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STATE?.®!? FOB THE P2ES3. Released f o r p u b l i c a t i o n Friday c o m i n g , "'arch 17; not e a r l i e r . St.2bUS F e d e r a l Beserve Board - a r c h l b , 1922. CO~'ITIO'J OF FEDERAL FESEHVS SMES ' Aggregate r e d u c t i o n s of $53,500,000 i n the holuin„» oz d i s c o u n t e a an:, pv.rc-^3^3 i l l s , a s a g a i n s t an i n c r e a s e of $128,200,000 i... t.r.e ::olc.i.' v .s oz Treasury c e ^ v i . i c a t e s , accompanied by an i n c r e a s e of $133 ,400,000 in 'octal c.3posits .and a + e d u c I A O . . . of $8,SCO,000 i n F e d e r a l r e s e r v e n o t e c i r c u l a t i o n a r e inc-icateo. i n tne jjeaerax serve B o a r d ' s weekly "bank statement issued a s a t close of Business oi ; .arch 15,19^-" Gold r e s e r v e s show a g a i n of $10,100,000, - m i l e t o t a l cash r e s e r v e s increased by $7,400,000. The r e s e r v e r a t i o , i n consequence of the aoove c.'~angcs, snows a declin*. f o r the "33k from 11.Z t o 7 5 - p e r c e n t . Government o p e r a t i o n s d u r i n g the week included bos ides the redemption ox t:ac ju.:. of about $530,000,000 of t a x c e r t i f i c a t e s maturing on i&rch 15, payment of semi-annual i n t e r e s t on about $3,600,000,000 of Third L i b e r t y bonds and $390,700,000 of Treasury n o t e s , a l s o the h a n d l i n g of t h e f i r s t i n s t a l l m e n t of income t a x payments and the issuance on the same date of over $600,000,000 of new Treasury n o t e s and of $266,250,0-0 of tar: c e r t i f i c a t e s . Discounted " b i l l s show a d e c l i n e f o r the week of $39,300,000, while acceptances purchased i n open f o j . l off about $14,s00,000. United S t a t e s bonds and n o t e s i n c r e a s e d "by $2b,200,000. P i t t m a n c e r t i f i c a t e s on d e p o s i t w i t h t h e Treasury t o secure F e d e r a l r e s e r v e bank n o t e c i r c u l a t i o n show a r e d u c t i o n of $2,000,000, w h i l e other Treasury c e r t i f i c a t e s show an i n c r e a s e of $130,200,000. At the c l o s e of the . day seven of t h e F e d e r a l r e s e r v e "banks h e l d a t o t a l of $167,000,000 of s p e c i a l c e r t i f i c a t e s to cover advances t o t h e Government pending c o l l e c t i o n of income t a x checks and funds from d e p o s i t a r y i n s t i t u t i o n s . In consequence of the changes noted t o t a l earning a s s e t s i n c r e a s e d by $100,600,000 and on March 15 stood a t $ 1,277,500,CCD,, compared with $ 2 , 6 5 s , 5 0 0 , 0 0 0 / v h e corresponding date of l a s t y e a r . Government p a p e r on hand shows a f u r t h e r 'decrease f o r t h e week from $238,500,000 t o $225,100,000. Of the t o t a l h e l d $195,500,000, or 36.7 p e r c e n t , was secured by L i b e r t y and o t h e r IT. S. bonds, $16,600,000, or 1.Z p e r c e r t , - by V i c t o r y n o t e s , $7,100,000, or 3 - 1 p e r c e n t , - by Treasury n o t e s , and $6,900,000, or 3«0 per c e n t , by Treasury c e r t i f i c a t e s , compared with $204,400,000, $19,200,000, $6,400,000 and $7,900,000 r e p o r t e d t h e week b e f o r e . As a g a i n s t a decrease of $7,400,000 i n Government d e p o s i t s , members* -reserve dep o s i t s show an i n c r e a s e of $125,600,000 and other d e p o s i t s , composed l a r g e l y of c a s h i e r ' s checks and non-members' c l e a r i n g accounts' - an i n c r e a s e of $15,200,000, These i n c r e a s e s r e p r e s e n t n a i n l y payments t o t h e c r e d i t of t h e banks f o r matured c e r t i f i c a t e s and w i l l l a r g e l y be wiped out during t h e f o l l o w i n g days as income t a x checks drawn on t h e banks a r e c l e a r e d . A movement of gold i n some volume from Hew York, mainly towards