The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
STATEMENT FOB THE PRESS Released for p u o l i c a t i o n g ] _ ** Sunday m o r n i n g , F e b r u a r y 27; Federal Reserve Board not e a r l i e r . F e b r u a r y 26, 1 9 2 1 , CONDITION OF FEDERAL RESERVE BANKS A g g r e g a t e i n c r e a s e s of 3 5 - 5 m i l l i o n s i n t h e h o l d i n g s of b i l l s d i s c o u n t e d , a n d p u r c h a s e d i n open m a r k e t , a c c o m p a n i e d b y i n c r e a s e s of 2 b . 5 m i l l i o n s i n n e t d e p o s i t s a n d of 1 4 . 3 m i l l i o n s i n . F e d e r a l Reserve note c i r c u l a t i o n , are i n d i c a t e d i n the Federal Reserve TTih1" ° bank s t a t e m e n t i a s u e d a s a t c l o s e of b u s i n e s s on u r u a r y 25, 1 9 2 1 , As a g a i n s t i n c r e a s e d d e p o s i t and n o t e l i a b i l i t i e s , ! R e s e r v e Banks show a f u r t h e r g a i n of 7 . 7 m i l l i o n s i n g o l d a n d of a out 4 p i l l i o n s i n t o t a l c a s h r e s e r v e s . The r e s e r v e r a t i o shows a d e c l i n e f r o m 5 0 . 3 t o U9.9 p e r c e n t . W i t h t h e e x c e p t i o n of b i l l s s e c u r e d b y L i b e r t y b o n d s , w h i c h s ow a e c iric of 2 . 2 m i l l i o n s , t h e h o l d i n g s of !%x s c o u n f e c£ % i f 1 s show s a n t i a l i n c r e a s e s : b i l l s s e c u r e d b y V i c t o r y n o t e s - by 9 . 6 m i l l i o n s s s e c u r e d by T r e a s u r y c e r t i f i c a t e s * b y o . 4 m i l l i o n s , a n d o t h e r d i s c o u n t e d p a p e r - b y 1 8 . 1 m i l l i o n s . A c c e p t a n c e s on h a n d went u p 3 . 6 m i l i o n s , w i l c T r e a s u r y c e r t i f i c a t e h o l d i n g s show a n o m i n a l d e c r e a s e . As t h e r e s u l t of t h e c h a n g e s 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 n i n 3 5 . 2 m i l l i o n s f o r t h e week, t h e F e b r u a r y 25 t o t a l s t a n d i n g , 5 » m i l l i o n s , c o m p a r e d w i t h 31 279*2 m i l l i o n s a b o u t a y e a r b e f o r e 0 f t h e t o t a l h o l d i n g s of 1 , 0 0 4 m i l l i o n s of p a p e r s e c u r e d b y u n i t e d S t a t e s Government o b l i g a t i o n s , 5 7 7 . 5 m i l l i o n s , o r 5 7 . 5 p e r c e n t , were s e c u r e d by L i b e r t y and o t h e r U. S . bonds; 291.7 m i l l i o n s , or 29.1 p e r c e n t , b y V i c t o r y n o t e s , a n d 1 3 4 . 8 m i l l i o n s , o r 1 3 . 4 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 , compared w i t h 5 7 9 . 7 , 282.1 and 1 2 8 . 4 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 . D i s c o u n t e d b i l l s h e l d by t h e C l e v e l a n d R e s e r v e Bank a r e shown i n c l u s i v e of 1 3 . 6 m i l l i o n s of b i l l s d i s c o u n t e d o r he D a l l a s B a n k , c o m p a r e d w i t h 14-.5 m i l l i o n s t h e week b e f o r e , 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 B o s t o n , P h i l a d e l p h i a , C l e v e l a n d a n d San r a n c i s c o Banks i n c l u d e a b o u t 24 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 tiie New York Bank, c o m p a r e d w i t h 3 3 . 4 m i l l i o n s on t h e ep r e v i o u s Friday. TT Changes i n t h e d e p o s i t b l o c k i n c l u d e i n c r e a s e s of 1 . 