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\ STATEMENT FOR THE PRESS Released f o r p u b l i c a t i o n Sunday morning, F e b r u a r y 13; not e a r l i e r , S t . 1787 F e d e r a l Reserve Board February 12, 1921. CONDITION OF FEDERAL RESERVE BAMS P a r t h e r g a i n s of about 10 m i l l i o n s i n gold and of l6 . 1 m i l l i o n s i n t o t a l cash r e s e r v e s , accompanied by a r e d u c t i o n of 25-3 m i l l i o n s i n F e d e r a l Reserve n o t e c i r c u l a t i o n and an i n c r e a s e of 25-6 m i l l i o n s in 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 in t h e F e d e r a l Reserve B o a r d ' s cons o l i d a t e d weekly bank s t a t e m e n t i s s u e d as a t c l o s e of b u s i n e s s on F e b r u a r y 11, 1921. The r e s e r v e r a t i o shows a f u r t h e r r i s e f o r t h e week from 49*3 t o 49*6 per c e n t . Following t h e adoption by most of the F e d e r a l Reserve Banks of h i g h e r d i s c o u n t r a t e s on paper supported by Treasury c e r t i f i c a t e s , h o l d i n g s of t h i s c l a s s of paper show a r e d u c t i o n of 22*8 m i l l i o n s , a g a i n s t an i n c r e a s e of 17*3 m i l l i o n s i n t h e h o l d i n g s of paper s u p p o r t ed by o t h e r Government s e c u r i t i e s * Other d i s c o u n t e d paper on hand shows a d e c l i n e of 22«1 m i l l i o n s ; a c c e p t a n c e s purchased in open market i n c r e a s e d by 8 , 1 m i l l i o n s , w h i l e Treasury c e r t i f i c a t e h o l d i n g s went up 3 *6 m i l l i o n s . I n consequence of t h e changes j u s t n o t e d , t o t a l e a r n i n g a s s e t s show a f u r t h e r r e d u c t i o n of 15*9 m i l l i o n s , -the February 11 t o t a l s t a n d i n g a t ^870.8 m i l l i o n s , a d e c r e a s e of 5 5 1 . 2 / W m H R i peak f i g u r e of 3,4-22 m i l l i o n s shown on October 15 of l a s t y e a r . Of t h e t o t a l h o l d i n g s of 1,011-7 m i l l i o n s of paper secured ty United S t a t e s Government o b l i g a t i o n s , 591*6 m i l l i o n s , or 5 8 . 5 p e r c e n t , were secured by L i b e r t y and o t h e r U. S. bonds; 299.9 m i l l i o n s , or 29.6 per c e n t , by V i c t o r y n o t e s , and 120.2 m i l l i o n s , o r 11.9 per c e n t , by Treasury c e r t i f i c a t e s , compared w i t h 595-5, 278-7 and 143 m i l l i o n s r e p o r t e d t h e week b e f o r e , Discounted b i l l s h e l d by the Boston, R i i l a de I p h i a and Cleveland Reserve Banks a r e shown i n c l u s i v e of 19.4 m i l l i o n s of paper d i s c o u n t e d f o r the A t l a n t a , Minneapolis and D a l l a s Banks, compared w i t h a b o u t 33 m i l l i o n s the week b e f o r e . In a d d i t i o n , t h e above t h r e e d i s c o u n t i n g Banks and t h e . R e s e r v e Bank of San F r a n c i s c o , r e p o r t among t h e i r a c c e p t a n c e h o l d i n g s over 46 m i ] ^ i g g s of bank a c c e p t a n c e s p u r c h a s e d frcm the New York Bank, compared/54.9 m i l l i o n s on the p r e ceding F r i d a y . As a g a i n s t a nominal i n c r e a s e i n Government d e p o s i t s , a d e c r e a s e of 2.9 m i l l i o n s i n members' r e s e r v e and other d e p o s i t s i s n o t e d . On the o t h e r hand, the " f l o a t " c a r r i e d by the Reserve Banks and t r e a t e d as a d e d u c t i o n from immediately a v a i l a b l e d e p o s i t s i s given 2 8 . 