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S t . 57 5'
STATEMENT FOE THE PRESS
Released, 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 . 25, 1920;
not e a r l i e r .
F e d e r a l R e s e r v e Board
J a n u a r y 24, 1920.
CONDITION OF FEDERAL RESERVE BANKS
A g g r e g a t e i n c r e a s e s of 53*^ m i l l i o n s i n t h e h o l d i n g s of war p a p e r and o t h e r d i s c o u n t s and a f u r t h e r r e d u c t i o n of 1 6 . 4 m i l l i o n s i n c a s h r e s e r v e s a r e i n d i c a t e d i n
t ^ ^ 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 ,
J a n u a r y 23,
1920.
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 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 f u r t h e r r e d u c t i o n f o r
t h e week of 5 , 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 e l l o f f a b o u t 1 . 1 m i l l i o n s .
As a r e -
s u l t the b a n k s ' r e s e r v e r a t i o shows a f u r t h e r d e c l i n e from 4 $ , 1 to 4 4 , S p e r c e n t ,
1i»ar p a p e r h o l d i n g s 01 t h e
oanks i n c r e a s e d 34»9 m i l l i o n s ,
o t h e r d i s c o u n t s on
i^and went up IF -5 m i l l i o n s , w h i l e a c c e p t a n c e s show a n o m i n a l i n c r e a s e of 0 . 1 m i l l i o n .
Of t ; e t o t a l of 1 , 3 8 6 , 3 m i l l i o n s of war p a p e r h e l d , 6 2 9 . 7 m i l l i o n s ,
was s e c u r e d by L i b e r t y bonds;
243«3 m i l l i o n s ,
or 4$.4 per cent,
o r 17.6 p e r c e n t , by V i c t o r y n o t e s ,
and 513*4 m i l l i o n s , or o v e r 37 p o 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 , as a g a i n s t 47-7,
20.9 and 3 1 . 4 p e r c e n t of a t o t a l of 1 , 3 5 1 * 5 m i l l i o n s of war p a p e r r e p o r t e d t h e week
before.
A r e d u c t i o n of 4 2 . 9 m i l l i o n s i s shown i n T r e a s u r y c e r t i f i c a t e h o l d i n g s , f o l l o w ing the r e d e m p t i o n by t h e Government of a l l temporary c e r t i f i c a t e s o u t s t a n d i n g .
c o u n t e d p a p : 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 ,
include
Dis-
Chicago, S t . L o u i s and D a l l a s banks
69*1 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 f o u r o t h e r F e d e r a l R e s e r v e banks
(as a g a i n s t 119»o m i l l i o n s of suc.i ciiscoua'cs ±jeld by 6 banks 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 6 R e s e r v e baziks a r e i n c l u s i v e of 4 8 . 7 m i l l i o n s of b a n k e r s '
b i l l s p u r c h a s e d f r o m t h e Now York and B o s t o n banks, a s a g a i n s t 4 3 . 2 m i l l i o n s t h e week
before.
As a g a i n s t an i n c r e a s e of 5 5 . 3 m i l l i o n s i n Government d e p o s i t s t h e banks show
r e d u c t i o n s of 8 4 . 4 m i l l i o n s i n members' r e s e r v e d e p o s i t s and of 12-7 m i l l i o n s 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 .
On t h e o t h e r h a n d t h e " f l o a t "
c a r r i e d by t h e R e s e r v e banks shows a d e c r e a s e f o r t h e week of 4 0 . 2 m i l l i o n s w i t h the
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 t 1 . 1 m i l l i o n s l e s s t h a n t h e week b e f o r e .
In ad-
d i t i o n t o a d e c r e a s e of 5 - 7 m i l l i o n s i n 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 t h e banks
r e p o r t a l s o a r e d u c t i o n of 3 . 6 m i l l i o n s i n t h e i r 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
.
largely
. . .
n o t e s i n c i r c u l a t i o n . E x p o r t w i t h d r a w a l s and s a l e s of g o l d h o l d a b r o a d a c c o u n t / f o r
a d e c r e a s e of 1 7 - 2 m i l l i o n s i n g o l d r e s e r v e s .
