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\ x-263 Released f o r p u b l i c a t i o n Sunday morning, July 8, 1917 - Mot e a r l i e r . STATEMENT FOR THE PRESS* July 1917+ Liquidation on a l a r g e s c a l e df s h o r t - t e r m paper> discounted f o r members in connection w i t h L i b e r t y Loan o p e r a t i o n s , a reduction by over 157 m i l l i o n s in Government d e p o s i t s , and a gain of about 79 m i l l i o n s in reserve deposits are i n d i c a t e d ih the Federal Reserve Board's weekly bank statement issued 10-day as a t close of business on July 6, 1917* Aggregate r e s e r v e s of the Federal reserve banks increased during the week about 21.6 m i l l i o n s , whil© t o t a l gold r e s e r v e s show an even l a r g e r increase of 23#1 millions* The reserve p o s i t i o n of the banks, as measured by the r a t i o of t o t a l bank 1 oee-xveeto net d e p o s i t s , shows an improvement from 73*1 to 77*3 P e r cent* The week witnessed considerable concentration of Government funds a t e ew York bank which, a c t i n g as f i s c a l agent f o r the Treasury, paid out arge amounts in the shape of advances to t h e Allied Governments. These havin & keen deposited with l o c a l member banks were l a r g e l y redepoe l e y the l a t t e r with t h e Federal reserve bank* The r e s u l t of t h e s e ope r a ions i s seen in a net decrease by 29 m i l l i o n s in Government d e p o s i t s , and an increase by 80 m i l l i o n s in member banks ( reserve deposits* All the banks, except those l o c a t e d in t h e t h r e e Central Reserve C i t i e s , r e p o r t decreases i n reserves following heavy withdrawals by the Government of Liberty Loan iunds* Gains in cash r e s e r v e reported by the Chicago and St.Louis banks are . ue in p a r t to a d d i t i o n a l t r a n s f e r s of member bank reserve d e p o s i t s , in t h e case of Chicago a l s o to the c o l l e c t i o n of d e f e r r e d items and a reduction of i t s favorable balance i n account with o t h e r Federal reserve banks, and in e case of St.Louis l a r g e l y to the i n c r e a s e in the amount due t o o t h e r Fede r a l r e s e r v e banks. * * )a * )6r o n shows a decrease of 67»4 m i l l i o n s , the New ^ c o u n t i n g f o r a decrease of 56*2 m i l l i o n s . Almost t h e x + ®crease i s due t o the l i q u i d a t i o n of member bank c o l l a t e r a l notes, * f® ° f w h i c h declined from 116 m i l l i o n s t o 50,4 m i l l i o n s . The n 00 Y. l & t e r a l notes secured by U* S* C e r t i f i c a t e s of indebtedness oc r e c e i p t s f o r L i b e r t y Bonds shows a d e c l i n e f o r the week from w<IL1 1 0 n S ^3*4 m i l l i o n s . No s u b s t a n t i a l changes are shown f o r other earning a s s e t s . The New York bank r e p o r t s the l i q u i d a t i o n of the 21.8 m i l . b u l l i o n shown the week b e f o r e . Total earning a s s e t s ^crease of 89 m i l l i o n s , and c o n s t i t u t e a t present 703 per cent of a . c a p i t a l , compared with 865 per cent the week before# e , discounts 3^*0 per r TT° ^ ^ acceptances c o n s t i t u t e 49-7 p e r cent; # ' * S e c u r i t i e s 1/*7 per cent, and municipal w a r r a n t s 0*6 per c e n t . Yn S U n i 6 < a 0n6 Largely as the r e s u l t of admission to the system of the Guardian Savings an r u s t Company of Cleveland, and the Merchants 1 Loan and Trust ompany 0 Chicago, the c a p i t a l account shows an increase of $481,000• In f" 1 f ^ o n ^,^he member banks 1 reserve deposit account the statement, f o r ., ? * r s , shows an amount of 5 m i l l i o n d o l l a r s due to nonmember banks, i s e p o s i t having been made by a l a r g e New York c i t y bank f o r c l e a r i n g purposes, i n accordance with Section 1 3 of the amended Act. ^ Federal