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Released f o r p u b l i c a t i o n Sunday morning, March 21; nob e a r l i e r . STATEMENT FOB THE PRESS S t . 1019 F e d e r a l Reserve Board March 20, 1920. CONDITION OF FEDERAL RESERVE BANKS S u b s t a n t i a l l i q u i d a t i o n of war p a p e r and o t h e r d i s c o u n t s as w e l l a s of a c c e p t a n c e s , i n c o n n e c t i o n w i t h the r e d e m p t i o n by t h e T r e a s u r y of c e r t i f i c a t e s due on March 15, and c o r r e s p o n d i n g r e d u c t i o n i n n e t d e p o s i t 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 b u s i n e s s on March 19, 1920. Cash r e s e r v e s show a g a i n f o r t h e week of 3*6 m i l l i o n s , n o t w i t h s t a n d i n g a d e c l i n e of 1 . S m i l l i o n s i n g o l d . F e d e r a l Reserve n o t e c i r c u l a t i o n shows a f u r t h e r e x p a n s i o n of "J .h m i l l i o n s . As a r e s u l t , t h e banks 1 r e s e r v e r a t i o shows a r i s e f r o m 42 -5 to 4 3 . 5 p e r c e n t . A l l c l a s s e s of b i l l s on hand show c o n s i d e r a b l e r e d u c t i o n s : war p a p e r - by 1 6 2 . 5 m i l l i o n s ; o t h e r d i s c o u n t s - by 53 e 3 m i l l i o n s , and a c c e p t a n c e s - by 4 0 . 9 m i l l i o n s . On the o t h e r hand, T r e a s u r y c e r t i f i c a t e h o l d i n g s went up 139*7 m i l l i o n s , t h i s i n c r e a s e r e p r e s e n t i n g the b u l k of temporary c e r t i f i c a t e s t a k e n by 7 Reserve banks p e n d i n g 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 and t h e i r c o n c e n t r a t i o n a t l e a d i n g f i n a n c i a l c e n t e r s . -Total e a r n i n g a s s e t s a r e 3>104*9 m i l l i o n s , a r e d u c t i o n f o r the week of about 11% m i l l i o n s * Of the t o t a l of 1*353»5 m i l l i o n s of war p a p e r h e l d , J l S . J m i l l i o n s , o r 53*0 P e r c e n t , were s e c u r e d by L i b e r t y b o n d s ; 2 7 0 . G - m i l l i o n s ' , o r 2 0 . 0 p e r c e n t , by V i c t o r y n o t e s , and 366 m i l l i o n s , o r 27<0 p e r c e n t , by T r e a s u r y c e r t i f i c a t e s , a s a g a i n s t 42*2, 17*4 and 3^*^ p e r c e n t of a t o t a l of about 1 , 5 1 6 m i l l i o n s of war p a p e r r e p o r t e d t h e week b e f o r e . D i s c o u n t e d p a p e r h e l d by t h e Boston, C l e v e l a n d , A t l a n t a , Chicago, Minneapo l i s , Kansas C i t y and D a l l a s banks i s i n c l u s i v e of 56»4 m i l l i o n s of p a p e r d i s counted f o r the New York and P h i l a d e l p h i a b a n k s , a s a g a i n s t 115*2 m i l l i o n s the week b e f o r e , 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 C l e v e l a n d , A t l a n t a , Kansas C i t y and San F r a n c i s c o banks comprise about S m i l l i o n s of b i l l s p u r c h a s e d f r o m the New York and Boston b a n k s , compared w i t h 12«b m i l l i o n s h e l d t h e week b e f o r e by the f o u r l a s t - n a m e d and t h e Boston b a n k s / Government d e p o s i t s show an i n c r e a s e f o r t h e week of 2*7 m i l l i o n s , mem~ bers* r e s e r v e d e p o s i t s f e l l o f f 36*S m i l l i o n s , w h i l e a l l 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 , i n c r e a s e d 2 . 