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STETEMENT FOR THE PRESS Released for publication' Friday morning, Feb. 24; not earlier. S t .26 1 2 . Federal Reserve Eoard February 23, 1922. CONDITION OF FEDERAL RESERVE BANKS. Wednesday, February 2 2 ,being observed as a legal holiday by all ^Federal reserve banks, the bank statement maiepublic today shows condition of the bariks as at close of business on Tuesday, February 21* The statement in dicates net liquidation of $8 9 ,7 00 ,0 0 0 of earning assets, largely discounted bills and Treasury certificates, and a commensurate reduction of deposit lia b ilitie s, accompanied by further increases of $ 4 ,9 0 0 ,0 0 0 in cash reserves and of $ 3 ,6 0 0 ,0 0 0 in Federal reserve note circulation. The banks' reserve ratio shows a rise for the week from 7 6 .4 to 78*1 psr cent. With the exception of acceptances, the holdings of which show an increase of $ 4 , 300 , 000, a ll classes of earning assets show smaller figures than the week before: bills secured by Government obligations (so-called Government paper) by $ 4 5 ,6 0 0 ,0 0 0 ,, other discounts-by $1 8 ,7 0 0 ,0 0 0 , U. S. bonds and notes by $ 9 ,3 0 0 ,0 0 0 , Pittman certificates held as cover for Federal reserve bank note circulation - by $ 1 ,5 0 0 ,0 0 0 , and other Treasury certificates, held largely under repurchase agreements by the New York and Chicago reserve banks - by $2 6 ,8 0 0 ,0 0 0 . Total earning assets, as the result of the changes shown,'de clined by $ 8 9 ,7 0 0 ,0 0 0 , and on February 21 stood at $1 ,1 5 9 ,0 0 0 ,0 0 0 , compared with $ 2 ,8 5 ^ ,0 0 0 ,0 0 0 on February 25 of last ye^r. Government paper-J^eld under rediscount shows a further decrease for the weak from $327,600,/bo $ 2 8 2 ,0 0 0 ,0 0 0 . Of the total held $2 2 6 ,1 0 0 ,0 0 0 , or 80.2 per cent, were secured by Liberty and other U, S. bonds, $ 2 4 ,5 0 0 ,0 0 0 , or 8,7 per cent, - by Victory notes, $ 7 ,9 0 0 ,0 0 0 , or 2 .8 per cent, - by Treasury notes and $ 2 3 ,4 0 0 ,0 0 0 , or 8.3 per cent, - by Treasury certificates, compared with $ 2 4 1 ,7 0 0 ,0 0 0 , $2 6 ,8 0 0 ,0 0 0 , $ 22 ,.700,000 and $3 6 ,4 0 0 ,0 0 0 reported the week before. Federal reserve note circulation, mainly because of the increase re ported by the New York bank, shows a further increase for the week of $ 3 ,6 0 0 ,0 0 0 . Aggregate liabilities of the reserve banks on Federal reserve bank notes in circulation, on the other hand, decreased by $ 1 ,8 0 0 ,0 0 0 , though the total amount of these notes outstanding, according to Treasury records, shows a slight increase for the week. A gain of $ 1 0 ,7 0 0 ,0 0 0 in gold reserves, apparently in consequence of the importation of Russian gold in payment for food supplies, is shown. Other cash reserves, composed largely of silver certificates and legal tender notes, show a decrease for the week of $5 >900, 000, all reserve banks, except the bank of St. Louis reporting decreases of reserve cash other than gold. Changes in the