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st.
STATEMIT i'CC 1EB HIESS
S o l a a s o d f o r p u b l i c a t i o n .Sunday u o m i n g ,
J a n u a r y 11, 1920; n o t e a r l i e r .
S59
F e d e r a l ±ioscrvo B o a r d ,
vanuary lu, ^ 2 0 .
CONDITI01" OF F21E2AL BE5EH7E B S C S .
L i q u i d a t i o n of n e a r l y 200 m i l l i o n s of b i l l s and T r e a s u r y c o r t i f i - ^
c a t e s and s u b s t a n t i a l r e d u c t i o n of d e p o s i t a n d n o t e l i a b i l i t i e s a r e i n d i c a t e d ,
i n t h e F e d e r a l r e s e r v e B o a r d ' s w e e k l y 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 o^.
b u s i n e s s on J a n u a r y 9> 1920* The r e s e r v e r a t i o of t n e B a i ^ s , a c c o r d i . - b ^
shows a r i s e f o r t h o wo ok f r o m 43*7 t o 45*4 p e r c e n t , no tw i t n s t - a n a m g a
c l i n o of 19«2 m i l l i o n s i n c a s h r e s e r v e s *
TTar p a p e r h o l d i n g s show a doc l i n o f o r t h o week of 1 3 2 - 2 m i l l i o n s ,
o t h e r d i s c o u n t s f e l l o f f 19*3 m i l l i o n s , w h i l e a c c e p t a n c e h o l d i n g s r e g a i n e d
p r a c t i c a l l y u n c h a n g e d . Of t h o t o t a l of 1 , 3 3 2 . 1 m i l l i o n s of war p a p ^ r h e i d ,
6 7 5 , 4 m i l l i o n s , o r 4 9 . 9 p e r c e n t was s e c u r e d "by L i b e r t y bonds, 2 5 6 . o millions , o r 19 p e r c e n t by V i c t o r y n o t e s , a n d 4 1 9 - 9 m i l l i o n s , o r J>1.1 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 49*5, 19*4 a n d 3 1 * 1 p e r c e n t of a t o t a l
of l , 4 g 4 . 3 \ i l l i o n s of war p a p e r h e l d t h e week b e f o r e . A d e c r e a s e of 4b J
m i l l i o n s i n T r e a s u r y c e r t i f i c a t e s r e p r e s e n t s a p p r o x i m a t e l y t h e amount of temp o r a r y c e r t i f i c a t e s r e d e e m e d by t h e Government d u r i n g t h e w e e k .
D i s c o u n t e d p a p e r h e l d by t h e A t l a n t a , C h i c a g o , S t . L o u i s , a n a D a l l a s b a n k s i n c l u d e s a b o u t 49*1 m i l l i o n s of p a p e r d i s c o u n t e d f o r t h r e e o t n e r
F e d e r a l He s e r v e b a n k s , w h i l e a c c e p t a n c e no 1 d i n g s of s i x no s e r v e oaiiks^ a r e
i n c l u s i v e o f 6 0 . 9 m i l l i o n s of b i l l s a c q u i r e d f r o m t h e B o s t o n a n d Eew York
b a n k s , as a g a i n s t 9 1 . 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 w e r e i l . l m i l l i o n s l e s s t h a n t n o week b e f o r e ;
r e s e r v e d e p o s i t s - 7 2 - 6 m i l l i o n s l e s s , and 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
g o v e r n m e n t c r e d i t s - 19*9 m i l l i o n s l e s s * The " i l o a t 1 1 , c a r r i e d by - h e noservC
b a n k s shows an i n c r e a s e of 31*7 m i l l i o n s , w h i l e n e t d e p o s i t s f i g u r e o u t 135*2
m i l l i o n s below t h e c o r r e s p o n d i n g t o t a l f o r t n e p r e c e d i n g w e e k . 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 r e d u c t i o n of o4*6 m i l l i o n s , a l l n o s e r v e oarucs
r e p o r t i n g c o n s i d e r a b l e r e t u r n movements of n o t e s - E x p o r t w i t h d r a w a l s and t h e
s a l e t o f o r e i g n i n t e r e s t s of a b o u t 5 m i l l i o n s h e l d i n London a c c o u n t l a r g e l y
f o r a r e d u c t i o n of 21*2 m i l l i o n s i n g o l d r e s e r v e s . O t h e r c a s h r e s e r v e s , i . e . ,
s i l v e r a n d l e g a l t e n d e r n o t e h o l d i n g s , shov; an i n c r e a s e f o r t h e week of 2 . 1
millions.
