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• # Released for p u b l i ciaat i o n Sunday morning, morning;, January 28, %$17. 191 995 Not e a r l i e r . PRESS STATEMENT January 27, 1917 • Continued l i q u i d a t i o n of commercial and bank paper owned by the Federal reserve banks, accompanied by increases of reserve d e p o s i t s and of both gold and cash reserves, are indicated by the Federal Reserve Board ? s weekly bank statement made public to-day as at c l o s e of business on January 26, 1917* Aggregate gold reserves show an increase of 15*8 m i l l i o n s , while combined cash r e s e r v e s show a gain f o r the week of 24.8 m i l l i o n s . The New York bank reports an increase of about 18,2 m i l l i o n s in i t s g o l d holdings, and of 7 , 5 m i l l i o n s a d d i t i o n a l in other cash r e s r v e . . These i n c r e a s e s are due c h i e f l y t o the change of a favorable balance of 12*5 m i l l i o n s in account with other Federal reserve banks to an adverse balance of 5*2 millions^ a l s o t o increased d e p o s i t s and the l i q u i d a t i o n of earning a s s e t s t o the ext e n t of over 4*2 m i l l i o n s . The Cleveland bank reports a gain of 3*7 m i l l i o n s i n cash r e s e r v e , together with increased d e p o s i t s and reduced holdings of paper on the one hand, and a l a r g e r balance due from other Federal batiks on the other* Commercial paper on hand shows a decrease f o r the week of about 1«5 m i l l i o n s , Atlanta and Chicago reporting the l a r g e s t decreases inder t h i s head. Of the t o t a l shown, $2/672,000, compared with $2,041^000 the week bef ore, i s represented by member banks 1 c o l l a t e r a l n o t e s . A decrease of over 10 m i l l i o n s i s i n d i c a t e d i n the t o t a l M a c c e p t a n c e s on hand, a l l the banks reporting smaller holdings* than the week b e f o r e . Transactions iri t)< S i S e c u r i t i e s , including the Conversion of 2% bonds i n t o 3^ "bonds and n o t e s , are shown f o r 6 banks, r e s u l t i n g i n a decrease of $1,777,000 in the aggregate amount of U, S. bonds, and an increase of $1,333^^00 in the aggregate of Treasury notes on hand- An increase of 1-7 m i l l i o n s i s indicated in the t o t a l of municipal warrants h e l d , l a r g e l y the r e s u l t of purchases during the week by 4 banks of New York c i t y and Jersey town short-term n o t e s . Of the t o t a l commercial and bank paper on hand, 25*9 per cent mature w i t h i n 15 days, and l6*6 per cent a f t e r 15, but w i t h i n 30 days* Of the warrants on hand, 9 P e r cent mature w i t h i n 15 days, and l e s s than 3* per cent a f t e r 15 but w i t h i n 30 days• Less than 1 per cent of the commercial and bank paper i as against 6 1 . 5 per cent of t h e warrants h e l d , mature a f t e r 90 days. Total earning a s s e t s , $181,426,000, were $11,049>000 l e s s than the week b e f o r e , and c o n s t i t u t e at present 326 per cent of the banks* paidin c a p i t a l , as against 346 per cent shown the week before* Of the t o t a l , 53*8 per cent i s represented by acceptances; 19-9 P e r cent by U. S. bonds; 10.8 per cent by Treasury notes; 8*7 per cent by d i s c o u n t s , and 6 . 