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'STATEMENT FOB THE PRESS Released for p u b l i c a t i o n Stil6Sl Sunday morning, Dec . 26; Federal Reserve Board, not e a r l i e r . December 24, 1920. CONDITION OF FEDERAL RESERVE BANKS Saturday, December 25, being observed as a l e g a l holiday throughout the country, the Federal Reserve Board's weekly bank statement was i s s u e d the day before as at c l o s e of business on Thursday, December S3, 1920. The statement i n d i c a t e s aggregate increases of about 1U1.5 m i l l i o n s i n the holdings o f discounted and purchased paper, as a g a i n s t a reduction of 84,3 m i l l i o n s i n Treasury c e r t i f i c a t e s . Large amounts of t a x checks and d r a f t s passed through the c l e a r ing houses during the week, r e s u l t i n g i n a s u b s t a n t i a l decrease of the " f l o a t " carried by the Reserve banks. Besides the Government made i t s f i r s t c a l l for funds deposited the week before, causing the banks to resune t h e i r borrowings from the Reserve Banks. Net d e p o s i t s are given 6 . 7 m i l l i o n s larger than the week before, Federal Reserve note c i r c u l a t i o n shows the usual preholiday expansion, the increase for the week being over 60 m i l l i o n s , While cash r e s e r v e s increased by 14,3 m i l l i o n s . As a consequence, the reserve r a t i o shows a d e c l i n e for the week from 4 5 . 5 to 4 5 . 1 per c e n t . Reserve Bank holdings of paper secured by Government war o b l i g a t i o n s show ah iricrease of 12,3 m i l l i o n s , other discounted paper on hand increased by 116.7 m i l l i o n s , while holdings of acceptances purchased in open market went up 6 . 3 m i l l i o n s . On the other hand, the amount of Treasury c e r t i f i c a t e s held by the Reserve Banks was 84.3 m i l l i o n s l e s s than tbs week before, t h i s reduction being due c h i e f l y to redemption by the Government of s p e c i a l c e r t i f i c a t e s held by three Banks. Total e&fiilng a s s e t s of the Banks stood at 3 , 2 8 1 m i l l i o n s , an increase of 57*2 m i l l i o n s for the week. Of the t o t a l holdings o f 1,177*3 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 , 674-7 m i l l i o n s , or 57-3 per cent, were secured by Liberty bonds, 305*3 m i l l i o n s , or 25*9 P e r cent, by Victory notes, and 197*3 m i l l i o n s , or 16.8 per cent, by Treasury c e r t i f i c a t e s , as against 57, 25*5, and 17•5 per cent of a corresponding t o t a l o f 1,159 m i l l i o n s shown the week b e f o r e . D i s counted paper held by the Boston, Philadelphia, and Cleveland Banks includes 120.2 m i l l i o n s of paper discounted for f i v e other Reserve Banks i n the South and Middle West, compared w i t h about 111 m i l l i o n s the week before, while acceptance holdings of the San Francisco Bank are shown i n c l u s i v e of 6.9 m i l l i o n s of bank acceptances purchased from the New York Bank. A l l c l a s s e s of d e p o s i t s -show lower t o t a l s than the week before: Government d e p o s i t s - by 27-1 m i l l i o n s ; members' r e serve d e p o s i t s - by 17<4 m i l l i o n s , and other 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 Federal Reserve Bank c a s h i e r s ' checks, - by 14.8 m i l l i o n s . These reductions are, however, more than o f f s e t by a decrease of 6 6 . 