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---------------~------,------~~~------,--~--· i' STATEr·tiE1TT FOR THE !)RESG ~ not earlier. CONDITION OF FEDERAL B2SERVE BAl.~ Net reduction of $53,100,000 in Federal reserve note circulation and an increase of $14,100,000 in cash reserves, accompanied by an increase of $124,500,000 in deposit liabilities, are sho~n in the Federal Reserve Board's weekly bank statement issued as at close of business on January 3, 1923. In consequence of these changes the reserve ratio shows a decline from 72.1 to 71,3 per cent for the ~~ek, . The statement introduces a new item "non-reserve cash," which is composed of national bank no~es, Fe1eral reserve bank notes, unassorted currency and nick¢15 and cents, formerly inc.luded in "uncollected i terns, 11 and subsidiary silver forme::rly included in lilegal tender notes, silver, etc." During the week the Treasury redeemed the remaining $12,000,000 of Pittman certificates, held as cover for outstanding Federal reserve bank notes, Two Federal reserve banks still show a liability on Federal Reserve bank notes in circulation, wh:!eh are secured by U, s. bonds. Other Treasury certificates increased by $i'~6co,ooo, while total earning assets of the reserve banks show an increase of $5,}JO,OOO. Gold reserves of the System increase~ by over $9,000,000, Chicago reports an increase of $15,300,000, St. Louis an increase of about $15 ,OGO ,COO and Boston an increase of $14~000,000. Smaller increases in gold reserves tot.e:•ling $25,300,000 are shown for the Rl.cbrnond, Philao.elphia, San Franci s00, Minneapolis and Kansas City banks, The lergest decrease in gold reserves for the week, amounting to $l.f3 1 900 ,000, is shown for the New York bank, w hile s;:nc:TLe!' decreases totaling $16,600 >000 are reported by the three rer:aa:ming r~::ser ve bar.ks. ,;.. - I ' I 'J Holdings of paper secured by Governnent obligations show an increase for the week from $316,500,000 to ~~~51,500,000. Of the t?~c:-1 held on Ja..n\.1ary 3, $195,600,000, or 55,6 per cent, were secured by U. s. bonds, $1,5CO,COO, or 0,5 rer cent, by Victory notes, $125,500 1 000, or 35.7 per cent, by Treasury nc'~·3S and $28,900,000,. o; 8t.f per cent, by Treasury certif:i.cates, c::>rrlparecl. with $206 ,'JGC ,000, $2,300,000, :P98, 00,000 and $8,900,000 reported the week ·oefore, · .After closing their books on December 30 and paying the dividend the reserve banks paid tn the GO'\''BTIJIDent a total of franchise taxes and increased their surpl'U,;:;l accou."'lt by abo·ut $218,400,000, or to slightly over 100 per cent of the banks' capital ~- I .. "' ' .St,3272 Federal B.es;;rve :Board Jo.n:u'-l.ry 4, 1923, Released for publication ~ "•friday morning, Jan. 5; ·~ acc:rued 6 per cent SilO ,851,000 of $3, C·OO ;000 to total subscribed .A summary of changes in the principal assets and liabilities of the reserve banks on January 3, 1923 as compared with a week and a year ago, .follows: Increase or Decrease In m~llions of dollars since Dec. 27! 1922 Jan. 41 1222 Total reserves + 153.1 14,1 + Gold reserves + + 174.2 9.0 .... . . ...... Total earning assets Discounted bills, total Secured by U, s. Government obligations Other bills discounted ... ... . ....... Purchased bills • • ' United States securities, total Bonds and notes Pittman certificates . • Oth~:r Treasury certificates . .. . Total deposits . • ' Members 1 reserve deposits Government deposits Other deposits • .. ' • + + + .. Federal Reserve notes in circulation • F. R. Bank notes in circulatio,net liability + + • .. . . . . . .