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ii 1/ Released for publication Sunday morning Dec. 22, 1918; not earlier. St. 121 STATEMENT FOE THE PREt?£. December 21, 1918* Largs withdrawals of Government deposits, accompanied by substantial liquidation of war r:.par and other discounts, also of paper bought in open market are indicated , by the Federal Reserve Board's weekly bank statement issued as at close of business on December 20, I 5 I 8 . IMVESTMTS: V.Tar paper holdings of all the banks, except Minneapolis, show con siderable decreases, • the New York Bank alone reporting a reduction of 9^ ‘2 millions . Other discounts on hand fell off 5^*8 millions, fell the banks without exception re porting smaller totals than the weak before- Acceptances show a reduction of 25*8 millions» the New York ana Chicago banks reporting the largest decreases. Of the total increase of 213 to millions in Government short-term securities 211 millions represent temporary advancesto the Government pending the receipt of funds largely from depositary institutions. The reminder of the increase represents further in vestments in 2 per cent certificates to secure Federal E&serve bank note circulation. Total earning assets shew a reduction fcr the week of 55*7 millions. DEPOSITS: Government deposits sho*v a decline of 122.0 millions. Members* reserve deposits increased 7^*5 sill ions, while net deposits, partly because of the increase in the "float” , declined about 123 millionsRESERVES: Gold reserves show a gain of about one-half million, while other cash reserve declined 1.1 millions< The tanks' reserve percentage because of the large reduction in deposit liabilities shows a rise fromU^*^ to Per cent* NOTE CIRCULATION: Federal Reserve Agfcnts show an increase of 5^ *2 millions net in Federal Reserve notes outstanding. The banks report a total of 2,663*7 millions of Federal Reserve notes in actual circulation, an increase for the week of 59*1 millions. Their aggregate liabilities on Federal Reserve bank notes in circulation are given as 111 .9 millions, or Q *7 millions larger than the week before. CAPITAL: During the week the banksV‘paid-in capital increased by $33,000, large ly as the result of payment for Federal Reserve bank stock by newly admitted members in the New York, Philadelphia and San Francisco districts . CONDITION OF 21EMBER BANKS DECEMBER 13, 191S. Large withdrawals of Government deposits, accompanied by slightly largefe gains of other demand deposits, also liquidation in some volume of Liberty bonds and war paper are indicated in the Board's weekly statement shewing condition on December 13 of 755 meniber banks in leading citiesCertificates of indebtedness on hand show an increase of about 20 millions, of which 11.7 millions represents the gain at the central reserve city banks, and 11.2 millions the gain at the banks in Greater New York. Holdings of U.S. bonds, other then circulation Tends, fell off 11.2 millions, largely outside the central reserve cities, the decrease reflecting in a measure amounts placed during the week with customers upon receipt of final installment payments. Loans secured by U.S. war obligations declined 21,5 millions, largely at central reserve city banks. All other loans and investments show a decrease of 10 »8 millions, a larger decrease ■under this head for the central reserve city banks being offset by gains reported for the banks outside these centers. The ratio of U.S. war securities and war paper combined to total loans and investments remains unchanged at 22.k per cent for all reporting banks and at 2U .5 per cent for the central reserve city banks . Net withdrawals for the week of Government deposits totaled about 2O5 millions, of which 59*5 millions represent withdrawals from the central reserve city banks and 12^.7 millions - withdrawals from banks in other reserve cities. Inversely, other net demand deposits increased 210.U millions, of vtoich 119*9 millions constitute the increase at central reserve city banks, and 72-1 millions - the increase in other reserve cities. Time deposits show an increase of 12 .9 millions. Reserve balances with Federal Reserve banks fell off 26-7 millions, while cash in vault shows a gain of 2.5 millions. For all reporting banks the ratio of deposits to investments, mainly because of the decrease in loans and investments, shows a ripe from 78*1 to 78*3 per cent-. For the central reserve city banks this ratio, because of the considerable gains in deposits, rose from 85 to S6.U per cent, while for the other reserve cities a fall in this ratio from 71*5 to