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Released for p u b l i c a t i o n F r i d a y Horning, J a n , 27; not e a r l i e r , STATEMENT FOR THE PRESS St,S%74 F e d e r a l Reserve Board, J a n u a r y 26, 1922. CONDITIO" OF FEDERAL RESERVE BANKS, F u r t h e r r e d u c t i o n by $4^,700,000 i n F e d e r a l r e s e r v e note c i r c u l a t i o n , accompanied by g a i n s of $5,600,000 i n gold and of $1,500,000 i n otfcsr r e serve cash, and a decrease of $6,100,000 in d e p o s i t l i a b i l i t i e s a r e i n dic&Wd i n the F e d e r a l Reserve B o a r d ' s weekly c o n s o l i d a t e d 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 of b u s i n e s s on J a n u a r y 25, 1922, Ihe r e s e r v e r a t i o shows a f u r t h e r r i s e f o r the week from 76 t o 77^2 p ^ r c e n t . F e d e r a l r e s e r v e bank h o l d i n g s of b i l l s s e c u r e d by U n i t e d S t a t e s Government o b l i g a t i o n s were $30,800,000 l e s s than the week b e f o r e , l a r g e r r e d u c t i o n s i n t h e amount of paper s e c u r e d by V i c t o r y n o t e s , T r e a s u r y n o t e s and Treasury c e r t i f i c a t e s b e i n g o f f s e t i n p a r t by an i n c r e a s e i n the h o l d ings of paper s e c u r e d by U. S. bonds. Holdings of o t h e r d i s c o u n t e d b i l l s shov a d e c l i n e of $32,900,000, while those of a c c e p t a n c e s p u r c h a s e d i n open market f e l l o f f $12,200,000. S u b s t a n t i a l a d d i t i o n s t o the h o l d i n g s of U, S, bonds and n o t e s -were made during the week by the F e d e r a l r e s e r v e banks of P h i l a d e l p h i a and San F r a n c i s c o , the t o t a l i n c r e a s e under t h i s head b e i n g $ 5 , 7 0 0 , 0 0 0 . No change i s shown in the amount of P i t t m a n c e r t i f i c a t e s h e l d a s cover f o r F e d e r a l r e s e r v e bank n o t e s , while h o l d i n g s of o t h e r Treasury c e r t i f i c a t e s r e p o r t e d mainly by the Boston, New York and Chicago r e s e r v e banks, show an i n c r e a s e of $17,400,000. T o t a l e a r n i n g a s s e t s i n consequence of t h e changes i n d i c a t e d were $ 5 2 , 8 0 0 , 0 0 0 l e s s than the week b e f o r e and on J a n u a r y 25 stood a t $ 1 , 1 8 3 , 1 0 0 , 0 0 0 , compared w i t h $2,908,900,000 r e p o r t e d about a y e a r a g o . Of the t o t a l h o l d i n g s of $357,900,000 of b i l l s secured by United S t a t e s Government o b l i g a t i o n s , $282,600,000, or 79-0 p e r c e n t , were s e c u r e d by L i b e r t y and o t h e r U. S. bonds, $37,800,000, or 10.5 p e r c e n t , - by Victory n o t e s , $11,400,000, or 3 , 2 p e r c e n t , - by T r e a s u r y n o t e s and $26,100,000, or 7 , 3 p e r c e n t , - b y T r e a s u r y c e r t i f i c a t e s , compared w i t h $276,900,000, $58,400,000, $13>100,000 and, $40,300,000 r e p o r t e d t h e week b e f o r e * As a g a i n s t an i n c r e a s e of $18,200,000 i n Government d e p o s i t s , the banks r e p o r t r e d u c t i o n s f o r the week of $21,500,000 i n r e s e r v e d e p o s i t s and of v2,800,000 i n o t h e r d e p o s i t s , composed l a r g e l y of non-members' c l e a r ing accounts and c a s h i e r < s checks, F e d e r a l r e s e r v e note c i r c u l a t i o n shows a r e d u c t i o n f o r the week of $45,700,000, compared w i t h a r