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R elea sed .fo r p u b lic a tio n Friday morning, J u ly 7; not e a r l i e r , STATEMENT FOR THE PRESS. S t , 2882. ' F ed eral Reserve Board, J u ly 6, 1922. CONDITION OF FEDERAL RESERVE BANKS. T o ta l a d d itio n s of n e a r ly $70,000,000 to the volume of outstanding Federal reserve note c i r c u la t i o n , accompanied by an in crease of about $30*000,000 in member bank borrowings, are shown in the Federal Reserve Board’ s weekly bank statement issu e d as at c lo s e o f business on J u ly 5* 1922, In order to meet the customary demand fo r currency in connection w ith the opening of the summer vacation and tr a v e l p e r io d , the reserve banks, in ad d itio n to is s u in g large amounts of Federal reserve currency, disbursed a net amount of $14,200,000 of reserve c a s h .l a r g e l y - i n the shape of le g a l tender notes and s i l v e r c e r t i f i c a t e s of the smaller denominations. The member banks secured a large p art of th e ir currency needs by drawing a g a in s t t h e ir reserve account, which a c c o r d in g ly shows a redu ction fo r the week of $46,200,000, Government d e p o sits f e l l o f f $7,100,000 and other d ep o sits - $1,300,000. The reserve r a t i o shows a d eclin e from 7 7 .5 to 76.8 per cen t. Considerable s h i f t i n g o f gold through the gold settlem ent fund i s noted, The movement a f f e c t e d p r im a r ily the New York bank, which reports a decrease of $82,200,000 in i t s go ld r e serves. Chicago reports the la r g e s t increase in gold reserves, v i z , , by $47,000,000, P h ila d e lp h ia and Boston w ith in creases of $12,600,000 and $7,500,000, r e s p e c t i v e ly , being next in order. Since the begin ning of the presen t year the reserve system has gained a t o t a l of $145,700*000 of gold. The la r g e s t in crease in gold reserves since January 1 , v i z , } by $95,600,000, i s shown fo r Chicago, A tla n ta w ith an in crease o f $64,600,000 and Richmond with an in crease o f $33*600,000 fo llo w in g next in order, Boston reports the la r g e s t decrease in g o ld r ese rve s fo r the period, v i z , , by $46,500,000, San Francisco shows a decrease of $34,600,000, while smaller decreases t o t a li n g $19,600,000 are noted for the St, Louis and Cleveland banks. Holdings o f paper secured by Government o b lig a tio n s d eclin ed from $189,900,000 to $185,400,000. Of the t o t a l h eld , $128,300,000, or 69,2 per cen t, were secured by L ib e r ty and other U, S, bonds, $6,300,000, or 3 ,4 Per Victory notes, $33,600,000, or 18 ,1 per c e n t, by Treasury notes and $17,200,000 or 9*3 Per ce n t, by Treasury c e r t i f i c a t e s , compared with $136,100,000, $6,100,000, $29,700,000 and $18,000,000 reported the week before. A summary of changes in the p r in c ip a l a s s e t and l i a b i l i t y items o f the reserve banks as compared w ith a week and a year ago, f o llo w s : Increase or Decrease (in millions of dollars since Total reserves . Gold reserves T otal earning a s s e ts Discounted b i l l s , t o t a l Secured by U, S. Government o b lig a tio n s Other b i l l s discounted Purchased bills United S tates s e c u r i t ie s , t o t a l Bonds and notes 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 Total deposits Members' reserve deposits Government deposits Other deposits yederai Reserve notes in circulation ^ }, F. R, Bank notes in circulation, net liability June 28. 