Chicago, P h i l a delphia and Cleveland i s shown f o r t h e week. Gold r e s e r v e s of t h e Hew York bank show a decrease f o r t h e week of $34,000,000, while smaller decreases aggregating $10,900,000 a r e shown f o r t h e S t . Louis, San F r a n c i s c o and Richmond banks. The l a r g e s t a c c e s s i o n of gold f o r t h e week,by $24,400,000, i s r e p o r t e d by the Chicago bank. P h i l a d e l p h i a and Cleveland r e p o r t i n c r e a s e s i n t h e i r gold r e s e r v e s of over $10,000,000 each, while f i v e other r e s e r v e banks r e p o r t aggregate i n c r e a s e s in t h e i r gold r e s e r v e s of $10,300,000. Since January 1 of the p r e s e n t y e a r the r e s e r v e banks have gained a t o t a l of $101,000,000 of gold. The l a r g e s t i n c r e a s e , v i z . , by $51,400,000 i s shown f o r Chicago, A t l a n t a w i t h an i n c r e a s e of $43,900,000, and Cleveland w i t h an i n c r e a s e of $22",300,000 f o l l o w next i n order. I n c r e a s e s of over $10,000,000 each s i n c e t h e beginning of t h e year a r e a l s o shown, f o r Minneapolis, Kansas City and D a l l a s . Boston and Hew York show smaller gold r e s e r v e s than a t the beginning of the y e a r , t h e f i r s t r e p o r t i n g a d e c l i n e of *60,500,000 and the l a t t e r a d e c l i n e of $24,700,000. Released f o r p u b l i c a t i o n F r i d a y morning, March 17, 1322; not e a r l i e r . st.2645a. RESOURCES AND VIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED. RESOURCES ( I n thousands of d o l l a r s ) Mar. 15, 1922 321,223 UgU.lSO 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 Mar. 2, 1922 380,823 491.294 Mar. 18, 1921 266,431 513.572 .Total gold h e l d by "banks . . . . Gold w i t h F e d e r a l Reserve Agents , Gold redemption f . j i i . . . . . . . 805,463 2,090,124 go ,435 872,117 2,030,161 63,595 780,003 1.257,807 167,729 Total gold r e s e r v e s Legal tender n o t e s , s i l v e r , e t c . . Total reserves B i l l s discounted: Sec. by U,S. Government o b l i g a t i o n s All other . . . . . . E i l l s bought i n open market . . . » 2,97b,022 125,375 3,101,397 2,965,873 128,087 3,093,560 2,205,539 209,250 2,414,789 229,068 362,662 87,311 238,457 392,544 101.931 1,000,386 1,224,533 122.780 679,041 215,093 732,972 188,773 2,347,699 25,864 92,000 251,274 102 161,102 102 93,966 254,375 30,576 1,277,510 1,176,915 2,658,514 35,005 37,394 20,465 8,005 8,173 007,795 J&J10 5,048,022 486,190 16,216 12,428 3,300 716,882 9,891 4,818,848 5,836,269 T o t a l b i l l s on hand . . . . . . U. S, bonds and 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 ; Or*c~year c e r t i f i c a t e s ( P i t t m a n A c t ) . All other . . . . . . . . . . . . . Municipal w a r r a n t s . . . . . . . . . Total earning assets . . . . . Bank p r e c i s e s . . . . . . . . . . . 5'p Redemption f u n d a g a i n s t F, R. Bank n o t e s - r . . . . . . . Gold abroad i n custody or i n t r a n s i t . Uncollected items A l l other r e s o u r c e s TOTAL RESOURCES . . . L I A B I L I T I E S Capital paid in . . . . . . . . . Surplus . Reserved f o r G o v ' t , f r a n c h i s e t a x Deposits: Government Member bank - r e s e r v e account . A l l other . . . . . . T otal d e p o s i t s . . . . . . . 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 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 . . . . . . . . . Deferred a v a i l a b i l i t y items , . . A l l other l i a b i l i t i e s TOTAL LIABILITIES . R a t i o of t o t a l r e s e r v e s to d e p o s i t and F . R. n o t e l i a b i l i t i e s combined . . 