, f o r p u b l i c a t i o n Sunday mc r n i n g , December 1 9 , 1 9 2 0 ; n o t e a r l i e r . RESOURCES AMD L IABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DECEMBERf RESOURCES Lcuis P h i l a . C l e v e l . Richm. A t l a n t a Chicago New York Boston F e d e r a l Reserve Bank cf 2,879 - 971 5,5io 2,493 6,781 21,70c 111,078 7,445 Geld and gold c e r t i f i c a t e s 6,012 40,785 24,557 4 7 , § l 6 79,715 28,502 32,735 Gold s e t t l e m e n t f u n d - F-R.Board lJ-84 5_=_555 3.320 2.439 8*06 2 24,862 _5J&20 4.945 Gold with f o r e i g n agencies 26,653 15,232 70,547 1 6 0 , 4 9 7 5 4 , 3 0 7 9 0 , 7 8 0 3 4 , 3 1 5 .45,125 Total gold h e l d by banks 245,765 132,063 178,176 49,273 61,005 211,576 47,270 l4l,2l6 • Gold with F . R, Agents 6,142 8,652 22,517 38.000 1 3 . P e l 12.511 7,"665 222. r Gold redemption f u n d 8 4 , 8 8 9 3 0 4 , 6 4 0 2 0,065 444,262 199,451 281,467 91,253 199,b74 T ot al gold r e s e r v e s -.348 12.075 5.450 118.201 oQO 2.043 904 10.888 * Legal 'tender n o t e s , s i l v e r , e t c . ao.502 582,523 200,141 283,510 92,157 87,237 516,715 85,515 Total reserves B i l l s discounted: ( a ) 464,249 125,197 73,180 4 6 , 1 5 2 66,333 134,876 48,405 77,244 Secured by Govt/war o b l i g a t i o n s 81,270 388,997 41,877 1 0 1 , 7 2 7 6 5 , 6 6 2 6 8 , 3 2 6 311,279 6 8 , 6 0 6 A i l other 1.908 13 .620 26,074 19.282 5.73X 2.637 24.505 B i l l s bought i n open market (b) 470,660 1 1 9,H9 180,694 200,981 117,551 137,296 9 4 2 , 6 0 3 177,796 E f t a l b i l l s on hand 4,490 1,153 1 , 4 3 4 8 3 4 1 , 2 3 3 1 1 4 1,468 539 U. S, Government bonds ; 10 3 . 50 5 U. S. Vic to ry n o t e s 120.481 31.501 55.799 12.262 16.172 39.685* 16.542 * 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 -12,511 210,911 1 , 0 6 4 , 6 0 2 213,629 257,62k 131,046 153,525 514,835 136,814 Total isMSins a s s e t s 2,595 4,216 681 1,624 1,421 629 2,379 891 „ Bank premises U n c o l l e c t e d items and other de78,285 188,520 74,076 88,357 76,522 36,678 121,196 43,854 d u c t i o n s from g r o s s d e p o s i t s 5$ Redemption f u n d a g a i n s t F.R. 616 623 2,092 451 2,684 1,300 1,139 1,072 Bank n o t e s 824 202 1.051 982 759 448 l , 3 4 i 327 All other resources TOTAL RESOURCES ^ ( a ) Includes b i l l s d i s c o u n t e d f o r other F, R. Banks, v i z : (b) I n c l u d e s b a n k e r s ' acceptances bought from o t h e r F.R.Banks: Without t h e i r endorsement 503,873 1,843,886 15,295 17, 19 n thcu Minn. aus,uy 7,344 11,373 h.25^ 20,951 25,b29 30,678 39,637 49,797 75,516 127 2.309 49,924 77,825 5.201 22,643 30,749 84,786 1.74l 1,303 84,530 117,276 60,584 7, cj>i 1. 