reserve notes in c i r c u l a t i o n show a t o t a l of $527,459,000, aving increased $18,652,000 during the week* The note reserve percentage is given as 80*3 P^r cent, o r 1 per cent above the percentage of deposit reserve shown above* < Released f o r p u b l i c a t i o n Sunday morning July 8, I9I7. Not e a r l i e r . RES COMBINED RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANK'S AT CLOSE OF BUSINESS JULY 6 S S - E E M " Siconoct^i^.": . E p S E : a n t 3 ' I E " " ™ ' 2 3 a . E : : E Duo to non-mcznber banks - Clearing account Member bank deposits - Net Collection items ;+ : : : : i S ' " ' c qqq 000 ' ' 164,588,000 ^ 0 ' 0 Gold reserve against net deposit l i a b i l i t i e s Gold and lawful money reserve a g ' s t net deposit l i a b i l ' s Gold reserve against F. R. notes in a c t u a l c i r c u l a t i o n • • B ° % T9 ?:l£g;ggg ' ~ # . . . 149.527.000 3 B " ' B E ™ k o o o |v: : 1917 - a "IS 5 B v ^ri 1 1 $2,033,760,000 la'le? 80*3^ 5 . ; a I I 2,053,394,000 Ql'.Z^ 5 00 . ' § 1 791,808 000 7 v i 110 4^ Released f o r p u b l i c a t i o n Sunday morning July 8, 1917• Not e a r l i e r WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE FEDERAL RESERVE BANKS ( i n thousands of d o l l a r s ) Boston N. Y. P h i l a . C l e v e l . Richm. A t l a n t a Chicago RESOURCES . $31,269 255,643 31,186 34,654 Gold coin and c e r t i f i c a t e s in v a u l t 6,443 6,740 42,089 14,984 128,794 22,583 38,569 20,503 Gold Settlement Fund 2,694 57,662 j» Vj J J.Oj IOO — i * yf / 4, Gold w i t h f o r e i g n a g e n c i e s J-* jvu ( j SvU 49,928 402,625 57,444 77,948 28,783 10,934 107,101 Total gold held "by banks 22,433 148,002 33,512 30,045 Gold w i t h F e d e r a l Reserve 7,735 17,397 62,003 450 500 5,250 44 G^ld Redemption Fund 750 .... 338 235 72,861 555,877 91,406 108,037 37,268 28,669 169,339 Toted gold r e s e r v e s 2,617 27.900 448 207 Legal t e n d e r n o t e s , s i l v e r , e t c . 199 652 1,599 T ot a l r e s e r v e s 75 , 47 8 5 83,777 91,854 108,244 37,467 29, 321 170,938 15,823 21,918 18,037 5,646 11,869 3,479 19,776 B i l l s d i s c o u n t e d — Members 17,014 101.541 B i l l s bought i n open market 9.824 10,478 1,676 29,997 5,154 Total b i l l s ~ o n . h a n d 32,837 123,459 27,861 16,124 17,023 5,155 49,773 U.S.Government l o n g - t e r m s e c u r i t i e s 530 1,305 1,152 549 5,853 699' 13,508 U.S.Government s h o r t - t e r m s e c u r i t i e s 2, 868 2,548 2,194 5,550 1,871 1,969 3,361 366 Municipal w a r r a n t s 158 1.263 1 15 152 T ot a l e a r n i n g a s s e t s 35,561 130,680 31,116 26,108 20,159 7,726 66,794 Due from o t h e r F. R. Banks - Net 21,209 . . . 1,941 3,019 2,576 3,595 18,879 74,167 25,897 18.502 16.336 10,720 33,109 Uncollected items Total deductions from g r o s s d e p o s i t s 18,873 95,376 25,897 21,521 18,277 13,296 36,704 5$ Redempt.Fund a g ' s t F.R.Bank Notes , . All o t h e r r e s o u r c e s 117 113 20 ' 107 TOTAL RESOURCES 129,918 809,833 148,867 155,990 76,016 50,450 274,456 I A B I L I T I E S - . i t a l paid in 5,112 12,063 5,276 6,367 3,436 2,388 7 , 4 0 1 Government d e p o s i t s 15,625 2,906 16,077 14,685 5,716 (b-)267 46,686 Due t o members - r e s e r v e account 67,504 522,002 60,582 85,080 29,849 23,185 135,342 Due to nonmember b a n k s - c l e a r i n g a c ' c t . . . 5,000 C o l l e c t i o n items 14,259 32,736 23,878 14,575 19,871 5,824 18, 846 Due t o o t h e r F. R. Banks - Net 1,406 . . 1,860 Total g r o s s d e p o s i t s ' 98,794 562,644 102,397 114,340 55,436 28,742 200,874 F.R.Notes in a c t u a l c i r c u l a t i o n 25,719 213,801 41,06§ 35,283 17,144 19,320 66,181 F.R.Bk.Notes i n c i r c u l a t i o n , n e t l i a b . All o t h e r l i a b i l i t i e 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 126 291 21,325 TOTAL LIABILITIES 129,918 809,833 148,867 155,990 76,016 50,450 274,456 (a) D i f f e r e n c e between n e t amounts due from and net amounts due to o t h e r F . R. Banks. « * * * • * * , , AT CLOSE OF BUSINESS JULY 16, I 9 1 7 . X-2o3b St*Louis Minnls. Kas.Cy. D a l l a s S . F r a n . 