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STA!mniKT roii the press st.1276 Released f o r p u b l i c a t i o n Sunday morning, J u l y 11, 1920; not e a r l i e r coimiTioj! or F e d e r a l Iteserve Board J u l y 10, 1920. f e d e r a l s s s s r v e baijjls . Reduction by about 4? m i l l i o n s i n d e p o s i t l i a b i l i t i e s , as a g a i n s t a f u r t h e r i n c r e a s e of 1 2 . 1 m i l l i o n 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 and a d e c l i n e of 1*3 t r i l l i o n s i n cash r e s e r v e s , a r e i n d i c a t e d i n the F e d e r a l Reserve Board'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 u l y $> 19^0. The r e - serve r a t i o , a s t h e r e s u l t of the above changes, shows a r i s e from 42.8 to 4^.1 per c e n t . Holdings of paper, secured by U. S. war o b l i g a t i o n s show a nominal i n c r e a s e of 1 . 5 m i l l i o n s , o t h e r d i s c o u n t s on hand went up l4«9 m i l l i o n s , while a c c e p t ance .holdings show a r e d u c t i o n of 1 7 . 5 Trillions. Curing the weak the govern- ment- redeemed the l a r g e r p o r t i o n of the s p e c i a l c e r t i f i c a t e s h e l d by Reserve Banks to cover temporary advances to the Treasury and, l a r g e l y i n consequence of t h e s e redemptions, the amount of c e r t i f i c a t e s on hand shows a d e c r e a s e of 27.^+ m i l l i o n s . Total earning a s s e t s were 2 5 . 5 m i l l i o n s l e s s than the week b e f o r e . Of the t o t a l of 1 , 2 9 b . 4 m i l l i o n s of paper secured by U. S. war o b l i g a t i o n s , 634.'0 m i l l i o n s , or 49 p e r c e n t , were secured by L i b e r t y bonds; 3 1 0 . 1 Trillions, or 23.9 p e r c e n t , by Victory n o t e s , and 351*7 m i l l i o n s , or 27*1 p e r c e n t , by Treasury c e r t i f i c a t e s , a s a g a i n s t 49, 23*5 ^"d 27»5 p e r cent of a corresponding t o t a l of about 1 , 2 9 5 m i l l i o n s shown the week b e f o r e . Total d i s c o u n t s held by the Boston, New York and Cleveland Banks a r e i n c l u s i v e of 126.6 m i l l i o n s of paper d i s c o u n t e d f o r seven o t h e r F e d e r a l Reserve Banks i n the South and Kiddle West, a s a g a i n s t I 3 0 . 9 m i l l i o n s the week b e f o r e , while acceptance; holdings of the Boston, P h i l a d e l p h i a and San F r a n c i s c o Banks comprise 24.9 m i l l i o n s of b i l l s purchased from the Hew York Bank;;, !. . A l l c l a s s e s of d e p o s i t s were s m a l l e r than the week b e f o r e : Government de- p o s i t s - by 5.0 m i l l i o n s , r e s e r v e d e p o s i t s - by 3^*5 b u l l i o n s , and o t h e r d e p o s i t s (Including non-member banks' c l e a r i n g accounts and f o r e i g n government c r e d i t s ) by 7 . 4 m i l l i o n s ; the " f l o a t " c a r r i e d by the Reserve Banks and t r e a t e d as a ded u c t i o n from g r o s s d e p o s i t s was 0 . 6 m i l l i o n l e s s than t h e weak b e f o r e , with the consequence t h a t c a l c u l a t e d n e t d e p o s i t s show a d e c r e a s e of about 47 m i l l i o n s , Both F e d e r a l -Reserve n o t e and F e d e r a l Reserve Bank note c i r c u l a t i o n i n c r e a s e d during the week; t h e former by 1 2 . 1 m i l l i o n s , and t h e l a t t e r - by 1 . 1 m i l l i o n s . Gold r e s e r v e s show a l o s s f o r the week of 0 . 