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STATEMENT FCC THE PRESSReleased, f o r p u b l i c a t i o n Sunday morning, J a n u a r y 4, 1920; n o t e a r l i e r . S t . 821. F e d e r a l Reserve Beard J a n u a r y 3, 1$20. CONDITION OF FEDERAL RESERVE BANKS. Not r e d u c t i o n by 58*7 m i l l i o n s i n t h e volume cf 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 a s a g a i n s t an i n c r e a s e of l 4 6 . 5 m i l l i o n s i n n e t d e p o s i t s and a d e c l i n e of l 4 , 3 m i l l i o n s i n c a s h r e s e r v e s i s i n d i c a t e d , i n t h e F e d e r a l R e s e r v e B o a r d ' s weekly 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 2, 1920• The "banks' r e s e r v e p e r c e n t a g e shows a d e c l i n e f o r t h e week from 4 4 , 8 t o 4 3 . 7 p e r c e n t . As a g a i n s t d e c l i n e s of 2 6 . 1 m i l l i o n s i n t h e amount of war p a p e r and of 10.6 m i l l i e n s i n t h e amount of a c c e p t a n c e s on hand t h e Banks r e p o r t an i n c r e a s e of o2 .Lr m i l l i o n s i n t h e t o t a l of o t h e r d i s c o u n t s h e l d , t h e r e s u l t b e i n g a n e t i n c r e a s e cf 25-7 m i l l i o n s i n the Banks 1 t o t a l b i l l h o l d i n g s . Of t h e t o t a l of 1, 4S4<3 m i l l i o n s of war p a p e r h e l d , 7 3 4 , 8 m i l l i o n s or 4 g . 5 P c r c e n t was s e c u r e d qy L i b e r t y bonds; 285 m i l l i o n s - o r 19«4 p e r c e n t - ty V i c t o r y n o t e s ; and 461-5 m i l l i o n s - or 31*1 p e r c e n t - ty T r e a s u r y c e r t i f i c a t e s , a s a g a i n s t 4 8 . 5 , 22»3 and 29*2 p e r c e n t of a t o t a l of 1 , 5 1 0 - 4 m i l l i o n s of war p a p e r h o l d the week before. An i n c r e a s e of 75*6 m i l l i o n s i n t h e h o l d i n g s of T r e a s u r y c e r t i f i c a t e s r e p r e s e n t s t h e t o t a l of temporary c e r t i f i c a t e s i s s u e d t o 7 R e s e r v e banks to cover advances t o t h e T r e a s u r y , pending t h e 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 tutions . War p a p e r h o l d i n g s of t h e A t l a n t a , Chicago and D a l l a s banks a r e i n c l u s i v e of 5 1 ' 4 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 o t h e r F . R. banks, w h i l e a o c e p t a n c c h o l d i n g s of 8 F e d e r a l Reserve banks i n c l u d e 91*2 m i l l i o n s of b i l l s p u r c h a s e d from t h e New York and Boston banks, compared w i t h 1 2 8 . 1 m i l l i o n s t h e wo ok b e f o r e . Government d e p o s i t s declined 3 3 m i l l i o n s ; members r r e s e r v e deposits, p a r t l y because of t h e l a r g e l o a n e x p a n s i o n of . member banks d u r i n g t h e p a s t week, went up 135>9 m i l l i o n s , 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 , i n c r e a s e d 18.6 m i l l i o n s , w h i l e t h e ' ' f l o a t " c a r r i e d ty t h e Reserve banks shows a d e c r e a s e of 25*4 m i l l i o n s . As a r e s u l t n e t d e p o s i t s work out a t l46 >5 m i l l i o n s i n e x c e s s of t h e p r e v i o u s w e e k ' s t o t a l * D e c r e a s e s i n F e d e r a l Reserve n o t e c i r c u l a t i o n , because cf t h