e d u c t i o n of $24,500,000 f o r the corresponding week i n 1921, Since December 28, 1921, the r e p o r t d a t e f o l l o w i n g Christmas, t h e r e has been e f f e c t e d a r e d u c t i o n of $259,500,000 i n F e d e r a l r e s e r v e note c i r c u l a t i o n , compared w i t h a r e d u c t i o n of #253,900,000 f o r the corresponding p e r i o d a year ago. P r a c t i c a l l y no change i s shown i n the n e t l i a b i l i t i e s of the r e s e r v e banks on F e d e r a l r e s e r v e bank n o t e s i n c i r c u l a t i o n , though according to T r e a s u r y r e c o r d s , the amounts of t h e s e n o t e s o u t s t a n d i n g shows a d e c l i n e of about $800,000 f o r the week, S t . 2574a Eeleased f o r p u b l i c a t i o n F r i d a y morning, Jan. 27, 1922; not e a r l i e r . OF THE RESOURCES A ! ® L I A B I L I T I E S TVJELVE FEDERAL RESERVE BAllies CO:r I K E D . ( i n thousands of d o l l a r s ) RESOURCES Jan. 25. 1922 Bank premises 5^ Redemption f u n d a g a i n s t F. R. Bank n o t e s . . . . Uncollected items . . . , All other resources , . . 199,8b9 461,523 3,300 bb4,b92 469,367 851,827 .yeK**' U. S. "bonds and 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 : One-year c e r t i f i c a t e s (Pittman A c t ) . All other Municipal warrants Total earning a s s e t s . . . . . . Jan. 28, 1921 382,460 383,541 Gold and gold c e r t i f i c a t e s 483,<22 Gold s e t t l e m e n t f u n d - P.R.Board Gold w i t h f o r e i g n agencies 866,763 T o ta l gold h e l d "by banks 1,939,792 Gold with F e d e r a l Reserve Agents 97,693 Gold redemption f u n d « i* 2,904,248 T o tal gold r e s e r v e s 154,607 Legal tender n o t e s , s i l v e r , e t c . Total reserves -x._~~~._j. 3.058,855 B i l l s discounted: Sec. "by U.S. Government o b l i g a t i o n s . All other . . . . . . . . B i l l s "bought i n open market . . .• . . T o tal "bills on hand . . . . . . . . Jan. IS. 1922 357,921 492,252 •1,948,657 98,208 1,288,450 2,898,692 152,811 2,106,137 213,837 3,051,503 2,319,974 388,672 l,0U8,7b8 1,407,707 165,058 525,150 94,944 l,O08,7bb 60,128 82,709 932,882 65,761 2,621,533 25,868 113,000 53,847 21b 113,000 71,278 206 1,183,127 1,235,957 35,?S€r 36,199 7,870 481,7^ 12,719 4,780,524-# 259 , 3 7 5 2,077 2,908,853 18,228 12,746 593,911 7,62b 7,371 534,362 , „ 7J 12 4 ,i: 9 - , 0 9 c 5,861,338 103,020 213,398 99b 202,036 L I A B I L I T I E S Capital paid in Surplus . , . . Reserved f o r G o v ' t . f r a n c h i s e t a x Deposits: Government Member bank - r e s e r v e account All other Total deposits . . . . . . . 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 F.R. 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 D e f e r r e d a v a i l a b i l i t y items . , A l l other l i a b i l i t i e s TOTAL LIABILITIES Ratio of t o t a l r e s e r v e s to d e p o s i t and F.R. note l i a b i l i t i e s combined . . , 103,067 215,398 1,332% 100,147 52.1J8 1,731,823 24,054 77,734 i0 I,b73,c24I,i6 5 2 , 3 0 4 ^ ^ 30,578 l , 7 7 8 , ? 