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STATEMENT FOR THE PRESS Released f o r p u b l i c a t i o n Sunday morning, January 23; not e a r l i e r . S t . 1744 Federal Reserve Board, January 22, 1921, CONDITION OF FEDERAL RESERVE BANKS Further reduction by 4 4 . 2 m i l l i o n s in Federal Reserve note c i r c u l a t i o n , accompanied by a gain of 10.3 m i l l i o n s in gold and of 12.7 m i l l i o n s i n t o t a l cash r e s e r v e s , as against an increase of 33 m i l l i o n s in eposi l i a b i l i t i e s , i s i n d i c a t e d by the Federal Reserve Board's cons o l i d a t e d weekly bank statement i s s u e d as a t c l o s e of business on January 21, 1921. During the week the Government a l l o t t e d over 310 m i l l i o n s of Treasury loan c e r t i f i c a t e s . The e f f e c t of t h i s operation i s seen in an increase o f 33*5 m i l l i o n s in the Reserve Bank holdings of discounted paper, l a r g e l y paper secured by U. 5 . o b l i g a t i o n s . On the other hand, holdings of purchased b i l l s show t h e unusually l a r g e decrease of 3 5 ' 5 m i l l i o n s , while those of Treasury c e r t i f i c a t e s , f o l l o w i n g the r e demption of the s p e c i a l c e r t i f i c a t e s h e l d by four Reserve Banks, show a f a l l i n g o f f of about 25 m i l l i o n s . Total earning a s s e t s , i n consequence of the changes j u s t noted, show a decrease of 27 m i l l i o n s and on January 21 stood at 2 , 9 4 1 . 5 m i l l i o n s . Of the t o t a l holdings of 1 , 0 5 6 . 1 m i l l i o n s of paper secured by U. S. Government o b l i g a t i o n s , 615,7 m i l l i o n s , or 58*3 per c e n t , were secured by Liberty and other U. S. bonds; 282 m i l l i o n s , or 26.7 per cent, by Victory n o t e s , and 158.3 m i l l i o n s , or 15.0 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 598•7« 287*8 and 138.1 m i l l i o n s reported the week b e f o r e , Discounted b i l l s h e l d by the Boston, P h i l a d e l p h i a and Cleveland Banks are shown i n c l u s i v e of 6 l . 6 m i l l i o n s of b i l l s discounted for f i v e Reserve Banks i n the South and Middle West, compared w i t h 77 *7 m i l l i o n s shown the week b e f o r e , while the t o t a l of purchased b i l l s h e l d b y t h e Boston and San Francisco Banks i s i n c l u s i v e of 11.7 m i l l i o n s of bank acceptances purchased from the New York Reserve Bank. Government deposits are shown 23.§ m i l l i o n s larger and reserve dep o s i t s - 8 , 9 m i l l i o n s l a r g e r than on the previous Friday, while other d e p o s i t s , composed l a r g e l y of c a s h i e r s ' checks and non-member banks' clearing accounts, show a reduction for the week of 2 . 3 m i l l i o n s . The "float" c a r r i e d by the Reserve Banks and t r e a t e d as a deduction from immediately a v a i l a b l e d e p o s i t s i s shown 2 . 8 m i l l i o n s l e s s than the week b e f o r e . As a conseqience, c a l c u l a t e d n e t deposits show an increase f o r the week of about 33 m i l l i o n s . Federal Reserve note c i r c u l a t i o n shows a further reduction for the week of 4 4 . 2 m i l l i o n s , as compared with a reduction of 110*5 m i l l i o n s for the previous week and a reduction of 5*7 M i l l i o n s f o r the corresponding week of l a s t year. Since December 23 of the p a s t year there has been a decrease in Federal Reserve note c i r c u l a t i o n of 289.6 m i l l i o n s , compared with 213.4 m i l l i o n s during the corresponding weeks i n 1919-I9SO. The l a s t week a l s o saw a decrease of 5*8 m i l l i o n s in Federal Reserve Bank note c i r c u l a t i o n . As a r e s u l t mainly of 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 member banks in the Chicago and S t . Louis d i s t r i c t s , the p a i d - i n c a p i t a l of the Reserve Banks shows an i n c r e a s e of $147,000 f o r the week under review. • e l e a s o d f o r p u b l i c a t i o n Bunds./ c . o r n i n g , J a n u a r y 23, 1?21; n o t ' e a r l i e r . RESOURCES All) LIABILITIES 0 ? THE T7ELVE FFB^BAL EFSFRVF BAIJICS CCiBE'TEB. B F S 0 U it C S S ' J a n u a r y 2 1 . 