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STATBl'lFNT :OOR THE PRESS
"t ... -~:· C'
..;;c- • .;,.... o~.
Relile.sed for publ ica.t ion
Saturday morning, Feb. 24;
not earlier.
Federal Reserva 33-ti;:;.:rd,
Febru8.ry 23, 192j.
CONDITISN r:·F FEDERAL RESERVE B.AlfuS,
Net liquidation of $53,300,000 of discounted bills by the New Yorlt: reserve bank, as at;ainst a further increase of $2.3,3CO,OJO in discounts held
by the other reserve banks, is shown in the weekly ~ank statement issued as
at close of business on February 21, 1923. Acceptances rul·chased in open
market show a decrease for the week of $2,100,000 and Government security
~oldines - ari increase of about $500,000. Deposit liabilitieG fell off about
$64,800,000, while Federal reserve not~ circulation increased $16,900,000.
Total cash reserves show a decline of $15,400,000, while the reserve ratio,
because of the substantial reduction in deposits, shows a rise for the weelt:
from 75· 3 to 75· 8 per cent.
Gold reserves decreased by $3,300,000. ~~ifting of sold thro~;h the
·
gold settlement fund accounts for the increases in gold reserves of $26,600,~00
and abO\lt $7,000,000 shown for the New York and Cnicago reserve banks. All
other reserve banks show smaller .;old reserves than the weel: before, Kansas
City - by $7,500,000, San Francisco - by $5,700,000, Atlanta - by S5, 6oo,oco,
Richmond - by $5,200,000 and the six remaining banks - by $12.,b00 ,ooo.
Ho1din;:;s of paper secured by Government obli-::ations sJ.1ow a reduction for
the week from $428,700,000 to $368,200,000. Of the total held on February 21,
$172,800,000, or 46.9 per cent, were secured by U. S. bonds, $2,300,000, or
0.6 per cent, by Victory notes, $177,200,000, or 48.1 per cent, by Treasury
notes, and $15,900,000, or 4.4 per cent, by Treasury certificates, compared
with $197,200,000, "$4,6oo,ooo., $186,400,000 and $40,500,000 reported the
week before.
A summary of changes in the principal assets and liabilities of the reserve banks on February 21, 1923, as COIT!Pared with a week and a y~ax ago,
follows:
or
Decrease
I11 mlJ:llcn::; of dollars
since
li9.!_14·, 19S3,
Total reserve·s •
Gold reserves
.
~
.
.
Total earning assets • ; . . . . • . . • .
Discounted bills, total • . • . . . . . .
Secured by U. S. Govqrnment obligations.
Other bills discounted . • . . • • . • .
Purchased bills • • . . . . , . , .
United States securit~es, total
Bonds and notes • , • . , • , • .
U. s. Certificates of indebtedness
Total deposits • . • • . • .
Members' reserve deposits
Go~rernmant deposits
. • .
Other deposits , . . . . .
.
.
.•.•
.
•..•
...
Federal Resarve nctes in circulation
F. R. Bank: notes in circulation, net
liability • . . . . . . . . . . . . .
1
-
:E'el?...:.-21, 1922
15.4
3·3
+ 122.3
+ 123.4
27.1
25.5
6o.5
+
+
36.2
179·6
+
99·8
+ 35-0
C..l
+
+
-+
5·3
93·4
3·7
1.0
43.1
44.1
64."b
6'"b._,0
2.8
+ 193-7
+ 220.7
17.6
·5
4.2
+
9·4
q
• I
+ 16.9
+
67.0
73.1
J.i~:,.
Relea;:ed, !or publication Satu:rd.ay wornilig,
24, 1923; not earlier.
BEsr'!...TRG~~ ..~~.rn ; ~ ~-}~ TTJrrrr·_~s
OF T~m TWELVE FE1Jg.?.AL Ri:.:~~!~.l:NE E.Al\JI:S COMBINED.
(In thousand.s of dollars)
RESOURCES
~21.1 __19..Q
5.1.±.-.§.51
677,525
2,142,076
__5.2.641
Gold witl1 Fsderal Reserve .Agents .
Gold redemptio~ fund . .
To1.§:.L.3.~.:J..:.~_r:e::;~
•
. .
Res.;rves other than gold • . .
!.9 tD J.
r.~~
..