9 f " f » 3 1,734,595 1,808,015 2,184,001 2,229,677 ),090 ,748 84,876 397,763 15.290 84,875 4b3,22b 15,400 202,276 429 , ?Cb 2g_,JJ:C 4,780,524 4,893,050 5,861,338 • S 5 » 5 1 77 ' 2 $ ? ^ 76. c<: * C a l c u l a t e d on b a s i s of n e t d e p o s i t s and F. R. n o t e s i n c i r c u l a t i o n . *49. Of: R e l e a s e d f o r p u b l i c a t i o n F r i d a y morning, January 27, 1922; not e a r l i e r . St.2574b. RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BA1IKS AT CLOSE OF BUSINESS J AIT. 25, 1922. ( I n thousands of d o l l a r s ) RE s o u R CE S F e d e r a l Reserve Bank of Boston New York Phila. Cleve. Rich. A t l a n t a Chicago S t . L o u i s Minn. Kans.Cy. D a l l a s San Fran. Total Gold and g o l d c e r t i f i c a t e s 258,707 7,541 1,974 12, b2b 2,77b 5,174 22,418 2,083 19,018 3,445 9,209 2,5b5 333,541 Gold s e t t l e m e n t f u n d - F.R.Board 12,448 114.648 50,446 61,314 23,511 l b , 3 3 3 61,951 26,237 26,322 46.754 9,958 32,495 483 ,222 T o t a l gold h e l d "by "banks 19,989 403,355 52,420 74,440 2b,587 21,512 34,369 29,632 35,531 49,319 13,046 51,513 866,763 Gold w i t h F. R, Agents 160,131 712,130 142,761 172, 18b 34,344 50,521 309,350 72,075 25,122 27,420 11,548 222,154 1,939,792 Gold redemption f u n d 15,000 4,765 4,966 22,305 4,b52 4,125 2S,b58 2,713 1,155 2.341 1.442 5,066 97.691 T o t a l gold r e s e r v e s 202,475 1,130,485 199,94b 251,592 65,583 76,153 422,377 104,475 61,308 79,530 31,036 273,733 2,904,248 Legal t e n d e r n o t e s , s i l v e r , e t c . 24,703 50,382—10,190—8,159 6,968 5,059 16,319 I3,8b9 671 7,215 5.907 4.665 154.607 Total reserves B i l l s discounted: Secured "by U.S.Govt, o o l i g a t i o n s All other B i l l s "bought in open market T o t a l " b i l l s on hand 227,17s 1,180,867 210,136 259,751 72,551 81,217 439,196 118,344 62,479 86,795 36,943 283,398 3,053,855 17,440 20,950 9,742^ 48,132 U. S. "bonis and n o t e s 3.449 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 : One-year c e r t i f i c a t e s (Pittman Act) 3.450 All other 24,907 Muni c ipa 1 warrant s Total earning a s s e t s Bank p r e m i s e s 5/3 Redemption f u n d a g a i n s t F. R. Bank n o t e s U n c o l l e c t e d items All other resources TOTAL RESOURCES 84,935 4,834 422 83,07s 35,217 28,232 57,416 32,761 12,805 3,930 14,900 46,699 39,253 13,419 48,643 17,157 3.032 3.451 13.475 235 46,419 52,336 88,045 29,510 6,525 35,773 11,544 4l,9b7 194 7,933 33,039 15 146,527 85,121 83,390 88,704 74,206 150,163 46,902 42,29s 53,705 46,042 858 11,687 5,497 1,233 5,307 14,490 1,17s lib 8,868 2,630 35,400 27,901 10,000 300 27 3,040 . 535 3,7b0 8,564 1 12,667 17,759 6,569 105 4,450 5,320 43 1,900 17,697 42,397 7.598 357,921 492,252 X. 82 ,709 - 67,692 9,948 932,882 J b5,7bl 7,830 113,000 71,27S" . 20b 210,686 107,026 97,462 93,697 38,578 195,079 6,924 600 4,063 2,567 1,055 7,083 54,754 46 , 879 b7,93b 643 828 4,697 1,640 700 188 510 1,bb5 539 104,125 39,649 44,230 40,238 24,59 0 59,479 1,541 125 104 71 life 482 523 2b,4lb 2,090 810 36,199 91b 237 136 (, 394 , 7'87% 12,094 3 2 , 0 4 1 n , i W 31,990 481,75V 525 190 955 265 2,190 6.125 12,719 363,609 1,505,783 353,23b 406,154 209,362 19b,09b 702,934 200,870 123,472 192,650 113,071 403,237 4,730,52-$*1 45,712 j>0 Released f o r p u b l i c a t i o n * ivaay morning Jai 27, 1922; n o t e a r l i e r . BKSOUBCES AMD LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF EDSIPESS JAM1-22. (In thousands cf 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 Reserve Bank Boston New York P h i l a , CIeve. R i c h . A t l a n t a Chicago St .Louis Minn Kans.Cy. Capital paid ia 7.936 26,958 8,737 11,134 5,430 4 , 1 9 5 14,379 4,606 4,576 3,552 Surplus 16,483 60,197 17.945 22,509 11,030 3,ub 29,025 9.388 7,468 9,646 Reserved f o r Govt, f r a n c h i s e tax , 97 95 Hi 176 212 175 114 110 130 Deposits: m Government 10,169 46,920 6,481 4,661 3,361 . 