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' * STATBMENT FOR felE PRESS Release f o r p u b l i c a t i o n , Sunday morning, July 18, 1920 not e a r l i e r * ' * " Lit. 129^ Federal Reserve Board July 17i 1920 CONDITION OF FEDERAL RESERVE BANKS. Aggregate reductions by 75*3 m i l l i o n s i n earning a s s e t s accompanied "by a commensurate d e c l i n e in combined d e p o s i t and note l i a b i l i t i e s and a 10.8 m i l l i o n gain i n cash r e s e r v e s are indicated i n tue Federal Reserve Board's weekly bank statement i s sued as at c l o s e of business on July 16, 1920, As a consequence, the reserve r a t i o shows a r i s e from Uj »1 to Uj.9 P e r 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 decrease for the week of 4 l » l m i l l i o n s , other discounts on hand d e c l i n e d 31*3 m i l l i o n s , wuile acceptance holdings f e l l o f f l 6 » l m i l l i o n s • An increase of 12,2 m i l l i o n s i n Treasury c e r t i f i - c a t e s r e f l e c t s l a r g e l y the increase i n s p e c i a l c e r t i f i c a t e s h e l d by seven Reserve Banks to cover temporary advances t o the Government pending r e c e i p t of funds frcm Government d e p o s i t a r i e s * Of the t o t a l of 1,256-3 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 , 589«1 m i l l i o n s , or 46*9 per cent, were secured by Liberty bonds; }IQ*1 m i l l i o n s , or 2*M per cent, by Victory n o t e s , and 356'5 m i l l i o n s , or 28»4 per cent, by Treasury c e r t i f i c a t e s , as against 49, 23*9 and 27.1 per cent of the corresponding t o t a l of 1,296«4 m i l l i o n s reported the week before• Total discounts held by the Boston, New York and Cleveland Banks are i n c l u s i v e of 126,4 m i l l i o n s of paper discounted for seven other Reserve Banks i n the South and Middle West, as against 126*6 m i l l i o n s the week before, while acceptance holdings of the Boston, Philadelphia and San Francisco Banks comprise, as the week b e f o r e , 24.9 m i l l i o n s of b i l l s purchased frcm the New York Reserve Bank. Government d e p o s i t s show a d e c l i n e of about 4 m i l l i o n s , members' reserve deposi t s - an increase of 27*7 m i l l i o n s , other d e p o s i t s , including non-members1 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 - a reduction of 4 . 6 m i l l i o n s , and the "Float" carried by the Reserve Banks and t r e a t e d as a deduction from gross d e p o s i t s an increase of 39*8 m i l l i o n s * As a consequence, c a l c u l a t e d net d e p o s i t s were 2019 m i l l i o n s l e s s than the week b e f o r e . As the r e s u l t of the heavy return flow of notes, f o l l o w i n g the large i s s u e s of t h e s e notes about the beginning of the month, Federal Reserve note c i r c u l a t i o n shows a reduction of 4 5 . 1 m i l l i o n s , as against a reduction by 0*9 m i l l i o n i n Federal Reserve Bank note c i r c u l a t i o n . With the exception of Phi l a - de lphia and Kansas City, a l l Reserve Banks report s u b s t a n t i a l reductions i n outstanding note c i r c u l a t i o n . As against a nominal increase in gold r e s e r v e s , there i s shown a gain of 10*7 m i l l i o n s in other cash reserves# l a r g e l y s i l v e r . Released f o r p u b l i c a t i o n Sunday morning, July 12, 1920; not e a r l i e r . STATEMENT OF COMBINED RESOURCES AMD LIABILITIES OF THE FEDERAL RESERVE BANKS. RESOURCES July l 6 , 1920 July 9, 1920 Gold and gold c e r t i f i c a t e s $168,767,000 $168,929,000 Gold settlement fund - F- R. Board 393,905,000 402,760,000 