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At %*l ; c . . u;p t. 149P"!¥ .Y, , 11-f.&IO»., ·i€JCi.l4'# "'' STATEMENT :FOR THE PRESS Released for publication Friday morning, July 20.; not earlier. St,3612. Federal Reserve Board, July 19, 1923. OOJ:UJITION OF FEDERAL RESERVE BANI\:S Further liquidation of ~4o.500,000 in discounted bills and of $3,eoo,ooo in acceptances purchased in open market, together \nth a decline of $3,300,000 in Govern~ mant security holdings, is shovm. in the Faderal Reserve Board 1 s weekly consolidated bank statement issued as at close of business on July 18, 1923, These reductions in earning assets were accompanied with a decline of $48,200,000 in Federal reserve· note circulation and of $7,200,000 in deposit liabilities. Total cash reserves increased by $6,300 1000, While the reserve ratio rose from 75.4 to 76.5 per cent. Substantially srr1aller holdings of discounted bills are reported by the Federal reserve banks of Boston, New YOrk, Cleveland, and San Francisco, the decline in the ~ase of the New York 'Bank being the greatest and amounting to $33,800,000,. The banks at Chicago, Richmond, St, Louis and Dallas report increases aggregating $12,600,000 t the increase in the case of Chicago being $3 1 900,000. Total gold reserves show a nominal decrease for the week of $700,000, targer gold reserves are reported by all Federal reserve banks except Philadelphia·, Cleve1an4, Richmond, Chicago, and St. Louis, the increase in the case of the Boston bank amounting to $10 ,4oo ,000. The Federal reserve banks of Chicago, Richmond and St. Louis report decreases of $10,900,000, $5,300,000, and $3,600,000; respectively, in their gold reserves, these changes reflecting principally the movanent of gold to other districts through the Gold Settlement Fund. Reserves o~er than gold increased by $6,900,000, all Federal reserve banks except San Francisco reporting increases under this head. Federal reserve note circulation declined in all districts except Kansas City and Dallas, the aggregate increase in these t~~ cases being only $6QO,OOO. Holdings of paper secured by Government obligations declined further during the Of the total h~on July 18, $259,100,000 1 or 63,4 per cent, was secured by U, S. bondsj $131,500,f~~'32.2 per cent by Treasury notes; and $17,900,000, or 4.4 per cent, by eertifica.tes of indebtedness, compared with $24o,500,000, $162,4oo,ooo, and $17,100,000, respectively, reported the week before, · ~veek from $419,900,000 to $408,500 1000. A surr~Jary 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 July 11' 1923 July 19, 1922 Total reserves •• + 14.1 + 6.3 ' · Gold reserves + 54,4 .7 ' .. . . .. . .. . . . . . Total earning assets • . . • • . . , Discount~..d bills, total •.• , .•...• Securec by U. S, Government obligations Other bills discounted • • . . , . . . . , Purchase<i bills •• , , • .. United States securities, tot::U , , Bonds and notes • • • . . . . , , U, S. Cettificates of indebtedness Total deposits • • • • • • • Members' reserve deposits Governnent deposits • • • Other deposits , . . , . , F, R, Bank notes in circulation net liability • • . . , • . , . w. 47,4 + 362,4 + 232.2 + 130.2 ... 3.2 + 34.2 • • 3.3 2.2 1.1 443.9 109.9 334.0 7.2 - 25,4 + 18. 