JO ,S per cent is noted. The ratio of combined cash and reserve to deposits declined from 15*7 to 1 5 ^+ per cent for all reporting banks and from I 0.7 to 16.2 per cent for the banks in the central reserve cities. "Excess reserves" of all reporting banks work out at 77.9 millions, as against 129 millions week before. For the banks in the central reserve cities a decrease of this Digitizedthe for FRASER item from 81.5 to Ub .U millions riay be noted. Released for publication Sunday morning Dec, 22 , 1918 ; not earlier. STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE TTOSLVE FEDERAL RESERVE BAUKS AT CLOSE OF BUSINESS Geld in vault and in transit «J 5 lU ? S «" ® 1 W * $& 5 ;36 ;ooo (told B1? ^ i dX TtdSral, Bf 3rVe Ag3nts . Another “ U* S. Government long-term securities U. S» Government short-term securities All other earning assets Total earning assets Uncollected items (deduct from gross deposits) Jjo Redemption Fund against F,R. bank notes All other resources TOTAL RESOURCES l i a b i l i t i e s S n ^ S Pai4“ i « £ iu °c t i0 ? i E 20 13' ^ 191S S* " S f " U 1,167 jffllooo a . W K 7U6 'lOr'cGO _SLsk o go Legal tender notes, silver, etc. Total reserves Bills discoimted: Secured by Govt ^war obligations B413s v $336 516 O M ^ ' " $g T;^ :o o o 1,194,228,000 “ w m i w 1 299 52U 000 S ’l l 'o o o F ~i tek * * * 1 kg'l glia ooo ’306: 77s ’,000 -^ 6^,000 6l2’,000 _ 366^ o _ o ’ 2q S * Q ,non n i ’)±77 Vnr* 111,477 ,000 o~T~Z— -7*Q00 'v io ’In ^ ’pnn 71 ’ ' ' ’ 2 s ’gKO,000 12'c),07^ *000 3 H 7| ’?nn p~m i m ,-' nn *826 ^ " l *000 s S o ’oOO p ^ ’f S ’nnn S"?gg *I?k‘nnn 5 , 28, ,ooo _ Other deposits, including foreign govt, credits 1 8,82 4 ,000 5 ^ , 934,000 ® '5 '“ 1 , 13^.000 / e L v e aoco'1" t ’ S ' S f ’* ? 1 ^ 5 .^ 3 ,0 0 0 ____ 55,758,000 _Ug. 127.000 2,13^,263,000 1,693,670,000 693 , 509,000 A m 971,452,000 50,438,000 52,130,000 ---1 ,1 0 2 ,000 1,081,122,000 364,949,000 P 1 >°°° --J L678.000 3 , 1^ 2 , 956,000 69, 852,000 80,492,000 1 l-zlj, 000 ''S iS iE i f j ;§ ! S 106 :6 8 5^00 1 ,3 8 9 ^ :0 ^ 106’0 1 2 ’000 F .T t ^ r L ^ r c i r c u l a t i o n I n Eo t h " \ “ bm u e s irOUla‘ lon ’ net liaMlity Ratio^of^total^reserves to net deposit and F.R. note liabilities combined Batio of gold reserves to F . R. notes in actual circulation after setting aside 35$ against ^ net deposit liabilities \ J&ja M S S 102:202:000 cn ca )ir, - >. 62 . 9$ 49-9$ 59^ ■ ^ ^ Released for publication Sunday morning Dec. 22, 1913 ; not earli 3r . ' - et 1?1v T7EEKLY STATIMENT OF RESOURCES AND LIABILITIES OF EACH OF THE FEDERAL RESERVE BANKS AT CLOSE OF (In thousands of dollars) Gold L v ln ^ d “ l a r .S U * ,* £ 5 r ° ^ S ^ r 811* Fund’ F ' B’ Board 33’?37 Cj T & 113>295 36,342 ^ 35;sss 325 ■ 10>25 » » 4 ,’ 167 105>25 ITS Sl6 Gold with foreign agencies ____ _40S_____ 2 , 0ll___ r ^ f a li ° i d held by b£“ ks Gold with Federai Reserve Agsnts Gold Redemption Fund Total gold reserves Legal tender notes, silver, etc. Total reserves Bills )Sec-by Govt .war obligations “ 8Ct* - ^ ; ° ? her , in ° f en ntarkst ^7 ’?6° 3£9 *027 ' ^ 3 5 ^ 3 7 ^ 2 oO,4lQ 269,531 86,171 117,406 67,225 43,331 7>24 25,000 7 qOO W W £ w 105,1*03 663,553 1 3 1 , 5 0 ^ X ^ 3 3 3 ^ 5 7 2 * ____46,251_____ 800..... 1,032 _____ l 98____ 203 106,131 709,309 132,306 163,365 85,636 62,343 103,433 53^, 7\8 153,0S5 124,246 6? , 6s6 45,475 f ’f * 5 M lU lU '557 9,349 16,822 £ \ z % _i2js43_— ^ 34,431 .._.5 , 3 5 3 46,gS 2 4,761 12.175 U ♦S^Gov* t^ long-term securities ^ a s s - ^ a r u ■ 5/ S L S^ S o „ Si^ d against F.R. ?3’975 S ^ r ^ ^ i U ’^ . i n c o _ 9j : 36i t “ ^ r c u S u o T V wv-,^, 2 0 ,thl 649 in ?k6 « 3 7 ’° 93 60,983 * , ,^c . 7,562 - 9 n£n 8,330 120 m HI ^ £ 7 7 1 56 238 \z % l 7 hit % '£,1 i ’S l ’S k *> \ 1 25’ogq 5 ’° S 46i ’S q I '£>1 22 $ 6 120*400 1 l S 22* 3 w f f P 1 ,1 9 ^ ,22S 2052 110 li£ 1 270 442 ' S ’l S 95,333 94,216 *33 315 40^436 lsq 642 50 ,409 31 120 2 3 ’275 9*711 5? * « g 1 2QQ « 4 ^ 9 2 7 5,(545 f i ' g f 3 1 J 65 26 *91 ? l o l r a 7,333 lq.oiq 102^2 a ’4ot 4 s’oU2 ^kn’^ L ‘■1 £ i o r ,» 7 5“ -72° » fc * > -> s « s ® i * ss 95, k° ^ 55.219 19,37^ 6 2 .1 * T,"?! h ’°ll5l 6 t?o j.jiyj 3 ,1 ?° 11,1c:o 4o 11,12§ 216 iro^* 3 »S° -° ^,930 2 »930 33 3 ,b59 3,659 ^ t e , f rh J : i 5^ ' l i r l 67 | t e ’ 165 U l ’5U6 25-23 7 61^ 6 ^7,793 x i[& % % > _____ 102,083 .. _____________6 5 157,437 934,401 164,013 160,514 94,361 12 1 .4q4 42q 6 7 ,4 0 3 2 9 2 ,0 7 8 1 0 3 ,1 2 1 7g ; ^ 15° ' 107 to tal gross deposits «1? etviiab^ ii y, other liabilities TOTAL LIABILITIES 5o;4oi qor^6i 31*505 25’379 32091 52 ,i ^ foreign government credits J. I: » 8 6 9 '299 * » W 2 0 5 . S o 9 1 So6 329,957 103 >93 «*» * - • ^ * 2° 2 ^ 244,661 nk x A * 27,2°7 « .H 6 826.SJ1 7si iM i 7?1 l @ ^ 217 1 I? 1,^35 2 _1|| 33 ’“ S1* 1.792.27S 1*15,605 1*35,871 2U3 ,323 199,866 751,606 232,223 175,737 235! 