4 m i l l i o n s i n Government d e p o s i t s a n d of a b o u t 2 m i l l i o n s i n member b a n k s ' r e s e r v e d e p o s i t s , a s a g a i n s t a d e c r e a s e of 1 . 3 m i l l i o n s i n o t h e r d e p o s i t s . The f l o a t " c a r r i e d b y t h e R e s e r v e Banks a n d t r e a t e d as a d e d u c t i o n f r o m i m m e d i a t e l y a v a i l a b l e d e p o s i t s i s shown 2 4 . 3 m i l l i o n s l e s s t h a n t h e week b e f o r e , w i t h t h e c o n s e q u e n c e t h a t 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 of 2 6 . 5 m i l l i o n s f o r t h e week. For t h e f i r s t t i m e s i n c e December 23, 1 9 2 0 , t h e p u b l i s h e d f i g u r e s of 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 show a n i n c r e a s e a m o u n t i n g t o 1 4 . 3 m i l l i o n s f o r t h e week, f n o ^ S a i n S t 311 i n c r e a S e 4 2 . 9 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 1 9 2 0 . F e d e r a l R e s e r v e Bank n o t e c i r c u l a t i o n shows a d e c l i n e f o r t h e week of 4 . 1 m i l l i o n s , compared w i t h a d e c l i n e of 3 . 7 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 a y e a r a g o . tiexeaseti tor publication "unday m o r n i n g , F e b r u a r y 27, R E S O U R C E S Gold and g o l d c e r t i f i c a t e s Gold s e t t l e m e n t f u n d - p . P . Board 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 s o l i h e l d "by b a n k s Gold, w i t h F e d e r a l R e s e r v e A g e n t s Gold r e d e m p t i o n f u n d 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 reserves 1921; n o t e a r l i e r . 530,104,000 747,439,000 722,729,000 $2,140,313,000 21b.686.000 1,003,975,000 1,392,279,000 2,356,999,00c 990,122,000 1 , 3 7 4 , 226,'GOO —170.503.000 2,566,757,00c 25,249,000 19,000 Ail" othS? " l i a b i l i t i e s l r C U l a t i 0 n " TOTAL LIABILITIES "ItoMHUet 1 r e S e r V e S '° n e t i e n 8 t *°sit " l i a b i l i t -7 F - R. n o t e 2,279,019,000 3,051/706,000 129,325,000 38.225.000 5,261,101,000 49 .sfo 58.1# 68,000 _26L. 511.000 3,279, 232, 000 11, 226,000 12, 1 1 4 , 0 0 0 12, 2 7 6 , 0 0 0 1,026; 7 2 6 , 0 0 0 3,300,000 7.739.000 5,256,021,000 3.681,000 6,416,356,000 ioo,74o,ooo 61,516,000 1720,855,000 90, 702,000 120,000 202, 036,000 120, 133, 913,000: 1,271, 961,000 470 7 5 5 , 0 0 0 n t r§25> 878,000 26, 775,000 261.759.000 2, 818, 9 0 8 , 0 0 0 19,309,000 641, 661,000 7.617-000 5,261,101,000 S O T e r a 880, 531,000 J 2 I L . 367.000 19,000 12,159,000 3,300,000 J>~*7 1 , 5 7 2 , 920,000 2,531,282,000 25, 2 4 8 , 0 0 0 2,254,135,000 19 ,469 ,000 62,984,000 $2, 1 3 2 , 6 5 2 , 0 0 0 220.3^8-000 2,352,990,000 166.874,000 261.510.000 100,790,000 202,036,000 1,1^5, 479,000 116. 064.000i T % 236,00c 116 3 7 9 . 0 0 0 2 , 0 8 3 , 215,000 149,377.000 607,422,000 All otner resource s TOTAL RESOURCES r -4. , L I A B I L I T I E S Capital paid in Surplus Government d e p o s i t s F e b . 27. 1920 $206" 2 7 7 , 0 0 0 325, 59%,000 112. 822. 000 705, 293,000 1,260,5^6,000 . 