Full text of H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks : March 18, 1917

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R e l e a s e d f o r p u b l i c a t i o n Sunday morning March 18, 1917,

Not e a r l i e r ,

X-

STATEMENT FDR THE PRESS.
March I f ,

1917,

Continued g a i n s of g o l d by both t h e F e d e r a l r e s e r v e banks and
A g e n t s , t o g e t h e r w i t h i n c r e a s e s i n d e p o s i t s and l i q u i d a t i o n i n some
volume of a c c e p t a n c e s a r e i n d i c a t e d i n t h e F e d e r a l R e s e r v e B o a r d 1 s weekly
s t a t e m e n t a s a t c l o s e of b u s i n e s s on March 16, I917« The r e s e r v e p o s i t i o n
of t h e banks a s i n d i c a t e d by t h e p e r c e n t a g e s of g o l d and c a s h r e s e r v e
a g a i n s t a g g r e g a t e n e t d e p o s i t and n o n l i a b i l i t i e s i s s t r o n g e r now t h a n
a t any t i m e d u r i n g t h e p a s t 12 m o n t h s .
A g g r e g a t e g o l d r e s e r v e s of t h e banks i n c r e a s e d a b o u t 2 1 , 2 m i l l i o n s ,
t h e New York, C l e v e l a n d , Chicago and San F r a n c i s c o banks r e p o r t i n g t h e
l a r g e s t g a i n s f o r t h e week. The New York bank r e p o r t s n e t l i q u i d a t i o n
of 3 . 8 m i l l i o n s of i n v e s t m e n t s , c h i e f l y a c c e p t a n c e s , a l s o g a i n s of o v e r
3 ' 1 m i l l i o n s i n Government d e p o s i t s , and of 1 0 . 3 m i l l i o n s i n n e t member
bank d e p o s i t s .
On t h e o t h e r h a n d , t h e bank shows a r e d u c t i o n of 3 1 2 m i l l i o n s i n i t s b a l a n c e due t o o t h e r F e d e r a l r e s e r v e b a n k s , and an i n c r e a s e
of o v e r $890,000 i n t h e amount of F e d e r a l r e s e r v e n o t e s on h a n d .
The
n e t r e s u l t of t h e s e changes i s an i n c r e a s e of 13*2 m i l l i o n s i n t o t a l
reserve.
In t h e c a s e of t h e o t h e r 3 banks t h e g a i n s i n t o t a l r e s e r v e
a r e due l a r g e l y to* l i q u i d a t i o n of a c c e p t a n c e s and t o r e d u c t i o n s i n t h e
amounts due f r o m o t h e r F e d e r a l r e s e r v e b a n k s .
D i s c o u n t e d p a p e r on hand shows a d e c r e a s e of 1.3 m i l l i o n s , Boston
and Chicago r e p o r t i n g t h e l a r g e s t d e c r e a s e s f o r t h e week. Of t h e t o t a l
d i s c o u n t s a b o u t 3 - 1 / 4 m i l l i o n s , a s a g a i n s t o v e r 4 m i l l i o n s t h e week b e f o r e , were member banks* c o l l a t e r a l n o t e s , d i s c o u n t e d by 10 R e s e r v e
Banks.
A c c e p t a n c e s on hand d e c r e a s e d a b o u t 11. 9 m i l l i o n s , a l l t h e
banks e x c e p t Boston and A t l a n t a r e p o r t i n g s m a l l e r h o l d i n g s of t h i s c l a s s
of p a p e r t h a n t h e week b e f o r e * But f e w changes a r e shown i n t h e amounts
U n i t e d S t a t e s bonds and n o t e s h e l d ,
None of t h e banks r e p o r t a d d i t i o n s t o t h e i r h o l d i n g s of m u n i c i p a l w a r r a n t s , t h e a g g r e g a t e amount on
hand showing a n e t d e c r e a s e f o r t h e week of o v e r $ 9 0 0 , 0 0 0 .
Total earning a s s e t s of t h e banks d e c r e a s e d 1 4 . 1 m i l l i o n s , and c o n s t i t u t e a t p r e s e n t 319 p e r c e n t of t h e banks 1 p a i d - i n c a p i t a l , compared w i t h 3 ^ P e r
c e n t t h e week b e f o r e *
Of t h e t o t a l 54*3 p e r c e n t i s r e p r e s e n t e d by
a c c e p t a n c e s ; 1 6 . 3 p e r cent by U n i t e d S t a t e s b o n d s ; 1 0 . 8 p e r c e n t by
T r e a s u r y n o t e s ; 9*6 p e r cent by d i s c o u n t s and 9*0 p e r c e n t by w a r r a n t s *
Government d e p o s i t s i n c r e a s e d 6 , 2
S t . Louis r e p o r t i n g c o n s i d e r a b l e g a i n s
Member banks 1 r e s e r v e d e p o s i t s show an
l i o n s , w h i l e t h e i r n e t d e p o s i t s show a

