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STATEMENT IDE THE PRESS Released f o r p u b l i c a t i o n F r i d a y morning, July 28; not e a r l i e r . - . St,29-1. F e d e r a l Reserva ^ a . r _ , Jul y 2 < >Ljdd' CONDITION OF FEDERAL RESERVE BAMKS. Aggregate r e d u c t i o n s of $63,500,000 i n discounted b i l l s and of $1,100,000 i n United S t a t e s s e c u r i t i e s , a s a g a i n s t an i n c r e a s e of $7,200,000 i n a c c e p t a n c e s purchased i n open market, accompanied by a c o r responding d e c l i n e of *^00 .,000 i n d e p o s i t l i a b i l i t i e s ^ a r e shown in the F e d e r a l He serve B o a r d ' s weekly bank statement issued a s a t c l o s e of b u s i ness on J u l y 26, 19?-2. C-old r e s e r v e s show a f u r t h e r g a i n of $9 = 200,000 and t o t a l c a s h r e s e r v e s - a g a i n of $12,200,000, while F e d e r a l r e s e r v e n o t e c i r c u l a t i o n d e c l i n e d by $6,000,000.- The r e s e r v e r a t i o shows a r i s e f o r t h e week from 77-8 t o 79* 2 P e r c e n t . L i q u i d a t i o n of member bank borrowings f o r t h e week was h e a v i e s t i n t h e second d i s t r i c t , the New York r e s e r v e bank r e p o r t i n g a r e d u c t i o n of $63,000,000 i n i t s h o l d i n g s of d i s c o u n t e d b i l l s , b e s i d e s a r e d u c t i o n of $2,800,000 i n i t s h o l d i n g s of b i l l s purchased i n t h e open market. Cleveland r e p o r t s a r e d u c t i o n of $11,000,000 of d i s c o u n t e d p a p e r , a s a g a i n s t an i n c r e a s e of $6,400,000 i n purchased b i l l s , w h i l e s u b s t a n t i a l i n c r e a s e s i n d i s c o u n t e d paper a r e shown f o r t h e Boston, P h i l a d e l p h i a and San Francisco banks. Considerable s h i f t i n g of gold through the gold s e t t l e m e n t f u n d , b e s i d e s a c c e s s i o n s from w i t h o u t , accounts f o r t h e i n c r e a s e of $375900,000 i n the gold r e s e r v e s of t h e New York bank. Smaller i n c r e a s e s i n gold r e s e r v e s a g g r e g a t i n g over $7*000,000 a r e shown f o r the Cleveland, Richmond and St> Louis banks. The l a r g e s t d e c r e a s e i n gold r e s e r v e s , v i z . , by $13,900,000, i s r e p o r t e d by t h e P h i l a d e l p h i a bank, San Francisco w i t h a decrease of $6,500,000 and Chicago w i t h a d e c r e a s e of $5,200,000 being next i n o r d e r . Holdings of paper secured by Government o b l i g a t i o n s show a d e c l i n e from $176,300,000 to $115,200,000. Of t h e t o t a l held $93,200,000, or SO.9 p e r c e n t , we're secured by L i b e r t y and o t h e r U. S. bonds, $5,400,000, or 4 . 7 p e r c e n t , by V i c t o r y n o t e s , $12,400,000, or 10.7 p e r c e n t , - by Treasury n o t e s , and $4,300,000, or 3*7 p e r c e n t , - by Treasury c e r t i f i c a t e s , compared w i t h $118,100,000, $7,000,000, $40,700,000 and $10,500,000 r e p o r t e d the week b e f o r e . A summary of changes i n t h e p r i n c i p a l a s s e t and l i a b i l i t y items of the r e s e r v e banks, a s compared with a week and a year ago, f o l l o w s : Total r e s e r v e s Gold r e s e r v e s Increase or Decrease (Xn m i l l i o n s of d o l l a r s ) J u l y 15. 1922 J u l y 27. 