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STATEMENT FOR THE PRESS 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 8; not e a r l i e r , St.2107 Federal Reserve Board July 7, 1921- CONDITION OF FEDERAL RESERVE BANKS. Total a d d i t i o n s of $37*^00,000 to the volume cf o u t s t a n d i n g Federal r e s e r v e n o t e c i r c u l a t i o n , accompanied by i n c r e a s e s of $29>800,000 i n borrowings by member banks and of $27,400,000 i n d e p o s i t s , mark the p r i n c i p a l changes i n the c o n d i t i o n of Federal r e s e r v e banks f o r the week ending July 6, 1921. Gold r e s e r v e s show a f u r t h e r g a i n of $1$,800,000,while other cash r e s e r v e s , i . e . , s i l v e r and l e g a l s , declined by $10,100,000 during the week, the r e s u l t being a n e t g a i n of $5,'700,000 i n t o t a l cash r e s e r v e s . The banks' r e s e r v e r a t i o shows a d e c l i n e from oO.S t o 60 p e r c e n t . Federal r e s e r v e bank holdings of paper secured by Government o b l i g a t i o n s show an i n c r e a s e f o r the week of $26,600,000,and o t h e r d i s c o u n t s - a n i n c r e a s e of $3,200,000, while holdings of acceptances bought i n open market d e c l i n e d by about $500,000, No change i s shown i n the t o t a l of Pittman c e r t i f i c a t e s h e l d , while o t h e r Treasury c e r t i f i c a t e s on hand show an i n c r e a s e of $3,700,000. In consequence of the changes noted, t o t a l earning a s s e t s of the r e s e r v e banks on July 6 stood a t $2,0951500,000, o r 35 P e r cent below the t o t a l r e p o r t e d on J u l y 9 of l a s t y e a r . Of the t o t a l holdings of $674,400,000 of paper secured by United S t a t e s Government o b l i g a t i o n s , $423,200,000, or 62-7 p s r c e n t , were secured by L i b e r t y and other U. S. bonds, $166,500,000, or 24.7 per cent, - by Victory n o t e s , $4,600,000, or .7 per c e n t , - by Treasury notes and $80,100,000, or 11.9 per cent, - by Treasury c e r t i f i c a t e s , compared with $436,100,000, $170,300,000, $2,SuO,COO and $38,500,000 shown the week b e f o r e . Discounted b i l l s held by the Boston and New York banks include $41,500,000 of b i l l s discounted f o r the Richmond, Minneapolis and Dallas banks, compared w i t h $47,900,000 r e p o r t e d the week b e f o r e . The two former banks r e p o r t a r e d u c t i o n of t h e i r combined accommodation a t the New York r e s e r v e bank from $39,500,000 to $31,000,000, while the Dallas bank shows an i n c r e a s e i n i t s r e d i s c o u n t s w i t h the Boston bank from $8,4-00,000 to $10,500,000. Government d e p o s i t s show an i n c r e a s e f o r the week of $18,600,000, r e s e r v e d e p o s i t s - an i n c r e a s e of $10,600,000, while other d e p o s i t s , composed l a r g e l y of non-members' c l e a r i n g accounts and c a s h i e r ' s checks, d e c l i n e d by $ 1 , 8 0 0 , 0 0 0 . . To meet the l a r g e demand f o r currency i n conn e c t i o n with the opening of the summer v a c a t i o n and t r a v e l p e r i o d the Federal r e s e r v e banks of Boston, New York, Chicago and San Francisco, immediately b e f o r e the Fourth of July, issued l a r g e amounts of Federal r e s e r v e n o t e s , the n e t i ' n c r f e a e e i n F e d e r a l ' f e i e r v e C c o t e c i r c u l a t i o n f o r the week being $37,400,000, besides an i n c r e a s e of $900,000 i n Federal r e s e r v e bank note c i r c u l a t i o n . During the week the r e s e r v e banks p a i d the r e g u l a r semi-annual 3 per cent dividend amounting to $3,036,000, and i n c r e a s e d t h e i r s u r plus by $11,789,000. A l l the banks, except the Dallas bank, r e p o r t s u r p l u s accounts i n excess of t h e i r subscribed c a p i t a l . Their r e serve f o r Government f r a n c h i s e tax amounted a t the close of the f i r s t h a l f of the year t o about $41,000,000. 