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STATElvJFNT FOR THE PRESS
St. 3621
Fedaral Reserve Board 1
July 26, 1923.
Released for publication
Friday morning, July 27;
not earlier.
CONDITION OF FEDERAL RESERVE BAl~S
Continued liquidation of discounted bills to the ~nount of $45,300,00~ of
$6 200,000 in acceptances purchased in open market, and of $1,700,000 in Government
se~rity holdings, is shown in the Federal Heserve .Soard's weel:ly consolidated oank
statement issued as at close of business on July 25, 1923~ Deposit liabilities declined by $45,900,000 and Federal reserve note circulation by $22,100,000, the latter
item reaching the lowest fi-"":Ure reported/since Aup;ust 30, 1922. To-tal cash reservas
increased b,y $16,6oo,ooo, and the reserve ratio rose from 76.5 to 73.2 per cant.
Seven of the Federal reserve banks report smaller holdin,;s cf discounted bills,
the decline in· the case of the New York and Cleveland bankS being the greatest and
amounting to $18,300 1 000 and $14,900,000, respectively.
The banks at 3oston,
Ric.hmond, A..t.l:a.nt.~ Dallas and San Francisco show somewhat larger holdings of discounted bills, the total increase for these banks being $8,500,000 •
Total gold raserv~s increased by $13,800,000, the Federal Rese~re Ban~ of
Cleveland alone showing a net addition of $18, 700)000 to its gold reser'res, while six
other banks report net increases ag§;regating $23,900,000, ref13cting primadly the
receipt of gold from other districts through the Gold Settl.::ment Fund. These increases were partly offset by a decline of $18,100,000 reported by New York and
$10, 700,000 by the four remaining banks. In the case of tha New York Bar..k the decline in gold reserves is due to a considerable loss in its vault holdin3s of gold
and gold certificates as well as to the reduction of its balance in the Gold Settlement FUnd. All the Federal reserve banks except Cleveland, Atlanta, Minneapolis,
and San Francisco show increases in holdings of other reserve cash, the net increase
for all banks amounting to $2,800,000. All Federal reserve banks report a smallor
circulation of Federal resarve notes except Dallas which shows an increase of
$300,000,
I
.
Holdings of paper secured by Government oblL;atians continued to decrease, "
accounting for most of the decline in discounted oills, the total amount of tn~b
paper on July 25, being $364, 4oo,ooo, as co..lpared with $403,500 ,o:~·o a week earlier.
Of the total holdin:;s on July 25, $231,300,000, or 63.6 per cent, was secured by
U. s. bonds; $115,900,000, or 31.8 per cent, by Traasur~r notesj and $16,700,000, or
4.6 per cent, by certificates of indebtedness, compared with $259 1 100 100'0,
$131,500,000, and $17,900,000, respectively, reportedUl,eweek 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:
Total reserves • • • • • •
Gold reserves , • •
t
.
..
...
' ,
'
Total earning assets
• • .
Discounted bills, total· • • • . • . , • ,
Secured by U. S, Government obligations
Other bills dis counted , , .
I
0
I
Pu~chased bills • • • , .
•
•
•
•
•
•. -
• , • •
Total deposits • • ; • • • •
. • • , • • • ,
Members' reserve deposits •• , •
Government deposits •
• •
Other deposits • • • •
Federal Reserve notes in circulation
c.
•
•
•
•.
•
•
..
F. R. Bank notes in circulation net liability .. • , • • • • • • , • • . • •. •
16.6
13.3
+
+
53·2
24g.2
1.2
6.2
+
20.7
44.1
1.7
+
+
7·0
. 5.3
...
45.9
44.4
+
+
.4
1.9
22.1
+
1815
59·0
43.2
380.6
+
+
+
45.3
..
... . ..
•
+
+
.. ... '
..
United States securities, total • • •
Bonds and notes • , , .
U. s. Certificates of indebtedness
1
Increase
or
Decrease
In millions of dollars
since
July 18. 192} July 26, 1g22
·3
+
l3l.4
444.5
116.6
327 ·9
8.4
24.0
11.7
3·9
68 .. 1
62.0
f
Released for puhlic9.tion Frida;r mcrnir1g, July 27, 1923; not earlier.
RESOURCES .AND LIABILITIES
O'F THE TWELVE FEDERAL P.ESERVE BAl-teS COMBINED
(In thousands of dollar~)
July 25, 192~
July 18, 1921
July 26, 1922
RESOURCES
Gold and gold certificates • , . , .