12,077 15,471 7 , 5 3 4 12,077 15,176 17,796 10,260 26,218 11,019 20,298 d, 1UU 31,973 14,345 311 27,831 24,934 16,904 141 41,979 1,112 43,091 3,724 974 4,698 3,970 1,430 20 10,118 13,620 36,377 14,778 1.333 52,488 276 52,1764 5,168 12,183 17,351 8, 842 1,784 51 28,028 15,849 15,849 879 6.784 7,663 60 80,608 87 71,057 16,746 16/746 400 80 98,018 3,265 5,344 37,859 2,469 3,168 29,228 52,541 26,882 9,887 8,482 6,730 3,885 46,629 3.071 49,700 6,345 4,757 11,102 2,241 1,444 212 14,999 6,674 59,764 17,579 21,418 341 49,590 97 49,687 9,460 883 10,343 1,857 1,420 6,631 • 6,850 2.223 . » Total 470,359 371,380 5d,hUJ. 894,240 413,715 9,748 38,362 25,143 55 63,5601,317,703 136 38,314 63,6961,356,017 8, 608 7,183 15,791 2,429 2,220 204 20,644 129,853 201,664 331,517 42,935 28,659 2,442 405,553 1 , 1 3 5 ( a ) 19,465 6.315 6,315 100 251.374 270,839 500 851 93,545 2,033,760 2,750 4,725 3,962 18,648 267 59,891 2,726 8.070 9,205 57,657 143,626 42,2931*1.12,347 5,000 5,615 164,588 25,331 18,923 66,5561,425,561 22,863 527,459 80,608 71,057 §>8,018 (t>) O v e r d r a f t 59,891 164 21.908 93,545 2,033,760 44,341 24,247 68,344 38,218 1,175 X-2b3c Released f o r p u b l i c a t i o n Sunday morning July 8, 1$17» Not e a r l i e r * STATEMENT OP FEDERAL RESERVE AGENTS* ACCOUNTS AT CLOSE OF BUSINESS JULY 6, i g i f . ( i n thousands of d o l l a r s ) Federal Reserve Notes: Received from Comptroller Returned to Comptroller Chargeable to F. R. Agent In hands of F* R* Agent Issued to F+ R. Bank l e s s amount returned to F. R« Agent f o r redemption Boston 10,747 39,933 7,500 32.433 Phila* 81,438 353,602 120.600 9.588 57,312 14.500 Clevel. Richm. Atlanta Chicago St.Louis Minnls. Kas.Cy, Dallas S.Fran. Total 31,720 36,380 103,100 27,340 36,640 42,720 36,920 28,660 944,100 9,222 3,517 159,949 6.015 11.260 6,707 2,317 5.778 6,136 7.224 41,985 20,460 29,673 100,783 21,562 30,504 35,496 27,698 25,143 784,151 9.440 ; 8.261 . . 211.426 4,940 2.530 9.205 28.500 2.660 5.290 233.002 42.812 37,045 17.930 20.468 137,974 . . 27,240 8,023 2,022 20,000 235 3,296 1,221 q.100 7.000 10.195 1.071 10.280 4.557 3,796 11,278 32.411 233,002 42,812 17.045 17,930 20.468 72,281 18,90?- 25.214 26,056 10,118 85,665 9,306 3,078 10,459 4,559 3,796 11,568 C o l l a t e r a l held by F« R* Agent; as s e c u r i t y f o r outstanding notes: Gold coin and c e r t i f i c a t e s on hand 18,660 Gold redemption fund 1,773 With Federal Reserve Board 2,000 Commercial paper, minimum required 10.000 TOTAL Amount of commercial paper del i v e r e d to F» R* Agent N» Y# $50,680 435,0140 66,900 U8,000 4,220 10,028 2,052 85.000 72.283 18,902 . . 3,365 533 5IK) 7,500 12,880 61,470 10,440 7,085 13,735 25,214 26.056 14,102 2,370 1,066 1,348 6,250 ll,o6o 19,U3I_g5*lk3-_5IQ*Ig5 [ 11,110 . . 203,120 1,634 95 3 2 2 , 8 0 5 4,760 24,190 187,790 2,533 ,152*210 19.437 25.141 570.725 3,364 . . 162,733 MEMORANDA. Federal Reserve Notes outstanding and in a c t u a l c i r c u l a t i o n . F, R« Notes outstanding Fe R* Notes held by banks F„ R. Notes in a c t u a l c i r c u l a t i o n 32,433 6.714 25.719 233,002 42,812 37,045 17,930 20,468 7 2 , 2 8 3 18,902 2 5 , 2 1 4 26,056 19,437 19.201 1.744 1 762 786 1.148 6.102 1.323 962 Ii5—— 213.801 4l!o^8 35.281 17.144 19.320 66,181 D i s t r i b u t i o n 0 f B i l l s and 'Warrants B i l l s discounted and bought Municipal warrants Within 15 days 106,557 417 15 to 30 days 47,412 923 31 t o 60 days 98,797 1,079 12.579 24,247 25,331 18,923 25,143 570,725 2.280 43.266 22.863 527.459 Maturities. 6 l to 90 days 74,323 20 Over 90 days 4,428 3 Total 331,517 6,442
@FedFRASER