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STATEMENT FOR THE PRESS Released, f o r publication Sunday S t . 1210 Reserve J u n e l2 » F e d e r a l morning, June I J i n o t a a r l i e r . • o CONDITION OF FEDERAL RESERVE BANKS. Moderate l i q u i d a t i o n of discounted and purchased b i l l s and a corresponding re*» duction i n d e p o s i t l i a b i l i t i e s , a l s o some d e c r e a s e i n F e d e r a l Reserve n o t e c i r c u l a t i o n , a r e i n d i c a t e d in t h e F e d e r a l Reserve B o a r d ' s weekly bank s t a t e m e n t issued as a t c l o s e of business on June 11, 1920* The Banks 1 gold r e s e r v e s show an i n c r e a s e of 4 . 2 m i l l i o n s and t h e i r t o t a l cash r e s e r v e s - an i n c r e a s e of 3 "7 m i l l i o n s > 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 42*5 to 43 p e r cent • As a g a i n s t an i n c r e a s e of 7*5 m i l l i o n s in t h e i r h o l d i n g s of paper secured by U.S. Government o b l i g a t i o n s (wax p a p e r ) , t h e Reserve Banks show d e c r e a s e s of 48.8 m i l l i o n s i n o t h e r discounted p a p e r and of 6 . 8 m i l l i o n s in t h e i r h o l d i n g s of acceptances pur chased in open m a r k e t . Treasury c e r t i f i c a t e h o l d i n g s went up 5*3 m i l l i o n s , l a r g e l y a t t h e New York and P h i l a d e l p h i a Reserve Banks, w h i l e t o t a l e a r n i n g a s s e t s show a net r e d u c t i o n f o r t h e week of 42*8 m i l l i o n s • Of the t o t a l war paper h o l d i n g s of 1,440»9 m i l l i o n s , 651 »9 m i l l i o n s , or 45 «2 per cent, were secured by L i b e r t y bonds, 275*4 m i l l i o n s , or 19*1 P e r c e n t , by Victory n o t e s , and 513,6 m i l l i o n s , or 35.7 p e r cent, by Treasury c e r t i f i c a t e s , as a g a i n s t 43 »7, 20 and 36.3 p e r cent of a t o t a l of 1,433*4 m i l l i o n s of war paper r e p o r t e d the week b e f o r e . T o t a l d i s c o u n t s h e l d by the Boston, New York and Cleveland Banks a r e i n c l u s i v e of about 127 m i l l i o n s of paper discounted f o r 7 Reserve Banks i n the South and Middle West, as a g a i n s t 132.8 m i l l i o n s the week b e f o r e . Acceptance h o l d i n g s of t h e Cleveland and San Francisco Banks comprise 4 . 8 m i l l i o n s of b i l l s purchased from the New York and S t . Louis Banks, compared with 5«4 m i l l i o n s r e p o r t e d a t the close of the previous week. Government d e p o s i t s d e c l i n e d l4<9 m i l l i o n s , w h i l e members' r e s e r v e d e p o s i t s s ow an i n c r e a s e of 11.5 m i l l i o n s , Other d e p o s i t 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 and non-members' c l e a r i n g accounts) show a d e c l i n e of about 13 m i l l i o n s , while t h e " f l o a t " c a r r i e d by t h e Reserve Banks and t r e a t e d as a deduction from gross d