Gold settlement fund - F. R. Board .
....
I.
I
'
St. 3621a
I ·'
Total gold held by b~s ,
Gold with Federal Reserve Agents
Gold redemption fund , • • ,
gold reserves ,
Reserves·other than gpld
Other bills discounted • , . .
,
Bills bOught in open market , , . • . .
. , . . • . .
s. bonds
s.
994.~6?
99'1, 538
2,052,131
815,768
2,197,645
41,118
__2_210'.)1
3 ,099,120
g3,702
86,45l+
. .
U,
317,459
498,309
3,113,55&:
Total reserves
,
'
NOn-reserve cash'. , . .
Bills disco1.mtedt
Sec, by U, s. Government obligations • •
U,
341,804
653.784
2,058,2!tG
60,539
To~a.l
Total bills on hand
332,289
662.~?7
and notes . , , . . .
Certificates of indebtedness•.
3,054,531
126,967
),181,498
3,183,42~
3,200,005
74,02:5
81,261
*
.:Joe:.
364,413
396,126
176,864
937,403
85,016
li, 268
4o8,~ - ,
397,363- ~_;)c
183,121
988,950
92,015
5,94o
10
115,238
264,743
156,133
536,119
201,624
339,175
MUnicipal warrants • , . . ,
10
Total earning assets .•
Bank premises • • . , • •
5~ Redemption fund against
F, R. Bank notes , , • ,
UnoolleC~t ed i terns • •
All other resources •
'
1,033,697
53,3C9
1,086,915
53,203
1,076_,927
42,494
193
573.,566
._!2,967
4, 952,76t
193
674,936
13,031
5,092,961
7,527
537,333
16,805
4,863,134
109,629
218,369
1091714
218,369
105,198
215,393
34,734
34,432
1,883,644
24,445
,
..
...
.
TOTAL RESOURCES
9
L I A B I L I T-. I E S
Cani tal paid in , • ,
Surplus : • •
De10osi ts!
t
• . , • . . • , ,
'
..
..
Government . . , . , • , , .
Member batik • reserve account •.
Other deposi-ts
. ,
, .. , .... ,
Total dgposits •
F, R. notes in ac.tual circulation
...
F. R. Bank notes in circulation -
. net liability • . • • , . . .
• . ,
:Deferred availability items . •
. .•
J.11 other liabilities , . . .
. .
TOTAL LIABILITIES • , • •
.
567
2,194,871
1,942,521
2,216,994
46,455
1,815,273
26,381
1,838,114
2,126,809
l.b08
17,951
1,296
586,567
17,500
63,622
442,713
21,280
4,952,762'
5,092,961
4,363,134
1, S39 ,262
22,521
1 ,896,
513,1::~
Ratio of total reserves to deposit and
F. R, note lia.bili ties C'.Ombined . •
78 .2';~
Contingent liability on bills purchased
for foreign corresnondents . , . , · . ,
34,944
79.2%
c)-
*Nbt sho~n separately prior to January-1923.
c.
76. 5~
35,84~
25,867
~~··
'•
r"f Rdlaa.Sed for publication
rk
~riday morning, July 27, .1923; not earlier.
RESOURCES .AND LIASILITIES OJT THE FEDERAL RESERVE 3ANTCS AT CLOSE OF' 3USINESS, JULY
[
St.
25, 1923.
362lb
(In thousands of dollars)
I1
Federal Resarve Bank of
Gold and gold certificates
Gold settlement fund - F. B. Board
Total gold held by banks
Gold with F. R. Agents
· Gold redemption fund.
Total gold reserves
Rese~es
other than gold
· Total reserves
Non-reserve cash
Bills d_iscounted =
Secured by U-S.Govt. obligations.
Other bills discounted
Bills bought in open market
Total bills on hand
U. S. bands and notes
U. S. Certificates of indebtedness
RESOURCES
Boston New York Phil a. .Clave. Rich. Atlanta Chicago
17,031 156,501
')6.249 119.206
73,380 335,.707
190,282 636~805
11.258
10,689
274,351 983,770
27,428
5,545
279t896 1,011,198
8, 727
15,016
18,449
26,873
16,512
61,834
3,570
321
Wmnicipal warrants
..
Total earning assets
Bank premises
5%
Redemption fund against
F. R~ Bank notes
Uncollected items
All other resources
. TOTAL RESOURCES
c.
