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S t . 1311 Released, f o r p u b l i c a t i o n F e d e r a l Rec.er"& Board Sunday looming, J u l y 25, 1$20 J u l y 24, 1320. not e a r l i e r . CONDITION OF FEDERAL RESERVE BANKS. Moderate r e d u c t i o n s i n a l l c l a s s e s of e a r n i n g a s s e t s , t o g e t h e r v/it-a a d e c l i n e of 17.7 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 g a i n of about 15 m i l l i o n s i n cash r e s e r v e s , l a r g e l y gold, axe i n d i c a t e d i n tne F e d e r a l Reserve Board 1 s weekly bank s t a t e m e n t i s s u e d as a t c l o s e of b u s i n e s s on J u l y 23 > x 920 • Net d e p o s i t s remained p r a c t i c a l l y unchanged. The b a n k s ' r e s e r v e r a t i o shows a f u r t h e r r i s e from U3-9 to 4 4 . 4 p e r c e n t . H o l d i n g s of p a p e r s e c u r e d by U n i t e d S t a t e s war o b l i g a t i o n s show a r e d u c t i o n of 8 . 9 M i l l i o n s , o t h e r d i s c o u n t s on hand f e l l o f f holdings declined 2-9 m i l l i o n s . 11.4 m i l l i o n s , w h i l e a c c e p t a n c e Holdings of T r e a s u r y c e r t i f i c a t e s , f o l l o w i n g t h e r e d e m p t i o n by the Government of s p e c i a l temporary c e r t i f i c a t e s h e l d by the Reserve Banks, show a d e c r e a s e of 6 . 2 m i l l i o n s . t h e changes j u s t n o t e d , T o t a l e a r n i n g a s s e t s , i n consecjuonce of show a r e d u c t i o n f o r the week of 2 $ , 4 m i l l i o n s . Of the t o t a l of 1 , 2 4 7 . 4 m i l l i o n s of l o a n s s e c u r e d by Government war o b l i g a t i o n s , h e l d by the F e d e r a l Reserve 2ahlcs, 600*5 m i l l i o n s , or 4 5 . 2 p e r c e n t , were s e c u r e d by L i b e r t y Boands, 297-2 m i l l i o n s , or 23-S p e r c e n t , by V i c t o r y n o t e s , and 3 ^ 9 - 7 m i l l i o n s , or 28 p e r c e n t , by T r e a s u r y c e r t i f i c a t e s , a s a g a i n s t 4 7 . 4 , 2 4 , 2 and 28.4 p e r c e n t of a c o r r e s p o n d i n g t o t a l of 1 , 2 5 6 . 3 m i l l i o n s r e p o r t e d t n e week b e f o r e . D i s c o u n t e d p a p e r h e l d by t h e Boston, New York and Cleveland Reserve banks i s i n c l u s i v e of 123*3 m i l l i o n s of paper d i s c o u n t e d f o r s i x Reserve banks i n the South and Middle West, w h i l e bank a c c e p t a n c e s h e l d by the Boston, P h i l a d e l p h i a Cleveland and San F r a n c i s c o R e s e r v e banks comprise 4 2 . 5 m i l l i o n s of b i l l s p u r chased from t h e New York and Chicago b a n k s . 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 t h a n the week b e f o r e ; government d e p o s i t s showing a d e c r e a s e of 0 . 3 m i l l i o n , members' r e s e r v e d e p o s i t s - a r e d u c t i o n of 4 2 . 9 m i l l i o n s and o t h e r d e p o s i t s , i n c l u d i n g ' non-members 1 c l e a r i n g a c c o u n t s and f o r e i g n government c r e d i t s - a r e d u c t i o n of 1-6 m i l l i o n s . These r e d u c t i o n s a r e , however, l a r g e l y o f f s e t oy a d e c r e a s e of 43.6 m i l l i o n s i n t h e amount of t h e " f l o a t " c a r r i e d by the Reserve b a n k s , w i t h t h e 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 a r e o n l y 1 . 