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STATEMENT FOR THE PBESS Released for p u b l i c a t i o n st.1696 Sunday morning, J a n u a r y 2, F e d e r a l Reserve Board December 31. 1920 1921;not e a r l i e r INDERAL RESERVE BHTKrr rri/W lopQ. Changes i n the c o n d i t i o n of the Federal Reserve Banks during the year j u s t p a s s e d r e f l e c t to a l a r g e e x t e n t the changes i n the c r e d i t p o l i c y o r i g i n a t e d about the c l o s e of 1919 and c o n t i n u e d daring the year under r e v i e w . P r e f e r e n t i a l r a t e s on paper secured, by L i b e r t y bonds and V i c t o r y n o t e s were a b r o g a t e d by some Reserve Banks and r a i s e d b y , o t h e r s to a l e v e l more n e a r l y approximating the r a t e l e v e l f o r o r d i n a r y commercial p a p e r . In the case of paper s e c u r e d by Treasury c e r t i f i c a t e s t h e r a t e s a d o p t e d were i n most c a s e s i d e n t i c a l w i t h the h i g h e r coupon r a t e s f i x e d by the Government, thus h o l d i n g out no inducement to the member oanks to c a r r y t h e s e s e c u r i t i e s among t h e i r own i n v e s t m e n t s and u s e them as c o l l a t e r a l f o r l o a n s a t t h e F e d e r a l Reserve Banks, but r a t h e r p r o v i d i n g a s t i m u l u s to p l a c e them in the hands of u l t i m a t e i n v e s t o r s # The r e s u l t s a r e seen i n the gradual d e c r e a s e of the amounts of war paper h e l d during the year by t h e Reserve Banks, From n e a r l y 1 , 5 0 0 m i l l i o n s a t t h e opening of t h e year t h e h o l d i n g s of paper s e c u r e d by Government war o b l i g a t i o n s d e c l i n e d t o l , l 4 l m i l l i o n s on December 30, Of the l a t t e r t o t a l 188 m i l l i o n s , or 16.5 p e r c e n t , were secured 6y Treasury c e r t i f i c a t e s , compared w i t h 46l«5 m i l l i o n s , or over 31 P e r c e n t , h e l d a t the opening of the y e a r - t h i s decrease corresponding i n a g e n e r a l way to t h e r e d u c t i o n i n t h e amount of c e r t i f i c a t e s h e l d by the member b a n k s . - Much smaller r e d u c t i o n s a r e shown i n t h e Reserve Banks' h o l d i n g s of paper s e c u r e d by L i b e r t y bonds and V i c t o r y n o t e s , the December 30 t o t a l , 953 m i l l i o n s , being only ?0 m i l l i o n s l e s s than t h e amount r e p o r t e d a t the b e g i n n i n g of t h e y e a r . On the Other hand, h o l d i n g s of o t h e r d i s c o u n t e d paper which a t the opening of the year t o t a l e d 746.9 m i l l i o n s show an almost steady growth, b e i n g i n e x c e s s of 1,500 m i l l i o n s a t the end of September^ and f l u c t u a t i n £ b e t w e e n about 1,500 and 1,600 m i l l i o n s during t h e l a s t t h r e e months of the y e a r . At the end of the year out of a t o t a l of 2 , 7 1 9 , 1 m i l l i o n s of d i s c o u n t e d b i l l s about 42 p e r c e n t was composed of paper s e c u r e d by U n i t e d S t a t e s war o b l i g a t i o n s , a g a i n s t 67 per c e n t of a t o t a l of 2 , 2 3 1 . 