189 123 J 6 9 ' 3 ^ 1 0 ^ 5 , W . 1 3 U 6>°yt 75 2 ik? a 204 S 1,987 e S ^iS paid in s Surplus government deposits v • 153'027 A“ n° ‘ J*8^ , s° ™ ° es " Y l T f T T 'i T I E S S ^ ■ > « f™ . 403 V BUSINESS EEC2MBER 20, 191S. 5 6 6 '6^ 7 24 71700105057 3,153 3,153 ‘ ^ 30 R3R V ? 2 A i n 117 ? kAc infi 53 828 ~Tr7*0 ^~ 2^ 7^ x t 73 ■ 5 232,227 253,275 13S,fo2 121,922 1‘2U,2S2 11S-lt33 95:291 112 055 ®-6S6 5,075 3 2 ’52U S *592 9 >oU6 3 >20S 5,^34 16 ,s4o 5,335 3,965 1 1 3 1 3 „ J JS1P_____19,832 3 ,2 11 4 .0^6 2 .4o4 1.827 7.064 2 ,0 q4 1 723 3 105 3 3 ^ 9 4 1,792,272 4i 5 ,6o 5 435,871 243 , 32s 199,366 751,606 238,283 175,73 7 235,139 R 353 176q *Overdraft 4 6TS 4,633 ’ 33 123,769 s 'i l f o a 4 674 mono ^ ’S q Ih o-h 342,108 5 , 288^134 leased for publication Sunday morning Dec. 22, 1918; not earlier. St .l2lc STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS DECEMBER 20, 19 I S (In thousands of dollars) Boston New York Phila. Clevel- Richm- Atlanta Chicago St.Louis Minn- Kans.Cy. Dallas San Fran. Total 3DEPAL RESERVE NOTES: * iceived from Controller 236,l4o 1,2*41,680 324,420 317,420 194,280 192,880 527,880 158 ,4g0 118, 4g0 154,700 99,920 246 ,920 3,813,200 >turned to Comptroller _51,04g___ 3J^J^iL-.^2_t862 33,851 3 6 ,769 27 .252 46.844 2g ,281 18,936 27.394 21,218 19,306 710,225 Chargeable to F. R. Agent 183,092 907,216 261,558 283 ,569 157,511 165 ,62g~5gl ,036 130,199 99,544 127,306 78JC 2 2 2 7 ,6i4 3,102,975 1 hands of F. R. Agent _12^§2C___112 Jg0_0 2 3 ,500 2 1 .500 6.820 Hi .175 36,240 3.855 2,950 7.520 18.345 — 287.525 ‘'sued to F . R. bank less amount returned to F • R. Agent for redempt 1 on )LLATERAL SECURITY FOR OUTSTANDING NOTES: •Id coin and certificates on hand >ld Redemption Fund ild Settlement Fund, F. R. Board Ligible paper, minimum required CUNT OF ELIGIBLE PAPER HSLIVEHED TO F- R. AGENT --ZS^JllLiD. 8J ) 58_262 ,069 1 5QjS92_JL2jjL)U53__444_,J 9:6_126 j]j4__q6 f594 11°.786 5,000 9,419 46,000 109^53 1 7 ° ,g72 13° ,353 60.357 2 2 7 .6l4 2 ,815.450 178 , 71+0 — 16,791 11,753 34,450 — 2,504 — ____ 13 052— l '5 581 ______ 246 327 12,956 1,225 2^57 2,258 2,640 2 ^ g 6 2,689 3 A 71 11,729 79^4 74,000 74,4lg 70,000 66,000 38 , JJO 242,403 51,131 40,800 49,g60 6 ,6g4 108,761 &SS,82J 5 g ^g 8 j_1 5L ,887 144,663 83.466 81.122 200.135 72.573 40.356 67.237 37.921 107.124 1 .621.222 ' 79^ ,^ i 6 238 ,05g 262,069 150.691 124,453 444,796 126,344 96,594 119 ,jsS 60,357 227,614 2 , 815,450 673,353 l6l,407 179,887 gg ,007 8 1 ,g90 244,255 75,737 54,739 69,310 43,879 110,547 1,913,404 M E M O R A N D A FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION . R. notes outstanding 170,272 .7 94 ,4i6 238, 05s 262,069 150,691 i2 4 ,453 444,796 126,344 . R. notes held by bank ^3^315.---6.0,351-- 5.831___ 8,_754__12j009_ 2_) 53l _ 20^514___ 7 ,911 F . R . notes in actual circulation 101,359 73M 65 232,227 253,275 138 , 6g2 121,922 424,282 118,433 96,594 119,786 1.303 7.731 95,291 112,055 60, 3 5 7 2 2 7 , 6 1 4 2 , 815,450 691 15.170 151.749 59,666 212,444 2,663,701 DISTRIBUTION OF BILLS, U- S. GOVERNMENT SHORT-TERM SECURITIES, AND WARRANTS BY MATURITIES .11 s discounted and bought ,S.Government short-term securities micipal warrants \for FRASER Digitized Within 15 days 1 ,185,006 218,069 3 l 6 to 30 days 170,107 1,184 10 31 to 60 days 436,395 699 __ 6l to 90 days 131,149 7 900 __ Over 90 days Total 24 4l 0 1 , 947,067 97*221 ‘32-5’013 3 l6 Released xor publication Sunday morning Dec, 22, 191s ; not earlier. STATEMENT S K X T O PRIHCIEAL BESOOTCE * H A B I I I H IT313 OF m a m BANKS LOCATED IH CEITEAL EESERVE, RESERVE AMD OTHER SELECTS + * ,, *. . , CITIES AS AT CLOSE OF BUSINESS DECEMBER 13 , lg ig . — Data for all reporting banks m each district. Bostnn Mow Yn-rir -- --- — —-- ------ -—— ------------ u n thousands of dollars) No. reporting banks 1+1+ 106 55 * gl& ' 2 “” * Atl?£ta Chi<=ago S t ,Louis Minn. Kans.Cy. Dallas San Fran. 0 . S. bonds to secure 5 101 32 35 73 >*5 53 i o t h t r S T w s , including U .^ ^ c e r t if ic a t e s of in- 114,352 ?>’136 2° ,51S }2% 111 11,1452 '*2,Sl1* ^ 1 5 -U65 1 9 '001 ^ 88,753 52' 86° 3 S ’ 6° 7 10i-™ T o S IT se c u ritie s l l t 'M l Loans secured by U.S.bonds.etc. IO7, 31* 6SU,371 163,815 All other loans and investments jGO }k^Q U , 059,939 6 4 3 .0 ^ Reserve Cash Net Tim* Government ^- 655 « * •!