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STATEMENT FOR THE PRESS 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 8, 1920; n o t earlier. S t . 9^3 F e d e r a l R e s e r v e Board, F e b r u a r y 7 > 1920. CONDITION OF FEDERAL RESERVE BANKS. I n c r e a s e d d i s c o u n t o p e r a t i o n s and n o t e i s s u e s and some r e d u c t i o n of d e p o s i t l i a b i l i t i e s a r e i n d i c a t e d by t h e F e d e r a l R e s e r v e B o a r d 5 s weekly bank s t a t e m e n t i s s u e d a s a t c l o s e of b u s i n e s s on F e b r u a r y 6 , 1920 > E x p o r t w i t h d r a w a l s of g o l d were o f f s e t to some e x t e n t by T r e a s u r y d e p o s i t s of g o l d and a g a m of 1*8 m i l l i o n s i n o t h e r r e s e r v e c a s h , The r e s u l t i s s e e n i n d e c r e a s e s of 2 1 . 1 m i l l i o n s i n g o l d r e s e r v e s and of 1 9 - 3 m 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 , a l s o i n a d e c l i n e of t h e banks * r e s e r v e r a t i o f r o m 4 4 . 5 t o 44*1 per cent. War p a p e r h o l d i n g s of t h e R e s e r v e banks d e c l i n e d 6*3 m i l l i o n s , w h i l e o t h e r d i s c o u n t s went up 35* 5 m i l l i o n s . A c c e p t a n c e s on hand show a f u r t h e r d e c l i n e of 6 . 6 m i l l i o n s , w h i l e U. S, s e c u r i t i e s , i n c l u d i n g T r e a s u r y c e r t i f i c a t e s , show b u t nominal c h a n g e s , t h e n e t r e s u l t b e i n g a n i n c r e a s e f o r t h e week of a b o u t 22 m i l l i o n s i n t o t a l e a r n i n g a s s e t s . Of t h e t o t a l of 1,451*6 m i l l i o n s of war p a p e r h e l d , 648*3 m i l l i o n s , or 4 4 . 7 p e r c e n t , were s e c u r e d by L i b e r t y bonds; 229*5 m i l l i o n s , or 15»S p e r c e n t , by V i c t o r y n o t e s , and 573*6 m i l l i o n s , o r 39*5 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 , a s a g a i n s t 4 5 . g , l 4 . S and 3 9 . 4 p e r c e n t of a t o t a l of 1,457+9 m i l l i o n s of war p a p e r shown t h e week b e f o r e . D i s c o u n t e d p a p e r h e l d by t h e C l e v e l a n d , A t l a n t a , Chicago and D a l l a s banks i n c l u d e s 9 6 . 2 m i l l i o n s of b i l l s d i s c o u n t e d f o r t h e New York, P h i l a d e l p h i a and Richmond b a n k s , a s a g a i n s t 87»8 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 , C l e v e l a n d , Chicago, St# L o u i s and San F r a n c i s c o banks a r e i n c l u s i v e of 24*8 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 t h e Boston and New York b a n k s , a s a g a i n s t 3 0 . 2 m i l l i o n s t h e week b e f o r e . Government d e p o s i t s show a f u r t h e r r e d u c t i o n of 3 0 . 5 m i l l i o n s , a s a g a i n s t i n c r e a s e s of 18>7 m i l l i o n s i n r e s e r v e d e p o s i t s , a n d 0 . 3 m i l l i o n i n o t h e r d e p o s i t s , i n c l u d i n g f o r e i g n government c r e d i t s . The " f l o a t 1 1 c a r r i e d by t h e F e d e r a l R e s e r v e banks shows a n i n c r e a s e f o r t h e week of 29*5 m i l l i o n s , w i t h t h e r e s u l t t h a t n e t d e p o s i t s work o u t a b o u t 4 l m i l l i o n s l e s s t h a n l a s t week. As a g a i n s t t h i s s u b s t a n t i a l r e d u c t i o n i n d e p o s i t l i a b i l i t i e s 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 shows a n i n c r e a s e of 4 0 . 