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St.920 STATEMENT- FOR THE PBESS. 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 15> not e a r l i e r . F e d e r a l R e s e r v e Board F e b r u a r y lU, 1920. CONDITION OF FEDERAL RESERVE BANKS. F u r t h e r i n c r e a s e s i n d i s c o u n t o p e r a t i o n s and n o t e i s s u e s , accompanied by a modfce m o d e r a t e i n c r e a s e i n n e t d e p o s i t s , a r e i n d i c a t e d i n t h e F e d e r a l R e s e r v e B o a r d ' s weekly bank s t a t e m e n t i s s u e d a s 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 13, 1920. Gold w i t h d r a w a l s f o r e x p o r t and s a l e s of g o l d h e l d w i t h f o r e i g n a g e n c i e s were l a r g e l y o f f s e t by g o l d d e p o s i t s of t h e T r e a s u r y and g a i n s i n o t h e r r e s e r v e c a s h . The r e s u l t i s s e e n i n a d e c r e a s e of g o l d r e s e r v e s by 3 - 2 m i l l i o n s , a s a g a i n s t a r e d u c t i o n i n t o t a l c a s h r e s e r v e s by only 2 . 1 m i l l i o n s , and i n t h e d e c l i n e of t h e b a n k s ' r e s e r v e r a t i o f r o m 44.1 to 43.2 per c e n t . War p a p e r h o l d i n g s of t h e R e s e r v e banks show a n i n c r e a s e f o r t h e week of a b o u t IS m i l l i o n s , o t h e r d i s c o u n t s - a n i n c r e a s e of 7 1 . 9 m i l l i o n s , w h i l e h o l d i n g s of a c c e p t a n c e s p u r c h a s e d i n t h e open m a r k e t d e c l i n e d 1 2 . 2 m i l l i o n s . An i n c r e a s e of l 4 > 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 s r e p r e s e n t s l a r g e l y t h e amount of t e m p o r a r y c e r t i f i c a t e s t a k e n by s e v e n R e s e r v e banks t o cover a d v a n c e s to t h e Government p e n d i n g c o l l e c t i o n of f u n d s f r o m d e p o s i t a r y i n s t i t u t i o n s . T o t a l e a r n i n g a s s e t s show a n i n c r e a s e f o r t h e week of a b o u t 92 m i l l i o n s . Of t h e t o t a l of 1,469«6 m i l l i o n s of war .paper held,."659• 5 m i l l i o n s , or 44.9 p e r c e n t , were s e c u r e d by L i b e r t y b o n d s ; 236.9 m i l l i o n s , . or 16* 1 p e r c e n t , by V i c t o r y n o t e s ; and 573*2 m i l l i o n s , or 39 p e r 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 , a s a g a i n s t 44.7> 15«S and 33*5 p e r c e n t of a t o t a l of 1,451.6 m i l l i o n s of war p a p e r shown t h e week b e f o r e . ,r D i s c o u n t e d p a p e r h e l d by t h e C l e v e l a n d , A t l a n t a , Chicago, M i n n e a p o l i s , n a n s a s C i t y and D a l l a s banks i n c l u d e 97 »7 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 t h e New York and P h i l a d e l p h i a b a n k s , w h i l e a c c e p t a n c e h o l d i n g s of t h e Boston, C l e v e l a n d , A t l a n t a , Chicago, Kansas C i t y a n d San F r a n c i s c o banks a r e i n c l u s i v e of a b o u t 39 m i l l i o n s of bank a c c e p t a n c e s p u r c h a s e d f r o m t h e Boston and New York b a n k s . Government d e p o s i t s show a r e d u c t i o n f o r t h e week of I S . 