§ 92*552 43*003 19*765 ® - J* 2 ^ "cun 64*410 6 .M 9 J f .379 o ’ tJIk 710^12 1 ____________________________ -- -* -- 1 5 .S 56 5 , 72s 1 3 ,6io 17.929 34,505 267,692 25 . 7*9 ■®.259 33 ,89* S38 . 9S1 2 *2 6 5 10,939 52,916 959,* 5* a*znn 2'f? ^ J I 7^ 9 2,066,527 1,256,128 U,64g 99s U62 1+92 *,.,,.074 Uok,si 5 - - 0 t h e r S 1 ! ° b o n d s , including u .Lsb.ec e ? t m i t e s of in- V 3S,33“ 2 77 ,>K7 Total^securities T & ’v £ Loan All Reserve Cash Net Time Government Ratio of U.S.war securities and war paper to total loans and ^ investments, per cent * ^ 279.3>»5 ^ 5^.016 lOT^OU ' 122 1 0 ’555 “8 '°0S 2 S ,9S1 360,ta* S ' S 122 361 ,1*11 l|6g U&S 165 037 ^ 13,929 2 . Data for banks in each central reserve city, banks in all cthe/reserve'citles, ^ r o t h e r " r e p o r t ^ g " ^ r . n n n™ r>riC < St .Louis Total Cen .Res.Cities Reserve Cities Country banks , 0 . r e p o r t s banks U. S. bonds to secure Total 755 6,502 Total B e c l ^ L .6 165 755 755 ^ .5 7 ° W ,* T 2 *7 ,1 1 * 1 *7.0* 267 ,692 26 7 .99* 399,01.1 * 05,325 79,516 S3.*95 S3S.9S1 850,231 H £ '2 § 3? ? •??? J?- ?2!* . 5 7 . 2 ^ 959,854 ' I / •4 * Released, for publication Sunday mornin0 Dec. 2 $, l^lc; not earlier St. 131 STATEMENT FOR THE PKESS December 22, I^IS • FEBERAL RESERVE BACKING IN igig • A general outline of development in the field of Federal Reserve banking during the calendar year I 5 I 6 is presented by the Federal Reserve Board1s Weekly statement of condition of the Reserve Banks on the last Friday in 1Q12 and 1 5 1 7 . War service in the fiscal field involving close cooperation with the Government in floating the Liberty loans, including concentration and disbursement of funds for and on account of the Government, became the leading activity of the Banks during the year, overshadowing to a large extent their purely cor,imercial functions* As fiscal agents for the Government the Reserve Banks received subscriptions through member and non-member banks and bankers to the third and fourth Liberty Loans of h-,159 and 6,955 millions, besides placing 15 issues of Treasury certificates in an ticipation of the third, fourth and fifth Liberty loans, representing a total of 6,781 millions ano. 7 issues of certificates ag0regating l,oSU millions issued in anticipa tion of tax payments. By far the larger portion of the funds collected for the Government was disbursed in New York oity and this necessitated continuous transfers of funds from the interior through une use of the Gold Settlement Fund* After disbursement the .greater part of these funds found their way back to the various sections of the c o u n t r y , again large ly through the credit machinery of the Federal Reserve System, without actual ship ment of currency. x Not less important was the work of the Reserve Banks in financing their members in connection with the several war loan operations of the Government* It is this part of their work which is rainly reflected in the adjoining statement, primarily loo^h the lar^e growth of the Reserve Banks1 holdings of so-called war paper, ite*, bills secured Dy Liberty bonds and Treasury certificates. As a matter of fact, of the total increase for the year of 1,250 millions in earning assets, 1, 117 millions is represented by the increase in the holdings of war paper- Amounts of other dis counts on hand at the close of the present year (commercial paper proper) after the usual seasonal fluctuations vary but little from corresponding totals shovfti the year before. Acceptances on hand were largest in volume about the end of October, when nearly 00 millions were reported* Since then these offerings have somewhat slacken ed and^the total holdings reported at the close of the year 30U r/iillions are about £0 millions in excess 01 the total shown for December 2S, 1917 * Luring the^year the Banks' holdings of U« S. bonds show a reduction by about 20 millions, partly through the redemption by the Government of Jp bonds die during the year, also through the disposal of Liberty bonds held temporarily for the accommoda tion of member and non-member banks. An increase of millions in the holdings of Government short-term securities represents primarily a total of lb2 millions of Treasury certificates to cover temporary advances to the Government held at present by 1 banjc pending the collection of funds from depositary institutions, and to a lesser extent inv estments in 1-year 2 per cent certificates to secure Federal i-ourve bank notes. Total earning assets of the Banks increased during the year from 1 ,0 bS to 2,313 millions, or 117 per cent. Of the latter total, discounts con