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SIATELIENT FOR THE PRESS iielaased. f o r p u b l i c a t i o n Stxiday morning, January IS; not e a r l i e r . s t . g6o F e d e r a l Reserve Board, January 17> 1920. CONDITION OF FEDSmL RESERVE- BAMCS. F u r t h e r r e d u c t i o n i n F e d e r a l Beserve n o t e c i r c u l a t i o n a s a g a i n s t a c o n s i d e r a b l e i n c r e a s e i n r e s e r v e d e p o s i t s i s i n d i c a t e d i n the F e d e r a l Reserve Board*s weekly bank s t a t e m e n t . i s s u e d as a t c l o s e of b u s i n e s s on J a n - • uary l 6 , 1920• The r e t u r n movement of F e d e r a l Reserve n o t e s s i n c e the beginning of the y e a r has caused a n e t d e c r e a s e of about 159 m i l l i o n s of Fede r a l Heserve n o t e s i n c i r c u l a t i o n , compared w i t h a n e t d e c r e a s e of about 146 m i l l i o n s during the corresponding p e i i o d i n 1919* The banks 1 r e s e r v e r a t i o , n o t w i t h s t a n d i n g the l a r g e i n c r e a s e i n d e p o s i t l i a b i l i t i e s , shows but a s l i g h t d e c l i n e from 4 5 . 4 to 4 $ . l p e r c e n t . War paper on hand shows a nominal d e c r e a s e of 0 . 6 m i l l i o n , , o t h e r d i s c o u n t s • went up 20.9 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 were about 1 m i l l i o n l a r g e r than the week b e f o r e . Of the t o t a l of 1 , 3 5 1 . 5 m i l l i o n s of war paper h e l d 645*1 m i l l i o n s , or 4-7*7 p e r c e n t was secured by L i b e r t y bondsj 282.6 m i l l i o n s , or 20+9 p e r cent by V i c t o r y n o t e s , and 423«7> or 31*^ per c e n t by Treasury c e r t i f i c a t e s , as a g a i n s t 4 9 , 9 , 19.O and 3 1 . 1 p e r c e n t of a t o t a l of 1 , 3 5 2 . 1 m i l l i o n s of war paper r e p o r t e d the week b e f o r e . An i n c r e a s e of 17*3 m i l l i o n s i n Treasury c e r t i f i c a t e s on hand r e p r e s e n t s the i n c r e a s e i n temporary c e r t i f i c a t e s h e l d by seven Reserve banks to cover advances to the Government pending r e c e i p t of f u n d s due from d e p o s i t o r y i n s t i t u t i o n s « Discounted paper h e l d by the Cleveland, A t l a n t a , Chicago, S t . Louis D a l l a s and San F r a n c i s c o banks i n c l u d e 119^2 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 o t h e r F e d e r a l Reserve banks, (as a g a i n s t 4.1 • 9 m i l l i o n s of such b i l l s h e l d by f o u r banks the week b e f o r e ) , while a c c e p t a n c e h o l d i n g s of s i x Reserve banks i n c l u d e 48.2 m i l l i o n s of bankers* b i l l s purchased from the New York and Boston Banks, a s a g a i n s t 6O..9 m i l l i o n s the week before» A l l c l a s s e s of d e p o s i t s were l a r g e r than t h e week b e f o r e . Government d e p o s i t s i n c r e a s e d 6*9 m i l l i o n s r e s e r v e d e p o s i t s , a p p a r e n t l y as the r e s u l t