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STATEMENT FOR THE PRESS Released f o r p u b l i c a t i o n Sunday morning, June 27J n o t e a r l i e r * • St* X24"S F e d e r a l Reserve Boards June 26 > 1920* CONDITION OF FEDERAL RESERVE BANKS, S u b s t a n t i a l i n c r e a s e s i n d i s c o u n t o p e r a t i o n s and c o r r e s p o n d i n g a d d i t i o n s to d e p o s i t l i a b i l i t i e s a r e i n d i c a t e d i n the F e d e r a l Reserve Board s weekly "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 "business on June 25> 1920* ^ During t h e week t h e "banks g a i n e d 7%1 m i l l i o n s i n gold and 7*7 m i l l i o n s i n t o t a l c a s h r e s e r v e s * w h i l e F e d e r a l Reserve n o t e c i r c u l a t i o n i n c r e a s e d . 1 m i l l i o n s * The r e s u l t of t h e s e changes i s seen i n a d e c l i n e of the r e s e r v e r a t i o from 44% 5 t o 43*6 p e r cent* B i l l s s e c u r e d by U, S . war o b l i g a t i o n s show a n i n c r e a s e f o r t h e week 1 of 4 6 . 1 m i l l i o n s , o t h e r d i s c o u n t s on hand - a n i n c r e a s e of 89*5 and a c c e p t a n c e h o l d i n g s - a n i n c r e a s e of 0 . 6 m i l l i o n * A d e c l i n e or 2 M m i l l i o n s i n t r e a s u r y c e r t i f i c a t e s on hand r e p r e s e n t s t h e amount of s p e c i a c e r t i f i c a t e s r e t i r e d by t h e Treasury d u r i n g t h e week# These c e r t i f i c a es a r e h e l d to cover advances to the Government pending t h e c o l l e c t i o n of f u n d s f r o m d e p o s i t a r y i n s t i t u t i o n s * Total e a r n i n g a s s e t s a r e shown m i l l i o n s l a r g e r than the week b e f o r e * Of t h e 1*278 m i l l i o n s of p a p e r s e c u r e d by U n i t e d S t a t e # war o b l i g a t i o n s , 6 l l + 8 m i l l i o n s , or 48 p e r c e n t , were s e c u r e d by L i b e r t y "bonds, 298*3 m i l l i o n s , or 23*4 p e r c e n t , by V i c t o r y n o t e s , and 367*9 ^ons, or 28*6 p e r c e n t , by Treasury c e r t i f i c a t e s , a s a g a i n s t 49* 23*3 a n ( i p e r c e n t of a c o r r e s p o n d i n g t o t a l of 1,231*8 m i l l i o n s shown t h e week 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 125 n&llions of paper d i s c o u n t e d f o r 7 o t h e r Reserve Banks i n t h e South and Middle West, w h i l e a c c e p t a n c e h o l d i n g s of t h e Boston, Cleveland and San F r a n c i s c o Banks i n c l u d e 6*6 m i l l i o n s of b i l l s p u r c h a s e d from the New York and ;St* Louis Banks* As a g a i n s t a d e c l i n e of 42*2 m i l l i o n s i n Government d e p o s i t s t h § Banks r e p o r t an i n c r e a s e of 31*9 m i l l i o n s i n r e s e r v e d e p o s i t s , and/of 2 3 , 3 m i l l i o n s i n 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 and non-member banks 1 c l e a r i n g a c c o u n t s . Following the c o l l e c t i o n of the l a r g e volume of checks and d r a f t s r e c e i v e d by t h e Government i n payment of June 15 t a x e s and c r e d i t e d to i t s d e p o s i t a c c o u n t by t h e F e d e r a l Reserve Banks the " 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 a s a d e d u c t i o n f r o m g r o s s d e p o s i t s , shows a r e d u c t i o n of 