stitute 73*5 par cent as against 63.7 percent at the end of 1917 ; acceptances 13.1 per cent as against 25 .G per cent, and U. S. securities 13 .4 per cent, as against 10 per cent at the close of I 5 17 . Concentration of the country's monetary stock of gold at the Eeserve Banks continued during the^year with the result that the Federal Reserve Banks hold at ^ ^ '3 millions of i,old as against l,o71*l millions on the last Friday in lj±7, their present holdings being over tvwo-thirds of the officially estimated mone tary stock of. gold in the country. A large portion of this gold was obtained in ex change for Federal Reserve notes, the circulation of vahtich increased during the year t 1 t0 millions. The latter total constitutes about 70 per cent of the to tax paper circulation of the country (exclusive of the gold and silver certiucates) as against 5U per cent at the close of 15 17 , Included in the total present pap^* cir^u ation is a total of 117 millions of Federal Reserve bank notes, vvfrich were issued to take the place of standard silver dollars broken up and silver certificates retired from circulation under the Act of A p r i l 23, 1913 . st, .131-1 Some indication of ths growth of the Systsm is afforded by the corroarative fig ures of paid-in capital, which show an increase of over 10 millions, from $70 «000 to $80,631,000, re-presenting an increase in the aggregate capital and surplus of member hanks of $341 ,300 ,000, practically all of which is due to the acqrusition of new members during the year. The largest relative gains in capital are shown oy the Philadelphia and Chicago Banks, while the largest increases in the number of banks admitted to membership during ths year are reported for the Chicago, Dallas and San Francisco districts* Gross deposits of the Reserve Banks show an increase from 1,771 to 2 ,312«5 millions, the largest increases under this general head b3ing shown for members1 reserve deposits arid foreign government credits. Net deposits indicate a much smaller growth, because of the reduction in Government deposits and the larger "float" car ried at present by the Reserve Banks. CONDITION OF MEMBERS BANKS DECEMBER 2 0 , 1Q1S . Large increases in Government deposits, also substantial gains in holdings of Liberty bonds and- loans secured by Government * war obligations, acconpanied by liquidation in some volume of all other loans and investments are indicated by the Board*s weekly statement showing condition on December 20 of 756 member banks in leading cities* Holdings of Treasury certificates decreased 2*8 millions at %il reporting banks, the larger decrease of I S *7 millions reported by the New York City banks being al most entirely offset by increases under this head shown for other central reserve and reserve city banks. United States bonds, other than circulation bonds, shew an increase for the week of 3^*2 millions, substantial gains being reported by both reserve city and country banks. War paper, i e ., loans secured by Government war obligations, increased S millions, largely at banks outside reserve cities. All other loans ana investments decreased 77*7 millions, net liquidation under this head of 32*2 and 57*3 millions being reported.by banks in New York City and in other reserve cities, respectively, while country banks show an increase for the week of 3*7 millions. The ratio of U .S . war obligations and was paper combined to total loans and investments 01 all reporting banks works out at 22*7 as against 22,1+ p6j> cent the week before* For the central reserve city banks this ratio remains unchanged at 24 .5 per cent. ( Government deposits show an increase for the week of 219.6 millions, of vfaich 91*4 millions represents the increase at New York City banks and 110*4 millions the increase at banks in other reserve cities. Other demand deposits, net, increased 36.4 millions, the larger gain of 4 s<S millions reported by the New York City banks being partially offset by net withdrawals at banks in other reserve cities. Jnversely time deposits declined 33*^ millions during the week, 23.3 millions re presenting withdrawals at other reserve city banks. Reserve balances with Federal Reserve Banks went tip 31*3 millions at New York Pity banks and 29 millions at all reporting banks, while cash in vault declined 5 .I millions. For all reportir^g banks the ratio of deposits to investments, cainly because of the large increase in Government deposits, works out at S0«2 per cent ©,s against J8 .3 per cent the wsek before. Likewise this ratio shows a rise from 5 6.4 to S9»2 per cent for the