65,725
4434,
.
27,420
261 3g5
53,815
170,183
81510
232,508
7,955
240,463
3,890
14,172
99.62}
113,795
208,266
21624
324,685
4, 775
329,460
2, 674
10,246
30. 2'58
40,504
28,316
6.226
75,646
2,588
78,234
1,835
6,}84
18.690
25,074
109,798
2.889
137 '761
5,001
142,762
6, 752
51,266
110.24')
161,511
382,518
4,069
548,098
8,.264
556,362
7,826
33,025 29,795 7,118 31,254
21,835 37,803 33,670 46,149
26,643 1,881 4,640 45,575
81,503 69,479 45,428 122,978
193 7,194
9,953 1,341
1 ·2,834
249
10
219,475 100,141 91,705 70,820 45,632 133,006
721 9,110 2,617 2,674 8, 715
12,716
43,604
18,843
20,313
82, 76o
17,367
14
7,579
126,417
41,152
39,671
207,240
4,656
St.Louis
4,212
221615
26,887
50,969
4.291
82,247
13,773
96,020
6,627
Minn.
Kans.Cy Dallas San Fran.
Total
8,275 3, 286
23I~ ...2>±.JTI
31,,75 57,623
35,637 33,581
21055 2187:2
6:) ,2~ 94,077
780 3~354
70,o41 97,431
2,972 4, 746
12,079
5a682
17' 761
12,294
1a 399
31,454
4,924
36,378
3, 738
21,417 332,289
25. 111 662.'4JL
57 134 ~4,166
199,097 2,058,246
3.41)6
60 5}9
259,687 3,113,151
2,067
86,454
261,754 3,200,~
9,222
74,025
16,390 6, 791 13,100
29,683 22,154 30,968
26
3,111
49,184 28,945 44,094
7,251 11,081 11,445
6,158
37,432
2,627
46,217
1, 780
32,312
49,564
15,865
97,741
9,185
223
47
56,435 4o,249 55,586
1,039 1,624 4,965
J
1
364,413
396,126
176,864
937,4o3
85,016
11,"·268
10
.
47.99 7 106,926 1, 033,697
1,947 2,747
53,309
28
100
65
193
50,593 126,906 52,044 62,952 50,114 21,078 78,655 31,827 14, 763 33,131 19,035 37,168 578,566
• '?
482
601
318
262
152 1,841
2,649 3,854
417 -- --·- 468
12,967
1,311
.... '----- --- -------·· ------------416,076 1,380,333 397,521 496,)18 204,088 219,380 735,230 192,100 131,49§ 196,777 111,772 421,671 4,952.-~9,'
..:...
-·--
-·
---~---------------·---
·-
St.362lc
Released for publication Friday morning, July 27, 1923; not earlier.
BEOOURCES .AND LIABILITIES OF 'mE FEJERt.L RESERVE BANKS AT 'CLOSE OF BUSINESS JULY 25. 1923.
Federal Reserve Bank of
Capital paid in
Surplus
Deposits:
Government
Member Bank - reserve account
Other d epo sits
To tal deposits
F. R. notes in actual circulation
F.R. Bank notes. in circulationnet liability
Deferred availab:ili ty i tans
All other liabilities
l3oston New York PhilC:L.
8~073
16,312
858
125,056
293
126,207
216,489
48,256
739
LIABILITIES
(In thousands of cidlars)
Cleve.
Rich.. Atlanta Chicago St.Louis Minn.
29,266 9.772 12,168 5, 708
59,800 18,749 23,495 11,288
4,416 15,139
8,942 30,398
4,948
9,665
3.550
7,473
Total
Kans. Cy. Dallas San Fran.
