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Rsleassd for publication aBftay u»r»ir*5 Fe^ru^r; 4, V ) Y l .> earlier* IQOU. STATEliEHT FOR THE PRESS. February ► I J i 3 , 1917» Further strengthening of the gold reserve position of the Federal Reserve Banks is indicated by the weekly bank statement of the Federal Reeerve Board made public today as at close of business on February 2 , 1917* Aggregate gold holdings of the banks were $521,760,000,a record total since organisation. In addition to the banks' gold holdings, the Federal Reserve Agents regort a total &t $274,074,000 of gold on hand, which is more than 100 per cent of the total Federal reserve notes in actual circulation. Thi3 gold may be easily availed of by the Federal reserve banks in case abnormal demands for gold develop and member banks present commercial paper for discount on a much larger scale than heretofor*. The aggregate ef lawful money hald by the Federal reserve banks and Agents is now $808,019,000, compared with $539,046,000 about six months, and $ 639, 136,000 about 3 months ago. Combined <?a§h reserves of the Federal reserve banks are at present $533,9^5,000, or 77 <8 per cent ox their combined net deposit and note liabilities. This is the highest percentage shown since March 10, I 9 I 6 . Since the middle of December the Federal Reserve Banks have liquidatod a considerable portion of their investments and have increased their gold reserves from 68.3 to 76 * par cent. Commercial paper on hand shows a decrease of over 1 million for the week, and of over 23 millions sines December 15 of the past year, the eastern banks reporting the largest decreases. Holdings of acceptances declined about 4*5 millions for the week and nearly 30 millions since the middle of December. Decreases since then are shown also in the amount of United States securities held, municipal warrants being the only class of investments for which increased holdings are given for the latest date. Of the total commercial and bank paper on hand, over 45 per cent mature within JO days, and nearly 42 per cent after 30 but within 60 days. Of the warrants on hand, less than. 13 per cent are shown to mature within 30 days and a slightly larger proportion after 30 but within 60 days. Loss than 1 per cer-t of the paper, compared with over 68 per cent of the warrants on hand, mature after 90 days but within 6 months. Earning assets total 169.7 millions and constitute at present about 3 O5 per cent of the banks’ paid-in capital, compared with 405 per cent on December 15 and 326 per cent the week bef*re, Of the total, 54.9 per cent is represented by acceptances; 18 per cent b;r United States bonds; 11 per cent by Treasury notes; 8.7 per cent by discounts; and 7-4 per cent by warrants. of 2.3 millions Government deposits show a further decrease,/ all the eastern banks • reporting net withdrawals of Government funds f«r the week. An increase of about 2 millions ia shown for reserve deposits, notwithstanding the considerable decrease under this head reported by the New York bank. The amount «f "float" carried by the Federal Reserve Banks, as measured by the difference between asset item nUncollected items" and liability item "Collection items", is $25,379,000, a 3 against $29,063,000 shown the week before. Federal Reserve Agents report $290,577,000, net, of Federal reserve notes issued, against which they h«ld $274,074 ,<100 of gold and $19,652,003 of paper. The banks show $260,030,000 of Federal reserve notes in actual circulation and aggregate liabilities thereon of $11,471,000. • IjOh c*.. Released for publication Sunday morning February 4, 191 /. Mot earlier. CLOSE OF BUSINESS FEBRUARY 2, 191 STATEMENT OF COMBINED RESOURCES AT® LIABILITIES OF TEE TWELVE FEDERAL RESERVE EAHKS OF THE UNITED STATES AT August 4, 1916 February 4. 