2 m i l l i o n s , r e s e r v e d e p o s i t s d e c l i n e d 31*6 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 , i n c l u d i n g f o r e i g n government c r e d i t s went up 1 . 2 m i l l i o n s . The " f l o a t " c a r r i e d by the F e d e r a l R e s e r v e banks shows a d e c r e a s e f o r t h e week of 7 0 . 4 m i l l i o n s . The combined r e s u l t of t h e s e changes i s s e e n i n a n i n c r e a s e of n e t d e p o s i t s by 2 1 . 8 m i l l i o n s . F e d e r a l R e s e r v e n o t e c i r c u l a t i o n shows a n e x p a n s i o n f o r t h e week of 6 7 . 3 m i l l i o n s , l a r g e l y i n t h e f o u r E a s t e r n and t h e Chicago d i s t r i c t s . On t h e o t h e r h a n d , t h e b a n k s ' a g g r e g a t e l i a b i l i t i e s on F e d e r a l R e s e r v e bank n o t e s show a r e d u c t i o n of a b o u t 3 m i l l i o n s . Admission of new members and 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 e x i s t i n g members i n t h e New York, Chicago and San F r a n c i s c o d i s t r i c t s a c c o u n t l a r g e l y f o r t h e i n c r e a s e of $555*000 i n p a i d - i n c a p i t a l shown. 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 15> 1920; n o t e a r l i e r . St.920a COMBINED RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BAICCS. R E S O U R C E S F e b r u a r y 13, 1920 F e b r u a r y 6, 1920 F e b r u a r y l 4 , 1919 C-old and gold c e r t i f i c a t e s $202,425,000 $205,393,000 £347,764,000 Gold s e t t l e m e n t f u n d , F . R. Board 424,6)2,000 434,160,000' '437,275,000 Gold w i t h f o r e i g n a g e n c i e s 112.622.000 114,321.000 5.629.000 T o t a l gold h e l d by banks 740,079,000 753, £>74,000 790,671,000 Gold w i t h F e d e r a l R e s e r v e Agents 1,121,757,000 1,11b,-+27,000 1,217,36^,000 Gold r e d e m p t i o n f u n d 12G.S44.000 121.2S4.000 111.113.000 T o t a l gold r e s e r v e s $1,988,380,000 $1,931,560,000 2 , 1 1 9 , 3 4 7 , 0 0 0 Legal t e n d e r n o t e s , s i l v e r , e t c . 64.133.000 63.096.000 63.971.000 Total reserves 2,052,513,000 2,054,656,000 2,125,312.000 B i l l s d i s c o u n t e d S e c u r e d ^ Government war o b l i g a t i o n s 1,469,562,000 1,451,557,000 1,603,052,000 (All o t h e r 823,273,000 751,922,000 . 233,249,000 B i l l s bought i n open market 542.600.000 5S4.750.000 275.06S.000 T o t a l b i l l s on hand 2,836,035,000 2 , 7 5 2 , 2 2 3 , 0 0 0 2,111-,563,000 U. S- Government bonds 26,775,000 26,776,000 22,101,000 U. S. V i c t o r y n o t e s 63,000 6^,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 230,317,000 276,064,000 l4l,204,000 All other earning a s s e t s 4.000 - o t a l earning a s s e t s 3,153,190,000 3,Obi,152,000 2 , 2 2 1 , 2 7 2 , 0 0 0 Bank p r e m i s e s 11,103,000 . 