of c o n s i d e r a b l e redemption^on January 15 of Treasury c e r t i f i c a t e s , i n c r e a s e d 93*3 m i l l i o n 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 government c r e d i t s ) - 11*4 m i l l i o n s . The f l o a t c a r r i e d by the F e d e r a l Reserve banks 'shows an i n c r e a s e f o r the week of 8 , 4 m i l l i o n s , As the r e s u l t - n e t d e p o s i t s work out a t 103*2 m i l l i o n s more than the week bef o r e . Gold r e s e r v e s i n c r e a s e d 2 . 5 m i l l i o n s , w h i l e t o t a l cash r e s e r v e s show a g a i n of 2 . 2 m i l l i o n s , gold d e p o s i t s by the Treasury being i n excess of the a g g r e g a t e of e x p o r t withdrawals and s a l e s of gold h e l d a b r o a d . ileleased f o r p u b l i c a t i o n Sunday morning, January IS, 1920; not e a r l i e r . COMBINED BESOUKCES AMD-LIABILITIES OF THE TWELVE FEDERAL BBSEILVE BANKS BESOUBCES January 16, 1920 January 9, Gold and - o l d c e r t i f i c a t e s $212,119,000 $220,301,000 Gold s e t t l e m e n t f u n d , F.12. Board U£)b,2c,b; 000 320,263,000 Gold with f o r e i g n agencies 120.121^000 123.122.000 Total sold h e l d by banks 728,702,000 723,226,000 Gold w i t h F e d e r a l Deserve Agents 1,136,326,000 1,209,508,000 Gold r e d o p t i o n f u n d , IIS.850.000 107>g77,000 Total gold r e s e r v e s $2,043,878,000 Legal t e n d e r n o t e s , s i l v e r , e t c . 60- 401.000 Total r e s e r v e s 2,104,281,000 t,.,. . (Secured by Government war o b l i g a t i o n s 1,151,454,000 1,352>025,000 & anooi^A11 e t h e r 748,611,000 727,670,000 B i l l s boaght i n open n a r k e t • 575.675,000 574,722,000 Total b i l l s on hand 2,675,740,000 U, S. Government bonds 27,036,000 U. S. V ic to ry n o t e s 64,000 U- S. C e r t i f i c a t e s of Indebtedness 119,684,000 All o t h e r earning a s s e t s ^ Total earning a s s e t s 1 022 524 000 Bank premises 10'46l,000 Uncollected items and o t h e r deductions from gross d e p o s i t s 1,116,852,000 5.p Redemption f u n d a g a i n s t F.ll. bank notes 12,865,000 All -other r e s o u r c e s 5/^6l[000 TOTAL RESOURCES 6 272 446 000 L I A B I L I T I E S ' Capital r,aid-in 87,32$,000 Surplus _ 120,120,000 Government d e p o s i t s 3^,698,000 27,798,000 Due to members - Beserve account 1,943:561,000 1,250,219,000 Deferred a v a i l a b i l i t y i t e r s 849,854,000 763»146,000 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 government c r e d i t s 107,200,000 96,425,000 Total gross d e p o s i t s 2,935>913JOOO F . B. n o t e s i n a c t u a l c i r c u l a t i o n 2,849,879,000 F . B . 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 258,482,000 All o t h e r l i a b i l i t i e s ' 20,521,000 TOTAL LIABILITIES 6,272,446,000 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 F . I u n o t e l i a b i l i t i e s combined 45*1/^ Datio of ^ o l l r e s e r v e s to F.ll* notes 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 5^*of° gfc 1920 " $2,041,371,000 60,728,000 2,102,099,000 2,6)4,477,000 26,236,000 264,000 302,406,000 — 2,923,923,000 10,410,000 1,021,69b,000 » 13,254,000 - 5 . 