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STATEMENT FOR THE PRESS. et.4;i F e d e r a l Reserve Board. Released for p u b l i c a t i o n Sunday m o r n i n g , J u n e 15, 19^9 > Not e a r l i e r . June l 4 , 1919 • FEDERAL RE'SERVE BANK ST'ArnELSIJ!T, S u b s t a n t i a l i n c r e a s e s i n t h e volume of war p a p e r and a c c e p t a n c e s c a r r i e d and even l a r g e r i n c r e a s e s i n Government d e p o s i t s a r e shown by t h e F e d e r a l Reserve B o a r d ' s w e e k l y bank s t a t e m e n t i s s u e d a s a t c l o s e of b u s i n e s s on June 13, I 9 I 9 • Exchange of F e d e r a l Reserve n o t e s f o r g o l d , a p p a r e n t l y f o r e x p o r t , a c c o u n t s f o r a n e t d e c l i n e of 7 .9 m i l l i o n s i n g o l d r e s e r v e s . TJar p a p e r on hand went up jk,6 m i l l i o n s , w h i l e o t h e r d i s c o u n t s d e c l i n e d 7*5 m i l l i o n s 1 A c c e p t a n c e s on hand show an i n c r e a s e of «2 m i l l i o n s . The t o t a l of war p a p e r h o l d i n g s i n c l u d e s an amount of 115*9 m i l l i o n s d i s c o u n t e d f o r 3 F e d e r a l Reserve banks, w h i l e t h e t o t a l of a c c e p t a n c e s on hand i s i n c l u s i v e of 2 6 . 2 m i l l i o n s bought from o t h e r F e d e r a l Reserve b a n k s w i t h o u t the l a t t e r < s e n d o r s e m e n t . Treasury cer- t i f i c a t e s , owing l a r g e l y to t h e r e d e m p t i o n by t h e T r e a s u r y of t e m p o r a r y c e r t i f i c a t e s h e l d the week b e f o r e by 5 banks, f e l l o f f 2}»1 m i l l i o n s 1 T o t a l e a r n i n g a s s e t s show an i n c r e a s e f o r t h e week of 80>1 m i l l i o n s . Government d e p o s i t s show a g a i n of 219«2 m i l l i o n s , members' r e s e r v e d e p o s i t s dec l i n e d 7 1 , 5 m i l l i o n s , w h i l e t h e " f l o a t " was 5 8 - 2 m i l l i o n s l a r g e r t h a n the week bef o r e 1 Mot d e p o s i t s show a g a i n of 22.7 m i l l i o n s . F e d e r a l R e s e r v e n o t e s i n c i r c u l a t i o n d e c l i n e d 13»8 m i l l i o n s , t h e r e p o r t e d t o t a l F , R , n o t e c i r c u l a t i o n of 2^99*3 m i l l i o n s b e i n g b e l o w any of t h e weekly t o t a l s r e p o r t e d d u r i n g t h e p a s t t h r e e m o n t h s . The b a n k s ' r e s e r v e p e r c e n t a g e a s t h e combined r e s u l t of t h e m e n t i o n e d i n c r e a s e i n d e p o s i t l i a b i l i t i e s a n d the d e c r e a s e of 8 . 3 m i l l i o n s i n c a s h r e s e r v e s shows a d e c l i n e from 53 .7 t o 52.7 p e r c e n t . 