7 m i l l i o n s . The " f l o a t " c a r r i e d by the Reserve banks ( t r e a t e d as 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 ) , owing to the l a r g e volume of checks and d r a f t s r e p r e s e n t i n g t a x payments r e c e i v e d on Government a c c o u n t , shows an i n c r e a s e f o r the week of £ 1 . 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 s e e n i n a r e d u c t i o n of n e t d e p o s i t s by 112*5 m i l l i o n s * As a g a i n s t i n c r e a s e s i n F e d e r a l Reserve n o t e c i r c u l a t i o n r e p o r t e d by the Boston, New York and Chicago b a n k s , P h i l a d e l p h i a , C l e v e l a n d and A t l a n t a show some r e d u c t i o n s u n d e r t h i s h e a d . The banks 1 a g g r e g a t e l i a b i l i t i e s on F e d e r a l Reserve bank n o t e s i n c i r c u l a t i o n show a f u r t h e r d e c l i n e of 9*6 m i l l i o n s . B e l e a s e d f o r p u b l i c a t i o n Sunday morning, March 21, 1920; n o t e a r l i e r . TEE FEDERAL RESERVE BANKS. STATEMENT OF COMBINED RESOURCES AND LIABILITIES March 12, 1920 March 19, 1920 R E S O U R C E S $ 1 5 9 , 6 6 0 , 0 0 0 $l69*,97S,000 Gold and gold c e r t i f i c a t e s 39i,6Us,ooo 3 58,271,000 Gold s e t t l e m e n t f u n d - F . E . Board 112,751,000 112,781,000 Gold w i t h f o r e i g n a g e n c i e s 574,402,000 660,712,000 T o t a l g o l d h e l d by banks 1,142,576,000 1,161,695,000 Gold w i t h F e d e r a l Beserve Agents 119,350,000 112,17^,000 Gold r e d e m p t i o n f u n d $1,936,364,000 $1,934,551,000 T o t i l gold reserves 120,366,000 125,745,000 Legal tender n o t e s , s i l v e r , e t c . , 2,056,730,000 2,060,326,000 Total reserves 1,515,959,000 ^Secured by Government war o b l i g a t i o n s 1,353,509,000 B i l l s d i s c o u n t e d (All o t h e r 907,457,000 854,172,000 504,172,000 463. 232.000 B i l l s bought i n open market 2,927,615,000 2,670,913,000 T o t a l b i l l s on hand 26,775,000 26,797,000 U. S . Government bonds 65,000 6 5, OOQ^ /o, nf U. S . V i c t o r y n o t e s 267,461,000 4o7, 119/000 U. S . C e r t i f i c a t e s of i n d e b t e d n e s s n All other earning a s s e t s 3,221,922,000 3,10%, 597,000 Total earning assets 11,791,000 ii,793,ooo_ Bank p r e m i s e s a. SSI 817,926,000 U n c o l l e c t e d i t e m s and o t h e r d e d u c t i o n ^ from g r o s s d e p o s i t s 9'io, 295T600 13,551,000 14,357,000 5/0 Redemption f u n d a g a i n s t F . R. bank n o t e s i,485,000 5,644/006 All other resources 6,127,705,000 6,13^^43,000 TOTAL RESOURCES L I A B I L I T I E S 90,871,000 Capital paid-in 90,952,000 120,120,000 Co, 120,120,000 Surplus 55,324,000 567^7,000 Government d e p o s i t s 1,886,929,000 1,550,106,000 Due t o members — Reserve a c c o u n t •mw 575,^97,000 6i^-f49fooo" Deferred a v a i l a b i l i t y items 98,256,000 100,969,000 O t h e r d e p o s i t s , i n c l u d i n g f o r e i g n government c r e d i t s .