2 4 l . 000 6,136,683,000 87,451,000 120,120,000 2,737,588,000 2,9-*-*+,360,000 259,099,000 18.057.000 6,136,683,000 January 17,1919 $33^.696, 327>572 5.828, 728,09b 1,229,105 85,3 2,102,569 bj,594 2,170,163 1,347,088 254,263 2/1,607 1,874,952 28,571 271,173 4 2,174,706 8,023 21b,914 6,531 10,796 5,127,193 80,510 22,732 48,996 1,694,960 537,205 128,216 2,409,397 2,513,089 125,011 l6,44S 5,127,193 ,l\.'% ^2 .os: 5^-5/^ 64.2/b I r Released f o r p u b l i c a t i o n Sunday morning, January IS, 1920, not e a r l i e r * Federal Reserve "bank of I'os ton Gold and gold c e r t i f i c a t e s \&»903 Gold s e t t l e m e n t fund - F.R.Board 47, ^2^ Gold w i t h f o r e i g n a g e n c i e s _3,7§4 T ot al gold, h e l d by banks 6$,212 Gold w i t h F . R. Agents 76,/6l Gold redemption fund -17,55? Total gold reserves Legal tender n o t e s , s i l v e r , e t c . lo9,528 *t U t i . 4,64l 4 164,169 Total r e s e r v e s B i l l s d i s c o u n t e d : (a) Secured by Government war 108,935 obligations 47,574 All other 34,500 B i l l s bought i n open market (b) T ot al b i l l s on hand 191,009 UfS^Government bonds 539 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 indebtedness JL6_J524_ 217,b22 Total e a r n i n g a s s e t s 1,108 Bank premises U n c o l l e c t e d items and o t h e r de57,310 d u c t i o n s from gross d e p o s i t s 5f> Redemption fund a g a i n s t F*E. 1,072 "bank n o t e s All o t h e r r e s o u r c e s TOTAL RESOURCES 262,999 42,175 63,l4l -lichm < A t l a n t a Chicago o,331 24,275 2,472 ^3,0 o 24,041 So,44b 4jl2__l4ai£ 5_^9§. 32,03^ 36,704 127,044 30,867 25,206 32,722 21,164 45,534 788,702 55,282 213,020 53,379 34,(03 35,100 33,014 103,352 1,136.320 284,226 78,583 120,723 44,587 3.14b 9,4qq iIS.cqQ 6.828 22.910 7.5)6 IR2 25.0:0 12/554 1.192 0.619 =7,3-24 158,682 2,043,87 76,274 id, 28d 64,301 572,285 133,112 185,056 83,240 98,820 362,974 9 453 60.403 287 — 1.471 62 1.103 2.278 2.934 45.638 422 910 204t y~ J y V j u ~CJ— j J~\J a. j i 1 TZ&. W :——— r_~ # — — — ^—' 617,923 133,534 185,96 6 33 , 444 9 9,923 365,252 95,216 64,363 76,561 58,795 159,13? 2,104,281 w T 419,804 163,552 105,025 \ 7 3 , 7 5 2 258,505 31/442 39,i6o 22,156 212.295 6,065 63.791 11.205 107,113 533 1,23 5 1,457 1,3 5 5 71.211 31.093 34.521 17.260 268,237 95,285 86, 507 87,512 920,604 201,089 207,976 50 10 993,322 233,572 243,340 125,60s 64o 500 553 3,094 7 4,553 1,692 725 803 149 471,815 1,806,545 464,787 518,089 298,242 276,687 1,475 421 9,500 11,939 1 ; 50,535 141,810 643 482 2,832 _1,137. w 80,733 176,432 62,032 20,519 33,262 18,358 117,160 33,623 44,868 58,4SS 8.409 14.013 9,662 84.118 _1X663 108,753 377,710 111,383 73,796 105,763 1,153 lib 8,Sbo 3 7 5 4,477 4 15.665 52.921 17.281 12.555 20,780 124,797 435,108 129,817 8b,4b7 135,411 4b 2 500 2.116 