1 oi 12,741 23,675 (L14.440 1,269,725/ 7.730 44,146 ,208 2 , 0 § X j 6 8 w 750 180.100 48,401 ,958 2,2^4,468 til 16,253 53,693 1,158,974 1,437,775 53,985 110,473 215 48.230 234.609 2,831,358 70,456 2 1 2 , 3 9 6 3,979 2,632 8.300 10.881 93,126 139,025 646 1,018 8 2 , 7 3 5 2 2 5 , 9 0 9 3,223,841 17,952 1,621 231 24,533 58,425 47,008 5€-,0S8 g9©,o42 386 916 586 665 12,530 8.430 116 8.480 8,867 1 12.881 <oH 171 -187, i.294 644 26,859 69 365,555 490,809633,081 302,356 278,947 958,268 268,521 168,786 277,596 181,645 479,495 6 , 3 8 7 , 2 6 3 110,954 19,796 75,360 6,917 6,917 Released f o r p u b l i c a t i o n Sunday morning, December 19, 1920; not e a r l i e r . ' S t 1gcgc BESOUBCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DECEMBER 17, 1920. ( i n thousands o f d o l l a r s ) R e f e r r e d a v a i l a b i l i t y items • 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 goyernnsnt c r e d i t s Total gross d e p o s i t s F. R. n o t e s in a c t u a l c i r c u l a t i o n F. B. Bank n o t e s i n c i r c u l a t i o n __ All o t h e r l i a b i l i t i e s , TOTAL LIABILITIES iliililiiiiiiiin 45,358 g2g 103,91% 293,067 llHl - HO, 830 53^93 1 76*, 821 <266 25,852 lo',&k %l',512 13,068 1,J32 998 121 262 2. 870 731 808,4S7 161,892 230,33% 123,651 76,373 3 1 5 , 2 1 1 108,166 871,522 278,821 3%8,232 150,399 172,551 5%7,950 136 37% ' ^ 55% ^6*. 015 6%9 ^3*392 ^loil 18:372 llllS l&.Oft %M3% 722 965 67,967 135,976 81 501 110 768 3*092 ^644 31'65U ^ U ' s j l * ' > xuv U27 I t UlR X* U71 32 075 171 590 2 w t m 81 296 271 851 3 ' v] % 332 ' \ 1*717 ^ qgq 116* gUT 503 , 873 1,8%3, 886 %90,809 6 3 3 , 0 8 1 3 0 2 , 3 5 6 278,9%7 9 5 8 , 2 6 8 2 6 8 , 5 2 1 l 6 g , 7 g 6 2 7 7 , 5 9 6 181, 6U5 4 7 9 1 4 0 5 6 , 3 8 7 , 2 6 3 Ratio of t o t a l r e s e r v e s to net d e p o s i t and F.R. note l i a b i l i t i e s combined, per cent 55.6 Contingent l i a b i l i t y as endorser on discounted paper rediscounted w i t h other Federal Reserve Banks - 39.1 - 54.6 - 57-9 - MEMORANDA %6-7 Ul.l 42-7 9,873 35,018 - ^ %2.6 - 40.4 11,684 U1.5 4l.6 27,764 26,615 51a - ^ 45^ 110,954 1 Bankers acceptances s o l d t o other F. R» Banks without endorsement Contingent l i a b i l i t y on b i l l s purchased for f o r e i g n correspondents ' 1, l6g 7 F. R- n o t e s outstanding - • • R . n o t e s held by banks n o t e s in J* actual circulation ^ , B i l l s discounted B i l l s bought m open market y . S. C e r t i f i c a t e s o f indebtedness 6,317 6,077 g 1,280 1,312 784 576 l,o04 752 432 768 4le 736 ^ 16,205 FEDERAL RESERVE NOTES OUTSTANDING- AND IN ACTUAL CIRCULATION 304,163 l,t)05,%6% 288,970 370,13% 157,%78 176,%10 635,931 15%,%8% 83,160 117,36% 85,27% 303 , 923 3 , 6 8 2 , 7 55 133,9 %2 lOJLj+9 21,902 7.079 3.859 87.981 18.110 1.659 6.596 3 . 