e l a r g e r e t u r n f l o w of n o t e s t o t h e banks of i s s u e , a r e r e p o r t e d t y a l l F . R« banks, except San. F r a n c i s c o , t h e d e c r e a s e s f o r the week being e s p e c i a l l y n o t a b l e i n t h e case of t h e New York, P h i l a d e l p h i a , C l e v e l a n d and Chicago b a n k s . The b a n k s ' combined s u r p l u s , f o l l o w i n g t h e c l o s i n g of t h e i r books on Decernb c r 3 1 of the p a s t y e a r , shows an i n c r e a s e from 8 1 - 1 t o 1 2 0 . 1 m i l l i o n s c^id cons t i t u t e s a t p r e s e n t about 69 p e r c e n t of t h e banks* s u b s c r i b e d c a p i t a l . In t h e ease of t h e New York bank t h i s r a t i o i s i n e x c e s s of 100 p e r c e n t , and a c c o r d i n g l y t h e Government c o l l e c t e d from t h a t bank a f r a n c h i s e t a x of $ 2 , 7 0 4 , 0 0 0 , as i t s s h a r e of t h e b a n k ' s s u r p l u s p r o f i t s f o r t h e y e a r . 1 R e l e a s e d f o r p u b l i c a t i o n Sunday morning, J a n u a r y 4, 1920; n o t e a r l i e r . W COMB IKED RESOURCES A1ID LIABILITIES "F THE TnilLVE J a n u a r y 2 1920 t RES 0 U R CE S $ 2 3 9 ,609,000 Gold and g o l d c e r t i f i c a t e s 3 6 3 ,723,000 Gold s e t t l e m e n t f u n d , F . R. Board i l W Eojm Gold w i t h f o r e i g n a g e n c i e s 734,652,000 . T o t a l gold h e l d by banks 1,205,596,000 , Gold w i t h F e d e r a l R e s e r v e Agents Gold r e d e m p t i o n f u n d $2,062,615,000 Total gold reserves ^iA5U2QQ t Legal t e n d e r n o t e s , s i l v e r , e t c . 2,121,272,000 Total reserves 1,484,262,000 , ( S e c u r e d by Government war o b l i g a t i o n s B i l l s discounted o t h 3 r . 746,925.,000 i B i l l s bought i n open m a r k e t T o t a l b i l l s on hand U. S, Government bonds U. S. V i c t o r y n o t e s r U. 5 . C e r t i f i c a t e s of i n d e b t e d n e s s • All other earning a s s e t s I* Total earning a s s e t s L Bank p r e m i s e s — U n c o l l e c t e d items and o t h e r d e d u c t i o n s f r o r . g r o s s d e p o s i t s 5$ Redemption f u n d a g a i n s t F . R . bank n o t e s All other resources TOTAL RESOURCES * December 26, 191^ $2^9,445,000 352,725,000 114,320,000 716,550,000 1,240,032,000 121,850,000 1,-510,3 64*00 585.212,000 2,805,818,000 26,836,000 64,coo 349,090,000 38,920,000 1,922,800,000 944,854,000 116.107.000 $2,078,432,000 57,104,000 2,135,536,000 J a n u a r y 3, 1919 $338, 717,000 398, 9 9 7 , 0 0 0 _2i 8 2 9 , 0 0 0 743,543,000 1,263,383,000 84,268,000 2,091, 194,000 60, 9 6 0 , 0 0 0 2 , 1 5 2 , 154,000. 1 , 5 3 4 , 670,000 295, 1 9 4 , 0 0 0 290. 2 6 9 , 0 0 0 26,834,000 2,120, 133,000 29, 8 2 4 , 0 0 0 273,507,000 125,063,000 2,780,090,000 64,000 1,075.ICO,000 13,130,000 13,237,000 8.062,000 13.000 2,275,033,000 8,082,000 828,849,000- 6,504,090,000 6,325,432,000 15.455.000 5,285,868,000 37,433,000 120,120,000 87,339,000 3,080,495,000 3,181,808,000 10,369,000 1,171,778,000 L I A B I L I T I E S Capital* p a i d - i n . Surplus Government d e p o s i t s ^ Due t o members,- R e s e r v e a c c o u n t s * Deferred a v a i l a b i l i t y items • ^ O t h e r d e p o s i t s , i n c l u d i n g f o r e