<V¥. WU 2,616,036,000 2 , b S § S § l , 0 0 0 Total gross deposits r 3,039,750,000 3,047,133,000 F . R. n o t e s i n a c t u a l c i r c u l a t i o n 220,735,000 211,132,000 F . R. bank n o t e s i n c i r c u l a t i o n - n e t l i a b i l i t y 40,190,000 4 2 , 1 4 9 , 0 0 0 All other l i a b i l i t i e s 6,127,705,000 o,13^43/000 TOTAL LIABILITIES R a t i o of t o t a l r e s e r v e s t o n e t d e p o s i t and F . R. n o t e 42.5$ 43.5 fo 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 4 s . 1° 4 7 . 0 I^/O s e t t i n g a s i d e 35^ 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 V -v ot- luiga March 21, 1Q19 $329 /X'O 566,56^000 5,829.mo 9627434,000 1,112,93S ? COO 125,470,000 2,140,842,000 ' 67,736,000 2,208,578,000 1,691,673,000 189,561,000 • 261,9?4 000 2,143,463,000 27,222,000 172,471,000 4,000 2,343,160.000 9,711,000 797,303,000 6,901,000 7,772,000 5,373,425,000 81,612,000 49,466,000 285,735,000 1,604,719,000 555,353,000 120.062,000 2,565,949,000 2,510,687,000 142,442,000 23,269,000 5,373,425,000 51.6^ 63.3^ 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 21, 132.0; n o t e a r l i e r . S t , IQl§b RESOURCES AMD L I A B I L I T I E S OF THE FEDERAL RESERVE BANKS AT C L O S E O F B U S I N E S S MARCH 1 9 , * F e d e r a l Reserve Bank of I Gold- and g o l d 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 Gold w i t h f o r e i g n a g e n c i e s „ T o t a l g o l d h e l d by t a n k s - Gold w i t h F . R. Agents •-Gold r e d e m p t i o n f u n d A Total gold reserves -Legal tender notes, s i l v e r , e t c . Total reserves Bills discounted:(a) S e c u r e d by Government war obligations All e t h e r B i l l s bought i n open m a r k e t (d) T o t a l b i l l s on hand 'U. 5 . Government bonds U, S . V i c t o r y 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 - Total earning a s s e t s 'Bank p r e m i s e s 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 5?' Redemption f u n d a g a i n s t F . R. banknotes All other resources TOTAL RESOURCES "(a) I n c l u d e s b i l l s d i s c o u n t e d •r f o r other F.R.banks,. viz: !(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»R» "banks: With t h e i r endorsement Without t h e i r endorsement Boston 10,904 65,303 8,233 84,4-40 9?,259 15,675 192,374 ^,864 198,238 103,33^ 69,903 R E New York 72,586 38,457 41/390 1 42,43 5 307,936 27,000 S O U R C E S P h i l a . Clevel. 970 10,226 31,836 59,917 9,023 9,248 41,829 797391 86,619132,969 12.26*1 1.10 7 477,369 l4o,7%3 213,667 Bichm. A t l a n t a Chicago S t . L o u i s 8 , 8 l 6 24,358 3,119 2,370 28,137 1 7 , 0 3 6 60,942 1 0 , 3 9 5 5,526 4 , 0 6 0 13,421 5,301 3 ^ , 0 3 3 29,912 9 8 , 7 2 1 I8T8I5 30,318 56,770 201,066 48,786 8 , 297 5 . 7 5 0 1 8,819 7,171 ( i n t h o u s a n d s of d o l l a r s ) Minn-. Kans.Cy. D a l l a s San F r a n . 7 , 203 509 7,4-58 l l , l 4 l 23,943 31,779 7. 