1 m i l l i o n s in the "float", which i s treated as a deduction from immedia t e l y a v a i l a b l e d e p o s i t s . Calculated net d e p o s i t s accordingly, show an increase o f 6.7 m i l l i o n s f o r the week. Federal Reserve note c i r c u l a t i o n shows an increase for the week of 60.6 m i l l i o n s , compared with an i n c r e a s e of 68.8 m i l l i o n s for the correspending week i n I919, All of the earmarked gold formerly held by the Bank of England for account of the Federal Reserve Banks was r e c e i v e d some time ago i n t h i s country and placed w i t h the New York Assay O f f i c e . Under i n s t r u c t i o n s from the Board the amount has now been transferred from account "Gold w i t h f o r e i g n agencies" to "Gold and gold c e r t i f i c a t e s . " The former account t h e r e f o r e contains only 3 . 3 m i l l i o n s , the amount held earmarked by the Bank of France. B ^ l e a s e d f o r - o u b l i c a t i o n Sunday morning, Decern"ber 26, 1920; n o t e a r l i e r - HE p t q n tt p p. tt F5 Gold and gold c e r t i f i c a t e s Decanter 23, 1920 $273,7^9,W E i x l s disctrcntsd. ( S e c , ^ ^ Gover m ent . a r o U i g a t l o n , m TJ S lu E E s E Victory notes cv BESOUBCES AED LIABILITIES OF THE TWELVE FEDERAL BESEEVE BSTKS COMBIiTED. December 17. 1920 *$200,4^,000 a. Dec. 20,19-*-9 ^29,445,000 M77,a>3,COO ™ - 69,000 1 i l 5 69,000 4 # 64,000 1 8 ! *902,0^2,000 4 # S ^'99® J t s TT « U n c o l l e c t e d items and o t h e r d e d u c t i o n s f r o m gross d e p o s i t s £ - " =2-i,ts E Z ; H 5 E paM S # r : : - ~ "ln E ™ S ISJUS'.CCO ; i ; : r - . " — " " g a g J . ^ " »• i E E E ™ " " " R a t i o of t o t a l r e s e r v e s to n e t d e p o s i t and E- B. n o t e l i a b i l i t i e s combined . . . B a t i o of c-oId r e s e r v e s to F»R- n o t e s i n c i r c u l a t i o n a f t e r against net deposit l i a b i l i t i e s s e t t i n g aside # 761,005,000 S l l l i t ; 745', 000 v i & % % % i i d s i | l | e S s tiSas "MS? U5 4q.2$ 50-5/° *Bevised f i g u r e s . S : S f : S 5 ' ° .. 5 ^ ' 50-3/° Released f o r p u b l i c a t i o n Sunday morning, December 26, 19 20; not e a r l i e r . RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS RESOURCES Federal 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 Gold and g o l d c e r t i f i c a t e s 11,849 3.44,304 6,040 10,269 5,&79 8 , 6 8 6 29,225 Gold s e t t l e m e n t fund - F . R . B o a r d 36,951 53,976 51,124 9^,5^0 19,810 5,953 26,110 Gold with f o r e i g n a g e n c i e s 241 1. 211 264 270 162 119 393 Total g o l d h e l d by banks 49,04l 199,4qi 57,428 107,679 25,b51 14,758 55,728 "Gold w i t h F , R. Agents 138,4i6 235,127 129,944 177,730 47,758 62,579 208,129 Gold P 3 d e r a t i o n f u n d 15,738 39.030 l 4 , 0 5 9 13.700 S,4l9 8.935 24.815 Total gold r e s e r v e s 203,195 4 7 3 , 6 l S 201,431 299,109 SI,828 8 6 , 2 7 2 288,6J2 Legal t e n d e r n o t e s , s i l v e r , e t c . II.160 139-322 780 1.968 1|Q9 1.847 12,637 Total r e s e r v e s 214,355 612,940 202,211 301,077 82,237 88,119 301,309 B i l l s discounted: (a) Secured by Govt.war o b l i g a t i o n s 83,469 4 6 i , 0 1 1 124,911 93,381 i45,853 60,837 l 4 0 , 6 4 5 , All other B i n s bought i n open