4 m i l l i o n , and o t h e r cash r e s e r v e s of G»9 m i l l i o n . Heleasea f a r p u L l i c a t i o n Sunday morning, J u l y 11, 1920; n o t e a r l i e r . STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS R E S O U R C E S J u l y 9, 1920 J u l y 2, 1920 Gold and gold c e r t i f i c a t e s $168,929,000 $171,176,000 Gold s e t t l e m e n t f u n d - F . R. Board U02,760,000 402,7b0,0C0 Gold w i t h f o r e i g n a g e n c i e s 111.531.000 111,531,000 6 S3,220,000 T o t a l gold h e l d by banks 685,467,000 1,145,102,000 Gold w i t h F e d e r a l Reserve Agents 1,146,944,000 Gold redemption f u n d 1^2,99^.000 139,285,000 T o t a l gold r e s e r v e s $1,971,316,000 $1,971,696,000 Legal t e n d e r n o t e s , s i l v e r , e t c . 136.877.000 137,805,000 Total reserves 2,108,193,000 2,109,501,000 B i l l s d i s c o u n t e d (Secured by Government »var o b l i g a t i o n s 1,296,350,000 1,294,892,000 (All o t h e r 1,265,243,000 1,250,302,000 B i l l s bought i n open market 372,591.000 390,085,000 T o t a l b i l l s on hand 2,934,184,000 2,935,279,000 U„ S . Government bonds 26,793,000 26,792,000 69,000 U. S. V i c t o r y n o t e s 69,000 281,942.000 U. S. C e r t i f i c a t e s of i n d e b t e d n e s s 309,379,000 3,242,988,000 Total earning a s s e t s 3,271,519,000 Bank p r e m i s e s 13,734,000 13,658,000 U n c o l l e c t e d i t e m s and o t h e r deductions from gross d e p o s i t s 797,347,000 785,059,000 12,293,000 5*fo Redemption f u n d a g a i n s t F . R. Bank n o t e s 12,424,000 3. 822.000 All other resources 5,191,000 6,178,377,000 TOTAL RESOURCES 6,197,352,000 L I A B I L I T I E S 94,639,000 Capital paid-in 94,594,000 164,745,000 Surplus 164,745,000 15,919,000 Government d e p o s i t s 21,704,000 1,839,704,000 Due t o members - Reserve account 1,874,161,000 594,434,000 D e f e r r e d a v a i l a b i l i t y items *581,510,000 55.159.000 Other d e p o s i t s , i n c l u d i n g f o r e i g n government c r e d i t s *62 , 575,000 2,505,216,000 Total gross deposits 2,539,950,000 3, 180,948,000 F . R. n o t e s i n a c t u a l c i r c u l a t i o n 3,168,814,000 F- R- Bank n o t e s i n c i r c u l a t i o n - n e t l i a b i l i t y 190,287,000 189,232,000 42.542.000 All other l i a b i l i t i e s 40,017,000 6,178,377,000 TOTAL LIABILITIES 6,197,352,000 R a t i o of t o t a l r e s e r v e s t o n e t d e p o s i t and F . R. n o t e • 43.155 l i a b i l i t i e s combined 42.856 R a t i o of gold r e s e r v e s to F . R- n o t e s i n c i r c u l a t i o n a f t e r s e t t i n g a s i d e 35^ a g a i n s t n e t d e p o s i t l i a b i l i t i e s 47.5$ 47.2$ * Revised f i g u r e * 5u.1276a J u l y 11, 1919 $279,545,000 554,812,000 834,357,000 1,163,068,000 114,399.000 2,111,824,000 68,387,000 2,180,211,000 1,684,946,000 251,367,000 360,035,000 2,296,348,000 27,131,000 374,000 206,054,000 2,529,907,000 11,699,000 740,994,000 10,052,000 10,334,000 5,483,197,000 82,851,000 81,087,000 151,170,000 1,726,329,000 591,250,000 114,678.000 2,583,427,000 2,538,127,000 184,806,000 12,899,000 5,483,197,000 49-8/0 60 - 51o Md-leased f o r p u b l i c a t i o n Sunday morning, J u l y 11, 192O; not e a r l i e r . RESOURCES m > LIABILITIES OF $ 3 EEDERM, RESERVE BABKS AT CLOSE OF BUSINESS JULY 9 1920 F e d e r a l Reserve Bank of Boston Hew York Gold and gold c e r t i f i c a t e s 11,600 82,21? Gold S e t t l e m e n t Fund - F . E. Board 36*716 83,980 Gold w i t h f o r e i g n a g e n c i e s 8,142 40,932 T o t a l g o l d h e l d "by banks 3,3' 56,458 207,129 Gold w i t h F» R» Agents 119,620 