Gold with f o r e i g n agencies 531,000 HI,531,000 Total gold held "by banks 674, 203,000 683,220,000 Gold with Federal Reserve Agents 1,152,875,000 1,145,102,000 Gold redemption fund —lUU,3^3,PPO 1U-2,994,000 , -Total gold reserves $1,971,421,000 $1,971,316,000 Legal tender notes, s i l v e r , e t c . & 1H7.626.000 136,877,OOQ Total reserves / .2,119,047,000 2,108,193,000 , (Secured by Government war obligations 1, 255.258,000 1,296,350,000 B i l l s discounted ( m o t h e r 2 ' ^ 7 ^ 4 , 890,000 1,265,243,000 B i l l s bought i n open market 356.471.000 372,591,000 Total b i l l s on hand 2,846,619,000 2,934,184,000 U. S. Government bonds 26,791,000 26,793,000 U. S. Victory notes 69,000 69,000 U. S. C e r t i f i c a t e s of indebtedness 294.182.000 281,942,000 Total earning a s s e t s 3,167,661,000 3,242,988,000 Bank premises l4,084,000 13,734,000 Uncollected items and other deductions from gross deposits 890,554,000 797,347,000 5$ Redemption fund against F- R. Bank notes 12.400.000 12,293,000 A l l other resources 4.271.000 3,822,000 TOTAL RESOURCES 6,208,017,000 6,178,377,000 L I A B I L I T I E S % Capital p a i d - i n Z 94,730,000 94,639,000 Surplus / 164,745,000 164,745,000 Government deposits 111 700,000 1 5,919,000 Due to members - Reserve account 1,86^,428,000 1,839,704,000 Deferred a v a i l a b i l i t y items 647^782,000 594,434,000 Other d e p o s i t s , including f o r e i g n government c r e d i t s 50,[585.000 55,159,000 Total gross deposits 1 2,577,495,000 2,505,216,000 F. R. notes i n actual c i r c u l a t i o n \ 3,135,893,000 3,180,948,000 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 189,375,000 190,287,000 A l l other l i a b i l i t i e s ^5i 779.,QOQ 4-2,542,000 TOTAL LIABILITIES 6,208,017,000 6,178,377,000 Ratio of t o t a l reserves to net deposits and F- R. note l i a b i l i t i e s combined 43^ 43-1$ Ratio of gold reserves to F.R. notes i n c i r c u l a t i o n a f t e r t s e t t i n g aside 35$ a g a i n s t net deposit l i a b i l i t i e s 48,7$ 47.5/° St.1294a July 18, I g l g $273,810,000 591,190,000 — — 86^,000,000 1,134,173,000 — 2,112,100,000 65,381,000 2,177,481,000 1, 579, 728,000 248,347,000 372,353,000 2,200,428,000 27,084,000 363*000 209,941,000 2,437,816,COO 11,737,000 857,19^,000 10,077,000 5,504,405,000 ^ ^ ^ 82,958,000 81,087,000 137,090,000 1,712,79°,000 651,735,000 —125,069,000 2,626,690,000 2,512,048,000 186,911,000 14,711,000 504,405,000 50-9% 62-0$ Released f o r p u b l i c a t i o n Sunday morning, July IS, 1920; not e a r l i e r . St.1294b RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY l 6 , 1920. RESOURCES (In thousands of d o l l a r s ) Federal Reserve Bank of Boston New York P h i l a . Clevel. Richm. Atlanta Chicago St.Louis ..inn. Iwns.Cy. Dallas San Fran ll,b79 82,078 1,151 10,195 2,425 8,153 24,249 3,340 7,231 512 5,488 12,266 . Gold and gold c e r t i f i c a t e s Gold settlement fund - F. R- Board 44,759 83,143 46,933 66,563 15,456 5,104 49,719 5,808 8,758 26,301 6,072 35,289 Gold^vith f o r e 1 gn a g e n c i e s £.142 40,932 8,922 9,146 5,465 4,015 13,272 5,242 3,011 5,353 2,900 5,131 Gold redemption fund Total gold re s er v e s Legal tender n o t e s , s i l v e r , e t c . t a r e s e r e i ! ! / \ T . ^ B i l l s discounted: (a) Secured by Govt.war o b l i g a t i o n s A l l other B i l l s bought i n open market (b) Total b i l l s on hand U. S. Government bonds U. S. Victory notes U. S. C e r t i f i c a t e s of indebtedness Total earning a s s e t s Bank premises 4* A T Tv^ A /•xl 1 A A 4* rv/4items . YVand i r* Vother M4 4" "Ude-vm ri /\ Uncollected ductions from gross d e p o s i t s '5$ Redemption fund a g a i n s t F. R. Bank notes A l l other resources TOTAL RESOURCES (a) Includes b i l l s discounted f o r other F. R. Banks, v i z : (b) Includes bankers' acceptances bought from other F, R. Banks: Without t h e i r endorsement 15,016 200,748 7,150 207,898 35,917 15,946 3,729 522,977 1627557 238,840 Il6,3SS 270 1,758 639,365 162,827 240,598 81,699 542,55? 