1921 Inc. 496.2 Inc. 12.2 Inc. Inc. 523.3 9.2 Dec. Dec. Dec, Dec. Inc. Dec, Dec. Dec. Inc. 57.4 Dec. 63.5 Dec. 1,270.5 Dec. 476.0 Dec. 794.5 Inc. 136.7 Inc. 291.3 Inc. 167.4 Dec. 142.3 266.2 Inc. Total d e p o s i t s Members' r e s e r v e d e p o s i t s Government d e p o s i t s Other d e p o s i t s Dec. Dec. Dec. Dec. 54.4 48.9 Inc. Inc. Inc. Inc. 192.8 176.6 14.7 1.5 Federal Reserve n o t e s i n c i r c u l a t i o n 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 Dec. Dec. 6.0 Dec. Dec. 410.8 61.5 Total e a r n i n g a s s e t s Discounted b i l l s , t o t a l Secured by U. S. Government o b l i g a t i o n s Other b i l l s d i s c o u n t e d Purchased b i l l s United S t a t e s s e c u r i t i e s , t o t a l Bonds and n o t e s Pittman c e r t i f i c a t e s Other Treasury c e r t i f i c a t e s 61.0 2.5 7.2 1.1 •3 2.0 1.2 2.9 2.6 2.4 842.5 Released f o r p u b l i c a t i o n F r i d a y morning, J u l y 28, 1922; n o t e a r l i e r . St.2921a. RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED. ( I n thousands of d o l l a r s ) RESOURCES J u l y 26. 1922 J u l y 19. 1922 317,980 490.620 SOS,600 J u l y 27. 1921 389,665 419.741 809,406 Gold and gold c e r t i f i c a t e s . . . . Gold s e t t l e m e n t fund - F, R. Board Total gold h e l d by banks . . . 317,459 498,309 815,762 Gold with F e d e r a l Reserve Agents . Gold redemption fund . . . . . . . . 2,197,645 41.118 2,195,062 41.673 1,616,287 105,538 Total gold r e s e r v e s Legal tender n o t e s , s i l v e r , e t c . . 3,054,531 126.967 3,045,335 123.987 2,531,231 154.065 3,181,498 3,169,322 2,685,296 115,238 264,743 1,059,281 156.138 176,263 267,205 148.970 536,119 592,438 1,669,920 201,624 201,901 34,175 72,000 74,000 265,948 214,375 938 Total r e s e r v e s . B i l l s discountedI Sec. by U.S. Government o b l i g a t i o n s Other b i l l s d i s c o u n t e d B i l l s bought' i n open market . . . . Total b i l l s on hand U. S. bonds and 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 : One-year c e r t i f i c a t e s ( P i t t m a n Act) Other c e r t i f i c a t e s . . . Municipal w a r r a n t s . 267,175 9 a 591,215 19.424 Hbtal e a r n i n g a s s e t s . . . . . 1,076,927 1,134,296 1,919,408 Bank premises 5$ Redemption f u n d a g a i n s t F. R. Bank n o t e s Uncollected items . . . . . . . . . All o t h e r r e s o u r c e s 42,494 42,417 25,846 7,527 537,883 16,805 7,496 592,345 16.186 9,666 494,948 15.046 4,863,134 4,962,062 5,150,210 105,198 215,398 105,239 215,398 102,263 213,824 46,455 1,815,278 26.381 49,376 1,864,145 29.010 31,709 1,638,637 24.928 1,888,114 1,942,531 1,695,274 2,126,809 2,132,848 2,537,617 21.280 66,053 479,274 20.719 125,143 413,037 61.052 4,863,134 4,962,062 5,150,210 TOTAL RESOURCES . . • L I A B I L I T I E S C a p i t a l paid i n Surplus . . . Deposits: Government . . . Member bank - r e s e r v e account Other d e p o s i t s Tntml d e p o s i t s F.R. notes in a c t u a l c i r c u l a t i o n . . . F.R, Bank n o t e s i n c i r c u l a t i o n net l i a b i l i t y Deferred a v a i l a b i l i t y items All other l i a b i l i t i e s . SOTAL LIABILITIES Ratio of t o t a l r e s e r v e s to d e p o s i t and F.R. note l i a b i l i t i e s combined . . . 63,622 442,713 79-2# 1 77.8# 63.4% :leased f o r p u b l i c a t i o n F r i d a y morning, J u l y 28, 1922; not e a r l i e r , St.2921b, RESOURCES AMD LIABILITIES OF THE FEDERAL BE SERVE BANKS AT CLOSE OF BUSINESS, JULY 26, 1922. ( I n thousands of d o l l a r s ) R E S O U R C E S Boston New York P h i l a . Cleve F e d e r a l Reserve Bank of Rich. A t l a n t a Chicago S t . L o u i s Minn. Kans.Cy. D a l l a s San F r a n . Total 14,100 Gold and gold c e r t i f i c a t e s 206,765 5,657 1 3 , 3 - 0 3,316 5,668 24,770 4,083 7,280 2,585 9 , 8 2 2 20,113 317.459 Gold s e t t l e m e n t f u n d - F. R. Board T o t a l gold h e l d by banks 45,161 63,999 42,106 24,851 159,043 15,481 35,271 31,515 14,973 833,440 161,960 169,609 5.782 5.054 3,633 55,838 3,851 299,756 35,548 4s,o64 815,768 Gold w i t h F, R. Agents Gold redemption f u n d 148,315 6.348 98,418 375,899 1.527 5.155 56 081 1.683 29,609 1.630 54,021 2.377 19,803 194,562 2 , 1 9 7 , 6 4 5 589 3.459 41.118 T o t a l gold r e s e r v e s Legal t e n d e r n o t e s , s i l v e r , e t c . 