central reserve city banks. The ratio of combined cetsh and reserve to deposits declined from 15*4 to 15*3 P®r cent for all reporting banks, while for central reserve city banks this ratio rose from 16.2 to l 6 .4 per cent. "Excess reserves" of all reporting banks work out at 105*0 millions, as against J8 *1 millions the week before* For the central raserve city banks an increase in this i'oen from 46 »b to 6S .1 millions may be noted. » f Released for publication Sunday morning December 29, 1918; not earlier* St.131a STATEMENT OF COMBINED RESOURCES AMDLIABILITIES OF THE TBELVE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DECM/DBER 27, lgig. R E S O U R C E S Gold in vault and in transit Gold settlement fund, F.R.Board Gold with foreign agencies Total gold held by banks Gold with Federal Reserve Agents Gold redemption fund L'otal gold reserves Legal tender notes, silver, etc. Total reserves Bills discounted:Secured by Govt.war obligations A H other Bills bought in open market To u&l bills on hand U.S.Government long-term securities U. S.Government short-term securities All other earning assets Total earning assets Uncollected items (deduct from gross deposits) 5f Redemption fund against F.R. bank notes All other resources TOTAL RESOURCES 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 govt.credits Total gross deposits F.R. notes in actual circulation F.R. bank notes in circulation - net liability December 27, 337, 365,000 374,758,000 5.829,000 717,952,000 1,288,309,000 ______ 84,013,000 $ 1912 December20, 191S $335 ,lU l ,000 461,369,000 5.829.000 802,339,000 1,194,228,000 82.421,000 2, 090, 274,000 2, 078, 982,000 ________ 55lJ3)±5.000 54.636.000 2,146,219,000 2,133,624,000 1,400,371,000 1,299,524,000 30^ , 567,000 306, 778,000 ____ 303,673,000 340.765.000 2,006,611,000 1,947,067,000 28,869,000 28,850,000 282,677^000 325,073,000 ___________ 13*000 16,000 2,318.170,000 2,301,006,000 759 ' 608,000 826, 831,000 ^ 5 ’ 988,’ 000 5,880,000 pp’ ons’ ftoo 20.793.000 5,251,950,000 5,288,134,000 80,681,000 63, 367,000 1,587,318,000 55U, 823,000 T06 OOP*non . ’ . FRASER DigitizedNfor ’ 38,693,000 1,642,444,000 588,755,000 __ 106.6gq.000 2,312,500,000 2,685,244,000 117,122 OCO --------- -------------------- 5 xOTAL LIABILITIES Ratio of total reserves to net deposit and F.R. note liabilities combined Ratio of gold reserves to^ F-R. notes in actual circulation after setting aside 35$ against net deposit liabilities 80,585,000 2 134 000 5 ^ 0 2 2,376,581,000 2,663,701,000 111,909,000 2 5,251,990,000 A a a U , . o o o 5,288,134,000 50. 6$ 50-6fo 59 -7^ December 28, 1917 $ 499, 917,000 317,520,000 52,500,000 "869,937,000 781,851,000 19,3^5,000 1,671,133,000 49.635. 000 1,720,768,000 ( 7n. fnn ( 680, 70b , 000 275.366.000 956,072,000 48,350,000 58,883,000 4,990,000 1,068.295,000 313 ^043,000 " 537,000 ________ 46,000 3 ,1 0 2 , 6S9 ,000 70,442,000 1,134,000 108,213,000 1,453,166,000 191,689,000 17.969.000 1,771,037,000 1 , 246 4gg 000 8 nnn’ nnn ___________ 3,102,689,000 si. 5 3 'if0 Released for publication Sunday morning December 29, 191S; not earlier 131b WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OE EACH OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DECEMBER 27, 19IS. (in thousands of dollars.) R E S O U R C E S Boston New York Phila. Clevel. Richm. Atlanta Chicago St.Louis. Minn.Kans.Cy. Dallas San Fran. Total Gold in vault and in transit 3,187 256, 4o4 577 13,0^3 2,334 7,990 23,351 >+,296 8,299 1^5 5,718 12,021 337,365 Gold settlement fund, F.R. Board 42,635 12,440 32,855 44,266 15,097 8,389 111,569 26,997 17 , 203 34,018 3,615 25,674 3?4,758 Gold with foreign agencies uUo 2, UJ.J. 408 525 204 . 321 5.829 204 175 8.16 291 233... _ 23lL Total gold, held by banks 46,230 270,855“ 33,840 57,834 17,635 16,554 135,736 31,526 25,735 34,454 9,537 38,016 717,952 Gold with Federal Reserve Agents 60,160 294,834 100,91s 138,669 64,990 44,012 267,717 63,771 56,112 54, <S49 22,391 120,126 1,288,309 Gold Redemption Fund 1,610 25,000 7.900 1.002 6,742 14,719 4 . 67s 3.39S 2,195 1.777 84.013 5.395 3.597 Total gold reserves 114,000 590,749 142,658 197,505 88,020 67,308 4 is, 172 98,695 86,525 92,600 34,123 159,919 2,090,274 Legal tender notes, silver, ctc. 1.168 46. 5*!6 898 1.074 214 230 1.670 __ 2 *1 3 1 -.____ 113.. l4o ...I,.2 3 . 0 459_ 55^ 5 fihU Q5 7Un XR 9 lUfi 910 Total reserves 637 _ 29S 143 IQ8 ^,7Q KK ?X4 6? c.-ijz Liu xk? inn 11*5. l6S Bills ) Sec,by Govt.war obligations 116,328 610,770 l6l,4l7 118,006 66,228 47,960 106,124 ■49,309 32,l43 20,245 19,705 52,136 1,400,371 Diseed)All other 13,si4 4i, 605 19,247; -10,-339 16,646 29,204 54, 66s 16 , 2.6 s ’. 