8 per cent by warrants, Government d e p o s i t s show a decline for the week of 2*8 m i l l i o n s y the Boston, New York and Chicago banks reporting considerable net withdrawals of Government funds. Reserve d e p o s i t s increased about 18 m i l l i o n s ; the p r i n c i p a l gains under t h i s head being shown for the 4 e a s t e r n banks* The " f l o a t " c a r r i e d by the reserve banks, as measured by t h e d i f f e r e n c e between a s s e t item "Uncollected Items" and l i a b i l i t y item "Collection Items" amounts t o $29,063,000, as a g a i n s t $22,3^2,000 the week b e f o r e . Federal reserve agents report the i s s u e of $291,693,000, of Federal reserve n o t e s , against which they hold $273,320,000 of gold and $19,115,000 of paper- The banks* outstanding c i r c u l a t i o n of F. R. notes i s s t a t e d as $259,768,000, with aggregate l i a b i l i t i e s thereon of $ 1 3 , 5 0 9 , - 000. Released f o r p u b l i c a t i o n Sunday morning January 28, l g i ? . Not e a r l i e r . 995 a STATEMENT OF COMBINED RESOURCES AND LIABILITIES QF THE Tl#LVE FEDERAL RESERVE BABKS OF THE UNITED STATES AT CLOSE OF BUSINESS JANUARY 26, I 9 I RESOURCES . January 26,1917 January 18,1917 October 27,1916 July 28, 1916 January 28, I9I6. Gold coin and c e r t i f i c a t e s i n v a u l t . , . . . $302,341,000 * 286,509,000 274,001,000 259,931, 000 263,865,000 Gold settlement fund. 213,771,000 212,051,000 122,587,000 102,911, 000 84,850,000 Gold redemption fund with United States Treasurer 1,813 000 1,78 V 000 1, 391,000 1,918. 000 i,i46.ooo Total gold reserve ' 517,925,000 * 500,31+3,000 397,979,000 364,760, 000 349,861,000 Legal tender n o t e s , s i l v e r , etc 17 579 000 * 10,338,000 9,976,000 16,589 000 15,496.000 Total reserve \ 535,504,000 510,681,000 407,955,000 381,349, 000 3^5,357,000 Five per cent redemption fund against F. R. Bank notes. . / ^qq qqq 400,000 420,000 450, 000 B i l l s discounted - Members I5,7li'000 17,219,000 21,131,000 26,901,000 .27,594, 000 Acceptances bought 97 697 000 108,44?,000 86,085,000 83,454, 000 26,314,000 United States bonds 36'l22'000 37,899,000 40,469,000 43,656, 000 21,372,000 One-year Treasury n o t e s , . lg^'ooo 18,314,000 11,435,000 7,925, 000 Municipal warrants ip'pUa'nnn 10,596,000 29,890,000 27,220, 000 20,602,000 Total e a r n i n g j . s s e t s i s i ] 42^000 192,475,000 189,010,000 194,849, 000 95,189,000 Federal reserve jxotes - Net 27 06l 000 24,064,000 16,846,000 20,308, 000 : 36,469,000 Due from other Federal reserve banks - Net (aWki?Am "5,354,000 33,197,000 12,620, 000 10,761,000 te.ll.cted items 132,U6,000 .f All other resources 11,609,000 12,729,000 3,708,-000 5,514,000 9,994,000 615,090,000 517,770,000 1°Ya IE S $880,314,000 877,8:9,000 ^51,136,000 Capital paid in $ 55,694,000 Government d e p o s i t s . . 25,607,000 Due to members - reserve account 687,841,000 M^ator tack d e p o s i t s - Net . . . C o l l e c t i o n items 97,374,000 Federal reserve notes - Net 13,509,000 Federal reserve bank note. l i a b i l i t y . . . A l l other l i a b i l i t i e s . . . 