5 m i l l i o n s smaller than the week b e f o r e . In consequence, c a l c u l a t e d n e t d e p o s i t s show an i n c r e a s e f o r t h e week of 25-6 m i l l i o n s . F e d e r a l Reserve n o t e c i r c u l a t i o n shows a f u r t h e r d e c r e a s e f o r the week of 25-3 m i l l i o n s , as a g a i n s t an i n c r e a s e of 67*3 m i l l i o n s f o r t h e c o r r e s p o n d i n g week i n 1920.. F e d e r a l Reserve Bank n o t e c i r c u l a t i o n , on the other hand, shows an i n c r e a s e of a b o u t 1 m i l l i o n , as a g a i n s t a dec r e a s e of 3 m i l l i o n s f o r the c o r r e s p o n d i n g week a y e a r a g o . Owing l a r g e l y t o i n c r e a s e s i n c a p i t a l i z a t i o n of member banks t h e p a i d - i n c a p i t a l of t h e Reserve Banks shows an a d d i t i o n f o r t h e week of $329,000, a l l the Banks, except t h o s e a t Minneapolis 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 g a i n s i n t h e i r p a i d - i n c a p i t a l f o r t h e week. R e l e a s e d f o i - p u b l i c a t i o n Sunday morning, February 13, 1°21; n o t e a r l i e r . RESOURCES Aim LIABILITIES OF THE TWELVE FEW UL RESERVE BAMS COMBINED. HESOCS CES Fe bruary 11. 1921 February 4. 1921 Gold and gold c e r t i f i c a t e s $204,985,000 $199,750,000 Gold s e t t l e m e n t fund - F. P . Board 480,480,000 482,192,000 Gold w i t h f o r e i g n a g e n c i e s r 3,300,000 T o t a l gold held by banks 685,465,000 )85, 242,000 Gold w i t h F e d e r a l Reserve Agents 1,269,037,000 '1,274,747,000 Geld redemption fund l67.476.000 151.958.000 T o t a l gold r e s e r v e s $2,121,97S,000 $2,111,947,000 Legal t e n d e r n o t e s , s i l v e r , e t c . 220,220,000 214.180.000 Total reserves 273^2,198,000 2,326,127,000 B i l l s d i s c o u n t e d (Secured by U.S. Government o b l i g a t i o n s 1,011,677,000 1,017,152,000 \ 1,415, 921,000 (All o t h e r 1,393,839,000 B i l l s bought i n open m a r k e t 175.873.000 167. 818.000 T o t a l b i l l s on hand 2,581,389,000 2,600,891,000 U. S. Government bonds 25,849,000 25,849,000 U . S . Victory notes 19,000 19,000 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 263.574.000 259.970.000 Total earning assets 2,870,831,000 2, 886,729,000 Bank p r e m i s e s 18,244,000 18,977,000 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 from g r o s s d e p o s i t s 567,478,000 *595,980,000 5 R e d e m p t i o n fund a g a i n s t F. R. Bank n o t e s 12,868,000 12,207,000 Gold abroad i n c u s t o d y or i n t r a n s i t 3,300,000V All other resources 7.500.000 "7"105^000 TOTAL RESOURCES *5,847,053,000 5,822,491,000 L I A B I L I T I E S Capital paid in 100, 228,000 100,557,000 Surplus 202,036,000 202,036,000 •Government d e p o s i t s 48,457,000 *48,373,000 Cue t o members - Reserve account 1,7^0,259^000^ 1,742,762,000 D e f e r r e d a v a i l a b i l i t y items 423,6*^)00 423,613,000 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 2b. 243.000 25.