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STATEMENT FOR THE PRESS Released for publication Friday morning, July 13; not earlier. St.3600 Federal Reserve Board July 12~ 1923. CONDITION OF :FEDERAL BESERVE BANKS Net liquidation of $83,500,000 of discounted bills and of $12,600,000 of acceptanc:es purchased in open market, as against an increase of $6,500.000 in Government security holdings, is shovvn in the Federal Reserve Board's weekly consolidated bank statement issued as at cl.ose of business on July ll, 1923. Deposit liabil.i ties declined by $24,500,000 and li'ederal reserve note circulation- by $16,900,000• Cash reserves show an increase of $10,200,000 and the reserve ratio rose from 74.4 to 75.4 per cent. Smaller holdings of discounted bills are shown for all reserve banks, except those at Minneapolis, Dallas and San Francisco. tiquidation of discounted paper was largest at the New York, St. Louis and Philadelphia banks, While the largest increase in the holdings of discounted paper is shown for the San Francisco bank. Following substantial decreases for three successive weeks, the banks show an increase for the past week in their gold reserves of $12,700,000. Larger gold reserves are reported by seven reserve banks, Cleveland showing the largest increase for the week, amounting to $8 7 800,000. The gold movement through the settlement fund was away from New York City, the local reserve bank reporting a decrease of over $5,000,000 in its total gold reserves, notwithstanding the considerable addition of of gold to its vault reserve. San Francisco reports a decrease of $6,800,000 in its gold reserves, and srrlaller decreases aggreg~ting over $8,000,000 are shown for the Boston, Minneapolis, and Dallas banks. Reserve cash other than gold declined by $2,4oO,OOO, while non-reserve caSh shows an increase of $21,600,000. This increase, together with the net increase of $10,200,000 in reserve cash and the reduction of $16,900,000 in Federal reserve note circulation reflects the usual return flow of currency following the July 4 holiday. Holdings of paper secured by Government obligations declined during the \~ek from $477,100,000 to $419,900,000. Of the total held on July 11, $24o,500,000, or 57.3 per cent, were secured by United States conds, $162,300,000, or 38.7 per cent, by Treasury notes, and $17,100,000, or 4.1 per cent, by Treasury certificates, compared with $267,800,000, $188,700,000 and $20,500,000 reported the week before. A summary of changes in the principal assets and liabilities of the reserve banks, as compared with a week and a year ago follows: Increase or Decrease In millions of dollars since 192} JuJ.;x: 12 1 1:1.;n Julz 3a + 20.1 + 10.2 + 12.7 + 64.5 • Total reserves Gold reserves .. .. .. ... .. Total earning assets • • • • • Discounted bills, total • • • • • • • . • . Secured by U. S. Government obligations Other bills discounted • • • • • Purchased bills • • • • • .. .. ... ...... United States securities, total • Bonds and notes • • • • • • • U. S. Certificates of indebtedness Total deposits • • • • • • Members' reserve deposits •• Governrr1ent deposits • • • • Other deposits • • • •• F. R. Bank notes:in circulation • • • • + + + .. . • 4 • ... Federal Reserve notes in circulation net liability 89.6 83.5 57.1 26.4 .. .. .. . . .. 