10,526,000 8,967,000 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 f r o m g r o s s d e p o s i t s 1,052,333,000 596,971,000 701,465,000 5/» Redemption f u n d a g a i n s t F . R . bank n o t e s 12,'ll4'000 12,232',000 6*842^.000 All other resources 4.122.000 5.046.000 10,658,000 TOTAL RESOURCES 6,225,375,000 b,040,685,000 5,194,528,000 L I A B I L I T I E S Capital paid-in 89,674,000 29,119,000 21,211,000 Surplus 120,120,000 120,120,000 22,735,000 Government d e p o s i t s 24,212,000 42,446,000 192,970,000 Due to members - R e s e r v e a c c o u n t 1,237,865,000 1,269,432,000 1,623,158,000 Deferred a v a i l a b i l i t y items 820,451,000 654,735,000 517,726,000 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 97,044,000 95.276,000 112.273.000 Total gross deposits 2,839,572,000 2,662,495,000 2,446,127,000 F - s* notes in actual circulation 2,959,027,000 2,891,775,000 2,465,322,000 F . R. bank 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 245,810,000 245,720,000 132,291,000 All other l i a b i l i t i e s 31.106.000 28,396,000 43.773,000 TOTAL LIABILITIES 6,225,375,000 6,040,625,000 5,194,528,000 R a t i o of total r e s e r v e s t o 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 43.2/j 44.1^ 51*9/% R a t i o of g o l d 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 setting 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 45.2/b . jfo 6 3 . S$ R e l e a s e d f o r p u b l i c a t i o n Sunday morning, F e b r u a r y 15, 1920; n o t e a r l i e r . St-920c RESOURCES Aim LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEBRUARY 13, 1920. R E S O U R C E S ( I n t h o u s a n d s of d o l l a r s . ) Boston New York Phi l a - C l e v e l - Richm- A t l a n t a Chicago S t . L o u i s Minn. Kans-Cy. D a l l a s Sar. F r a n F e d e r a l R e s e r v e bank of Total• 9,556 113,966 94a 10,190 2,2:9 o,574 2 4 , 3 % 2,595 7,24s 361 Gold a n l g o l d c e r t i f i c a t e s 6,525 15,530 202, 425 22,204 74,o62 2 9 , 7 0 1 4 0 , 4 3 1 29,365 16,257 Go, 152 21,076 1 5 , 7 7 5 3 2 , 1 5 6 15,23 2 33,56 5 Gold s e t t l e m e n t f u n d - F-R.Board 424, 532 5,236 4i,4o6 9,026 9,252 5,528 4,061 13,426 5,303 3 , 0 4 6 5,415 & 9 3 3 5,190 112,522 Gold w i t h f o r e i g n a g e n c i e s T o t a l gold h e l d by banks 39,996 230,254 39,669 59,273 3 7 , 1 5 2 2 5 , 9 2 2 125,927 2 9 , 2 7 4 2 6 , 0 7 2 4 3 , 9 3 2 24,690 5 4 ' 2 5 2 740,079 73,713 299,277 54,16s 123,439 3 5 , 0 0 4 56,646 204,39s 59,154 34,342 3 5 , 4 2 0 31,655 50,911 1,121,757 Gold w i t h F-R. Agents 2 7 , 4 5 0 24,956 12,072 1,990 5,43 7 5,207 23 , 550 5,170 SS 4,535 3.166 9.573 Gold r e d e m p t i o n f u n d 126,544 1417159 — — ^ ^ ^ ^ — 1 95s 350 Total gold r e s e r v e s 141,159 555,117 135,909 155,302 50,023 90,775 3 5 3 , 5 7 5 93,b2S 60,502 56,557 5 9 , 5 3 1 145'072 Legal t e n d e r n o t e s , s i l v e r , e t c ,6,530 47,551 575 263 1,332 1,743 3 . 3 4 3 74 54o I.5O4 194 ' 64*m 7_IS4 Total reserves 147,639 602,965 136,093 185,877 50,5S6 92,107 3 5 5 , 6 1 5 9 6 , 9 7 1 60,576 57,427 61,035 145726TT05^513 B i l l s d i s c o u n t e d : (a) Secured by Government war 106,651 obligations 3 1 , 8 SO All other I s . ' l i l ^ 22,984 B i l l s bought i n open m a r k e t (b) 204,561 7,19k 76,152 10,117 17,599 73,636 9,79s 4,537 11.351 ' 1,515 102/523 542:600 T o t a l b i l l s on hand 211,515 1,002 127 207,493 226,163 110/625/114,563 414,671 105,870 76,151 98,515 66,514 200,923 2, G3S!o35 U. S» Government bonds 539 1,457 1,385 833 1,235 H4 4,477 1,153 116 s,s6s 3,966" 2^632 26! 