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STATEMENT H R THE PRESS Released for publication Sunday morning, Mar. 20 ; fnot earlier. St .1856 Federal Reserve Board March 1 9 , 19 a . CONDITION OF FEDERAL RESERVE BANKS Aggregate reductions of Hp7-4 millions in the holdings of discounted and purchased bills, accompanied by decreases of 69.1 millions in deposits and of 4-2.9 millions in Federal Reserve note cir culation, are indicated in the Federal Reserve Board's weekly bank statement issued as at close of business on March 18, 19 2 1 . Government operations during the week included besides the redemp tion of the bulk of about 500 millions of certificates maturing on March 15, the payment of semi-annual interest on third Liberty bonds, also- the handling of income and excess profits tax payments, all of which fell due on March 15, arid the issuance on that date of two new series of tax certificates aggregat ing about 4S2 millions. Redemption of Treasury certificates, enabled member banks to liquidate heavily their indebtedness tc the Reserve Banks. Loans secured by Government obligations carried by the Federal Reserve Banks, accordingly, show-a reduc tion of 5*6 millions, other discounted bills fell off about 138 millions, while acceptances purchased in open market declined by 23.8 millions. On the other hand, holdings of Treasury certificates increased by 29-3 millions, of which 25 millions represent the amount of special certificates held at the close of the week by the New York, Cleveland and Richmond Banks to cover advances to the Government pending collection of funds from depositary institutions. The bal ance of the certificates held, except 5-6 millions, is composed of 1-year 2 per cent certificates deposited with the Treasurer of the United States to secure Federal Reserve Bank note circulation. In consequence of the changes above noted, total earning assets decreased by 132.1 millions and at the close of the week stood at 2 , 658-5 millions, compared with 3 , 107-9 millions on the corresponding date of last year. In order to reflect more clearly the position of the Reserve Banks, the \ statement has been slightly recast in form, the main change occuring in the \ deposit block. Instead of total gross deposits the .statement shows total | deposits which are made up of the following items: Government deposits, Due I to members - Reserve account, and Other deposits, including Foreign Government credits. Reserve ratios have been calculated in the same manner as heretofore, except that instead of net deposits, total deposits as described above have .been used in the calculation. Neither "Uncollected Items" among the assets, j nor "Deferred Availability Items” , among the liabilities have been considered j in the present statement in calculating deposit liabilities and reserve ratios, J and this practice will be followed in the future. Calculated on this basis, j the banks'reserve ratio stood at 51*0 per cent. / Of the total holdings of 1 , 000.4 millions of paper secured by U. S* Govern ment obligations, 581*9 millions,or .58.2 per cent,were secured by Liberty and other U. S. bonds; 259-6 millions, or 25 -9 Per cent, by Victory notes, and 158.8 millions, or 15.9 per cent, by Treasury certificates, compared with 627-5, 269.7 and 108.8 millions shown the week before. Discounted bills held by the Cleve land Reserve Bank are shown inclusive of 13>4 millions of bills discounted for the Dallas Bank, compared with 13-5 millions the w'eek before, while acceptance holdings of the Boston, Philadelphia, Cleveland and San Francisco Banks are given inclusive of 5-9 millions of bank acceptances purchased from the New York Bank, compared with 13*7 millions shown