1921 January l 4 . 1Q21 G-old and g o l d c e r t i f i c a t e s $220,239,000 ^7,365,000 Gold s e t t l e m e n t f u n d ~ F . R . B o a r d 421,325,000 393,173,000 G-old w i t h f o r e i g n a g e n c i e s 3.100,000 3.300.000 i b l a l c o l e h e l d "by "banks 644, 8 6 4 , 0 0 0 6^3,238,000 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 286,30U, 000 1,265,552,000 G-old r e d e m p t i o n f u n d 16U.601.000 176.658.000 Total sold reserves $ 2 , 0 9 5 , 7 6 9 , 0 0 0 , e, $2,035,454,000 Legal tender notes, s i l v e r , etc» 205. UfffTooo 201.084.000 Total reserves 2,301,2^000^; 2,288,538,000 1,024,607,000 B i l l s d i s c o u n t e d ( S e c u r e d by U* S . Government o b l i g a t i o n s 1 , 0 5 6 , 1 1 7 , - 0 0 0 (All o t h e r 1,426,912,000 1,^24,933,000 B i l l s b o u g h t i n open m a r k e t l b 7 T 950^000 201.412.000 T o t a l b i l l s on h a n d 2,650,979,000 2,652,952,000 U» S» Government bonds 25,899,000 25,888,000 I 7 - S<r V i c t o r y n o t e s 19,000 19,000 U- S» C e r t i f i c a t e s o f i n d e b t e d n e s s 264.611,000 289.685,000 Total earning assets 2,94l,52S,000 2,968,544,000 Bank p r e m i s e s 12,215,000 17,955,000 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 f r a n g r o s s d e p o s i t s 667,141,000 706,765,000 5% R e d e m p t i o n f u n d a g a i n s t F . Bank n o t e s 12,680,000 12,799,000 All other resources 6.184.000 6 . 1 1 2 r 000 TOTAL RESOURCES 5,946,9^9,000^ i 6,000,713,000 L I A B I L I T I E S Capital paid-in 99,962,000 99,815,000 Surplus 202,036,000 202,036,000 Government d e p o s i t s 32,603,000 8,970,000 Due t o members - R e s e r v e a c c o u n t 1,765,225,000^, 1,756,325,000 (,-rO Deferred a v a i l a b i l i t y items 472,63%5ooL 509,45 Af (o 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 25.-geCooo 27-4&COOCP Total gross deposits 2,2S5,6U^ooo_ 2,302,211,000 F. R, notes in actual c i r c u l a t i o n 3,ii5,3W7x» " 3,159,491,000 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 207,365,000 213,177,000 AH other l i a b i l i t i e s 26. 6 7 8 . 0 0 0 21.981.000 TOTAL LIABILITIES 5,946,9^9,000 6,000,713,000 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 48.5^ 4 8 . 1fo R a t i o o f g o l d 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 35f° 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 55-61 54.8$ S t . 17+4-r. Jan. 21.1920 $220,347,000 44i,4g9,ooo 117 .122.000 779, 168,000 1 , 1 2 6 , 261,000 121. 21.000 026, 650,000 __. b l . 2 4 6 . 0 0 0 2 , 0 €7 8 9 0 , 0 0 0 1,326, 348,000 767, 110,000 515* 7 8 9 . 0 0 0 2, 729, 247,000 27, 036,000 64,000 276.765 t OOO 3,033, 112,000 10, 4 9 3 , 0 0 0 1,022, 6 3 3 , 0 0 0 12, 130,000 481.000 6,171,747,000 87,589,000 120,120,000 90,448,000 1,859,149,000 795,782,000 9 5 . 0 9 7 T 000 2,840,476,000 2,844,227,000 254,843,000 24.492.000 6,171,747,000 44.8? 51.0# R e l e a s e d for p u b l i c a t i o n Sunday arernins, January 23, l q ? l • not earl 1 pr RESOURCES AID "ABILITIES OF Mgapipi^ E : f H i = r M • # t j . S. Victory n o t e s U. S. C e r t i f i c a t e s of indebtedness ~ r : „ " « S | % - # 5 21,SOS - a 3 | i # 62 US - a >»'>" All^other ^resources TOm B E — ( a ) Includes b i l l s discounted f o r other F. E. Banks, v i z : (b) Includes bankers' acceptances bought from other F.R.Banks: Without t h e i r endorsement l > 462 1 # "•»' # l g 700 % g7g ' ct0SE I # s AI t »•«" 'f35 to s 0 F LDSI;.,is6 5 . s § 114 I ^ n 6 ' " l M 4 -49° 4 , a : s 1,153 ,r- 116 T , l | 8,667 : 3,979 1 & # # 1,872 - 25[899 19 S ».«7 77.e« »,»! , t , „ ?? 3 °g St. S i c crl « . , # « , , » 9l6 586 665 58i7i57~28i,J/i 2bb,99j 8 9 6 , & 250,22? 153.687 258,70° 1 7 1 . 7 ^ ^ . 