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s t , 962 STATEMENT FOE THE PRESS Released, for publication Sunday morning, February 29> 1920; not earlier. Federal Reserve Board, February 28, 1920. CONDITION OF THE FEDERAL RESERVE BANKS Substantial increases in discount operations, accompanied by corresponding increases in net deposits and a further expansion of federal Reserve note circulation are indicated in the Federal Reserve Board's weekly bank statement issued as at close of business on February 21, 1920•^ Gold reserves show a further reduction of about 3 millions, while the increase of over 50 millions in other reserve cash represents largely a transfer of silver accumulated by the Treasury with a view to meeting Oriental demands. Silver so transferred will gradually be used for that purpose by t;.rf Jew Ycrk Federal Reserve Bank, which is conducting the operation under the dir^c. tion of the Federal Reserve Board. Meanwhile, the transfer serves to replenish the balance of the Treasury with the New York Bank in anticipation of March 15 demands without calls upon depository banks. War paper holdings at the several Federal reserve banks show an increase of 14.7.8 millions, and those of other paper a similar increase of 4?.2 millions. Acceptances on hand show but a nominal change, while ireasury certificate holdings declined about 1.^1 millions. The result of these changes is seen in an increase of 9 3 m i l l i o n s in total earning assets. Of the total of about 1,573 millions of war paper held, 756*8 millions, or US-l per cent, were secured by Liberty bonds, 247.5 millions, or^.5.7 per cent by Victory notes, and ^08 >~f millions, or 3^*2 per cent by ir^a^ury certificates, as against 46.3, l6.1, and 37*6 per cent of a total 0 1,525.2 millions of war paper reported the week before. Discounted paper hold by the Cleveland, Atlanta, Chicago, Minneapolis, Kansas City and Dallas banks includes 86.9 millions of bills discounted for the New York and Philadelphia banks, as against 93-9 millions the week before, while acceptance holdings of the Boston, Cleveland, Atlanta, Kansas City and San Francisco banks are inclusive of 22.5 millions of paper purchased from the Now York and Boston banks, compared with 30.4 millions reported the week before by Chicago and the banks just named. Government deposits show an increase for the week of 58*3 millions and members1 reserve deposits an increase of U3.I millions. Other ^ eluding foreign government credits, foil off 0.3 million, while thy oa ^ carried by the Reserve banks (treated as a deduction from gross deposits J increased by 2.3 millions, with the result tha net deposits work out at >.8 millions in excess of the February 20 total. Federal Reserve note circulation shows a further expansion for the week of 42.9 millions, the ^as^ern banks and Chicago reporting the largest additions to their outstanding e eral Reserve note circulation. On the other hand, the barks aggrega e bilities on Federal Reserve bank notes in circulation show a further reduetion of 3*7 millions« ass The large increases in note and deposit liabilities are practically 42.7 to 42*5 per cent. s t .962a Released, for publication Sunday morning, February 29, 1920; not earlier. COMBINED EESOUECES AMD LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS* February 2#, 1919 February 20, 1920 February 27. 