1 R e l e a s e d f o r p u b l i c a t i o n Sunday morning J u n e 15, 1919; n e t e a r l i e r . _ St.U31a STATBOTT OF COMBINED RESOURCES SJD LIABILITIES OF THE THELVE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE 1 3 , 1919* R E S O U R C E S Jme_ll^_12ia , A r ^ u n e A _ m 2 Gold c o i n a n d c e r t i f i c a t e s $355,811,000 $35^,9^9>000 $^,5^7,000 G o l d S e t t l e m e n t F t o d - F . R . Board 582,675,000 5SI,0^5,000 UUO^U'OOO Gold w i t h F e d e r a l R e s e r v e A g e n t s illlEF-- B i l l s discounted ( S e c u r e d by G o v t , war o b l i g a t i o n s (A11 o t h e r - % w o o 1,117,970,000 1,695,576,000 182,^8,000 TJ. S* Government "bonds U. S, V i c t o r y n o t e s U» S. C e r t i f i c a t e s of i n d e b t e d n e s s All other earning a s s e t s Total earning a s s e t s Bank p r e m i s e s U n c o l l e c t e d items and o t h e r deductions from gross d e p o s i t s Jjo Redemption Fund a g a i n s t F - R« b a n k n o t e s i l l other resources TOTAL RESOURCES L I A B I L I T I E S Capital paid in Surplus Government d e p o s i t s 245,245,000 Due t o members - R e s e r v e a c c o u n t 1,633,5^3>000 Deferred a v a i l a b i l i t y items 6 2 3 , 7 3 9 >000 O t h e r d e p o s i t s , i n c l u d i n g f o r e i g n government c r e d i t s 127,5%,000 Total gross deposits . F . R. n o t e s i n a c t u a l c i r c u l a t i o n F * R. b a n k n o t e s i n c i r c u l a t i o n - n e t l i a b i l i t y All other l i a b i l i t i e s TOTAD LIABILITIES R a t i o o f t o t a l r e s e r v e s to n e t d e p o s i t a n d F- R. n o t e l i a b i l i t i e s combined " R a t i o of g o l d r e s e r v e s to F . R- n o t e s i n c i r c u l a t i o n a f t e r s e t t i n g a s i d e 3 5 ^ a g a i n s t "net d e p o s i t l i a b i l i t i e s - 9 3 ^ 0 0 0 1,139,5°^,000 951,14j,^00 3SS ™ 3$S 111 1,6dD , ^ , 0 0 0 190,130,000 2,112,711,000 27,130,000 333,000 204,405,000 — . 2,344,579,000 10,986,000 #35,362,000 8,899,000 10,332,000 5,472,146,000 j3 362,108,000 2,009,431,00= 27,129,000 333,000 227,553,000 —ZZ^. 2,264,44^,000 10,986,000 650,757,000 8,868,000 10,042,000 5,215,442,000 82,674,000 49,466,ooo 82,652,000 49,4o6,000 26,058,000 1,705,104,000 497,34$,000 134,364,000 2,630,132,000 2,499,265,000 170,937,000 .39,672,000 5,472,146,000 2,362,875,000 2,513,037,000 169,246,000 38,166,000 5,215,442,000 52-7^ 53*7/% 65 *4^ 66.5i° ^Includes one-year Treasury notes i * # § , 63,000 -k'nnn 5%. > . 1 , 3 3 3 > 4 l 0 , 00 510,303,000 735*000 ™—.