on the previous Friday. Government deposits decreased by 22.7 millions and members’ reserve deposits • by 53.7 millions, while other deposits, composed largely of non-member banks' clearing accounts and cashier’ s checks, increased by 7*3 millions. During the week the volume of Federal Reserve note circulation, for the first time^since^ February of last year, fell below 3 billions, the March IS total of 2 ,962.9 mil lions being 442 millions below the peak figure of December 2 3 , 1920 and 84.2 millions less than on the corresponding date last year. Federal Reserve Bank note circulation shows a further decline of 2.8 millions, and totaled 179-3 millions, compared with 211.1 millions about a year'ago. The banks show.a further gain of 1 S -1 millions of gold, while their total cash reserves increased by 17*4 Digitized for millions. FRASER Released for publication Sunday morning, March 20, 19 2 1 ; not earlier. St.1256a. RESOURCES AND LIABILITIES OF THE T'TCLVE FFDERAI, RESERVE ^AMS COMBINED. R E S O U R C E S . . March 18, 1921 March 11,1921 Gold and gold certificates $266,431,300“ ~ .. $25^,276,000 Gold settlement fund - F. R, Board 5 1 ^ 7 2 ,0 0 0 522,216,000 Gold with foreign agencies —— Total gold held by banks 780,^03,000 722,^92,000 Gold with Jtederal Reserve Agents 1 , 257 , 207,000 1,240,570,000 GoM redemption fund i ■_167 . 729.000 164,244,000 Total gold reserves $2,206^039,000 $2,127,906,000 Legal tender notes, silver, etc. 209.250 .000 210,018.000 Total reserves 2, Ul § ^ 8 9 , 000 2,397,92^,000 Bills discounted (Secured by U .S . Government obligations 1,000,386,000 1.005.977.000 (All other 1,22*+, 533,000 1 . 362 . 473.000 Bills bought in open market 122.720. 000 1 46 , 602,000 Total hills on hand 2,3^7,699,000 2,515,052,000 U * S * Goverment bonds 25.8 4 5 .000 25.847.000 U, S. Victory notes 19 , coo 19,000 U. S- Certificates of indebtedness 284, 951 , QOQ 255.687.000 Total earning assets 2, 658, 514, 000 27f96,6ll,000 *JBank pr esni se s 20.465.000 20.193.000 5$ Redemption fund against F. R. Bank notes 12, 428, 000 12,722,000 Gold abroad in custody or in transit 3 , 300,000 3,300,000 Uncollected items 716 , 882,000 605.062.000 All other resources 9,291,000 9. 225.000 TOTAL RESOURCES 5,23b, J 6 9 ,000 ’ 5 , 245 , 709,000 L I A B I LI T I E S Capital paid in 101 . 052.000 101.003.000 Surplus 332.036.000 202,03b,000 Governnent deposits r 52,729,000 21.521.000 Due to members - Reserve account 1,677,774,000 1,731,429,000 ^ m eT ^ ePosits, including foreign governnent credits 32.072.000 30.776.000 Total deposits 1,77^,635,000 1,8^3,7,26,000 F. R. notes in actual circulation 2, 962, 820,000 3,005.240,000 F . R . Bank notes in circulation - net liability 179, 250,000 182,087,000 Deferred availability items 57p,34l^C U67 , 221,000 All other liabilities ___ 46.0631000 ___ fe, 796,000 TOTAL LIABILITIES 5, 8 3 6 ,^ 9 ,0 0 0 5 , 245 , 709, 0 0 0 , t?tal reserves to deposit and F .R . note liabilities combined 51 -0^ * 5 0 >3$ Ratio of gold reserves to F.R. notes in circulation after setting aside 35p against deposit liabilities 60 .6^ * 53 -9% ♦Calculated on basis of net deposits and F, notes in circulation. Mar. 19.1920 $159,660,000 322,271,000 1 1 2 , 721,000 660, 712,000 1 , 16 1 , 695,000 1 1 2 ,17^,000 1 , 93^ , 521,000 125,7^5,000 27060, 326,006 1.353.509.000 254.172.000 U63 , 232,000 2.570.913.000 26.797.000 68,000 U10 , 119,000 3.107.297.000 11.793.000 1 ^ , 327,000 955 . 262.000 ____6,23^.000 6 . 155 . 905.000 90 . 952.000 120.120.000 60 .503.000 1 . 850. 106.000 100 , 969,000 27011 , 572705^ 3 , 0^7 , 133,000 211,132,000 632 , 235,000 4 2.149.000 ^ 1 5 5 ,9 0 5 ,0 0 0 *43 . 