5,555 36,153 31,229 28,039 302,567 Bills bought in open market ____ 69,323 3.248 39,276 5 . 103 12,239 75.068 7.824 £0.078 l4.403 2.678 33,4S9 3.03.673 . Total bills on hand 146,086 721,698 183,912 167,421 87,977 89,4o3 235,860 73,4oi 57,776 70,801 53,612 118,664 2 ,oo6i 6 u / f U.S.Gov't, long-term securities 1,105 1,395 1,385 1,085 1,234 552 4,509 1,153 123 8,867 4,000 J , 4 6 l 2fTSb9 TT O (^ 1 /-vvi 44- /n ^ a v> n r i « / ii 1*-v 7 7 1 T A A * 7 11 *1*1 flrt1» i 4,784 r/l l r 6,066r» 15,612 ^ /** f6,568 li ^ ^ ^ u U.SGov't.short-term securities 7,416 202,331 10,034 11,681 5,163^ 4,396 3 , 9 0 0Mk* A , 726 281,677 All other earning assets 13 Total earning assets 154,607 925,424 195,331 180,187 93,995 96,034 255,981 81,122 63,062 84, 064 6l, 512 126,851 2,318,170 * Uncollected items (deduct frcm gross deposits) 63,191 171,368 86,793 58,640 57,774 38,289 73,055 61,011 16,988 56,786 21,87 5 53,83 8 7 59,608 5fo Redemption fund against F*R. bank notes 270 1,646 450 516 311 285 828 2S6 236 566 312 2.82 5,9SS All other resources 1,520 S. 813 1.811 766 1.370 766 1 .4l0 556 207 1.004 948 1.834 22.005 TOTAL RESOURCES 334,756 1,745,546 427,9^1 438,688 24i,bS4 202,912 751,116 243,s67 167,137 235,160 120,000 343,183 5 , 251,990 L I A B I L I T I E S Capital paid in 6,688 20,820 7,562 9,055 4 ,c 6 l 3,190 11,128 3,800 2,931 3,659 3,154 4,633 80,681 Surplus 75 649 116 4o 216 38 1 ,134 Government deposits 13,533 5 ,l42 5,021 290 4,43S 2,960 8,612 4,660 3,43 2 5, 8l4 2,116 7,349 63,367 Dae to members, reserve account 96,924 682,887 92,955 114,860 52 ,560 44,091 219,664 57,083 4g,4S7 6 8,03 2 3 2,767 77,008 1,587,318 Collection items 44,569 143,992 76,991 45,44o 36,061 22,216 51,564 49,194 8, 97s 30, 566. 15 , 03s 30,214 554,823 All otherrdeposits including ___________79 39 1.504 171 16 2_______ 2.606 106.992 foreign government credits -_______ 102.577 Total gross deposits 155, 0 2 6 934,598 174,967 160,669 93,059 69,306 281,344 1 1 1 , 10s 60,913 104,412 49,921 117,177 2,312,500 F. R. notes in actual circulation 163,205 736,552 233,481 255,4S6 138,118 122,764 433,775 120,722 97,361 112,510 59, 57 S 211,692 2,685,244 F»R.bank notes in circulation, net .c re . ;h , r s• : ... > : ~.....u liability 5,S2S 32,725 8,578 9,382 3,879 5,753 17,524 6,128 4, i4o 11,464 5,539 6,242 117,122 All other liabilities 3.934 .... 20,202 3.353 4,096 2.451 1,859 7.129 2.109 1.754 3.175 1. SOS 3.4-39 55.309 TOTAL LIABILITIES 334,756 1,745,546 427,941 438,688 241,684 202,912 751,116 243,867 167,137 235,160 120,000 343,183 5 , 251,990 %for FRASER Digitized - ___________________________ - _____________________ - _____________________ - ___________ _ _ _ _ _ s» Released for publication Sunday morning Decec.ber 29. 1918; not earlier. Ct. 131c STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS DECEMBER 27 1918. (in thousands of dollars*) ’ Eoston hew Yor,z Phila. Clevel. Richm. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Total FEDSRAL RESERVE NOTES: Received from Comptroller 2« ’ Io? X,fho I)8?__b4,:><* 3^ ’ r?u 3S 7 ’ 5®- 13 n ' t ° 5h1,^ ° l6l,?S0 Heturned to Comp broiler ^ , ?’ S-ro 9 ^J>7,^0:> 27,572 47,068 28,4-73 12U,U?0 -- - - 15U' --79° - — 59,920 - - -^ 8 , 9 3 3 3 , 865,020 — Chargeable to FIt.Agent loji, 2.73 920. 9/,7 259, 84b 283,891 157,375 lbS, 66S 493, 6^2 132*907 105*418 1267^+0 78*352 229*250 3 1 * 0*529 13,84o In hands of F.R. Agent °— I L M o __ 18, 080 6,220 42,415 40, s4o 3,300 6,450 7,520 17^920____ 1 *284] 925 Issued to F*K.> bank less amount returned to F.R.Agent for re demption 242^ 9 L M ^ 1 1 A 5 1 , 1.55 126,253 * 52,852 129.607 98, 96s 112J f 20L_ 60,_432_ 22_9_,250 2,855,604 COLIATERAL SJCCUP.ITY FOR OUTGTAEDIUC- NOTES: Gold coin and certificates on hand 5,000 173,71+0 34,450 2.504 - 13 052 - 12 K S 1 ^ 7 Gold Redemption Fund 9,160 16, 15* 13,296 l4 } 219 ^ 990 2,73s 2 , 8l4 2, S4o 2*260 3,139 3*126 1 13 65 " s i ’ q^I Gold Settlement Fund,F.R.Board 46,ooo r-i^oh? 90,oco b4 ,ooo 38,770 264,903 61,131 40,800 51,360 6*684 ios’ 761 960*031' Eligible paper, minimum required l°9 j 253_ ^ ^ ^ A ^ 83_ l 2b, 242 8b, 165 82. 2*1 185. 135 65., 836 42. 856 64. 871 7 8 ,0.4l 1 09 ,1?4 1 P95 Tc tal lb9»Vl3 J j L m ^ - .^ . 2>£0^~26'4,911 151,155 1267153 452^802 129^07 98*962 119 !420 60^ 3 <? ‘ AMOUNT OF ELIGIBLE PAPER _____ _______ 1 * 0, OSb 721 , 638150 , 526167,065 -36,793 82, 769235,360 71,624 56,293 70,801 5 3 ,6 1 2 ‘112,850 1 , 956,357 M E M O R A N D A FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION F. R. notes outstanding F. R* notes held by bank F,.R.notes in actual circulation Bills discounted and bought U.S.Government short-term securities Municipal warrants Ib9,*13 __6 , 208 242,206 264 911 151,155 126,253 452,352 129,607 93, 96s 113,420 60,432 229,250 2,855,604 --§LI§5--slj25__ J L 03I_. 