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STATEMENT FOR THE PRESS -Released for publication Friday morning, June 23; not earlier, St.2S50. Federal Reserve Board, June 22, 1922. C O N D IT IO N O F FEDERAL BESERVE BANKS. Aggregate redu ction s of $74,100,000 in Government s e c u r i t i e s , la r g e ly Treasury c e r t i f i c a t e s , and of $62,900,000 in Government d e p o sits i n connec tio n with f i s c a l operations in cid e n t to the redemption o f ta x c e r t i i i c a t e s matured.on June 15, and th e payment on that date of semi-annual in t e r e s t on F ir s t L ib e r ty "bonds ind V ic to r y n o tes, are shown in the Federal Reserve Board's weekly bank statement issu ed as at c lo s e of business on June 2 1 , 1922, ^ Gold holdings of the reserve banks in creased by $12,200,000, w hile other cash re serves show a decrease of about $1,000,000 for the week, In a d d itio n to the large decrease in Government d e p o s its , reductions Of $9,400,000 in members' reserve d ep o sits and of $2,300,000 in other deposits, are noted. Federal r e serve note c i r c u la t i o n in creased by $3,700,000* The reserve r a t i o , in conse quence of the above changes, shows a r i s e from 7 7 .4 to 79 *1 P er cent. Four of and Kansas the reserve C ity , r e p o r t c e rtific a te s to and fro m of fun ds "o t h e r " of cover c e rtific a te s sp e cial m uch m ore m o d e r a t e in crease in go ld fo r by of scale the represents h eld sh iftin g to a them on than the of New total York, The larg ely the in of week the the go ld report New s p e cial of betw een banks tax and the the checks in am ount am ount of dhte. settlem ent befo re, M in n e a p o lis of $61,700,000 of d iffere n ce reserve York by fun d p ro c eed ed reports $19,000,000, f o l l o w e d $6,300,000 r e s p e c t i v e l y . viz., L o u is, c o llectio n r e d u c tio n latest the St, $32,000,000 of Treasu ry p en d in g account cred its reserves, those assets in s titu tio n s, redeem ed c e rtific a te s In t e r b a n k advances held v iz. , th eir d e p o sitary c e rtific a te s tax banks, am ong by the Boston on a largest and St, L o u is $8,100,000 a n d Sm aller in c r e a s e s t o t a l i n g $3,600,000 a r e r e p o r t e d b y t h e P h i l a d e l p h i a a n d K a n s a s C i t y b a n k s . c r e a s e s i n g o l d r e s e r v e s b y $5,100,000 e a c h a r e s h o w n f o r t h e R i c h m o n d a n d w ith in creases Clevelan d of banks, w h ile the fiv e r e m a in in g banks show a g g r e g a te decreases De of $14,600,000. Holdings of paper secured b y Government o b lig a tio n s show a slLght increase for the w e e k from $140,600,000 to $140,700,000. Of the t o t a l h e ld , $ l l 4 „ 500,000', or 8 1,4 per c e n t , were secured by L ib e r ty and other U. S. bonds, $6*700,000, or 4,8 per c e n t, - by V ic to r y n o te s , $11,700,000, or 8.3 per cen t, “by Treasury notes and $7,800,000, or 5*5 Per c en t, - by Treasury c e r t i f i c a t e s , compared with $116, 100,000, $7 ,700,000, $10,800,000 and $6,000,000 reported the week before, A sum m ary o f reserve banks, changes as in com pared the w ith p rin cip al a week and asset a year and lia b ility ago> item s of the fo llo w s: Incre ase In or m illio n s Decrease of dollars sin c e June Total Total In c , reserves G o ld reserves ea rn in g - In c . assets D isc o u n ted b i l l s , Secured Other by U, b ills Dec. In c. total S. Governm ent o b lig a tio n s In c. d isco u n te d Dec. Purchased b i l l s U n ited States Bonds and P ittm an Other Total Other Federal R. Dec. total Dec, notes Dec, ce rtific a te s Treasury Dec. ce rtific a te s "E s c , reserve Governm ent F» s e c u ritie s, d e p o sits M em bers' Dec. d ep o sits Dec, d ep o sits Dec, de p o sits reserve Bank notes . In c, notes in in In c , c ir c u la tio n c ir c u la tio n , net lia b ility Dec, 14, 1922 11.2 12,2 June In c , Inc. 65.7 8.0 .1 7 .9 2 .5 74.2 1 1.0 1 .5 61.7 7*+. 