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 8, 1921; not e a r l i e r . St.2107a. RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BAMS COMBINED. ( I n thousands of d o l l a r s ) RESOURCES Gold and g o l d c e r t i f i c a t e s Gold s e t t l e m e n t f u n d - F.R.Board . . . . Gold w i t h f o r e i g n agencies . . . . . . . Total g o l d h e l d by banks Gold w i t h Federal Reserve Agents . . . . Gold redemption f u n d 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 Total r e s e r v e s Bills discounted: Sec-..^y'^v'S.''Government o b l i g a t i o n s , All / t h @ r . . B i l l s / b o u g h t 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 (Pittman A c t ) . , All other . . . . . . . . . . . . . . Total e a r n i n g a s s e t s . . . . . . . Bank premises , . % Redemption f u n d a g a i n s t F. R. Bank n o t e s U n c ol l ec ted items . . All other r e s o u r c e s . TOTAL RESOURCES . . J u l y 6. 1921 338,957 U03»1^6 742,103 1,598,265 137,438 2,477,306 153,405 2,631,211 June 29, 1921 J u l y 9.1920 323,900 168,929 407,234 402, 760 111.531 731,134 683,220 1,597,219 1,145,102 133,578 142,994 2,461,931 1,971,316 163.527 136.877 2,625,458 .2,108,193 674,377 1,126,986 31,136 1,832,499 36,610 647,761 1,123,801 31.601 1,803,163 34,549 1,296,350 1,265,24) 372,591 2,934,184 26,862 215,875 10,551 2,095,535 24,861 215,875 6.908 2,060,495 24,845 259,375 22,567 3,242,988 13,734 9,679 557,1&2 13,088 5,331,536 10,042 ™ ^5^6,454 14.1WJ 5,242,O4I 12,293 796, 233 4.936 6,178,377 102,103 213,824 4-2,065 102,184 202,036 40,910 94,639 164,745 34,024 1,651,757 27,371 1,713,152 2,671,916 15,352 1,641,156 29,280 1,685,788 2,634,475 15,919 1,839,704 55^152 1,910,782 3,180,948 133,303 438,455 16,718 5,331,53b 132,400 4l2,214 3,2,034 5,242,04l 19?,287 59^,434 42,542 6,178,377 L I A B I L I T I E S Capital p a i d i n Surplus Reserved f o r G o v ' t , f r a n c h i s e t a x Deposits: Government . . . . . Member bank - r e s e r v e account . All other . Total d e p o s i t s 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 . 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 TOTAL 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 . . . . Ratio of g o l d r e s e r v e s to F.R. notes in c i r c u l a t i o n a f t e r s e t t i n g a s i d e 35$ a g a i n s t d e p o s i t l i a b i l i t i e s . . . * C a l c u l a t e d on b a s i s of net d e p o s i t s . 60.0^ ' 60.870 . *43.1/3 76*0$ 77-3$ 7• 5/y and F.R. n o t e s i n c i r c u l a t i o n . 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 6, 1Q21; not e a r l i e r . „ ™n7H ino. RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 6, 1921. ut.2107b. RESOURCES ( I n thousands of d o l l a r s ) F e d e r a l Reserve Bank of Boston New 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 Minn. Kans.Cy. D a l l a s San F r a n . Sid ™ ™ ™ : a F ! 