distribution of gola reserves by banks indicate con siderable shifting of funds during the week throught the gold settlement f^nd. New York reports the largest increase in gold holdings xor the week, v i z ., oy $ 4 7 ,5 00 ,0 0 0 , Atlanta shows an increase of $ 7 ,1 0 0 ,0 0 0 , Kansas City - a n in crease of $ 6 , 900, 000, while smaller increases for the week aggregating $4 ,8 0 0,00 0 are reported by the Dallas, Minneapolis and Philadelphia banks. The following banks report smaller gold holdings than the week before; St. Louis - by $1 1 ,8 0 0 ,0 0 0 , Cleveland and Boston each by $ 1 1 ,2 0 0 ,0 0 0 , San Francisco - by $9 ,6 0 0,00 0 and Richmond - by $ 2 ,7 0 0 ,0 0 0 . Since January 1 of the present year the banks have gained a total of $71*800,000 of gold. The largest increase^ v i z ., by $ 3 7 ,5 0 0 ,0 0 0 , is reported by Atlanta, New York shows an increase of $27,200,000 in its gold holdings, Kansas City - an increase of $ 2 1 ,5 0 0 ,0 0 0 , Chicago - an increase of $2 1 ,0 00 ,0 0 0 and Cleveland - an increase of $14,2 00 ,0 0 0 , while smaller increases aggregating $3 1 ,3 0 0 ,0 0 0 are reported by Dallas, Minneapolis, St. Louis and Richmond. Only three banks report decreases in their gold holdings, &s compared with January 1; Boston - a decrease of $6 2 ,6 00 ,0 0 0 , Philadelphia - a decrease of $ 1 5 ,8 0 0 ,0 0 0 and San Francisco - a decrease of $ 2 ,4 0 0,00 0 * Jslsased for publication Friday morning, February 24, 1922; not earlier. St.2b12a. RESOURCES AND LIABILITIES OF THE T’TELVE FEDERAL RESERVE BA1JKS COMBINED. (In thousands of dollars) R E S O U R C E S Feb. 21, 1922 Gold and gold certificates . . , , Gold settlement fund - F. R. Board Total gold held by banks . . . Gold with Federal Reserve Agents , Gold redemption fund ....................... Total gold reserves 3S2,2b0 902,3S&-JSV 913,614 1 , 940,665 . . 81, 775 2 ,9 U b ,s ^ r oJ 2 ,9 3 6 ,0 5 4 2 ,140,313 __134,006 , 3 ,0 3 0 ,S k ir °1 Total earning assets . . . . . Bank premises ...................................... 5/S Redemption fund against F. R, Bank notes Gold abroad in custody or in transit Uncollected items All other resources ........................... TOTAL RESOURCES . . . 139.83b 21 b , bSb 3 ,0 7 5 ,9 4 0 2 ,3 5 6,99 9 231,994 439,289 82,5 64 3 2 7 ,bUl 457,979 73.237 1 ,0 0 3 ,9 7 5 1,392,279 303,347 124,299 363,907 2 , 566,757 125,633 25,3bS 96,96b 133,743 _______191 98,466 160,499 ____121 25 9.37 5 2 ,1 3 5 1 ,248,693 2 ,8 5 4 ,1 3 5 3 6 ,90s . 19,469 1,159,04b 36- ^ r Total deposits F.R. notes in actual circulation . F.R, Bank notes in circulation net liability ............................... Deferred availability items . , . ................... All othor liabilities TOTAL LIABILITIES Ratio of total reserves to deposit and F.R, note liabilities combined , . . 7 9,339 ■ 4 S S ,0 M f"A’i? 14.313 4 ,7 8 3 ,9 8 7 L I A B I L I T I E S Capital paid in . « ....................... Surplus • . , ...................................... Reserved for Gov't, franchise tax Deposits: Government . ............................... ... Merabor bank - reserve account All other . . . . . . . . . . . 