10.5 + 416.4 + 262.4 + 154.. 0 12.6 + 28.6 6. 5 - 455.5 - 114.2 - 341.3 4. 5 2..0 24.5 22.7 + 1.1 2.9 - -. 16.9 . + 24.8 + 33.8 .., 5.1 3.9 + 107.0 65.9 L Released for publication Friday morning, July 13,. 1923;' not earlier., St,J600a RESOURCES AND LIABILITIES OF THE TV1.EL VE FEDERAL BE SERVE BANKS COMB! NED (In thousands of dollars) July 11. 1923 34o,492 Gold and gold certificates • . • , • . • 658,617 Gold settlement fund - F, R. Board , , , 999,109 Total gold held by banks • , • . , , • Gold with Federal Reserve Agents . • 1 , 2,047. 787 53,483 Gold redemption. fund, , , , , , , RESOURCES J~y 3. 1923 326,442 661,593 988,035 2,·040,992 . 58,676 July 12. 1922 317r832 514,590 832.422 2,161,560 41,851 Total epld reserves . • , , . • . , • Reserves other· than gold , ,. , , . , , 3,100,379 76,769 3,087,703 79,200 3,035,833 121,207 Total reserves • • • • .• N'on-reserve cash , , , , ,. , , , . , • Bills.discounted: .Sec, by U, s. Government obligations Other bills discounted • , , , • . Bills bought in opeh market • • . • 3,117,148 Sl,168 3,166,903 59.589 3,157 ,o4o 419,930 426,439 186,284 477.-053 452,786 198,912 157,555 272,387 157,675 TotS?- bills,.on h5¢d • , , , U, s. bonds and notes , , • , • . . • • U, S. Certificates of indebtedness , , • Municipal warrants , , , , i,032,653 94,211 587,617 208,424 348,349 25 1 '128. 751 89,744 4a957 25 Total earning a$sets l3a.nk premises • • • • • • 5~ Redemption fund against F, R. Bank notes • , • , incollected i terns • • • , .All other resources • , , , • , . . • • , • • • • . 1;133•916 52,657 1,223.477 52,330 1,144,394 41,985 , , , ' • • , • • , • 193 655.976 12,857 193 649,037 12,932 7,551 611,733 16.069 5,113,915 5,164,461 4,978,772 109,621 218,369 109,584 218,369 105,224 215,398 15,778 1.909,006 24,938 20,837 1.875,229 28,871 1,949 '722 • , • ·2,265,149 14,657 1,931,762 27,e32 1,974,251 2,282,054 1,471 552,512 11,071 1,518 562,198 16,487 67,380 486,360 21,351 5,113,915 5,164,461 4,978,772 ...' . I 1 I , • . • • , 1 , , • I • • •• , , • , , , 1 , , , , • • TOTAL 'RESOURCES • • • • • • • • • • L I AB I L I T I E S . . . . . . . .. Capital paid in , • , , , , , , Surplus ~ . . , , ' ' Deposits: Goverru::ne.nt • 9 • ' , .. , • • • • • " . • , • Member bank - reserve account· • Other deposits ~ , , , • , . . . Total deposits F. R, notes in actual circulation · F, R, Bank notes in circulation net liability • . • , . • , , , DeferrE3-d availability i terns , All other liabilities , , , , . . •. • , . . . , , • , • , • • , TOTAL LIAEILIT!ES 7,o27 Ratio of total reserves to deposit and F. R, note liabilities combined , • , 75.4% Contingent lia.bili ty on bills purchased for foreign correspondents 33,618 *Not shown separately prior to January 1923, w. 33,613 * 4 1,924,937 2,158,122 Released for :publication Friday morning, July 13; 1923; not earlier. RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE B.ANKS AT St.36oOb CLOSE OF BUSINESS, JULY 11, 1923. (In thousands of dollars) RESOURCES Boston New York Phila. Federal Reserve Bank of Gold and gold certificates Gold settleme~t fund - F.R.Board 17,138 58,4o5 Cleve. 166,649 26,340 14,311 183,596 20,057 31,296 Atlanta Chicago St.Louis Minn. Kans. Cy. Dallas San Fran. Total 9,769 6,244 51,415 4,174 8,203 3,257 11,803 21,134 340,492 29,623 27,311 122,333 22,333 13,643 47,044 4,039 38,782 658,617 39,397 33,555 173,798 26,557 26,846 50,301 15,897 59,966 999,109 . 