101,058 103,948 215,395 1,570 103,802 215,398 1,530 202,036 16,789 1,845,493 51,181 24,207 1,719,910 35,938 58,789 1,677,774 38^012 1,913,463 2,188,593 1,780,0^5 2,197.434 1,774,635 2,962,850 78,029 529,912 17.109 79.633 424,418 16,573 179,250 570,347 46,063 5,048,022 4,818,848 5,836,269 75.0?; 77-8$ 5l-< 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, Itixrch 1J, 1922; n o t e a r l i e r . St. 2b4S#b. xuloOJEC&S Am LIABILITIES OF THE EEDEB.L RESERVE 3A1KS AT CLOSE OF BUSIEESS MARCH 15, 1Q22. (In thousands of d o l l a r s ) RESOURCES F e d e r a l Reserve Bank of Boston Hew York P h i l a . Clevo. Rich. A t l a n t a Chicago St. Louis Minn. Zans.Cy. D a l l a s San Fran. Total 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 * o f £ 2%'q 3 I m s i l 21:100 n , m ti.rn li.'go? ^5:265 uli.'iS T o t a l 20Id h e l d "by "banks 34,691 275,/L7 69,735 6 6 , 8 / 0 33,737 31,224 103,350 27,349 41,240 33,157 27,34b 53,917 305,463 Geld w i t h F. R. Agents x 22 2,0 Gold redemption fund f 3 £ o S J ^ S - 5 . : 9 7 3 3 7!q?7 "2:560 ^ 2 : E —^2:477 Z2 .: 7? 0%5 2,208 5,357 80.435 T o t a l gold r e s e r v e s 17b,b05 1,056,470 227,007 258,437 7 5 , l b 7 114,493 431,007 104,403 71,747 79,366 40,341 280,973 2,376,022 Legal t e n d e r n o t e s , s i l v e r , e t c . 7,273 6.674 4.673 12,298 15,060 -22^658 24,081 6,753 612 5.102 5,838 4,353 125.171 Total reserves 1 ^ , - 6 3 x , ^ 3 0 , ^ 5 l 2 3 j j'o.0 265,710 81,841 119,156 503,305 113,4b3 72,359 84,468 46,179 285,332 3,101,397 B i l l s discounted: 8 j c a r e d by U.S.Govt, o b l i g a t i o n s 14,489 37,970 46,638 21,232 32,601 11,231 21,223 8,40b 3,-53 7,419 4,139 20,017 All other 229,0b8 21,594 20, k b 27,027 2b, 550 31,199 36,341 3b2,662 B i l l s bought i n open market IP,??? 28,428 15,096 ,1,071 2.309 1.7bl 16.673 1^247 15 3,313 37,311 T o t a l b i l l s on hand 46,440 92,726 75,308 ,579 93,155 29,319 30,530 33,993 35,353 65,173 679,041 U. S. bonds and n o t e s 4,477 77,348 14,725 114 33,559 6,130 1,905 30,482 2,81b 23,799 215,093 U. b. 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 a a n Act) 8,450 30,400 8,000 6,000 3,560 7,199 8,667 1,900 3,571 4,350 4,321 32,000 5,532 All other 25,768 177,297 5,026 50,093 1 29,941 3,312 1,250 10,005 3,532 49 231,274 Municipal %-arrants 102 102 Total earning a s s e t s S 5,135 3 7 7 , 7 / 1 103,161 110,071 30,125 52,893 165,322 68,350 41,319 104,564 1,277,510 Bank premises 4,933 600 7,576 4,679 2,570 1,12b 7,137 . 643 899 344 4,743 2,155 38,005 % Redemption f u n d a g a i n s t F. R. Bank notes 422 1,331 700 138 539 468 665 2,023 223 316 136 8,005 394 U n c o l l e c t e d items 55,143 123,314 54,143 5b,380 47 , 437 27,397 9 1 , 4 7 1 32,066 14,091 607,795 All other resources 2,330 499 276 626 146 1,444 414 1,125 676 2,059 5.514 15:310 TOTAL RESOURCES 345,450 1,603,423 392,640 438,005 212,292 201,196 769,394 202,441 129,164 199,931 115,914 438,112 5,043,022 - 1—1 1—t fJS li™ l'™ ln% 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, war. 17, ig22, n o t e a r l i e r . RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAR. 15, 1922. St.2o4gc. ( I n thousands of d o l l a r s ) L I A B I L I T I E S Boston New York P h i l a . Clave. 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. Total 1 03,948 27,062 8,855 11,456 5 , 4 8 9 4,231 14,483 4,639 3,567 4,611 4,202 7,384 7 , 9 6 9 Capital paid i n 1 6 , 4 8 3 2 1 5,398 6 0 , 1 9 7 1 7 , 9 4 5 2 2 , 5 0 9 1 1 , 0 3 0 9 , 6 4 6 7 , 4 6 8 9,114 29,025 7 , 3 9 4 1 5 , 1 9 9 9 , 3 8 3 Surplus 1,570 382 121 290 72 119 I89 43 354 Reserved f o r Govt, f r a n c h i s e t a x Deposits: 617 30 971 16,789 389 1,434 755 724 1,571 1,236 973 3,439 4,650 Government 7 5 7 , 5 5 3 1 1 0 , 5 3 3 1 4 8 , 4 0 0 5 5 , 1 7 6 49,583 264,412 66,360 43,479 71,303 46,230 122,912 1,845,493 109,552 Member t a n k - r e s e r v e account 1,167 20,993 51,181 14,151 1,764 i,80C 986 1,858 553 2,922 1,426 804 2,757 All other Total deposits F, 3 . 