217,335 530,104 6 6 ,3 47 Total r e s e r v e s ............... ... U. S. bonds and notes . , ; . . U. S. Certificates of indebtedness: One-year certificates (Pittman Act) All o t h e r ....................... Municipal warrants 5HJ5k Feb. 25, 1921 747,439 1,234,181 153.693 1 ,977,602 . Total bills on hand ....................... 15. 1922 ^ 520 .jzirCfi 3Sl,b73 Legal tender notes, silver, etc. Bills discounted: Sec, by U .S. Government obligations All other ....................................... ... Bills bought in open market . . . . Feb. 103,635 2 1 5,39 8 1,317 7 ,9 3 0 12,159 55b730ir .15,581 _ 3 ,300 t>0b ,733 ___ 8,30 b 4,94-lvOb3 3 *?. ~—t-j ' 103,325 2 1 5 , 39s ■ .. 1 7 0 , 503. 5,361,101 100,790 202 , 03b - 1,504 62,934 6 3 ,9 1 0 1 ,6 7 7 ,0 1 1 3 1 ,2 b0 79,316 1 ,7 4 4 ,4 3 0 33 J 2 3 1,722,919 ___2.3...,,3P3 1 ,7 7 2 ,1 3 1 1 ,8 5 7 ,4 7 4 1,309,203 2 , 17 3 , 5 14 . 2 ,1 6 9 ,3 5 3 3 , 051,706 3 1,16 5 425,437 lb ,290 4 ,7 8 3 ,9 3 7 7 8 .1<. 3 2,933 j.0 b f 494^582 v .....15,839 4 ,9 4 1 ,0 6 3 ^ u s*?*" 7b. 4^ 189,325 459,811 33,225 5 , 26 1,10 1 * 49 . 9£ >sits and F. R. notes in circulation. Eeleased for publication Friday morning, February 24, 1922; not earlier, RESOURCES AMD LIABILITIES „ Federal Reserve Bank of . Gold M tt !e m n tefm d 1! aJ?S.Eoar4 Total gold held by barfcs Ca1 , w . . . „ _ . Oold r e d a c t io n f Z Boston Total gold reserves U. S. bonds and notes U. S. Certificates of indebtedness; One-year certificates (Pittman Ac All other Municipal warrants Total earning assets Bank; premises ^ 5f- Redemption fund against F» E. Bank notes Uncollected, items A il other resources TOTAL HESOURCES 53,592 7 Total J r 'f l J 5,151 2 2 , 80S } , 5gk S.jOU 2,585 8 ,b 99/ l 9 ,lW( 381,673 » is S ’S 100^ 0S *.<*> *.**> * , W V . t y V . O 95 * 0 . ^ / 58 , 51 s 32,31b 3b ,57b I 2 3 ,llfa 2b , 010 1+3 , U30 55,502 2b, & & S 57,239 902 , 306- ^ l i ’i S 1 lo X o J 6 8 , 5 6 13 3 2 ,7 7 8 ’fgn J n ' o ^ H ' 75,666 22,71(6 ^ 30.U15 10 , 2=6 2 1 b, 112 1 , 977,602 1 ,W ^ ^ 6b,81, 7 95,600 U5,36^ 281,668 3.080,S«- »? , , 108,1420 19b,bSO 250,271 09,830 log,lib 4b0,b21 103,227 b9,lb7 89,318 3 9 ,5 5 ^ 2 7 7 ,1 0 9 2 ,9 U b ,S > r o J 2 4.378 ^6 ?71 £ KQ7 ~ i oui c nCr\ r\^ 7^> t L •, m i -- ^ 1? ,b35 15,040 723 b ,2 8 2 5.S03 4,559 1 3 4,OCb Bills discounted* U-S-a0Tt' °Mlgatl0nS Bills 'boaght in open market Total bills on hand £ ’ III ^ o ’ooo m S St.2bl£b. (In thousands of dollars) 1R. E S 0 TJ "F? C* "IT* ^ Now York P M ln r w a t>- , x orJc K llla - Cleve. Rich. Atlanta Chicago St. Louis Minn, Kans,Cy. Balias San Fran. 357,021+ ’ . , . Legal tender notes, silver, etc. Total reserves- OF THE FEDERAL RESERVE BA1ES AT CLOSE OF BUSINESS EEB. 21, 1922. 2U2H? ^ l 'o v q g j S 3S ’^ , oC, ot, X, 1 UU,091 205,377 258,232 * & 12,bll 7, ^ 57,926 3,47b g 'g 55,182 25.83U JU .717 ‘ 007 1 h'q7l K w ^ ’^Jr ,1 l\ l . 