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 25, 1920; n o t e a r l i e r .
COLIBIHED RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS
?Tr S O U R C E S
J a n u a r y 2 5 , 1920
January l6,
:::
^
Gold w i t h f o r e i g n a g e n c i e s
T o t a l g o l d h e l d by "banks
"
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
-1X1 > 3 2 2 , 0 0 0
779>lbg,000
1,126,261,000
•VXXZSZ
"
e
m
-
»
«
s
s
r
*
.
( S e c u r e d by Government war o b l i g a t i o n s
Bills discounted,
ctlier
m
m
.
T
1
5
5
Government d e p o s i t s
I u e t o members - R e s e r v e a c c o u n t
Deferred a v a i l a b i l i t y items
O t h e r d e p o s i t s , i n c l u d i n g f c r e i s n government c r e d i t s
Total "vcs, i e p o s i U
'
7.
notos in a c t u a l c i r c u l a t i o n
•• 1;. •• . . r . r t e o i n
:
•.
- net l i a b i l i t y
All ,th,,r l U h m . i F ,
TOTAL LIABILITIES
E a t i c of t o - i l
to not d e p c s ^ t ana. l \ l l . n u t e
l i a b i l i t i e s combined.
E a t i o of g o l d r e s e r v e s t o F .1L n o t e s i n c i r c u l a t i o n a f t e r
s o 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
M
x
M
.
&
s
s
, _
l,35-»^5^,000
748,611,000
-
s
s
a
s
™
J a n u a r y Jg4,__1215L
,
10,493,000
1,022,633,000
12,130,000
i
S
&
S
2,S40,47b,000
2,544,227,000
• *, • •*
2^)2,0C£>
6,171,7^7,000
-—5x<^?.?'QQQ
7 57,21c,000
1,255>1^2,000
i n S S t g
«
3^33,112,000
,
90,448,000
1,859>149,000
795,722,000
95,097,000
* "75a
n
64,000
276,765,000
^ T c ^ e a r n i n g l s S t f 5
-cuu-.
Bank p r e m i s e s
U n c o l l e c t e d items and o t h e r deductions 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 F - R, bank n o t e s
1
W
-
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 I n d e b t e d n e s s
1920
120, >23,000
7S8,702,000
1,136,326,000
l,3oo,348,000
767,110,000
—
St
»
%
s
.
S
S
t
&
m
1,49
500,000
2o4, 5 3 3 , 0 0 0
4
1
3
64,000
319,6^4,000
14-7,392,000
3,022,524,000
2,222,^0%
10,461,000
1,116,852,000
12,865,000
. r
34,692,000
1,943,561,000
849,854,000
—107•o00,00Q
&
2,935.913.000
2,549,279,000
• ' •"•*••• - *
. 20,521.000
6 , 2 7 2 , 4 % , coc
8,100,000
71b,5SS.000
&,752,000
1-ro, 3 ^ 1 , 0 0 0
1.6^4,415,000
511,899,000
—1^3-^29^000
^V;.i2U.CC0
2,466,556,000
'
—>9.6iP,Q0g
44.8^
45.176
52.3^
51.0^
51-5$
64.1%
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 25, 1320; n o t e a r l i e r .
"75 13
RESOURCES AND LIABILITIES 0? THE FEDERAL RESERVE BAI3XS AT CLOSE OF BUSINESS JAMUARY 2 3 , 1920.
R E S O U R C E S
( I n t h o u s a n d s of d o l l a r s )
B
o
s
t
o
n
New
Tork
P
h
i
l
a
.
C
l
e
v
e
l
.
Richrru
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
F e d e r a l B e s e r v e b a n k of
9
,
0
6
s
1*7,103
1,222
7
,
9
9
0
2,502
5,250
2
4
,
4
6
3
2,862
7,253
27-3
6,676
1
2
,
5
5
9
220,347
Gold a n d g o l d c e r t i f i c a t e s
54,525
6
1
,
5
2
5
30,117
49,935
23,454
20,302
57,767
17,675
15,259
36,365
10,054
31,155
441,499
Gold S e t t l e m e n t f und-F«E vBoard
C.^6n
4:.