i g n government c r e d i t s — Total gross deposits F . R. n o t e s i n a c t u a l c i r c u l a t i o n F . R . barf- n o t e s i n c i r c u l a t i o n - n e t l i a b i l i t y All o t h e r l i a b i l i t i e s TOTAL LIABILITIES R a t i o of t o t a l r e s e r v e s to n e t d e p o s i t and F , R. n o t e l i a b i l i t i e s combined ^ R a t i o of gold r e s e r v e s t o F . R . n o t e s i n c i r c u l a t i o n a f t e r s e t t i n g a s i d e 35^ a g a i n s t n e t d e p o s i t l i a b i l i t i e s St.521a 3ERVE BANKS. 13,002,000 81,087,000 72,357,000 1,786,874,000 822,680,000 97,659,000 3,022,911,000 2,993,392,000 258,561,000 16,071,000 6,504,090,000 2,779,570,000 3,057,646,000 261,039,000 58,751,000 6,325,432,000 6,265,000 8 0 , 7 9 2 , 000 ( 2 2 , 7 3 3 , 000): 89,821, ooo 1,602,901, 000 ; 5 6 9 , 0 5 5 , 000 118,581,000 2,380,358,0002,647,6o$,ooo 120,267,000 34,108,000 5,285,868,000 43.7 g 44.8$ 51.3^ 49.5 fo 50.3'^ 60.8$ R e l e a s e d f o r p u b l i c a t i o n Sunday morning, J a n u a r y 4, 19191 n o t e a r l i e r • $£> St.821b RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JANUARY 2.,, 1 9 ^ R E S O U R C E S ( I n thousands of d o l l a r s , ) F e d e r a l Reserve bank of Boston New York Phi l a . C l e v e l . Richm. A t l a n t a Chicago S t . L o u i s Minn* Xans.Cy. D a l l a s San Fran* T o t a l Gold and gold c e r t i f i c a t e s 2,014 15^,012 1 , 2 0 0 10,36s 2,421 5 , 4 2 9 24,ISO 2,72$ 8,256 254 6,362 1 3 , 1 8 8 239 609 Gold s e t t l e m e n t f u n d - F.R.Board 36,083 41,101 30,577 36,416 30,007 20,082 72,562 16,675 5,952 30,994 15,415 27,559 361;723 Gold w i t h f o r e i g n a g e n c i e s —a*-5£6_ 48,195—ICU5D6 1 0 , 7 6 % — 6 ^ 4 . 3 5 — W 7 2 . 7 — 1 ^ 6 2 7 6,-172—3^6—6^03 T o t a l gold h e l d by banks 53,683 245,30s 42,253 57,552 3S.S63 53,23s 112,369 25,572 17,754 37,551 25,191 47,258 7^4'65? Gold w i t h F* R% Agents 73,129 306,756 58,915 123,711 39,972 S3,393 217;767 61,181 35,607 39,246 27;4ii 12s;445 1,265;505 Gold r e d e m p t i o n f u n d 2^000—ajt79—1^9.56 .7.223 6,-57-7 • " T o t a l gold r e s e r v e s 153,53 6 575,064 139,659 lb'3,219 86,055104,682350,507 93,330 5s,506 SI,335 56,447 154,951 2,062.615 Legal t e n d e r n o t e s , s i l v e r , e t c 45^219 _53_6 U5 192 SS-I 1,909—2^90 I 65. .3b] 1^253 -Jhk .657. Total reserves 157,502 620,553 i4o,2i6 183,934 16,250 105,679 352,416 95,220 53,571 51,696 57,700 1 5 5 , 3 0 5 2 , 1 2 1 , 2 7 2 B i l l s discounted: Secured by Government war o b l i g a t i o n s ( a ) 123,914 571,822 173,734 114,920 154,607 63,89 s 160,421 45,271 2 1 , 2 2 5 39,744 32,763 4?,94o 1,454,262 All other 60,742 239,901 34,761 46,319 [21,541 24,826135,655 32,527 50,152 45.432 15,372 3 1 , 2 9 7 7%.. 925 B i l l s bought i n open m a r k e t (b) _J^„6.3k 2.0L_&52 50ZUi^2ia-Jil>-^CL-J gajSgCL-g],16l„ -12_,.u6! .12.