market ( b ) T o t a l b i l l s on hand u. s. 98,459 446,196 49,157 559 1,468 1,434 ductions from gross deposits 5$ Redemption fund a g a i n s t F.R. ' Bank n o t e s A l l other r e s o u r c e s v TOTAL RESOURCES (a) Included b i l l s discounted f o r other F. R. Banks, v i z : (b) I n c l n d e s bankers, 1 a c c e p t a n c e s bought from o t h e r F-R.Banks: ^ i t h o u t t h e i r endorsement 69,429 7 ^ , 0 9 2 337,232 4g,308 15,570 27,707 19,318 66,645 62,593 86,727 ' 116 8,867 19.229 96.829 1 3 , 8 9 2 2b,229 5.197 3 . 1 1 2 94.395 1.769 201,157 1 , 0 0 4 , 0 3 6 187,960 217,974 120,479 138,047 502,272 117,722 Government bonds - U . S. V i c t o r y n o t e s 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 Total earning a s s e t s Bank p r e m i s e s U n c o l l e c t e d i t e m s and o t h e r de- 98,364 St.l68lb DECEMBER 23, 1920. ( I n thousands of d o l l a r s ) S t . L o u i s Minn. Kans.Cy. Dallas San Fran. Total 5,873 9,095 4,007 9,64-8 2 8 , 4 7 4 273,7^9 18,686 1 1 , 2 3 4 18,527 3.733 21,079 363,723 ,,155 §3 158 86 152 3.300 2 4 " j l 4 20,418 2 2 , 6 9 2 13,467 4 9 , 7 0 5 6 4 0 , 7 7 2 49,647 25,980 40,399. 22,662 115,121 1 , 2 5 3 / 4 9 2 6.014 3.026' 6.027 8.498 13.307 l6l.538 80,375 49,424 69,118 44,627 178,133 2 , 0 5 5 , 8 0 2 5.169 248 2,377 4,088 947 180.952 85,544 49,672 71,49 5 48,715 179,080 2,236,754. 834 1,233 ll4 4,490 1,153 5 50 10 3 21,574 78.666 31,311 23.799 1 2 . 2 6 2 l 6 , 6 ? 2 39.896 16.108 223,275 1 , 0 8 4 , 2 2 0 220,705 242,617 1 3 3 , 9 7 4 154,836 546,658 134,9"3 2,652 4,345 681 1,642 1,421 629 2,379 891 58,362 159,126 63,271 72,772 62,198 31,691 1 0 2 , 8 4 0 42,442 1.203 1.904 79,366 116,338 55,253 1 , 1 7 7 , 2 6 3 54,945 110,583 1,554,428 195 47.213 24l.l67 7^,458 213,049 2,972,858 3,979 2,632 26,859 1 8.480 12,820 87,962 138,026 648 1,021 69 8,300 1 1 . 3 6 5 281,253 86,737 22£,046 3 , 2 8 1 , 0 3 9 1,628 231 18,168 22,507 42,l69 58,085 45,542 761,005 1,07 2 2,727 1,300 1,-239 601 588 1,897 623 438 916 586 665 12,652 4)6 1.620 1.042 310 821 238 846 66l 225 393 1,20 2 623 8.4l? 500,152 1 , 8 6 4 , 9 7 8 489,210 619,657 281,252 276,101 955,929 265,144 161,452 269,936 181,037 453,187 6,318,035 19,926 - 21,779 - - 78,489 - - - - - - - - — - ~ - - 6,917 120,194 6,917 Released for p u b l i c a t i o n Sunday morning, December 26, 1920; not e a r l i e r . St.l681c. RESOURCES -MO) LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DECEMBER 35, 1920. (in thousands of d o l l a r s ) L I A B I L I T I E S Total PhilaC l e v e l . Ricfcm. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. New York Boston Federal Reserve Bank 99,458 8 , 4 5 5 1 0 , 3 5 4 5,283 4 , 0 4 9 1 3 , 9 H 4,364 3,437 4,456 4,09s 6,927 26,376 7,718 Capital p a i d - i n 164,745 7,050 23,917 5,884 5,178 8,395 4,152 11,662 12,351 51,308 13,069 13,712 8,067 Surplus 26,049 1,731 4,496 1,716 865 2,116 2,510 4,676 g4i 2,365 1,898 836 1,899 Government d e p o s i t s 1,721,391 54,919 46,830 236,104 64,692 42,483 77,653 47,112 105,965 696,124 103,650 136,35% 109, 505 Due to members - reserve account 539,261 106,947 49,499 6o,399 41,897 20,145 57,098 .34,521 16,812 43,964 30,767 32,253 44,959 Deferred a v a i l a b i l i t y items Other d e p o s i t s including foreign 23,652 250 224 2.249 699 263 659 273 .1,971 1,015 12,256 1,223 government c r e