9%'G m i l l i o n s # The r e s u l t of the above changes i s seen i n a n i n c r e a s e of 104*6 m i l l i o n s i n c a l c u l a t e d n e t d e p o s i t s # The s t a t e m e n t f o r t h e f i r s t time shows the r e s e r v e p e r c e n t a g e s f o r each F e d e r a l Reserve Bank* These p e r c e n t a g e s range between a minimum of 39 + 2 per c e n t f o r the New York Bank and a maximum of 50.8 p e r c e n t f o r t h e Boston Bank# . - y ^ ^ 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 27, 1920; n o t e a r l i e r . STATEMENT OF COMBINED RESOURCES AND L I A B I L I T I E S OF THE FEDERAL RESERVE BANKS June 18, 1920 June 25, 1920 R E S O U R C E S $ 1 6 2 , 8 7 8,000 Gold and gold c e r t i f i c a t e s $171,120,000 4 0 0 , 8 3 3 ,000 402,628,000 Gold s e t t l e m e n t f u n d - F , R, Board 111.531.000 111,551>000 Gold w i t h f o r e i g n a g e n c i e s 675,242,000 685,279,000 T o t a l gold h e l d "by banks 1 , 1 61,784,000 1,150,175>0C0 Gold w i t h F e d e r a l Reserve Agents 125.295.000 133,921,000 Gold r e d e m p t i o n f u n d $1,962,321,000 $1,969,375,000 T o t a l gold r e s e r v e s 138.579,000 1 3 9 , 2 3 0 , 0 0 0 Legal t e n d e r n c t s s , s i l v e r , e t c 2,100,900,000 2 , 1 0 8 , 6 0 5 , 0 0 0 Total r e s e r v e s 1,231,841,000 (Secured by Government war o b l i g a t i o n s 1,277,980,000 1,064,296,000 1,153,814,000 B i l l s d i s c o u n t e d (All o t h e r 398.591.000 399,185,000 B i l l s bought i n open m a r k e t 2,694,728,000 2,830,979,000 T o t a l b i l l s on hand 26,795,000 26,793,000 U. S . Government bonds 69,000 69,000 U. S . V i c t o r y n o t e s j Q j m ^ QQO 325,434,000 U. S. C e r t i f i c a t e s of i n d e b t e d n e s s 3,068,683,000 3,183,275,000 Total earning assets 13,254,000 1 3 , 4 9 2 , 0 0 0 . >0. Bank p r e m i s e s 9^9,977,000 781,844000 U n c o l l e c t e d i t e m s and o t h e r d e d u c t i o n s from g r o s s d e p o s i t s 12,110,000 12,148,000 5fo Redemption fund a g a i n s t F . R. Bank n o t e s Its 7 8.053.000 6,590^000 All other resources 6 , 1 5 2 ,977,000 6,10519^4,000 TOTAL RESOURCES a "7Y. HJ L I A B I L I T I E S 94,462,000 94,506,000 Capital paid-in 120,120,000 120,120,000 Surplus 56,346,000 14,189,000 Government d e p o s i t s 1,800,017,000 Due to members - Reserve a c c o u n t 626,580,000 Deferred a v a i l a b i l i t y items 84.627.000 1-0-7,950,000 Other d e p o s i t s , i n c l u d i n g f o r e i g n government c r e d i t s ¥ U. i p 2,567,580,000 2,564v067,000V Total gross deposits 3 ,104,810,000 3,116,718,000 F . R. n o t e s i n a c t u a l c i r c u l a t i o n 183,904,000 1 8 5 , 6 0 4 , 0 0 0 t , 0 0 VP F- R. Bank n o t e s i n c i r c u l a t i o n - n e t l i a b i l i t y 82.101.000 84^93-9000"* All other l i a b i l i t i e s 6 , 1 5 2,977,000 6,105-, 954-, 000 TOTAL LIABILITIES 6 11. 