15s.6q^,000 ^ 7 U . S . Government o b l i g a t i o n s IA l l o t i e r i l l s b o u g h t i n open m a r k e t T o t a l b i l l s on h a n d T J. S» Government b o n d s U . S. V i c t o r y n o t e s 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 lotal earning assets Bank p r e m i s e s 1921 511,751,000 1,234,181,000 Bills discounted Totaltross^aposSs111® F. P. n o t e s in a c t u a l c i r c u l a t i o n St . 1 8 1 4 a . RESOURCES AMD LIABILITIES OF THE TFLVE FEDERAL RESERVE L/J"CS COMBINED F e b r u a r y 25, 1921 F e b r u a r y IS. $217,335,000 $210,972,000 810, 4 0 2 , 0 0 0 24. 609.000 2, 286, 7 7 9 , 0 0 0 3,037,444,000 193,431,000 - 2 5 , 026.000 2,911, 302,000 3 924,000 -g?: 131,000 ... 3 5 , 5 9 1 . 0 0 0 5,256,021,000 J L . 117.000 6,^16,356*000 50.3% 42-5'A 53.5^ 47.1-5 R e l e a s e d f o r p u b l i c a t i o n Sunday raroning, F e b r u a r y 27, 1921; n o t e a r l i e r . RESOURCES AFP LIABILITIES OF THE FEDERAL RESERVE BABKS AT CLOSE OF BUSINESS R E S O U R C E S F e d e r a l R e s e r v e iSarik of Boston New York P h i l a . C l e v e l . Richm. A t l a n t a Chicago Gold and ttold c e r t i f i c a t e s 8,632 130,99 0 3,081 7 , 0 1 1 3,899 4 , 9 4 3 21,210 Gold . s e t t l e m e n t f u n d - F . R . B o a r d 45,405 4 7 , 0 7 0 56.403 1 1 6 . 5 0 1 28,831 1 1 . 5 5 2 103,621 T o t a l g o l d h e l d by b a n k s 54,037 1 7 8 , 0 6 0 59,484 1 2 3 , 5 1 2 3 2 , 7 3 0 1 6 , 4 9 5 1 3 0 , 8 3 1 Gold w i t h F . R, A g e n t s 157,857 205,109 119,539 181,568 50,239 60,350 193,341 Gold r e d e m p t i o n f u n d 19,913 3 6 , 0 0 0 10,040 1 0 . 1 8 1 8,289 6 . 8 0 3 36.008 Total gold reserves 231,807 419,169 189,063 315,2ol 9 1 , 2 5 8 8 3 , 6 4 8 360,180 Legal tender n o t e s , s i l v e r , e t c . 12,008 158.104 3,122 4,597 5,909 4.380 11.712 Total reserves 243,815 5 7 7 , 2 7 3 1 9 2 , 1 8 5 319,858 9 7 , 1 6 7 8 8 , 0 2 8 3 7 1 , 8 9 2 B i l l s discounted: (a) S e c u r e d by U , S , G o v t . o b l i g a t i o n s 58,205 3 9 3 , 4 5 1 110,120 6 l , 8 l 4 ( 4 9 , 7 6 3 58,150 128,523 All other 77,380 488,990 46,849 62,005 5 9 , 5 2 6 66,543 258,079 B i l l s o o u - h t i n open m a r k e t (b) 15,518 3 0 . 7 4 3 20.918 4 0 . 0 ) 4 3.6ll 1.678 11.431 T o t a l b i l l s on h a n d 151,103 9 1 3 , 1 8 4 177,887 163,853 112,900 126,371 398,033 U . S . Government bonds 550 1,257 1 , 4 3 4 834 1,233 ll4 4,490 U. S. V i c t o r y n o t e s 5 10 3 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 21.503 59.579 30.900 23,800 12.262 16.666 39,679 Total earning assets 173,l6l 9 7 4 , 0 2 0 210,2a 1 8 8 , 4 9 7 1 2 6 , 3 9 5 1 4 3 , 1 5 4 442,202 Bank p r e m i s e s 3,120 4,457 503 1,640 1,498 543 2,707 U n c o l l e c t e d items and o t h e r dea u c t i o n s from gross d e p o s i t s 41,023 1 3 9 , 0 7 4 56,488 61,053 4 6 , 3 1 8 2 4 , 7 i 4 74,878 5% Redemption f u n d a g a i n s t F . R. Bank n o t e s 1,072 2,483 1,300 1,239 601 616 1,651 Gold a b r o a d i n c u s t o d y or i n t r a n s i t 241 1,211 264 270 162 119 393 All other resources ' 487 2.266 514 432 430 349 1.125 TOTAL RESOURCES (a) Includes b i l l s discounted for o t h e r FH. R_ B a n k s , 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 . B a n k s ; Without t h e i r endorsement 462,919 1,700,784 - - - 1,132 - 461,475 - 4,038 572,959 272,571 257,523 13,615 - 11,000 - - - St.1514b. FEBRUARY 25, 1921. ( I n t h o u s a n d s of S t . L o u i s Minn. Kans.Cy. 3,551 8,402 2,506 2 5 . 