— 3,249,711,000 75,711,000 1,134,000 155>532,000 1,555,434,000 2b4,887,000 123 >221,00Q. 2,099,074,000 1,651,500,000 10,001,000 12,291,000 3,849,711,000 6l„9/° R e l e a s e d f o r p u b l i c a t i o n Sunday m o r n i n g June 15, l g i $ ; n o t e a r l i e r . WEEKLY STATEMENT OF RESOURCES AMD LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE R E S O U R C E S ( i n t h o u s a n d s of d o l l a r s . ) Boston Hew y o r k p h i l a - c l e v e l . Richn» At l a n t a Chicago Gold c o i n and c e r t i f i c a t e s 3,116 260,047 562 3 0 , 9 0 1 2,117 7 , 9 5 1 23, 13% Gold s e t t l e m e n t Fund - F . R . B o a r d 4 2 , 0 0 6 l 6 8 , 2 0 0 52,077 56,52% 2%,g%4 1 3 , 8 b l 100.321 T o t a l g o l d h e l d by b a n k s 4$, 122 528,247 52,1)39 87 , T f25 2 6 , 9 6 1 21,-5'12 123, % 5 Gold w i t h F e d e r a l Reserve Agents 5 1 , 1 3 5 28%,281 7 1 . 1 8 1 1 2 6 , 1 7 1 3 1 , 0 1 8 %7,b%7 258,3%1 c o l d R e d a c t i o n Fund , — 19,539 - ?'•? 8C9 n ' 957 2,^6 11,5^9 5,^5 2?,70 Total gold r e s e r v e s 115,796 737,35? 135,777 2 1 5 , 8 3 2 b y , 5 2 3 74,C2T%11,453 Legal tender n o t e s , s i l v e r , e t c . 7,059 2/4 939 ^05 1,1)1 1; ^V Total reserves 122,355 7 ^ & T l 3 ^ ^ r 2 W , T 7 r - b f , 9 ^ ^ ^ 5 ^ ^ % B i l l s discounted; Socuved by Government war • obligations ( a ) — l%5,205 6 3 0 , 1 1 2 191,277 1 2 8 , 6 0 1 8 2 , 8 5 2 7 3 , 1 2 2 192,979 All 0 t i e r — .4,869 30,64% 14,3.89 6 , 0 4 5 11,587 13,125 16,57% B i l l s bought i n open m a r k e t ( b ) IS, 8%2 71,992. . 9^9 26,91% 6,961 6,3%5 3%t 236 Total b i l l s on hand 168,91b 7 3 2 j % 8 20b.635 l 6 1 , 5 6 0 101,400 9 2 , 5 9 2 2%3,789 XJ# s< Government "bonds 539 u . S, v i c t o r y n o t e s 30 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 16,916 Total earning assets 186,401 Bank p r e m i s e s 800 U n c o l l e c t e d i t e m s and o t h e r d e d u c t i o n s from g r o s s d e p o s i t s 81,508 % Redemption f u n d a g a i n s t F . R . bank n o t e s 8%2 All other resources 388 TOTAL RESOURCES OF BUSINESS JUNE 13, 1919 St.423b g t . L ° u i 3 Minn. 3,78b 8,33 2 26.7.1? 2%T3Q7 30,4^3 32,729 56,528 38,213 5,520 7,381 9 2 , 5 " o 78,323 2,647 88 95,193 7 8 , * 1 1 Rans-Cy- D a l l a s S^n Fran To a 75 7 , 278 8,512 355,811 36.^01 6.0?6—2.0,156 3'),976 13,354 3 9 , 2 6 8 938,486 27 , 255 I ? , 810 110,390 1 , 1 1 / , 9 7 0 14,346 3,02J ajj;2—11L%^_ 78,577 32, ix-j 1 ^ 1 , 2 , ^93,8f% 206 . 2 / 3 0 ^ 7 8 , 7 8 3 3 4 , 1 3 1 152,034 2 , 2 0 1 , 9 8 3 6 2 , 9 0 3 %7,03S io,%36 3,9%7 4,108 8,753 7 7 5 9 , 7 3 8 %8,ll6 3%,1%2 . 10 82 } 2o8 50 7 66,276 20,685 17.026 6 , 2 6 0 10.599 22,612 800,37 6 228,705 179,670 108,89% 103,57% 270,877 3,782 500 87 5 312 218 2,936 2%6 16,182 9,520 9VT82 69,620 . 5%1 - 333 6,883 5,%00 6,040 E0%j,_%Q5_ 9 8 , 0 1 8 6 0 , 3 9 9 1%3,263 2,.) 