6 9 .4 62.9 2.3 3 .7 .3 Dec. Dec, Dec. Dec. In c. In c, ■ In c . Dec. In c . In c . In c , Dec, In c . Dec. Dec. 22, 1^21 527.7 569.5 953. s 1 ,332.4 517.3 8 15.1 82.0 266.6 193.7 148.4 221.3 157.2 164.3 7 .5 ,4 513.0 67.3 Released for publication Friday morning, June 23, 1922; not earlier. St.2350a, RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED, (in thousands of dollars) R E S O U R C E S June 2 1 , 1922 318,614 531,290 Gold and gold certificates ..................... Gold settlement fund - F. R. Board . . Total gold held by banks . . . . . Legal tender note?, silver, etc. . Total b ills on hand . 2 ,1 2 1 ,6 8 0 ^ 8,376 2 ,1 4 2 ,1 1 5 . 3 , 019,960 .M i 5 2 k 3 ,0 0 7 ,7 9 4 716,313 1 ,5 9 S , 12S 13 6 , 04j , 2 ,450,435 127,715 1 2 2 ,6S4 169,517 3 ,1 4 7 ,6 7 5 3 , 136,478 2 , 620,005 140,713 280,255 121.467 140,639 2 7 2,97 ? .....I23u215 1,095,933 39,HSS . 537,592 . 227,374 232,30s 1,793,**51 33,729 . 7 4 ,0 0 0 254.160 75,5PO ..._3.i5.aSI5 222,375 .. 32j ^ § 1 ,0 98,569 41,362 1 , 167,275 2,0 3 2,40 3 41,074 24,717 . Total earning assets ................... • Bank p r e m is e s .............................................. 5$ Redemption fund against F. R. Bank notes . . . . ................... Uncollected items ....................................... All other resources ................................... It \ 1 657,980 5^3,035 . . . . . . . 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 ................... ..... ^ ,7 0 7 315^72 4 0 0 . g4l o21,l42 . . Total reserves .................................. Bills discounted: Sec. by U .S . Government obligations . Other b ills discounted . . . . . . . Bills bought in open market ................... 3 1 6 . “ 35 249,904 . Gold with Federal Reserve Agents . . . Gold redemption fund . . . . . . . . . Total sold reserves . . . . ............... June 1 4 , 1922 Juna;.2&» 1921 7 ,5 6 5 580,959 15,672 TOTAL RESOURCES 7,639 624,732 , 20*829^' 10,194 56^,105 l4,4o4 4 ,2 9 1 ,8 0 8 4,9 9 8,02 7 5 ,315.S2S 105,079 104,579 L I A B I L I T I E S JReserved' for Gov't, franchise tax Deposits,: . . Member bank - reserve account . . . . Other deposits . , ............................... Ratio of total reserves to deposit and F. R. note lia b ilitie s combined-. , . 102,177 202,036 4o,4oo 10,383 1,2 1 2,01 0 73,273 1 ,8 2 1,45 0 _____ 3 .4 J 1 1 17,957 1,647,709 31,581 1,9 2 9,03 6 1 , 697 >2^7 2 , 122,610 2,639,319 500,049 . 2 0 , 652 68,000 535,464 20,409 13 5 ,004 467,928 31.717 4 ,2 9 1 ,2 0 2 4 ,9 9 3,02 7 5 ,3 1 5,82 5 32,006 . TOTAL LIABILITIES . . . . . . . . 215, 39S 2,231 2,2 3 1 . F, R. notes in actual circulation . . . F. -R. Bank notes in circulation net -liability Deferred availability items ............... ... All other lia b ilitie s . . . . . . . . . 215,398 , 1 ,854,399 2 , 126,304 67,629 . 79-1$ 7 7 .4 # 60 . 4#- Released for publication Friday morning, June 23, 1922; not earlier. St.2550. RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS, JUNE 21, 1922. 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. To+al reserves B il l s discounted: Secured by U .S.G o vt, obligations Other b ills discounted B ill s bought in open market Boston New York 13,471 210,531 133 532 2^! 