8 m i l l i o n s , l a r g e l y f o r t h e E a s t e r n and t h e Chicago d i s t r i c t s , w h i l e t h e b a n k s ' l i a b i l i t i e s on F e d e r a l R e s e r v e bank n o t e s i n c i r c u l a t i o n show a f u r t h e r d e c l i n e of 1 , 8 m i l l i o n s , An i n c r e a s e tf $ 1 , 2 2 7 , 0 0 0 i n p a i d - i n * c a p i t a l i s due l a r g e l y t o i n c r e a s e s i n c a p i t a l and s u r p l u s of e x i s t i n g member banks i n New York City* R e l e a s e d f o r p u b l i c a t i o n Sunday morning, F e b r u a r y g, 1920; n o t e a r l i e r " a ? S 0 U R " ' E S COMBINED RESOURCES Aim LIABILITIES OF TEE TWELVE FEDERAL RESERVE BANKS 3 c t liiir SiEF' B i l l : discount3d5?=,our'i * 3 ^ - ^ G — ^ U « . Z L I a 3 1T1 Capital paid-in Surp] us £ t I E s 111=. IB™:™"- 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 F . R. n o t e l i q u i d i t i e s combined -3tio ct gold r e s e r v e s t o FVR. n o t e s i n c i r c u l a t i o n a f t e r s e t t i n g a s i d e 35^ a g a i n s t n e t d e p o s i t l i a b i l i t i e s 2>054 ' 6 5 b ' ° 0 0 1,457,692,000 ^ A : « K , i ' 81, g:« ^ ^^ ^ « - m t 5: 4&E Si T ji 1,451.557,000 as3ets St.^a ^ 2 ' ° " ' ^ ' ° 0 0 376, ^5,614,000 139,501,000 3,061,192,000 3,039,191,000 '2,14)4,858,'000 , ,%Q^,OQQ J,040,585,000 5,^,000 6,074,412,000 9,788,000 4,970,615,000 83,113,000 67,292,000 81,061,000 »«$ * 'tis 6,040,655,000 ^ ' ^ *3 -ifo 6,074,412,000 ^ 4,970,615,000 ^ 53*5/% 65 <cfh 2i;,v;6,ooo 25,102,000 50.5f0 '42.1m.000 ut.yv^o R e l e a s e d for p u b l i c a t i o n Sunday mornin F e b r u a r y S. 1920; n o t e a r l i e r . RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEBRUARY 6, 1920. R E S O U R C E S (In thousands of dollars) Boston New York Phila. Clevel- Richrn- Atlanta Chj.cp.go St.Louis lviir.n• ^Kans.Cy- Dallas San Fran. Total Federal Reserve bank of 205,393 1,151 i%,iig 27369 5^6oi 2U/U15 2,93 7 7,306 3 17 6 , 8 1 5 12,333 9,544 115,458 Gold and gold certificates 20,455 7o!o4g 25*550 4o[l20 36,*357 21,579 55,924 19,652 21,797 46,734 13,574 26,069 43^,160 Gold settlement fmd-F.R.Board 114.321 8,346 4I 956 9,1^5 9*374 5,602 4 116 13,6o4 5,3/3 5?027 5$^7_ 2,.972 5,2;9 Gold with foreign agencies 753 — 2 2 7 49) b3,bi3 34,29b 1 6 6 , , 5 3 s 23,361-43,£59 Total gold held by banks Li4 71,806 290,732 si,321 122,306 36,913 57,922 209.293 57,517 3*+,070 37,513 3i, 3 25.225 1, 116,4, 7 Gold with F, R. Agents 25,647 25,191 10,665 434 7,011 5,542 20,722 5,025 4lb 5j_27b 3.467 11, /23 121, 259 Gold redemption fund 135J 92 543,416 131,132 12b;353 22,252 97 , 226 3 57,012 ^ 0 , 3 W ^ o o ~ b 7 f 95,627 52,291 l4o,067 1,991.' t or Total gold reserves 6,568 46,387 66 S06 227 1,170 2,2b2 3,263 54 503 1,613 . 