2 m i l l i o n s l e s s t h a n t h e week b e f o r e . With the e x c e p t i o n of Chicago and Kansas C i t y , a l l F e d e r a l Reserve Banks r e p o r t f u r t h e r r e d u c t 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 , d u c t i o n f o r t h e week b e i n g 17-7 m i l l i o n s « the t o t a l r e - F e d e r a l Reserve bank n o t e s i n c i r c u l a - t i o n show an i n c r e a s e d u r i n 0 the same p e r i o d of 0 «7 m i l l i o n . Gold h o l d i n g s of t h e Reserve banks show a g a i n f o r the week of 1 2 . 9 m i l l i o n s and o t h e r c a s h r e s e r v e s , l a r g e l y s i l v e r - a g a i n of 3 - 1 m i l l i o n s . An i n c r e a s e of $275,000 i n the p a i d - i n c a p i t a l of t ^ e Reserve banks i s due l a r g e l y to i n c r e a s e s i n c a p i t a l and http://fraser.stlouisfed.org/ s u r p l u s of Federal Reserve Bank of St. Louis member banks, c h i e f l y i n the Chicago d i s t r i c t . r.ily 25, 1920; n o t e a r l i e r . R e l e a s e d f o r p u b l i c a t i o n S u i d a y morn: STAEIiEHT 0 ? COMBINED RESOURCES AHD LIABILITIES OF Til FEDEEAL RESERVE BASICS. J u l y 16,1920 J u l y 25, 1920 R E S O U R C E S $165,767,000 $180,529,000 Gold and g o l d c e r t i f i c a t e s 393,905,000 357,345,000 Gold s e t t l e m e n t f u n d - IP. R . Board 111,531,000 111,511,000 Gold w i t h f o r e i g n a g e n c i e s 674,203,000 679,405,000 T o t a l g o l d h e l d by banks 1,152,575,000 Gold w i t h F e d e r a l R e s e r v e A g e n t s 1,160,215,000 l44,343,000 Gold r e d e m p t i o n f u n d 143.651.oco $1,971,421,000 T o t a l gold r e s e r v e s $1,983,271,000 147.626.000 Legal t e n d e r n o t e s , s i l v e r , e t c • 150.741,000 2,119,047,000 Total reserves , .... ,. 2,134,012,000 1,25^255,000 1,247,371,000 Bills discounted ( H i t h e r 7 G o T 3 m m 5 n t w a r ° ^ i g a t i c n s 1,222,536,000 S i l l s b o u g h t i n open m a r k e t 353.543,000 2,546,619,000 T o t a l b i l l s on hand 2,523,450,000 26,791,000 26,791,000 U. S . Government bonds / 69,000 6s,coo U. S . V i c t o r y n o t e s 294.152.000 2s7.q09.000 U. S . C e r t i f i c a t e s of i n d e b t e d n e s s 3,167,661,000 3,135,215,000 Total earning assets 14,054,000 14,243,000 Bank p r e m i s e s 590,554,000 U n c o l l e c t e d i t e m s and o t h e r d e d u c t i o n s f r o m g r o s s d e p o s i t s 772,333,000 12,400,000 5$ Redemption f u n d a g a i n s t F . R. Bank n o t e s 12,742,000 4.271.000 All other resources 3.576,000 6,205,017,000 TOTAL RESOURCES 6,075,124,000 L I A B I L I T I E S 94,730,000 Capital paid-in 95,005,000 164,745,000 Surplus 164,745,000 ?7i11,700,000 Government d e p o s i t s 11,280,000 1,567,425,000 Due t o members - R e s e r v e a c c o u n t 1,825,564,000 647,752,000 Deferred a v a i l a b i l i t y items 572,109,000 50.585.000 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 *19 *024", COO 2,577,495,000 Total gross deposits 2,457,977,000 3,135,893,000 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 3,1.15,205,000 159,375,000 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 190,067,000 45.779.000 All other l i a b i l i t i e s 4q,122,coo 6 , 2 0 5,017,000 TOTAL LIABILITIES 6,075,124,000 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 43.9$ l i a b i l i t i e s combined 44.