e p o s i t s shows an i n c r e a s e of 10.6 m i l l i o n s , w i t h t h e r e s u l t t h a t t h e c a l c u l a t e d n e t d e p o s i t s are about 27 m i l l i o n s l e s s than the week b e f o r e . Federal Reserve n o t e c i r c u l a t i o n d e c l i n e d 15*1 m i l l i o n s , the New York and Chicago Banks r e p o r t i n g c o n s i d e r a b l e r e d u c t i o n s i n o u t s t a n d i n g c i r c u l a t i o n , as a g a i n s t a f u r t h e r i n c r e a s e of over 9 m i l l i o n s i n F e d e r a l Reserve n o t e c i r c u l a t i o n r e p o r t e d by the Cleveland Bank. An i n c r e a s e of $176,000 in p a i d - i n c a p i t a l r e f l e c t s l a r g e l y a d d i t i o n s to c a p i t a l and s u r p l u s of member banks i n the Richmond, A t l a n t a , Chicago azid Dallas d i s t r i c t s • Released f o r p u b l i c a t i o n Sunday morning, June 13, 1920; not e a r l i e r . STATEMENT OF COMBINED RESOURCES MD LIABILITIES OF TFE FEDERAL RESERVE BANKS RESOURCES June 11,1920 June 4. 1920 Gold and gold c e r t i f i c a t e s $168,193,000 $164,519,000 Gold s e t t l e m e n t fund - F- R. Board U31,905,000 431,227,000 Gold with f o r e i g n agencies 111,531,000 111,531,000 T o t a l gold h e l d by banks 711,629,000 707,277,000 Gold with F e d e r a l Reserve Agents 1,103,751,000 1,110,864,000 Gold redemption fund 149.678.000 1U2,712,000 Total gold r e s e r v e s $1,965,058,000 •<> 1,9^0,853,000 Legal tender n o t e s , s i l v e r , e t c . 137,533.000 138,08/ ,000 | S e c u r & ? y G a r m e n t war o W g a t i o „ S 1,4^31,000 B i l l s bought i n open market 403* 896*000 Total t i l l s on hand 2,926,246,000 U» S* Government bonds 26,796,000 U. S* V i c t o r y n o t e s 69,000 U. S. C e r t i f i c a t e s of indebtedness 280.106.000 Total earning a s s e t s 3, 233 , 819,000 BaZilc premises 13,111 >000 U ncol l ec ted items and other deductions from gross d e p o s i t s 772,903,000 5# Redemption fund a g a i n s t F . R. Sanlc n o t e s 11,794,000 A l l o t h e r roso-urces 5,751,000 T0T;JL RESOURCES 6,139,969,000 L I A B I L I T I E S Capital paid-in 9^*> 2S4,.000 Surplus 120,120,000 Government d e p o s i t s \ 21>S30,000 Due to members - Reserve account 1 , 6 ^ , 240 000^^,^6, Deferred a v a i l a b i l f t y items ^jk^&S^^OOO Other d e p o s i t 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 000 / Total g r o s s d e p o s i t s 00 2,553,036,000 F- R* notec in. a c t u a l c i r c u l a t i o n 3*112,205,000 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 jTsl,382,000 All other l i a b i l i t i e s 78,9^2,000 T0T;ju LIABILITIES 6,139,969,000 R a t i o of t o t a l r e s e r v e s t o n e t d e p o s i t and F« R. note l i a b i l i t i e s ccmbined 43-0^ Ratio of gold r e s e r v e s to F, R* n o t e s in c i r c u l a t i o n a f t e r " s e t t i n g aside 35/% a g a i n s t n e t d e p o s i t l i a b i l i t i e s 47-5a> S t . 