057
9.326
q.621
s.74q
4,224
13.q6l
5.514
3.168
5,631
3^Q50
5,39°
§
Gold w i t h f o r e i g n a g e n c i e s
72,457
241,625
4
0
,
7
5
5
67,546
31,705
32,50b
126,131
26,051
2
5
,
7
1
5
4
2
,
2
7
4
19,810
4
9
,
l
4
o
7
7
9
,
1
6
8
T o t a l g o l d h e l d "by b a n k s
7
4
,
2
5
9
2
8
3
,
2
1
5
75..063
1
2
7
,
9
7
3
4
1
,
7
3
0
5
7
,
2
3
7
2
1
4
,
5
0
2
5
4
,
3
7
5
3
5
,
0
2
9
3
b
,
2
o
0
3
2
,
1
9
4
9
3
,
7
9
1
1
,
^
o
,
2
6
l
Gold w i t h j \ E% A g e n t s
19
716
£*.000
14.770
L.kqs
S.
8q4
5.A12
1
9
.
5
3
1
5
.
8
^
4
200
1
124
2
,
5
9
1
—
;
1
Gold r e d e m p t i o n f u n d
166.462 540,906 130.61s 197.017 5 2 , 3 2 9 9 6 , 5 5 5 360,224 06,270 63,944 85,653 54,301 152,766 2,02o.oj0
Total gold reserves
Dl.
421
5J004
4o,M
110—X045
220
1. 2?S
1,757
1JJ3
_ J i 9 L _ 1 ^ 2 7 „
Legal tender n o t e s , s i l v e r , e t c .
171^466 596^017 130,928 195,665 52,549 9 7 , 6 3 4 3 6 1 , 9 5 1 8 9 , 4 4 5 6 4 , 0 1 3 5 6 , 0 1 3 5 6 , 5 2 8 1 5 3 , 1 9 1 2 . 0 5 7 , 0 9 0
Total reserves
Dills
sro-jzitod" ( a )
S e c u r e d by Government war .
obligations
105,562 4 5 2 , 7 7 3 159,377 93,457, 75,762 50,718 134,693 54,429 22,451 33,932 47,354 45,q4o 1,356,34s
12,205 30,8:0
7of,110
43,255 275.596 3 9 , 3 5 5 3 9 , 7 3 7 ' 21,517 18 j 451 129,639 47,261 42,291 57,957
All othor
575,759
7,9^4 i k - p ? u 6 . n q i i , ? q . 4 l 5
202,706
L 5 2 7 7 1 VP. 10, # q
9 . 5 2 3 . 82.qiq 12.612
B i l l s bou^nb :*.n open m a r k e t (b) 35tM{
2,729,247
964.075 206,^53 2u4)506 107,725 105,672 397,271 114,302 72,726 101,343 65,653
154,244
T o t a l b i l l s on h e n d
u
27,036
2,632
lj-57
2,335
833
1,235
375
*+, 77
1,153
116
M6S
3,9bb
U_ 5,. Givo'cncent b e n d s
539
64
50
10
~
4
U# S ,
no^es
27
6
12.
566
165
6 5 . 7 - 6 LL.OQI 23.70?' 12.2OO 1 5 . 6 6 5 4 0 . 5 1 3 1 7 . 7 5 0
8 . 4 5 0 15,_Sg6,
8.3Q0_
U - S - C e r t * f i c a t e s of I n d e b t e d n e s s _ _ 2 1 , 3 9 }
206^674
1,034,2^5
239I0J5
229,056
1217223
124J16
442,261
133,205
81,3
22
12.6,037
7
7
,
9
1
9
217,366
3,0.53,112
Total earning assets
4
1,09s
3,094
500
64o
553
480 2,116
356
515
c2
44S
231
10,493
Bank p r e m i s e s
Uncollected itens anl other de230,00s 51,724 79,077 35,867 47,599 120,796 70,52s 22,026 Si,512 56,999 63,240 1,022,633
ductions from gross deposits
33 , 257
5/6 R e d e m p t i o n f u n d a g a i n s t
12,130
665
566
941
310
463
1,125
1,475
1,072
859 1,568
bank n o t e s
2,751
335
320
477
.32b.