k
St.839a
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 , J a n u a r y 11, 1 9 2 0 ; n o t e a r l i e r .
COMBINED RESOURCES AMD LIABILITIES OF THE THELVE FEDERAL RESERVE
J a n u a r y 1 0 , 1919
1920
J a n u a r y 3, 1920
R E S O U R C E S
$
2
3
9
,
6
0
9
,
0
0
0
$334 , 5 5 2 , 000
Gold a n d g o l d c e r t i f i c a t e s
$220,301,000
3
6
3
,
7
2
3
,
0
0
0
4 3 0 , 7 3 0 , 000
3
5
0
,
2
6
3
,
0
0
0
Gold s e t t l e m e n t f u n d , F . R . B o a r d
1
3
1
,
3
2
0
,
0
0
0
,825, c o o
1
2
1
.
1
2
2
,
0
0
0
Gold w i t h f o r e i g n a g e n c i e s
000
,110,
7
3
4
,
6
5
2
,
0
0
0
771
7
2
3
,
2
s
6
,
0
0
0
T o t a l g o l d h e l d by b a n k s
000
1
,
2
3
5
1,205,596,000
,
2
4
5
,
1,209,508,000
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
84
000
1
2
2
,
3
6
7
,
0
0
0
1
0
7
,
9
7
7
,
0
0
0
Gold r e d e m p t i o n f u n d
,070..
$2,062,615,000
000
2
,
0
9
4
$
2
,
0
4
1
,
3
7
1
,
0
0
0
Total gold r e s e r v e s
825
5
5
,
6
5
7
,
0
0
0
67
000
B
L
Z
2
3
^
0
0
0
Legal tender notes, s i l v e r , e t c .
000
2
,
l
6
l
2
,
1
2
1
,
2
7
2
,
0
0
0
,
8
9
8
,
2
,
1
0
2
,
0
9
9
,
0
0
0
Total reserves
1 , 4 8 4 : 847 , 000
1,454,262,000
( S e c u r e d by Government war o b l i g a t i o n s
.,352,055,000
Bills discounted
7
4
6
,
9
2
5
,
0
0
0
2 73 ,229, 000
727,670,000
(All other
000
5
7
4
,
6
3
1
,
0
0
0
_2jJ
5
7
4
.
7
2
2
.
0
0
0
B i l l s b o u g h t i n open m a r k e t
7
2
,
5
0
5
,
8
1
5
,
0
0
0
000
2
,
0
3
5
:
9
2
,
2
,
6
5
4
,
4
7
7
,
0
0
0
T o t a l b i l l s on h a n d
2
8
000
,
8
2
1
,
2
6
,
5
3
6
,
0
0
0
2
6
,
5
3
6
,
0
0
0
U. S . Government b o n d s
6
4
,
0
0
0
5
6
4
.
0
0
0
U. S» V i c t o r y n o t e s
349,090,000
175,809,000
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
302,406,000
13,000
All other earning a s s e t s
,
2
4
0
,
6
1
5,000
3
,
1
8
1
,
5
0
8
,
0
0
0
2
,
9
8
3
,
9
8
3
.
0
0
0
Total earning a s s e t s
8
,
0
3
3
,000
10,369.000
/
•
?