980 22,546 3 , 0 4 5 5,413 2,933 5,188 34, 191 3 7 , 7 0 1 18,371 3 8 , 8 7 5 33 , 29° 3 8 , 3 6 4 31,533 101,785 3 3 5 3,921 2,719 8,91 5 Total 159,660 388,271 112,781 bbO',712 1,161,695 112,174 74,648 67,816 79,986 107.023 421 1,127 584,392 l 4 l , 1 3 4 214,794 288 74,936 529,631 158,657 76,535 194,546 48,627 84,942 50,672/30,162 92,432 318,606 74,772 1,839 2,219 9 4 , 2 7 1 320,825 4,925 79,697 55,371 150,274 56,368 43,275 191,^23 53,755 15,928 200,221 5,491 64,248 10.095 9 , 9 4 2 64.013 9,988 189,170 9 2 4 , 3 9 8 212, 775 199 , 8o2 l l 6 , 7 9 2 108, 588 405 J 1 0 120, 111 561 1,457 1,355 833 1,235 ll4 4,477 1,153 5 50 10 3 21.575 123.137 30,b03 40 , 392 1 2,260 1 5 . 6 6 5 59,635 17,200 211,311 1 , 0 4 9 , 0 4 2 244,763 241,097 130,287 124,370 469,822 138,464 1,141 3,094 500 1,156 580 532 2,ll6 866 0.3Si * 44,-04l 194,235 68,957 83,545 65,254 41,707 148,618 56,597 1,072 527 3,561 795 1,300 828 897 311 487 293 617 142 1,924 996 972 316 454,130 1,835,119 457,482 5 4 i , 8 0 0 271,837 261,639 944,301 276,912 14,995 - - 9,250 - - - 543 1920. - 5,625 7,605 1,322 j ° 1 Qoaroirnmonts o v e r d r a f t -of - 2^,000 " 868 69 67,885 8 0 , 8 5 4 52,623 149,575 652 450 53,275 150,025 1,934,581 26,527 36,71+7 34,544 40,579 1,353,509 5 , 8 8 4 3,517 60,908 105,916 ll6 8,808 17,480 14, 991 7 8 , 5 0 4 129,775 515 462 1 . 0 8 5 73,020 5 5 , 0 6 2 171,621 3,966 2,632 $ 21,300 5 ? . 8 8 1 80,328 20?,134 600 ^ 231 5~o, 63,961 60,921 463,232 2,670,913 2o,797 68 f0 4pf,119 3,10>,897 ^'11,793 7 28,497 65,852 28,930 83,529 534 113 996 239 19,433 562 232 58,022 125,745 2,060,326 854,172 940,2% trt. is, 14,387 5 . ^ .1,465 176,481 295,855 198,958 420,829 /•?,6?S 4,900 3,685 10,300 - - 2,617 - 3,^08 £ St. 56,360 4,542 3,408 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 21, 1920; n o t e a r l i e r . ^ „„CTATnoc „ , p „ n 1 C Q^0 R E S O U R C E S AND L I A B I L I T I E S O F THE F E D E R A L EESSSV2 BA2TKS A T C L O S E OF BUSIiuioS IVJARCH 1 v , I j k J . ( i n t h o u s a n d s of d o l l a r s ) " 60 <f L I A B I L I T I E S F e d e r a l Reserve Bank of Capital paid-in . Surplus " Government d e p o s i t s 1* Due t o members - R e s e r v e a c c o u n t e Deferred a v a i l a b i l i t y items Other deposits including f o r e i g n government c r e d i t s Total gross deposits 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 net l i a b i l i t y All other l i a b i l i t i e s TOTAL LIABILITIES Boston New York P h i l a . C l e v e l 7,205 23,880 8,19s 9,946 8,359 45,082 8,805 9,089 19,295 846 16,872 875 114',259 698,626 93! 117 l 4 l 9 7,75 123,070 56,320 6 9 , 9 6 0 ^ ' , D 1 15s 65^45 14,502 2,866 t H Richrru A t l a n t a Chicago S t . L o u i s Minn. Kans.Cy. 4,545 3,536 12,6s4 4,130 3.170 4,162 5,820 4 , 6 9 5 14,292 3,724 3,569 6,116 .5,257 2,138 1 , 8 3 0 _4,847 769 4,138 6 0 > 5 2 5 7 , 6 2 7 2 7 7 . 5 6 ° 7 2 , 4 9 1 58,102 9 1 , 8 ^ 0 5 2 , 9 9 1 29,14-23 7 1 , 1 ^ 8 3 7 , 1 9 4 18,179 6 3 , 5 3 5 D a l l a s San F r a n . Total 3,48;? 6,017 90,958 3,0)0 7,539 120,120/ ,l,lb0 67,289 117,308 1 , 8 5 0 . 1 0 6 33,400 4 ^ 3 ^ - ^ 41,876 6,897 6,572 3-782 2 , S 5 L _ l Q ^ 3 9 - ^ 8 ^ 2,884 4,044 2,611 9,194 100,963 2TF25,851\ 8 % s i : i 7 ; : g L i ^ 2 i ^ : G 9 m h ^ M % 6 7;:9 4 i 6 3 : ^ i o 4 : ^ 837,727 2 4 2 , 6 4 s 283,217 127,136 l 4 y , ((2 51 (,7/7 1 3 7 , 6 9 5 82, 161 1 0 2 , 7 3 1 7 ^ , 6 4 1 224,523! 