m i l l i o n s , B o s t o n , New York and
i n Government f u n d s on hand*
i n c r e a s e f o r t h e week of 5*6 m i l d e c l i n e of 1 . 2 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 s s u e d by t h e A g e n t s have r e a c h e d a t o t a l
of $ 3 6 3 , 2 7 8 , 0 0 0 , an i n c r e a s e of s l i g h t l y o v e r 8 m i l l i o n s f o r t h e week.
A g a i n s t t h e t o t a l i s s u e d t h e Agents h o l d $ 3 3 8 , 6 0 8 , 0 0 0
S 0 ^ and
$26,139*-000 of p a p e r .
The a c t u a l 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 s
shown by t h e banks i s $ 3 3 6 , 0 6 1 , 0 0 0 , o r a b o u t 10 m i l l i o n s l e s s t h a n t h e
amount of " g r e e n b a c k s " o u t s t a n d i n g . A g g r e g a t e l i a b i l i t i e s of t h e banks
on n o t e s i n c i r c u l a t i o n a r e g i v e n a s $ 1 9 , 4 4 4 , 0 0 0 .




X-48.
Released f o r p u b l i c a t i o n Sunday morning March 18, i g i f .
Not e a r l i e r .
STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS OF THE UNITED STATES AT CLOSE OF BUSINESS MARCH 16, 1917.
R E S O U R C E S .
March 16, 1917 . March 9 , I917 December 15, 1916 September 15, 1916 March 17, igi6.
Gold c o i n and c e r t i f i c a t e s i n v a u l t
$355,318,000
330,184,000
2^6,419,000
250,308,000
253,880,000
Gold s e t t l e m e n t fund
201,661,000
205,561,000
177,341,000
125,271,000
78,970,000
Gold r e d e m p t i o n f u n d w i t h United S t a t e s T r e a s u r e ?
2.3^3.000
2,325,000
1,543,000
1,894,000
1,623,000
Total gold r e s e r v e
559,318,000
538,070,000
^35,302,000
377,473,000
334,473,000
Legal t e n d e r n o t e s , s i l v e r , e t c
16,176.000
19,113.000
7,907.000
7,898,000
11,304.000
Total reserve
575,494,000
557,183,000
443,209,000
385,371,000
345,777,000
Five per c e n t r e d e m p t i o n f u n d a g a i n s t F. R. bank n o t e s . . .
400,000
400,000
420,000
500,000
150,000
B i l l s d i c o u n t e d - Members
17,234,000
18,500,000
37,748,00 0
27,713,000
21,608,'000
Acceptances b o u g h t . .
97,002,000
108,860,000
122,918,000
82,609,000
36,092,000
United S t a t e s bonds
.
29,155,000
29,126,000
42,648,000
46,915,000
39,213,000
One-year T r e a s u r y n o t e s
19,3^8,000
19,468,000
11,167,000
9,039,000
|
Municipal w a r r a n t s
_J^Q2.9_/000
16,932,000
11,195,000
23,714,000
33,034,000
Total earning a s s e t s
178,788,000
192,886,00 0
225,676,00 0
189,990,000
129,947,000
F e d e r a l r e s e r v e n o t e s - Net
21,991,000
20,608,000
19,504,000
19,975,000
24,608,000
Due from o t h e r F e d e r a l r e s e r v e banks - Net
3,379,000
3,143,000
47,586,000
28,937,000
16,248 000
U n c o l l e c t e d items
155,976,000
130,411,000
A l l Other r e s o u r c e s
Ll^OOO
6,401,000
4,656,000
2,969.000
4,878,000
TOTAL RESOURCES
$942,226,000
911,032,000
741,051,000
627,742,000
521,608,000
L I A B I L I T I E S Capital paid in
$56,054,000
56,028,000
55,731,000
55,4l6,000
5 4,937,000
Government d e p o s i t s
18,594,000
12,401,000
28,762,000
40,199,000
32,380,000
Due t o members - r e s e r v e a c c o u n t
7 26,104,000
7 20,488,000
Member bank d e p o s i t s - Net
643,136,000
514,343,000
423,259,000
C o l l e c t i o n items
121,550,000
102,824,000
F e d e r a l r e s e r v e n o t e s - Net
19,444,000
18,787,000
12,606,000
14,223,000
10,203,000
F e d e r a l r e s e r v e bank n o t e l i a b i l i t y
3,214,000
681 000
All other l i a b i l i t i e s
480^000
504,000
816,000
>47,000
148I000j
TOTAL LIABILITIES
$942,226,000
911,032,000
741,051,000
627,742,000
521,608.000
Gold r e s e r v e a g a i n s t n e t d e p o s i t and note l i a b i l i t i e s
77.0$
74.6$
68.3$
69-9$
74,4$
Cash r e s e r v e a g a i n s t n e t d e p o s i t and note l i a b i l i t i e s . . . .
79-2$
77-3^
69.6$
71*4$
7619$
Cash r e s e r v e 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 a f t e r s e t t i n g
a s i d e 40$ gold r e s e r v e a g a i n s t a g g r e g a t e n e t l i a b i l i t i e s
on 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
80-3$
73.3$
70.2$
72.2$
77.8$
MEMORANDUM:
D i s t r i b u t i o n by m a t u r i t i e s : Mar. 16,1917. 1 - 15 days
16 - 30 days
31 - 60 days
6l - 90 days
Over 90 days
B i l l s and a c c e p t a n c e s ?
$36,502,000
22,516,000
42,956,000
11,486,000
$776,000
Municipal w a r r a n t s
319,000
765,000
612,000
12,123,000
2,210,000