,
/
¥
»
1
0
,
'
1
0
,
c
o
o
Bank p r e m i s e s
712,351,000
1,171,778,000
U n c o l l e c t e d items and o t h e r d e d u c t i o n s from g r o s s d e p o s i t s
l,034T«9C00b
6,432,000
13,130,000
13,254,000
5/b R e d e m p t i o n f u n d a g a i n s t F . R - b a n k n o t e s
12..
002,000
5
,
7
3
3
0
0
0
All other resources
5,241
6
,
5
0
4
,
0
9
0
,
0
0
0
5
,
1
4
1
,
4
31,000
TOTAL RESOURCES
«/./«* 7
L I A B I L I T I E S
80 , 8 1 2 , 0 0 0
87,433,000
87,451,000
Capital paid-in
22
1
2
0
,
1
2
0
,
0
0
0
,733,000
120,120,000
Surplus
,291,000
3
5
,
9
2
0
,
0
0
0
37
Government d e p o s i t s
27,792,000
1
,
6
4
0
,729,000
1
,
9
2
2
,
5
0
0
,
0
0
0
1,550,219,000
Due t o members - R e s e r v e a c c o u n t
©.i"'10
§
4
4
,
5
8
4
,
0
0
0
,354,000
4
9
5
76>r3Miooo~
Deferred a v a i l a b i l i t y items
114
^
74,000%
1
1
6
,
3
0
7
,
0
0
0
Qfi.U2S.000
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
<To3A.
2,288
,
2
48,000
3
,
0
2
2
,
9
1
1
,
0
0
0
2,73>r5Sb,000
Total gross deposits
,681,000
2
,
9
3
8
,
9
9
2
,
0
0
0
2
,
5
9
0
2,914,368,000
F . R. n o t e s i n a c t u a l c i r c u l a t i o n
258,561,000
123 , 4 6 6 , 0 0 0
259,099,000
F . R . bank n o t e s i n c i r c u l a t i o n - n e t l i a b i l i t y
,486,000
1
6
,
0
7
3
,
0
0
0
18,0^7,000
All other l i a b i l i t i e s
6
,
5
0
4
,
0
9
0
,
0
0
0
5
,
1
4
1
,
431,000
6,136rGG-3,000
TOTAL LIABILITIES
q
i*l
R a t i o of t o t a l r e s e r v e s t o n e t d e p o s i t and F . R . n o t e
45-4fo
5i-9>5
43.7#
l i a b i l i t i e s combined
R a t i o : o f gold r e s e r v e s to F.R. notes i n c i r c u l a t i o n a f t e r
62.2:1
49.5;
51.5#
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
I
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 , J a n u a r y 11, 1 9 2 0 ; n o t e a r l i e r .
St-839^
RESOURCES AND LIABILITIES OF TEE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JANUARY 9 , 1 9 2 0 .