2 m i l l i o n s h e l d on the f i r s t F r i d a y of the y e a r . E a r l y i n the year the F e d e r a l Reserve Banks r a i s e d t h e i r d i s c o u n t r a t e s on commercial p a p e r , b u t t h e i n f l u e n c e of the h i g h e r r a t e s i s seen i n r e t a r d i n g the p r o g r e s s of borrowings r a t h e r than in r e s t r i c t i n g them. In f a c t , t o t a l Federal Reserve Bank h o l d i n g s of d i s c o u n t e d b i l l s , 2 , 2 3 1 . 2 m i l l i o n s a t the beginning of the y e a r , i n c r e a s e d by over 300 m i l l i o n s up t o t h e end of A p r i l , and by another 200 m i l l i o n s during t h e n e x t f o u r months. The peak of 2 , 8 2 6 . 8 m i l l i o n s was r e a c h e d on November 5, w h i l e the t o t a l h e l d on December 30, 2,719*1 m i l l i o n s , i s 487*9 m i l l i o n s l a r g e r than a t the beginning of the y e a r . Holdings of b i l l s p u r c h a s e d i n open market show an almost u n i n t e r r u p t e d d e c l i n e f o r the p e r i o d u n d e r r e v i e w . From a t o t a l of 574.6 m i l l i o n s a t the beginning of the y e a r , a d e c l i n e to 255,7 m i l l i o n s on December 30 i s shown, the decrease of 318,9 m i l l i o n s being due l a r g e l y to the i n c r e a s e d demand f o r t h i s c l a s s of b i l l s by s a v i n g s banks, t r u s t companies, a l s o c o r p o r a t e and i n d i v i d u a l i n v e s t o r s . No a p p r e c i a b l e changes a r e shown i n t h e amounts and c l a s s e s of U n i t e d S t a t e s bonds h e l d . F l u c t u a t i o n s i n the h o l d i n g s of Treasury c e r t i f i c a t e s during the year a r e l a r g e l y the r e s u l t of the i s s u a n c e by the Government from time to time of temporary c e r t i f i c a t e s pending c o l l e c t i o n of f u n d s from d e p o s i t a r y i n s t i t u t i o n s . The l a r g e s t f i g u r e s are shown f o r the f o u r F r i d a y s f o l l o w i n g the q u a r t e r l y i n come tax d a t e s , when temporary advances to the Government by the Reserve Bank f o r the redemption of t a x c e r t i f i c a t e s were a t t h e i r maximum. T o t a l e a r n i n g a s s e t s of the F e d e r a l Reserve Banks, which s t o o d a t 3,181*8 m i l l i o n s on J a n u a r y 2, r e a c h e d the h i g h p o i n t of 3,422 m i l l i o n s on October 15, and a t the end of the year s t o o d a t 3,263 m i l l i o n s , an ' i n c r e a s e of over 80 m i l l i o n s f o r the y e a r . Net d e p o s i t s of the Reserve S i n k s show a g e n e r a l downward tendency f o r t h e y e a r , the December 30 t o t a l of 1,j0<+.2 m i l l i o n s b e i n g 280.4 m i l l i o n s below the maximum amount shown,for February 2/. and 246.9 m i l l i o n s below the c o r r e s p o n d i n g t o t a l a t the b e g i n n i n g of the y e a r , d e c r e a s e s i n r e s e r v e and n e t d e p o s i t s r e f l e c t i n g r e d u c t i o n s i n demand d e p o s i t s of member banks, e s p e c i a l l y during the l a t t e r p a r t of the y e a r . Federal Reserve n o t e c i r c u l a t i o n , a f t e r the u s u a l c o n t r a c t i o n a t the b e g i n ning of the y e a r , when a r e t u r n flow of n o t e s i s s u e d d u r i n g f f t o l i d a y season o c c u r s , shows an almost u n i n t e r r u p t e d expansion from the minimum amount of 2,844 m i l l i o n s o-n J a n u a r y 23 to a maximum of 3 . ^ 0 4 , 9 m i l l i o n s on December 23« The t o t a l of 3 , 3 4 4 , 7 m i l l i o n s on December 30 marks a r e d u c t i o n of 6 0 , 2 m i l l i o n s f o r the week, but an expansion o f 3^5.»7 m i l l i o n s from the beginning of J a n u a r y , note expansion r a t h e r than growth of d e p o s i t s accompanying the i n c r e a s e i n the b o r rowings of member b a n k s . F e d e r a l Reserve Bank n o t e c i r c u l a t i o n shows a p r a c t i cally. steady d e c l i n e from 259 m i l l i o n s on January 2 to 177 m i l l i o n s on May l 4 , but s i n c e t h a t date an i n c r e a s e to 217 m i l l i o n s on December }0 i s n o t e d . During the e a r l y p a r t of the year the Federal Reserve Banks l o s t g o l d , l a r g e l y through export to South America and to the O r i e n t , and on March 2b t o t a l gold h o l d i n g s were 1,935 m i l l i o n s , marking a r e d u c t i o n of 128 m i l l i o n s from January 2. Since t h a t time, p a r t l y as the r e s u l t of g o l d shipments from England in a n t i c i p a t i o n of the m a t u r i t y of t h e Anglo-French bonds on October 15> t h e r e has been an i n c r e a s e i n gold r e s e r v e s , t h t t o t a l of 2,059*3 m i l l i o n s on December 30 being only 3 - 3 m i l l i o n s below the t o t a l shown on January 2, During the l a t t e r p a r t of the year a l l . the gold h e l d w i t h f o r e i g n a g e n c i e s , except 3*3 m i l l i o n s h e l d by the Bank of France f o r Federal Reserve Bank a c c o u n t , was r e t u r n e d to t h i s c o u n t r y . Since the gold h e l d abroad was counted a s p a r t of the Banks' r e s e r v e s , i t s t r a n s f e r from abroad has had no e f f e c t on the r e s e r v e r a t i o . Total cash r e s e r v e s show an i n c r e a s e of 127*9 m i l l i o n s , or from 2 , 1 2 1 . 3 m i l l i o n s on January 2 to 2 , 2 4 9 . 2 m i l l i o n s on December 30, the l a r g e r p a r t of the i n c r e a s e being due to d e p o s i t s of s i l v e r by the U n i t e d S t a t e s T r e a s u r y , Interbank d i s c o u n t i n g showed a c o n s i d e r a b l e i n c r e a s e about the end of A p r i l , when n e a r l y 150 m i l l i o n s of r e d i s c o u n t e d b i l l s were c a r r i e d by the Boston, New York and Cleveland Banks f o r seven o t h e r Reserve Banks. A f t e r a s l i g h t r e c e s s i o n these ajjerat'ioxiB were resumed on an i n c r e a s i n g s c a l e e a r l y i n August, and on October 29 the Boston, P h i l a d e l p h i a and Cleveland Banks r e p o r t e d a maximum f o r the year of over 247 m i l l i o n s of b i l l s h e l d under discount f o r e i g h t o t h e r Reserve Banks. At the c l o s e of the year t o £ a l d i s c o u n t s of the above t h r e e Banks i n c l u d e d 11$.3 m i l l i o n s of paper d i s c o u n t e d f o r f i v e o t h e r Reserve Banks i n the South and Middle West. During the year t h e p a i d - i n c a p i t a l of the Federal Reserve Banks i n c r e a s e d from 87.4 to 9 9 , 8 m i l l i o n s or by 1 2 . 