R e l e a s e d f o r p u b l i c a t i o n Sunday morning March 18, 1917- Not e a r l i e r .
X-4s
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE TWELVE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MARCH l 6 ,
( i n t h o u s a n d s of d o l l a r s )
Boston
N. Y.
P h i l a - C l e v e l . Richm. A t l a n t a Chicago S t . L o u i s M i n n l s . Kas.Cy. D a l l a s
R E S O U R C E S
in vault
Gold c o i n and c e r t if
$13>282 209,672 24,475 14,330
5,482
6,156 29,154 11,293 11,653
7,789
7,448
Gold s e t t l e m e n t fund
18>653
16,347 13,936 29,826 16,645
5,026 45,653
5,111 6 , 4 8 6 24,072
7,719
Gold r e d e m p t i o n fund
50
250
250
48
450
^25
200
95
1^5
i%4
57
T o t a l gold r e s e r v e
3 1 , 9 8 5 226,269 38,661 44,20h 22,577 11,777 75,007 16,499 18,294 .32,035
.
15,224
112
8J362
213
l,46s
1,017
Legal t e n d e r n o t e s , s i l v e r , e t c
2,464
731
62
Q4Q
_2L
32,198 235,131 38,808 44,316 22,674 13.2.42 7 6 , 0 2 4 18.963 19,027 32,097 1 6 . 1 6 4
Total reserve
j p r e d e m p t . fund - F . R. bank n o t e s
- - - - - 300
100
1,819
1,728
1,872
917
B i l l s d i s c o u n t e d - Members
3,541
1,980
1,381
495
1,402
447
1,440
24,960 11,587
6,752
B i l l s bou ~vt i n open m a r k e t
.7,319
— 11,771
3,677
7,960
5,827
6,07 1
3.202
1,975
9,047 1 0 , 2 9 3
25,877 13,406
13,643
Total" b i l l s on hand
6,322 7 , 4 7 3
5,657
9,341
3,649
3,415
81
442
4,985
Investment.3: U; S. bonds
50
5.961
2,203
1,454
8,147
3,403
l™666
626
1,820
1,999
1,491
1,969
One-year T r e a s u r y n o t e s
2.962
891
1,230
1,784
1,430
1,080
5.401
298
15
l,378_
2.698
1.094
Municipal warrants
_
7
486
50b
.ILL
Total earning a s s e t s
15,607
31,987 16^183_18^QJ2__12,_I19 7,205 20,962 10,510 10.n4 14-066
8,754
820
1,260
15,106
Federal reserve notes
Net
3,208
2,148
3,041
Due from o t h e r F. R. banks — Net
394
2,917
91
2,490
- 8,868
29,840 22,666 11,194
15,402
8,287 23,008
Uncollected items
9,524
6,295
9,862
5,707
316
158
95
1,86?
51
All other resources
159
,525.
222
1,100
m
TOTAL RESOURCES
61,459 312.443 78,573 71^68 _44,.356 30,990 126,644__39,9S3 35,815 59.017 11.825
A B I L I T I E
Capital paid in
Government d e p o s i t s
Due t o members - r e s e r v e account
Collection items
F e d e r a l r e s e r v e n o t e s - Net
Due t o o t h e r F. R. banks - Net
All other l i a b i l i t i e s
TOTAL LIABILITIES