R E S O D K CI S
( 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 R e s e r v e b a n k of
B o s t o n New York P h i l a . C l e v e l . Richm. A t l a n t a C h i c a g o 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 . T o t a l
Gold a n d g o l d c e r t i f i c a t e s
8,309
140,823
1,279
6,102
2,44l
8,458 24,215
2,808
8,288
247
6,467 10,So4
220,3'
Gold s e t t l e m e n t f u n d - F . R . B o a r d 3 9 , 2 2 6
11,154 2 8 , 5 4 4 45,500 28,470 21,055 115,620 15,379 13,507 2 4 , 2 9 4 11,808 2 5 , l 4 o
330,26j>
9,002
45,260
9,866
10,112
6.043
4,4401
4
,
6
7
5
5,796
3
,
3
3
0
5
,
9
1
9
3,206
5
,
6
7
3
123,322
Gold w i t h f o r e i g n a g e n c i e s
56,537
1 9 7 , 2 3 7 3 9 , 6 8 9 61,714 3 6 , 9 5 4 3 3 , 9 5 3 1 5 V 5 1 0 24,483 25,125 30,460 21,541 4 i , 6 S 3
723,256
T o t a l g o l d h e l d "by b a n k s
79,895 300,520 81,858 128,098 3 7 , 3 4 3 6 6 , 5 7 7 219,929 71,525- 35>l 1+ 7 39,465 3 2 , 9 7 3 116,17s 1,209,508
Gold w i t h F . R. A g e n t s
14,850
25,000 10,096
1,137
8.791
7,709 16,772
6-003
400
4,255
3,255
9,709
107,°77
Gold r e d e m p t i o n f u n d
151,282
522,757 131,643 190,949 8 3 , 0 8 8 108,239 391,211 102,011 60,672 74,180 5 7 , 7 6 9 167,570 2,541,371
Total gold r e s e r v e s
46,260
381
809
198
979
2.158
2,671
74
321
1,439
429
oC.728
^ 0 0
Legal tender n o t e s , s i l v e r , e t c .
156,291 569,017 132,024 191,75s 83,286 109,218 3 9 3 , 3 6 9 104,682 60,746 74,501 59,208 1 6 7 , 9 9 9 2,102,099
Total reserves
B i l l s discounted: (a)
S e c u r e d by Government w a r
105,100 494,173 174,403 100,854f 8 2 , 5 7 7 67,645135,896 45,640 20,363 37,35%- 3 9 , 1 5 9 48,921 1,352,085
obligations
54,660 267,130 28,911 42,505 23,681 23,142 110,833 28,574 47,256 51,810 1 8 , 1 8 3 3 0 , 9 3 5 727:570
All other
194,796
5.842 63.729 10,973
9.887 88,792 21,154 10,229 15,211
6^28 6_ 10.9.^32
51^.722
B i l l s b o u g h t i n open m a r k e t ( b ) 3 8 , 2 8 4
19s,044 156,099 209,156 207,088 117,231 100,674 335,521 95,36s 77,348 1 0 4 , 3 7 5 63,628 1 3 9 , ^ 5 2,654,477
T o t a l b i l l s on h a n d
26,836
116 8,868
3,96o
2,632
1,235
375
4,477
1,153
1,257 1 , 3 8 5
833
U.S.Government bonds
539
264
4
250 10
U.S. Victory notes
9,065
11,681
3
0
2
,
4
0_6
;
,
4
S
0
1
6
,
8
3
2
6 7 , 4 8 9 3 0 . 5 9 8- 2—6 , 5—
2 1 1 2 ., 2 6 0 1 5,665". 6 4 ., 7. 9- 7 1 7 , 2 4 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 2 1 . 7 7 5
. .
—__
-".
659
Total earning assets
220,358 1,025,095 241,139 234,452 130,726 l i b , 7 1 8 4u4,795 H 3 , 7 b 4 8 6,444
,0 ^
{G, q59 2 0 3 , ( 3 8
> 3 ^ 3 , 9&3
421
1,108
3,094
5OO
640
504
478
2,116
35b
500
4b2
231
10,410
-aam-c p r e m i s e s
/
I l1 tH
U n c o l l e c t e d items and o t h e r de75,056 222,803 77,009 76,566 81,169 5 2 , 5 7 3 122,620 7 9 , 1 1 1 24,148 8 9 , 9 7 1 61,916 5 8 r f 5 4 1,023^-696ductions from gross d e p o s i t s
5/& R e d e m p t i o n f u n d a g a i n s t .c -it.
065
13,254
682
324
550
2,132
957
1,146
847
1,072
2,885 1 , 4 7 5
519
bank n o t e s
6,241
278
350
l
4
s
497
564_
255
154
426
* 905
156
1,175
All other resources
333
0
/a 1
TOTAL RESOURCES
(a) Includes b i l l s discounted
f o r other F.R.banks, viz:
(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 other F.R. banks:
•7ith t h e i r endorsement
Without t h e i r endorsement
7,000
12,386
6,050
4,500
15,165
5,622
10,723
3,230
* I n c l u d e s Government o v e r d r a f t of $ 2 0 4 , 0 0 0 .