.. .
"
Non-res:;rve cash . .
Bills discounted:
Sec. by U.S. Government obligations
Other bills discounted . .
Bills bry~ght in open market
Total bills on hand
1
..
.
TOTAL RESOURCES •
.
.
..
67,789
*
423,724
224,715
1S4,476
231,994
439,239
82,564
837,915
163,240
190,233
803,847
124,299
230,709
191
. 1,164,310
1,159,046
47,042
46,777
37,032
. . .
. . •.
.
2,94b,303
134,006
3,0&0,809
1 19l,Lt33
.••.
.
Bank premises . .
against
Redemption fund
F. R. B::tnk notes
Uncollected items
All other resources
__JL6J3±l
3,218,961
259;632
182 "353.
310,276
167,420
186,614
Total earning; as§et s
1,977,b02
14Q,L~64
363,241
U. S. bonis and notes • . . .
u. S. Certificates of indebtedness .
5?
2,144,036
60,120
3,073,497
. 3,075,242
128,361
3,203,609
68,108
.•.
Municipal warrants
19-=U. ~· 21, li2£
302,189
331,673
~631
572,152
574,341
902,354
302~ 666
Gold and gold certificates
Gold settlement fund - F. R. Board .
Total gold l:.eld b_y~nks .
n.
Feb.
1
'J
676,8G5'
9,339
488,050
14,711
108,373
103,635
215,.393
311
311
Eo6' 809
16,566
16,045
• 5,106,755
LIABILITIES
Capital paid in
Surplus . . • .
Deposits:
Government •
Member bank - reserve acccunt
Other deposits . .
Total deposits
108,874
218,369
213,369
tj
6),910
1,677 ,Oll
)1,260
2,243,603
2,173,514
3,074
602,8 73
81,165
425,437
F. R. notes in actual circulation . . . . 2,260,497
F. R. Bank notes in circulation 3,066 a
net liability • • . . • . • . . • . . .
538
,32)' I
Deferred availability items . . . . . . .
11.712
All other liabilities
TOTAL LIABILITIES ••
Ratio of total reserves to deposit and
F. R. note liabilities combined
5, 106,755
75.8%
*Not shown separately prior to January 1923.
/
43,492
1,397,6~
1,964,561
. - 21.911
22,639
~1.Y"(J1
.
1J965'9 :l:4t
2,030,b92
46,306
_
_.;:1::.:1:..~-,JJ:C
1,772,131
tl)/
17! 6o7
5, 218, l~.Jy' 4, 7E3,9G7
St. 3368b.
Released for publication Saturday m~orning, February 24, 1923; not earlier.
RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS, FEBRUARY 21, 1923.
(In thousands of dollars}
RESOURCES
Boston New York Phil a. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans. Cy. Dallas San Fran. Total
Federal Reser-IT e Bank of
302,665
17 ,251+ 137,726 21,638 14,008 6,326 5,597 52,565 5,360 7 '775 2,906 11, 16o 19,653
Gold and gold certificates
44,281 221.821 28.912 18a96o 2~410 ?0,315 l.J.~.011 9.211 24J_Qg_J.2, 201 10.~3 22,7_I4 514.851
Gold settlement fund - F. R, :Soard
61,6l.J.l 359,553 50.550 92,968 }1,236 . 25,912 97,642 14,871 32,475 35,107 21,943 53,627
877,525
Total gold held by banks
154,892 634,868 157,269 205,973 65,363 110,814 414,572 32,095 47' 489 59,328 14,75} 194,625 21142,076
Gold with F, R. Agents
981 ~g 2.028
9a892 11 661 4 1 161 3t242
11.099
Gold redenption fund
lli 11204 1,212 4.~30 , 25a641
227,6321,004,316 215,486 303,108100,246137.707 520,722 99,024 80,839 95,639 37,941 252,582 3,075,242
Total gold reserves
9,143 __gg_,409 9.200 11.132 12.614 8 1 228 22.080 18,714
812__ 5,150 __2,492 4a810 1281361
Reserves other than gold
236,775 1,024,725 224,786 314,240 112,920 146,235 542,802 117,738 81,714 100,789 43,433 257,452 3,20},609
Total reserves
68,108
9,186
3,895 3.355 3,134 6,972 4,145 . 2,103 4,038 4,397 10,085
9.350 2,448
Non-reserve cash
Bills discounted!