*$ R a t i o of g o l d r e s e r v e s t o 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 45.7$ s e t t i n g aside 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 49.5$ Mitiggg S t . 1311a J u l y 25, 1919 $270,601,000 591, 532 S62J33 1,105,051 124,967 2,095,151 65,272 3k 2,243,155 27,056 256 212,025 2,482,558 11,784 690,495 10,613 i,598 5,366,371 53,317 81,087 116,038 1,718,396 535,178 117,444 2,457,056 2,504,497 193,849 16.565 5,366,371 50.2$ 61. 4> ^ R e l e a s e d f o r p u b l i c a t i o n Sund'ay m o r n i n g , J u l y 25, 1920; n o t e a r l i e r . St . 1 3 l i b RESOURCES Aim LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 23, 1 9 2 0 . ... R E S O U R C E S _ ( i n t h o u s a n d s of d o l l a r s ) x >• >" F e d e r a l R e s e r v e Bank o f B o s t o n Hew York P h i l a - C l e v e l . Richm. A t l a n t a Chicago S t . L o u i s M i n n . K a n s . Cy • D a l l a s San F r a n . Total Cold and g o l d c e r t i f i c a t e s 11,76c 89,113 1 , 1 6 6 10,227 2,454 7,669 2 4 , 3 9 6 3 , 3 0 1 7 , 2 3 8 533 5,472 17,200 160,529 Gold s e t t l e m e n t f u n d - F . R . Board 49,651 50,38% 3 6 , 6 1 2 7 3 , 3 9 5 1 7 , 3 0 1 5.808 68,271 12,476 5.956 23,811 7,317 36,366 387,345 Gold w i t h f o r e i g n a g e n c i e s 8,142 40,932 8,922 9,146 5,465 4,015 13,272 5,242 3,®11 5>353 2,900 5.131 111,531 T o t a l g o l d h e l d by b a n k s 69,553 1 8 0 , 4 2 6 4 6 , 7 0 0 9 2 , 7 6 8 25,220 17,492 105,939 21,01916,205 2 9 , 6 9 7 1 5 , 6 8 9 5 8 , 6 9 ? 679,405 Gold w i t h F , R . A g e n t s 128,670 2 8 0 , 2 2 2 1 0 7 , 6 7 2 1 5 0 , 5 3 9 3 9 , 2 1 5 4 g , 2 6 l l 6 0 , 6 7 0 4 4 , 7 4 4 31,691 36,694 2 8 , 4 8 8 103,349 1,160,215 Gold r e d e m p t i o n f u n d 16,9% 35,9%1_ 1 0 , 3 3 1 2,ill 8,131 7 , 8 2 4 38,608 5,565 75 ,3,573 3,755 9,993 1^3,651 Total gold reserves 215,171 4 ^ 7 5 1 9 1 6 4 , 7 0 3 2 4 6 , 1 8 4 72,566 7 3 , 5 7 7 305, 217 7 1 , 3 2 8 4 7 , 9 7 1 6 9 , 9 6 4 47,932 172,039 1 , 9 8 3 , 2 7 1 Legal tender notes, s i l v e r , e t c . 7,364 119,015 256 1,857 • 69 1,839 8,693 7,444 172 1,833 l,24l 958 150,741 Total reserves 222,535 6 1 5 , 6 3 4 1 5 4 , 9 5 9 2 4 8 , 0 4 1 7 2 , 6 3 5 7 5 , 4 l 6 313,910 7 8 , 7 7 2 4 8 , 1 4 3 7 1 , 7 9 7 4 9 , 1 7 3 1 7 2 , 9 9 7 2,134,012 B l S e c - a ^ e d C b y " ^ t H obligations All other B i l l s b o u g h t i n open m a r k e t (b) T o t a l b i l l s on hand U . S - Government bonds U. S . V i c t o r y n o t e s 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 Total earning assets Bank p r e m i s e s ' U n c o l l e c t e d i t e m s and o t h e r d o d u c t i o n s from gross d e p o s i t s 5/j Redemption f u n d a g a i n s t F . R . Banknotes All other resources TOTAL RESOURCES (a) Includes b i l l s d i s c o u n t e d f o r o t h e r F . E . Banks, v i z : (b) I n c l u d e s b a n k e r s ' a c c e p t a n c e s bought f r a n o t h e r F . R» B a n k s : Without t h e i r endorsement 78,845 65,883 529,833 139,845 297,5% 35,200 1^1,003 11,510 31,621 176,34$ 968,380 186,555 557 1,457 1,386 5 50 2b,l4g 75,312 35,302 203,059 1,045,199 223,243 1,516 3,783 619 61,767 l61,585 69,113 1,072 280 3,085 1,300 562 310 490,229 1 , 8 2 9 , 8 4 8 4 5 9 , 5 4 4 85,234 / 41,427 53,742 71,079 60,282 60,933 5^,600 5,220 3*702 2 1 2 , 9 1 3 106,929 1 1 8 , 3 7 7 833 1,233 114 10 2 2 3 , 3 2 2 1 2 , 2 6 0 15,665 237,078 120,422 134,158 1,156 1,052 601 10,727 4 4 , 8 6 1 15,905 4 6 , 0 0 5 1,247,371 67,375 63,817 56,112 94,438 1,222,536 155,949 40,998 2 | 2 , 9 l 4 66,959 4C,%82 2,800 483,645 110,757 4,477 1,153 39,717 17,372 527,839 129,282 866 2,118 , , 100,bl4 3 9 ,. 