1210a ^2Sie..._12.J^12 4>355> 811,000 5°2,by5,000 — - — — 938,486,000 1,117,970,000 —^37» 'j-8,QQ0 2,193, <->74,000 08,114,000 ^ ^ g g g 4lQt6gS.OOQ t x ^ 2,97^,9^,000 26,795,000 69,000 3 > 27&, , -JuO 1 2 , 5 4 - 7S9,b-^,0j0 11,7|;5,000 6,195,509,000 9^> 108,000 120,120,000 37,113,000 1,858,77^,000 601,639,000 99,265.000 2,596,791,000 3,127,291,000 181,252,000 75,94-7.000 6,195,509*000 42^5^ 46 -9% —23 4 1 532i_POO 2,112,711,000 27,^-30,000 ^ J>33 >000 _2m^05^000 2,3^,5*9,000 > 1 0 , S80>000 835,3^2,000 8,899,000 —.10,332,000 5, 472, 1^ 6, 000 82,67^,000 49,^66,000 245,245,000 1,633,583,000 623,739,000 127,565,000 2,&30,132,000 2,^99,26$,000 170,^37,000 39.672.000 5,^72,146,000 52-7^ L 65-4^ Released for p u b l i c a t i o n Sunday morning, Juno lj>, 1920; not oar l i a r . S t , 1210 b RESOURCES A11D LIABILITIES OF THE EEDER&L EE SERVE BANKS AT CLOSE OF BUSINESS JUNE 11,1920. RESOURCES (In thousands of d o l l a r s ) Federal Reserve Bank of Boston Hew York Phi l a . Clevel. Richm. A t l a n t a Chicago St.Louis I/linn. Kans.Cy- Dallas San Fran. Total Gold and gold c e r t i f i c a t e s 11,271 82,219 1,079 10,106 2,Ul6 8,390 24,339 2,606 7,253 457 5,225 12,832 l6S, 193 Gold Settlement Fund - F-R.Board 32,5^8 106,g6l 25,480 66,379 18,456 6,578 72,888 13,885 7,754 24,854 8 , 4 l 4 47,808 431,905 Gold with foreign agencies 8,l4g 4p,q32 8.922 9f l46 5.465 4.015 13.272 5,242 3.011 5.353 2,900 5.131 111, 531 T o t a l gold held by banks 51,961 230,012 35,481 85,631 26,337 18,983 110,499 21,733 18,018 30,664 16,539 65,771 711,629 Gold with F-R- Agents 112,934 284,532 87,749 i4i, 485 '33,658 52,513 163,3 92 45,742 32,300 36,190 26,668 86,588 1,103,751 Gold redemption fund 21.53 1 33 . 862 13 . 793 5.807 12.7 82 < 9 0 5 28.791 5.479 342 4.147 6.959 10.080 149.678 Total gold r e s e r v e s 186,426 5^+8,U06 137,023 232,923 72,777 77,401 302,682 72,954 50,660 71,201 50,166 162,439 1,965,058 l e g a l tender n o t e s , s i l v e r , e t c 7.908 105.195 563 1.847 117 1.380 9,615 7.195 165 1.4% 1.561 536 137,533 Total r e s e r v e s 194,334 653,601 137,586 234,770 72,894 78,781 312,297 80,149 50,825 72,652 51,727 162,975 2,102,591 B i l l s discounted: (a) Secured by Govt.war o b l i g a t i o n s 108,244 561,621 186 , 537 il4,060i 53,431 57,488 164,375 58,320 13,456 33,191 34,5^1 55,667 l , 4 4 o , 9 3 l All o t h e r 62,074 261,264 29,675 4g,292 l 43,690 60,863 261,835 46,800 62,137 74,473 3 5,797 9 2,119 1,082,019 Bills, bought in open market (b) 32.478 183.993 2.052 55.557 8.860 4,816 53.253 3.705 3.874 1.696 990 52.622 403.896 Total b i l l s on hand 202,796 1,006 , 87 8 218,264 217,909 105,981 123,167 479,4g3 108,825 79,46? 109,360 74,328 200,408 2,926,846 U- S. Government bonds 560 1,457 1,386 833 1,235 ll4 4,477 1,153 ll6 8,867 3,966 2,632 26,796 U. S. Victory n o t e s 5 50 1 0 3 1 69 U. S . C e r t i f i c a t e s of indebtedness 21.76 5 76.726 31.943 23.814 12.260 15.666 39.628 17.169 8.487 12.974 8.300 11,376 280.108 Total e a r n i n g a s s e t s 225,126 1,085,111 251,593 242, 566 119/476 138,950 523,568 127,14? 