15/ 63,090 Legal tender notes,silver,etc1 ^ 3 6 6 82,479 9S,996~359,280 93,727 967130 i 4 o , 8 2 4 2 , 0 54,6^ Total reserves Bills discounted: (a) Secured by Government war 116,703 561,479 154,695 9 0 , 4 0 1 , 7 3 , 0 3 3 62,143 167,142 51,046 24,513 3 0 , 7 ^ 5 *+7,925 51,^32 1,451,557 obligations All other 52,120 Biljls bought in open market (b) 42,277 949 228 204,624 2 l J , 2 i 5 107,605 109,225 463,963 108,562 74,670 9 5 , 1 3 1 6 5 , 2 7 2 207,222 2,75&,2%9 Total bills on hand 2177760 1,457 1,325 63) 1,235 114 4,477 1,153 116 2,262 3,96b 2,633 2D,776 U. S. Government bonds 539 U. b . Victory notes 50 " • 10 -3 •40.474 17.162 -• - - n.UxU 276.06% 5.300 1L- :4o 15.665 U*S-Certificates of Indebtedness 2l» 542 60+202 31*015 24,012 12,260 7 7 , 5 3 2 2 2 I , o 7 5 3 , 0 ol,192 33,266 121,239 240,141 1,018,937 237,022 232,670 121,100 125,607 446,914 12b,883 Total earning assets 10,52b 231 462 506 515 Bank premises 500 64o '553 ' 503 2,116 356 .1,110 3,094 Uncollected items and other de69b', 971 ductions from gross deposits 204,014 69,'626 73,947 66,533 39jo44 115,722 66,638 20,530 73,531 55i795 52, 926 52,303 55® Redemption fund against F.B. 12,232 665 462 971 1,453 2,665 843 237 bank notes 1,072 1,475 1,059 715 5.04S 396 363 j a i 820 „2o3_ All other resources *693 921 25_ 309 J3X 353 539,203 131,19s 127,159 TOTAL RESOURCES 59,904 4 4 3 , 4 6 1 1,219,437 440,174 501,754 275,073 265,124 925,395 2 8 8 , 1 8 4 1 7 1 , 6 1 s 293,029 194,500 4 l 6 , o S 6 6 , 0 4 0 , 6 8 5 (a) Includes bills discounted for other F.R.Banks, viz: (b) Includes bankers1 acceptances bought frorr other P.R.Banks: With their endorsement Without their endorsement 3,250 "66,730 8,600 15,619 l4,o4o 19,341 54,200 545 950 * Includes Government overdraft of $322,000. - 3,4oS 96,121 1,495 22,277 st.$03c R e l e a s e d f o r p u b l i c a t i o n Sunday morning, F e b r u a r y 2, 1920; n o t e a r l i e r RESOURCES A!m LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEBRUARY 6 ( 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 Boston New York P h i l a . C l e v e l . Richm. A t l a n t a Chicago S t - L o u i s linn- K a n s . C y . D a l l a s San F r a n - T o t a l F e d e r a l R e s e r v e bank of 89,119 23,453 9,537 4,39s 3,485 12,541 4,083 Capital paid-in 7,539 120,120 14,292 3,724 3,569 8,359 45,082 8,805 9,089 5,820 Surplus 42,446 2,521 7,747 3,711 3,575 2,719 2,514 Government d e p o s i t s 118,919 1,869,438 Due t o member s - B e se r v e a c c o u n t 56,937 272,792 69,513 53,175 93,723 654,735 Deferred a v a i l a b i l i t y items 34,757 79,180 52,3 94 Other d e p o s i t s i n c l u d i n g 1 6,928 3,890 f o r e i g n government c r e d i t s ' ^ ^ 1 .1 • 1 • • 1 •• " v' '' ~ ^ ^ ~ 2,314 w ^ —t . K/y /* A ^ r-Ar\ ^ 4,733 "T T 167,888 Total gross deposits 164,206 2,891,775 F-R.notes in actual c i r c u l a t i o n 788,121 ?4?;?56 F.R-bank n o t e s i n c i r c u l a t i o n 248,780 11,780 7,995 18,902 net l i a b i l i t y 28,396 1,801 11,669 2 . 1 3 8 1,807 S4l 919 3,562- l,06l All other l i a b i l i t i e s L " 6 , 0 40,685 443,481 1,819,437 440,174 501,784 265,124 928,395 288,184 293,029 194,500 416,886 'TOTAL LIABILITIES 1920. 