289,000 TOTAL LIABILITIES $880,314,000 Gold reserve against net deposit and note l i a b i l i t i e s . . . 73-8$ Cash reserve against net deposit and note l i a b i l i t i e s . , . 76.3^ Cash reserve against net deposit l i a b i l i t i e s a f t e r s e t t i n g "aside 40$ gold reserve against aggregate net l i a b i l i t i e s on Federal reserve notes in c i r c u l a t i o n . . . . . . 71-0% MEMORANDUM: D i s t r i b u t i o n by maturities: Jan. 26,1917 " 1 . - 1 5 days B i l l s and acceptances 29,402,000 Municipal warrants 1,108,000 * Amended f i g u r e s (a) Net amount due to other F, R. banks. V 55,642,000 28,410,000 669,874,000 109,734,000 13,890,000 269,000 877,819,000 73.4^ 74.6^ 55,703,000 29,982,000 55,206,000 56,542,000 54,892,000 27,760,000 551,918,000 ••• 11,966,000 1,031,000 516,000 651,136,000 71.0$ 72.8$ 491,266,000 424,664,000 10,122,000 10,313,000 75-35^ 73-5?* l 6 - 30 days 31 - 60 days 18,794,000 51,790,000 327,000 2,388,000 1,692,000 262.000 615,090,000 6 6 . 9f" 69.9^ 70,5$ 6 l - 90 days 12,414,000 889,000 141.000 517,770,000 IJM 80.8$ 81.8$ Over 90 days 1,008,000 7,537,000 Released f o r p u b l i c a t i o n Sunday morning January 28, 1917. Not e a r l i e r . 995 % STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS OF THE UNITED STATES AT CLOSE OF BUSINESS January 26, 1917 ( i n thousands of d o l l a r s ) N. Y. fchila C l e v e l - Richm. Atlanta Chicago S t . L . Minnls- Kas-Gy. Dallas S*Fran. Total RESOURCES. Boston 6,900 5 , 8 3 3 19,530 3 0 2 , 3 4 1 Gold coin and cert i f . in vault $14,977 145,136 23,558 16,860 6,138 33,034 14,473 l'0,468 5,434 6,316 27,355 10,629 3,804 213,771 Gold s e t t l e m e n t fund 15,132 50,897 15,117 26,552 18,085 3,468 2,912 33,504 Gold redemption fund .7? J Total gold reserve 30,159 196,283 38,775 43,460 23,764 9 , 5 4 5 66,738 18,025 16,909 34,411 16,507 23,349 517,925 9° 220 1,270 8,069 17,579 Legal tender n o t e s , - s i l v e r , e t c . 688 1,110 960 497 572 922 3,054 127 31,429 204,352 39,697 44,420 23,891 10,233 67,848 21,079 17,406 34,631 17,079 23,439 535,504 Total reserve 400 100 redempt. fund - E. R. bank notes 300 15,711 1,702 524 W K l l s discounted - members 1,815 903 790 4,150 489 2,129 1,922 527 554 1,676 3,044 13,498 27,404 9 , 2 0 3 , 97,697 B i l l s bought in openmarket 5,966 8,993 3,688 5,545 7,342 7,436 3,902 9,409 113,408 14,288 29,106 3,568 7,781 Total b i l l s on hand 6,031 6,099 9,520 7,831 7,838 2,579 9,358 36,122 666 826 8,518 1,919 Investments: U. S. bonds 6,117 3,603 2,203 232 1,913 1,340 7,413 1,372 1,666 19,6-47 1,500 1,430 One-year U, S. Treasury notes 1,726 1,230 1,820 1,491 891 963 2,962 1,999 1,969 178 829 12,249 1,482 225 Municipal warrants 629 605 1,806 402 1,784 61 3,709 539 181,426 Total earning a s s e t s 17,249 13,657 34,773 13,827 17,574 11,208 9 , 7 3 2 11,529 13,274 9,296 21,517 7,790 27,061 142 Federal reserve notes - Net 1,069 18,927 1,3^2 1,695 893 2> 467( a ) 4,123 Due from other. F. R. /banks - Net 814 ' 377 2,599 539 ,4,358 4,229 Uncollected items 126,437 11,560 3,917 9,266 26,997 14,497 10,136 15,780 8,575 612 ^566 13,609 A l l other resources 117 986 701 474 - 737 1,109 1,737 227 2,727 TOTAL RESOURCES 62,293 285,750 69,837 75,489 43,901 33,206 107,949 44,497 34,091 57,756 31,000 45,397 880,314 — L I A B I L I T I E S . Capital paid in ^Government d e p o s i t s ^Bie to members - Reserve account C o l l e c t i o n items Federal reserve notes - Net - Due to other F. R. banks - Net A l l other l i a b i l i t i e s TOTAL LIABILITIES 4,990 325 47,488 7,023 * • 2,421 46 62,293 11,852 3,197 246,548 18,875 » 5,230 2,861 46,086 14,928 * 5,199 79 285,750 642 90 69,817 6,020 1,157 58,582 9,730 . 