1^16 R E S O U R C E S . February 2, IS 17 January 26,1917 November 3 , 1516 55 , 000 236.437.000 27 8.15 7 .0 0 0 $306,964,000 302 , 3^1, “ ^O Gold coin and certificates in vault.................................... < ■^; '*■ MC -1^6,t i l , u30 'O J'} 127 . 641 . 000 G*li 3cttlenient fund............................................................... 212,961,000 2 1 3 ,7 7 1 ,0~0 I . 167,000 1 . 9 1 5 . 0 0 0 C-cld redemption fund -/ith United States Treasurer........... 1.815.000 1,813,000 i , m .Q^ 342.004.000 365 . 163.000 407. 192.000 Total -old reserve........... ................. ............................. 521,760,000 517,925,00° 14.617.000 6.884.000 11.699.000 12,185.000 17,579,000 Legal tender notes, silver, etc........................................... 156.641.000 376 . 862.000 414.076.000 Total reserve................................................................... 533,945,000 535,504,000 50,000 450,000 420,000 Five .per cent redemption fund against F. R. Bank notes.. 400,000 400,000 25.044.000 30.415.000 19 ,682,000 Bills discounted - Members.................................................... 14,707,000 15,711,000 26. 279.000 79.519.000 85 081,000 Acceptances bought................................................................... 93,112,000 97,^97,000 24.341.000 48.037.000 40.540.000 United States bonds................................................................. 30,550,000 3^,122,000 7.925.000 11.367.000 One-year Treasury notes.......................................................... 18,647,000 19,647,000 20 ,856 ,O X 000 24.100.000 Municipal •warrants................................................................... 12.664,000 12,249,000 96 . 520.000 193.271.000 180. 770.000 Total earning assets...................................................... 169,680,000 181,426,000 3 3 . 710.000 20. 426.000 17*749,000 Federal reserve notes - Net................................................... 25,515,000 27,061,000 j v, 223,000 1 9 ,9^7,000 3 4 .7 78 .0 0 0 Bus from other Federal reserve banks.- Net....................... 12,687,000 (a )-4,123,000 Unc*llected items..................................................................... 126,611,000 126,437,000 4,411,000 II,853,000 1.071.000 11,153,000 13,609,000 All other resources....... .......................................................... 513.997.000 615 . 367.000 650,864,000 TOTAL RESOURCES............................................................... $881,991,000 880,314,000 L I A B I L I T I E S . 54.907.000 55.148.000 55.709.000 Capital paid in......................................................................... 55,725,000 55,694,000 25.350.000 56 . 607.000 23.636.000 Government deposits................................................................. 23 , 333,000 25,607,000 Due to members - reserve account....... ................................. 