4,587 . 4,202 7,800
9,488 7,496 15,263
109,629
218,369
34,784
9,227 2,109 3,924 2,634
965 2,252 3,380 2,092 3,148 1,433 2,762
661,780 114,756 165,534 59,697 53 ,848 269 '127 69,748 47.550 82,090 44,293 145,783 1,839,262
22,521
199 3,912
732
143 1,209
347
652
980
539
158
13,307
684,314 117,517 170,438 62,4S9 54,956 272,588 73.910 49,989 85,777 45,925 152,457 1,896,567
503,111 203,458 232,169 17,012 133.906 4o0,976 72,108 55,595 60,678 31,036 208,333 2,194,871
1,085
43
480
100,391 46,690 56,569 46~617 16,209 63,152 30,381 13,667 35,255 20,595 35.985
3,451 1,335 1,479
974
951 1,892 1,088 1,222
949 2,038 1,833
1,608
513,767
17,951
416,0761,380,333 397.521,496,318 204.088 2194380 785,230192,100 131,496 196,777111,772 421,671 4.952,7€2
TOTAL LIABILITIES
Ratio of total reserves to deposit
and F. R. note liabilities
73.2
72.6
66.5
82.6
66.3
56.1
74.9
75.6
combined, per cent
81. 7
Contingent liabi~ity on bills
purchased for foreign
correspondents
10,982
~51
3.957
1;905
1,502
5,093
1,612
1,246
1,576
1,319
34,944
2,6o1
FEDERAL RESERVE NOTES OUTSTi:.NDING AND IN ACTUAL CIRCULATION
F. R. notes outstanding
242,320
748,692 24o,291 257,254 85,185 139,328 457,1g1 90,373 61,209 69,924 34,488 253.381 2,680,126
F. R. notes held by banks
25,831
245,581 36,833 25J085 8,173 5,922 56,205 18,265 5,614 9,246 3,452 45,048
485,255
------------------------------------------------------------------~----------------~
F. R. notes in actual circulation 216,489
503,111 203,458 232,169 77,012 133,906 4oo,976 72,108 55,595 6~,678 31,036 208,333 2,194,871
DISTRIBUTION OF BILLS, U. S. CERTIFICATES OF INDEBTEDNESS AND MUNICIPAL v:ARRANTS BY MATURITIES
From 91 days
Total
to 6 months
Over 6 months
Within 15 days 16 to 30 days 31 to 60 days 61 to 90 days
129
760,539
S5,073
39,997
91,938
58,725
484,677
Bills discounted
176,864
2,278
55,535
38,337
27,600
53,114
Bills bought in open market
11,268
285
1,691
16
1,376
7,900
U. S. Certificates_ of indebtedness
10
10
MUnicipal warrants
I<
Rale~-ssd
for publication Friday morning, July
27~
1923; not earlier.
St.3621d
FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS, JULY 25, 1923.
(In thousands of dollars)
Federal Reserve Agent at
'Boston New York Phila.
Cl.eve.
Rich.
Atlanta Chicago
St. Louis Minn.. Kans.Cy. Dallas San Fran.
Total
RESOURCES
Federal Reserve notes on hand
Federal Reserve notes outstanding
Collateral security for Federal
Reserve notes outstanding!
Gold and gold certificates
Gold rederr~tion fund·
Gold fund - F. R Board
Eligible paper 1\mount required
Excess amount held
90,650
242,320
313,26o 54,4oo 33,120 25,210 75,990
748,692 24o,291 257,254 85,185 139,828
35.300
16,982
138,000
7,000 8.805
235.531
30,274 12~794 14,461
371,000 150,389 185,000
2,400
4,021
6,398
24,795 101,000
111,887
72.249
56,369
9,386
70.108 48,988
1,084 25,600
30.030
15.298
117,900
457,181
25,04o 11,720 29,913 20,569 71,300 869,072
90,373 61,209 69.924 34,488 253,381 2.680,126
11,880 13,052
10,874 3,089 1;585 2,221
371,644 }6,000 21,000 31,360
74,663
48,306
39,404 25,572
2,869
9,780
320,429
6,461
1,833 18,435 122,967
4,000 180;662 1,614,850
36,343 22,194 54,284
7, 744 23,942 42,493
621,880
268,547
TOTAL
L I AB I
L
I TI ES
Net amount of Federal Reserve
notes received from Comptroller of the Currency
332,970 1,061,952 294,691 290,374 110,395 215,818
Collateral received from
Federal Reserve Bank:
Gold
Eligible paper
190,282
61,834
TOTAL
w.
636,805 170,183 208,266
184,136 71,192 74,588
28,816 109,798
65,755 45,328
575,081 115,413
382,518
122;969
72,929
99,837 55,057 324,681 3.549,198
50,969 35,637 33.581 12,294 199,097 2,058,246
49,184 28,441 44,087 46,136 96,777 890,427
585,086 1,882,893 536,066 573,228 204,966 370.9441,080,568 215,566 137,007 17{ ,505 113,487 620,555 6,497,87\l
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