1922 Dec, 14.4 Dec, .2 Inc, 24.7 Inc. 29.8 Dec, 4.5 Inc, 3^.3 In c, 1.0 Dec, 6 .1 s. 4 Dec. Inc. 2.3 Dec, 54,6 Dec. 46,2 Dec. 7.1 Dec. 1.3 Inc. Inc, 69.9 .9 J u ly 6, 1921 Inc, 502,7 542,9 Inc. Dec, 891.1 Dec, 1*302.5 489.0 Dec. Dec, 813.5 Inc, 123.9 Inc, 287.5 Inc. 179.6 l4l,S Dec, Inc, 249,7 Inc, 171.6 167.2 Inc. Inc, 2,7 Inc, 1.7 Dec, Dec. 477.6 65.2 Released for publication Friday morning, July 7, 1922; not earlier. St.2882a. RESOURCES M D LIABILITIES OF THE TWELVE.FEDERAL RESERVE BANKS COMBINED. (In thousands of dollars) R E S O U R C E S July 5. 1922 Gold and gold certificates . . . . Gold settlement fund - F. R. Board Total gold held by banks . . . Gold with Federal Reserve Agents . Gold redemption fund . ................... June 28. 1922. July 6. 1921 338,957 317 ,oUo 316,937 518,679 53.2x351 403.146 835,719 2 , 123 ,s i 6 549,288 7*2,103 2,123,373 1,598,265 137,438 2,477,806 163.405 2 , 631,211 silver, etc. . 113,252 Total r e s e r v e s ............... ... . 3,133,929 3 , 020,8 b£ 127.498 3,148,366 185,390 313,482 155,065 189,909 279,192 154.060 674,377 1 , 126,986 31.136 653,937 623,161 1,832,499 216,237 224,638 36,610 74,000 260,271 74,000 2S7.969 215,875 10,551 1,204,445 41,642 1,179,768 41,568 2,095,535 24,Sol 7,496 51*,725 16,206 7,587 5H ,57 1 15,988 9,679 557,162 13.088 4,918,**3 4,904,848 5,331,536 105,217 215,398 105,078 215,398 213,824 36,677 1 , 818,996 29,029 , 43,780\ 1,865,199 1 30,291 34,024 1,651,757 27.371 Total d e p o s i t s ....................... ... .. • • • 1,884,702 1 ,8 8 4 ,7 0 2 1,939,276 1,713,152 F,R. notes in actual circulation . . , . F.R. Bank notes in circulation net liability ............................... * • • 2,19*,323 2,124,422 2,671,916 67,259 430,31* 23,101 133,303 438,455 . 58JJ1 4,904,848 5 , 331,536 Total gold reserves ................... Legal tender notes, B ills discounted: Sec. by U .S. Government obligations Other bills discounted ................... Bills bought in.open market . . . . Total bills on hand ....................... U. S. bonds and notes ....................... U. S. Certificates of indebtedness: One-year certificates (Pittman Act) Other c e r t i f i c a t e s ............... ... Total earning assets . . . . . Bank premises . . . . . . ............... 5$ Redemption fund against F, R. Bank notes ............................... Uncollected items ............................... All other resources ........................... TOTAL RESOURCES . . . 3,020,677 L I A B I L I T I E S Capital paid in . . ................... Surplus .......................................... Deposits: Government .................................. Member bank - reserve account Other deposits All other liabilities TOTAL LIABILITIES Ratio of total reserves to deposit and F.R. note liabilities combined . . . 68,146 430,161 20,496 4,918,443 76 . 8$ , 77.5# 102,103 60. 0$ Released for publication Friday morning, July 7, 1922; not earlier. RESOURCES AMD LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS, JULY 5, 1922. St.2882b. (In thousands of dollars) R E S O U R C E S Federal Reserve Bank of Gold and gold certificates Gold settlement fund - F. R. Board Total gold held by banks Gold with F. R. Agents Gold redemption fund Total gold reserves Legal tender notes, silver, etc. Total reserves B il l s discounted: Secured by U .S.G o v t, obligations Other b ills discounted B ills bought in open market Boston New York 13,671 ' 207,977 5,471 13,313 70.207 51.526 44,548 39A i3_ 53,084 278,184 56,997 57,861 803,946 156,301 170,026 126,713 10^831 . -.9,066 ... 