7 .5 + 19.5 14.9 4.6 - 48,2 + 84,1 .2 64,8 .. . . .. .. . . . . . .. Federal Reserve notes in circulation 47.0 4o.5 11.4 29.1 • .. • & ' . . . .. . - Released for publication Friday morning, July 20, 1923; St. 3612a not earlier, RESOURCES A1TD LIABILITIES OF THE TWELVE FEDERLL RESERVE BANXS OOMBINED (In thousands of dollars) July 18, 1923 July 11, 1923 July 19, 1922 RESOURCES Gold and goid certificates • • • . •• • • Gold settlement fund - F. R. Board • , . , Total gold held by banks , Gold with Federal Reserve Agents Gold redemption fund . • . • Tot~J g_o1,~_reserves • ' Reserves other than gold ... I ' .. .. Total reserves Non-reserve cash • , • • Bills discounted: Sec, by u.s. Govennment obligations Other bills discounted • . . Bills bought in open market ~ .. ... Total bills on hand· •. • . • U, S, bonds and notes • . . . U, S. Certificates of indebtedness • , Municipal warrants , • , • • . • • . • . , Total earning assets Bank premises • , , • , , 5% Redemption fund against F, R, Bank notes • • • • , • • • Uncollected items , • , , , , All other resources • • • . , .. ..... TOTAL RESOURCES , .... . . . .. .. .' .. ' . 34o ,492 658,617 999,109 2,047,787 53,483 3,100,379 76,769 3,177,148 81,168 317,980 490,620 808,600 2,195,062 41,673 3,045,335 123,987 3,169,322 419~930 183,121 988,950 92,015 5,94o 10 1,086,915 53,203 426,439 186,284 1,032,653 94,211 7,027 25 1,133,916 52,657 176,263 267,205 148,910 592,438 201,901 339,948 9 1,134,296 42,417 193 674,936 13,031 5,092,961 193 655,976 12,857 5,113,915 7,496 592,345 16,186 4,962,062 109,714 218,369 109,621 218,369 105,239 215,398 34,432 1,833,644 24,445 1,942,521 2'~216,994 15,778 1,909,006 24,938 1 ,949, 722 2,265,149 49,376 1,864,145 29,010' 1,942,531 2,132,848 1,296 586,567 17,500 5,092,961 1,471 552,512 17,071 5,113,915 66,053 479,274 20,719 4,962,062 341,304 653,784 995,588 2,052,131. 52,00i 3,099 '720 83,702 3,183,422 81,26J. .,~., 4o8,~'no 397,~/ * L I AB I L I T I E S Capital paid in , Surplus. • • • . , ' ' ' Deposits: Government , , • , , • , • • , , • , , , Member bank - reserve aceount • , , Other deposits . . • • , • • , • . , ... .. .. Total deposits • , , • , , • , , F, R, notes in actual circulation F, R. Bank not~s in circulation net liability • , , • • • , • Deferred availability items , , • ' All other liabilities , • , •••• TOTAL LIABILITIES , • . . .. . .. . t • • tr Ratio of total reserves to deposit and F, R, note liabilities combined . , . • 77.8% Contingent liability on bills purchased for foreign correspondents • , . • , . • . *Not shom separately prior to January w. 33,618 1923, 25,993 St.3612b Released for publication Friday morning, July 20, 1923; not earlier. RE9)URCES .AND LIABILITIES OF THE FEDERl'J. RESERVE BANKS .AT CLOSE OF BUSINESS, JULY 18, 1923. (In thousands of dollars) RESOURCES Boston New York Phila. Cleve. Rich. .Atlanta Chicago St.Louis Minn. Kans. Cy Dallas San Fran • Total Federal Reserve Bank of 16,899 168 ,o4g 26,836 14,469 9,944 6,315 50,633 3,818 8,241 3,260 11,996 21,345 341,804 Gold and gold certificates 69,688 189,670 22,984 82,289 25,479 19,219 ll3,4o5 19,810 20,343 49,930 5.543 35,424 653.784 Gold set t1ement fund - F. R. Board 86,587 357 '718 49,830 96,758 35,423 25.534 164,038 23,628 2S,58l:J 53,190 17,539 56,769 995,538. Total gold held by banks 182,927 636,906 171,965 204,791 30,435 111,051 382,649 51,708 36,130 29,463 12,330 201,776 2,052,131 Gold with F. R• .Agents 52,001 5,190 4,226 1,913 2,563 1,045 3,113 4.,393 5,919 2,391 7,270 5,380 8,598 Gold redemption fund 278,112 1,001,894 227.,165 305~~2 71, 777 138,976 551,877 79,562 66,627 85,216 30,914 261,658 3,099,720 Total gold reserves 781 3,015 4,801 . 