_5,to
l4o
305
4 IS
469
505
45 5
All other resources
567
1,143
321
"r~*
&
^ ^
T
, ....
v"
\
r
_ \.
—
—»—
^ \
\ i
—r
ntr
/-s -
r»r_
r
n r *
)2, :6 s
T0TAL RESOURCES
464,055 l, 367,311 454,131 508,381 291,032 271,673 929,259 294,302 168,326 295,44s 192,786 435,013 6,171,747
(a) Includes b i l l s discounted
f o r o t h e r F^E*Banks, v i z :
(b) I n c l u d e s b a n k e r s 1 a c c e p t a n c e s
bought from other P.E.Banks:
With t h e i r endorsement
Without t h e i r endorsement
-
2,500
-
is, 574
-
19,500 47,675
-
14,115
376
7,470
-
4,639
1,336
990
12,000
5,065
-
59,145
-
3,580
23,819
24,906
S t . 375c
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 25, 1920; n o t e a r l i e r .
JSINESS
JANUARY
2
3
,
1
9
2
0
.
OF
RESOURCES A:H) LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE
( 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
Total
B o s t o n New York P h i l a . C l e v e l . Richrn- 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 v - D a l l a s San F r a n .
F e d e r a l R e s e r v e "bark of
4
,
0
2
1
3
,
4
1
7
5
,
3
0
0
37,529
4
,
0
3
1
3,107
22,397
4,397
3 , 4 5 6 1 2 , . 376
7,105
Capital paid-in
7,899
9,533
6
,
1
1
6
3
,
0
3
0
7
,
5
3
9
1
20,12c
3,724
3,569
45,032
3,305
9,039
5,320
4,695 14,292
Surplus
2,355
2
,
1
0
5
5
,
5
1
7
9
0,443
2
,
1
0
6
1,325
1,543
3,542
4,501 6,595 1 , 6 7 5 3 , 9 9 3 4 , 9 7 5
47,571
Government d e p o s i t s
6
3
,
5
3
3
1
2
1
,
3
0
7
1
,
3
5
9
,1^-9
114,154
713,116 101,925 133,564 60,124 55,743 271,139 72,692 51,233 94,959
Due bo " e m b e r s - R e s e r v e a c c o u n t
1
4
,
6
4
3
6
4
,
2
1
5
3
5
,
2
6
1
4
7
,
1
3
5
7
9
5
,732
66,34s
163,007 73,360 64,649 70,256 4 2 , 1 3 3 91,329 57,341
Deferred a v a i l a b i l i t y items
Other deposits including
3»635
2,337
9,570
3,319
2,362
3,710
2,167
4,933
95,097
6,06s
f o r e i g n government c r e d i t s
6,110
42,344
6;937
"
103,121 173,997 2,340,476
Total gross deposits
9 7 6 , 5 3 s 1 3 7 , 2 7 3 2107876 1 3 5 , 6' 9 0 1 0 4 , 7 6 1 3 7 7 , 0 1 3 1 3 5 , 9 5 2 7 0 , 3 3 6' 164=209
195,654
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 230,999
761 5 64-3 2 2 0 , 2 6 1 2 5 5 , 5 3 7 1 3 2 , 6 0 7 1 4 2 , 7 7 0 4 3 1 , 5 9 3 1 3 3 , 8 4 9 3 2 , 4 6 8 1 0 0 , 7 2 3 7 2 , 5 9 1 2 2 9 , 1 3 1 2 , 3 4 4 , 2 2 7
F.R.bank notes in c i r c u l a t i o n 254,343
8,164 19,427 10,031 11,374
net l i a b i l i t y
20,436
50,959 23,107 2 1 , 9 1 5 11,912 15,432 40,750 15,736
1
,
6
7
2
24,492
947
632
904
606
All other l i a b i l i t i e s
J526
3,265
10,692
1:786
1,331
1,452
TOTAL LIABILITIES
455,055 1,367,311 454,131 503,331 291,032 271,673 929,239 294,302 163,326 295,443 132,736 435,013 6,171,747
ME M 0 R A N 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 F . R. baxiks