199,824 1,138,978 202,562 237,361 101,795 124,796 540,097 8,685 8,992 7 , 4 2 1 21.018 34,255 7.496 9.603 73,245 11.982 66,510 644 87,913 4.584 35,365 246,085 3 , 0 5 4 , 5 3 1 126.967 6,503 5,694 Total reserves B i l l s discounted: Secured by U.S.Govt, o b l i g a t i o n s Other b i l l s d i s c o u n t e d B i l l s bcognt i n open market T o t a l b i l l s on hand 208,509 1,173,233 211,554 247,054 109,291 %32,217 561,115 85,227 67,154 92,497 41,868 251,779 3,181,498 U. S. bends and n o t e s 7,970 18,077 19,138 45,185 16,216 14,394 4,567 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 : One-yaar c e r t i f i c a t e s ( P i t t m a n Act;1 5,450 Other c e r t i f i c a t e s 38,575 Municipal w a r r a n t s Total earning a s s e t s Bank p r e m i s e s 5% Redemption f u n d a g a i n s t F . R. Bank n o t e s Uncollected items All other resources TOTAL RESOURCES / 93,777 5,249 422 14,828 10,139 21.738 46,705 9,665 26,144 409 36,218 1,796 28,172 904 30,872 14,949 37,297 15.893 68,139 5,054 10,973 15.344 31,371 1,544 24,390 1,470 16,735 1,476 32,380 2.909 68,182 29,263 12,015 24.734 66,012 25,934 18,205 49,358 23,580 26,893 1,233 147 6,219 11,916 4,343 18,500 5,500 119,274 . 5,410 5,500 43,955 3,560 6,199 2,031 8,667 17,959 3,571 10,752 37,572 - - - 255,314 100,502 123,053 601 5,671 8,993 — - 41,011 36,765 11,007 34,027 17,497 62,531 115,238 264,743 156.138 536,119 28,370 3,316 41,682 201,624 4,000 3,489 9 4,321 13,003 1,900 1,265 4,832 11,462 72,000 267,175 9 57,610 37,775 — 39,249 100,984 — 2,571 1,553 7,631 944 923 63,899 4,986 43,246 120,507 1 , 0 7 6 , 9 2 7 2,093 1,279 42,494 188 468 721 2,023 276 916 146 279 7,527 119,069 44,568 539 52,474 43,146 22,039 65,298 30,372 13,452 36,728 24,055 37,294 537,883 3.401 596 1,283 340 121 768 1,376 795 1,830 5,028 16,805 849 700 49,388 722 _54l_ 358,067 1,560,859 358,521 430,074 196,547 195,647 736,517 176,721 120,956 199,821.113,238 4 i 6 , l 6 6 4 , 8 6 3 , 1 3 4 r e l e a s e d f o r p u b l i c a t i o n , F r i d a y morning, J u l y 28, 1922; not e a r l i e r . RESOURCES AND LIABILITIES OF THE FEDERAL, EE SERVE BANKS AT CLOSE OF BUSINESS JULY 26, 1922 ( i n thousands of d o l l a r s ) L I A B I L I T I E S F e d e r a l Reserve Bank. Boston New York Phi la. Cleve. Rich. A t l a n t a Chicago S t . L o u i s Minn. Kansas Cy. D a l l a s Capital paid i n 7,981 27,572 8,999 11,603 5,591 4 , 2 5 1 14,658 4,770 4,199 4,549 3,574 Surplus 16,483 60,197 17,945 22,509 11,030 9,114 29,025 7,468 9,646 9,388 7,394 Isposits: Government 12,482 1,985 2,6i4 2,459 4,277 3,025 4,805 3,04i 1,526 2,711 2,893 Member Bank - r e s e r v e account 122,907 731,617 105., 459 145,440 55,799 4 7 , i 4 o 257,151 59,807 42,804 78,124 44,577 Other d e p o s i t s 384 9,740 823 266 961 516 1,566 291 613 165 392 Total deposits 125,276 753,539 108,896 148,860 60,342 50,681 263,522 63,461 44,621 81,409 47,453 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 163,466 616,779 177,105 195,555 26,022 58,807 F. R. Bank n o t e s i n c i r c u l a t i o n net l i a b i l i t y 4,714 14,244 4,888 5,073 2,747 4,259 7,879 3,312 2,605 2,995 8,367 Deferred a v a i l a b i l i t y items 38,837 83,994 39,117 45,04? 