• .. .... + + . . .. . . + .... 131.5 484.9 126,0 358.9 5.3 2.2 35.0 37.2 8.9 1.3 3.1 12,0 (,6 + 124.5 81,5 1.2 44,2 + + 53.1 + 7. 7 + + + + 128.3 225.4 133.6 113.0 204.8 195.6 211,4 61.7 45.9 5:7 80,9 Rel3as3d for publication Friday morning, Jan. 5, 1923; not earlier. RESOURCES AND LIJ\BI:tiTIES OF THE 'TWELVE FEDERAL RESERVE BANKS COMBINED. (In thousands of dollars) RESOURCES Jan, 3. 192i Dec• 27 1922 ~· 4. 19~2 377,675 27 3,825 272,504 Gold and gold certificates . . . . . . 2Ql.a.§J§ 509.580 550,126 Gold settlement fund - F. R. Board • . • 885,511 7S3,4o5 822,630 Total gold held Q:l._banks . 1,902,912 2,165,627 2,198,846 Gold with Federal Reserve Agents • . 86,875 . 61, 194 58 188 Gold Tedemption fund • , , . • • . . • . 2,875,298 3,049,451 3,040,439 Total gold reserves • • • 134,504 ..J,U. ~' 1 lOS 398 Reserves other than gold . · 3,009,802 3, 162,893" 7? 0 .. 3,148 ,837 Total res~rves 94 •442- l-"J * Non-resarve cash . . • . • , . * ' Bills discounted: 477,456 316,495 Sec. by u.s. Government obligations 351,483 635,111 313,390 276,162 Other bills discounted . . 126,865 246,293 255.182 Bills bought in open market 1,239,432 876, 178 Total bills on hand 882,827 48,615 179,192 U. s. bonds and notes . . 182,315 U. S. Certificates of indebtedness: 113,000 12,000 One-year certificates (Pittman Act) .• 69,435 266,691 Other certificates • • • • •• 274,239 4o 379 Municipal warrants . . . • 39 1,470,921 1, 334,101 Total earning assets 1,339,420 "' 35,305 47' 227 Bank premises , • . . . • • • . . . . . 45,281 5~ Redemption fund against 7,926 2,520 F. R. Bank notes . . • • 2,097 638,462 757,500 Uncollected items . • • • . . • • 770,070 ~.001 15.226 All other resources • • . . 1?.506 5,176,417 5.305,411 TOTAL RESOURCES • • , .~· ' 5,429,709 ' ·1 I ~1 I ,. I I II I I • . .. . I .. I St .3272a. .., - . . .. . . .. L I AB I L I T I E S Capital paid in , • • • • • • Surplus I , . . . . . . . . . Deposits: Government • • • . . • . . . Member barik - reserve account . . . • Other deposits • . • . . • . . . . • Total deposits , . . • . . F. R. notes in actual circulation • . , F. R. Bank notes in circulation net liability • • • . • • • • . Deferred availability items •. , . All other liabilities • • •••.• TOTAL LIABILITIES , • I I Ratio of total reserves to deposit and. F. R. note liabilities combined • . • 107,450 218,369 107 '256 215,398 6,630 1,942, 749 75.394 2,024,773 2,411,058 7,809 1,861, 281 31,165 2,947 655,532 9.580 5,429, 709 A 71· 3;~ 103,203 215,523 1,900, 255 2,464,121 68,307 1, 731,374 ?9.451 1,829,138• 2,4o5,316 10,632 578,502 29.241 5,305,411 83,880 523,293 16.06i 5,176,417 72.1% *Not shown separately prior to January 1923. J Released for publication Friday mornir.g, January 5, 1923; not earlier. St.3272b. RESOURCES .AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS, JANUARY 3, 1923. (ln thousands of dollars) RESOURCES Boston New York Phil a. Cleve. Rich. .Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran~ Total Federal Reserve Batik of 2,639 10,114 19,035 272,504 7,514 Gold Qnd gold certific~tes 6,861 16,174 117,648 19,6o1. 