§02.000 T o tal gross d e p o s i t s *2,241,011,000 2,238,131,000 F . R. n o t e s i n a c t u a l c i r c u l a t i o n 3,050,416,000 3,075,750,000 F . R. Bank n o t e s in c i r c u l a t i o n - n e t l i a b i l i t y 198,178,000 197,210,000 All other l i a b i l i t i e s 30.818.000 33.173.000 . TOTAL LIABILITIES 5,822,491,000 *5,847,053,000 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 49.6^70 49.3# R a t i o of gold r e s e r v e s t o 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 s e t t i n g a s i d e 3 5 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 57. D-/0 56.9^ *Revised f i g u r e s , S<- Feb^3J^1220 $202,425,000 424,832,000 112.822.000 740,079,000 1,121,757,000 126.544.000 1,988,380,000 64.133.000 2,052,513,000 1,469,562,000 823,873,000 542.600.000 2, 836,035,000 26,775,000 63,000 290.317.000 3,153,190,000 11,103,000 1,052,333,000 12,114,000 4,122.000 6,285,375,000 89, 674,000 120, 120,000 " 24, 218,000 1,837, 865,000 880, 45,1,000 2 L 044 noo 2, 839, 57 8,000 087,000 810,000 106.000 6,285,375,000 43 wtmumsBM . . 0 l e a s e d f o r p u b l i c a t i o n Sunday morning, February 13, 1°21; n o t e a r l i e r . RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEBRUARY 11 1A21. S t . 1787b. ISi~" W i W l'j -iliil £gfrf'ir" " " s 41 is 1 ' • A«o„^r:ia?2r" ^ n,^ yorB. intranait 1 ?iSH^s:r 1' 1 E i! § p s|' ^ g: 5 r s (a) I n c l u d e s b i l l s d i s c o u n t e d f o r o t h e r F, R, Banks, v i z : (b) I n c l u d e s b a n k e r s ' a c c e p t a n c e s bought from o t h e r F.R.Banks: Without t h e i r endorsement 39 '202 1,925 U 9 -29S - •*.»« 2, l4g 15,354 - u 2 > 6 35,^ 3 6,858 , u • 6.005 1 - A , g?l D 6 ° 10 ' " - - - - - 13,891 , , 46,022 R e l e a s e d f o r p u b l i c a t i o n Sunday t u r n i n g , February 13, 192I; n o t e a r l i e r . RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEBRUARY 11, 1Q21 ( I n thousands of d o l l a r s ) ' F e d e r a l Reserve Bank Boston Capital paid-in 7,858 Surplus 15,711 Government d e p o s i t s 2,637 427 5,856 2,316 1,474 1,229 IXie to members - r e s e r v e account 113,836 655,629 106,377 152,427 53,934 48,222 250,928 D e f e r r e d a v a i l a b i l i t y items 67,507 44,231 77,044 73,961 38,780 40,885 36,917 20,715 44,747 28,150 13,041 38,896 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 13.4qp 475 _2Zb_ -223 2.027 580 T ota l g r o s s d e p o s i t s -55k HZ. 150,079 59,300 118,106 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 261,954 787:93s 71,802 100,984 F . R. Bank n o t e s i n c i r c u l a t i o n net l i a b i l i t y 17,759 40,124 2C,i44 20,977 9,959 13,759 32,893 7,906 All o t h e r l i a b i l i t i e s 6,899 12,463 1J>52 11.739 1,844 2,116 1.101 -5^.124 1,275 1.243 l.qqi TOTAL LIABILITIES 3# T]-Z»6 17 Vrol S'S S:?» ^ S& 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 F.fi. n o t e l i a b i l i t i e s combined, p e r cent 64.0 Contingent l i a o i l i t y a s endorser on d i s c o u n t e d paper r e d i s c o u n t e d with o t h e r Federal Reserve Banks Backers' a c c e p t a n c e s s o l d to o t n e r F. R. Banks without endorsement B i l l s discounted . b i l l s bought in open market U. S, C e r t i f i c a t e s of indeotadness 39.4 55,3 65,1 MEMORANDA 49.5 42.0 53-0 5,115 46,0; Contingent l i a b i l i t y 0^ o i l l s purchased for foreign correspondents -b» B. n o t e s o u t s t a n d i n g F. R. n o t e s h e l d by oar.' 