368,241
Secured by u. S. Govt. obligations 22,774 194,473 42,670 22,899 18,024 2,753 28,332 8,431
779 4,181 1,778 21,147
22,128
18,014
15,002
259,682
13,506
36,872
45,974 15,241 11,437 25,057 15,321 33,365 7. 765
Other bills disc~ted
220 1z612 11 1 194 9a202 51 108
82 21 1 420 24.:2}8
182.322
12 1 196
21.212 26.;257 ·30.506
Bills bcught in open market
72,442 267 '759 81+,268 64,842 43,301 25,689 78,891 25,398 23,901 17,772 38,200 67,813 810,276
Total bills on hand
483 8,275 }g ,236 10,914 30.730 3,089 27' 622 167,420
23,461 24,438 12,338 1,341
6,493
u. s. bonds and notes
544 lla122 s.6gs 1al22 186.614
20 1 129 4,629 22.214
22.205
U. S. Certificates of indebtedness
9.221 66.129 10.156
101,140 311.349 113.335 10,2, 394 44,642 35.703 153,295 54,390 35,359 6o,225 49,918 l02,56o 1,164,310
Total earning assets
47,042
66o 7,635 2,617 2,183 8,361
10,516
4,431+
919 1,051 -4,790 1,937 1,939
Bank premises
5% Rederrption fund against
46
200
311
65
F. R. Bank notes
Uncollected items
55,733 133,845 54,261 62,889 50,230 24,782 73,192 36,709 13,966 38,318 22,674 40,210 606,809
16,566
434
41+8
625
538 1,804 1 1027 2.092 4.923
991
1,976
335 1,340
All other rescurces
TOTAL BESOO'RCES
407 '716 1,491,761 396,115 492,044 214,198 217,372 786,027 214,439 135,997 2C9,387 124,500 417,199 5,106,755
Released for
:;_)ubE~.:·.,.ion
Satllt':day morning, FebruJ.ry 24,
:;:~SOURCES
1323;
S4;.3~.(tc.
not earlier.
AND LI.ABIJJITIES OF THE FEDERI\L BESERVE 'BMT[{S A'I' CLOSE OF Et.TSEiti:SS :FEBRUARY 21,
1923,
LIABILITIES
Feder~l ~~erve
Bank
Capi t':l-1 p3.id in
Surplus
Deposits:
Gc-r;,rnnent
M.;;n;ber bank - reserve account
Ot:1.er deposits
'I'otcl deposits
F. P~ notes in actual circulation
F. ?. BJ.nk notes in ctrcul:.vr,ion net li.::..ti:!..ity
Deferred a vai lability i terns
All other lje.bilities
TOTAL L!AEILITIES
Ratio of tot'l.l reserves to deposit
and F. R. note liabilities
c~bined, per cent
Contingent liability on bills
purchased :for foreign
corre sr-ondent s
Boston
(In thousands of dollars)
New York Phila. Cleve. Rich. Atlanta Chicago St.louis
8,046
16,312
29,126 9,602 11,950 5,643
59,800 18,749 23,495 11,288
4,419 14,970
8,942 30,398
4,900
9,665
Minn. Kn.ns. Cy. Da.llas S:::.n Fran.
3,586
7,473
4,666
9,433
4,184
7,496
7,776
15,2~3
Total
103,874
213,369
7,300
9,383)~ 2,854 2,330 1,513 2,212 4,820 3,696 3,307 2,)05 1,396 5,190 46,306 "
121,258 707,215 112,450 157,631 60.813 57,431 231,931 72,681 51,050 82,460 54,055 138,606 1,897.~J
336 3~709 ' 21,917
902 1,143
__
46_5_ _1_1_,~.38 .0 43~~27~----~6~___ 503 1,306
593
129,023 727,74~ 115,734 161,235 62,494 60,196 238,057 76,970 55,259 85,903 55,787 147,505 1,965,9~Qi
201,331 569,795 205,045 237,050 89,01l 121,472 339,883 86,594 55,939 65,634 31,314 207,379 2,260,497
.y'
393
2,243
430
3 ,066
52,513 l02,5G6 46,313 57,454 45,281 21,744 61,173 35.589 12,848 4o,940 23,671 38,231 538,3~~1
491
2,728
672
860
475
599 1,153
721
892
458 1,618 .1,045
11,712
4o7,716 1,491,761 396,115 492,044 214,198 217,372 786,027 214,439 135,997 209,387 124,500 417,199 5,106,755
1 .·
79.0
71.7
8,655
2,392
70.1
30.5
78.9
2,743
3,445
1,659
1~308
80.1
4,434
72.0
1,4o4
73.5
1,058
72.5
66.5
1,372
1,14o
2,265
31,883
FEDERAL RESERVE NOTES OUTS*l'ANDING AND IN ACTUAL CIRCULATION
F. R. notes outstsmding
F. R. notes held by banks
F. R. notes in actual circulation
Bills discounted
Bills bouaht- in open market
U. S. Certificates of indebtedness
w.