480 356 1,166 47Q. (a) I n c l u d e s "bills d i s c o u n t e d f o r o t h e r F'.E. banks, v i z : (b) I n c l u d e s bankers' acceptances bought from o t h e r F»E. banks: With t h e i r endorsement Without t h e i r endorsement I*ev^ fork F h i l a - Cluvel 124,64) _1,3&^ 12,069 9 4 , l j Z )1, l6b 44^153—__3^p2b— r %sSl ' 16, 1920• St-5b0b ( i n thousands cf d o l l a r s - ) S t . L o u i s Sinn- Kans . Cy - Dallas San Fran- Total 7 539 6,445 12,560 212,115 2,553 ,, i*340" ~ l i ; 5 5 S 27:439 456,260 22,359 15,018 2b,DO? ._i^l25__^525 12QU21 ^55 3 , 249 RESOURCES AND L I A B I L I T I E S OE THE FEDERAL RESERVE RANKS AT CLOSE OF BUSINESS JATJUA R E S O U R C E S 22,000 599 9^6,577 300,94$ 23 , 480 88,544 276 160 955 3Q1_ 52,021 55,357 1,351,454 10,617 36,600 748,611 6.256 109.693 _ J 2 l i ^ 6 l 2 68,594 201,650 2,675,740 3,9^6 2,632 6o,o44 53,035 1,116,832 27,036 o4 519.684 £JlQQ_ 1 2 . 0 . " ' 81,loO 21b,3' o 3,022,524 10,461 421 231 665 DDo 3c5 334 12,565 _5j±6i 175,246 302,443 201,366 429,700 6,272,446 47,500 12,970 17,314 15,165 1,992 7,134 1,444 5,065 5,036 10,000 - 4o6 119J34 27,364 20,817 Released f o r p u b l i c a t i o n Sundiy morning, January 18, 1S20; not e a r l i e r RESOURCES AHD LIABILITIES OF THE FEDERAL RESERVE DALES AT CLOSE OF BUSINESS JANUAITi 16, 1520. ( i n thousands of d o l l a r s . ) L I A B I L I T I E S Phi l a . C l e v e l . Richrn. A t l a n t a Chicago S t . L o u i s Minn • Rans - Cy. New York Boston Fedora,! Reserve bank of 3,090 4,021 4,051 7,857 9,533 4,397 3,435 12,375 7,105 22,393 Capital p a i d - i n 6,116 3,569 3,724 2,205 9,059 5,520 4,695 1^,292 45,052 Surplus 5,359 2,559 5,125 1,68] 333 211 1,297 4,357 596 309 2,575 Government d e p o s i t s 767,364 103,674 141,491 62,204 60,038 276,090 70,269 55,167 91,902 Bus to members - lie serve account 125,004 151,977 20,554 72,556 72,755 4o,73l 109,912 59,720 15,049 71,842 74,167 Deferred a v a i l a b i l i t y items Othjr deposits including 2,735 11,236 4,153 2.651 4,142 6,o4i 3,717 50,112 8,237 6,937 f o r e i g n government c r e d i t s 206,110 999,762 195,643 221,525 139,976 107,861 395,921 139,900 76,230 1/0,445 Total c r o s s d e p o s i t s 757,906 222,140 254,607 135,493 144,704 477,493 136,621 53,474 101,485 225,164 notes i n a c t u a l c i r c u l a t i o n F*B<bank n o t e s i n c i r c u l a t i o n 8,303 19,483 52,06S 25,554 2 2 , l 4 0 12,040 15,502 41,272 15,925 20,559 net l i a b i l i t y 580 2,224 628 131. 9,334 1,425 1,195 516 490 1,215 All o t h e r l i a b i l i t i e s 471,815 1,586]545 464,787 518,059 295,242 276,627 945,577 300,949 175,246 302,443 TOTAL LIABILITIES S t . 