8,943 2,944 190,630 1 , 091,196 222,241 230,831 -J5.xZQ6. _22.x,l84. 7x105., Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran, 3,259 31*525. 40,834 53,614 . 3,920 98 , 36s 5,670 21,945 33,615 100,518 1,02.6 135,219 6 ,556 6.390 24,136 137,088 161,224 360,267 13,673 535,164 17,872 199,336 1 , 118,380 229,346 239,644 104,924 i 4 i ,609 553,036 Total b ills on hand 10,114 23,537 23.520 57,221 U. S. bonds and notes 4,567 68,295 40,200 46.924 30,365 13,453 17,901 155,419 61,719 23,795 17,597 16.062 57,454 56,574, 23,581 U. S. Certificates of indebtedness: One-year certificates (Pittman Act) 5,450 19,500 Other certificates 36,939 ___ 24x605. 104,177 Total earning assets 326,098 Bank premises Fhila. Cleve. 4,276 18,096 7,174 27,885 2,541 30.548 10,025 7.431 22,372 57,422 1.999 35,059 29,932 2,130 67,121 33,089 50,162 1.770 85,021 17,456 45,944 835,719 19,849 195,066 2 , 123,816 921 3,857 6l.142 604 4.775 32,226 244,867 3,020,677 6,306 113.252 5.305 95,429 67,725 89,796 44,532 250,172 3,133,929 1,378 30,745 2,498 34,621 8,923 38,258 15.461 62,642 185,390 313,482 155.065 2,816 47,810 216,237 21,793 13,636 12,009 26,610 710 2,204 26,939 1.306 17,298 42,850 19.167 6,658 11,562 11.511 1,978 23,994 39,329 30,449 29,731 25,972 26,392 1,233 208 79,315 8,642 2,373 17,687 5 20,065 1 1,4 1 0 4,702 28,302 5,500 3,560 6,699 8,667 4,000 3,571 — .28,302 _ 10,551. 4,783 ._ 4 ^ 2 3 5 „ . 2 , 031 . 96,205 133,281 44,122 39,387 134,926 55,263 39,457 1,424 600 5,370 7,552 914 2,571 936 4,321 12,993 65,681 5,500 5,249 8,745 422 899 700 47,269 119,444 41,338 631 2,701 496 Total 19,527 26.417 317,040 5 1 8 . 67Q 653,937 1,900 74,000 5,332 8.962 1.765 260.271 41,102 124,746 1,204,445 4,976 2,093 1,2 12 41,642 5$ Redemption fund against F. R. Bank notes Uncollected items A ll other resources TOTAL RESOURCES 539 52,132 188 468 42,774 1,078 6o4 2,023 197 916 146 279 7,496 18,802 719 61,698 25,393 13,947 34,663 19,838 37,427 514,725 110 831 498 1,350 717 1,851 5,339 16,206 357,084 1 ,5 7 6,26 7 368,685 432,044 19 5,18 3 201,800 752,762 179,542 123,590 196,749 109,562 4 19 ,17 5 4 ,9 1 8 ,443 Released for publication, Friday morning, July 7 , 1922; not earlier. HE SOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 5, 1922. (in thousands.of dollars) St.2882c. L I A B I L I T I E S Boston New York Phila. 1Cleve, Federal Reserve Bank Rich. Atlanta Chicago St.Loiiis Minn. Kans.Cy. Dallasi San Fran. Total Capital paid in 27,572 4 ,6 2 3 4 ,1 8 6 7 ,4 1 4 -1 0 5 ,2 1 7 v 9 ,003 11,603 5,598 7 .9 8 1 ^,767 4,279 14,620 3,571 16,483 9 ,114 29,025 Surplus 9 ,388 7,468 9 ,6 4 6 60,197 17,9 45 22,5 09 11,030 21 5,39 8 7 ,3 9 ^ 15,199 Deposits: Government 9,520 1,048 2,615 10,733 127 1,061 1,941 2 ,0 3 0 . M 97 307 1,763 1,^35 36,677 122,517 Member "bank - reserve account 724,200 107,46? 144,205 54,617 51,382 263,825 64,695 45,800 75 M S 44,469 .120,340 1 ,8 1 8 ,9 9 6 428 84i 10,436 Other deposits 268 522 .•- x79 11,856 618 29,029 i,39>+ 1,577 595 . 315 Total deposits F. R. notes in actual circulation F. R. Bank notes in circulation net lia b ility Deferred availability items A ll other lia b ilit ie s TOTAL LIABILITIES 123,072 744,156 112,405 145,906 162 ,748 642,355 183.751 2 0 0 ,0 0 4 5 ,180 • 40,312 ■1,308 16,387 81,649 3,951 5,138 39,229 1 ,2 1 4 4,932 ^5,635 1,455 54,592 27 6,13 5 82,780 114,573 376,213 55,933 2 ,7 4 9 35.9^7 l ,l 4 6 4,898 13,215 1,129 8 ,0 1 8 51,057 3 ,6 9 4 67,254 47,550 7 7 ,7 6 4 >+5,709 134,226. 