44,579 %01 221 %00 10,906 199,236 79,78% 1,734 2,807 1,025 977 1*302 1,385 1,084 4,476 1,153 ^^6 8,867 , , . , r 25,5%7 67,82% 1 , 6 9 5 , 5 7 6 2%,837 12,003 182,598 §%2 5^; 758 §l±i_SJ_ 51,033 134,585 2 , 1 1 2 , 7 H ir234 376 3*966 2,632 62,7%9 76,885 %3,3%0 86,0%8 57,731 16,062 65,813 30,787 35,%19 803 1,%02 464 $02 502 jS7 1,136 1,362 570 %76 322 2-52 714 335 379 155 408 6.29 27,130 835,362 8,899 10*332- 392,79% 1 , 7 9 7 , 1 0 0 %%7,o%2 %62,270 256,990 223,976 775,005 2%9,293 16%,667 2%%,12% 126,732 3 3 2 , 1 5 3 5,%72,1%6 MEMORANDA (a) includes b i l l s discounted f o r other F-R-banks, v i z . - - - (b) i n c l u d e s b a n k e r s ' a c c e p t a n c e s b o u g h t from o t h e r F , R» b a n k s f j i t h t h e i r endorsement Without t h e i r e n d o r s a n e n t - - 15,000 - - - - - - 58,142 - 14,800 - 27,960 - - - - - - - 26,211 115,902 2o, 2 1 1 St R e l e a s e d f o r p u b l i c a t i o n S u n d a y m o r n i n g , ..June 15, 1919; ^ o t e a r l i e r ^ iciq TTTTTT^ yz YZEEKLY STATEMENT OF IG2S0URCES AND LIABILITIES OF TIDE FEDERAL RESERVE BANKS AT CLOSi, Ojj B U S I E S JUl^ l j , 1 v L 9 . (%n t h o u s a n d s of d o l l a r s . ) Boston Capital paid-in .6,877 Surplus " 2,996 Government d e p o s i t s 30,978 Dae to members - Reserve a c c o u n t 100,735 Deferred a v a i l a b i l i t y items 59,092 All other deposits 353 Total gross deposits 191,153 F . R . n o t e s i n a c t u a l c i r c u l a t i o n - 172,632 p . R . bank n o t e s i n c i r c u l a t i o n net liability 16,190 All other l i a b i l i t i e s l2 TOTAL LIABILITIES 392,794 L I A B I L I T I E Hew York p h i l a . C l e v e l . Richm. A t l a n t a 3,247 4,209 9,232 21,384 7,633 1,510 2,196 2,608 3 , 5 5 2 21,117 22,642 43,890 29,743 15,035 24,299 676,417 9 4 , 2 9 1 129,645 5 2 , 3 2 1 4 4 , 0 8 8 156,252 71,049 5 3 , 3 4 9 62,346 2 4 , 5 7 2 10b 155 1,012 114,188 705 "9"69,499 210,242 213,44: 213,442 129,808 9 3 7 m 73.6,288 203,710 217,93> 112,964 115,12s •*» 1 >J V$ 5t ) V. 1 9,45s 1,519 >s s Chic ago 11,446 6,4i6 4,957 234,902 69,727 2,092 311,67s" 418,271 s St.Louis. 3,867 -1,603 24,332 59,089 40,653 678 124,952 103,159 23,202 J 4 , 3 4 i 3.1992 1 , 3 7 1. * s •" I.iinn. K a n s . c y • 3,006 3 , 7 6 1 2,421 1,415 17,422 7,734 48,g48 69,651 12,811 3 9 , 1 6 4 1,062 765 7 0 , 2 5 8 127,299 82,975 9 5 , 9 9 3 3,883 1,130 1 12,488 2,162 To t a l D a l l a s San Fran 82,67.4 3,238 49,466 2,44s 1,184 245,245 13,844 10,369 4 0 , 5 7 4 82,922 1 , 6 3 3 , 5 8 3 623,739 13,597 21,127 127,565 6 , 1 7 2 7_L 687092 120,590 27530,132 4 5 , 5 1 7 194,694 2 , 4 9 9 , 2 6 5 I ' 1. S11 i 6,831 2,816 170,937 39,672 1,797,100 447,042 4 6 2 , 2 7 0 256,990 223,976 775,005 249,293 164,667 244,124 126,732 332,153 5 , 4 7 2 , 1 4 6 M E I/I 0 R A IT D A C o n t i n g e n t l i a b i l i t y a s e n d o r s e r on Discounted paper rediscounted w i t h o t h e r F*- R. banks Bankers' a c c e p t a n c e s s o l d t o o t h e r F . R« banks 115,902 29,536 50,000 36,366 FEDERAL RESERVE NOTES OUTSTANDING AND III ACTUAL CIRCULATION F . R, n o t e s o u t s t a n d i n g F . R. n o t e s h e l d by bank 179,902 7>270 