2 . 2 9 4 7,713 3,513 1.478 2,989 Member hank - r e s e r v e account 112,908 652,341 99,591 129,081 54,492 42,516 223,781 65,176 41,837 69,393 A l l other 852 13.030 1,112 736 4S2 413 2,500 738 401 558 Total deposits 123,929 712,2Q1 107,184 134,538 58.335 45,223 233,994 69,427 43.716 72,940 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 171,760 605,082 179.666 195,471 97.113 112,355 368,667 86,026 53.254 63.837 F . R. 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 7,567 21,494 6,883 5,791 3.127 7,193 4,049 7.583 3.885 9,765 D e f e r r e d a v a i l a b i l i t y items 35.105 76,694 37,310 35,830 33.627 17,108 45,249 26,697 10,413 30,986 A l l other l i a b i l i t i e s 732 3.0b2 400 70S 488 1,054 I 2 L 3,973 567 797 TOTAL LIABILITIES 363,609 R a t i o of t o t a l r e s e r v e s t o ^ p o s i t and JF.R. note l i a b i l i t i e s combined, p e r cent 76.8 89-6 73.3 78.7 46.7 51.5 72.9 76.1 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 2,336 12,007 2,560 2,624 1,568 1,152 3,808 1,504 64.4 864 63.5 1,536 St.2$7 4 c . D a l l a s San F r a n . 4,194 7,370 7,394 15,199 Total 103,057 215,398 1,332 9 ' (0 3.585 95.915/ 42, l k ^ 119,019 1,652,3G¥ 304 9,392 10.578 45,224, 131,996 1 , 7 7 8 , % ,2 , m J >3 31.5691 219,201 2,184,001 30 2,550 4,989 84,876 20,555 1.585 28,279 1.194 397.763 IS.200 48.1 1 832 30 80.7 77.2 1,472 32,263 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 by banks 181,878 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 171*760 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 Municipal w a r r a n t s 10,118 804,438 205,469 221,823 104,347 118,615 413,4C6 107,720 56,878 71,117 35,468 283,798 2,604,957 199,356—25,803—26,352 7,2]4 6,260 44,759 21,694 3,624 7,280 3,899 64.597 420.956 605,082 179.666 195.471 97.113 112,355 368,667 86,026 53,254 63,837 31.569 219,201 2,184,001 DISTRIBUTION OF BILLS, U. S. CERTIFICATES OF INDEBTEDNESS AND MUNICIPAL WARRANTS BY MATURITIES Within 15 days 16 t o 30 days 31 t o 60 days 6 l t o 90 days Over 90 days Total 480,944 86,170 143.918 83,947 55,194 250,173 46,045 16,316 12,833 7.346 169 82,709 1.150 4,364 20,765 8,50% 14#w#8 184,278 2 13 141 50 2C6 R e l e a s e d f o r p u b l i c a t i o n F r i d a y morning, J a n . 27, 1^22; n o t e a r l i e r . EEDEBAL DESERVE AG-EUTS' ACCOUNTS AT CLOSE OF BUSIIIESS JAN. 25, 1922. q ' d * (In thousands of d o l l a r s ) F e d e r a l Reserve Agent a t R E S O U R C E S Boston : Hew York R a i l a . Cleve. Rich. Atlanta Chicago S t . Louis Mirn. Kans.Cy. D a l l a s San ? r a n . Total g 5EL?:E5LE5r ^ M AH iyito lo?:^ &S? | I f i E B & s S IS s&gk IS ,s IS^.SS = H I S& %% 13% « feig 11:% g:g *•% . Reserve n o t e s outstanding: lired mt h e l d TOTAL 513,881 1,992,537 U7U,b6l 515,950 25^,152 317,849 1,028,199 25},ik2 131,311 165,651+ 114,365 613,102 6,373,803 L I A B I L I T I E S Het amount of F e d e r a l Reserve n o t e s r e c e i v e d f r o m Conrot r o l l e r of the C u r r i e r / 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: Gold E l i g i b l e paper TOTAL 305,56s 1,147,428 256,629 260,523 1)4,062 1 ) 3 , 4 4 1 ' g:ig 568.66 133,180 65,fa33 84,557 gfe %% Z-' $6,868 323,438 3,530,013 / 513,881 1,992,537 U7U,bbl 515,950 25%,152 3 1 7 , 8 ^ 1,028,199 25j,iU2 131,311 165,65U 1111,365 613,102 b,37^,803
@FedFRASER