4 m i l l i o n s , corresponding to an i n c r e a s e of over 4 l l m i l l i o n s i n c a p i t a l and s u r p l u s of member b a n k s . This gain i s due p r i m a r i l y t o i n c r e a s e s i n c a p i t a l i z a t i o n of e x i s t i n g member banks and *r to a smaller e x t e n t to a c c e s s i o n s of new members. The r e s e r v e r a t i o of the Federal Reserve Banks, a s a consequence of the changes d e t a i l e d above, i s h i g h e r a t the end of the year than a t i t s b e g i n n i n g , the p e r c e n t a g e being 4 $ , 4 on December 30; compared w i t h 43*7 o n J a n u a r y 2» The r a t i o was brought up t o 4 4 . 5 p e r c e n t on June 18, and t o 45*5 P e r c e n t , the maximum f o r the y e a r , on December 17, the F r i d a y s f o l l o w i n g two of the q u a r t e r income t a x dates< 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 2 , 1921; n o t e a r l i e r RESOURCES AMD LIABILITIES OF THE TWELVE FEDERAL RESERVE BANES COMBINED. R E S O U R C E S December 30. 1920 D e c a n t e r 21. 1920 Gold and s o l d c e r t i f i c a t e s $263,952,000 $273,7^9,000 Gold s e t t l e m e n t f u n d - F - R. Board 356,244,000 363 [ 723' 000 Sold w i t h f o r e i g n a g e n c i e s 3.300.300 31300.000 T o t a l ? o l d h e l d by banks 623,49 6 , 0 0 0 64-0,772^ 000 G-old math F e d e r a l R e s e r v e A g e n t s 1,276,214,000 1, 253*492,000 Gold r e d e m p t i o n f u n d 159.623.000 'l6l.'53g|000 T o t a l gold r e s e r v e s $2,059,333,000 $2,055,202,000 Legal tender notes, s i l v e r , e t c 189,830,000 130.952.000 Total reserves 2,249,163,000 2,236,754,000 B i l l s d i s c o u n t e d ( S e c u r e d by Government war o b l i g a t i o n s 1,141,036,000 1,177,263,000 (AH o t h e r 1,578,098,000 1,554,428,000 B i l l s b o u g h t i n open marke t 255.702.000 241.167.000 T o t a l b i l l s on hand 2,974,836,000 2,972,858,000 U . S . Government bonds 26,859,000 26,859,000 U. S . V i c t o r y n o t e s 69,000 ' 69,'000 U . S . C e r t i f i c a t e s of i n d e b t e d n e s s 261.263.OOP 281.253.000 Total earning assets 3,263,027,000 3,281,039,000 Bank p r e m i s e s 18,450,000 18,168,000 U n c o l l e c t e d i t e m s and o t h e r d e d u c t i o n s from g r o s s d e p o s i t s 717,227,000 761,005,000 5% R e d e m p t i o n f u n d a g a i n s t F . R . 'Bank n o t e s • 12,752,000 12,652,000 All other resources 8.898.000 8.417.000 TOTAL RESOURCES 6,269,517,000 6,318,035,000 L I A B I L I T I E S Capital paid-in 99,770,000 99,458,000 Surplus 164,745,000 164,745,000 Government d e p o s i t s 27,639,000 26,049,000 Due t o members - R e s e r v e a c c o u n t 1,748,979,000 1,721,391,000 Deferred a v a i l a b i l i t y items 522,638,000 '539!26l[000 O t h e r d e p o s i t s , i n c l u d i n g f o r e i g n government c r e d i t s 22.l6l.000 23.652*000 Total gross d