•
'
214,479
13,148
201,331
758,410 227,636 250,620 98,166 127,029 445,547 106,110 59,310 72,765 35,003 257,804 2,652,879
188,615 22,591 13,570 9,155 5,557 55,664 19,516 3.371 7,081 3,689 50,425 392,382
569,795 205,045 237,050 39,011 121,472 389,883 36,594 55,939 65,684 31,314 207,379 2,260,497
~ithin
DISTRIBUTION OF BILLS AND U. S. CERTIFICATES OF INDEBTEDNESS 'BY MATURITIES
days
16 to 30 days
31 to 60 days
61 to 90 days
Over
15
484,614
59,427
4,684
31,901
34,755
46,992
53,490
44,669
15,000
36.738
35,210
90 dn.ys
21,130
8,292
119,938
Total
627,923
182,353
136,614
Released for publication Saturday morning, February
FEDERAL
24, 1923;
not earlier.
RESERVE AGENTS 1 ACCCUNTS AT CLCJSE C'F BUSINESS, FE3RUARY 21,
1923.
(In thousands of dollars)
Federal
nese~e
Agent at
Boston
Naw York
Phila.
Cleve.
Rich.
Atlanta
Chicago
St.Louis
Minn.
Kans.Cy. Dallas San Fran. Total
RE S 0 URCE S
Federal Resarve notes on hand
Federal Reserve notes outstandin~
Collateral security for ]'ederal
Feserve notes outst::miing:
Gold ard gold certificates
Gold red ezr:p t ion furrl
Gold fund - F. R. B card
Eligible paper Amount required
E~cess amount held
-·{')I 704
l27 ,029
89,100
214,479
361,690 39,600 33,290
756,410 227,636 250,620
15,300
. 11,592
128,000
2,400
260,530 7,000 13,275
33,336 13,380 12,696 2,573 7,914
341,000 136,889 180,000 62,795 100,500
59,537
12,855
123,542 70,367 44,647 32,798 16,215
111,117
916 13,491 9,213 9,468
1o5,56o 24,59o 1o,s9o 2o,56o 21,44l: 01,725 s74,173
445,547 106,llD 59,310 72,765 35,003 257,804 2,652,879
9, 380 13,052
16,928 4,215 1,437 4,968
397,644 63,500 33,000 54,360
6,461
327,398
2,322 15,463 126,333
6,000 179,157 1,687,845
30,975 24,015 11,821 13,437 20,220 63,179. 510;803
47,837 1,383 11 '621 4,335 17,616 lJ.,586 249,436
530,913 1,939,627 495,788 553,021 235,565 339,230 1,044,491 238,193.141,131 170,425 109,066 581,919 6,429,369
LIABILITIES
Net amount of Federal Reserve
notes received from Comptroller of the Currency
303,579 1,120,100 267,236
Collateral received frcm
Federal Reserve Bank:
Gold
E1 ig ible paper
154,892
72,442
TOTAL
•
2Z3~910
128,186 202,733
551,107 130,700 70,200 93,325 56,447 319,529 3,527,052
634,868 157,269 205,973 65,368 110,814
234,659 71.,283 63,138 42,011 25,683
414,572 82,095 47 .• 439 59,328 14,733 194,625 2,142,076
78,812 25,398 23,442 17,772 37,836 67,765 760,241
530,913 1,989,627 495,788 553,021 235,565 339,230 1,044,491 238,193 141,131 170,425 109,066 581,919 6,429,369
@FedFRASER