123,980 90,91+6 b7,U09 79,294 30,622 11+,651+ 14,861 8,450 26,334 3 2 ,UOO 61,857 - - 9b, 18b 4,906 hop 1+22 ^ hh sno 44,819 76,395 112,208 U7U,25b 118,267 8,000 27 1,506 100,785 1U.37U 3U. 620 11,17 5 5.170 8,835 6 .1 ® 1 9 ,t o 281 ,99U 2U.075 32,003 31,572 33,665 35,773 1*39,289 ^ 16,813 1,?M ------------1,6 ... 55,506 114,640 36,519 37,173 40,453 39,869 60,132 803,847 1.233 164 3,5bO ~ 7,866 22,583 4 ,340 180 17,438 2,630 12,118 124,299 8 , bb7 l .2 7 ,4 8 2 4,071 4,350 8b2 5 ,320 1,900 6,382 10 96,966 133,743 5,544 191 2i+g,g59 1 1 3 , gig 7,271 6,000 11 ,5 8 1 69,290 jm <cOO 100 45 - 231 99,851 173,372 4,27b 539 U0 ,311+ 46,375 Ai-o 2,b9b _____ J32i 4b7 6 1 ' 50b JM * 50,474 42,565 6 3 ,25b 44,399 4 ,7,129 27 b 2,569 643 1,089 871 o° 4 ,7 4 0 2 ,10 4 7S,b42 1 ,159,04b 834 ■ > r-pr 7001,665 539 igg 55k 29b 91 b inn -r&c \,* 2,023 x 61,485 29,068 11,552 33,71b g^s 810 2Sb 1,009 355 !3 b * * 394 3 6 ,9 30 ' 3n 9 ,3 3 9 48 8,01 8 -*”O 2 4 , m ' 34,303 2 , 01+1+ 6 ,0 8 4 1 4 ,« i V " 3U5,728 1,5 0 5,80 8 3 & 1.039 1+09 , 71+0 202,316 200,021 718 ,717 200,771 126,183 198,523 118 ,156 1+01,925 i+,788,987 500 137 1 in cu .y morning lijixig, Set. 2 4 , 1922;j not earlier. — ■a.*'..*. He leased for publicationi Friday r ,vrr. tLIABILITIES r «T3TT TTTTC A T? 'THE T’TTff mTO!T. PTT< RESOURCES AND OF FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEB. 21, 1922 (In thousands of dollars) L I A B I L I T I E S Boston New York Phi la . Cleve I Federal Reserve Bank 4,6 0 0 4,622 3,556 27,049 8,817 11,343 5,463 4,215 14,480 7 ,9 6 9 Capital paid in 7,468 9,646 9,388 9 ,114 29,025 L7.945 22,509 11,0 30 16,483 60,197 Surplus 86 185 252 43 226 100 339 77 Reserved for Govt, franchise tax J.U3J.O s> Deposits: Government Member hank - reserve account A l l other 5,362 10,791 873 25,335 650,439 1 1 .7 3* 4,592 1,469 33,75*+ 130,632 1,033 773 Total deposits F . R» notes in actual circulation F . R, Bank notes in circulation net lia b ility Deferred availability items A ll other lia bilities TOTAL LIABILITIES 8 ,180 56,391 881 17,877 83,012 3,395 7,863 no, 617 649 5 ,778 +2,656 982 St.26l2c. Total 4 ,1 9 5 7 ,3 9 4 - 7,376 15,199 9 Ratio of total reserves to deposit and F. R, note lia b ilitie s combined, per cent 7 2 .1 87-1 Contingent lia b ility on b ills purchased 2 ,336 for foreign correspondents 1 2,004 72.0 2,560 79-1 2 ,6 2 4 215.39S 1,317 63,910 3 ,3 3 0 52,943 2,892 3,201 67,645 443 5 ,8 3 4 2,909 46,638 240,564 2,729 3% 752 44,228 503 -56,716 52,817 246,202 71,289 47,932 1 ,772,181 94,505 109,259 365,719 84,023 52,027 2,173,51** 8,062 3,577 27.175 3,686 10,343 9,623 53,904 654 986 744 3,009 30,746 595 6 ,2 1 4 17,397 666 51,225 4 ,0 0 4 1,553 3 ,2 7 8 4,155 f6,034 ' 45,757 117.5*6 900 813 2 ,4 8 8 ^3,044 1 .5 3 0 10,362 4,808 -8,927 1 ,204 5 0 .5 1,568 69.2 1,15 2 77.5 3,808 7 6 .1 69*9 , 1 677,011 31,260 81,165 •425,437 16,290 4,788,987 202,316 200,021 718,717 200,771 126,183 345.728 103,685 68.3 5 7 .2 " 8 1 .8 78.1 1,472 32,260 