140,4-99 70,944 287,814 41,128 33,738 147,375 11,085 186,381 977,748 192,712 559 1,456 1,386 50 50 „ 55 23,679 78,738 31,684 210,624 1, 1,057,592 057,992 225,782 1,497 3,767 1,497 3,767 595 76,601 76,601 187,211 77,362 7,006 71,459 138 71,597 6,675 35,262 59,015 63,345 32,104 123,lbO 1,30c 3,085 1,300 871 451 451 531 611 663 6ll 311 840 121 84o 187 498,303 1,892,083 468,177 57^,533 257,026 243,686 4,918 40,183 - 10,014 195 51,272 106 51,378 4,106 72,871 1,651 74,522 100,171 >40,225 52,768 133,749 49,002 7,488 45,077 69,034 58,735 61,053 301,638 60,672 67,636 61,307 49,336 5,300 3,865 51,104 3,071 4,056 2,736 218,541 104,260 117,686 486,491 112,745 79,180 109,120 833 1,233 ll4 4,477 1,153 ll6 8,866 10 3 1 10 8,489 12,880 23,322 14,260 16,665 42,743 17,228 242,706 119,753 134,468 533,711 131,12b 87,785 130,867 1,156 1,040 590 2,116 866 556 762 1,072 1,072 34,280 5,304 65,052 7,351 72,403 74,129 286,949 1,743 8,871 75,872 295,820 51,979 _ _ 1,951 52b 957,284 254,710 - - _ 49,505 _ 525 21'5 _ 24,408 70,092 _ 18,829 44,192 53,555 100,374 680 44,125 73,064 iss.691 3,966 2,632 „ 9,308 15,186 86,338 206,509 907 232 46,309 * Includes Government overdraft of $10,000 _ _ 393'%5 111 S i 4,278 10.90A 144^4? 48,169 176,398 1,971.421 1,384 816 147 6?6 49,553 177,214 2,119'04?" y 1 44/ 91 o 586 78 221 100 164,652*277,380 183,793 - Total 168 767 1,256 2% 1,233',890 3^6,471 2,846'61c 26*791 g0 2^4.18? 3,167]66l ^ 14 084^ 51,442 890,554 665 12,400 *328 4,271 436,390 6,208,017 - 126,442 10,008 24,940 Released, f o r p u b l i c a t i o n Sunday morning, July IS, 1920; not e a r l i e r St.1294c RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY l 6 , 1920 (In thousands of d o l l a r s ) L I A B I L I T I E S Federal Reserve Bank Boston Phi l a , Clevel. Richm. Atlanta. Chicago St-Louis Minn. Kans.Cy. Dallas San Fran. Total 7,532 Capital p a i d - i n 8,326 10,160 4,873 3,804 13J11 4,257 3,276 4,313 3,803 6 , 3 9 9 94,730 12,351 51,308 13,069 13,712 8,067 Surplus 7,050 23,917 5,884 5,178 8,395 4,152 11,662 164,745 600 777 2,816 939 837 1,479 598 1,792 286 796 780 <rGovernment d e p o s i t s 11.200* 121,142 757,^20 106,062 142,946 57,454 50,409 258,4oo 62,297 46,773 83,600 56,154 124,771 1, 8 6 ^ 4 2 8 Due to members - Reserve account 5^,518 Deferred a v a i l a b i l i t y items 123,260 58,030 68,329 48,166 27,178 81,369 4i,788 20,614 62,284 28,455 33,791 6 4 ^ 7 8 2 Other d e p o s i t s , including f o r e i g n 2.421 government c r e d i t s 23 1 444 3,108 2.690 1.433 1.161 4,590 1.608 1.363 2. l4p. 871 5.756 50,525 Total gross d e p o s i t s 178,681 904,901 170,016 214,904 107,890 80,227 344,957 107,485 69,036 148,820 86,260 164,318 2, 577,495 F. R. notes i n actual c i r c u l a t i o n 284,369 850,323 255,772 316,143 125,066 l4o, 194 537,067 127,121 78,337 99,190 81,175 241,136 3, 135,893 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 13,521 36,340 19,179 17,572 10,l4o 11,245 32,285 8,630 7,608 15,007 7,130 10,718 189,375 A l l other l i a b i l i t i e s 1.849 24,535 1.815 2.042 990 1.166 5.747 1.333 1.217 1.655 1.273 2.157 ^5,779. TOTAL LIABILITIES 498,303 1,892,083 468,177 574,533 257,026 243,686 957,28-4 254,710 164,652 277,380 183,793 4)6,390 