775 U. S . V i c t o r y n o t e s 50 10 3 63 23,627 66,452 36,938 23,421 15,260 15,665 41,328 17,291 5,450 19.169 9 . 3 0 0 13.356 290,317 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 235,681 1,070,11b 245,siF2507432 127,120 130,645 4bo,47&"124,3ir 84,747 1 2 6 , 5 5 2 20,080 2 1 6 , 9 1 1 3 , 1 5 3 , 1 9 0 Total earning assets l , 113 3,094 500 64i 553 506 2)116 566 515 462 Bank p r e m i s e s 11,103 506 231 U n c o l l e c t e d i t e m s and o t h e r d e 94,014 234,83 s 87,732 55,491 37,496 47,032 121,409 81,341 20,325 5 4 , 6 0 1 53,915 54,13b 1 , 0 5 2 , 3 3 3 ductions from gross deposits 5fo Redemption f u n d a g a i n s t F . S . 2,651 1,072 1,475 1 , 1 2 4 827 331 1,799 317 290 12,114 562 665 bank n o t e s 44s 1,008 282 285 130 568 279 241 162 4,122 336 324 59 All other resources TOTAL RESOURCES (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-Pw b a n k s , v i z : (b) I n c l u d e s b a n k e r s 1 a c c e p t a n c e s bought f r o m o t h e r F»R* b a n k s : With t h e i r endorsement Without t h e i r endorsement 479,851 1,914,705 472,064 523,544 296,671 271,247 941,986 304,050 166,515 300,649 196,260 417,533 6,255,375 ~ ~~ 3>250 s,550 15,000 42,195 5,036 11,996 5,057 5,090 5,000 5,000 97,650 21,935 5,050 3,405 20,263 is,654 ; l e a s e d f o r p u b l i c a t i o n Sunday morning, February 1% 1920; n o t e a r l i e r . S t . 920c EESOUEGES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEBRUARY 1 ] , 1920. ( i n t h o u s a n d s of d o l l a r s ) L I A B I L I T I E S F e d e r a l Reserve bank of Boston New York P h i l a . C l e v e l , Riehm. A t l a n t a Chicago S t . L o u i s Minn* Kans-Cy* D a l l a s San Fran* Total Capital paid-in 7,210 23,804 7,900 9,532 4,401 3,493 12,617 4,094 4 , 0 4 6 3,127 3,482 5,96s 89,674 Surp l u s 45,082 8,355 8,805 9,089 5,820 4 , 6 9 5 14,292 6 , l i b 3 , 7 2 4 3,030 7,539 120,120 3 , 5 6 5 Government d e p o s i t s 85I 7,942 1,454 3,282 1,490 699 327 1,740 368 1,232 3,100 24,218 1,733 Due t o members — Reserve a c c o u n t 113,967 730,617 9 2 , 9 4 6 1 3 1 , 7 5 4 61,687 5 6 , 6 2 5 2 5 3 , 5 8 5 72,270 50,096 88,719 62,461 118,138 1,837,865 D e f e r r e d a v a i l a b i l i t y items 67,960 191,979 84,987 68,602 77,343 43,372 112,232 65,621 16,036 7 5 , 7 ^ 5 39,376 37,19s 880,451 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 5,510 42,713 7,612 6,065 3,624 2.661 4,009 2_2_184 3,693 2,036 6,957 97,044 9,-7: Total gross deposits 193,255 973,251 126,999 209,703 143,353 102,937 3 7 7 , c , 3 143,633 6 s , 6 8 4 169,557 105,105 165,393 2 , 5 3 9 , 5 7 8 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 245,453 809,254 2 3 5 , 8 7 1 272,544 130,529 144,173 495-1ST 136,668 82,386 u c , 5 3 9 74,499 2 2 4 , 5 7 4 2 , 5 5 9 , 0 8 7 IT-2.bank n o t e s i n c i r c u l a t i o n net liability 19,460 50,467 2 7 , 2 3 3 20,965 11,678 l 4 , 8 o 0 3 5 , 6 3 3 14,778 245,810 7 , 8 9 9 18,84-7 9.39S 11,592 All other l i a b i l i t i e s 2,081 12,847 2,256 2,011 890 1,039 850 1 , 2 0 4 3,962 2 , 0 6 7 746 31,106 1,153 TOTAL LIABILITIES 479,851 1,914,705 