3,123 4,031 3,484 5,874 7,210 7,900 6,116 3,030 4,695 5,807 4,602 4,009 1,479 3,762 65,055 109,653 734,709 100,971 131,921 62,070 15,43% 62,260 34,134 36,867 41,364 120,666 55,980 62,663 53,538 9,427 4o,O45 6,216 3.720 2,674 10,072 3,767 2,070 900,022 202,299 124,328 96,889^369,791 129,885 74,496 162,592 103,773 166,326 2,662,495 225,836 257,936 130,906 143,916 488,999 134,455 81,645 100,259 73,868 223,578 19,649 51,090 27,607 21,116 15,220 39,210 14,976 9,628 11,607 790 1,129 , 717 Iqii'gL 278,073 171,61s ^ ~ f t f S ^ MEMORANDA Contingent l i a b i l i t y as e n d o r s e r on Discounted paper r e d i s c o u n t e d w i t h o t h e r F . R. banks B a r k e r s ' a c c e p t a n c e s s o l d to e t h e r F. E. banks F . R . Notes o u t s t a n d i n g F . R . Notes h e l d by bank F . R . Notes i n a c t u a l c i r c u l a t i o n 49,800 1,495 96,181 5,000 41,381 1,455 FEDERAL RESERVE NOTES OUTSTANDING- AND IN ACTUAL CIRCULATION 248,173 890,621 237,728 271,834 134,463 148,438 520,938 152,812 83,426 106,320 76,940 267,959 3,139,652 <42,256 788^121 225,836 257,936 130,906 143,916 488,999 134,1+55 81,645 100,25573,808 223,57s 2,83!,,7> 5, Q17 102,500 11,892 13,898 1,557 4,522 31,939 18,357 1,731 6,0ol 3,072 44,3c! DISTRIBUTION OF BILLS AND U. S. CERTIFICATES OF INDEBTEDNESS 3Y MATURITIES W i t h i n 15 days Bills 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 1,432,95^ 123,716 14,472 l 6 t o 30 days 172,123 136,158 4,500 31 to 60 d a y s 320,861 222,786 11,179 6 l t o 90 days 261,197 72,090 6,000 Over 90 days 16,404 239,913 To t a l 2,203,539 554,750. 276,064 247,a,7 st.go}& Released, f o r p u b l i c a t i o n Sunday morning, F e b r u a r y S, 1920; n o t e a r l i e r FEDERAL RESERVE AGENTS* ACCOUNTS AT CLOSE OF BUSINESS FEBRUARY 6, 1920. ( i n thousands of d o l l a r s ) Boston New York Phila» Clevel. Richm* A t l a n t a Chicago St .Louis Minn * Kans-Cy• D a l l a s San F r a n . Total FEDERAL RUSYR^/E NOTES: Received f r u m C o m p t r o l l e r 1 + 2 7 , 6 0 0 2 , 0 2 4 , 4 4 0 510,780 491,340 305,860 305,000 868,520 299,900 154,080 2 0 7 , 3 0 0 146,980 433 ,480 6 , 2 2 2 , 2 8 0 R e t u r n e d to C o m p t r o l l e r 208,607 1,012,819 260,172 193,526 142.354 105,492 128.932 127,488 61.154 95.010 51.410 142,571 2,732,255 Chargeable to F . R . Agent I n hands of .F, R* Agent I s s u e d t o F . R . bank l e s s amount r e t u r n e d t o F+R* Agent f o r redemption 278,993 1 , 0 1 1 , 6 2 1 2 5 0 , 6 0 s 2 9 7 , 8 1 4 163,006 30,820 248,173 COLLATERAL SECURITY FOR 0UTCTAKDIN3 TiO'13'i:: Gold and g o l d c e r t i f i c a t e s on hand 121,000 12,880 25,980 28,5^3 51,070 9,300 13,052 3,587 1,718 28,025 - 14,281 3,913 Gold s e t t l e m e n t f u n d , F . R . Board 57,000 90,000 70,389 80,000 33,000 2,500 3/488 - 9,1^9 93.550 277,909 3>90*025 5,970 16,610—9,950 4,000 10,932 19,600 183,740 16,992 AMOUNT OF ELIGIBLE PAPER DELIVERED TO F.R.AGENT 18,650 9 2 , 7 2 6 112,290 8 3 , 4 2 6 106,320 14,806 Total 539.588 172,412 890,621 237,728 2 7 1 , 8 3 4 134,463 148,438 520,938 152,812 Gold r e d e m p t i o n f u n d E l i g i b l e p a p e r , minimum required 199.508 1,953 350,373 7 6 , 9 ^ 0 267,959 3 , 1 3 9 , 6 5 2 8,831 - 240,148 ^.628 17,295 10^,742 52,000 200,144 49,930 19,300 35,8oO 17,v84 67,930 773,537 176,367 599.889 1 56.407 149,528 97,550 90,4-50 311.6^5—95,295—**9>356—68_,^07—4^427 182.714 2,023, 24s,173 890,621 237,728 2 7 1 , 8 3 4 134,U63 lUg,U3K 520,538 152,812 8 3 , t e 6 106,320 7 6 . 9 4 0 267.959 3 , 1 3 9 , 6 5 2 217,760 91*6,763 171,789 204,533 102,372 105,773 403,867 1 0 8 , 5 6 s 66,549 65,272 2 0 1 , 2 8 4 2 , 6 9 0 , 2 6 1 95,131 5
@FedFRASER