37,262 14,759 50,851 28,463 11,837 35,983 23,S61 A l l other l i a b i l i t i e s 1,310 4,234 1,381 1,612 1,159 1,150 l,4io 1,060 869 1,704 3,503 TOTAL LIABILITIES 358,067 1,560,859 35.8,521 430,074 196,547 195,647 736,517 176,721 120,956 199,821 113,238 R a t i o of t o t a l r e s e r v e s t o d e p o s i t and F. R. note l i a b i l i t i e s combined, p e r c e n t 72.2 85.6 74.0 71-7 78.8 81.6 89.0 65.6 71.7 66.0 57.0 Contingent l i a b i l i t y on b i l l s purchased f o r foreign correspondents 1,880 9,540 2,060 2,112 1,262 953 3,065 1,210 695 1,235 670 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION F. R. n o t e s o u t s t a n d i n g 180,152 874,695 210,207 210,337 87,487 116,613 407,034 83,885 52,325 69,45s 29,194 F. R. n o t e s h e l d by banks 16,686 .257,916 33,102 14,782 9 , 0 5 1 5,210 39,955 17,427 3,274 10,C51 3,172 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 163,466 616,779 177,105 195,555 78,436 111,403 367,079 66,458 49,051 58,807 26,022 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 i n d e b t e d n e s s Municipal w a r r a n t s S t . 2921c San Fran, 7,421 15,199 Total 105,198 215,398 4,637 124,453 10,664 46,455 1,815,27s 26,381 139,754 216,648 1,888,114 2,126,809 2,534 32,702 4i6,l66 63,622 442,713 21.250 4,863,134 70.6 79.2 1,908 1,185 25,867 250,576 33,328 216,648 2,571,963 445,154 2,126,809 DISTRIBUTION OF BILLS, U. S. CERTIFICATES OF INDEBTEDNESS AND MUNICIPAL WARRANTS BY MATURITIES Within 15 days 16 t o 30 days 31 t o 60 days 6 l t o 90 days Over 90 days Total 187,036 30,536 58,108 59,744 44,557 379,981 52,682 29,203 27,978 15,210 31,065 156,138 23,261 4,689 42,965 41,870 226,390 339,175 6 3 9 E e l e a s e d f o r p u b l i c a t i o n F r i d a y morning, J u l y 28, 1922; n o t e a r l i e r . St.29211* FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS, JULY 26, 1922. ( I n t h o u s a n d s of d o l l a r s ) F e d e r a l Reserve Agent a t Boston New York Fhila. Cleve. Rich. A t l a n t a Chicago S t . L o u i s Minn. Kans.Cy. D a l l a s San F r a n . Total R E S O U R C E S F e d e r a l Reserve n o t e s on hand F e d e r a l Reserve n o t e s o u t s t a n d i n g Collateral security f o r Federal Reserve n o t e s o u t s t a n d i n g ! Gold and 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 fund - F. R. Board E l i g i b l e paper Amount r e q u i r e d Excess amount h e l d TOTAL 88,250 180,152 277,650 40,920 36,720 874,695 210,207 210,337 30,610 71,724 88,180 87,487 116,613 407,034 27,150 83,885 10,035 52,325 16,400 69,458 20,433 58,330 766,402 29,194 250,576 2 , 5 7 1 , 9 6 3 5,300 15,015 128,000 363,184 13,275 39,256 1 1 , 0 7 1 11,424 431,000 150,889 145,000 4,043 51,795 2,400 3,518 13,255 9 2 , 5 0 0 362,644 11,610 4,671 39,800 13,052 1,557 15,000 3,66l 50,360 7,701 4l6,522 2,102 14,443 124,016 10,000 180,119 1 , 6 5 7 , 1 0 7 31,649 4,4l4 18,195 12,516 27,804 3,561 22,716 2,987 15,437 2,768 9,391 27,331 31,837 13,348 **1,255 24,439 48,247 9,776 40,638 5,006 31,135 37.001 56,014 6,339 374,318 149,486 461,902 2,051,479 471,110 462,400 209,998 317,466 939,249 198,481 117,672 158,084 106,152 565,821 6,059,814 L I A B I L I T I E S " Net amount of F e d e r a l Reserve 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 t h e Currency 268,402 1 , 1 5 2 , 3 4 5 251,127 247,057 118,097 188,337 495,214 111,035 62,360 85,858 49,627 308,906 3,338,365 C o l l a t e r a l received from F e d e r a l Reserve Bank: Gold E l i g i b l e paper 148,315 45,185 29,609 25,703 54,021 18,205 19,803 194,562 2,197,645 36,722 62,353 523,804 TOTAL 833,440 161,960 169,699 05,694 58,023 45,644 55,838 36,063 98,418 375,899 30,711 68,136 56,081 31,365 461,902 2,051,479 471,110 462,400 209,998 317,466 939,249 198,481 117,672 158,084 106,152 565,821 6,059,814
@FedFRASER