1 9 6 12,687 38.686 28,747 21,089 4 1 , 1 9 2 63,929 25,250 3 6 , 4 6 8 4,433 2,748 4,4lS 97,109 4 ^ 0 8 7 8 2 , 0 7 8 6,296 54q 2.888 1 0 3 , 4 0 5 49,636 8 4 , 9 6 6 33,918 15,212 58,245 %)5 55,262 964 90,144 1,153 7.681 12,179 158 6<H 1 8 1 , 6 6 5 2,140^313 5,l48 1.973 216.686 45,136 183,638 2,356,999 39,988 13,126 537 33,646 15,668 44,282 3 3 , 2 0 1 523 155 488 - - 507 89 147 - - - 916 158 341 - - 37,077 586 86 598 254,738 162,353 - - 44,230 1,003,975 39 4 4 . 8 2 5 170.501 68,704 1 9 0 , 1 4 4 2,566,757 3,979 1 , 8 2 2 25,849 19 8 , 3 0 0 11.443 261 510 80,983 203,409 2 , 8 5 4 135 1,763 399 10*469 1 8,480 12.820 82,258 122,460 598 1,615 lo,078 107,375 626 18,360 122,171 1,234,181 62,772 55,539 101,089 1,392,279 73,662 100,772 ll6 8,867 894,848 246,218 148,903 - 37,463 dollars) D a l l a s San F r a n . T o t a l 5 , 5 3 5 17,575 217,335 8 , 4 l 2 29.740 530.104 13,947 4 7 , 3 1 5 747,439 607 665 , 152 44o 4-25,780 - 7,792 422 ' 12,159 3,300 7^617 5,861,101 13,615 23,962 R e l e a s e d f o r - p u b l i c a t i o n Sunday m o r n i n g , F e b r u a r y 27, 1921; n e t e a r l i e r St.lSlUc, RESOURCES A?D LIABILITIES OF T'E FEDERAL RESERVE BA-^KS AT CLCRE OF HJSIFESS FEBRUARY 25, 1921 • ( 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 i-amc Bos ton hew York P h i l a * Cleve 1. Sichm. 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 F r a n . Total Capital paid i n 7,859 26,458 8,584 10,897 5,305 4,021 l4,067 4 , 4 9 0 4,126 7,031 4,467 3 , 4 8 5 lOC-,790 Surplus 15,711 56,4i4 17,010 20,305 10,561 8,343 28,980 8,346 6,980 9 , 1 5 9 6,033 14,194 202,03 6 Government d e p o s i t s 7,663 23,390 601 5,889 1,552 2,448 3,009 1 , 9 2 5 6,750 62,984 3 , 7 1 9 2 , 5 5 2 3 , 3 9 6 Due to members - r e s e r v e account 109,737 655,730 108, 186 148,472 56,973 44,434 251,965 64,187 43,296 7 9 , 3 2 1 49,455 111,163 1,722,919 Deferred a v a i l a b i l i t y items 36,655* 7 9 , 1 1 0 44, gog 51,355 37 , 236 18,692 56,316 33,027 12,906 43,453 26,696 29,429 469, stirtoy 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 b | poverrment c r e d i t s 7 2 ^41 11.506 133 594 221 314 1.474 442 261 6,254 23,#5 520 389 T4 - o t a l gross deposits 1 4S ~15 ,776 5 4 , . 2 206, m 95,982 65,371 3 1 6 ^ 0 5 101, #63" 5 9 , % 1267642"^78, 860 149*945 2,279/019 E. E . n o t e s i n a c t u a l c i r c u l a t i o n 265,717 79^,383 2o0,274 312,502 150,21s 165,284497,763 122,984 71,223 100,195 66,020 243,143 3,051,706 F . Tl. 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 16,943 37,79S 19,052 20,853 9,231 12,791 31,383 7,562 6,688 12,194 5,928 8,902 189,325 All ofher l i a b i l i t i e s -L311 2 . Q_7 1 2,318 L.274 1^713 6,150 1,396 1 . 