6,208,017 Ratio of t o t a l reserves to net deposit and F.R.note l i a b i l i t i e s combined,per cent 53-8 40.8 46,7 54.4 F. R. notes outstanding F. R. notes held by banks F.R. notes i n actual 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 market U. S. C e r t i f i c a t e s of indebtedness 4o-3 39-0 33-1 4i.g 4i.g 4o.9 50.1 43.9 EMORANDA Contingent l i a b i l i t y as endorser on Discounted paper rediscounted with other F. R. Banks Contingent l i a b i l i t y on b i l l s purchased f o r f o r e i g n correspondents 42.2 6,089 1,168 1,280 1,312 25,000 10,923 16,923 24,221 13,292 19,493 16,590 784 576 1,904 752 43 2 768 4i6 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION 593,442 146,642 79,943 105,486 141.762 9.940 15.401 6.021 4. >2 56.375 19.521 I.606 6,296 850,323 255,772 316,143 125,066 140,194 537,067 127,121 78,337 99,190 992,085 265,712 331,544 131,087 144, 284,369 DISTRIBUTION OF BILLS AND U- S, CERTIFICATES OF INDEBTEDNESS BY MATURITIES Within 15 days Id to 30 days 31 to 60 days 6 l to 90 days Over 90 days 1,437,321 101,612 36,987 241,400 72,802 5; 600 449,893 142,024 36,975 284,650 40,033 31,252 76,884 - 183,368 126,442 736 16,217 84,661 279,927 3 , 4 5 0 , 9 6 4 3.486 38.791 315.071 81,175 241,136 3,135,893 Total 2,490,l4s 356,471 294,182 Released f c r p u b l i c a t i o n Sunday morning, July 18, 1920; not e a r l i e r . ^t,12$4d FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS JULY l 6 , 1920 ( i n thousands of d o l l a r s ) Federal Reserve Agent a t RESOURCES "Federal Reserve notes on hand 'Federal Reserve notes outstanding „ C o l l a t e r a l s e c u r i t y f o r Federal Reserve notes outstanding 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 fund-F.R-Board E l i g i b l e paper Amount required Excess amount h e l d w w TOTAL L I A B I L I T I E S Federal Reserve notes r e c e i v e d from Comptroller - gross Less amounts returned f o r destruction Net amount of Federal Reserve <- notes received from Compt r o l l e r of the Currency ••Collateral received from . Federal Reserve Bank: Gold E l i g i b l e paper TOTAL Boston New York Phila- Clevel- Richm. Atlanta Chicago S t . Louis Minn. Kans.Cy. Dallas San Fran. iyS 49,700 295,839 135,000 32,280 32,750 28,253 68,545 992,085 265,712 331,544 131,087 144,596 Total 3(,J 74,060 13,080 7,915 5,070 11,730 3,100 461,-463 593,442 146,642 79,943 105,486 84,661 279,927 3,450,964 10,331 3,810 13,052 196,608 32,025 2,500 8,303 3,417 1,425 3,739 4,366 11,299 18,216 17,182 1,607 3,182 73,000 71,329 100,000 39,500 44,500 156,144 38,131 17,600 32,860 14,734 174,687 711,178 176,107 182,33 7 89,980 94,4i4 428,995 101,284 47,866 68,887 55,230 57.368 11.307 17.927 40.233 17.834 234.032 3.117 33.937 8.182 23.260 11,694 653,072 2,353,202 566,821 729,775 298,609 380,991 1,318,312 317,671 185,728 256,275 198,886 900 23,252 97,000 15,707 97,096 259,226 Hl,b95 781,954 167,124 2,298,089 8.713 467,6o4 571,667 7,S31T6*5- (?<?? 611,700 2,231,080 605,880 618,920 339,500 355,420 1,087,280 337,880 166,580 231,780 170,020 475,520 7,231,560 266.161 1,103.995 307.888 254.626 180,l6p 142.2^9 419.778 178.158 78. 722 121.224 73.629 192.493 3.319.%T Cj »a/ 345,539 1,127,085 297,992 364,294 159,340 213,l4l 667,502 159,722 87,858 „ 3/Li 110,556 96,391 283,027 3,912,44r 121,152 280,907 89,605 149,207 41,107 50,182 164,447 45,35s 32,077 36,599 29,431 112,803 1,152,875 945.210 179.224 216.274 98.162 117.674 486.363 112.591 65,793 109.120 73.064 175.837 2.765.693 186.381 £7 7 653,072 2,353,202 566,821 729,775 298,609 380,997 1,318,312 317,671 185,728 256,275 198,286 571,667 of 7,8,33^015
@FedFRASER