5 . B o a r d T o t a l gold h e l d by banks M d redlpiion T o t a l 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 . Total reserves 63,373 260,072 16.525 276,597 T o t a l b i l l s on hand 93,744 u . S . bonds and n o t e s 555 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 (Pittman Act) 18,936 All other 56 Total earning a s s e t s 113,271 Bank premises 3,7X6 5 ^ R e d e n | t i o n ^ n d against U n c o l l e c t e d items All other resources TOTAL RESOURCES (a) Includes b i l l s discounted for o t h e r F . R. Banks, v i z : ^ 50,190 377 286,758 59,190 64,475 ^q'.Gii ^ : % 4 832,0 5 6 203,249 2 5 4,593 72.921 3,118 6,233 904,977 206,367 260,826 22,749 69,025 M A 73,4*49 ^ 7 1 14,057 91,973 19,990 16,111 7 9 , ^ 8 357,478 7,008 16,803 86,486 374,281 ^'Mo 72,382 12,699 85,081 \3?7 ^ ^ q i 1 9;4181,137,,438 39,4C0 74,727 29,428 205,918 2 , 4 7 7 , 8 0 6 222—J>j3^1 SxIIL—hQlg 15L&95 40,303 78,694 35,200 208,950 2,631,211 4 6 l , 5 8 5 126,750 153,492 105,974 101,779 327,207 87,257 145 3,270 1,627 843 1,233 1 0 , l 4 2 4,490 1,153 , ,, ,, . c „ „ , , 5,480 52,776 26,780 21,799 7,260 l 4 , 5 6 4 36,112 11,56a 51 9,531 612 12 = L_ 55 225. 527,162 155,769 176,147 114,467 126,486 367,864 100,203 79,410 657 5,375 529 2,174 2,051 752 3,878 627 1)g64 700 1,239 363 511 1,786 5% 1^1,927 2,587 ^5,878 259 50,808 _HZ 43,379 442 19,280 680 66,642 LuSS 28,978 & 275 15,H9 111 37,803 11,980 8,868 3,979 8,320 26 2,400 53,638 Total 305 74-.103 36,610 96,734 2,659 9,880 215,875 1 10.551 66,633 171,389 2,095,535 24,861 560 1,883 916 38,728 491 236 21,848 2,554 494 34,385 2.420 9,679 557,162 13.088 444,923 1 , 5 8 3 , # 9 2 409,502 431,971 234,156 234,195 S16,34I 215,907 135,875 218,222 128,35*+ 418,198 5,331,536 10,450 31,015 - - ~ ~ ~ " ~ ~ ~ ~ 1,, w/-,' Released f o r publ i c a t i o n ^ F r i d a y ^ o ^ n g ^ J W ^ ^ 1 9 2 1 ^ Federal Reserve Bank Capital paid i n Surplus Reserved f o r Govt, f r a n c h i s e t a x Deposits: Government Ifiember bank - r e s e r v e account All o t h e r Total d e p o s i t s F . B. n o t e s i n a c t u a l c i r c u l a t i o n F . R. Bank notes 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 A l l other l i a b i l i t i e s TOTAL LIABILITIES Boston Hew York 26,896 7,911 16,342 59,51S 17,100 2,272 2,006 109,740 1,122 112,86s 254,169 9,438 17,450 6,370 5.364 14,518 4,362 6,630 133,303 5,606 28,096 9,827 16,133 12,977 50,190 25,975 13,087 33,956 21,569 .26,229 438,455 33,828 43,711 42,370 93,662 720 3,126 857 1,242 1,253 1.133 1,710 16,718 660 912 992 3,162 J5L 444,923 1,583,892 409,502 491,971 234,156 234,195 816,341 215,907 135,875 218,222 128,354 418,198 5,331,536 MEMORANDA 9,509 [YJL - Contingent l i a b i l i t y on b i l l s purchased 2,336 f o r f o r e i g n correspondents F . R. n o t e s outstanding F . R. notes h e l d by banks F„ fi. notes i n a c t u a l c i r c u l a t i o n B i l l s discounted B i l l s bought i n open market IT. S. C e r t i f i c a t e s of indebtedness 34,024 7,409 1,923 3,652 856 1,873 6,622 1^623 1,844 2,615 1,867 1,734v,—r 651,727 100,065136,991 54,176 43,807 229,515 60,952 41,929 71,455 4-2,312 109,088 1,651,757 11,907 1,230 775 469 355 2,253 783 605 529 178 6,965 27,371 671,043 103,218 141,418 55,501 46,035 238,390 -63.358 44,378 74,599 44,557 U 7 . 