9 7 8 32 072 332 423 ' 293,067 871,522 278,821 3%8,232 150,399 172, 551 5%7,950 1 3 6 ^ 7 % " 8 1 , 5 0 1 110,768 8 1 , 2 9 6 271^851 3,344,'332 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 291,i%6 461,966 278,583 60,882 2,596,7%9 1,50%, 172 70,370 6l,770 25,226 17,243 . 234 609 117,908 3,133 4,500 8,886 * 231 128 365*555 Released f o r p u b l i c a t i o n Sunday morning, December 19, 1920; n o t e a r l i e r . , FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OP BUSINESS DECEMBER 1?, 1920(In thousands of d o l l a r s ) F e d e r a l Reserve Agent a t Boston New York P h i l a - Clevel- Eichn. A t l a n t a Chicago S t . L o u i s R E S O U R C E^S ' Federal Raserve n o t e s on hand 113,440 157,200 32,180 29,9^0 2U,U69 62,595 128,360 25,980 F e d e r a l Reserve n o t e s o u t s t a n d i n g 304,l63 1,005,464 288,970 370,134 157,478 176,410 635,931 154,484 Collateral 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 5,600 209,608 22,775 3,500 7,560 Gold redemption fund 25,616 11,157 16,674 20,4oi 3,273 3,705 8,432 3,679 Gold s e t t l e m e n t f m d - F . R . B o a r d 110,000 25,000 115,389 135,000 46,000 53,800 203,144 3 6 , 0 ) 1 E l i g i b l e paper Amount r e q u i r e d 162,947 7 5 9 , ^ 9 156,907 191,958 108,205 115,405 424,355 107,214 Excess amount h e l d l4.849 l4q.278 6.095 8.150 4.565 21.84? 45.785 11.830 total Minn. Kans-Cy. $, 8U0 5,530 8 3 , l 6 o 117,364 13,052 1,377 11,200 2,277 37,3oO 57,531 I3.3l4 77,727 39.443 St-ib58A- D a l l a s San F r a n . T o t a l ' 15,000 c,000 610,554 85,274 303 , 923 3 , 682,755 ' , 266,426 15,374 118,075 99,066 855,224 , , 61,599 189,483 2,413,030 8,857 9,623 333,636 4,331 6,110 13,2^4 736,615 2 , 3 l 7 , 4 o 6 616,215 778,378 343,990 437,262 1,446,007 346,778.189,474 279,701 194,405 623,469 8,309,700 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 - gross 748,400 2,378,64o 680, 580 711,000 402,440 4 l 4 , 880 1,271,940 4o2,36o 188,120 267,580 196,160 558,780 8,220,880 Less amounts r e t u r n e d f o r destruction . 330,797 1,215,976 359,^30 310,906 2 2 0 ^ 9 3 175,375 507,6^9 221,896 95,120 1 ^ , 6 8 6 4l7,603 1,162,664 321,150 400,094 181,947 239,005 764,291 180,464 93,000 122,894 100,274 309,923 4 , 2 9 3 , 3 0 9 l4i,2l6 177,796 211,576 47,270 470,l4o 119,044 25,629 39,637 70,845 117,170 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 received from F e d e r a l Reserve Bank: Gold E l i g i b l e paper TOTAL 245,765 132,063 178,176 49,273 61,005 908,977 163,002 200,108 112,770 137,252 95,386 248,857 3 , 9 2 7 , 5 7 1 23,675 h 4 , 4 4 q 1,269,725 70,456 199,106 2,746,666 736,615 2,317,4o6 616,215 778,3 78 3 43,990 437,262 1,446,007 3 46,778 189,474 279,701 194,405 623,469 8,309,700
@FedFRASER