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STATEMENT FOR THE PRESS Released, for publication Friday morning, June 9; not e a r l i e r . St,2824. Federal Reserve Board, June 8, 1922. CONDITION OF FEDERAL RESERVE BANKS. Further reduction of $51,200,000 i n discounted b i l l s , as g a i n s t increases of $18,000,000 in purchased acceptances and of $l4,400,000 in United States sec u r i t i e s , are indicated i n the Federal Reserve Board's weekly bark statement issued as at close of business on June 7, 1922. Cash reserves of the reserve banks show an addition of $3,600,000, of which $2,500,000 r e p r e s e n t s a further gain of gold* Members1 reserve deposits increased "by $42,000,OCX), while government deposits show a decline for the week of $14,700,000 and other d e p o s i t s , composed largely of c a s h i e r ' s checks and nonmembers1 clearing accounts - a decline of about $500,000. Federal reserve note c i r c u l a t i o n shows a nominal i n crease, substantial additions to note c i r c u l a t i o n reported by the Boston and San Francisco banks being counterbalanced by reductions in note c i r c u l a t i o n shown mainly for the New York, Philadelphia and Cleveland banks. Net l i a b i l i t i e s o the reserve banks on Federal reserve bank notes in c i r c u l a t i o n increased by $1,300,000. The reserve r a t i o , inconsequence of the substantial increase i n e posit l i a b i l i t i e s , shows a decline from 78 to 7 7 . 6 per cent. Interbank s h i f t i n g of gold c r e d i t s i n the gold settlement fund, e s p e c i a l l y i n connection with payments for the $200,000,000 of tax c e r t i f i c a t e s of the June 1 s e r i e s , accounts largely f o r the increase of $21,500,000 i n gold reserves of the New York bank. Snaller increases in gold reserves, aggregating over $20,000,000, are also shown for the Atlanta, St, Louis, Chicago, Richmond, San Francisco and Dallas banks. Boston and Cleveland report the l a r g e s t decreases of gold reserves for the week, by $l6,400,000 and $10,000,000 r e s p e c t i v e l y , while smaller decreases, t o t a l i n g $12,600,000, are shown for the remaining thiee reserve banks. Holdings of paper secured by Government Obligations decreased from $171,100,000 to $148,900,000. Of the t o t a l held, $122,300,000 or 82.1 per cent* were secured by Liberty and other U. S. bonds, $7,700,OCX), or 5*2 per cent, by Victory notes, $11,100,000 or 7 . 5 per cent, by Treasury notes, and $7,800,000, or 5.2 per cent, by Treasury c e r t i f i c a t e s , compared with $133,300,000, $10,300,000, $17,800,000 and $9,700,000 reported the week before. A summary of changes i n the principal a s s e t and l i a b i l i t y items of the reserve banks, as compared with a week and a year ago, follows: Increase or Decrease In m i l l i o n s of dollars since June 8, 1921 Mav 11. 1922 Inc. Inc. 541.5 579-4 Total reserves Gold reserves Inc. Inc. Total earning a s s e t s Dec. 18.8 Dec. 1,051.3 Dec. Dec. Dec. Inc. Inc. Dec. Inc. 15.3 Dec. 1,476.1 Dec. 598.1 Dec. 878.0 66.7 Inc. Inc. 358,1 211,1 Inc. 14S.4 Dec. Inc. 295.4 Total deposits Members' reserve deposits Government deposits Other deposits Inc. 26.8 Inc. 42.0 Dec. 14.7 Dec. •5 Inc. Inc. Inc. Inc. 161,9 Federal reserve notes in c i r c u l a t i o n F.R. Bank notes in c i r c u l a t i o n , net l i a b i l i t y Inc. Inc. Dec. Dec. 569,2 69,2 Discounted b i l l s , t o t a l Secured by U. S. Government obligations All other Purchased b i l l s United States s e c u r i t i e s , t o t a l Bonds and notes Pittman c e r t i f i c a t e s Other Treasury c e r t i f i c a t e s 3.6 2.5 51.2 22.2 29-0 1S.0 14.4 .9 •3 1.3 133-9 13-3 2,7 Released for publication Friday morning, June 9, 1922; not e a r l i e r . St.2824a, RESOURCES AM) LIABILITIES OF THE TWELVE 5EDEFAL RESERVE BANKS COMBINED, (in thousands of dollars) RESOURCES Gold and gold c e r t i f i c a t e s . . . . Gold settlement fund - F. R. Board June 7. 1922 323,745 502,204 May 31. 1922 324,740 486.689 Total gold held by banks . . . . Gold with Federal Reserve Agents . Gold redemption fund 225,949 2,128,242 55.SSI 811,429 2,140,891 55.301 June 8. 1921 297,476 521,539 819,015 1,460,352 151.299 Total gold reserves . . . . . . Legal tender notes, s i l v e r , e t c . . Total reserves 3,010.072 123,99% 3,007,621 122,876 2,43^0,672 161,874 3,134,066 • 3,130,497 2,592,546 148,949 271,305 - 136.183 171,106 300,384 118.182 747,006 1,149,353 6q.5Qi 556,437 589,672 244,648 1,965,260 32,685 B i l l s discounted: Sec. "by U.S. Government obligations All other » » * . • » B i l l s bought in open market . . . . Total b i l l s on hand U, S, bonds and notes . U. S. Certificates of indebtedness: One-year c e r t i f i c a t e s (Pittman Act) All other . . . . Total earning assets . Bank premises 5rfo Redemption fund against F» R. Bank notes . . . . Uncollected items . . . . All other resources . . . TOTAL RESOURCES . . . 243,775 77,000 297.101 77,000 281.771 225,3751.652 1,174,313 1,193,091 2,225,572 40,994 40,672 23,842 7^518 525,893 20.684 7,580 454,938 20.490 4,847,268 10,449 541,495 13.482 4,903,46s L I A B I L I T I E S Capital paid in Surplus Reserved for Gov't, franchise tax Deposits: Government Member bank - reserve account All other Total deposits F.R. notes in actual c i r c u l a t i o n F,R, Bank notes i n circulation 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 total reserves to deposit and F.R. note l i a b i l i t i e s combined 5,407,386 104,729 215,392. 2,236 102,066 202,036 38,057 39 , 574 1,823,961 33,455. 54,295 1,782,004 ... 33,851 20,2o3. 1,684,075 3C. 1,896,990 1,735,057 2,141,531 1,870,153 2,141,184 71,812 450,497 _2OOS 70,553 423,217 19.798 141,054 447,357 21*226 4,903,468 4,847,268 5,407,326 77«6fo 78.0% 58-31" 104,859 215398 2,207 2,710,723 Released for publication Friday morning, June 9, 1922; not earlier. St.2524b. RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS, JUNE 7, 1922. , F e d e r a l Reserve Bank of Gold and gold 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 T o t a l gold h e l d by banks Gold w i t h F. R. Agents Gold redemption fund T o t a l gold r e s e r v e s Legal tender notes, silver, etc. Total reserves B i l l s discounted: Secured by U.S.Govt- o b l i g a t i o n s All o t h e r B i l l s bought i n open market T o t a l b i l l s on hand U. S. bonds and n o t e s Boston New York 13,971 n 215 127 8,895 19,459 323,745 25,275 364,547 55,835 47,987 44,117 33,088 100,622 21,199 31,536 28,216 23,007 50,520 825,949 - >304 J p Redemption fund a g a i n s t F . R. Bank n o t e s U n c o l l e c t e d items All other resources TOTAL RESOURCES 149,420 F h i i a . Cleve. 5V4SO 13,309 50,355 Rich. 