Bankers' acceptances sold to
o t h e r F . R. Banks
43,700
23,819
F . R. Notes o u t s t a n d i n g
241,99°
F . R. N o t e s h e l d b y b a n k
10,997
F . R.Notes in a c t u a l c i r c u l a t i o n 230,999
31,695
10,000
39,145
3,750
23,319
FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION
905,595 223,790 263,720 136,771 147,351 515,247 1 5 5 , 6 6 s
l4l.q%
3.529 11.111
4.164
5,031 11,6^4 21.819
761,643 220,261 255.537 132,607 142,770 431,593 133,849
34,535 107,437
2.117
6.759
32,463 100,72s
76,321 276,625 3,146,156
4*230—42,494
301,929
72,591 229,131 2,344,227
DISTRIBUTION OF BILLS AND U. S , CERTIFICATES OF INDEBTEDNESS BY MATURITIES
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
W i t h i n 15 d a y s
l 6 t o 30 d a y s
3 1 t o 60 d a y s
6 l t o 90 d a y s
1,323,917
122,4il
11,293
217,142
116,004
5,136
293,901
229,157
233,043
103,217
6,100
io,s6s
Over 90 d a y s
20,455
243,368
Total
2,153,45s
575,739
276,765
S t . S75d
l e a s e d f o r p u b l i c a t i o n Sunday morning, January 25, 1920; n o t e a r l i e r .
f
FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS JANUARY 23,. 1920.
( I n t h o u s a n d s of d o l l a r s )
Boston
JEDERAL RESERVE NOTES:
Received from Comptroller
New York
Phila. Clevel.
Richm. A t l a n t a Chicago S t . L o u i s Minn. Kans.Cy.
1+79,900 2,008,720 510,780 456,240 305,860 299,500 854,120 299,600
154,080
D a l l a s San F r a n .
Total
207,300 145,950 419,880 6,172,260
V Returned to Comptroller
C h a r g e a b l e t o 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 r e d e m p t i o n
277,776 1,016,315 257,550 300,380 167>524 199.156
35,780
241,996
•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 hand
13,259
Gold s e t t l e m e n t f u n d , F . R .
Board
61,000
E l i g i b l e p a p e r , minimum
required
Total
AMOUNT OF ELIGIBLE PAPER
DELIVERED TO F,R,AGENT
110,720 29,060 31,660 31,053 51,305 25,150 22,300
905,595
228,790 265,720
136,771 1 4 7 , 5 5 1 515,247
9 4 , 6 5 5 115,737
10,100
13,052
5,35S
3,4144
2,677
90,000 61,559 30,000 39,000 52,000 206,144
46,931
90,03,4 3 0 0 , 7 4 5 3.01,293
9,475
13,174
34,025
13,945
2,730
2,500
3,337
94,801 283,575 3,526,764
8,250 17,950
% 6f8__ 3 4 ^ 1 107
4,000
153,740
Gold r e d e m p t i o n f u n d
5^0,397 177,965
457
350,608
76,821 276,625 3,146,156
8,531
3,400
7,250
3,879
-
246,l4g
14,265
9L97S
19,300
32,860 19,484 79,526
788,134
49,556
71,227
44,627 1 5 2 , 5 3 4 2,019,595
167,707
622,377 1*3,727 140,747
241,996
905,595 225,790 268,720 136,771 147,851 515,247 155,66s 84,555 107,457 76,821 276,625 3,146,156
184,244
961,953
152,576 196,420
95,041
104,153 107,050 396,864 114,302 58,663 101,302 65,653 194,300 2,667,820
@FedFRASER