3 , 0 4 7 , 1 3 3 4s,759 15,253 21,535 3,090 4567130 1 , 8 3 5 , 1 1 9 457,482 211,132 10,52s 42,149 2,%] SS. T o d " \i,o-> 8 541,800 271,537 261,639 9 4 4 , 3 0 1 276,912 176,481 2 9 5 , 0 5 5 198,958 4a6r82i- 6 , 1 3 ^ 4 3 17,687 3,079 10.359 1,495 12»o4o 1,497 32,007 6,444 11,259 1,678 6,542 1,105 17,541 1,748 8,373 969 MEMOH A H i C o n t i n g e n t l i a b i l i t y a s e n d o r s e r on Discounted paper rediscounted w i t h o t h e r F . R. banks Bankers' acceptances s o l d to o t h e r F . R. b a n k s 4,542 19,795 J 56,360 36,565 4,542 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION 274,146 9,101 937,970 256,027 3 0 3 , 1 9 6 131,728 153,034 545,281 155,950 100,243 13,379 1 9 , 9 7 9 4,592 5,262 2 7 , 5 0 4 1 8 , 2 5 5 8 3 , 4 4 6 108,850 1,285 o,119 8 2 , 2 1 2 260,979 3 , 2 9 2 , 8 1 9 3,571 36,396 245,686 F. R. notes i n a c t u a l c i r c u l a t i o n 265,045 837,727 242,648 2 ? 3 , 2 1 7 1 2 7 , 1 3 6 147,772 517,777 1 3 7 , 6 9 5 8 2 , l u i 10^,731 7 8 , 6 4 i 224,583 3 , 0 4 7 , 1 3 3 F. R. notes outstanding F- R. n o t e s h e l d by bank DISTRIBUTION OF BILLS AND U. S . CERTIFICATES OF INDEBTEDNESS BY MATURITIES. Pills discounted Bills L ought i•" open market Um S, Certificates of indebtedness W i t h i n 15 days 1,273,870 137,600 149,461 16 t o 30 days 237,731 SO,871 3,500 31 to 60 days 471,517 178,535 3,500 6 l t o 90 days 207,766 66,226 4,743 Over 90 days 16,79s 245,915 Total 2,207,681 463,232 407,119 Released f o r p u b l i c a t i o n Sunday morning, March 21, 1920; n o t e a r l i e r . s t . 1019a FEDERAL RESERVE AGENTS1 ACCOUNTS AT CLOSE OF BUSINESS MARCH 19, 1920. ( i n thousands of d o l l a r s ) Boston FEDERAL RESERVE NOTES: Received from Comptroller Returned to Comptroller Chargeable t o F . R. Agent In hands of F . R. Agent I s s u e d to F.R.bank l e s s amount r e t u r n e d t o F . R. Agent f o r redemption New York P h i l a . 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 San F r a n . Total 534,soo 2,098,000 551,760 541,560 313,120 321,440 932,540 312,160 156,080 216,920 151,720 427,300 6,557,760 220,054 1.035.630 274.373 208.864 152,44s 114.711 360.159 l4p, 220 66.284 102,460 57,772 158.511 2.891.492 3 14,746 1,062,370 277,327 332,696 160,672 206,729 572,681 171,940 89,796 i l 4 , 4 6 o 94,002 260,789 3,666,268 4o,6oo 21,360 29,500 28,944 53,695 27,400 15,990 6,350 5,610 n,790 7,210 373,449 937,970 256,027 303,196 131,728 153,034 545,281 155,950 83,446 108,850 900 129,745 4,000 13,052 Gold redemption fund 16,359 13,193 11, 730 15,944 3,312 8,921 1,255 1,438 2,504 4,218 14,912 98,662 Gold S e t t l e m e n t Fund - F.P..Board 75,000 105,000 74, 289 85,000 27,000 50,000 192,145 42,931 18,800 35,260 18,484 86,873 811,982 E l i g i b l e p a p e r , minimum r e q u i r e d 181.887 630.034 169.408 170.227 101.410 9b.264 344.215 107.lb4 50,156 70.486 50.679 159.194 2.131.124 274,146 937,970 256,027 303,196 131,722 153,034 545,281 155,950 83,446 108,850 82,212 260,979 3,292,819 129,170 922,292 185,630 198,53^ 110,292 108,588 405,321 120,111 48,631 105,907 55,Oo2 161,845 2,611,443 COLLATERAL SECURITY FOR OUTSTANDING NOTES: Gold and gold c e r t i f i c a t e s on hand Dotal AMOUNT OF ELIGIBLE PAPER DELIVERED TO F . R, AGENT £74,146 124,4oo - 32,025 2,500 4,270 - 82,212 260,979 3,292,219 2, 231 .251,051
@FedFRASER