31,583 101,644 382,726 52,434 36,600 27 ,34o 12,232 196,471 2.047,787 6,030 2,532 6,206 4,218 1,310 4,671 3,637 53,483 1,090 77,06o 137,731 562,730 83,209 65,256 82,812 29,219 260,124 3,100,379 2,442 4,432 76,769 2,555 4,635 6,265 12,777 574 2,673 79,615 142,416 563,995 95,936 65,330 35,485 33,651 262,566 3,177,148 31,168 1,805 6,587 8,064 6,221 2,512 4,127 3,341 10,159 Rich. 75,543 355,245 46,397 95,6o7 Total gold held by bank~ 184,999 63 7,067 177 ,039 207,152 Gold with F. R. Agents 3,169 4,407 3,380 7,133 Gold redemption fund 267,725 1,000,431 227,843 306,139 Total gold reserves 4,494 24,609 7,051 4,262 Reserves other than gold 271,937 1,025,090 234,894 310,633 Total reserves 11,049 5;464 3,957 17,332 NOn-reserve cash Bills discounted: Secured by U.S.Govt. obligations 21,507 161,777 44,823 46,563 27,613 6,403 31,902 18,498 7,283 57,866 22,449 31,232 36,505 31,715 50,348 24,832 22,446 31,000 Other bills discounted 19,330 22,477 1,932 6,300 39,141 4,446 42,345 19,543 Bills bought in open market 72,050 261,938 37,152 100,272 66,050 44,913 121,391 47,326 29 '729 Total bills on hand 216 7,537 7,251 13,365 3,313 17,367 9,953 1,341 4,055 U. S. bonds and notes 14 16 4,441 449 20 1,655 U. s. Certificates of indebtedness 385 Municipal warrants Total earning assets Bank :premi se s 516 Redem:ption fund against F. R. Bank notes 76,490 4,434 59,381 107 w. -----~--------~--- ~-- 29,443 54,635 13,327 419,930 426,439 136,234 102,905 1,032,653 94,211 9,135 50,469 1,946 7,027 25 112,090 1,133,916 2,633 52,657 100 23 193 142,746 60,801 70,279 53,445 23,930 34,767 35,893 16,242 4o,369 445 14o 1,359 1,326 256 317 483 625 769 22,009 2,642 15 271,961 104,543 110,674 67,391 12,424 8,936 2,617 719 49,633 13,843 47 10 45,16o 133,369 55,077 43,ll4 63,573 2,620 3,715 1,000 1,598 4,965 430,231 1,464,596 4o6,632 504,796 205,318 221,246 3o4,6oo 194,317 131,155 199,333 114,586 TOT.AL RESOURCES http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 4,201 33,621 10,867 48,689 1,730 65 Uncollected items All other resources 19,917 29,74o 26 45,564 3,838 655,976 12,357 436,950 5,113,915 I Released for publication Friday morning, July 13, 1923; not earlier. BESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 11, 1923. St. 36oOc LIABILITIES (In thousands of dollars) Federal Reserve Bank of Capital· paid in Surplus Deposits: Governnent Member bank - 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 Ratio of total reserves to deposit and F. R. note liabilities combi.ned, per cent Boston 8,066 16,312 628 126,336 304 127,268 222,514 New York Phila. Cleve,. Rich. 29,265 9,772 12,171 5, 709 59,800 18,749 23,495 11,288 Atlanta Chicago St, Louis Minn. 4,418 15,157 8,942 30,398 4,951 9,665 3.554 7,473 Kans. Cy. Dallas San Fran. 4,586 9,488 4,197 7 J T/5 7,496 15,263 Total 109,621 218,369 4,167 149 498 2,029 934 15,778 931 2,708 1,023 753 875 1,083 719,493 116,009 166,692 58,889 54,139 278,474 69,14o 45,897 81,243 46,171 146,523 1,909,006 14,026 148 1,211 185 846 271 4,654 24,938 525 1 ,4o9 631 728 737,686 116,683 169,035 59,827 55,218 282,393 70,794 47' 500 83,172 46,94o 153,206 1,949,722 526,422 211,184 24o,099 79,351 135,149 410,779 73,827 56,965 61,089 30,347 217,423 2.265,149 857 117 497' 1,471 55,447 108,137 49,038 58,549 48,246 16,611 63,250 34,074 14,506 4o,043 23,108 41,503 552,512 674 3,286 1,256 1,447 897 908 1,766 1,006 1,157 893 2,001 1,780 17,071 430,281 1,464,§96 4o6,682 504,796 205,313 221,246 8o4,6oo 194,317 131,155 199,388 114,586 436,950 5,113,915 77. 