281,827 31,683 Gold redemption fund 17,285 36,795' 35,979 T o t a l gold r e s e r v e s 4,248 Legal t e n d e r n o t e s , s i l v e r , e t c . Total reserves B i l l s d i s c o u n t e d : (a) Secured by Govt, war o b l i g a t i o n s 93,045 All other 8,031 47,092 73,123 B i l l s bought in open market (b) 70,418 62,590 35,910 T o t a l b i l l s on hand 202,07 1, oc U. S . Government bonds 560 U. S, V i c t o r y n o t e s , 5 U. S* C e r t i f i c a t e s of indebtedness 21,695 79,214 31,776 Total earning assets Bank premises U n col l ec te d items and o t h e r ded u c t i o n s from g r o s s d e p o s i t s 68,718 161,762 64,658 81,273 60,554 29,481 113,467 46,256 % Redemption fund a g a i n s t F» E , 24,402 61,825 Bank n o t e s 1,072 3,103 1,300 871 451 1,820 All o t h e r r e s o u r c e s 282 1,422 194 145 187 TOTAL RESOURCES 461 s t . 1276b San F r a n . T o t a l 5,311 12,620 168,9*9 5,971 44,037 402,760 2,900 ',131 111, cat 14,182 61,788 683,220 25,555 100,171 1,145,102 8,589 9,4li 142,994 171,370 1,971,316 .757 136.877 172,127 2,108,193 1151 llil tit; srlBOiisrSSSS Si | | '|:I '$:S EI 33S (a) I n c l u d e s 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, v i z : (b) I n c l u d e s bankers* acceptances bought from o t h e r F* R« Banks: Without t h e i r endorsement U96,149 i , s s 4 , 4 i 3 35,994 46o,6is 569,122 262,385 239,904 964,114 2)4,486 36,096 26,110 49,567 1,296,350 2,934,184" 26,793 69 —Hil33 281,942 212,968 3,242,988 2,632 232 44,650 40,301 13,734 797,347 665 12,293 526 3,822 162,594 272,133 i s 5 , 8 t o 426,619 6,178,377 54,494 126,584 4,918 10,014 10,008 24,940 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 u l y 11, 1920; n o t e a r l i e r * s t . 1276c RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 9 , 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 Reserve Bank Boston New York P h i l a , Clevel* Ricbm. A t l a n t a Chicago S t , L o u i s Minn. Kans-CyD a l l a s San F r a n . Total Capital paid-in 7,532 24,675 8,326 10,161 4,873 3 , 7 8 8 13,290 4,257 3,279 4,312 3 , 7 5 7 6,389 Surplus 94,639 12,351 51,308 13,069 13,712 8,067 7, 050 2 3 , 9 1 7 5 , 8 8 4 5 , 1 7 8 8,395 4,152 11,662 164,745 Government d e p o s i t s 52 612 3 , 6 9 1295 3,4o4 882 750 1,011 4l0 1,281 Dae t o members - R e s e r v e a c c o u n t 1,060 2,471 15,919 118,186 63,598 4 6 , 1 6 9 8 2 , 4 8 1 % , 3 4 3 113,363 1 , 8 3 9 704 Deferred a v a i l a b i l i t y items 52,560 3 9 , 2 3 3 1 8 , 5 9 9 58,143 2 7 , 9 8 6 28,180 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 594,434 government c e e d i t s 2,65s Total gross deposits -5^152 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 8 7 , 5 2 1 151,007 2 , 5 0 5 , 2 1 6 82,074 2 4 4 , 9 7 1 3 , 1 8 0 , 9 4 8 F - R . Bank n o t e s i n c i r c u l a t i o n net liability 13,784 3 7 , 4 8 7 19,409 1 7 , 1 0 8 9,987 11,359 32,031 8,820 7,512 15,088 7 , 1 2 1 10,581 190,287 All other l i a b i l i t i e s 1,694 23.^82 1.4P8 1.215 2,009 4? R4P TOTAL LIABILITIES 596,149 l . g g i 13 4 6 0 ^ 1 8 5b9,*l22 262,385 23 9] 904 9 6 ^ l i 4 254,'486 162] 594 '272'133 i%5|84o 426:619 6', 178^377 S tliu Einiltiibtl R a t i o o f 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»note l i a b i l i t i e s combined,per c e n t 51*1 39.8 46.0 52.2 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 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 B i l l s discounted B i l l s bought i n open m a r k e t t J . 