1920 R E S O U R C E S $345,762,000 $200,973,000 $206,877,000 Gold and gold certificates 463,484,000 396,132,000 325.59^,000 Gold settlement fund, F. R. Board 5,829,000 112,822,000 112.822,000 Gold with foreign agencies 315,075,000 709,933,000 705,293,000 Total gold held by banks 1,187,760,000 1,150,792,000 1,145,479,000 Gold with Federal Reserve Agents 120,163,000 109,083,000 116.064,000 Gold redemption fund 2,122,998,000 $1,969,814,000 $1,966,836,000 Total gold reserves 65,725,000 65,626,000 116.179.000 Legal tender notes, silver, etc. 2,188,723,000 2,035,440,000 2,083,215,000 Total reserves 1,667,965,000 1,525,203,000 1,572,980,000 ^ ,, (Secured by Government war obligations 211,855,000 discounted ( A n o t h 3 r 833,321,000 850,531,000 276,919.000 ^11.703,000 531,367,000 Bills bought in open market 2,156,739,000 2,890,227,000 2,984,878,000 Total bills on hand 27,094,000 26,775,000 26,775,000 U. S. Government bonds 68,000 63,000 U. S. Victory notes 155,688,000 268,610,000 267,511,000 U. S. Certificates of indebtedness 4,000 All other earning assets 2,339,525,000 3,185,675,000 3,279,232,000" Total earning assets 9,713,000 11,144,000 11,226,000 Bank premises 653,465,000 1,026,726,000 1,025,653,000 Uncollected items and other deductions from gross deposits 6,813,000 12,276,000 12,724,000 5$ Redemption fund against F.R. bank notes 8,497,000 3,851,000 3,6si,ooo All other resources 5,206,736", 000 6,278,487,000 6,416,356,000 TOTAL RESOURCES L I A B I L I T I E S 81,452,000 90,531,000 90,702,000 Capital paid-in 22,73S,000 120,120,000 120,120,000 Surplus 210,547,000 75.557,000 133,913,000 Government deposits 1,620,972,000 1,828,891,000 1,871,961,000 Bus to members - Reserve account 494,653,000 815,606,000 810,402,000 Deferred availability items 124,032,000 95,366,000 95,Q?6^QDQ Other deposits, including foreign government credits 2,450,204,000 2,815,450,000 2,911-302,000 Total gross deposits 2,472,307,000 2,977,124,000 3,019,984,000 F. R. notes in actual circulation 134,042,000 240,858,000 237,131,000 F. R. bank notes in circulation - net liability 4^.993,000 i4.4o4,ooo 37,117,000 All other liabilities 5,206,736,000 6,278,487,000 6,4i6,355>ooc TOTAL LIABILITIES Ratio' of total reserves to net deposit and F.R- note 51-3% 42-7% 42-:^ liabilities combined Rat*o of aold reserves to F.R. notes in circulation after 63,1% 47.4^ 47.1# sevtins aside 35/^ against not deposit liabilities Released for publication Sunday morning, February 29, 1920; not earlier. COMBINED RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BASICS. R E S O U R C E S February 27, 1920 February 20, 1920 Gold and -old certificates $206,877,000 $200,973,000 Gold settlement fund, F. R. Board 325,59^,000 396,13s,000 IIP— -•BIT" c , «: s! c S TT r o f Do M S ltadn... u S l K S r i t e r . s »nd othsr daductions fro, .ross deposits 5* Bcdomption fund gainst F.H. t l d r note, n B » r » T „ II™™* S• «S wS T 53, 000 268,610,000 ' ' ^ S O C " ^.^16,356,000 155,6SS,OOO ^ H O O O s i ^ O O W r w r o o o jzarrksss "lis "III "ill """ tiKKB SS:?:E '$g® JSi dSh Js® Ratio of total reserves to net deposit and F.R- note liabilities combined Ratit) of gold reserves to F.R. notes in circulation after L setting a, side 35/^ against not deposit liabilities N for FRASER Digitized February 28, 1919 *3^5,7$2,000 4b^,484,000 %g isNc ™ ' 3 B S # # -gygs -sss ^ *^s ™ 57"S|i 8,5« liS 1:« , vUl 267,511,00c , £>t-j6ca UU? . ri -':.P Uj *l/o 42.7^ h 7 hp? 51" 1€ Released for publication Sun-clay morning, February 29, 1929; not earlier. EESOURCES AND LIABILITIES OF THE FEDERAL RESERVE'BANKS AT CLOSE OF BUSINESS FEBRUARY 27, 1$20. (in thousands of dollars.) L I A B I L I T I E S Bos ton New York Phila. Clavel. Richm. Atlanta Chicago St.Louis Federal Reserve Bank of . inn. Kans.Cy. Dallas 7,210 Capital paid-in 23, E'45 8,194 9,919 4,546 3,526 12,638 4,123 c 3,13( 97 3,4-83 Surplus 45,052 8,805 9,089 5,820 4,695 14,292 3-724 3,569 ^, 5,359 o,llb 3 , 0 3 0 4,892 Government deposits 91,635 4,812 3,221 2,081 3,090 4,040 