32,505 262,745 2 ,715 68,662 7 ,16 9 50,446 2 ,5 1 0 ,5 7 6 337,062 52,027 61,493 29,657 212,299 2 , 17 3 ,5 14 1,5 0 4 864 1,536 832 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION F . R . notes outstanding E . R- notes held by banks 166,149 7 ,428 795,081 20 2,50 4 2 11,2 76 100,759 114,669 399.033 102,451 168,537 16,835 17,6 78 6 ,2 5 4 5 ,4 1 0 33,31** 18,428 F . R . notes in actual circulation 158 ,72 1 626,544 185,669 193,598 94,505 109,259 365,719 84,023 54,742 2 ,8 4 8 DISTRIBUTION OF BILLS, U. S. CERTIFICATES (F INDEBTEDNESS AND MUNICIPAL WARRANTS BY MATURITIES Over 90 days 6l to 90 days 31 to 60 days l6 to 30 days Within 15 days B ills discounted •B ills bought in open market U. S . Certificates of indebtedness Municipal warrants v 428,670 29.^73 1 ,8 8 4 140 22,050 109,593 15,289 39,302 15,449 74,039 6 7 .6 4 4 15,633 2,700 51 *+1,337 119 171,373 Total 721,283 82,5 64 230,708 191 Released for publication Friday morning, Feb. 24 , 1522 ; not earlier. FEDERAL RESERVE AGENTS1 ACCOUNTS AT CLOSE OF BUSINESS FEE. 2 1 , ig 22 . S t .2 6 l2 a . (In thousands of dollars) Federal Reserve Agent at Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis. Minn. Kans.Cy. Dallas San Fran. Total R E S O U R C E S Eligible paper Amount required Excess amount held TOTAL 130,650 166,149 15,812 1 10,000 34,737 23,189 376,010 4 1 ,2 60 35,500 27,805 74,811 7 5 5 ,0 8 1 2 0 2 ,5 0 4 211,276 100,759 114,663 11,450 63,662 21 ,6 10 50 ,8 10 32,505 262,745 541,441 2 ,5 1 0,57 6 2 ,4 0 0 3 ,l 6 l 15,134 6 3 ,0 00 317,644 5,5oO 13,052 3,406 1,494 2,0 5 5 6 6 ,3 00 8,200 2 8,360 b,701 2 ,1 1 1 14,923 1,4 8 4 201,189 4>0 - 3*4,012 74,373 46,108 66,255 26,785 31,596 38,247 1,8 0 1 9,064 48,227 9,699 4,315 2,185 2 2 , 209/ 46,633 1 7 , 60T 13,310 5 ,6 0 0 2 96,924 13,375 33,472 14,5©? 13,5b3 4,0 9 1 411,000 120,389 l 6 0,000 22 ,2 95 53,685 52,609 67,608 9,16 4 24,338 43,071 486,137 2 ,018,781 455,432 501,423 231,124 313,213 1*0 ,0 80 25,0o0 395,033 102,451 5,055 54,742 123,729 1,509,861 532 , 574 f 2 ? k . 2ctf 985,433 239,661 122,854 150,959 104,22^. 589,610 6 , 202,gg& 542,113 127,511 3 ,458,017 -C. Federal Reserve notes on hand F e d e r a l Reserve notes outstanding Collateral security for Federal Reserve notes outstanding: G o l d a n d gold certificates G o ] d redemption fund Gold fund - F. R. Board L I A B I L I T I E S Net amount of Federal Reserve notes received from Comptroller of the Currency Collateral received from Federal Reserve Bank: Gold E ligible paper TOTAL ( 2 ,1 7 1 ,0 9 1 24 3,76 4 247,076 128,564 189,480 63,797 80,152 54,115 313,555 1 / .131,412 57,926 741,396 134,896 186,938 106,294 76,772 67.409 / 26,386 76,174 \ 68,561 55,172 486,137 2 ,018,781 455,432 501,423 231,124 313.213 332,778 114,542 75,666 36,484 22,746 3 6 ,3 11 30,415 40,432 1 0 ,296/ 2 1 6 ,112 39,8ief 59,943 989,433 239,661 122,854 150,999 104,2*1 3 1 589,610 Id Jus 1 ,977,602 \ 7 6 7 ^269^ 6 ,202, , 202 , 86^ cji-j
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