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 Fran. 3,038 34,678 41,079 135,994 798,570 153,244 175,154 —3^1°——3,882 5,200 3,934 5,538 23,866 27,550 76,756 4,233 8,324 16.Q66 23,212 53,058 103,267 352,745 .58,533 4,530 1,000 10,757 1,752 2,505 25,711 31,892 48,009 1.518 2,208 14,112 31.061 Total 502,204 19,296 198,480 2,128,242 1,883 4,741 55.881 170,745 1,171,999 214,279 227,075 101,705 137,355 464,124 81,484 64,946 78,433 44,186 253,741 3,010,072 24,297 7,814 7,869 7,619 5,593 18,255 17,879 824 5.388 5,562 6,698 123.994 186,941 1,196,296 222,093 234,944 109,324 142,948 482,379 99,363 65,770 83,821 49,748 260,439 3,134,066 8,282 11,632 18,694 38,608 4,576 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 ( P i t t m a n Act) 5,950 All o t h e r 47,928 Total earning a s s e t s 97,062 Bank p r e m i s e s (in thousands of dollars) RESOURCES 5,265 23,274 34,884 24,599 13,499 4,228 16,028 10,335 19,167 29,200 27,192 37,910 20.305 13,136 263 671 77,212 65,524 56,902 43,562 32,091 47,927 23,553 27,124 1,233 156 21,000 6,000 6,000 3,560 122,901 2,070 42.401 269,040 97,147 132,427 48,355 8,470 bOO 5,239 2,571 422 946 700 50,935 104,754 42,675 539 46,700 950 4,505 698 1,758 188 19,360 7,888 1,744 3,189 1,528 6,474 4I,94O 11,686 22,760 20,246 29,783 31,336 20.933 5.594 5 2,002 16.070 82,233 25,168 24,504 23,440 33,313 53,880 34,258 11,681 7,752 28,299 2,816 54,400 6,699 8,667 468 675 31 52,931 38,977 178,089 1,342 7,468 4,000 3,409 39,665 921 914 3,571 15,412 55,832 2,023 155- 1,944 778 1,900 5,332 77,000 316 907 500 f ~.r ( *i m.T. 38,529 113,928 1,174,313 2,092 1,137 4,975 40,994 216 1,487 556,437 243,775 4,321 9,202 65,262 146 916 279 44,549 24,467 66,133 33,617 14,556 36,434 24,180 36,893 149 145,949 271,305 136,183 1,058 1,8)5 5,367 7,518 525,893 20,684 341,575 1,584,011 363,913 421,607 205,136 208,357 736,688 192,534 122,608 192,466 116,530 418,043 4,903,468 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., June 9 , 1922, n o t e a r l i e r . -B801&0ES MID LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF EU5I3ESS JUNE ? , 1922. St.2824c. ( i n thousands of d o l l a r s ) L I A B I L I T I E S To ta1 CI .vv.Rich. A t l a n t a Chicago S t . L o u i s Minn. Kan5. C-y. Dallas San Fran. New York Phi l a , Boston F e d e r a l Be serve Bank 4,700 7 , 3 b l . 104,859 4,i93 3,568 4 , 6 1 9 .5.;,542.. 4 , 2 7 6 , ' 14,559 27,483 8,991 7,931 Capital' paid in 9 , 1 1 4 --9,025 9,353 7,465 215,39s 9 , 6 % : 7,394 15 17,945 22,509 11,030 60,197 16,483 Surplus :>6 100 2,207 4 i o 275 209 19S 355 261 393 RcLerved f o r Govt, f r a n c h i s e t a x D e p o s i t s *. 2,286 1,074 1,88'i 1,002 1,430 3,0b? 3,184 is,601 i,?47 1,006 3,930. 39,574 364 Government 63,529 42,960 50,515 25S', 14S 121,015 1,823,961 46,357 743,188 104,886 140,542 73,051 57,359 117,321 Member bank - r e s e r v e account 462 242 33,455 m . — j - >642 139 15,580 11,338 796 ' 1 , 3 6 4 481 .1§L, 393, All other US,22b 773,127 107,429 142,912 52,633 53,915 262,974 71,502 44,427 74,943 48,377 140,525 1,896,990 Total deposits 153,499 620,153 130,669 197,302 85,056 116,204 364,824 69,940 49,554 52,153 26,727 218,650 2,141,531 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 8,420 2 ,932 5,102 8,142 2,775 3,618 71,812 3,348 3,397 5,668 17,395 5,592 5,414 net l i a b i l i t y 25,322 39,824 18,504 53,084 32,793 12,784 30,943 38,310 81,240 41,921 40,222 35,550 450,497 D e f e r r e d a v a i l a b i l i t y items 860 909 850 4,080 1,647 557 1,055 20,174 1,739 4,218 1,151 1,661 All other l i a b i l i t i e s __ 1,147 341,575 