5$ *4 8.2$ Released for publication Sunday morning, March 20, 1921; not earlier. st RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MARCH 18, 1921. R E S O U R C E S (In thousands of dollars) ^ 0 Federal Reserve Bank of Boston New York Phila. Clevel. Richm, Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran-. ( Total ^ §old f^ t ific a t e s 7 ,^ ° l g l >772 3,183 6,796 3,526 4,827 21,267 3,305 8 , 29U 2,502 5,788 1 7 , 9 a y ' W l t f l Gold^settlement fund - F.R.Board 5 2 ^ 5 _____88,200 43,963 93.872 28.883 17,206 94,900 21,4l2 21.656 30,866 8.623 3 l ! f e SlVf>72 % tal gold held by banks t59’ 7? 5 269,972 47,146 100,668 32,409 22,033 116 ,16 7 24,717 29,950 33,368 14 4ll 49 X 7 780 ,‘ $53 Gold with P H. Agents 142,762 203,839 1 28,221 197,073 51,302 57,152 190,780 65,295 25,922 32,156 19 ,8 2 6 13 7 479 1,2 5 7 807 Cold redemption fund J & . & 5 _____& 0 Q Q .-_9 1.373 1 2,11,6 7,413 6,882 34,329 4.167 2.646 4,449 5.319 10,7903* 1 67 729 Total gold reserves 216,802 509,811 184,740 184,740 309,857 309,857 91,124 86,067 86,067 94,17958,518 5 8 ,5 175,973 8 " 75,97339t556' 39^5561 1 9 ^8 6^ 5 216,802 509,811 3 4 34lT27 ^ 2 7 6 694,179 98 2, 2Qjyr639 Legal _lj,;,5g9___ S J ___ 3 .1 J 883 3 ___ 5.710 4,335 7.737 8.329 443 3,201 4.832 Bgal tender notes, silver., etc. _ l j ,529 l ^ O g .... 3,119 5,710 4,33 5.. 7,737 8 ,329 44 3 2^145 3,201 4.832 2 Tn r.A i 07 a 7 7 1 c* r~ ^ ^ ^ ^ ^ - . _ _ _ __ ~ ;— r r r --------- .--------------- t--------- n — L- - a?- ---------------2 ------ai / eSeT ! /X 230,331 661,898 188,523 312,976 96,834 90,402 3^9,013 102,508 58,961 79,175 44*388 ii. 1 s di scountB d i \ct/ |^ £t ^ Secured by U.S.Govt.obligations 68,936 385,730 109,403 54,121 Y50 ,663 58,596 127.,680 35,889 14,744 35,178 11,6 31 47 815 1 000- 386 f ?-1 ° ther 72,481 351,324 4i,44o 62,531 *58,008 64,4-53 251,817 56,910 53,473 64 ,541 51,243 96*312 1*224*533 B ills bought in open market (b) .11,431 34,957 13,482 25,670 3.245 9 68 10.309 2.330 ■- _____________ 2 3 9 ___ _ 20 l49 'l22 780 Total bills on hand 152,848 772,011 164,325 142,322 111,916 124,017 389,806 95,129 6s , a 7 99,958 62,874 164,‘ 276 2 , 347,'699 L . S. Government bonds 550 1,255 1,434 833 1,233 113 4,490 1,15 3 116 8,867 3,979 1 822 4 845 U. S. Victory notes 5 _ _ 1 0 3 _ _ _ { s U. S, Certificates of indebtedness 21.471 83.277 32.208 25.805 13,262 16,665 40,492 13.354 8,480 10.673 8,300 10.964 284.951 Total earning assets 174,874 856,543 197,967 168,970 126,411 140,798 434,788 76,813 119,499109,636 75,153 177,062 2,658,514 Bank premises 3,217 4,627 . 50o 1,691 1,628 726 2,804 1,742 626 599 1,770 20'; 465 529 5% Redemption fund against F. R. Banknotes 1,072 2,271 1,300 1,240 601 675 2,183 916 523 586 396 665 12,428 Gold abroad in custody or in transit 24l 1,211 264 27O 162 119 393 158 155 86 89 152 3,300 uncollected items 48,327 154,007 58,941 71,683 59,895 30,292 97,957 20,859 5 3 ,112 36,737 36,728 48,344 716,882 All other resources ___ 545______3,2l6 537 540 481 478 1.673 132 525 536,_Z44 484 ____ _9,S91 TOTAL RESOURCES 4^8,607 1 , 683,773 448,038 557,370 (a) Includes bills discounted for other F. R. Banks, viz: (b) Includes bankers* acceptances bought from other F.R.Banks: Without their endorsement - - 13,437 13,437 . . 831 25 1,547 1,058 - _ _ _ 2 451 ^ 9 12 Re leased for publication Sunday morning, March 20, l$ 2 l; not earlier. St. 1856c. RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MARCH IS, 1921. (In thousands of dollars) L I A B I L I T I E S Federal Reserve Bank Boston New York Phila. Clevel. Ricftn . Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Total Capital paid in 7, 232 26,482 £,603 10 , 880 5,321 4,063 lU.isU 4,433 3,437 4,422 4 ,13 1 7,126 101,052 Surplus 1 5 ,7 U 202,036 5 6 ,4iU 17,010 20,305 10,561 S, 3U3 28,920 2,346 6,920 9,159 6,033 1 M 9U Government deposits 3,272 4 io 1,13 2 64 52,729 705 13,512 9,621 2,152 ' 3,492 12,245 5,519 527 Due to memters - rssorve account 102,407 639,356 101,933 147,290 57,953 44,710 235,003 64,o42 45,036 72,765 50,057 110,616 l, 677,77“ Other deposits including foreign government credits Total deposits 112,576 654,376 i c 4 , 226 142,725 59,309 52,644 242,225 73,264 43/372 26,302 56,123 123,304 1, 774" 635 F. R. notes in actual circulation 261,596 729,320 241,622 291,710 150,122 15s, 270 425,349 119,223 69,943 96,977 61,242 236,120 2,962,220 F. 5 , Bank notes in circulation net liability 6,992 5,506 179 , 252- i 15,317 6,891 11, 747 33,83s 17,229 20, 939 3,105 13, 222 29,004 Eeferred avai 1 ability it ems 43,067 24 , 270 i . w 570 , m l 105,932 56,146 62,072 49,905 12, 203 75,183 36,744 19,572 44 ,113 All other liabilities 2.476 1,544 46,063 2,676 _2,502 1,522 7,226 2,334 16.205 1,629 2.025 2.225 1,653 TOTAL LIABILITIES Ratio of total reserves to d note li.abilities combined* 452,607 1,623,773 442,03 2 557,370 226,012 263,490 222,211 250,721 157,249 255,126 159,455 427,^17 5 ,2 3 6 ,^ 9 ex i1 3r cent M E 110 R A N D A T ?,T j.Kj . 61.6 45,5 54.5 71*1 Contingent liability as endorser on discounted paper rediscounted with other Federal He serve Banks - - - Bankers1 acceptances sold to other F , n, Banks without endorsement - - for foreign correspondents F. E* notes outstanding F« R, notes held by banks F. E notes in a. :tual circulation Bills discounted Bills bought in open market U. S. Certificates of indebtedness 46.2 4l •? 47 ,6 53-2 43.4 43.2 37.6 55 \ 51.0 - - - - - - 13,437 - 13,437 - - IfrO - - - - <0 5 , 227 2,336 276,099 i4. 503 l 4 , 147 2, 560 2,624 1,568 1, 152 3,202 264 1,504 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION 71,733 105,113 921,347 270,162321,470 157,447 162,306 527,176 141,503 132,027 22,546 29,760 7,265 4,636 41,227 22.226 1.250 232 1 , 536 2,136 25 ^ ,9 1 2 1,472 34,403 67,969 227,303 3,310,900 6 ,12 1 51,123 348,020 261/596 DISTRIBUTION OF BILLS AND U . S . CERTIFICATES OF INDEBTEDNESS BY MATURITIES VJithin 15 days 16 to 30 days 31 60 days 6l to 30 days Over 90 clays 1, 355,122 49,120 3 1 ,4 2 4 227,479 24,97 7 4,627 359,303 35,343 6 ,5 7 6 242,112 13,340 4 , 64o Total 4o ,297 2,224 ,919 122,720 2 3 7 ,6 2 4 224,951 Released for publication Sunday morning, March 20, 1921; not earl ier . FEDERAL RESERVE AGENTS’ ACCOUNTS AT CLOSE OF BUSINESS MARCH 18, 1921 . S t.lS 56d. (In thousands of dollars) Federal Reserve Agent at Boston New York Phi la. Clevel. Richm. Atlanta Chicago St.Louis Minn, Kans.Cy. Dallas San Fran. 12,820 3,600 71,793 105,113 67,969 Total R E S O U R C E S 102,650 Federal Reserve notes cn hand Federal Reserve notes outstanding 276,' 099 Collateral security for Federal Reserve notes outstanding: Gold and gold certificates 5,600 Gold redemption fund 22 , 162 Gold settlement fund-F.R.Loard 115,000 Eligible paper: Amount required 133,337 Excess anount held 1 9 ,5 1 1 TOTAL 268,000 26, i 4o S J7 ' 66£ 921 , 9^7 270,168 321 , S 4,0 157,447 162,906 169,608 23,775 8,231 17,832 18,298 26,000 110,389 155,000 ’ 1,802 lUl>559 27,440 527,176 l4i, 509 3,500 3,652 14,636 49,500 50,000 176,144 718,108 l4l, 9U7 124,397 106,145 105,754 23,196 e, U05 17 ,1 3 7 1,707 18,248 336,396 53,3^4 16,696 79^,519 287,303 3,310,900 47,500 5,960 13,052 2,796 35,360 - 227,386 55,931 2,670 10,200 16,888 116,071 10,235 120,591 914,350 76,214 18,9q4 45,871 21,271 66,957 32,949 48,143 149,824 2,053,093 l 4 ,112 13,261 242, 085 3,4o4 5,891 3,700 57t*>881 7°5>097 342,029 421,726 1 , 249,295 329,362 177,677 246,775 166,746 635,367 7 , 658, 4o4 L I A B I L I T I E S Net amount of Federal Reserve notes received frcm Comp troller of the Currency Collateral received from Federal Reserve Bank: Geld Eligi ble paper .TOTAL 378,7*9 1,189,9*7 296,306 366,*90 182,87 5 2*0 , 572 668,735 168, 9*9 152^8*8 389,’ ] « , 7*1,30* 130,*352 l u i ^ j u 107!8°l 12*,’ 002 8*. 