689,878,000 687,841,000 419.137.000 552 , 386,000 490, 625,000 Member bank deposits - Net..................................................... . . . . . *• Collection items....................................................................... 101,232,000 97,374,000 9 , 966,000 11 , 029,000 12 627,000 Federal reserve notes - Net.............. . .................................. 11^471,000 13,509,000 1 , 692,000 1 , 031,000 Federal reserve bank note liability.................................... ____ 266,000 137/000 425,000 All other liabilities.............................................................. 352,000 289,000 513,S>7,000 615 , 367,000 65 O, tC 4 ,000 TOTAL LIABILITIES................... ........................................ $881,991,COO 380,314,000 U .l t 67 • 7$ 72-9$ Gold reserve against net deposit and note lia b ilit ie s... 76.0$ 73-85* e ..4 $ JO.Off /4 .1 $ Cash reserve against net deposit and note lia b ilit ie s ... 77-8$ ?6-3>’ Cash reserve against net deposit liabilities after set ting aside 40$ gold reserve against aggregate net lia 81-3$ 70 . 6$ 74 . 9^ bilities on Federal reserve notes in circulation........... 78.4^ 77-0$ 6l 90 days Over 90 31 60 days MEMORANDUM: Distribution by maturities-: Feb. 2,15’171 - 1 5 days l6 - 30 days 13 , 240,000 920,000 44,877,000 Bills and acceptances.................. ....................... .................... $24,839,000 23,9^3,000 tyo/OOO S,o33,000 1,718,000 Municipal warrants.. ................................................................ 392,000 1,225,000 (a) ’Vt amount due to other Federal reserve banks , , Released for publication Sunday morning February 4, I9 17 . Not earlier1004 b. WEEKLY STATEMENT OF RESOURCE'S A W LIABILITIES OF EACH OF THE TWELVE FEDERAL RESERVE BANKS AT CLOSE OF EUSIFESS FEBRUARY 2, 1917* (In thousands of dollars) L 2 S 0 U R C E 3 . B*ston N. Y. Phila. Clevel. Richm. Atlanta Chicago St.Louis Minnls. Kas. Cy. Dallas S.Iran. Total Gold coin and certif. in vault $13,983 156,451 23,651 16,711 5,296 5,448 33,216 14,724 10,759 6,355 5 ,9 ^ ° 13,930 306,$64 Gold battlement fund 15>237 39,182 14,258 28,777 17*701 5,791 38,920 3,583 6,124 29,443 11,067 2,878 212,961 Gold redemption fund ^48 250 100 40 257 528 200 68 125 163 Hi ^ 15 29,268 195,383 38,009 45,528 23,254 11,767 72,336 18,375 17,008 36,461 17,048 16,823 521,760 Total gold reserve 648 .... .... 25_ .,-12^.185 3,376 Legal tender notes, silver, etc. 974 1,296 102 185 1,350 840 607 1,207 1,505 Total reserve 30.475 197.233 38.849 46,502 23,356 13,063 73,841 21,751 17,615 36 ,646 17,696 16,918 533,9.45. 100 -400 —— 300 edempt. fund - F. R. bank notf iS - 212 541 14,707 Bills discounted - Members 1,310 651 428 747 509 3,609 1,795 2,273 1,159 1,473 4,980 7,080 11.962 6,4o4 8,363 ... 22x1X2 .Bills bought- in open market 4.414 5 ,& /3 2,8.33 1,159 25.599 11,194 3,435 7,4 84 . 3,342.. ...2_,463_ 8,575 107,819 8,023 5,521 12.709 5.708 27,072 11,845 6,832 Total bills on hand 8,239 1,495 3,^03 8,518 2,203 2,369 30,550 6,203 296 110 Investments: U. S. bonds 136 587 5,171 59 1,500 1,430 18,647 2,962 891 1,491 1,820 1,230 One-;ear U. S. Treasury notes 726 1,666 963 1,969 1,999 12,664 — __ 965 124 600 504 4,300 1,918 l,4o6 1,855 Municipal warrants 555.... ............ 218 ... 1 9 2 . 9,215 10,764 13,061 .7,5.Q1_.._i3^os_ 169,680 7,619 19,259 Total earning assets 14.989 32,157 15,386 15,741 10,579 -_ 2,014 236 18,814 934 1,070 Fc-dor. J restrve notes - Net 1,665 155 627 25,515 • —— —— —— 1,804 2,116 447 3,594( a) 12, tL] 826 1,870 Duo fro:-. Other F. R. banks - Net 3,687 83 6,699 4,032 9,426 126,611 3,076 6,019 7,044. 