5 : 12,680 5 > 9 w.g 00 9,844 - 5.049 - 5,991 45,764 ' " 6l,599 - - ^ , 6,698 11,747 Released, f o r p u b l i c a t i o n Sunday morning, J a n u a r y 23, 1921; n o t e a r l i e r . St.1744c. RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JANUARY 21 1921. ( I n thousands of d o l l a r s ) * L I A B I L I T I E S Federal Reserve Bank Boston New York P h i l a . C l e v e l . Jltlanta_Chicago St -Louis Minn. Kans.Cy. D a l l a s San Fran, Capi t a l p a i d - in Total 7,739 Surp l u s 6,962 15,711 99, 962 Government d e p o s i t s l4,194 202,036 736 Due to men "hers - r e s e r v e account 2,271 32, 603 Deferred a v a i l a b i l i t y items 118,783 1,765,225 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 32,479 472,646 government c r e d i t s 551 12,160 1.127 S4R 4n^ 273 2.071 J32_ 388 364 6 t ^11 25. Total g r o s s d e p o s i t s 151, 708 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 79,023 159,844 2 , 2 9 5 , 6 4 8 266,770 793,'026 a & & ril Mt'fss F . R. Bank n o t e s i n c i r c u l a t i o n 74,4^ 255,304 3,ll5,3i» AGO 3*7 net l i a b i l i t y 19,361 36,965 21,>01 21,936 11,023 15,024 36, i 4 i 8, 696 7 , 4 7 8 13,495 6,921 A l l other l i a b i l i t i e s 8,424 207,365 1.384 aJ:iq_ 1,739 s6i *+• 529 iOS_ 1.077 1.028 - 1 , 9 6 8 1.223 1.793 2 6 673 TOTAL LIABILITIES 462,673 1,714,251 462,464 561,157 281,971 266,993 296,630 250,224 153,687 258,708 171, 446,521 5,946,999MEMORANDA 79 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, per c e n t 6 4 . 4 38.1 61.3 66.9 47.1 4l.2 47.0 47.5 39-5 4o.g 39.8 55.2 4g.5 Contingent l i a b i l i t y as endorser on •as. -II I I 18II si i l i ! |f l l | 1 discounted paper r e d i s c o m t e d w i t h other Federal Reserve Banks - Bankers' acceptances s o l d to other F. R- Banks w i t h o u t endorsement Contingent l i a b i l i t y on b i l l s purchased f o r f o r e i g n correspondents F. R. n o t e s outstanding F . R. n o t e s h e l d by banks 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 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 5,000 22,060 5,792 5,553 23,194 61,599 11,747 1,168 g,ioo 11,747 1,280 1,312 784 576 1,904 752 432 768 4l6 736 18,228 79,287 304,9793,563,197 A 870 /4,4i/ DISTRIBtnON OF BILLS AND U. S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES • ' l i " " % s r 2,500 " - s r 12,296 * h w 8,138 ~ > w 236,895 49,675 447. 887 255,304 3 , 1 1 5 ^ 3 1 0 264] 631 R e l e a s e d f o r p u b l i c a t i o n Su \ i a y m o r n i n g , J a n u a r y 23; n o t e a r l i e r . FEDHV.L RESERVE AGENTS' ACC0U1TTS AT CLOSE OF BUSINESS JAFJAKY 21, 1 9 2 1 ^ " " " ^ ^ ( I n t h o u s a n d s of d o l l a r s ) Bejeral Reserve Arent at e E S 0 U R c E's Fedteral R e s e r v e n o t e s on h a n d Boston Jew York Phila. Clevel. Bichm. A t l a n t a Chicago S t . L o u i s Minn. X a n s . C y . D a l l a s San F r a n . 130,580 2i °;io° lieserve n o t e s o u t s t a n d i n g : Sold and g o l d c e r t i f i c a t e s 5,600 Gold r e d e m p t i o n f u n d 16,193 Sola s e t t l e m e n t fund-F.R.Board 130,000 Eligible paper: Amount r e q u i r e d E x c e s s amount h e l d S 5 L TOTAL M 209,608 " s 22,775 a 5,960 13,052 3,500 s _ S S ! a S L S ; S $ 3 > t s " ,,":S S ^ s « a 5,891 266,336 4,627 19, , ; a s t t g frS »-S; 109,247 M M t S k g . ? 2,331,999 588,701 752,876 346,197 440,705 1,360,634 331,027 127,984 270,133 187,331 6 ^ 0 ^ 71^,507 L I A B I L I T I E S gtig2)^- 64, f/v Met amount of F e d e r a l R e s e r v e rotes r e c e i v e d f r o m Compt r o l l e r of t h e c u r r e n c y 410,780 1,193,201 304,269 395,964 186,372 251,353 725,535 173,404 88,016 118,235 9 5 , 5 9 2 355,159 4,297,880 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 R e s e r v e Bank: Gold E l i g i b l e paper JLAo TOTAL Total' 714,507 r — '-2 2,331,999 588,781 752,876 — ="•=- — — — 346,197 __ 440,705 1,360,684 331,027 187,984 270,133 187,331 6707*6* 6> V 8,ig2,3% /5 f
@FedFRASER