613 108,713 95,’ 118 67 ,’ 1*2 99,'966 8*,665 33M 03 * ,io 5>* i 9 6 g.’ 2 S5 163 ,’ 0I 5 2,'295,’ 17 8 67*,35 9 2 , 135,090 57*,881 705,097 3* 2,029 1*21,726 1 , 21*9,295 329,362 177,677 2*6,775 166 , 7*6 635,367 7 , 65? , ^ " STATEiSENT FOB THE Released for publication , Sunday morning,, Mar. 27; not earlier. T.FS3 St .1375 Federal Reserve Board March 26, 1921. CONDITION OF FEDERAL RESERVE BANKS Further gains of 5 < 3miH io n s of gold and of 7*2 millions of total cash reserves, as against a reduction of 32.2 millions in Federal Reserve note circulation and an increase of 66.3 millions in deposit liabilities, are indicated in the Federal Reserve Board's weekly bank statement issued as at close of business on March 25, 192l» The banks’ reserve ratio shows a decline for the week from 51 to 50.8 per cent. Memher banks' borrowings firon the Reserve Banks show an aggre gate increase -of Gl.7 millions, though the New York Bank reports a decrease of 4 l.l millions under this head- Of the total in crease in discounted paper held, 10 millions represents an increase, in paper secured by U . S« Government obligations, and 51*7 millionsan increase in other discounts* Acceptances on hand show but a. _ 1 nominal increase* /The statement for the first time shows'.separate h figures for the so-called Pittman certificates, deposited with the I Treasurer of the United Stat3s to secure Federal Reserve Bank note I circulation. The total amount of these certificates, $254,375,000, shows no change for the we3k*/i Holdings of other certificates fell off 28.1 millions, of which 24 millions, represents the..amount of special certificates held by three Reserve Banks on the previous IViday and redeemed by the Government during the week.* In conse-. quence of the ahova changes, total earning. assets shew an increase 33*9 millions, and at the <?lose of the week stood at 2,592*4 millions, compared with 3 ,19 1 millions cn the corresponding date of las t year. Of the total holdings of 1 ,0 1 0 .4 millions of paper secured by United States Government obligations, 650 .1 millions, or o4.,3,;per cent, were secured by Liberty or other U. S. Bonds; per cent, by Victory notes, and 9U ,5 millions, or 9 .4 per cent, Ty Treasury certificates, compared with 591*3, 250.2 and 15S.g millions shown the week before* The large reduction in the holdings of paper secured by certificates apparently reflects corresponding amounts of certificates purchased by the Government or placed with ultimate investors by the member banks. Discounted bills held by the Cleveland Reserve Bank include 14.7 millions of bills discounted for the Dallas Bank( compared with 13*4 millions the week before, while acceptance holdings of the Boston, Cleveland, Philadelphia and San Francisco Banks are shown inclusive of 3*3 millions of bank acceptances purchased from the New York Bank, compared with 5*9 millions shown on the previous Friday» Of the total increase in deposits above shown, 55*9 millions re presents an increase in Government deposits; member banks1 reserve deposits show a decrease of 3*2 millions, while other deposits, com posed largely of non-member banks1 clearing accounts and cashier's checks, increased by 13*6 millions. Federal Reserve note circulation shows a further reduction for the week of 3 2 *2 millions, the March 25 total of 2,930*7 millions being 4 7 4 .2 millions below the peak figure of December 23, 1920 and 117>3 millions below the total re ported on the corresponding date last year • Federal Reserve Bank note circulation shows a further decline for the week of 3.8 r.illions and totaled 175 *5 millions, compared with 179 *3-millions about a year ago. ........................................................................ ' / Released for publication Sunday morning, March 27, 1921; not earlier. St.1875a* RESOURCES m liabilities OF THE TWELVE FEDERAL RESERVE BAMS COI’BIIPD. (In thousands of dollars) R E S O U R C E S Mar, 18.1921 Mar . 25,1921 Gold and gold certificates . . . . . . . Gold settlement fund - F.R.Board . . . . Gold with foreign a g e n c ie s ...................... Total cold held by b a n k s .................. Gold with Federal Reserve At~ents . . . . Gold redgnDtion fund . .............................. Total gold rese r v e s ............................. Legal tender notes, silver, etc. . . . . Total reserves . . . . . . . . . . ,266,431 513,572 '.291,560 509,913 _ _ _ Mar . 26,1920 154,237 363, 132 112.181 b jO ,150 801.873 1, 2'4 5, 50T _ , 2,210, 7 6 5 / 211,212 2,^21,577 730.003 1*257,807 167.729 1 , 186.829 2,20 5,539 209,250 274l4 , 789 1,934,755 122, 400 2,057,155 Bills discounted: Sec. by U.S. Government obligations . . All other ................................................. Bills bought in open m a r k e t .................. Total bills on hand................................. 1,010,373 1,276,275 123,056 1,000,386 1,224,533 122, 780 U. S. Victory notes U. S. Certificates of indebtedness: One-year certificates (Pittman Act) All other ............................................... Total earning a s s e t s ...................... 2,^09,704 25,847 19 2,347,699 ■ 25,845 19 1,441,015 1,008,215 451.879 2,901,109 26,798 68 , 254,375 2,490 2 , 692,435 254,375 . v30,576 2 , 658,514 259,375 3.681 3,191,031 20,522 20,465 11,990 12,428 3,300 0 716,882 " _____2xi5i 5 , 836,269 13,900 5$ Redanption fund against E, R. Bank n o t e s .................................... Gold abroad in custody or in transit . . All other resources ................................. TOTAL RESOURCES ..................... . . 12, 068 3,300 59 _ .2*^55,753,167 . 117.776 -- 767,675 6.020 6,047,771 l i a b i l i t i e s Capital paid in . . . . . ...................... 10 1,113 202,036 101,058 202,036 91,059 120,120 Deposits: 114,685 Due to members - reserve account . . Other deposits, including foreign E.R. notes in actual circulation , . , . F.R. Bank notes in circulation net liability , . . i ......................... Deferred availability .. .............. All other liabilities ............................. TOTAL LIABILITIES : ...................... Ratio of total reserves to deposit and F.R. note liabilities combined . . . . Ratio of gold reserves to F. R. notes in circulation after setting aside 35^ against deposit liabilities . • • 58,789 27, 711 1,867,125 1 , 674,536 1 , 677,774 _ 5±J|6£_ 1,840,887 38,072 100,160 1 * 774,635 1, 994, 996 2,530,729 2, 962,880 3,048,039 175,490 454,279 ___ 48.633 5,753,167 179,250 201,392 570,347 46 ,063 5 , 836,269 ■ 546,696 45.469 6 , 047,771 50.8$ 5 1 .0/0 * 4 2 . 1% 60.7$ 60 ,5^ *47 .1fo * Calculated on basis of net deposits and F ,R . notes in circulation. Released for publication Sunday morning, March 27, 19 2 1 ; not earlier. St.1875b. RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MARCH 25, 1921, R E S O U R C E S (In thousands of dollars) Federal Reserve Bank: of Boston New York Phila* Clevel, Ricbm, Atlanta Chicago St.Louis Minn. Kans.Cy, Dallas San Fran, Total 3 , 22s 6,590 206,695 Gold and gold certificates 7.308 3,395 4,346 2 1 , 288. 