e p o s i t s 2,321,417,000 2,310,353,000 F . R- n o t e s in a c t u a l c i r c u l a t i o n 3,344,686,000 3,^04,931,000 F . R. Bank n o t e s i n c i r c u l a t i o n - n e t l i a b i l i t y 216,960,000 218,832,000 All other l i a b i l i t i e s 121.93Q .000 119.716.000 TOTAL LIABILITIES "6,269,517,000 6,318,035,000 R a t i o o f t o t a l r e s e r v e s t o n e t d e p o s i t and F . R- n o t e l i a b i l i t i e s combined 4^.4^ 45-1$ R a t i o of gold r e s e r v e s to F.R. 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 50*5$ Uy+gfo St.1696a. J a n . 2. 1920 $239,609,000 363, 723, 000 131.320.000 734,652,000 1,205, 596,000 *122.367.000 2,062,615,000 58.657.000 2,121,272,000 1,484,262,000 746,925,000 574.631.000 2,805,818,000 26,836,000 64,000 349.090.000 3,181,808,000 10,369,000 1,171,77 8,000 13,130,000 5.733.000 6, 5 0 4 , 0 9 0 , 0 0 0 87,433,000 120,120,000 38,920,000 1,922,800,000 944,884,000 116.307.000 3,022,911,000 2,998,992,000 258,5^1,000 16.073.000 6,504,090,000 43.7^ Ug - 5 ^ S u n d a y rnornin:, January 2 , 1921; n o t e a r l i e r . RESOURCES AFD LIABILITIES OF IE:. FEDERAL I T SERVE BATTS AT CLOSE OF BUSINESS DECEMBER }O t 19? R E S O U R C E S (In thour Liars) I b d e r a l B e s s r v e Bank of Boston New York P h i l a . C l e v e l . Richm. A t l a n t a Chicago St .Louis Minn. Kans-Qy. D a l l a s San F r a n . T o t a l r Gold and. gold, c e r t i f i c a t e s 11,780 135,046 6,082 10,90? 5,701 8 , 7 2 9 29,035 5,120 9,125 *+,0l6 9, 503 28, 508 263,952 Gold s e t t l e m e n t fund - F-R-Board 4 l , 206 3 6 , 4 3 5 5 3 , 1 1 9 81,726 21, 767 4 , 195 3 3 , 1 5 5 21,853 10,249 2 1 , 6 s 6 c,3&1 28,492 356,244 Gold w i t h f o r e i g n a g e n c i e s 24l l f 211 264 270 162 119 393 155 82 15M ^6—__—152_— 3»3P0 T o t a l gold h e l d by banks 53,227 172,692 5 9 , 4 6 5 92,903 27,630 13,043 62, 583 27,128 19,463 25,860 12,350 57,152 623,496 Gold w i t h F . R . Agents 135,357 254,575 1 3 2 , 9 1 6 177,694 53,917 60,836 198,554 49,668 2 5 , 9 0 5 4 1 , 2 4 8 26,484 119,060 1 , 2 7 6 , 2 1 4 Gold r e d e m p t i o n fund 18.252 39.000 8.851 l4.603 6,617 10.213 3 3 . 2 5 2 6.087 1,079 4.853 4,44? 10,36^ 159,623 T o t a l gold r e s e r v e s 206,836 466,267 201,232 285,200 88,164 84,092 294,329 82,883 48,44? 7 1 , 9 6 1 4 3 , 2 8 1 186,581 2,059,333 Legal tender n o t e s , s i l v e r , e t c . 12.322 143.975 1.025 2,126 361 1 . 9 9 9 13,944 6.021 257 2.113 4.351 1,136 183*830 Total ressrves 219,158 610] 24-2 202,257 287,326 8 8 , 5 2 5 8 6 , 0 9 1 3 0 8 | 3 3 3 8 8 ^ 9 0 4 4 8 , 7 0 4 74*27 4 47,632 187,7 17 2 , 2 4 9 , 1 6 3 B i l l s d i s c o u n t e d : (a) . . S e c u r e d by Govt, war o b l i g a t i o n s 78,?4l 445,926 115,67 7 95,424 4 3 , 2 8 8 6 l , 9 7 2 l 4 2 , 6 2 3 44,707 1S,006 3 0 , 0 1 2 15,037 49,623 1 , 1 4 1 , 0 3 6 All other 99,802 458,313 5 7 , 8 8 6 103,909 69,598 72,177 3 3 3 , 2 4 6 69,511 63,663 81,082 53,248 115,063 1 , 5 7 8 , 0 9 8 B i l l s b o u e h t i n open m a r k e t (b) 19.512 109.902 12,893 26.581 5,252 \4q2 25,q6l lTl46 1.4ll 2 . 