8b0c D a l l a s San Fran. 3,415 5,797 3,030 7,539 Total 57,529 120,120 9,07o 5,969 34,695 65,797 123,961 1,943,561 33.427 33,531 249,554 2,317 5,462 107,800 110,617 168,923 2,935,913 73,648 234,144 2 , 8 4 9 , 8 7 9 10,l4l 11,865 515 1,432 258,482 20,523 201,366 429,700 6,272,446 ME M0 R A N B A Contingent l i a b i l i t y a s endorser on Discounted paper r e d i s c o n n t e d w i t h o t h e r P.ll* banks Bankers* acceptances sold to other F , 11, Banks P» 79,500 27,364 27,364 244,465 Notes o u t s t a n d i n g lit n o t e s h e l d by bank 16,304 ;es i n a c t u a l c i r c u l a t i o n 225,164 :*no 119,784 5,000 9,850 25,434 FEBERAL RESERVE NOTES OUTSTANDING AN! IN ACTUAL CIRCULATION 921,679 231,371 270,190 140,933 149,098 511,645 163,773 9,231 15,553 5,440 4,394 757,906 222,i4o 254,607 135,493 144,704 34,152 477,493 155,573 15,952 55,449 1,975 109,307 7,522 7S,3bl 4,713 136,621 83,474 101,455 73.64s 279,216 3,177,290 45,072 327,411 234,144 2,849,879 DISTRIBUTION OF BILLS ANB U. S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES. 'within 15 days B i l l s discounted. B i l l s bought i n open market U. S. c e r t i f i c a t e s of indebtedness :, 693 1,386,691 115,446 52,457 l6 to 30 days 172,077 101,103 2,574 31 to 60 days 323,307 237,365 11,550 6 l to 90 days Q.ver 90 days Total 196,111 121,761 6,600 21,879 2,100,065 575,675 246,203 319,624 R e l e a s e d f o r p u b l i c a t i o n Sunday morning* January 12, 1520; not e a r l i e r FEDEixAL RESERVE AGENTS' ACCOUNTSAT CLOSE OF BUSINESS JANUARY l 6 , 1520. ( i n thousands of d o l l a r s . ) Boston FEDERAL RESERVE NOTES: 4 Received, from Comptroller Returned t o Comptroller Char^ea x )le to E,R. Agent I n hands of F* R# A%ent I s s u e d to E.R. "bank l e s s amount r e t u r n e d to E . R . A^cnt f o r redemption qr ^ New York P h i l a . Clevel. 1+79,900 2,007,600 510,780 199,652 485,840 Richm- A t l a n t a Chicago S t . L o u i s Minn. Kans.Cy. 305,860 298,000 5Us,960 299,600 97=5,921 245,409 182,110 135,179 98.192 305,205 120,127 280,242 1,031,679 262,371 303,730 170,681 199,308 35,780 244,Uoti COLLATERAL SECURITY FOR OUTSTANTING- NOTES: Gold and "old c e r t i f i c a t e s on hand 110,000 31,000 33,540 29,748 5^3,755 179,^73 - 30,025 - 2,50c - 587 3,72S 7,276 57.971 96,109 117,557 95,641 286,466 3,567,51s 4,000 13,052 2,948 2,351 Gold s e t t l e m e n t f u n d , F.Iw Board 61,000 90,000 65,889 75,000 44,000 49,000 205,144 46,931 19,300 Total AMOUNT OF ELIGIBLE PAPER DELIVERED TO F.IL AGE2JT 244,468 921,679 231,371 270,190 140,933 149,098 511,645 191,009 918,288 170,301 206,026 104,031 108,599 96,346 93>S1Q 298,625 101,694 50,746 155,573 377,^57 H i , 3 2 3 8,250 17,280 85,449 109,307 10,546 12,694 15,69s 637,393 152,788 149,467 6,163,780 50,359 1 3 3 , 4 l 4 2 , 5 9 6 . 2 6 2 15,761 167,707 Total 89,723 Gold redemption f u n d E l i g i b l e p a p e r , minimum required D a l l a s San F r a n . 154,080 207,280 i 4 6 , o o o 419,850 50,710 32,110 23,900 10,660 921,679 231,371 270,190 140,933 149,09s 511,645 155,573 j 183,740 S t . SbOd 39-0,228 72,361 279,216 3 , 1 7 7 , 2 9 0 - 8,831 3,24o 4,699 31+,s6o 19,4s4 71,207 7,250 45,547 15,917 242,i4s 96,105 87,465 792,073 175,834 2040,904 109,307 7S,3bl 279,216 3,177,290 62,722 105,712 08,894 190,177 2,614,659 85,449
@FedFRASER