47,921 35 ,^7 5 23,082 23,975 90.837 4,269 16.46s 26 — 32,098 63,943 52,541 3 8 ,5 27 22,697 114,812 20,737 33,933 5,5 ,US7 101,328 3 5 7 *72U 4 ,3 27 1,453 2.221 92 , 3m 13 1 , 47s 480,817 57.940 1,7 9 6 30,752 iT ’& 80,473 66,517 15.828 9 b , 301 9.509 7.235 6,127 19.724 — 3*552-- gg.308 --1.297 200,495 1 , 184,536 232,552 235,900 105,576 137,605 500,601 U. S. bonds and notes 4,574 S. Certificates of indebtedness: One-year certificates (Pittman Act) 5,450 Other certificates 35,110 Bank premises 18,327 32,765 22,922 15,266 ll,4ii 19,169 23.518 -1L.49X. 14,446 57,111. 61,673 56,537 45,442 19,500 106.324 91,042 . 228,383 5,210 : 8,655 23,553 5,500 1,305 26,392 5,500 40.109 92,031 128,538 600 5,304 5$ Redemption fund against F. R. Bank notes Uncrllected items All other resources TOTAL RESOURCES 5,615 Chicago St,Louis Minn. Kans.Qy. Dallas San Fran. 39 , 23s 8°fi’ p ^ 157 Ji ^ l 6? 'J 91 -^21.3 , 7 ,i ? 2 _ „ 4 >659 126,943 1 , 154,622 224,555 226,391 Total b ills on hand Total earning assets t3 ,3 S Rich. Atlanta J ’ hip 58,412. 131,666 J L 296 2,507 15,271 -22,130 45,908 U. 344,069 Phila. Cleve. >(In th0U3ands of dolla^ > 12,658 27,295 834 3,214 27,671 ^1,387 31.750 1,233 387 865 17,508 42,494 6,775 12.172 15,788 -SL597 75.790 28,544 24,468 11,410 7 >3?4 9 .5 3 6 Total 8.215 19 361 32.958 312,614 531.2QO 34,594 17,751 52,319 249,904 19,506 1Q0 , 6S6 2,121,680 - L Q.3^ 2,q4o 4^,376 32,291 245,945 3 , 019,960 644 49,614 1.373 85,521 5,226 67,161 90,807 J L 25! 6,054 127.71R 44,142 251,999 3 , 147,675 3,279 2,645 22,250 12,502 ____ L 2,212 30,692 2.189 9,301 37.462 26,729 21,152 35,093 61,361 4,392 28,301 5^3,035 2 ,a i6 54.400 227,374 3,560 6,699 8.667 4,000 3,571 _____ 31 .3 8 ' 556 -1.5,023 -iL i5P3 46,120 32,867 147,481 5 2 , 60S 39,624 2,571 1,^15 7.552 922 914 i 4o ,713 280,255 121,46? 4,321 1,900 5,332 74,000 11.992 ___Z2 L ____372 254,160 65,766 *+0,584 121,465 1,098,569 ^975 2,093 1,151 41,368 422 • 899 700 539 122 467 57,224 624 124,602 2,023 50,243 57.346 302 916 146 *+7,663 22,967 279 7 ,5 6 5 75,635 32,341 479 15.095 1,022 37,973 20,975 38,889 520,959 616 2,785 405 — ..163 . 862 J24_ -521 -1,336 1-81? 4.870 15,672 355,009 1-,549,866 376,605 428,649 355,009 1 . 5=49 .366 376,605 >ttS.6>* 808. 58} a o i .w u 7 » . » 5 190,779 12 k ,U 32 2 0 1,16 1 109,772 M S . ^ ^ M O S Released, fo r p u b lic a tio n , Frid ay morning, June 23, 1922; not e a r lie r . RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE 2 1 , 1922. S t . 2 85O (In thousands of d o lla r s ) L I A B I L I T I E S Rich. A tla n ta Chicago S t.L o u is Minn, Kans.Cy. D a lla s San Fran. T o tal Boston New York P h ila . Cleve. Federal Reserve Bank 4,193 7,360 105,079 4 ,2 71 14,615 4 ,7 7 0 3,5 6 3 4 ,621 8,991 11,603 5,536 7,951 27,570 C a p ita l p a id in 7,394 15,199 21^,398 9,114 29.025 9 . 3 SS 7)468 9 ;b^b 16,483 ,030 60,197 17,945 22,509 Surplus 140 2,231 4o6 363 293 84 251 417 Reserved fo r Govt, fran ch ise ta x 277 Dep c si t s : 44s sio 2 ,9.43 10,383 805 i,oss 514 425 717 138 729 771 995 Government S0.8S4 44,238 125,010 1,5 12 ,0 10 r1,085 123,618 715,106 105,256 141,455 ,736 +9,273 ,095 Member bank - reserve account 1,062 1,808 25LOQ6 295 790 13,579_______ 429 956 290 939 603 10,993 Other d e p o sits iuy,t> j > i 50 , 1^0 pj.,xdu ^ , 0 x3 tu,324 82,762 49^230 141,532 1,554,399 124,359 T o ta l d ep o sits 617,510 175,472 195,532 83,620 I l 4 j l 4 363,650 68,239 49,254 58,020 2 6 ,2 29 2 17,5 2 5 ^ 2 ,1 