d i t s _5E5_ 2,310,353 816,268 155,208 199,217 99,431 68,930 299,947 101,628 60,423 124,392 80,667 146,865 157,377 Total gross d e p o s i t s 931 880,870 283,7^0 365,707 153,552 176,931 559,683 139,721 81,493 113,553 81,993 272,548 295,l4o 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. R» Bank n o t e s i n c i r c u l a t i o n 9,741 7,713 14,364 7,321 8,010 218,832 20,588 net l i a b i l i t y 39,807 22,591 22,900 11,426 15,012 39,359 4.776 2.806 7.175 119.716 3.208 3.806 50.34q , 4,129. 19,112 6.117 6,978 All other 1 i a b i l i t i e s 7,767 3,493 500,152 1,864,97 8 489,210 619,657 2 8 1 , 2 5 2 276,101 955,929 065,144 161,452 269,936 181,037 453,187 6,318,035 TOTAL LIABILITIES 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» 43.1 4i.l 39.8 43.0 4i.6 39*8 4o.4 47.9 45.1 note l i a b i l i t i e s combined,per cent 54.4 39.9 53.8 61.2 Contingent l i a b i l i t y as endorser on discounted paper rediscounted w i t h other Federal Reserve Banks 10,000 3 6,757 Bankers' acceptances sold to other F. R. Banks without endorsement - Contingent l i a b i l i t y on b i l l s purchased for foreign correspondents 1,16 8 19,299 31,000 6,917 6,917 6,077 1,280 1,312 784 576 1,904 752 432 768 416 736 16,205 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION 383,788 160,842 181,164 64i,oo4 157,502 83,701 119,756 86,392 310,905 3,755,246 350.' 4.233 81.321 17.781 2.208 6.203 4,399 38,357 ,350,315... 12.023 150.307 8.112 18.081 7.290 295,140 880,870 283*7*40 365,707 153^552 176^931 559,683 13%721 81,493 113,553 81,993 272,548 3,^4,931 DISTRIBUTION OF BILLS AND U. S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES To t a l Within 15 days l6 to 30 days 31 to 60 days 6l to 90 days Over 90 days F. R, notes outstanding F. R. n o t e s held by banks 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 307,163 1,031,177 291,852 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 indebtedness 1,6O8,O42 320,421 4O5,6O6 328,397 69,225 30,910 3,120 41,950 8,955 196,320 120,194 23,138 80,304 63,995 75,119 . 21,749 281,253 Released . o r p u b i ^ t a . on F e d e r a l Be s e r v e Agent at f£i 'RESERVE AGEHTS1 ACCOUNTS AT CLOSE OF BUSINESS DECEMBER 23, 132D. ( I n t h o u s a n d s of d o l l a r s ) rno.m.. 0 , ^ Boston New York ::: Phila. Cleyel. Hi d m . A t l a n t a Chicago S t . L b u i s X.&& M ^ Minn. K a n s . C y . D a l l a s San i ' r a n . Total 2 M 3 ^» ^ -™ ^Collateral s e c u r i t y for f e d e r a l I § ~ i S ' E E „ i E r ; . „ s t ' S - g i , , ™ « • i s i i i i a - M % " s a ' i & : g a a i a S S e ^ s g 750,375 2,334,525 =18,5=2 793,755 348,719 438,563 1.-70,818 348,768 IS*,277 279,1-8 196,3«3 661,727 «,•*>.»» I0TATj IT ' ' F l , S % S c B 5 i i r V L ~ t » r , t " " 4 i i f i T e l " ' 754,4=0 2,396,480 680,58= 7X7,560 404,920 -16,833 1,271,9^ ^5,000 188,120 268,500 156,161 595,460 8,295,9-1 333.597 1.219.803 361.548 313.352 22? org 17ft Am 511.096 223.518 95,759 145,924 96,898 250,675 3,950,790 TTet amount of F e d e r a l Reserve 420,803 i,i76,6 7 7 319,032 404,20s i 8 2 , 9 u 240,219 92,351122,576 C o l l a t e r a l r e c e i v e d from " E Z Z T E l i g i b l e paper TOTAL W ' » S 8 « i i B g - * g . » 8 g g ^ i : S:'.g 760,376 2,384,525 618,592 798,755 348,719 438,563 1,470,818 3 4 s , 7 6 8 1 8 4 , 2 7 ^ ^ 9 ^ 8 ^ W 2 [ j , - 9 0 ^
@FedFRASER