1 o R a t i o of t o t a l r e s e r v e s t o n e t d e p o s i t and F . R. n o t e 44.5$ 43.6 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 t o 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 49.4$ s e t t i n g a s i d e 35fo 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 48.3 St.1248a June 27, 1919 $31^,135,000 597,046,000 911,181,000 1,113,824,000 122,779,000 2,147,784,000 68.472.000 2,216,256,000 1,573,483,000 244,557,000 304.558.000 2,122,598,000 27,130,000 335,000 204,104.000 2,354,167,000 11,257,000 686,063,000 9,714,000 10.551.000 5,288,008,000 82,764,000 49,466,000 73,614,000 1,713,030,000 534,420,000 115.693.000 2,436,757,000 2,499,180,000 177,185,000 42.656.000 5,288,008,000 52.1# 64.2% mt Hfiwwffj r R e l e a s e d f o r p u b l i c a t i o n Sunday morning, June 2( * 1920; n o t e a r l i e r * . -BESODHCIS'4® LIABILITIES OF THE FEDEM, « - - Bank p r e m i s e s loss %:cti:TfrZr^ •(a) a 6 a i n s t - "• 4 o n a r s ) * J i g 4 S J g J E g 3 > x ' : g " : g ^ 63,343 79.UI 58,183 28,865 100,726 42,455 21,074 57,529 38.761 40,198 ?.ss ' i : s s :% f 0 r 12,128 ^,971 - 50.868 _ 5,002 - 781,** g? m . ' f l i . g j g • * . & 556.fel 251,094 24i. 8 g 3 935.78% 2 5 2 . m 156.522 268,009 177,,70 , H . 4 i y r (b) i n c l u d e s b a n k e r s ' a c c e p t a n c e s "bought f r o m o t h e r F« B. Banks: With t h e i r e n d o r s e m e n t W i t h o u t t h e i r endorsement x.«2 a g ^9/ 64,484 F ? Q J i . | 4 . | f u M ^ 11111111181131:1 U. S . Government bonds AU CLOSE OF BUSHESTO®2 5 . ^ - __ _ „ - - - b > ] ^ *>•#» 392 1,210 5*39%- - R e l e a s e d , f o r p u b l i c a t i o n Sunday morning, June 27, 1920; n o t e a r l i e r S t . 1242c . RESOURCES A L I A B I L I T I E S OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE 2$, 1920. ( i n t h o u s a n d s of d o l l a r s ) L I A B I L I T I E S F e d e r a l R e s e r v e Bank: of Boston New York Phi 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 . Total : Capital paid-in 24,669 7,532 2,326 10,125 823 13,290 4,247 ,779 3 , 2 6 9 4 , 3 0 8 3 , 7 4 4 6,394 94,506 f Surplus 45,082 8,359 2,305 9,029 5,220 ,695 14,292 3,724 3 , 5 6 9 6 , 1 1 6 3 , 0 3 0 1 7,539 1 20,120 Government d e p o s i t s 244 1 . ^ 2 2 1,103 27% 1,762 1,029 4,025 945 419 623 1,029 1,242. 14,189 "••©ue t o members - R e s e r v e a c c o u n t 117,948 745,307 103,508 136,379 56,764 53,229 2 5 2 , 6 7 4 6 5 , 8 8 5 44,66o 8 2 , 6 7 7 5 l , i 4 o 121,745 1,831,916 Deferred a v a i l a b i l i t y items 52, 810 101,296 51,017 58,430 44,735 22,255 6 7 , 2 8 4 3 6 , 8 6 6 15,639 5 4 , 8 2 3 2 5 , 6 2 1 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 tyfii 5567^1 government c r e d i t s 3.812 m i r 4,690 4.204 2.488 1.878 7.242 2.717 1,545 2,752 1,463 Total gross deposits 175,673 9097537,160,703 199,287 105,755 78,391 3 3 1 , 2 2 5 106,413 62,263 140,875 79,253 1 5 4 , 6 9 2 2 r §oUIq&J 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 280,617 8 5 9 , 2 3 2 \ 2 4 s , 7 8 5 315,789 122,109 i4o,592 531,449 126,289 77,728 97,622 82,351 234,155 (3,116,718 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 14,019 37,724 1 9 , 1 4 3 16,096 11,024 3 1 , 3 2 8 8,765 7,057 1 5 , 2 1 8 7,059 8,682 185.6o4 ' All other l i a b i l i t i e s 28,879: 5.744 6.236 3.Q98 3 . 3 2 2 5,431 14,200 3,333 2,636 3 , 8 7 0 2,233 5,957 t j TOTAL LIABILITIES 4 9 1 , 6 3 1 1,905,123 ,451,506 556^622 251/094 24ij 803 935,784 2 5 2 , 7 7 1 156,522 268,009 177,670 417,419 6,105-954, r + it 3 I 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 "?