13,349 5,635 51,088 2, 796 24,541 550,126 3,799 37 288 Gold settlement fur~ - F. R. Board 30.963 198,387 23,005 65,348 2:J,090 18,549 58,636 28,675 33.345 Tok,l gold held by banks 316,035 42, 6o6 79,197 28,951 24,184 109,724 31,471 32,055 33,652 18 t 913 56,323 822,630 49.519 Gold with F. R• .Agents 158,528 658,892 130,438 192,314 63,359 108,568 411,802 75,492 46,372 51,655 19,684 198,523 2,165,627 1,600 Goli redamption fund 61,194 2,476 10,058 5,676 2,734 3,32~ 5,010 9. 588 7.565 6,195 4,872 2,097 Total ~old reserves 213,105 984,515 230,609 277.706 97,182 134,849 526,536 109,697f.'g~1,750 87,733 40,197 260,522 3,049,451 Reserves other than gold 8,782 6,28]~i:±}6 4,631 20,859 Mt?' ~ 587 2,739 4,632 3,043 113, ~ 29.055 15,379 Total reserves 226,887 1,013,570 245,988 283,993 105,618 139,480 547,395 118,~~337 90,522 44,829 263,565 3,162~~0 94,~ 4,974 4,200 16,199 12,523 Non-reserve cash 11,530 8,555 3,707 9.536 12,341 ~1 ~.209 2, 737 ..-~C.,o:>~ Bills discounted: 1,074 1},050 351.48 j 2,413 15,978 Secured by u. S.,. Govt. obligations 20,885 1,764 31,246 13,182 183,695 38,033 24,3·39 19,824 276, lb2 27,461 18,835 13,755 26,687 46,545 13,487 10,010 24,704Other bills discaanted 15,889 13' 352 29,659 30,775 255,182 402 25,132 40,958 23,627 :Bills bought in open market 51,796 21,910 50,065 1,519 10,W:J7 16,098 12,778 382,327 237,380 69,953 99,108 51,002 39,348 93,839 39,447 21,251 35,135 39,553 81,469 75,2¢7 Total bills on h~ 182,315 2,629 27,617 44,164 24,350 11,897 6,312 1,291 U, S. bonds a.'1d notes 313 7,633 16,765 11,816 27,528 u. S. Certificates of indebtedness 34,494 77,205 9.750 36,862 5,000 9,031 49,162 7 '781 5,495 17,630 10,679 11,150 274,239 39 39 Municipal wo..rrant s 358,749 104,053 147,367 57,293 48,692 150,684 63,993 38,601 30,293 52,866 120,236 1,339,420 1lb,093 Total earning assets 1,744 45,281 1,937 943 4, 702 10,100 640 7,005 2,617 1,960 8,288 911 4,434 Bank premises 5% Rederrption fund against 146 2,097 200 463 196 665 422 F. R. Bank notes 44,111 770,070 178,108 68,074 82,604 59,600 25,928 93.929 44,073 18,559 50.259 32' 165 (2,660 Uncollected items 4,656 . 15,506 1,919 1,015 1,344 1,071 683 635 289 392 2,033 589 319 All other resources l TOTAL RESOURCES 433,338 1,574,145 421,384- 530,613 229,470 226,353 313,985 234,632 144,639 232,027 138,062 450,511 5,429,709 ------------------------------ I-..,._ Released for publico:1tion Fr:i.day morning, January 5, 1923; not earlier. St.3272c. RESOURCES AND LIABILITIES OF THE FEDERAL BESERVE BANKS AT ClOSE OF BUSINESS JANUARY 3, 1923. (In thousands of dollars) L I A B I L I T I ;E· S Federal Reserve Bank Capital paid in Sux-p::.us Deposits; Government 116mbar bank - reserve account Other depo~its Total deposits F. n. notes in act-ual circulation F. R. Bank n0tes in circulation - 13oston 8,120 16,312 73 127,649 9,575 137,297 207,208 York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans. Cy.. Dallas San Fran. Total 28,688 9,327 ll,712 5,597 4,310 14,778 4,829 3,535 4,623 4~195 7,736 107,450 59,800 18,749 23,495 11,288 8,942 30:398 9,665 7,473 9.488 7,496 15,263 218,369 New 224 241 574 765 4o8 319 1,528 191 1,038 6,6~0 833 4~6 741,929 114,912 161,643 62,859 59,062 269,917 78,171 50,9 g 84,968 52,192 138,499 1,942,7~9 12,285 5,739 14,062 51e 5,848 2,172 2,364 4,835 11,600 2,087 4.309 . 75.394 75l+,ll55 121,225 176,470 64,210 65,229 273.617 80,759 56,219 96,976 54,470 143,846 2,024.773 597,350 212,917 242,859 98,499 126,325 419,333 93.918 59.539 70,328 38,595 244,187 2,411;058 ne+, :l~?.bi :U. ty 2.177 770 2,947 Deferred. a;;ail.:~.bility items 64,139 131,992 59,4o8 75,292 49,46o 20,897 74,855 44,745 17,108 48,003 31,098 38,535 . 