3,350 8,306 2,584 6,844 17,526 291,960 Gold settlement fund - F.R.Board 36,646 Total gold held by banks 313.993 55,029 95,079 29,214 2 1 ,94510 3,133 21,752 27,491 29 , 73 8 16 ,177 4&,6i6 801,873 138,516 233,300 117,209 194,934 47,903 56,035 184,767 58,697 25,156 38,064 16,683 134,193 1 , 245,507 Gold with F. R. Agents 37,696 7,592 17,244 4,464 G61d redemption funa 3,196 36,000 12,659 ...13,32.7. 9.720 4,136 7,1.60 10,121 163,335 212 , 85s 538,293 184,957 303,410 86,837 85,622 305,144 84,913 5 5 .8 4 T 71,938 40,020 190,930 2 , 210,765 Total gold reserves 5,122 Legal tender notes, silver, etc. 4,394 10,755 8,680 3.175 3,595 2,217 211,212 .12*221 . 151.624 ^20_ _ 1 .2 1 i _ 5,008 Total reserves 225,791 739,917 188,132 307,005 91,959 90,016 315,899 93,593' 56,333 75,157 45,028 193,14-7 2 , 421,977 B ills discounted: (a) Secured by U . S.Govt, igations 69, 248 377,173 111,96 7 61,835 *9,980 57 , 762129,745 37,204 14,106 36,665 11,091 53,597 1,010,373 All other SO,444 318,651 46,795 76,395 62,173 65,995 235,495 55,440 55,113 67,960 52,315 109,499 1 , 276,275 B ills bought in open market (b) — 39,386 14,07?. 24,012 3.133 7^4 10,294 10,221 2.030 205 18,954 123.056 Total bills on hand 735,210 172,839 162,242 115,286 125,501 £257534' 94,674 69,219 10^7830 63,406 182,050 2,409,704 159.913 U. S. Government bon da 116 1,255 l ; 435 834 1,233 113 4,490 55C 8,867 1,822 25,847 1,153 3,979 c U. S. V ic to r notes 10 3 1 J 19 U. S. Certificates of indabtedness: One year certificates (Pittman Act) 2 1 ,436 59,276 30,280 23,799 12,260 16,664 39 , 61; 13,068 8,480 10,320 8,300 10,330 254,375 All other 1^360 30 2 1 l4i loO 19 2,490 2J7 ' -Tctal earning assets 795,741 206,414 186,915 128,731 141,282 469,63 109,172 77,815 124,159 75,685 194,912 2,692,1+35 121,923 Bank premised 506 1,704 1,628 726 2,827 626 1,742 4,640 20,522 529 599 1,775 5fo Redemption fund against F. R. Bank notes 616 2,14s / 1,300 1,240 601 465 1,072 916 586 1,936 12,068 523 665 Gold abroad in custody or in transit 241 270 162 1,211j 264 89 86 158 119 3,300 393 155 152 Uncollected items 4 i , 209 1 3 M H T 47,314 53,933 49,690 27,070 79,688 32,203 16,301 41,355 31,789 38,877 593t 64q , All other resources 524 526 ___ 1.2.1.... 1.720 539 664 547 ..494..._____ 9, as* __ 56s _5.54... TOTAL RESOURCES 453,980 1,680,380/444,49 5 551, 61 4 273,274 260,368 872,099 236, 79s 151,729 244,o4i 155,613 428,776 5,753, ? /j’ 3. 2-*^ (a) Includes bills discounted for other F. R. Banks, viz: 14,663 14,663 o b i 3,220 ________ 4 (b) Includes bankers' acceptances bought from other F.R.Banks: Without their endorsement 258 25 1,206 537 5 1 _ fjro 1,310 i . Jp.336 Released for publication Snnda3?‘ morning, March 27, 19^1; not earlier* 3t,1875c* FJESOURCFS ATD% LIABILITIES OF TEE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS KARCH 25, 1521* (in thousands of dollars) L I A B I L I T I E S Total Boston Hew York Phila- Clevel - Eichm. Atlanta Chicago St ♦Louis Hinn. Kans-Cy, Dallas San Fran. Federal Reserve Bank 101 ,113 T.23S 26,1+ss S, 599 10.SS0 5,325 ^,075 1^,139 M 33 3,^98 U.Ugg U ,i 3 U. 7 ,2 1 6 Capital paid in 202,036 15,711 56, UiU 17,010 20,305 10,561 2,3^3 28,980 S, 3 U6 6,980 9,159 6,033 1^,19^ Surplus llU,6?5 Government deposits 9,^72 25 , 2U5 1 1 , 69s 7 , 75S 2,559 9,715 11,913 M 29 U>531 7,562 8 ,6 1 2 5,386 67^, 536 106,379 639,^86 102,023 1U5 . 16U 55,179 ^ 7 , 1+59 237,106 61 , 91+5 1+3,608 75,071 *+6,761 114,351 1, ace omit Due to members - re&en Other deposits including foreign 1-.019 1.063 11,273 51,666 2.078 U66 1 . 03U U,g?U___ 1^50 6_____ 513 government credits 2.768 2U.122 950 8 Uo ,887 Dgg, S 53 11^,671 155,000 6 U, 20 U 58,208 253,898 67 , 08 * + 1 4 8,652 83,652 56 , U 36 131,010 1 , 118,619 Total deposits 7 sc, 7^0 2U2. 