4
Y/»7
454,218 1,824,069 452,303 504,988 297,109 279,988 925,596 298,350 172,310 296,463 199,104 431,635 6,1367683
24,350
6,264
5,065 2,441
4l,900
30,953
29,943
R 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 , J a n u a r y 11, 1920; n o t e a r l i e r .
RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JANUARY 9 , 1 9 2 0 .
( 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
B o s t o n New York P h i l a , C l e v e l . Richm. A t l a n t a C h i c a g o S t - L o u i s Minn. Kans . C y . D a l l a s
F e d e r a l R e s e r v e bank of
4,065 3,076 4,022 3 , 4 1 4
7,105
22,392
7,884
9,533
4,397
3 , 4 2 9 12,374
Capital paid-in
6,116 3,030
5,820
3
,724
4,695
14,292
8,359
45,082
8,805
9,089
3,569
Surplus
1,028
6,282
672
479
3,093 1,495 2,865 1 , 3 6 5 1 , 1 9 3 4 , 3 0 3
Government d e p o s i t s
7 0 2 , 3 5 4 1 0 2 , 8 6 4 1 3 4 , 1 5 4 64,149 56,408 273,564 7 4 , 9 4 7 5 3 , 4 0 2 8 9 , 2 3 8 63,062
Due t o members - R e s e r v e a c c o u n t l i b , 269
167,248 70,917 59,668 66,526 4 3 , 1 0 4 84,159 5 4 , 1 6 4 1 4 , 2 8 4 6 9 , 6 3 9 38,238
60,349
Deferred a v a i l a b i l i t y items
Other d e p o s i t s including
43,336 6,786 6 , 4 3 7 3 , 6 4 5 2 , 7 2 9 1 0 , 1 8 7 3,914 2,270 3 , 7 3 5 2,062
5,560
f o r e i g n government c r e d i t s
919,220 181,239 200,73s 134,320 105,334 369,405 135,890 71,321 1 6 3 , 8 0 5 107,665
183 , 206
Total gross deposits
776,592 224,322 2 6 2 , 3 4 5 140,005 150,613 486,386 1 3 8 , 7 2 6 85,566 1 0 2 , 2 1 4 7 4 , 2 5 6
F.-E,notes i n a c t u a l c i r c u l a t i o n 233,500
P.H.bank notes in c i r c u l a t i o n 5,231 1 9 , 4 8 2 1 0 , 2 5 3
20,921
net l i a b i l i t y
52,353 29,091 22,261 12,096 15,496 41,223 15,851
48b
547
824
471
421
1,916
8,430
962 1,022
1,127
All other l i a b i l i t i e s
524_
4 5 4 , 2 1 8 1 , 8 2 4 , 0 6 9 4 5 2 , 3 6 3 5 0 4 / 9 8 8 2 9 7 , 1 0 9 2 7 9 , 9 8 8 925,596 2 9 8 , 8 5 0 1 7 2 , 3 1 0 2 9 6 , 4 6 3 1 9 9 , 1 0 4
TOTAL LIABILITIES
st.839c
Sari F r a n .
5,760
Total
87,451
7,539
120,120
5,023
27,798
119,808 1,850,219
34765©
763T**6
<9 59 O
cJ.AIV
J o . 425
5,7b4
165^55^ 2 , 7 3 ? ^
239,843 2,914,368
11,841
255,099
13,057
1,257
43ire^j"57l3
<M. 13-1
ME M0 R 1H D A
Contingent l i a b i l i t y as
e n d o r s e r on Discounted paper rediscounted
w i t h o t h e r P . R. b a n k s
Bankers1 acceptances s o l d to
o t h e r F. R. banks
- 20,050
- 11,850
- 10,000
41,900
30,953
30,953
FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION.