99
67.459

5,260
6,089
2,418
3,405
6,999
2,413
2,795
240
860
1,063
1,825
665
589
895
47,328 59,615 25,891 19,380 102,228 26,991 28,009
20,433 11,624
7,26o
4,713 16,752
7,201 2,566
6,878
3,205
2,654
2,407
1,926
1,151
62
7,366
6
—
180
13.3
312,443 78,573 77,568 44,156 10,990 12b,b4tL-33,983 35,815

K ? M0 R A N D U M ,
7 . R. n o t e s i s s u e d t o banks
F. R. n o t e s h •:Id by banks
F . R. n o t e s i n c i r c u l a t i o n
Gold and l a w f u l moasy
(a) Difference

15,426
l.loO
14,266
15.426
between

157,866 23,199 14,278
15.106
855
820
142,760 22,344 13,458
157.866 19.119 14,278
n e t amounts due from and




5,068
1,408
48,473
12,411
—
—

—
—

11,880
7,476
260,551
24,990
—

—

—

—

—

—

—

—

—

•Mr

—

—

1 7 , 0 7 1 20,633
826
ill
16,245 19,956
2^367 11,
n e t amounts due

—

—

—

-

I917.
S.Fran.
Total
14,584 3 5 5 , 3 1 8
12,187 201,661
15
2,329
26,786 559,318
64
16,176
26.850
400
212
17.234
5,901
97'.002,
6,113 114,2361
2,429
29,155
1,500
19,368
887
16,029
10,929 17~st?88
1,697
21,991
1,125(a) 3,379
5,323 155,976
4l6
6.198
46.160 Q4P'?^

3,089
2,698
3,940
443
1,091 2,039
46,208 24,072 37,358
2,886 2 , 9 5 5
7,759
1,538
836
242
68
59.017 11.825 46.l6o
—

—

56,054
18,594
726,104
121,550^
19,4440
480
55^1

19,154 15,555 20,145 22,926 21,237 15,788
363,278
3,208
940 - 1 , 1 7 4
508
246
27,217
M
2
L
15,946 14,615 1 8 , 9 7 1 22,418 20,991 1 4 , 0 9 1
336,061
1^154^ 12,208 17.045 20,880 _ 2 0 , 1 5 5 __15^Z88_
118,608
to other Federal reserve banks.

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 March 18 , 1917.

Not e a r l i e r .

X - 48 c -

STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS MARCH 16, I 9 I 7 ,
( I n t h o u s a n d s of d o l l a r s )
Boston

N. Y.

Phila.

C l e v e l . Richm. A t l a n t a Chicago S t . L o u i s Minnls, . Kas.Cy.. D a l l a s

S. F r a n .

$33,880

275,480

37,520

23,860

29,500

36,380

22,520

23,340

32,000

29,720

35,720

18 56O

598,480

9,094

62,414

7,481

4,882

8,829

4,942

l , 866

3,445

1,355

3,171

6,607

2,772

116,858

24,786

213,066

30,039

18,978

20,671

31,438

20,654

19,895 3 0 , 6 4 5

26,549

29,113

15,788

481,622

9,360

55,200

6,840

4,700

3,600

10,805

1,500

4,340

10,500

3,623

7,876

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

15,426

157,866

23,199

14,278

17,071

20,633

19,154

15,555

20,145

22,926

21,237

Amount h e l d by F . R, Agent
i n r e d u c t i o n of l i a b i l i t y
on o u t s t a n d i n g n o t e s :
On hand:
Gold c o i n and c e r t i f i c a t e s

14,650

152,144

3,730

13,513

5,165

13,030

3,370

10,110

776

5,722

1,269

765

885

1,350

1,165

778

15,379

. . .

*

l6,lb0

8,880

15,010

104,620

Federal Reserve Notes:
R e c e i v e d from C o m p t r o l l e r
Returned t o Comptroller
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

Credit balances:
In g o l d r e d e m p t i o n f u n d
With F e d e r a l Reserve Board

* *

As s e c u r i t y f o r o u t s t a n d i n g n o t e s :
^Commercial p a p e r
Total
Amount of c ommercial p a p e r d e l i v e r e d t o F e d e r a l R e s e r v e Agent



l4,l4o

"

*

4,060
15,426

157,866

23,199

4,099

14,278

2,897
367

985

704

613

9,000

13,420

18,450

6,430

3,130

7,704

3,331

3,347

3,100

17,071

20,633

15,555

20,145

22,926

21,237

8,195

3,373

3,352

3,100

2,153

1,917

19,154

« •

.

,

»

15,788

Total

118', 3 4 4 ^

363,278

218,609

2,046 * 1,082

24,670^
15,788

363,278

26,189