1,584,011 363,913 421,607 205,136 208,357 736,688 192,534122,605 192,466 116,53c 418,043 4,903,468 TOTAL LIABILITIES R a t i o of t o t a l r e s e r v e s t o d e p o s i t and F.R. note l i a b i l i t i e s combined, 77.1 69.1 75,7 84.0 76.8 70.2 70.0 63.O 66.2 72.5 77.6 65.8 85-9 per cent Contingent l i a b i l i t y on b i l l s purchased 885 852 1,573 1,507 34,556 13,816 2,621 2,627 1,605 1,179 3,599 1,540 2,392 f o r f o r e i g n correspondents FEDERAL RESERVE DOTES OUTSTANDING AND IN ACTUAL CIRCULATION 540,333 204,992 215,552 91,907 120,682 402,820 82,138 51,908 68,746 29,246 251,094 2,526,949 167,031 F„ R. n o t e s o u t s t a n d i n g 2,519 32,444 385,418 2^0,680 24,323 18,250 6.051 4,478 37,996 12,198 2,354 10,593 F. R. n o t e s h e l d by banks 153Y499 620,153 180,669 197,302 85,556 116,204 3 64,824 69,940 49,554 58,153 26,727 218,650 2,141,531 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 DISTRIBUTION OF BILLS AND U. S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES 31 t o bO days 6 l to 90 days Over 90 days Total 16 to 30 days Within 15 days' 61,953 43,204 50,062 420,254 48,245 216,767 B i l l s discounted 40,176 24,347 4,7O5 136,183 27,2b7 39,608 B i l l s bought i n open market 34,199 3,900 257,865 374,101 7,144 70,973 U. S. C e r t i f i c a t e s of indebtedness r http://fraser.stlouisfed.org/ i Federal Reserve Bank of St. Louis 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, June 9 , 1922; not e a r l i e r . St,2824d. FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS, JUNE 7, 1922. ( I n thousands of d o l l a r s ) F e d e r a l Reserve Agent a t Boston New York Phila, Cleve. Rich, Atlanta Chicago S t . L o u i s Minn. Kans.Cy. D a l l a s San Fran. Total R E S O U R C E S F e d e r a l Reserve n o t e s on hand F e d e r a l Reserve n o t e s outstanding C o l l a t e r a l security f o r Federal Reserve n o t e s o u t s t a n d i n g : Gold and g o l d c e r t i f i c a t e s Gold redemption f u n d Gold f u n d - F. R. Board E l i g i b l e paper Amount r e q u i r e d Excess amount h e l d TOTAL 101,050 167,031 5,300 12,694 118,000 31,037 7.571 272,470 43,920 31,920 32,910 .64-,004 90,220 24,450 11,795 19,600 18,953 56,730 768,022 840,833 204,992 215,552 91,907 120,682 402,820 82,138 51,908 68,746 29,246 251,094 2,526,949 356,925 13,275 40,645 11,855 11,879 401,000 141,389 150,000 2,263 50,795 11,210 15,100 3,023 96,000 337,645 44,300 2,400 4,867 13,052 2,840 2,649 16,000 45,360 7,701 1,595 409,863 128,804 19,394 10,000 179,086 1,589,575 42,263 51,748 40,398 38,849 17,415 50,075 23,605 20,016 20,737 9,950 52,614 30.306 5.724 14.640 4,123 14,513 31,969 1,202 1,514 4.040 2,703 23.242 398,707 141.547 442,683 1,984,442 459,628 477,664 220,847 319,881 927,829 190,240 119,651 159,795 100,687 560,120 5,963,467 L I A B I L I T I E S Net amount of F e d e r a l Reserve n o t e s r e c e i v e d f r o m Compt r o l l e r of t h e Currency 265,081 1,113,303 248,912 247,472 124,817 184,686 493,040 106,588 63,703 88,346 48,199 307,824 3,294,971 135,99% 38,608 31,892 48,009 24.056 23,440 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 Eligible paper TOTAL 798,570 153,244 175,154 72,569 57.472 55,038 53,058 103,267 352,745 58,533 42,972 3%928 82.044 25.119 19,296 1Q8,480 2,128,242 33.192 53.816 540,254 442,683 1,984,442 459,628 477,664 220,847 319,881 927,829 190,240 119,651 159,795 100,687 560,120 5,963,467
@FedFRASER