2,298 83,702 25,765 7,809 4, 793 2,564 5,cn5 8,056 13,660 5,145 Reserves other than gold 283,257 1,027,659 234,974 310,735 74,,341 143,991 559,933 93,222 67 ,4o8 88,231 35,715 263,956 3,183,422 Total reserves 81,261 10,085 4, 773 5,693 1,977 6,324 ..1.0.,001 6,346 2,432 4,592 3,247 9,542 16,249 Non-reserve cash Bills discounted: Secured by U.S.Govt. obligations Other bills discounted Bills bought in open market Total bills on hand U. s. bonds and notes u. S. Certificates of indebtedness Municipal warrants Total earning assets Bank premises 5% Redemption fund against F. R. Bank notes Uncollected items .All other resources TOT.AL BESOURCES 19,888 23,720 16,773 60,381 4,539 134 65,054 4,434 63,327 112 ~gn ]fi-.296 17,910 6,835 149,662 46,726 37,874 30,045 5,&3:). 49,817 28,327 22,343 36,159 20,653 31,919 36.,967 31, 46.456 20,585 21,853 1,937 -4,462 43~161 3,446 232,277 87,964 91,646 68 ,'949 42,065 1291274 49,683 29,178 246 8,972 7,251 10,950 9,071 17,367 9,953 1,341 14 249 1,889 31 3,496 35 4o8, 397, 183,121 988,950 92,015 5,94o 10 10 243,237 105,345 101,848 70,290 42,352 141,742 56,934 4o ,163 62,156 50,378 107,416 1,086,915 721 9,101 2,617 2,647 8., 715 1,031 1,624 4,965 1,946 2,687 12,715 53,203 150,256 62,415 1,136 639 432,~33 1,445~088408,867 72,933 58,141 324 423 28 100 65 24,394 90,164 36 ,o4o 18,204 37,730 20 t 758 4o,574 4gB 146 1,834 625 773 2,659 3,872 193 674,936 13,031 500,634 207,789 220,196 811,245193,719 131,665 198,547114,731 428,047 5,092,961 w. 3~~ ~'·~~ 19,908 5,491 31,933 30,110 35,326 ·49,652 26 7,781 16,641 50,704 48,598 98,231 11,360 1,780 9,185 92 --- ------ - ---~- Released for p~blication Friday morning, July 20~ 1923; not earlier. RESOURCES .AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY fg, St.3612c 1923. L I AB I L I T I E S (In thousands of dollars) Federal Reserve Bank of Capital paid in Surplus Depvsits: Governrrent Member B~~k - reserve account Other deposits Total deposits F.R.notes in actual circulation F. R. B~~ notes in circulation net liability · Deferred availability items All other liabilities TOTAL LIABILITIES Boston New York Phil a. 4,418 15,216 8,942 30.398 4,q51 9,665 3,549 7,473 Total Kans . C'f. .Dallas San Fran. 4,587 9,488 4,195 7,808' 7,496 15,263 109,714 218,369 34,432 7,781 1,837 3, 74o . 1,126 1,686 4, 599 3,327 1,948 2, 706 2,084 2.239 697.983 117,981 162,426 58,124- 52,950 281,238 66,648 45,911 79,833 44,996 146,243 1,883,64-4 666 24,445 223 4,189 216 109 1,468 712 14,458 540 1,183 399 720,222 120,358 167,349 59,466 54,745 287,305 ·70,687 48,258 83,205 47,303 152,671 1,942,521 513,330 205,324 232,461 78,124 134,057 404,928 73,244 56,194 61,297 30,702 210,244 2,216,994 14 452 1,~6 830 59,290 118~869 53.372 63,741 52,278 17,130 70,775 34,153 15,030 39,033 22,580 4o,316 586,567 923 2,003 1,745 17,500 72J.I. ~6o2 1,292 1,411 923 904 1, 793 1,019 1,161 432,433 1,445,088 4o8,867 500,634 207,789 220,196 811,245 193,719 131,665 198,547 114,731 428,047 5,092,961 Ratio of total reserves to deposit and F. R. note liabilities combined, per cent 81.4 Contingent liability on bills · purchased for foreign correspondents Atlanta Chicago St.LOUis Minn. Rich. 29,265 9,772 12,177 5, 710 59,800 18,749 23,~5 1;1,288 8,066 16,312 1,359 129,311 282 130,952 217,089 Cleve. 