0 1 7 247 47,266 255,702 T o t a l b i l l s on hand 198,075 I , 0 l 4 , l 4 l 1 8 6 , 4 5 6 225,914 '118,138 1 3 7 , 6 4 l 501,830 115,364 83,082 1 1 3 , 1 1 1 69,132 211,952 2 , 9 7 4 , 8 3 6 539 1,468 1,434 834 1,233 il4 4,490 1,153 116 8,867 3 , 9 7 9 2,632 26,859 U. S , Government bonds U . S» V i c t o r y n o t e s 5 50 10 3 * " , , 9 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 21.70 5 59.692 1 0 , 7 4 ? 21.799 12.262 l 6 . 6 7 2 3 9.612 16.082 8.4gQ 12.820 8,100 11,092 261,263 Total earnins assets 220,324 1 , 0 7 5 , 3 5 1 218,637 250,557 131,633 154,430 545,932 132,599 91,678 134,799 8 1 , 4 1 1 225,676 3,263 027 Bank p r e m i s e s . 2,697 4,37? 681 1,649 , 1,44? 629 2 , 3 7 9 89I 658 l , o 4 i 1,639 362 18,450 U n c o l l e c t e d i t e m s and o t h e r d e . 139,020 6 6 , 7 8 9 73,367 58,487 34,597 9 0 , 4 3 1 4o ,000 20,359 53, "18 4 0 , 3 5 5 42,60 8 717,227 d u c t i o n s from g r o s s d e p o s i t s 57,596 5$ Redemption f u n d a g a i n s t F - R . „ , r Bank n o t e s 1,072 2,766 1,300 1,239 601 6l4 1,820 623 550 9l6 586 665 12,752 All other resources 521 1.584 1,055 318 1,177 104 919 623 298 374 l,06l 644 Juf3g TOTAL RESOURCES 501,368 1 , 8 3 3 , 3 4 0 4 9 0 , 7 1 9 6i4,456 281,870 276,665 949,834 263,640 162,247 265,022 172,684 457,672 6,269,517 R3leasee, i or ^ u ' u x - a t i on (a) Includes b i l l s discounted for o t h e r F . R , Banks, v i z : (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 bou~ht from o t h e r F.R .Banks: Without t h e i r endorsement 16,575 - - 17,109 - 81,573 - - - - - ~ ~ ~ - _ - - - - - 115,257 r o, 917 , °,917 Released, f o r p u b l i cat i o n Sunday morning, J a n u a r y 2, 1921; n o t e a r l i e r , b^b-c RESOURCES Aim LIABILITIES OF THE INDERAL BFSERVE BATIKS AT CLOSE OF BUSINESS DECEMBER 3 " . ( I n thousands of d o l l a r s ) 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 Bank 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 Minn. K a n s . C y . D a l l a s San F r a n . Boston C a p i t a l paid- in 26,376 8,425 10,654 5,269 4,053 13,913 ^,364 3,^57 4,456 4,098 6,927 7,718 Surplus 51,308 13,069 13,712 8,067 7,050 23,917 5,884 5,178 8,395 4,152 11,662 12,351 Government d e p o s i t s 2,260 2,271 4,305 365 795 3,816 2,154 1,878 1,155 .1,798 4,339 2,453 Due t o members - r e s e r v e a c c o u n t 116,600 693*474 106*675 145'617 56,710 4g,345 24O,24I 65,660 43,882 74,521 44,593 112,661 D e f e r r e d a v a i l a b i l i t y items 94,273 49,191 58,313 Uo,94S 21,446 59,610 35,003 16,291 45,056 28,308 31,^79 42,720 Other d e p o s i t s i n c l u d i n g f o r e i g a 512 469 268 4.288 government c r e d i t s 270," 251 1.946 542 716 11.284 1,202 i l l 62,563 121,201 74,967 152,817 Total gross deposits 162,489 801,291 159,33 9 208,648 r 98,293 70,83 7 305,613 103,359 80,067 111,874 79,47% 270,745 F. R. notes in actual c i r c u l a t i o n 291,196 864,516 280,960 350,725 155,162 175,166 548,191 136,610 ®• Bank n o t e s i n c i r c u l a t i o n net l i a b i l i t y 20,44i 38,741 22, 581 22,715 11,489 15,271 38,984 9,524 7,713 14,241 7,124 8,136 All other l i a b i l i t i e s 51,108 6. 285 8f 002 3,590 4 , 2 8 8 19.216 3.899 3,269 4.855 2 . 8 6 9 7 . 