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STATE.CTT K>B BE PRESS Be leased f o r p u b l i c a t i o n St.3435. Friday morning, Bee, 9; Federal Reserve Board, not e a r l i e r , December 8, 1921, CONDITION OF FEE8SA1 RESERVE BANKS Aggregate i n c r e a s e s of $7,400,000 i n Federal reserve note c i r c u l a t i o n , as against a reduction of $24,500,000 i n deposit l i a b i l i t i e s and a gain of $1,500,000 i n cash r e s e r v e s , are i n d i c a t e d i n the Federal Reserve Board's weekly consolidated bank statement issued as at close of business on December 7, 1921. Tha reserve r a t i o shows a f u r t h e r r i s e f o r the week from 72.7 t o 73.1 per cent. As against a reduction of $18,700,000 in the reserve bank holdings of b i l l s secured by United States Government o b l i g a t i o n s , holdings of other discounted b i l l s show an increase of $7,100,000, and holdings of acceptances purchased i n open market - an increase of $8,800,000. The New York reserve bank shows a l a r g e r i n c r e a s e , v i z . , by $14,700,000, in acceptances held mainly under repurchase agreements, while most of the other reserve banks report moderate reductions under t h i s head. U. S. bonds and notes on hand show an increase of $2,500,000, Pittman . c e r t i f i c a t e s on deposit with the Treasury to secure Federal reserve bank note c i r c u l a t i o n declined $1,500,000, while other Treasury c e r t i f i c a t e s , l a r g e l y h e l d under repurchase agreements by t h e Hew York reserve bank, decreased by $3,100,000. Holdings of municipal warrants, t o t a l i n g $227,000, a r e reported "by the Federal reserve "banks of Philadelphia, Minneapolis and Kansas City. Total earning a s s e t s of the reserve "banks, as the r e s u l t of t h e changes indicated, show a r e d u c t i o n of $4,800,000 f o r the week, the December 7 t o t a l of $1,455,100,000 marking a decline of 56 per cent from t h e t o t a l reported on the corresponding date l a s t year. Of the t o t a l holdings of $457,500,000 of b i l l s secured by United States Government o b l i g a t i o n s , $333,500,000, or 72.9 per cent, were s e cured by Liberty and other U. S. bonis, $72,400,000, or 15.8 per cent, - by Victory n o t e s , $23,200,000, or 5 . 1 per cent - by Treasury notes and $28,500,000, or 6 . 2 per cent, - by Treasury c e r t i f i c a t e s , compared with $333,400,000, $77,700,000, $30,400,000 and $29,900,000 r e p o r t e d the week before. B i l l s h e l d under rediscount f o r other reserve banks a r e reported by the Boston bank only, the t o t a l of $6,200,000 c o n s t i t u t i n g a low record f o r the y e a r . During the week Richmond '.ms able to redeem a l l i t s outstanding paper under rediscount with the Few York reserve bank. Atlanta redeemed a l l the paper rediscounted with the Cleveland bank and reduced from $7,200,000 t o $4,300,000 the amount of b i l l s held under r e discount with the Boston bank, while Dallas r e p o r t s a reduction from $3,000,000 to $1,900,000 i n the amount of b i l l s rediscounted with t h a t bank. Government deposits a r e given $6,400,000 l a r g e r than the week >3- . f o r e . Reserve deposits show a decline of $29,900,000 and a l a r g e r decline a t the New York reserve bank. Other deposits, composed c h i e f l y of nonmembers^ c l e a r i n g accounts and c a s h i e r 1 s checks, show a decrease of $1,000,000. Moderate changes i n Federal reserve note c i r c u l a t i o n a r e reported "by a l l Federal reserve banks, except by the New York bank, which shows an increase f o r the week of $10,100,000, as a g a i n s t an increase f o r