72.1 z- 11,886 3,151 54.0 11·1 3,957 64.8 1,905 1,502 5,093 1,612 64.5 61.1 1,246 45.8 1,576 2,6ol FEDERAL RESERVE NOTES OUTSTANDING .AND IN ACTUAL CIRCULATION F. R. notes outstanding F. R. notes held by bankS 241,764 F. 217,089 R. notes in actual circulation 24~675 751,881 247,372 26o,779 85,964 140,340 46o,684 91,113 61,560 70,6o7 33,785 256,o6o 2, 701,909 238,551 42,048 28,318 7,84o 6,283 55,756 17,869 5,366 9,310 3,083 45,816 484,915 513,330 205,324 232,461 78,124 134,057 404,928 73,244 56,194 61,297 30,702 210,244 2,216,994 DISTRIBUTION OF BILLS, Within 15 days Bills discounted Bills bought in open market u. S. Certificates of indebtedness MUnicipal warrants 529,156 62,631 2,023 16 to 30 days 59,201 29,127 27 U~ S. CERTIFICATES OF INDEBTEDNESS AND MUNICIPAL WARRANTS BY llf.!ATURITIES 31 to Go days 61 to 90 days 90,4oo 33,624 2,4oo 85,548 54,868 · w. --~------------~~--- --~---- From 91 days to 6 months 41,392 2,871. 769 10 Over 6 months 132 721 Total 805,829 183,121 5,940 10 ·.Released for publication Friday morning, July 20, 1923; not earlier. St.3612d FEDERAL RESERVE AGENTS' .ACCOUNTS AT CLOSE OF BUSINESS, JULY 18, 1923. (In thousands of dollars) Federal Reserve Agant at Boston New York Phila. Cleve. Bich. Atlanta Chicago St.Louis Minn. Kansas Cy. Dallas San Fran. Total RESOURCES Federal Reserve•llOtes on hand Federal Reserve notes outstanding Collateral security for Federal Reserve notes outstanding: Gold and gold certificates Gold redewption fund Gold fund - F. R. Board Eligible paper Amount required Excess amount held 'IDTAL 93,850 241,764 313,260 48,200 29.620 26,050 76,730 751,881 247,372 26o,779 85,964 14o,34o 115,500 25,04o 11,860 29.913 46o,684 91,113 61,560 70,6o7 21,809 71,300 863,132 33,785 256,060 2,701,909 35.300 19,627 128,000 235,531 7,000 8,805 2,4oo 30,375 12,076 10,986 2,64o 7,651 371,000 152,889 185,000 27,795 101,000 11,880 13,052 11,005 2,828 1,078 3,103 371,644 37,000 22,000 26,36o 320,429 6,461 1,869 20,374 123,612 4,000 181,4o2 1,608,090 58,837 114,975 75 ,4o7 55,988 55.529 29,289 92,684 1,285 34,798 11,525 12,689 ··1,54~ 78,035 39 ,4o5 25,430 41,144 21,455 51,135 10,278 3,230 9,555 27,073 54,284 43,024 649,778 298,820 578,922 1,909.706 544,229 585,976 209,503 370,099 1,088,003 217,544 138,210 180,682 116,452 626,444 6,565.770 LIABILITIES Net amount of Federal Reserve notes receivad from Comptroller of the Currency 335.614 1,065,.141 295.572 290,399 112,014 217,070 576,184 116,153 73,420 100,520 55.594 327,360 3.565,041 Collateral received from Federal Reserve Bank: Gold Eligible paper 182,927 6o,381 382,649 129,170 12,330 201,776 2,052,131 48,528 97.308 948,598 TOTAL 636,906 171,965 204,791 207,659 76,692 90,786 30,435 111,051 67,054 41,978 51,708 49,683 36,130 29,463 28,660 50,699 578,9221,909.706 544,229 585,976 209,503 370,099 1,088,003 217,544 133,2!.::" 180,662 116,452 626,444 6,565,770
@FedFRASER