8 3 2 by2Sl 82,363 3*070 111,748 620 72,637 52>35^ 353* 5^3 192,797 2 , 8 2 3 , 4 5 0 H6 8,867 3 , 9 6 6 2,632 26,791 1 ~ 68 8,4g4 12,884 8,303 13,l40 287,909 9 00,,99603 1 3 3 , 5 0 0 8 4 , 9 0 6 2 0 8 , 5 6 9 3 , 1 3 8 , 2 1 8 762 566 566 972 232 14,24-3 , , ,, > , , •*_ 8,084 41,487 39,510 223,4l6 3 , 4 l 6 6bS,0&4 7 9 , 9 5 2 60,066 26,907 772,3$3 . . . . , 916 545 871 451 488 2,240 916 • 586 665 12,742 523 245 97 309 *528 97 •HI 523 156 358 3,576 567,626 254,723 237,681 9 4 7 , 2 4 4 2 4 9 , 5 8 4 163,730 2 7 5 , 3 0 4 177,280 422,331 6 , 0 7 5 , 1 2 4 3 6 , 3 9 , 3 8 5 4,351 ~ ' ' 10,01.4 47,333 - - 10,001 - - - ~ - ~ • I n c l u d e s Government o v e r d r a f t of $ 4 0 2 , 0 0 0 . ~ - ~ , 18,086 <&/ 123,3^ . , 42,452 R e l e a s e d , f o r pufcl i c a t i o n Sunday morz-n •-'wu.y 25, l y 2 0 ; n o t e a r l i e r . BESOURCES AMD LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY ( 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 B o s t o n New York F e d e r a l R e s e r v e Bank Phi l a . C l e v e l . i i i c h m . A t l a n t a C h i c a g o S t . L o u i s 24,677 Capital p a i d - i n 8 , 3 4 0 10,162 7,532 4,876 3 , 8 4 l 13,490 4,266 1 2 , 3 5 1 • 51,30s 13,069 13,712 Surplus 8,067 7 , 0 5 0 2 3 , 9 1 7 5 , 8 8 4 ,-'876 665 Government d e p o s i t s /»** -52S929 1,776 1,199 593 122,033 713,737 106,333 143,763 5 9 , 0 7 9 50,388 Due t o members - r e s e r v e a c c o u n t 50,388 257,771 64,650 47,230 1 0 9 , 4 8 7 5 3 , 9 6 9 61,537 44,600 2 3 , 0 9 0 69,277 36,186 Deferred a v a i l a b i l i t y items Other deposits, including f o r e i g n 2,164 21,316 2,880 2,324 government c r e d i t s 2^69 1,063 * , k 5 l 1 , 5 3 9 172,303 Total gross deposits 845,205 163,775 207,624 106,276 75,^70 333,275 103,574 282,284 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 84t>,836 253,106 316,021 124,130 1 3 8 , 6 4 1 5 3 7 , 7 1 9 1 2 5 , 8 3 5 F . R , Bank n o t e s i n c i r c u l a t i o n 3 6 , 0 4 5 19,212 17,806 10,202 1 1 , 3 5 2 3 2 , 7 9 9 13,709 net l i a b i l i t y 8,531 2,042 2,050 25,777 6,044 All other l i a b i l i t i e s 2,301 1,494 •1,172 1,327 TOTAL LIABILITIES 4 ?i_ i n n . Xans-Cy* D a l l a s S a n F r a n . 3,294 4,314 3,821 6,395 5,178 8,395 4 , 1 5 2 11,662 1,364 84o 2,136 , 374 4 9 , 0 4 2 86,583 5 M 1 2 1 1 7 , 7 7 3 18,633 56,679 24,810 26,611 40-2 47.4 55.9 11, i 1,825,564 572,109 894 1,616 939 7,769 4&eg%68,943 146,242 81,001 154,289 2 , 4 5 7 , 9 7 7 7 7 , 2 6 8 9 9 , 6 2 1 79,864 236,880 3,118,205 42.6 40.3 40.7 7,701 1,3^6 14,917 1,815 7,059 1,383 41.6 39-2 4o.4 4i.2 31,177 12,499 18,861 22,339" 752 432 768 4l6 10,734 2,371 49.2 44.4 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 with o t h e r F . R-. Banks 2-y Ml 0 1,168 6,089 1,280 1,312 22,776 15,650 784 576 1,904 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION 985,870 267,280 332,177 130,585 143,376 589,865 144,528 78,617 105,501 1 3 9 , 0 3 4 14,174 16,156 6,455 4 , 7 3 5 52,146 1 8 , 6 9 3 1,349 5,880 846,836 253,10b 316,021 124,130 138,641 537,719 125,835 77,268 99,621 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 b a n k s F.R. notes i n a c t u a l c i r c u l a t i o n 294,857 12,573 282,284 Bills discounted B i l l s b o u g h t i n open m a r k e t 