the system of $7,400,000. In a d d i t i o n , the r e s e r v e banks r e p o r t an increase of $1,100,000 i n t h e i r aggregate net l i a b i l i t i e s on Federal reserve bank notes i n c i r c u l a t i o n , though the a c t u a l amount outstanding, according t o Treasury records, shows a decrease of $2,100,000 f o r the week under review. Beleased f o r p u b l i c a t i o n Friday morning, Ibc. S, 1931; not o a r l i a r . St.w4o5a. RESOURCES AID LIABILITIES OF THE TWELVE FEDERAL RES2RVE BAKES COMBINED. (In thousands of d o l l a r s ) R E S C U E CES Gold and gold c e r t i f i c a t e s . . , . Gold settlement fund - F.R, Board . Gold 'vith f o r e i g n agencies . . . . Total %6ld h e l d "by banks . . . Goll with Federal Reserve Agents . Gold redemption fund Total gold r e s e r v e s . . . . . . Legal tender n o t e s , s i l v e r , e t c . . Total r e s e r v e s B i l l s discounted: Sec. by U.S. Government o b l i g a t i o n s All o trier . . » • . • • • » « » « B i l l s "bought i n open market . . . . Total b i l l s on hand U. S. bonds and notes U. S. C e r t i f i c a t e s of indebtedness: One-year c e r t i f i c a t e s (Pittman Act) •Zi.11 other . . . . . . . . Municipal warrants Total earning a s s e t s . . . Bank premises . . . . . . 5~'j Redemption fund against R. Bank notes Uncollected items . . . . . All other resources , . . . TOTAL RESOURCES , . „ L I A B I L I T I E S Capital paid in Surplus Reserved f o r Gov't, f r a n c h i s e tax Deposits: Government Member bank - reserve account A11 other * * . . . . . • * • Total deposits F. Rr notes in a c t u a l c i r c u l a t i o n F.R. Bank notes in c i r c u l a t i o n net l i a b i l i t y Deferred a v a i l a b i l i t y items . , All other l i a b i l i t i e s TOTAL LIABILITIES Ratio of t o t a l r e s e r v e s to deposit and F.R. note l i a b i l i t i e s combined . . . Ratio of gold r e s e r v e s to 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 r a i n s t deposit l i a b i l i t i e s . . Dec. 7, 1921 484,043 437,202 541,250 1,787,724 122,053 Nov. 30. 1921 • Dec. 10, r! 194,859 438,957 410,917 455,236 57.745 573,531 954,203 1,210,563 1,779,605 151,177 115,639 2,851,027 139.606 2,990,633 2,349,447 139.695 2,939,142 2,035,271 177.136 2,212,407 457,618 713,041 81.784 1,252,443 34,731 476,350 705,941 72.954 1,255,255 32,253 1,159,244 1,547,595 244.690 2,951,529 26,926 124,500 43,168 227 1,455,069 33,384 125,000 46,291 67 1,459,856 33,241 259,375 68,919 3,316,749 17,658 7,854 512,122 19.476 7,941 534,872 19.334 11,387 665,385 9.452 5,044,396 5,233,038 103,089 213,824 55,566 103,104 213,824 55,119 99,174 164,745 52,337 1,640,445 25.501 1,718,233 2,373,355 45,913 1,570,362 26.555 1,742,830 2,356,006 28,394 1,758,967 24.511 1,811,872 3,311,842 75,862 462,795 24.356 214,523 515,934 113.548 5,044,396 6,233,038 5,01&r5381.311 77,014 45tTS5^ < > ' 7 * : u 25,454 5,018rtoa1.37 7 73. lfo 72. 7< *44. 5fo 100. 7fc ICO. 5'^ *45. 2fo *Calculated on b a s i s of net d e p o s i t s and F. R. notes in c i r c u l a t i o n . Rt.24£ Beleased f o r p u b l i c a t i o n Friday morning, December S, 1921; not e a r l i e r . RESOURCES Aim LIABILITIES OF THE FEDERAL RESERVE BAITKS AT CLOSE OF "USIIIESS DEC. 7, 1921. ( I n thousands of d o l l a r s ) Federal Reserve Bank of Gold and "old. c e r t i f i c a t e s Total gold h e l d by "banks Gold w i t h F. E. Agents Gold redemption fund Total gold r e s e r v e s Ler^al t e n d e r n o t e s , s i l v e r , e t c . T o t a l reservesB i l l s discounted: (a) Secured "by U.S. Govt, o b l i g a t i o n s All o t h e r « B i l l s bought i n open market Total b i l l s on hand Boston 7,905 51.007 5% Redemption fund a g a i n s t F. IL Bank notes Uncollected items A l l o t h e r resources TOTAL RESOURCES (a) Includes b i l l s discounted f o r other F, R. Banks, v i z : R Phila. 