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 39.8 39.8 - ^ 4o.7 39*2 41.1 39,g 4g.4 43,1 MEMORANDA C o n t i n g e n t l i a b i l i t y a s e n d o r s e r on Discounted paper rediscounted w i t h o t h e r F . R, Banks C o n t i n g e n t l i a b i l i t y on b i l l s p u r chased f o r f o r e i g n c o r r e s p o n d e n t s 43.2 1,0 1,168 297,607 .10,275 237,332 6,089 1,280 1,312 24,972 5,507 784 576 31,672 25,013 15,653 12,767 11,000 1,904 752 432 FEDERAL RESERVE NOTES OUTSTANDING- AND IN ACTUAL CIRCULATION 993,186 265,498 3 3 2 , 5 8 7 132,009 145,770 594,622 146,458 8 0 , 2 4 9 121,719 13,080 11, 9o6 5.629 4.4Q8 46.705 17.819 1.133 a t e 73,116 768 4i6 126,584 736 16,217 103,682 86,125 276,695 3,454,488 5.011 4,051 DISTRIBUTION OF BILLS AND U. S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES Within 15 days 16 to 30 days 3 1 to 60 days 6 l to 90 days Over 90 days To-fcal 1,437,411 285,653 4s6,603 272,743 79,143 2,561,593 105,303 67,968 163,173 36,147 372,591 26 , 705 b , 600 19,400 36,533 192,704 281,942 61.724 273^540 Released f o r p u b l i c a t i o n Sunday morning, J u l y 11, 1920; n o t e a r l i e r . S t . 12?6d FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS JULY 9, 1920. ( I n thousands of d o l l a r s ) F e d e r a l Reserve Agent a t RESOURCES F e d e r a l Reserve n o t e s on hand f e d e r a l Reserve n o t e s o u t s t a n d i n g C o l l a t e r a l security for Federal | Reserve n o t e s o u t s t a n d i n g : Gold and gold c e r t i f i c a t e s Gold redemption fund Gold s e t t l e m e n t funcUF,R,Board E l i g i b l e paper Amount r e q u i r e d Excess anount h e l d Boston New York Phi l a - CI eve 1 . Rich©. A t l a n t a Chicago S t . Louis 51,200 297,607 135,000 3 4 , 6 s o 24,150 28,453 66,975 993,186 265,498 332,587 132,009 145,770 74,5^0 15,680 5 9^,622 146,458 900 196,608 32,025 2,500 12,219 15,401 17,525 3,529 3,166 73,000 76,389 100,000 39,500 44,900 s,4p3 159,1^ 711,359 173,708 183,037 3.479 44.228 427,075 100,084 65.469 l l . 4 6 l 26,780 92,000 177,987 24.091 257.336 88,980 18,q4l 95,204 23.660 3,810 1,833 4o,73l Minn, Kans.Cy. D a l l a s San F r a n . 8,23 5 80,249 4,470 9,030 1,100 453,513 103,682 86,125 276,695 3 , 4 5 4 , 4 8 8 13,052 10,331 1,626 2,935 5,^90 17,438 17,600 33 , 860 9,73%- 82,733 47,971 23.205 Total 66,887 45.272 259,226 116,285 769,591 60,570 176,524 2,309,386 16.958 12.106 546.206 ! TOTAL L I A B I L I T I E S F e d e r a l Reserve n o t e s r e c e i v e d from Comptroller - g r o s s Less amounts r e t u r n e d f o r destruction Net amount of F e d e r a l Reserve n o t e s r e c e i v e d from Comp^ t r o i l e r of the Currency 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: W Gold E l i g i b l e paper TOTAL * » 670,505 2,378,708 569,155 733,552 311,412 382,175 1,329,253 320,057 191,938 257,106 198,238 566,596 7,908,695 611,500 2,227,700 605,883 609,020 338,700 354,060 1,085,840 337,880 166,580 228,180 167,660 467,920 7,200,920 262.693 1.0 99.514 305.702 252.283 1 78.238 l 4 l . 3 1 5 W.678 348,807 1,128,186 300,178 356,737 160,462 212,745 669,162 162,138 88,484 108,152 95,155 277,795 3,908,001 119,62c 167,5^7 46,374 32,278 36,795 25,555 100,171 1,145,102 492.544 111.545 71.176 112.159 77.528 188,630 2 , 8 5 5 . 5 9 2 202.078 281,827 91,750 149,550 43,029 50,566 968.695 177.187 227.265 107.921 118.864 175.742 78.096 120.028 72.505 190,125 3 . 2 9 2 , 9 1 9 670,505 2,378,705 569,155 733,552 311,^12 382,175 1,329,253 3 20,057 191,93 8 257,106 198,238 566,596 7,908,695
@FedFRASER