7 8 7 1.713,152 684,615 224,513 254,854 120,202 149,636 454,379 104,739 59,613 78,633 45,398 241,165 2,671,916 Uo,90l M A Contingent l i a b i l i t y a s endorser on discounted paper rediscounted with o t h e r F . R. Banks BASKS AT CLOSE OF BUSINESS J O L T 6 , 1$21. St.2107c( I n thousands of d o l l a r s ) L I A B I L I T I E S Total F h i l a , Clevel. Ricicu A t l a n t a Chicago St.Louis Minn. Kans-Cy- Dallas ' San Fran, 102,103 8,613 11,047 5,322 4.097 14,259 4,512 3,553 4,346 4,222 7,325 213,824 17,564 22,263 11,026 8,708 30,536 9,114 7,303 9.330 7,113 15,207 42,065 2,737 1,633 1,679 2,584-- S , 0 l l 982 1,335- 1,587 2* F E B E B A L bESEBVE J * V W 66.g W V 63.0 - Y J f 65.8 ^ ^ I \ ~ , *.0 19,875 - 1 r R 1 — ^ 50.6 - - V • 1 ~ 1 3S-S ll,l4o .T 1 1 JlA J 1 " " ' • R*. 39-X 10,4-50 • • . R.«IU 91.2 - • • T < • .• • . • . M. 6o.o 41,465 832 1,472 60,91440,658 2,560 2,624 1,568 1,152 3,808 864 1,536 FEDERAL RESERVE NOTES OUTSTANDING AMD IN ACTUAL CIRCULATION 833,937 242,295 275,821 126,748 158,577 491,64s 125,056 61,392 86,144 4-9,079 295,726 3,014,824 268,401 54,561 342,908 3,681 149,322 17,782 20,967 6,546 8,9.41 37.269 20,317 1,779 .7,511 — 14,232 241,165 2,671,916 254,169 684,615 224,513 254,854 120,202 149,63S 454,379 104,739 59,613 78,633 45,398 DISTRIBUTION OF BILLS AND U. S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES Total Within 15 days 16 to 30 days 31 to 60 days 6l to 90 days Over 90 days 1,801,363 1,049,879 169,610 280,130 223,550 78,194 31,136 1,683 3,434 6,708 19,311 226,426 157,057 39,482 4,700 20,959" 4,228 R e l e a s e d iov p u b l i c a t i o n Friday morning, J u l y g, 1921; n o t e a r l i e r . , FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS JULY 6, i g a . F e d e r a l Reserve Agent a t - Boston New york Phil a . ( I n thousands of d o l l a r s ) C l e v e l . Richm. A t l a n t a Chicago St .Louis St.2107d. Minn. Kans.Cy. D a l l a s San F r a n . Total 171,140 25,920 491,648 125,056 11,850 61,392 3,580 S6,i44 25,§92 27,360 769,675 49,079 295,726 3,014,824 13,052 1,779 5,200 2,247 31,360 6,131 344,993 5,386 18,506 126,558 3,234 124,356 1,126,714 ^i,36l 51,460 52,537 26,943 RESOURCES F e d e r a l Reserve n o t e s on hand 88,030 F e d e r a l Reserve n o t e s o u t s t a n d i n g 268,401 C o l l a t e r a l s e c u r i t y f o r Federal Reserve n o t e s o u t s t a n d i n g : Gold and gold c e r t i f i c a t e s 5,600 20,444 Gold redemption f u n d Gold s e t t l e m e n t fund-F.R.Board 155,000 E l i g i b l e paper Amount r e q u i r e d 87,357 Excess amount h e l d , 6,387 TOTAL 261,200 21,420 43,120 20,189 69,974 833,937 242,295 275,821 126,748 158,577 286,925 23,775 21,373 13,039 16,829 201,000 121,389 145,000 2,023 36,000 3,400 5,432 51,000 15,569 214,644 6,110 3,931 38,531 324,639 107,867 . 9 0 , 2 1 7 100,072 3.173 63.275 88,725 15,920 9s,745 3.017 261,435 65,404 76,4g4 10,625 34,328 152,864 i , 4 i 6 , 25,109 5.06i 356. I 631,219 2,029,146 509,183 658,037 289,605 390,145 1,219,840 286,657 166,094 202,811 l 4 g , i 5 9 623,873 7,155,769 L I A B I L I T I E S Net amount of Federal Reserve n o t e s r e c e i v e d from Compt r o l l e r of the Currency 356,431 1,095,137 263,715 318,941 146,937 228,551 662,788 150,976 73,242 89,724 74,971 323,086 3,784,499 C o l l a t e r a l r e c e i v e d from F e d e r a l Reserve Bank: Gold E l i g i b l e paper 181,044 93.744 230,213 326,839 3),031 72,821 33,607 79,480 14,751 142,862 1,598,265 59.437 157,925 1.771.005 TOTAL s 509,298 134,428 185,6o4 38,023 59,832 424,711 l I l , o 4 o 153.492 104,645 101.762 48,572 87.109 631,219 2,029,146 509,183 658,037 289,605 390,145 1 , 2 1 9 , 8 4 0 286,657 166,094 202,811 149,159 623,873 7,155,769
@FedFRASER