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 net l i a b i l i t y D e f e r r e d 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 112,027 772,093 H 3 , 7 3 l 150,955 56,886 51,707 268,570 68,759 47,722 78,710 47,427 144,576 1,913,463 153,814 626,501 188,167 195,727 92,946 110,613 369,575 82,457 52,477 62,123 28,689 225,504 2,188,593 3,820 8,683 35,416 2,829 23,691 4,322 39,593 78,029 529,912 938 730 1,682 1,234 17,109 8,364 45,759 915 15,851 7,971 5,812 97,626 55,137 50,473 3,711 713 1,073 3,028 41,929 694 5,653 18,845 679 8,358 75,278 4,105 3,338 33,182 635 12,983 345,450 1,603,423 392,640 438,005 212,292 201,196 769,394 202,441 129,164 199,991 115,914 438,112 5 , 0 4 8 , 0 2 2 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 78.0 77.4 76.6 54.6 73-4 78,9 79.0 72,2 60.0 60.7 77.0 75-6 note l i a b i l i t i e s combined, per cent 75,0 Contingent l i a b i l i t y on b i l l s purchased 2,237 f o r f o r e i g n correspondents 10,942 2,452 2,513 1,502 1,103 3,647 1,441 828 1,471 797 1,410 30,343 FEDERAL RESERVE NOTES OUTSTANDING AND IN 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 banks 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 B i l l s discounted B i l l s bought i n open market U. S. C e r t i f i c a t e s of indebtedness Municipal w a r r a n t s 158,902 5,088 799,941 203,691 213,831 173.440 15,524 18,104 99,312 116,163 406,388 6,366 5,550 36,813 99,062 54,995 70,511 16,605 2,518 8,388 32,107 272,869 2,527,772 3,418 47,365 626,501 188,167 195,727 92,946 110,613 369,575 82,457 52,477 62,123 DISTRIBUTION OF BILLS, U. S. CERTIFICATES OF INDEBTEDNESS AND MUNICIPAL WARRANTS BY MATURITIES Within 15 days 16 to 30 days 31 to 60 days 6 l to 90 days Over 90 days 153,814 317,482 27,723 167,362 339,179 28,689 225,504 2,188,593 73,175 18,707 14,763 97,705 23,813 3,700 102 67,223 12,101 - 500 36,145 4,967 196,949 - Total 591,730 87,311 383,274 102 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, biar, 17, 1922, n o t e a r l i e r . FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS MAR. 15, 1922. S t 264<3d ( 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 P h i l a . Clave. Rich. Atlanta Chicago S t . Louis Minn. Kans.Cy. D a l l a s San Fran. Total RESOURCES 118,440 24,C60 406,388 ,99*062 9,715 54,995 10,730 70,511 20,600 42 500 879 711 32,107 272,'869 2,527 772 y 1 , 1 2,400 2,809 75,500 15,64$ 358,644 5,q60 3,617 65,600 3,144 34,360 35,454 9,788 32,095 6l,040 24,485 5,334 13,052 2,127 13,200 * 26,6l6 3,?'y 33.007 991 6,701 4c^ 713 2,102 l 6 , W Ug'317 1,434 205,122 1,568 094 ' ^ 21,820 5 1 1 6 4 437 648 13,533 13^803 212,'417 460,658 1,996,740 461,453 489,059 230,829 313,080 992,256 227,518 122,948 152,743 98,347 602,oUi 6,147,672 Net amount of F e d e r a l Reserve n o t e s r e c e i v e d from Compt r o l l e r of the Currency 289,952 1,146,711 250,651 247,131 123,932 187,129 524,828 123,122 64,710 81,241 52,707 315,369 3,407,483 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: J?ld E l i g i b l e paper 124,266 46,440 374,293 93,135 28,379 29,859 37,504 33,998 10,287 221,705 2,090,124 35,353 64,967 650,065 992,256 227,518 122,948 152,743 98,347 602,o4l 6,147,672 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 o u t s t a n d i n g Collateral security for Federal Reserve n o t e s o u t s t a n d i n g : a c i d a n i gold c e r t i f i c a t e s Gold redemption fund Gola 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 T0TAL 131.050 158,902 346,770 46,960 33.300 795,9^1 203,691 213,831 5,300 8,966 110,000 356,925 13.375 32,748 13,395 13,219 4,558 381,000 133,389 IGO.COO 29,795 34,636 11,804 29,268 50,088 56,907 7,111 27,237 28,097 24,620 70,966 99,312 116,163 64,959 7,585 L I A B I L I T I E S T0TAL 770,673 146,784 186,594 79,356 64,018 55,334 34,353 72,544 80,709 45,242 460,658 1,996,740 461,453 489,059 230,829 313,080 74,577 29,819
@FedFRASER