3UU 293,082 1^5,^99 156,026 H g o ^1^ 1 1 5 ,9 ^ 69,303 95,130 59,9^7 232,532 2, 930,729 F. R. notes in actual circulation 259,837 F» R. Bank notes in circulation 175,^90 6,960 6,968 11,667 5,350 8,611 net liability 8,859 13,^20 28,557 31; 300 17,387 21,158 15,253 U5I+, 279 31,701 lU, 6 U 9 37, *+78 22,128 32,035 . Ul+6 U l, 8o9 U s , 301 37 , 08*+ 18,098 57,502 33,988 Deferred availabilit:’ items ^ 8,631 1.730 1,679 2.U67___ 1 .5 85 3,178 2 , 615___ 2.888 l ,7*+2___ 2.198 8.678 All other liabilities 139 TOTAL LIABILITIES U53 . 980 1 , 680,3 20 l+i+U,U95 5 5 1 ,6i*+ 273, 27*+ 260,368 872,099 236,79s 151,729 2l+U,oUl 155,613 ^28,776 5, 753,167 ?.R. • Ratio of total reserves to deposit and• 7 note liabilities combined, per cent 59*7 ' M E •1 0 R A IT D A 52.7 50.3 68*5 U3.9 U2.0 U3 -o 51.0 *+7.8 1+2-0 Contingent liability as endorser on discounted paper rediscounted with other Federal Reserve Banks 38*7 53*1 1*+,663 Bankers’ acceptances sold to other p. R, Banks without endorsement (m 3 ,3 H Contingent liability on bills purchased for foreign correspondents 2,336 12,125- 2,560* 2,621+ l,5oS 1,152 3,808 1, 50U SoU 1,536 g32 50 -8 il+, 663 25 y ^,336 1,^72 32,381 FEDERAL RESERVE NOTES OUTSTANDING- AND IN j CTUAL CIRCULATION F- R. notes outstanding F. R. notes held by banks F. R* notes in actual circulation Bills discounted Bills bcught in open market U. S. Certificates of indebtedness 63,393 29U,.Ul 7 3 , 29*+, 87 6 61 . 885 36-*+, 1U7 3 .W 6 232,532 2,930,729 5979^7 259, 837 DISTRIBUTION OF BILLS AMD U . S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES To tal Over 30 days 31 to 60 days 6l to 90 days l6 to 30 days Within 15 days 2, 286, 61+8 278, 261+ 369 , 200 1 , 362,700 *+2,057 23^27 123,056 1 *+, 2U9 36,510 25,26H *+7,033 256,865 232,010 1+.621 6 . 1+2U 7,255 6,555 273,573 921 , 81+6 266,157 318,121 152,598 161,760 526,882 1*40,571 71,337 10*+, 221 9. PEL lUi; 106 23:813 25;039 7 ,099___ 5 J 3 _ L U6» 537 2*+, 6 27 .. 2 . 03U I l 5 ^m+ 69,303 95,130 7S0,‘ 7i+0 2U^3UU 293," 082 Released for publication Sunday morning, Mar&h 27, 19 21 ; not earlier * FEDERAL RESERVE AGENTS1 ACCOUNTS AT CLOSE OF BUSINESS MARCH 25, 1921* St.l875d. (In thousands of dollars) Federal Reserve Agent at Boston ITew York F h ila . 0level* Richm* Atlanta Chicstgo St*Loui$ Minn - Kans*Cy. Dallas San Bran. 12,510 3,4oo 71,337 104,221 22,669 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 Sold redemption fund Gold settlement fund-P.H .Board Eligible paperc Amount required Exce s s anoun t he Id TOTAL 106,930 273,573 s, 600 17,916 115,000 135,057 24,856 26s,000 31 , i 4o ^3,230 26,878 78,945 921 ,846 266,157 318,121 152,598 161,760 160, 60S 7,692 23,775 12,820 16,159 56,000 104,389 155,000 - 4,403 43,500 3,500 2,585 50,000 688,546 l 4 g , 94 g 123,167 104.695 105,675 14 ,47 6 11,826 38,021 8,781 18,812 i 4 i,ooo 26,g4o 526,882 140,571 5,96c 14,623 170,144 13,052 40,300 802,442 63,393 294,417 3 , 294,876 4,891 226,386 3 , 55 s l4 ,'24i 104,511 8,234119,952 914,610 4,906 47,831 1,904 3,704 10,200 34,360 342,115 81,874 83,195 12,769 46,181 66,157 46,710 16c, 224 2,049,369 2l,94g 38,622 i£>,43s 20, 6o4 310,354 >78,932 2,126,168 575,280 718,093 340,855 421,277 1, 277,959 320,751 177,132 250,470 165,893 649,738 7 , 702, 54g L I A B I L I T I E S Net amount of Jtedksral Reserve notes received frcm Ccnrp-troiler of the Ourrenc,;/ Collateral received f ran Federal Keserve Bank: Gold Eligible paper TOTAL 380,503 1,189,846 297,297 361,951 179,476 2 ^ ,7 0 5 667,882 167, 4 n 83,s47 107,621 26,062 334,717 4,097,318 138,516 134,767 425,310 25,156 3S,o64 68,129 104,785 16 ,683 134,193 1,245,507 63 , l 4 g 180,828 2 , 359,723 139,913 233,300117,209194,934 47,903 56,085 703,022 lfcQ, 774 161,208 113,476 124,487 58,697 §4,643 678,932 2,12^,168 575,280 718,093 340,855 421,277 1 , 277,959 320 ; 751 177,132 250,470 165,893 645 ) 73 S 7,702,548