3 8 5 7,173 TOTAL LIABILITIES 501,368 1,833,340 490,719 614,456 281,870 276)665 949,834 263^640 162,247 265,022 172,684 457,672 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 l i a b i l i t i e s combined, p e r c e n t 55*3 C o n t i n g e n t l i a b i l i t y a s e n d o r s e r on discounted paper rediscounted with o t h e r F e d e r a l Reserve Banks Bankers1 acceptances sold t o othar F - R . Banks w i t h o u t endorsement F . R. notes outstanding F . R . n o t e s h e l d by banks F . R. notes in a c t u a l c i r c u l a t i o n B i l l s 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 99,770 164,745 27,639 1,748,979 522,638 22. l6l 2,321,417 3,3^,686 216,960 121.939 6,269,517 MEMORANDA 4o.O 54.2 59.1 45.4 4o.7 4o .4 10,000 33,659 44.5 39.8 4l.4 4l.s 49.3 45.4 115,257 14,801 29,086 27,711 6,917 6,917 ~ C o n t i n g e n t l i a b i l i t y on b i l l s p u r c h a s e d f o r foreign correspondents Total 1,168 576 1,904 752 432 784 1,312 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION 6,076 1, 280 768 4i6 736 16,204 305,503 1,030,35k 293,624 379,751 161,252 179,9^6 634,429 155,722 81,836 118,605 84,714 313,l44 3,738,880 14.307 165.838 12.664 29.026 6.090 4.780 86.238 19.112 1,769 6,73.1 5,24Q 42,399— 291,196 864,516 280,960 350,725 155,162 175,166 548,191 136,610 80,067 111,874 79,474 270,745 3,344,686 DISTRIBUTION OF BILLS AND U. S - CERTIFICATES OF INDEBTEDNESS BY MATURITIES Over 90 days 6 l t o 90 days 31 to 60 days 16 t o 30 d a y s W i t h i n 15 d a y s 1,632,885 87,030 10,924 280,4o6 64,745 3,446 430,676 76,805 4,499 3U,6l9 63,548 9,492 232,902 27,122 Total 2,719,13% 255,702 261,263 Be leased, f o r p u b l i c a t i o n Sunday morning, J a n u a r y 2, 1921; n o t e a r l i e r . FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OP BUSINESS DECEMBER 30, 1 9 2 0 . ( I n t h o u s a n d s of d o l l a r s ) ' * 1 S \ T c j T U t B0St0n IfeWY rk EEElEELFSr ™ ^ ^ ° m u - nevel. gyg ^ 43 ^ 1::^ 3:!# 30: j;§ ^ T0TAL T d l V 0 ^ ??,'3Q2 lo'qQP ' ^ Q 7 P 151,775 2 , 4 3 6 t 4 i 5 612,289 813,075 3 3 7 , 9 2 3 4 3 6 , 5 4 5 1 , 4 5 7 , 7 6 2 3 4 4 , 3 7 6 186,4i4 276,604 194,500 L I A B I L I T I E S F e d e r a l Reserve n o t e s r e c e i v e d L e o u n tsr°eturned^forS ~ ' ~ igqCq Elcto. Atlanta Chicago St.LcuU Minn. Kan=.Cy. Dallas San Fran. Total Reserve n o t e s o u t s t a n d i n g : ZxcTst ^ o m t t e l d s t ~ ~ 666.800 8.546,4 7 8 ' 7 6 l , 0 0 0 2 , 4 2 0 , 0 8 0 680,580 728,220 410, 680 418,680 1 , 2 7 8 , 4 6 0 405,000 188,120 269,500 196,960 602,920 8 , 3 6 0 , 2 0 0 3 3 6 , 6 5 7 1 , 2 2 1 , 7 2 6 3 6 3 , 5 7 6 3 1 7 , 3 8 9 2 2 3 , 8 4 9 178,344 destruction 520,671 225,498 96,844 147,075 98,076 253,236 3,982,941 Net anount of F e d e r a l R e s e r v e n o t e s r e c e i v e d frcm Comp( r o l l e r of t h e C u r r e n c y C o l l a t e r a l r e c e i v e d from F e d e r a l Reserve Bank: 22i«. paper TOTAL 1 , 1 9 8 , 3 5 " 317,004 4 l 0 , 551 1 8 6 , 8 3 1 24o,336 * 757,789 179,5C2 91,276 122,425 98,884 3 4 9 , 6 s 4 4 , 3 7 7 , 2 5 9 %% §% Sj TsMl % % & % & % 757,775 2,436,415 618,289 813,075 357,923 436,545 1,457,762 344,376 186,4i4 276,6o4 194 500 666,800 8,546,478
@FedFRASER