-557 57X631. T o t a l b i l l s on hand 203,290 1,020,375 213,672 209,455 125 ; cos 104,950 356,506 112,019 ->3,44l 105,743 63,756 177,350 2 , 5 0 5 , 5 1 5 U- S, Government bonds 116 5,868 539 1,257 1,3S5 233 1,235 375 4,477 1,153 3,966 2,652 20,836 U. S. V i c t o r y n o t e s 50 10 4 — 64 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 33,605 79,952 30,585 27,521 12,260 15.665 83,891 18.23$_ Q. UFIO 1 6 , 9 8 6 9,065 11,844 349,C9C Total earning a s s e t s 237,434 1,101,634 245,642 237,822 138,503 120,994 475,174 131,405 >3,037 131,59/ 76,757 191,776 3,151,8C5 Bank p r e m i s e s 1,103 3,094 500 64o 504 463 2,116 356 462 500 399 232 10,369 U n c o l l e c t e d i t e m s and o t h e r d e 104,966 257,067 97,166 96,54b 101,242 54,455 131,964 53,123 31,347 91,285 67,012 55,575 1,171,778 d u c t i o n s from g r o s s d e p o s i t s 5yp Redemption f u n d a g a i n s t F . R. 1,072 2,510 1,475 1,114 bank n o t e s 4oc 643 231 1,232 665 673 >3( 13,135 558 1,176 419 620 369 *649 All other resources 241 l4l 163 612 276 590 477 5,733 502,446 1,986,764 485,418 520,705 327,762 232,615 964,092 311,621 179,296 306,474 203,068 433,829 6,504,09c TOTAL RESOURCES (a) I n c l u d e s " b i l l s discounted., f o r o t h e r F-R* b a n k s , v i s : (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 o t h e r F . R . b a n k s : V i t h t h e i r endorsement Without t h e i r endorsement 5,000 17,540 v;c2 5,oso - * I n c l u d e s Government o v e r d r a f t of $245,000. 5,065 16,500 17,05s 8,940 5,731 28,903 ,036 - 5,065 10,081 100 3,552 51,443 58,849 32,357 E e l e a s e d f o r p u b l i c a t i o n S-unday morning, J a n u a r y 4, 1920; n o t e a r l i e r . St.221c RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JANUARY 2 , 1920. ( 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 F e d e r a l R e s e r v e bank of Boston New York Phi l a . C l e v e l . Ri chn. A t l a n t a Chicago S t . L o u i s i'iinn. Kans.Cy. D a l l a s San F r a n . T o t a l Capital paid-in 7,ICS 22,391 7,884 5,533 4,393 ^*429 1 2 , 3 6 3 3,076 4,022 3,4%7 5.753 87,433 Surplus 5,355 45,022 8,805 9,089 5,820 4 , 6 9 5 14,292 3,724 3,569 6,116 3,030 7,539 120,120 Government d e p o s i t s 12,844 ig4 6,119 582 4,073 3,000 3,387 1,853 812 2,450 3,53C 38,520 Due t o members - R e s e r v e a c c o u n t 121,164 785,043 9 7 , 8 2 2 1 2 4 , 4 l 6 67,142 6 0 , 4 c 4 2 7 2 , 9 9 4 75,019 55,111 80,239 6 2 , 6 5 2 1 2 0 , 7 9 4 1 , 5 2 2 , 8 0 0 Deferred a v a i l a b i l i t y items 81,843 206,265 9 4 , 6 c 4 8 4 , 5 4 1 8 8 , 2 8 9 36,902 109,CC2 61,691 1 6 , 8 7 4 27,382 43,352 3 ^ , 1 3 5 9 1 +4,8g4 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 government c r e d i t s 5.960 56.232 8,361 7,200 1.216 3.155 11.436 4.147 2.951 4.021 2.502 6.520 116.107 Total gross deposits 2 2 1 , 8 1 1 1 , 0 4 7 , 7 3 4 206,906 216,157 159,229 104,534 396,432 144,244 76,829 172,460 110,992 164,383 3 , 0 2 2 , 9 1 1 F.R.notes in actual circulation-243,368 211,119 232,160 262,997 145,277 154,112 498,178 l 4 3 , 4 l l 8 7 , 1 0 6 103,680 7 4 , 8 1 4 2 4 2 , 7 7 0 2 , 5 5 3 , 9 0 2 F.R.bank notes i n c i r c u l a t i o n net l i a b i l i t y 20,820 52,776 2 8 , 7 9 1 2 2 , 1 0 6 12,073 1 5 , 5 ° 3 4l,C12 15,611 8 , 2 0 7 19,489 10,323 11,75C 252,561 All other l i a b i l i t i e s 980 7,662 872 823 370 3^2 1,215 567 509 707 432 994 16.071 TOTAL LIABILITIES 502,446 1 , 5 8 6 , 7 6 4 485,418 520,705 327,762 282,615 964,092 311,621 179,296 3 0 6 , 4 7 4 203,068 433,829 6 , 5 0 4 , 0 9 0 ME M0 R A N DA 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» banks