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 172,632 I I : z t ' Z T a % 1I.7° 3 65 1 . : ^ 736,288 203,710 217,934 112,964 115,128 418,27-1 103,159 82,975 1 0 2 f:gs 95,993 i ° o M 45,517 194,694 2 , 4 9 9 , 2 6 5 DISTRIBUTION OF BILLS AND U . S . CERTIFICATES OF INDEBTEDNESS BY MATURITIES. T i t h i n 15 days B i l l s discounted B i l l s bought .In open m a r k e t 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 1,577,715 61,213 30,235 16 to 3 0 days 42,424 4s,315 162 3 1 t o 60 d a y s 156,528 82,965 632 6 l t o 90 days 75,137 42,044 11,130 Over 90 days 26,310 162,246 Total 1,878,174 234,537 204 > 0 5 R e l e a s e d f o r p u b l i c a t i o n Sunday morning June 15, 1919; n o t e a r l i e r » St.43 Id STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS JUNE 13, 1919( i n t h o u s a n d s of d o l l a r s . ) Boston FEDERAL RESERVE NOTES: R e c e i v e d from C o m p t r o l l e r R e t u r n e d to C o m p t r o l l e r C h a r g e a b l e t o F . R . Agent i n h a n d s of f * R. Agent New York phi l a . Clevel. Richm. A t l a n t a Chicago S t . L o u i s Minn- K a n s . C y • D a l l a s San F r a n . Total 3 1 7 , 5 0 0 1 , 5 8 0 , 8 8 0 3 9 0 , 9 8 0 3 5 6 , 1 0 0 224,120 2 2 9 , 6 0 0 6 1 9 , 6 8 0 200,7U0 1 3 2 , 8 8 0 1 6 7 , 3 0 0 103,560 2 * 2 , 0 2 0 4 , 6 0 5 , 6 6 0 110,278 6 l 2 , 0 6 g 146,812 9 2 , 2 6 1 78,748 50,933 139,284 64,977 3 2 , 9 6 1 51,069 3 2 , 9 5 1 60,405 1 , 4 7 2 , 7 4 8 207,522 9 6 8 , 8 1 1 2 4 4 , 1 6 8 2 6 3 , 8 3 9 1 % , 3 7 2 178,667 4 2 0 , 3 9 6 135 J 6 3 9 9 , 9 1 9 1 1 6 , 2 3 1 70.b0Q 2 2 l , T l . 5 3 , 1 3 2 , 9 1 2 27,620 i41,000 27,280 33,120 28,658 57,709 30,360 19,160 i4,54o i4,ooo 23,570 6,000 423,017 I s s u e d t o F . R . bank l e s s amount r e t u r n e d t o F . R . Agent f o r redemption 179,902 827,811 216,888 230,719 I l 6 , 7 i 4 120,958 450,036 l i 6 , 6 o 3 85,379 102,23 1 47,039 215,615 2,709,895 COLLATERAL SECURITY FOR OUTSTANDING NOTES: G o l d c o i n a n d c e r t i f i c a t e s on hand Gold redemption f u n d 11,135 G o l d s e t t l e m e n t Fund - F . R . Board 4o,ooo E l i g i b l e p a p e r , minimum r e q u i r e d 128,767 183,740 l4,125 10,54l 14,792 12,046 . . . 90,000 56,389 ioo,ooo 543,530 l45,707 104.548 11,581 2,545 Total AMOUNT OF ELIGIBLE PAPER DELIVERED TO F . R. AGENT 2,018 2g,ooo 85,696 2,500 2,l4? 4,797 4,098 13,052 g,36l 1,895 12,847 224,998 81,222 43,000 253,544 7 3 , 3 1 1 191,695 52,430 60,075 22,800 47.166 25,360 74,976 1,684 97,543 811,750 3.1,229 1 0 5 , 2 2 5 1 , 5 9 1 , 9 2 5 179,902 8 2 7 , 8 1 1 2 1 6 , 8 8 8 2 3 0 , 7 1 9 116,714-. 1 2 0 , 9 5 8 4 5 0 , 0 3 6 l i 6 , 6 o 3 85,379 102,231 47,039 215,615 2,709,895 168,916 732,748 154,213 160,109 51,Ik) 51,033 93,837 79,568 -S3,555 68,600 82,268 115,216 2 , 0 0 1 , 2 0 3