*R# n o t e l i a b i l i t i e s combined* p e r c e n t 56*8 39.2 45.0 51.1 41.7 4o.6 j 9 , 4 8 9 • 4o.o C o n t i n g e n t l i a b i l i t y as e n d o r s e r on Discounted paper rediscounted with o t h e r F . B, Banks Bankersf acceptances s o l d to other F• R, Banks C o n t i n g e n t 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 R. n o t e s o u t s t a n d i n g XF. R- n o t e s h e l d by banks A F.R. notes i n actual c i r c u l a t i o n Bills discounted B i l l s bought i n open m a r k e t J f t 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 41.9 4i.i 4i.i 23,672 1 2 , 9 5 8 4i.4 >v. 52.0 MEMORANDA 24,904 1.168 6,089 1,280 1,312 7,960 - 784 24,950 - 576 25,523 5,000 124,967 1,210 1,904 752 1, 210 432 768 4i6 736 16*217 1 0 3 , 5 8 2 85,910 269,885 5 , 9 6 0 3,559 3 5,730 9 7 , 6 2 2 8 2 , 3 5 1 234,155 3,396,168 279,450 3,116,718 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION 288,796 8,179 280,617 980,049 2 6 0 , 4 7 9 328,908 126,717 1^*589 583,923 144,520 79* W 120,817 11,694 12,719 4 , 6 0 s 3,997 52,474 15,031 1,682 859,232 248,785 315,789 122,109 l4o, 592 531,449 126,289 77,728 DISTRIBUTION OF BILLS A # U. S- CERTIFICATES OF INDEBTEDNESS BY MATURITIES W i t h i n 15 days 1 6 to 3 0 days 31 t o 60 days 6l t o 90 days Over 90 d a y s Total 1,283,470 120,799 62,873 1 335,105 83,588 7,559 469,460 152,91s 13,100 259,993 4i,880 29,867 83,766 212,035 2,431,794 399,185 325,434 'Released f o r p u b l i c a t i o n Sunday morning, June 27, 1920; n o t e a r l i e r . FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS JUNE 25, 1920. S t . 124Sd ( i n t h o u s a n d s of d o l l a r s ) FEDERAL RESERVE NOTES: mm-Received from C o m p t r o l l e r ^Re t u r n e d t o C o m p t r o l l e r Chargeable to F . R. Agent In hands of F . R. Agent i 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 r e d e m p t i o n Boston New York Phi l a . 558,300 2 , 1 9 9 , 6 0 0 6 0 0 , 0 8 0 Clevel. 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 410,017 1 7 1 , 7 0 0 7 6 , 5 4 5 342,496 1 , 1 0 8 , 6 4 9 2 9 8 , 7 3 9 646,463 161,160 288,796 128,600 38,260 980,049 260,479 Total 6 0 0 , 9 4 0 3 3 2 , 2 8 0 >§0,980 1 , 0 5 6 , 4 8 0 3 3 2 , 8 6 0 1 6 6 , 5 8 0 2 2 6 , 1 8 0 1 6 7 , 6 6 0 4 5 9 , 6 2 0 7 , 0 9 1 , 5 6 0 255,804 1 , 0 9 0 , 9 5 1 3 0 1 , 3 1 * 1 2 4 5 , 5 1 2 1 7 4 , 9 6 9 1 3 8 , 4 4 6 53,700 San F r a n . 355,428 157,311'212,534 26,920 30,594 67,945 328,508 1 2 6 , 7 1 7 1 4 4 , 5 8 9 62,540 16,84o 583,923 144,320 117,558 70,875 1 8 6 , 3 8 5 3,240,103 90,035 108,622 9 6 , 7 8 5 2 7 3 , 2 3 5 3,851,45% 10,625 10,875 5,0^0 3,350 455,289 79,410 103,582 85,910 269,885 3,396,168 3,810 13,052 10,331 :GQLLATERAL SECURITY FOR OUTSTANDING 1 NOTES: 1 Gold and gold c e r t i f i c a t e s on hand 900 196,60S Gold r e d e m p t i o n f u n d 18,609 13,939 14,763 17,296 3,797 4,034 9,063 1,875 1,677 3,405 5,121 19,502 113,081 Gold s e t t l e m e n t f u n d - F . R. Board 97,000 73,000 71,889 100,000 37,000 42,500 165,145 39,731 17,600 32,860 9,734 91,409 777,868 172,287 6 9 6 , 5 0 2 173,827 179,187 85,920 95,555 409,715 98,904 47,081 67,317 6 0 , 7 2 4 158,974 2,245,993 288,796 980,049 260,479 328,508 126,717 144,589 583,923 144,320 79,410 103,582 85,910 269,885 3,396,168 179,399 968,861 175,059 225,563 104,064 118,673 481,513 110,311 68,367 112,218 7 3 , 8 8 0 170,489 2 , 7 8 8 , 3 9 7 E l i g i b l e p a p e r , minimun r e q u i r e d £ T0TAL ^MtfUNT OF ELIGIBLE PAPER DELIVERED TO F . R. AGENT 32,025 2,500 - - 259,226
@FedFRASER