1,990 68,535 420,083 70,526 58,912 172,624 593,784 137,327 15.249 15.000 6.937 246,785 1,028,867 214,790 17.579 6.915 46.543 264,364 1,075,410 221,705 27,358 31,219 5.778 64,355 1,241 U. S. bonds and n o t e s U. S. C e r t i f i c a t e s of indebtedness: One-year c e r t i f i c a t e s (Pittman Act)I 10,450 1,797 All other — Municipal warrants 77,843 T o t a l earning a s s e t s Bank premises Hew York 390,172 29,911 4,636 124,722 102,331 38.531 265,584 ESOURCES Total Cleve. Rich. A t l a n t a Chicago St. Louis ? a m . 2hns. Cy. Dallas San Fran. 3,235 9,092 2,388 8,421 13,132 484,048 12,392 2,915 4,975 22,401 22,397 23,906 27,021 5.027 44,956 457.202 55.472 21.325 7.151 941,250 67,864 24,270 12,126 122,894 25,532 32,998 29,409 13,448 63,038 177,492 30,175 44,078 293,408 66,121 16,442 29,976 11,900 214,396 1,787,724 122.053 2.429 4,956 2.650 5.265 11.873 3.512 4,645 45.560 3.966 250,522 66,319 60,849 461,862 95,719 52,952 62,035 27,777 282,450 2,851,027 139,606 3,811 6.702 8,085 7,509 555 6,072 7,255 15,757 12,823 258,131 72,391 68,104 477,619 108,542 53,507 70,120 34,479 285,261 2,990,633 67,160 38,149 38,253 21,485 66,347 57,184 8.970 2.448 3.809 97,615 106,944 ,99,246 1,434 1,906 1,233 26,926 54.759 65,666 127,250 3.887 4.536 96,479 186,545 34,731 5,320 17 150 1,900 7,880 500 124,500 43,168 227 71,980' • 66,067 91,758 58,537 7,069 176 — 535 3,619 2,922 990 5,838 457,618 21,147 713,041 46,897 81,784 11.713 79,757 1,252,443 209 12,500 9,040 3,760 8,564 16,667 87 184 1 1,986 45 340,382 111,681 118,074 104,239 116,337 209,825 6,370 60,947 9,010 19,023 44,794 56,854 190 1.526 77,403 53,994 2,643 1,161 36,400 38,398 9,103 51,844 8,868 4,627 - 11,293 22,008 41,170 396 63,574 628 116. 4,950 22 32 740 4,196 — 2,141 88,346 1,455,069 769 33,384 422 1,580 700 7,854 156 394 539 235 916 188 523 536J 1,665 o>«./ 46,229 105,405 43,333 47,152 46,567 2&T335 61,373 31,672 15,798 34,872 24,091 35,395 518T4S3 458 428 3.549 1.015 19,476 777 2,795 6,042 453 994 521 722 1.722 393,952 1,532,696 378,382 428,530 226,760 206^98^ 758,042 214,122 137,341 202,383 122,199 417,207 5,018^598" 6,175 6,176 Bel eased f o r p u b l i c a t i o n Fr i:.ay morning, Dec. 9, 1921; not e a r l i e r . RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC- 7, 19<il. s t . 2465c. (In thousands of d o l l a r s ) L I A B I L I T I E S Federal Reserve Bank Boston New York P h i l a - Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran.. Total Capi t a l •paid in 7.936 27,110 6,727 11,124 5,424 4,17S 14,293 4,591 3,563 4,573 4,197 7,373 103,089 Surplus 16,342 59,318 17,564 22,263 11,026 8,708 30,536 5 , l l 4 7,303 9,330 7,113 15,207 213,824 Reserved f o r Govt, f r a n c h i s e tax 2,799 20,408 3,666 3,088 2,971 4,296 9,806 1,470 2 , 3 H 1,895 2,856 55,566 Deposits: Government 4,325 21,789 2,166 2,74s 1,454 2,192 5,485 2,023 1,935 3,126 1,968 3,126 52,337 Member bank - reserve account 109,702 640,045 99,486 126,839 53,665 42,364 231,180 61,631 45,480 66,867 43,017 12c,lb9 1,640,445 All o t h e r 7S4 14,686 1,247 720 426 338 2,203 681 454 540 313 3,109 25,501 Total deposits 114,811 676,520 102,899 130,307 "55,545 44,89?"238,868 64,335" , „ . . . . . . . 