2 6 ,3 0 4 F. R. notes in a c tu a l c ir c u la t io n 153,239 F. R. Bank n o tes in c ir c u la tio n 67.659 1^,593 5,135 4,934 2,534 4,520 7,976 3,404 3,261 8,485 2,682 3 , 4i 4 5,148 net l i a b i l i t y 500,049 ok U 94 55,001 49,192 42,055 16,152 61,732 31,443 13,120 36,467 22.301 31,751 46,311 Deferred a v a i l a b i l i t y items 1,732 20.659 TOTAL LIABILITIES 355,009 1 , 549,866 376,605 425,649 202,583 201,484 732,515 190,779 124,432 201,161 109,772 415,653 Ratio o f t o t a l reserves to deposit « and F.R. note l i a b i l i t i e s combined, 70.2 64.5 61.8 68.4 51.3 S3.0 70.3 69.7 75.5 SO. 7 • S7.9 per cent 72.2 4,891,808 905 Contingent l i a b i l i t y on b i l l s purchased fo r fo r e ig n correspondents 2,514 12,775 2,756 2,824 1,685 S4T 1,240 3 ,959 4,099 920 1,619 1,074 930 567 165,503 12,264 F. R. n otes in a c t u a l c i r c u la t i o n 153,239 545,092 204,187 213,684 227,252 25,715 18,152 90,426 119,198 402,239 6,806 4,4s4 35,559 82,445 14,206 51,805 2,554 69,251 11,2 3 1 34,575 25,777 250,140 2,545 32,615 2,522,750 396,446 - DISTRIBUTION OF BILLS AND U. S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES Over 90 days 6l to 90 days 31 to 60 days 16 to 30 days Within 15 days 53,041 39,608 61,529 *+6,375 2 21,0 15 B i l l s discounted 6,6l4 4o,548 27,022 15,415 31,865 B i l l s bought in open market 37,652 229,979 500 26,329 33,700 U. S. C e r t i f i c a t e s of indebtedness 79.1 1,554 896 1,653 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION F. R, n otes outstan din g F, R. notes h e ld by banks 1,743 2,126,304 T o ta l 421,56s 121,467 328,160 gt.2550 Released for publication Friday morning, June 2 3 , 1922; not earlier, FEDERAL RESERVE AGENTS* ACCOUNTS AT CLOSE OF BUSINESS, JUNE 21, 1922. (in thousands of dollars) Federal Reserve Agent at Boston New York Phila. Cleve, Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. 91,700 402,239 23,450 52,445 11,175 51,505 Total . R E S O U R C E S Federal Reserve notes on hand Federal Reserve notes outstanding Collateral security for Federal Reserve notes outstanding: Gold and gold certificates Gold redemption fund Gold fund - F. R. Board Eligible paper ~ Amount required Excess amount held 95,250 165,503 271,150 39,920 33,905 345,092 ;204,157 213,654 31,519 67,549 90,426 119,193 5,300 3,366 118,000 363,154 13,275 40,162 12,051 10,916 401,000 141,359 145,000 2,692 52,795 2,400 4,925 94,000 16,079 341,645 11,210 3,930 42,300 44,493 11,939 34,939 5,525 17,870 13,725 44,515 ’ 31,235 24,505 4,035 3 3 ,s37 12,071 4o,746 50,747 13,550 ' 1,794 15,300 69,251 761,251 19,633 54,430 250 ,l4o £ 522,750 28,777 13,052 1,700 16,000 3,254 46,360 416,122 7,701 1,505 16,050 121,963 10,000 174,606 :L, 553,595 21,056 5,363 19,637 1,513 9 ,271 25,777 59,454 1,552 4oi,070 128,679 441,327 1,974,584 450,035 473,212 215,496 319,670 927,413 192,375 120,154 155,315 102 ,964 556,562 ;?,935,460 Net amount of Federal Reserve notes received from Comp troller of the Currency 263,753 1,116,242 244,107 247,559 122,245 156,747 493,9^9 105,595 62,953 57,551 45,410 304,570 ;3,254,031 Collateral received from Federal Reserve Bank: Gold Eligible paper 131,666 45,908 357,724 75,750 30,752 26,419 49,6l4 21,150 19 , 5 0 6 19 0 , 6 8 6 2 , 121,620 35 ,o4s 61,306 529,749 TOTAL L I A B I L I T I E S TOTAL SOU,346 153 ,;44o 169,191 54,296 52,541 56,432 55,^57 10 1 ,32s 40,764 31^ 95 441,327 1 ,974,584 450,088 473,212 218,496 319,670 57,940 23,540 927,413 192,375 120,154 153,315 102,964 556,562 5 ,935,460
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