Bankers 1 a c c e p t a n c e s s o l d to o t h e r F . R+ banks 25,664 16,209 9,570 51,443 58,249 58,845 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION. F , Rm 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 bank F.R.notes in actual circulation ' — 243,368 ^39,186 2 4 5 , 8 6 5 283,818 150,878 159,467 537,501 163,275 8 8 , 5 0 3 110,393 7 3 , 5 4 1 2 7 5 , 4 1 5 3 , 2 9 1 , 3 ^ 2 12g ,067 13,705 20,221 5,601 5,355 39,323 19,864 811,115 232,160 262,997 145,277 154,112 498,178 l 4 3 , 4 l l 1,397 6,713 8 7 , 1 0 6 103,680 3,827 36,649 292,350 74,814 242,770 2,998,992 DISTRIBUTION OF BILLS AND U. S . CERTIFICATES OF INDEBTEDNESS BY .MATURITIES. B i l l s discounted B i l l s bought i n open m a r k e t IL 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 days 16 t o 30 days 31 t o 60 days 6 l t o 90 days 1,477,607 116,925 85,606 238,153 104,217 3,000 341,395 206; 40$ 6,607 153,103 147,083 7,989 Over 50 days 20,929 245,888 Total 2,231,187 574,631 349,090 St.8214 J e l s a s s i 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 4, 1920; n o t e a r l i e r . FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS JANUARY 2 , 1920. ( i n t h o u s a n d s of d o l l a r s . ) ^ F e d e r a l R e s e r v e Agent a t •••FEDERAL RESERVE NOTES: X ^ Received from Comptroller ! 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 r I s s u e d t o F»R. bank l e s s amount r u t u r n e d t o F . R. Agent f o r r e d e m p t i o n Boston New York Phi l a . C l e v e l . Pdchm. A t l a n t a Chicago S t . L o u i s Llinn. IQms.Cy. D a l l a s San F r a n . Total 4?6 , 3 0 0 2 , 0 0 1 , 0 0 0 510,780 4S5,040 3 0 5 , 5 6 0 2 9 8 , 0 0 0 2 3 8 , 8 0 0 2 9 9 . 6 0 0 1 5 2 , 0 5 0 2 0 3 , 2 6 0 1 4 3 , 7 0 0 4 0 9 , 9 2 0 6 , 1 2 4 , 3 4 0 193.224 94s.51.4 2 4 1 . 5 7 5 175,122 1 2 9 , 7 9 ^ 93.088 290,459 113,825 2 2 3 , 0 7 6 1 , 0 5 5 , 1 2 6 2 6 3 , 2 0 5 305,912 1 7 6 , 0 6 6 2 0 4 , 9 1 2 5 4 2 , 3 4 1 1 8 5 , 7 7 5 22,620 254,396 116,000 23,340 26,100 25,122 45,445 10,240 22,500 5 3 9 , i s 6 2 4 5 , 2 6 5 2 5 3 , 8 1 8 1 5 0 . 2 7 s 159 467 5 3 7 . 5 0 1 1 6 3 , 2 7 5 56,317 87,077_ 48,5$^ 1 2 9 , 3 5 1 J L > i £ : i ^ 5 95.763 116,123 7,260 5,790 8 2 , 5 0 3 110,393 94,201 220,569 3 . b i s , 7 9 5 16,160 1,150 322,453 7 2 , 6 4 1 279,4-19 3 , 2 9 1 , 3 4 2 COLLATERAL SECURITY FOR OUTSTANDING- N n TES: Gold c o i n a n d c e r t i f i c a t e s on hand 244,142 2,231 4,000 13,052 3,250 2,755 1,886 4,096 12,226 101,120 53,931 19,800 37,360 14,454 110,219 560,328 96,074 319,734 102,094 52,596 71,147 51,230 150,974 2,055,746 2,5OO 32,025 123,740 — Gold r e d e m p t i o n f u n d 13,189 13,016 14,529 16,686 1,972 Gold s e t t l e m e n t f u n d F . R. Board 60,000 110,000 74,389 75,000 32,000 E l i g i b l e p a p e r - minimum required 121,207 632.430 156.947 160,107 1 1 0 , 9 0 6 254,396 939,126 2 4 5 , 2 6 5 223,212 1 5 0 , 2 7 8 159,467 5 3 7 , 5 0 1 1 6 3 , 2 7 5 52,503 110,393 75,641 279,419 3,291.342 2 0 3 , 2 9 0 1 , 0 1 2 , 2 5 3 173,919 2 0 2 , 2 8 1 1 1 5 , 2 1 4 1 0 4 , 2 5 3 386,509 111,910 73,592 105,657 63,756 165,422 2,730,662 TOTAL AMOUNT OF ELIGIBLE PAPER BELIXrERED TO F . R . AGENT 2,293 2,622 55,000 2 0 9 , 1 4 5
@FedFRASER