3,489 19.077 8 .. 88^ 1,607 6 .9 10 ___ 854 1 7 ,558 170 . ^60 1o3 ,c 05 7.50,552 233,481 2557*30 338,118 122,764 433.775 120 722 97 36l 112 5~1Q 59 57 211,692 2,6 85 ,2*5 DISTRIBUTION OF BILLS, U.S.GOVERNMENT' SHORT-TERM SECURITIES "AND WARRANTS BY MATURITIES. Within 15 days 1 , 254,392 176,436 16 to 30 days 3*0,022 1,263 31 to 60 days 271,75* 627 10 bl to 90 days 113,506 1,027 3 Over 90 days 26,937 103,32* Total 2 , 006,611 282/577 13 Released for publication Sunday morning Decembor 29, 1918; not earlier. STATEf-IENT SHOWING- PRINCIPAL- RESOURCE AND LIABILITY ITEMS OF MEMBER BANKS LOCATED IN CENTRAL RESERVE, RESERVE AND OTHER SELECTED CITIES AS AT CLOSE OF BUSINESS DECEMBER 20, I 9 I 8 . i-.i, J£ta..f.qr all_r5£ort>ng_bankg„jn_g,ach_^istrict,........ .............................................................................. (In thousands of dollars.)_________ Boston New York Phila. Clevel. Richn. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Total No. reporting bar-.ks 4* 107 56 35 SI U5 101 32 ^5 75 ^5 50 756 XT-S«bonds to secrre circulation 14,352 $0,085 11,492 4 2 ,514 2 4 j l 4 15,465 15,030 17,655 6,4l9 13,6l0 17,929 33,975 266,840 Other U*S^bonds, irxluding jl»id~ crty bonds U-S.certificatos of indebted- 21,383 324,875 74,716 92,338 57,291 43,285 116,033 42,270 12,863 29,073 21,476 34,894 871,902 ness .67 ,5+07 456 , 74s 52,715 62,870 31,663 38,490 113,147 23,373 14,423 27,263 i i , r i 9 57,371 957,489 Total U .S . socurxi-sp 103,647 331 ,?os 133,923 197,722 1 1 3 , 26s 97,24o 24s ,210 83 , 29s 33,705 70,846 50 , 924126,740 2,096231 Loans secarcd by U;r-.tondnsetc, 102, 9S8 691 ,8 0 2167 ,457101,949 43,274 20,090 64,521 25,164 11,107 10,295 7,325 19,840 1 266 292 All other loans a:.d investments 758,216 4 ,052,923 619,796 947,751 390,951 320,482 1,397,320 3 71,523 245,703 462,326 181 .>*38 513 703 1 0 '263 *132 Reserve balances wilh F.R. bank 77=733 b 53 . 553 63,701 34,203 33,442 28,453 155,297 35,492 23,963 41,935 17 '953 43 232 1*273 *q62 Cash in vault ,2£ ’29° » 137,023 22,291 37,909 18,229 1 6,474 65,458 13,556 9,294 22.263 12.266 21 599 ’402 ^ 5 2 Not demand deposits (14,958 4,662,838 634,332 74s,856 328,972 233,128 1,151,135 277,546 203,432 3931455 l 4 6 .462 399 152 9 894 366 Tine deposits 9 / , bio 243,oi4 18,212 227,200 59 , 57s 93,409 3S7.3S6 72,333 43,o6i 59,829 25 , 92s Il6 ,6 l4 1 444',680 Government deposita ^ ^ 60,570 301,245 47,114 56,660 25,695 27,372 37,578 23,713 13,595 30,922 4,993 ^,983 624,452 2 * Data for banks in each central reserve city, banks in all other reserve citics, and other reporting banks. ivew Yolk Chicago St.LoiSis Total Cen.Res.Cities ■Dec. 2°--Dec. 13 Dec. 20 Dec, 20 Dec. 20— Dsc .13 No. reporting banks t>5 65 44 l4 123 123 U.S.bonds to secure circulation 3°,333 36,334 1,119 10,555 48,007 48,008 Other U.S.bonds,including Lib’ erty bonds 272,231 277 , 54s 53,522 31,436 357,239 360,545 U.S.certificates of indebted’ ness !f?2, 9i 7 ^ S >572 52,454 Total u.s. securities P 8 '53i 762,454107,095 Loans secured by U .S.bonds,etc. 635,qG9 632,437 43,228 All other loans & investments 3 ,633,090 3,665,310 858,551 Reserve balances with F.R.bank 627,395 596,079109,746 Cash in vault 119 .1^9 113,222 3 S, 7S3 Net demand deposits ? *279 790,708 Time deposits 187,746 194,037 146,714 Government deposits 2^7,822 186,375 27,694 Ratio of U.S.war securities and ■mar paper to total loans and investments, percent 26.7 26.8 l4.S 18,013 6o,oo4 500,384 905,630 19,625 698,462 265,035 4 , 756,676 26,539 763,630 7,730 165,662 198,055 5 , 261,556 52,599 387,059 19,355 324,871 20.0 24.5 Reserve Cities Dec. 20-- Dec.13 467 470 172 .019 172,570 46,Sl4 4 7 ,ll4 266,840 759 267 692 425,578 89,085 79,827 871,902 8^9 691 399,319 Country banks Dec.20— Dec .13 166 166 513,84s 396,530 386,464 60,575 59,975 922,401 994,127 958,353 196,474 186,916 695,172 434,106 483,9.15 83 724 79 131 4 , 736,296 4 ,623,963 4,681,758 832*493 372*309 736,036 447,924 448,130 62,358 58 775 160,063 197 ,l4i 207,224 39,849 40^50 5,212,555 3,910 , 571 3 s923,6l2 722,239 721,760 392,954 864,669 887,936 192,952 197-185 23 2,2l 5 254,630 144,263 44,951 28.427 24.5 21.4 2 0 .7 20.1 1 9 .2 Total Dec.20 Dec. 13 756 957,439 2 ,096,231 960,237 2 ,067,670 1 266 292 1 2 « 268 10*263!l32 10*340*863 1273 962 1244*941 ' 462*652 *407*737 9 , 894.366 9 .S57 I927 1 >73 075 624,452 404 9O5 J 22.7 22.4
@FedFRASER