47,869 TO, 533 45,298 126,404 1,718,283 r F. B. notes in a c t u a l c i r c u l a t i o n 208,261 6 4 i , 7 i o 198,014 212,707 107,169 119,175 401,812 98,196 56,955 68,499 36,302 224,549 2,373,355 F. E. Bank notes i n c i r c u l a t i o n net l i a b i l i t y 5,440 18,327 4,947 5,603 3,723 7,670; 5,513 3,570 3,797 11,686 2,655 4,083 77,014 Deferred a v a i l a b i l i t y items 36,90^ 84,392 41,251 41,900 39,413 l 6 v # f 52,580 31,449 14,065 33,95k 24,613 34,664 453^953-' All o t h e r l i a b i l i t i e s 1,4^5 4,90 s 514 1,538 1,489 1,239 4,634 1,478 2,021 2,071 1,397 1,913 25,454 TOTAL LIABILITIES 393,952 1,532,696 378,382 428,530 226,760 206T9S4 758,042 214,122 137,341 202,383 122,199 417,207 5,01St53& fiatio of t o t a l reserves to deposit and is' R. 577 <J 7.377 n o t e l i a b i l i t i e s combined, per cent 81.8 81.6 73-7 75-3 44.5 41.5 74.5 66-8 51.0 50.4 42.3 81.6 73-1 Contingent l i a b i l i t y as endorser on discounted paper rediscounted with other F. R. Banks 4,298 1,877 6,175 Contingent l i a b i l i t y on b i l l s purchased f o r f o r e i g n correspondents F . R. notes outstanding F. R. notes held by banks F- R. notes in a c t u a l c i r c u l a t i o n B i l l s discountad B i l l s bought in open market U. S. C e r t i f i c a t e s of indebtedness Municipal warrants 2,336 12,057 2,560 2,624 1,568 1,152 3,808 1,504 864 1,536 832 1,472 32,313 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION 225,451 763,940 215,794 233,050 114,956 124,574 437,103 118,436 60,148 74,872 39,645 283,720 2,691,689 17,190 122,224 17,760 20,343 7,787 5,399 35,291 20,240 3,193 6,373 3,343 59,171 318,334 2 0 8 , 2 6 1 6 4 1 , 7 1 6 198,014 212,707 107,169 119,175 401,812 98,196 56,955 68,499" 36,302 224,549 2,373,355 DISTRIBUTION OF BILLS, U, S. CERTIFICATES OF INDEBTEDNESS AND MUNICIPAL WARRANTS BY MATURITIES Within 15 days l b to 30 days 31 to-60 days 6l to 90 days Over 90 days Total 691,836 138,785 161,582 120,592 57,864 1,170,659 45,982 13,252 15,332 7,187 31 81,784 37,500 2,000 5,4oo 116,181 6,587 167,668 168 227 59 .Released, f o r p u b l i c a t i o n Friary morning, Bee. 9, 1921; not e a r l i e r FEDERAL RESERVE AGENTS' ACCCULTS AT CLOSE OF BUSINESS DEC. 7, 1921. Federal Reserve Agent a t Boston » „ To* St-2465a. (In ttwiiiands of d o l l a r s ) P h l l a . Cle.eBich. Atlanta Chicago St.LouW Mim. Kans.Cy. Dallas San Fran Total RESOURCES Federal Reserve notes on hand Federal Reserve n o t e s outstanding C o l l a t e r a l s e c u r i t y f o r Federal Reserve notes outstanding: Gold arid gold c e r t i f i c a t e s Gold redemption fund Gold fund - F. R. Board E l i g i b l e paper Account r e q u i r e d Excess amount held TOTAL 101,160 330,310 30,220 39,000 28,679 25,660 11,445 75,823 114,956 124,574 161,440 437,103 4,581 25,595 3,400 1,978 38,700 15,764 277,644 56,500 84,780 80,496 143,695 42,482 52,315 43,706 10,996 14,809 326,611 1,094,250 246,014 272,050 143,635 200,397 5,600 12,024 155,000 52,827 11,528 396,924 IS,37 5 25,260 11,938 14,117 171,000 125,389 145,000 170,156 68,055 78,46? 55,55% 1,780 51,026 12,291 15,768 6,110 3,511 bC,148 7,700 74,872 13,052 1,190 2,200 l,6lb 19,405 30,860 861,702 39,645 233,720 2,691,689 6,701 - 450,132 2,965 17,-107 112,651 44,896 27,745 69,324 903,965 28,360 2,234 197,289 1,224,911 32,435 25,509 - 9,557 296,636 563,590 1,926,245 463,588 556,126 270,882 3^0,739 1,075,128 273,52s 146,550 189,879 124,604 607,857 6,541,716 L I A B I L I T I E S l e t amount of Federal Reserve notes received from Compt r o l l e r of the Currency C o l l a t e r a l received, from Federal Reserve Bank: Gold E l i g i b l e paper TOTAL 172,624 558,543 144,096 71,553 82,572 55,050 314,580 3,553,391 593,784 137,327 177,492 30i176 44,078 293,408 66,121 16,442 29,976 11,900 214,396 1,787,724 2^8,211 80,247 106,584 97,071 96,264 186,177 63,311 58,515 77,331 53,654 78,881 1,200,601 5o3»590 1,926,245 463,588 556,126 270,882 340,739 1,078,128 273,52s 146,550 189,879 124,604 607,857 6,541,716 64,355
@FedFRASER