15,799 7,212 15,482 24,292 18,613 Uncollected itou:s 8,917 304 __13-l.15.3_ 970 ...3,53? . 2,521 621 All other resources 892 147 971 7 79 119_ ... .....491.. i^SQa. 62,908 273,275 74,922 73,512 41,294 32,117 115,221 42,633 .3.1,614 57,203 J i ,.3 6 L 45,665 ...88.1^1 TOTAL RESOURCES . L I A B I L I T I E S . Capital paid in Q^fcprnrr.ent deposits OTro to members - reserve account Collection items Federal reserve notes - Net Cue to other F. R. banks - Net All ether liabilities TOTAL LIABILITIES M E M O R A N D U M . P. R. notes issued to the banks F. ft. not-a held by banks F« S. riots>3 in circulation Gold and lawful money with Agent (x) Overdraft 5,230 2,778 4a, 4°6 7,458 11,858 2,027 238,015 21,242 18,300 6,020 1,140 56,804 9,548 46l 57 62,908 33 100 273,275 118 74,922 - «. — 73,512 4,990 (x) -38 49,950 - 13,851 106,832 16,430 10,46l 934 18,814 1.070 627 88,018 15,803 12,781 9,527 13,851 106,832 16,430 10,461 (a) Diffe rence bet w8on net amounts 3,363 1,489 25,778 6,820 3,530 314 —— 41,294 17,764 2,417 2,577 16,851 6,806 3,466 -_ —— 32,117. 6,947 2,164 94,251 11,859 T. ~ -_ - - 115,221 22,559 560 815 17,204 21,744 13,674.. 18.278 due f ro-r. and net 2,402 3,074 55,725 3,930 2,695 2,799 2,844 940 2,287 1,578 3,547 23,333 27,760 26,682 45,246 24,800 35,215 6^9,878 2,243 2,294 5,476 5,587 3,599 101,232 11,471 2 , 94o - -1,535 -~ -- 932 - - --. 7.7.______ 35.2 42,633. .3 L 6 1 4 ...3_L.2Q.3_ _31*J6 l . 45.^665.. 88L.93.1 7,156 16,733 19,858 20,646 21,737 16,550 290,577 2,014 907 ...2,136. 25? 1,665 30,547 155. 5,491 15,826 17,122 20,396 21,582 14,536 260,030 7,156 12.886 17,358 18,861 21,737. 16,550 -2.74,074 amounts due to other *PIS4i6»*3.1 reserve ba.n£s * . Released, for publication Sunday morning Ifefcfy&xy 4, 1917- Not earlier. 1004 c. STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS FEBRUARY 2, 191$(In thousands of dollars) Fa de ral Re se rve Not es: Received from the Comptroller Boston N, Y » $28,880 185,400 30,480 17,660 29,500 35,380 11,880 22,540 26,500 28,120 35,320 18,560 470 ,220 7,819 60,548 6,790 4,093 7,736 4,186 1,724 2,767 1,022 2,366 5,327 2,010 106,394 21,061 124,852 23,690 13,561 21,764 31,194 10,156 19,773 25,478 25,754 29,993 16,550 363,826 7 j 210 18,020 7,260 3,100 4,000 8,635 3,000 3,o4o 5,620 5,108 256 10,461 17,764 22,559 7,156 16,733 19,858 20,646 21,737 5,165 13,230 4 ,3 /0 10,540 ^^turned to the Comptroller Cnargeafcle to F. R. Agent . In hands of F. R. Agent Phi la«. Clevel. Richm. Atlanta Chicago St . Louis Minnls. Kas.Cy. Dallas S . F ran. Total 13,851 106, 8.32 16,430 Amount r>eld by F. R. Agent in reduction of liability on outstanding notes: On hand: Cold coin and certificates 13,150 103,349 3,730 9,880 3, ^ 3 770 581 Credit balances: redemption fund With Federal Reserve Board 1—1 0r— Tssuod to F. R.B ank less amount returned to F, R. Agent lor redemption -- -- -- As security for outstanding note s: Commercial paper T-taX Amount oi conxi&rc ial paper doliv ered to Federal Reserve Agent * 13,851 106,832 16,430 10,461 2,960 - 16,550 73,249 290,577 166,374 774 1,618 146 711 878 1,231 1,167 590 12,650 12,900 13,700 7,010 7,010 3,250 13,260 10,030 15,960 95,050 4,090 4,281 -- 3,847 2,500 1,785 - - * - 16,503 17,764 22,559 7,156 16,733 19,858 20,646 21,737 16,550 290,577 5,953 4,304 >• — 3,848 2,500 - 1,939" ' 1,148 -- 19,692
@FedFRASER