88,070 131,202 86,594 214,4l6 3,233 , 819 Bank premises 1,365 3,501 500 1,155 717 584 2,116 866 556 658 862 231 13,111 Uncollected items and other deductions frcm gross d e p o s i t s 6?,4o? 146,749 64,374 75,113 56,714 31,797 108,069 47,912 25,689 63,349 47,839 37,891 772,903 5/° Redemption fund against F, R, Banknotes 1,072 3,073 1,300 731 451 515 1,437 523 549 916 562 665 11,79% All o t h e r resources 445 1.176 648 4l2 3 82 203 801 456 189 305 245 489 5.751 TOTAL RESOURCES 489,7^9 1,893 , 211 456,00 1 554,747 250,634 250,830 948,288 257,053 165,87s 269,082 187,829 416,667 6,139,969 (a) Includes b i l l s discounted f o r other F, R. Banks, v i z : (b) Includes bankers' acceptances bought from other F. R. Banks: With t h e i r endorsement Without t h e i r endorsement 27,117 - 59,740 - - - 4o, 186 - - - 2,4o8 - - - - - - - - - - - - - - - - 2,371 12?, 043 2,408 2,371 " p l e a s e d f o r p u b l i c a t i o n Sunday morning, June 13, 1920; n o t e a r l i e r . RESOURCES AHD LIABILITIES OF THE FEDERAL RESERVE BAMS AT CLOSE OF BUSINESS JUNE 11, 1920( i n thousands of d o l l a r s ) Federal Reserve Bank of Capital paid-in Surplus jGrOvernmsnt deposits ! Due to members - Reserve account .Deferred a v a i l a b i l i t y items Other d e p o s i t s , including f o r e i g n government c r e d i t s Total gross deposits F, R. notes 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 All other l i a b i l i t i e s TOTAL LIABILITIES L I AI I L I T I E S Boston Hew York P h i l a . Clevel- Richm. A t l a n t a 4,812 7,532 24,667 8,313 410,073 3.773 5.820 4,695 8,359 45,082 8,805 T 9,089 1,114 980 1,534 Xa,702 1,610 2,160 118,962 763,525 103,044 139,236 58,923 55.270 51,807 105,516 53,258 55.338 44,001 26,122 4,436 176,319 277,997 Total Chicago St.Louis Minn. ICans.Cy. Dallas San Fran. 3,706 6,377 ^ 94,284 3,253 4,314 13,217 4,247 6,116 3.030 7.539 ,120,120 14,292 3.724 3 ' $ 2,268 2,601 X21,S30 1,844 2,193 3.381 260,725 64,238 49,942 81,240 55,146 119,989 i,s>e,24o 5 7 ^ 72,000 40,121 18,661 55.431 30,195 (& #t-7 fa 1 /fed* & a a 37,287 5,435 4,972 / 2,933 2,183 8,206 3,076 2,073 907,308 163,271 20f,24s 107,467 85,735 344,312 109,279 71,119 851,002 250,899 315.201 120,609 143,070 533.954 127,665 78,873 / 2,929 141,793 97,913 14,428 37.812 19,235 15,318 9.096 10,543 2 9 , 8 8 4 9.059 6,661 15,432 5,114 27,340 5.478 5,818 2,830 3.014 12,629 3.079 2,403 3,514 489,749 1,893,211 456,001 554,747 250,634 250,230 948,288 257,053 165,87s 269,082 1,678 iir&A 8 9 , 2 8 7 155,898 2 , 5 5 1 * 0 3 6 3 8 2 , 5 8 4 232,43s 3,112,205 7.191 2,031 8,723 1S<382 187,829 4I6,667 6,139,969 5,692 29,750 7,750 13,400 37,969 13,170 — — — 2,408 — 9,779 15,225 — 16,217 288,621 10,624 277,997 127,043 2,408 16,217 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION B i l l s discounted Bills- bought i n open market C e r t i f i c a t e s of indebtedness 78,942 ME M0 R A N DA •Contingent l i a b i l i t y as endorser on Discounted paper rediscounted with o t h e r F . R. Banks Bankers* acceptances sold to o t h e r F . E. Banks Contingent l i a b i l i t y on b i l l s p u r chased f o r f o r e i g n correspondents "F. R. notes outstanding l*®1. R. notes held by bank F . R. notes i n a c t u a l c i r c u l a t i o n s&r-asa 964,634 261,676 325,372 125,818 148,202 581,787 144,606 80,281 102,947 86,322 265,762 3,376,028 113,632 10,777 10,171 5.209 5,132 47,833 16,941 1,408 5,034 3 , 7 3 8 3 3 . 3 2 4 263,823 851,002 250,899 315,201 120,609 143,070 533,954 127,665 78,873 9 7 , 9 1 3 82,584 232,438 3,112,205 DISTRIBUTION OF BILLS AND U . S . CERTIFICATES OF INDEBTEDNESS BY MATURITIES W i t h i n 15 days 16 t o 30 days 31 t o 60 days 6 l t o 90 days Over 90 days Total 1,440,942 246,996 508,484 257,812 68,716 2,522,950 101,902 88,285 166,942 46,767 403,896 18,237 6,982 13,172 24,200 217,517 280,108 S t . 12104 Released f o r publication Sunday morning, June 13, 1920; not e a r l i e r . - - FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS JUNE 11, 1920( i n thousands of d o l l a r s ) Boston Hew York P h i l a . Clevel. 'FEDERAL RESERVE NOTES: •r Received from Comptroller 588,900 2,175,200 - 'Returned to Comptroller 249,379 1,083,566 297,244 Chargeable to F . R. Agent I n bands of F . R. Agent Issued to F. R. Bank l e s s amount r e t u r n e d to F . R, Agent f o r redemption 593,600 328,360 240,348 171,608 134,968 339,521 1,091,634 298,336 353,252 156,752 213,572 50,900 127,000 36,660 27,880 30,934 65,370 261,676 325,372 125,515 145,202 964,634 900 195*73% Gold redemption fund 15,034 15,798 i8,s6o l4,46o 4,155 3,013 Gold settlement fund - F . R. Board 97,000 73,000 65,559 95,000 29,500 175,687 680,102 173,927 153,55? 92,l6o 288,621 E l i g i b l e paper, minimum r e q u i r e d TOTAL AMOUNT' OF ELIGIBLE PAPER DELIVERED TO F, R. AGEST Chicago St.Louis 345,540 i,040,2S0 328,820 255,621 -COLLATERAL SECURITY FOR OUTSTANDING NOTES: Gold and gold c e r t i f i c a t e s on hand w 595,550 RLchm. A t l a n t a 400,833 639,W 167,674 161,146 Minn. Kans.Cy. Dallas 166,580 223,52c 75,074 115.633 91,506 164,780 451,520 Total 7,005,920 68,893 182,705 3,157,928 107,887 95,587 269,112 3,818,052 57,660 16,540 11,225 551,787 l44,606 San.Fran. 9,565 3,350 442,024 50,281 102,947 56,322 265,762 3,376,028 . 4,010 13,052 9,247 3,901 1,645 3,330 47,000 154,145 37,831 17,600 32,860 11,234 95,689 418,395 95,564 47,981 66,757 59,654 179,17% 2,272,277 964,634 261,676 325,372 125,818 148,202 581,787 i44,6o6 80,281 102,947 56,322 265,762 3,376,028 102,951 123,167 ^ 7 9 , ^ 3 108,794 ^ b4,883 109,36c t - 32,025 202,796 1,004,831 190,575 215,114 - 2,500 - - 10,331 ^ - 5,103 14,345 74,328 72,243 255,552 108,897 736,302 186,694 2,862,936
@FedFRASER