3 8 4 J1^5_ 2,0 58 1,3 86 2,565 38.225 TOTAL LIABILITIES 462,919 1,700,784 461,475 572,959 272,571 257,523 8 9 4 , 8 4 s 246,218 148,903 254,73s 162,353 4-25,780 5,861,101 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 n o t e l i a b i l i t i e s combined, p e r c e n t 6U.3 C o n t i n g e n t l i a b i l i t y a s e n d o r s e r on d i s c o u n t e d paper r e d i s c o u n t c d w i t h o t h e r F e d e r a l " a s e r v e Banks Bankers1 acceptances sold t o other v - B. -Sanies w i t h o u t endorsement 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 M E M 0 K A :: D A 53 -6 69.9 4s.6 42.7 50,3 54.2 43,3 46-5 4o-4 51.6 13,615 - C o n t i n g e n t l i a b i l i t y on b i l l s p u r c h a s e d for foreign correspondents F. B . n o t e s o u t s t a n d i n g T? P . n o t e s h e l d by banks notes in actual - circulation 4o 23,962 1,16s 8,100 1,280 1,312 - 784 13,6-15 576 49.9 23,962 1,904 4i6 432 76S 18, 228 752 736 FPDERAI, RESERVF N0T3TS OUTSTANDING AND IN ACTUAL CIRCULATION 279,314 919,011 273 , 287 3 2 0 146 156,124 171,286 531,956 143,323 73,106 107,965 70,660 293,295 3,348,473 1 U T —1.22,628—13,013 16,644 5.906 6,002 34.193 20,339 1, 883 7.770 - 4 . 6 4 o 50,152 296.767 265,717 796,383 260,274 3 12,502 150, 218 165,2841497,763 122, 984 71, 223 100,195 66,020 243,143 3,051,70r DISTRIBUTION OF BILLS AND U. S. CERTIFICATES OF nmEBTFTNESS BY "lATUFITIES ^ i t r i n 15 days l 6 t o 30 days 3 1 t o 60 days 6 l t o 90 davs Over 90 d a , j s 1,455,023. 222,558 397,788 283,234 ' 37,651 63,335 44,213 43,348 19,607 8,324 4,4o7 9,03 6 5,350 234,393 Total 2,396,254 170,503 261,510 * e l e a s e d f o r p u b l i c a t i o n S u n d a y m o r n i n g , F e b r u a r y 27, n o t e a r l i e r . St.lSlUd. INDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS FEBRUARY 25, 1 9 2 1 . ( i n t h o u s a n d s of d o l l a r s ) F e d e r a l Be s e r v e Agent a t R F S O U R C F ?• F e d e r a l R e s e r v e n o t e s on h a n d Federal Reserve n o t e s outstanding C o l l a t e r a l securit*; for Federal Reserve r o t a s o u t s t a n d i n g : &old and g o l d c e r t i f i c a t e s C-o Id r e d empti on f u n d Gold s e t t l e m e n t f v n d - ^ . R , P o a r d E l i g i b l e "paper: Ar.ourt r e q u i r e d F x c e s s amount h e l d AT. Boston lew f o r k Phi l a . Clevel. R i c h m . A t l a n t a Chicago S t . L o u i s Minn. K a n s . C y . D a l l a s San F r a n . Total 107 , 530 268,000 23,340 4Q,24O 21,189 74 72) 319,011 273,237 329,146 156,124 171,226 l4s, 300 23,720 12,475 3,920 17,540 48,300 795,457 531,956 143,323 73,106 107,965 70,660 293,295 3,348,473 5,6oo 17,257 165,608 23,775 3,500 9,501 20,150 17,793 3,239 2,350 26,000 99,389 l4c,000 47,000 54,'500 5,960 13,052 14,197 4,038 1,992 2,108 179,144 53931 io|200 34,'360 713,902 153,748 147,574? 105,885 110,936 171,051 3, • 74 15,43s 4,855 15,33 ' 338,615 79,394 47,256 71,497 213,31k 135'000 121,457 29,646 59,305 10,710 24,921 2c,998 5,891 - 5,235 15,493 7 , 234 106,67s 52,300 171,124 16,213 17,793 227,386 113,359 293*436 2,114,292 397,940 095, S04 2,277,073 573,508 722,970 332,292 432,691 1, 271,517 321,136 123,60s 24g,908 175,073 652,623 7,893,343 L I A B I L I T I E S 5 - 2."" o-cnt of F e d e r a l R e s e r v e n o t e s r e c e i v e d f r c a Compt r o l l e r of t h e C u r r e n c y Collateral received from F e d e r a l R e s e r v e Baltic: "old E l i g i b l e paper TOTAL 386,844 1,157,011 296,627 378,386 177,313 246,069 M ffffxf x5:lgg & £ -95,804 2,277,073 573,588 722,970 338, 292 432,691 620,256 167,103 25,521 111,945 X 1,271,517 £??? 5,200 341,595 4,146,930 12,360 122,171 1,234,121 62,513 182,917 2,512,232 321,136 183,608 242,908 175,073 652,683 7,893,343
@FedFRASER