655,532 .ll1 other liabilities 262 1,860 258 785 416 650 1,004 716 815 432 1,438 944 9,580 TOTAL LIABILITIES 433,338 1,574,145 421,884 530.613 229,470 226,353 813,985 234,632 144,689 232.027 138,062 450.511 5,429,709 Ratio of total reserves to deposit anQ F. R. note liabilities ").tj . combined, per cent 65.9 64.9 75.0 73.6 67.7 72.8 54.1 _4.8.2 6&;-o- 71 .. 1 79.0 71.3 67.9 Contingent liability on bills purchased for foreign correspond.ents 2,511 12,130 2,752 2,815 1,686 1,238 4,093 1,617· . 929 1,651 :FEDERAl. RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION F. ~notes outstanding 228,115 779,558 241,806 273,911 111,358 132,238 467,497 114,157 63,213 78,231 42,433 277,737 2,810,254 F. ~ notes held by banks 20,907 182,208 28,889 31,052 12,859 5,913 48,164 20,239 3,674 7,903 3,838 33,550 399,196 F. R. notes in actual circulation 207,208 597,350 212,917 242,859 98,499 126,325·~19,333 93,918 59,539 7Q,328 38,595 244,187 2,411,058 DISTRIBUTION OF BILLS, U. S. CERTIFICATES OF INDEBTEDNESS AND MUNICIPAL WABRANTS BY MATURITIES Within 15 days 16 to 30 days 31 to 6o days 61 to 90 days Over 90 days Total .13ills discounted 443,297 43,826 61,399 49,550 29,573 627,645 Bi~ls bought in cpenmar~~t 97.524 45,049 68,309 37,180 7,120 255,182 66,616 107,238 U. S. Certificates of indebtedness 100,385 274,239 26 ~ . 6 1 Municipal warrants 39 . w. ~ "" I Released for publication Friday morning, January 5, 1923; not earlier. FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS, JANUARY 3, 1923. (In thousands of dollars) Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn~ Kans.Cy. Federal Reserve Agent at RESOURCES 80,700 Federal Resarve notes on hand Federal Reserve notes outstanding 228,115 Collateral security for Federal Reserve notes outstanding: Gold and gold certificates 15,300 15,228 Gold redemption fund 128,000 Gold fund - F. R. Beard Eligible paper 69,587 . .Amcunt required Excess amount held 5,700 TOTAL 398,690 48,920 31,340 27, 26o 78,249 779,558 241,806 273,911 111,358 132,238 283,184 7,000 13,275 34,.708 12,549 14,039 341,000 160,839 165,000 2,400 6,168 3,564 59,795 100,000 120 ,6b6 61,368 81,597 47,999 23,670 91,095 5,846 16,115 2,151 15,616 St.3272d. Dallas San Fran. Total · 10,310 20,06o 63,213 78,231 17,904 53,470 873,403 42,433 277,737 2,810,254 11,730 13,052 16,158 4,212 1,320 4,295 395,644 59,500 32,000 47,360 353,462 7,471 130,.431 2,713 15,477 9, 500 183,046 1,681,734 16,341 26,576 3,360 8,559 644,627 22,749 79,214 16,561 2,177 . 206,123 83, 76o 22, 74o 467,497 114,157 55.695 38,665 38,161 782 542,6.30 2,048,901 538,378 595,277 252,127 358' 341 1,05b '915 251,836 14o ,096 185,081 11~' 331 611,121 6 '700,034 L I AB I L I T I E S Net amount of Federal Reserve notes received from Couptroller of the Currency 308,8151,178,248 290,726 305,251 138,618 210,487 551,257 136,897 Collateral received from Federal Reserve Bank: Gold E1 igibl e paper 158,528 75,287 411,802 75,492 46,372 51,655 19,684 198,523 2,165,627 93,856 39,447 20,201 35,135 39,310 81,391 850,750 TOTAL 658,892 180,438 192,314 63,359 108,568 211,761 67,214 97.712 50,150 39,286 73,523 98,291 W,337 331,207 3,683,657 542,630 2,048,901 538,378 595,277 252,127 358,341 1,056,915 251,836 140,096 185,081 119,331 611,121 6,700,034
@FedFRASER