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 DISTRIBUTION OF BILLS AND U. S . CERTIFICATES OF INDEBTEDNESS BY MATURITIES 31 t o 60 d a y s 6 l t o 90 d a y s Over 90 d a y s Total W i t h i n 15 d a y s 16 t o 30 days 240,829 416,780 316,347 73,817 2,469,907 1,422,134 88,680 138,714 28,972 353,543 97,177 23,680 43,945 175,375 287,909 31,136 13,773 Total 95,002 164,74c 190,067 49,122 490,229 1,829,84s 459,544 567,626 254,723 237,681 947,244 249,584 163,730 275,304 177,280 422,331 6,075,124 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 s a n d F.R-note l i a b i l i t i e s combined,per cent 56.7 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 correspondents St. l j l l c 23, 1920. 123, 736 16,217 84,057 277,473 3,434,186 4,193 40,593 315,981 79,864 236,880 3,118,205 R e l e a s e d f o r p u b l i c a t i o n S u n d a y m o r n i n g , J u l y 25, 1920; n o t e a r l i e r . r | FEDERAL RESERVE AGENTS1 ACCOUNTS AT CLOSE OF BUSINESS JULY 2 ] , ' 1920. St . 1 3 1 1 4 . ( I n thousands of d o l l a r s ) F e d e r a l R e s e r v e Agent a t I R E S O U R C E S F e d e r a l R e s e r v e n o t e s on hand JFederal Reserve n o t e s outstanding p o H 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 a n d g o l d c e r t i f i c a t e s Gold r e d e m p t i o n f u n d Gold s e t t l e m e n t f u n d - F . R . B o a r d Eligible paperjtoount r e q u i r e d E x c e s s amount h e l d TOTAL •r L I A B I L I T I E S ' Federal Reserve notes received 1." frcxa C o m p t r o l l e r - g r o s s ! Less amounts r e t u r n e d f o r destruction N e t amount o f F e d e r a l R e s e r v e n o t e s r e c e i v e d f r o m Compt r o l l e r of the Currency C o l l a t e r a l r e c e i v e d frcm F e d e r a l R e s e r v e Bank: - Gold - E l i g i b l e paper TOTAL Boston New York Phila- Clevel. 48,200 29M57 135,000 28JS0 28, %50 985,870 267,280 3 3 2 , 1 7 7 900 20,770 107,000 196,608 R i c t m . A t l a n t a Chicago S t . L o u i s M i n n . K a n s . C y - D a l l a s San E r a n . 2 8 , 8 6 3 67,725 130,585 143,376 75,780 13,080 8 , 2 5 5 6,650 539,865 144,528 78,617 105,501 12,350 3,100 456,233 84,057 277,473 3,434,186 2,500 2,715 2,761 73,000 91,389 100,000 36,500 43,000 3,810 13,052 8,526 3,303 1,539 2,834 152,144 37,631 17,100 33,860 10,331 5,423 12,734 10,614 - 16,283 32,025 18/514 166,187 705,648 159,608 181,638 91,370 95,115 429,195 99,784 46,926 68,807 5 5 , 5 6 9 228.566 906 29.203 12.685 23.256 54.372 10,926 24.585 42.914 17.068 648,076 2,335,306 5 ^ 4 , 2 4 6 722,007 302,718 3 7 7 , 7 3 3 1,309,882 313,062 190,074 260,566 197,532 10,162 611,700 2,233,480 605,880 618,920 341,500 355,420 1,089,200 337,880 166,580 234,280 268.643 1.112.610 343,057 1,120,870 296,060 360,627 128,670 176.349 Total 309.820 258,293 182.052 144.319 159,448 211,101 280,222 107,672 150,539 39,215 48,261 9 3 4 . 2 1 4 160.514 2 1 0 . 8 4 1 1 0 4 . 0 5 5 1 1 8 . 3 7 1 648,076 2,335,306 564,246 722,007 302,718 3 77,733 423.555 180.272 l4,4is 88,931 259,226 107,700 793,289 174,124 2,273,971 8.396 463.039 566,442 7,787,644 170^980 4 7 5 , 5 2 0 7 , 2 4 i , 3 4 o 79.708 122.129 74,573 194,947 3,350,921 665,645 157,60s 86,872 112,151 96,407 280,573 3,890,419 160,670 44,744 31,691 36,694 28,488 103,349 1,160,215 72.637 182.520 2.737.010 483.567 110.710 71.511 111.721 1,309,882 313,062 190,074 260,566 197,532 566,442 7,787,644
@FedFRASER