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 ^ 1,168 8,101 54.6 38.7 500 44.3 St.1787c. San Fran. Total 4,131 7,006 100,557 6,033 14,194 202,036 l,bl7 2,422 48,457 51,718 113,346 1,740,259 24,810 29,733 423,W c*s£> Jig 5.979 25: 78,463 151,480 2,238,131 69,029 247,303 3,050,416 6,447 .1,289 39.C 13,81: jjg?> IlZUL 8,848 53.9 198,178 49.6 19,427 46,022 1,280 1,312 754 576 1,904 75: 43/ 76s 4i6 736 18,229 FEDERAL RESERVE 1T0TES OUTSTANDING ANB IN ACTUAL CIRCULATION 274,657 ^Tc'%1 333,096 155,395 174,325 542,773 142,740 73,814 108,928 73,637 297,942 3,368,644 t 12,703. 13^,o76—10j4l0—16,931 0,853 44,522 19,893 7,q44 ~ ^ 5,057 * 1 j<~*±~j 2.012 j 4.608 50.639 318.228 26l,954 787,938 256,313 310,165 142,542 1 6 9 , 2 8 8 498,251 122,847 71,802 100,984 69,029 247,303 3,050,^16 DISTRIBUTION OF BILLS AND U. S. CERTIFICATES OF INDF TEEXESS BY MATURITIES T1 t h i n 1^ days l 6 to jO days 31 to oO days ol to 90 days Over 90 days To t a l 1,431,76s 251,266 403,555 274,716 44,211 2,405,516 5~, 666 47,652 58,860 16,695 175,873 4,823 6,000 7,646 8,858 236,247 263,574 R e l e a s e d f o r p u b l i c a t i o n Sunday morning, February 13, not e a r l i e r . gt FEDERAL RESERVE AGENTS' ACCOU ITS AT CLOSE OF BUSINESS FEBRUARY 11, ig21 ^ (In thousands of d o l l a r s ) F e d e r a l Reserve Agent a t R E S O U R C E S F e d e r a l Reserve n o t e s on hand F e d e r a l Reserve n o t e s o u t s t a n d i n g C o l l a t e r a l s e c u r i t y for Federal Reserve n o t e s outstanding: Gold and g o l d c e r t i f i c a t e s Gold redemption $ i n d Gold s e t t l e m e n t fund-F.R .Board E l i g i b l e paper: Amount r e q u i r e d Excess amount h e l d COTAL Boston Mew York Phila, Clevel. Richm. A t l a n t a Chicago S t . L o u i s 117,780 274,657 268,000 25,490 53,020 24,848 75,535 924,614 266,723 333,096 1 5 5 , 3 9 5 174,325 "5,600 17,850 125,000 Ib9,o07 - 2 3 , 7 7 5 10,561 19,736 17,524 26,000 112,389 140,000 126,207 - 151,140 25,680 542,773 142,740 3,5CU Minn. Kans.Cy. D a l l a s San F r a n . 13,285 5,120 73,814 108,928 16,828 48,300 73,637 297,942 825,026 3,368,644 227,385 118,901 922,751 5,9bo 13,052 3,240 53,600 14,374 196,144 4,074 53,631 2,516 10,200 2,911 35,360 5,891 3,500 19,425 7,234 113,193 718,446 134,598 151,797 102,205 113,985 182.538 18.712 34.554 6.060 16.156 332,255 42.4fi 79,075 10 714 48,046 28.689 70,657 30.945 57,012 165,324 13.599 17.490 3,190 50,000 C o l l a t e r a l r e c e i v e d from F e d e r a l Reserve Bank* Gold E l i g i b l e paper TOTAL ^7 http://fraser.stlouisfed.org/ Federal > Reserve Bank of St. Louis 2,099,607 • 425.-864*9#/ 2^2 691,018 2,299.766 577,648 753,766 31.1,698 Wo,341 1 , 2 7 9 % 321.ST4 1*9,608.253,921 177,701 661,674 — ' — fr' 7,98s,tie- 392,437 1,192,614 292,213 326,116 180,243 249,860 L I A B I L I T I E S Net amount of F e d e r a l Reserve n o t e s r e c e i v e d from Compt r o l l e r of t h e Currency Total 148,450 150,131 206,16 s 132,125 181,299 53,190 6 o j 4 o 900.984 151,410 186.351 108.265 110,141 693,913 168,420 210,518] 63,665 3 7 4 . 6 ^ 8 9 , 7 8 9 87,099 114,048 90,465 346,242 4,193,670 25,768 16,625 132,618 1,269,037 2.525.4HS~9 / 7,98B\W- 38,271 76,735 101.602 70.611 182.814 691,018 2,299,766 577,648 753,766 341,69S 4140,341 1 . 2 7 9 . t o | 321,874 189,602 253,921 177,701 661,674
@FedFRASER