F . R. n o t e s o u t s t a n d i n g
F . R. n o t e s h e l d b y bank
F.R.notes in actual c i r c u l a t i o n
251, b02
18,102
233,500
935,596 237,806 274,605 145,549 155,687 523,362 160,620 87,643 110,112 78,320 283,112 3,244,314
1 5 9 , 0 0 4 1 3 , 4 8 4 12,260
5,844
5 , 0 7 4 3 6 , 9 7 6 21,894
2,077
7,89 8 4 „ o 6 4 4 3 , 2 6 9 329,91*6
776,592 22^,322 2627345 140,005 150,613 486,386 138,726 85,566 102,214 74,256 239^843 2 , 9 1 4 , 3 0 8
DISTRIBUTION OF BILLS AND U . S . CERTIFICATES OF INDEBTEDNESS BY MATURITIES.
w i t h i n 15 d a y s
B i l l s discounted
B i l l s b o u g h t 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
1,433,979
103,555
39,889
l b t o 30 d a y s
150,015
103,643
3,151
3 1 t o 60 d a y s
312,265
237,367
7,797
b l t o 90 d a y s
160,942
130,157
8,326
Over 90 d a y s
22,554
243,243
Total
079,755
574,722
302,406
st.S39d
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 , J a n u a r y 11, 1 9 2 0 ; n o t e a r l i e r .
FEDERAL RESERVE AGENTS1 ACCOUNTS AT CLOSE OF BUSINESS JANUARY 9 , 1 9 2 0 .
( I n t h o u s a n d s of d o l l a r s . )
Boston
FEDERAL RESERVE NOTES:
Received from Comptroller
Returned to Comptroller
Chargeable to F . R . Agent
I n h a n d s 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
196,518
283,382
31,780
251,602
12,895
Gold s e t t l e m e n t f u n d , F . R .
Board
67,000
AMOUNT OF ELIGIBLE PAPER
DELIVERED TO F . R . AGENT'
485,240
Richm. A t l a n t a C h i c a g o 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
305,260 298,000 845,600 299,600 154,020 205,260 144,500 415,sso 6,152,300
962,004 244,634 178,735 132,424
94,903 293,298 115,480
56,777
88,358
49,400 131,613 2,5':9.l49
1,045,596 266,146 306,505 173,^36 203,097 547,302 184,120 97,303 116,902 95,100 284,262 3,603,151
110,000 28,340 31,900 27,527 47,410 23,940 23,500
9,660
6,790 16,780
935,596 237,206 274,605 145,240 155,627 523,362 160,620 87,643 110,112
11,780
16,469
17,073
4,000 13r052
2,50c
36,025
123,7^0
Gold r e d e m p t i o n f u n d
Total
Phila. Clevei.
479,900 2,007,600 510,780
COLLATERAL SECURITY FOR
OUTSTANDING NOTES:
Gold a n d g o l d c e r t i f i c a t e s
on h a n d
" E l i g i b l e p a p e r , minimum
required
New York
1.3^3
3 , 077
8,783
5,595
2,795
2,605
1,150
352,837
7S..32C
283,112 3.244,314
8,831
248,148
5,65s
17,713
105,000 65,389 75,000 36,000 61,000 211,146 61,930 19,300 36,860 18,484 98,465
105,7S6
855,574
171,707
635,076 155,94s 146,507 108,506 89,110 303,433 29,095 52,496 70,647
251,602
935,596 237,806 274,605 145,849 155,687
193,044
953,766 186,722 129,082 115,214 100,535 335,223 95,368 66,15s 104,123 63,622 122,570 2,590,549
523,362
45,34? 166,9^4
2,034,806
160,620 87,643 110,112 73,320 223,112 3,244,314
@FedFRASER