472,064 523,844 296,671 271,247 941,986 304,050 166,515 300,649 196,260 417,'533 6,285^375 Contingent l i a b i l i t y as e n d o r s e r on Discounted paper r e d i s c o m t e d w i t h o t h e r F- R. banks Bankers' acceptances sold to o t h e r F- 2 . banks M E 1.1 0 R A N D A >9,735 47,945 57 , 650 20,263 20,263 FEDERAL RESERVE NOTES OUTSTANDING- AND IN ACTUAL CIRCULATION Kotos o u t s t a n d i n g 254,900 Notes h o l d by bank 447 " F.B- Notes i n a c t u a l c i r c u l a t i o n 2 4 9 , 4 5 3 507,429 251,076 253,447 135,154 148,516 523,363 152,779 83,348 106,647 98,175 12,205 10,903 4,625 4,643 28,166 16,ill 962 6,108 809,254 238,871 272,544 130,529 144,173 495,197 136,668 82,386 100,539 77,270 2 6 3 , 7 4 5 3 , 1 5 7 , 5 7 4 228,887 2,771 38,771 74,499 2 2 4 , 9 7 4 2 , 9 5 9 , 0 8 7 DISTRIBUTION OF BILLS AND U . S . CERTIFICATES OF INDEBTEDNESS BY MATURITIES W i t h i n 15 days B i l l s discounted B i l l s bought i n open m a r k e t 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 1,457,971 137,611 24,053 l6 to 30 days 31 t o 60 days 223,771 127,339 6,000 357,350 207,592 10,853 6l t o 90 days 239,269 70,058 5,500 Over 90 days 15,074 243,911 Total 2,293,435 542,600 290,317 R e l e a s e d f o r p u b l i c a t i o n Sunday morning, F e b r u a r y 15. 1920; n o t e a r l i e r . St.gSOd FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF -BUSINESS FEBRUARY 13> 1920. ( i n thousands of d o l l a r s . ) Boston New York Phila. Clevel. Eichm. A t l a n t a Chicago S t . L o u i s iiiim. Kans.Cy. D a l l a s Sar F r a n . Total ' -FEDERAL RESERVE NOTES: R e c e i v e d from C o m p t r o l l e r U$S,520 2,046,240 528,780 505,l40 305,860 306,600 8 7 8 , 6 0 0 3C0.S0C 1 5 4 , 0 8 0 2 0 7 , 8 2 0 l4b,3SO 42u,USv o J v L . v O v ^ P I 0 . 7 0 0 1 . 0 1 9 , 8 1 1 263,324 196,393 1 ^ 7 6 2 106,83% ' * Returned to Comptroller Chargeable to F . R- Agent I n hands of F . R< Agent I s s u e d t o F . R» "bank l e s s amount r e t u r n e d t o F . R« Agent f o r redemption 2 8 7 , 5 2 0 1,026,429 265,456 308,747 161,09s 199,766 544,773 171,079 32,920 254,500 COLLATERilL SECURITY FOR OUTSTANDING NOTES: Gold and gold c e r t i f i c a t e s on hand Gold r e d e m p t i o n f u n d 13,713 Gold s e t t l e m e n t f u n d , F-RBoard 60,000 E l i g i b l e p a p e r , minimum required TOTAL AMOUNT OF ELIGIBLE PAPER DELIVERED TO F . R. AGENT 119,000 14,380 2n.30Q 25,944 50,950 21,410 91,348 111,417 18^00__SjL000 4j-BL_15-'-5'2^ 907,429 251,076 253,447 135,154 l 4 s , s i 6 523,363 152,775 £ 3 , 3 - 8 106,647 153,740 4,ooo 13,052 3.254 1,990 - 16,137 12,775 32,025 H,4i4 100,000 71,389 80,000 2,004 33,000 2,500 4,i46 9,254 50,000 195,144 2,5b0 51,930 19,300 35,860 7,55? lAA,903 160.008 1QCL150L_32.1%0_318_S65 93,595 4^-£06—6^,-227 ,900 .907,429 251,076 253,447 135,154 148,816 523>363 152,779 211,515 1 ,000,085 169,552 219,989 104,072 9 2 , 3 2 5 2 7 3 , 5 9 5 3 : 533,853 83,348 106,647 v-v--£ 77,27c -'=3,7^5 3 , 1 ^ 7 , 5 7 4 244,148 8,831 5.3-+^ l*+>^8 57 , 579 17,484 65,923 780,030 45, 6l 5 152,534 2^6o^L?77,27") 263,7^5 3,187,974 114,335 4i4,5S4 105,523 65,944 98,549 66,514 1SS.61U 2jol,i7b
@FedFRASER