4,148 1,522 3,802 3,661 121,24s 735,151 99, Due to members - Reserve account >9,450 140,318 63,217 56,785 266,124 67,133 51,5^3 94,877 64,232 61,826 Deferred availability items 167,525 81,032 77,131 61,512 35,881 106,086 60,832 17,H2 71,653 39,890 Other deposits including foreign government credits 5,562 41,915 6,96s 5,998 1 6 7 4 2J5J)—9J60 3,901 2,_15jf 3,657 2 ,'167 Total gross deposits 193,530 1,036,226 192,262 226,668 130,484 98,506 386,010 136,014 72,371 173,559109,950 F.R.notes in actual circulation 259,702 826,287 242,540 283,835 129,535 145,778 508,925 138,778 81,787 102,2x4 77,089 F.R. bank notes rin circulation net liability 18,273 49,426 25,194 19 ,925 11,461 14,386 37,531 13,939 7, All other liabilities 2,34b 15,343 2,618 1,20b 4,954 2,490 1.191 1,309 gif 'til' 9 - I t TOTAL LIABILITIES F.R.notes in actual circulation San Fran. Total 5,984 90,702 7,539 7,009 120,120 133,913 ' 111,883 1,871,961 29,920 810,402 6.480 Q<n?£ 155,2SP 2,511,302 223,514 3,019,984 489,420 1,990,209 479,633 551,926 283,037 268,097 964,350 297,887 169,373 306,557 204,112 405,755 6,416,356 Contingent liability as endorser on Discounted paper rediscounts! with other F.R. banks Bankers' acceptances sold to other F. R. banks 15,173 F.R. notes outstanding FIR. notes held by bank St.962c M E M O R A N D A 47,950 33,925 :#7 5b,875 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION. l5 i;M M 265,445 5,743 920 259,702 826,287 242,540 283,835 129,535 145,778 508,925 138,778 93 15,173 £ e m io^ *•«&>? 81,787 102,214 77,089 223,514 3,019,984 DISTRIBUTION OF BILLS AND U.S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES. Within 15 days Bills discounted Bills bought in open market U. S. certificates of indebtedness 1,570,405 135,779 m ,881 16 to 30 days 205,442 113,915 7,568 31 to 60 days 433,705 197,400 6,500 6l to 90 days 228,496 84,273 4,000 Over 90 days 15,463 240,562 Total 2,453,511 531,367 267,511 Released for publication Sunday corning, February 29, 1920; not earlier. ot.^bcr.i FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS FEBRUARY ?-7, 1920. (in thousands of dollars.) Boston FEDERAL RESERVE NOTES: Received from Comptroller Returned to Comptroller Chargeable to F- R. Agent In hands of F. R. A-er.t Issued to F.R. bank less amount returned to F. R- Agent for redemption New York Phila. Clevel. Richm. Atlanta Chicago St.Louis 214,155 1,026,876 267,722 200,788 147,631 102,939 543,555 134,329 63,993 98,806 u28 1%,000 2,814.5go 300,205 1,026,064 270,592 322,232 162,189 203,061 562,927 169,711 91>027 112,514 94,152 270,000 3,584,800 14.760 265,445 105,800 14,580 26.540 27,254 7,700 4,420 13,775 8,510 329.994 4,000 13,052 9,54s 2,626 1,229 2,157 6,367 11,379 97,204 48,000 195,145 45,931 19,300 35.260 16,924 72,418 201,527 - 29,025 - 13,321 15,020 2,135 Gold Settlement Fund - F.R. Board 74,000 105,000 72,839 80,000 30,000 l4,640 188,740 14,662 265,445 19,830 23,387 108,094 15,259 Eligible paper, mini mum r e quired_1%6,186 51,526 920,264 256,01s 295,692 134,335 151,476 543,157 155.071 Gold redemption fund AMOUNT OF ELIGIBLE PAPER DELIVERED TO F. R. A GENT Total 514,360 2,052,940 538,320 523.020 309,220 312,000 906,520 304,100 155,080 211,320 149,7CC 422.000 6 399,320 COLLATERAL SECURITY FOR OUTSTANDING NOTES: Gold and gold certificates on hand TOTAL Minn. Kans.Cy. Dallas San Fran. 611,862 169,208 171,647 102,2C0 2,500 4,o4l - 96,935 332,464 102,4^4 49,206 - 70,077 80,377 261,490 3,254,806 8,231 - 246,148 4-8,195 171,^93 2,10^1,327 920,264 256,018 295,692 134,335 151,476 543,157 155,071 83.327 108,094 80,377 261,490 3,254,806 196,503 1,082,151 193,620 242,522 111,999 119.230 442,17b 116,519 60,356 105.375 73,592 186,463 2,930,572
@FedFRASER