75,489 3,361 2,058 26,153 7,324 3,749 1,256 2,410 2,873 14,097 9,929 3,897 41,901 33,20007,949 6,932 1,592 90,500 8,526 # # 399 2,799 4,633 26,737 6,683 3,645 * « 44,497 2,402 2,335 26,758 2,596 « « a • 34,091 3,074 44l 45,623 5,859 1,824 935 2,694 1,492 23,303 3,H7 394 57,756 31,000 « • MEMORANDUM . F* R, n o t e s i s s u e d t o t h e banks 13,898 107,490 16,880 10,514 18,098 23,156 7,161 16,763 1 9 , 8 8 6 20,849 22,271 714 1,695 702 2,642 111 27-6 F- R. notes held by t a n k s l,0b9 18,927 1,342 541 893 5,466 16,061 17,244 20,738 21,995 F . R^-iistes i n c i r c u l a t i o n 12,829 88, Sbl 15,538 9,621 17,557 22,422 7 , 1 6 1 12.416 17.186 18.914 21,601 Gold and lawful money with Agent 13,898 107.490 16,880 10,514 13,808 18,525 (a) D i f f e r e n c e between net amounts due from and net amounts due t o other Federal reserve banks 3,930 2,643 35,966 2,784 • • • • 55,694 25,607 687,841 97,374 13,509 • • 74 45,397 289 880,314 14,727 2,993 11,734 14,727 291,693 31,9; 259,768 273,320 Released f o r p u b l i c a t i o n Sunday c o r n i n g January 28, 1917 - Not e a r l i e r . . ^9? c STATEMENT OF FEDERAL RESERVE AGENTS * ACCOUNTS AT CLOSE OF BUSINESS JANUARY 26, I917 ( I n thousands of d o l l a r s ) F e d e r a l Reserve Notes: Received from the Comptroller Phi l a . Cleve1 * Richm. A t l a n t a Chicago S t , Louis MinnIs. Kas.Cy. D a l l a s S -Fran- Boston N; Y.. $28,880 183/430 30,48b returned to the Comptroller 4 ^ Chargeable to F. R. Agent In hands of F. R. Agent 7,772 21,108 7,210 17,660 29,500 35,380 11,880 22,540 2b,500 5,340 4,046 7,402 4,089 1,719 2,737 994 125,510 2 4 , l 4 o 13,614 22,098 31,291 10,l6l 19,803 7,260 3,100 4,000 8,135 3,000 10,514 18,098 23,156 7,161 59,890 18,020 Issued to F, R- Bank l e s s amount returned, t o F . R. Agent f o r redemption 13,893 137,490 16,880 #.01%$ W & "by F. R. Agent i n reSu^t.ion of l i a b i l i t y on SW%«la»diTig n o t e s : On hard" Gold „oir, and c e r t i f i c a t e s 13,150 103,349 3,730 3,880 748 4,l4l 870 634 Credit balances: In gold redemption f u n d r i t h F e d e r a l Reserve Board As s e c u r i t y f o r o u t s t a n d i n g n o t e s : Commercial paper fatal Amount of ccuuier.cial paper d e l i v e r e d t o f e A m u l Reserve Agent * * 13,898 . . 12,280 * 107,490 16,880 2,960 35,320 17,723 469,380 2,313 5,063 1,993 104,358 25,506 25,807 30,257 15,727 365,022 3,o4o 5,620 4,958 7,986 1,000 73,329 16,763 19,886 20,849 22,271 14,727 231,693 ulCJ j -L 5,165 13,230 4,370 10,340 906 884 1,131 908 1,715 151 741 12,900 13,850 7,010 6,510 3,250 13,660 4,290 4,631 4,347 2,500 10,514 18,098 2J,156 4,649 4,655 • « * 7,161 Total 16,76) 4,347 1,935 19,886 '20,849 2,500 1,941 166,1/4 607 13,436 10,130 14,120 93,710 670 18,373 - 22,271 14,727 1,023 . 291,693 19,115
@FedFRASER