1 ,884,702 68,787 50,5^7 59,1^3 2 7 ,2 5 0 226,172 2,194,323 3,289 25,265 792 3 ,1 1 1 8,524 36,026 1,023 2,65s 3,262 68,1 46 9 ,9 6 4 1,379 2 0,7 11 1 ,654 31,151 1,751 430,161 20,496 357,OSU 1,576,267 368,685 432,o44 195,183 201,800 758,762 179,5 ^ 123,590 196, 7^9 109,562 419,175 4,918,443 Ratio of total reserves to deposit and F. R. note liabilities combined, per cent 69-7 80.7 Contingent lia bility on b ills purchased for foreign correspondents 2 ,5 1 4 12,789 7 7 .4 2,756 69.3 2,824 75-6 1,688 83.7 l,2Uo 84.8 4,099 70.1 1,619 69.0 65.6 930 1,653 69.4 61.0 896 1,584 76. 8" 34,592 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION F . R„ notes outstanding F. R. notes held by banks 173,950 11,202 870,082 203,049 214,164 227,727 19,29s 14,160 88,853 118,024 407,521 6,073 3,^51 31,30s 82,427 13,640 52,748 2,201 69,499 10,356 2 9 ,3 4 0 2 5 2 ,18 0 2 ,56 1,8 3 7 2,090 26,008 367,514 F . R. notes in actual circulation 162J4S 642,355 183,751 2 0 0 ,0 0 4 82,780 114,573 376,213 68,787 50,547 59,143 27 ,2 50 226,172 2 ,1 9 4 ,3 2 3 B ills discounted B ills bought in open market W. S. Certificates of indebtedness DISTRIBUTION Within 15 days 16 289,805 66,992 5,813 OF BILLS AND U. to 30 days 39,586 31 to 60 days 6 4,650 S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES 6l to 90 days Over 90 days . Total 53,983 50,s4s 498,872 29,628 34,629 16,580 7,236 155,065 22,930' 14,027 42,057 24 9,44 4 33^,271 Be leased for publication Friday morning, July 7, 1922; not earlier. St.2S82d. FEDERAL RESERVE AGENTS* ACCOUNTS AT CLOSE OF BUSINESS, JULY 5, 1922. ( in thousands of d o lla r s ) F e d eral Reserve Agent a t Boston New York P h i l a . Cleve. Rich, A tla n ta Chicago S t,L ou is Minn. Kans. Cy,. D allas San Fran; T otal RESOURCES F e d eral Reserve notes on hand F ed eral Reserve n otes outstandin C o l l a t e r a l s e c u r it y fo r F ederal Reserve n o tes outstanding: '■Bold and gold c e r t i f i c a t e s Gold redemption fund Gold fund - F. R. Board E l i g i b l e paper Amount required E xcess amount h eld 90,850 173,950 271,250 42 ,920 32 , i4q 870,082 203,049 214,164 31,520 66 ,914 84,460 88,853 118,024 407,521 22,450 82 ,427 9,695 52,748 16,800 69,499 18,413 52,130 29,340 252,180 739,542 2 , 561,837 5,300 13,413 108,000 363,184 13,275 39,762 12,912 11,751 401,000 143,329 145,000 3,819 *+9,795 2*400 3,118 15,622 95,000 344,645 11,210 4,412 41,800 13,052 880 16,000 3,802 46,360 7,701 2,148 13,346 10,000 l t l ,720 ••446,122 12% ,925 1,582,709 46,748 3,931 35,239 3,060 17,506 12,783 25,005 4,690 22,816 2,680 19,337 698 9,491 24,997 57,114 5,325 438,021 197,610 448,734 2 , 095, 73^ 458^949 473 , 69s 212,286 3 15 J U 5 931,414 191,994 1 1 7 ,S71 156,496 102,090 561,815 6 , 060,826 2 3 *+7,237 9,984 66,136 84,320 44,138 13,230 47 ,254 31,912 L I A B I L I T I E S Net -amount of Federal Reserve n o tes r e c e iv e d from Corapt r a i l e r o f t h e C w r e n o y 6 * , S O ) 1 , 1 * 1 , 3 3 2 2 * 5 , 9 6 9 2 * 6 , 3 0 * 1 2 0 , 3 7 3 I S * , 9 3 8 * 9 1 . 9 8 1 1 0 * . S 7 7 6 2 , * * 3 5 6 , 2 9 9 * 7 , 7 5 3 3 0 * , 3 1 0 , 3 0 1 , 3 7 9 C o l l a t e r a l re c e iv e d from Federal Reserve Bank: Eligible paper g p p r T0TAL ^7*221 57,221 l S ’Sfi ^ n ’^ Q 150,456 50,679 57,368 S ’foo 100’ 51S 360,267 38,299 30,289 79,166 57,422 29,695 29,932 25,496 5©,l62 20,035 19,849 1 9 5 ,0 6 6 .'.2 ,1 2 3 ,2 1 6 34,488 62,439 • , 635,631 448,734 2,095,734 *+52,949 473,698 212,286 315,745 931,414 191,994 117,8 71 156,496 102,090 561,815 6 ,060,826
@FedFRASER