8 Contingent liability on bills purchased for foreign correspondents 81.1 71.6 75.9 11,632 2,892 3,631 32.1 57.2 1,748 1,379 4,674 66.4 1,479 70.8 59.3 1,143 1,446 1,207 2,387 75.4 33,618 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION F. R. notes outstanding F. R. notes held by banks F. R. notes in actual circulation Bills discounted Bills bought in open market U. S. Certificates of indebtedness Municipal warrants 239,236 750,023 247,346 258,639 87,113 140,313 458,361 91,159 61,431 69 '734 33,636 255,755 2,693,746 16,722 223 ,6ol 36,662 18 ,54o 7,762 5,164 48,082 17,332 4,466 8,645 3,289 38,332 428,597 -----------------------------~--------------------------------------~------------------222,514 526,422 211,134 240,099 79,351 135,149 410,779 73,827 56,965 61,089 30,347 217,423 2,265,149 DISTRIBUTION OF BILLS, U. 15 days 573,106 69 '756 2,040 15 Within 16 30 days 53' 745 32,907 to s. CERTIFICATES OF INDEBTEDNESS .AND MUNICIPAL WARRANTS BY MATURITIES From 91 days Total Over 6 months 31 to 6o days 61 to 90 days to 6 months 38.778 44,257 80,870 34,043 1,711 44,744 5,321 2,044 10 126 1,232 846,369 186,234 7,027 25 ReleaSed for publication Friday morning, July 13, 1923; not earlier. St.3600d. FEDER.AL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS, JULY 11, 1923. (In thousands of dollars) Federal Reserve Agent at Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Total RESOURCES ~:. Federal Reserve notes on harn 92,450 Federal Reserve notes outstanding 239,236 Collateral security for Federal Reserve notes outstanding: Gold and gold certificates 35,300 11,699 Gold rederr.ption fund 133,000 Gold fund - F. R. Board Eligible paper 54,237 Amount required 17,313 Excess amount held TOT.AL Collateral received from Federal Reserve Bank: Gold Eligible paper TOT.AL 7,900 30,763 22,359 62,100 852,692 114,700 25,240 453,861 91,159 61,43i 69,734 33,636 255,755 2,693. 746 26,050 77,350 37,113 14o,313 2,400 235,531 7,000 8,305 30,536 14,150 13,347 3,733 4,244 371,000 155,389 185,000 27,795 95,000 112,956 125,583 70,807 51,487 7,733 48,255 11,031 371,645 66} I 11,830 13,052 1,430 3,554 1,548 37,000 22,000 26,360 76,135 38, 725 45,254 9,081 55,530 38, 6,16 7,943 6,461 320,429 1, 771 14,371 111,569 4,000 132,100 1,615,739 24,831 41,894 21,404 59,234 4,364 7,736 27,267 42,790 645,959 350, OZ3'" l> 533,735 1,933,889 553,275 596,253 203,219 364,t? 1,077,676 216,639 135,126 173,017 116,393 616,~0 6,590,~ , 31 L I AB I L I T I E S Net amatmt of Federal Reserve notes received from Co~ troller of the Currency 313,260 49,800 30,720 750,023 247,846 253,639 '331;636 1,063,283 297,646 289,359 113,163 217,663 573,561 116,399 69,331 100,497 55,995 317,355 3,546,433 0 134,999 72,050 101,64~/~· 332,726 637,067 177,039 207,152 31,533 233,539 73,590 99,742 63,473 44,83g 583,735 1,938,839 553,275 596,253 2o8,219 364,1 3 7 52,434 36,6oo 27,34o 12,232 196,.471 2,047,737 121,389 47,806 29,195 49,680 48,671 102,074 996,6411 . . 1,077,676 216,639 135,126 178,o17 116~s9e 6I6,4oo 6,590,212) •
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