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STATEiSEN? FOR THE °EESS
Released f o r p u b l i c a t i o n
,
St .1875
Sunday morning,, Mar. 27;
Federal Reserve Board
not e a r l i e r .
March 26, 1921.
CONDITION OF FEDERAL RESERVE BANKS
F u r t h e r g a i n s of 5 >3 m i l l i o n s of gold and of 7 , 2 m i l l i o n s of
t o t a l cash r e s e r v e s , as a g a i n s t a r e d u c t i o n of 3 2 . 2 m i l l i o n s in
F e d e r a l Reserve n o t e c i r c u l a t i o n and an i n c r e a s e of 66.3 m i l l i o n s
in d e p o s i t l i a b i l i t i e 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 as a t c l o s e of b u s i n e s s on March 25,
1921* The banks' r e s e r v e r a t i o shows a d e c l i n e f o r the week from
51 to 5 0 . 8 per c e n t .
Member banks' borrowings fir am t h e Reserve Banks show an aggregate i n c r e a s e -of Gl.7 m i l l i o n s , though the Mew York Bank r e p o r t s
a d e c r e a s e of U l . l m i l l i o n s under t h i s head. Of the t o t a l i n crease i n d i s c o u n t e d paper held, 10 m i l l i o n s r e p r e s e n t s an i n c r e a s e _
i n paper s e c u r e d by U. S« Government o b l i g a t i o n s , and 51*7 m i l l i o n s an i n c r e a s e i n other d i s c o u n t s * Acceptances on hand show but a „ 1
nominal i n c r e a s e . /The statement f o r t h e f i r s t time shows ".separate j
f i g u r e s f o r the s o - c a l l e d Pittman c e r t i f i c a t e s , d e p o s i t e d w i t h the /
Treasurer of the United S t a t e s to s e c u r e F e d e r a l Reserve Bank n o t e /
c i r c u l a t i o n . The t o t a l amount of these c e r t i f i c a t e s , $254,375,000,
shows no change f o r the weeky) Holdings of other c e r t i f i c a t e s f e l l
off 2 8 . 1 m i l l i o n s , of which 24 m i l l i o n s , r e p r e s e n t s the.amount of
s p e c i a l c e r t i f i c a t e s held by t h r e e Reserve Banks on the previous
F r i d a y and redeemed by the Government during the week. In c o n s c - .
quence of t h e abova changes, t o t a l e a r n i n g . a s s e t s shew an i n c r e a s e
°f 3 3 ' 9 m i l l i o n s , and a t t h e 5lose of t h e week stood a t 2,692.4
m i l l i o n s , compared w i t h 3 , 1 9 1 m i l l i o n s cn the corresponding d a t e of
las t y e a r .
Of the t o t a l h o l d i n g s of 1 , 0 1 0 . 4 m i l l i o n s of paper secured by
United S t a t e s Government o b l i g a t i o n s , 650 . 1 m i l l i o n s , or 64.,3.per
c e n t , were secured by L i b e r t y or o t h e r U. S. Bonds; 365.
per c e n t , by V i c t o r y n o t e s , and 9 4 , 5 m i l l i o n s , or 9 . 4 per cent, Ty
Treasury c e r t i f i c a t e s , compared w i t h 591.3, 250.2 and 158.8 m i l l i o n s
shovm t h e week b e f o r e , The l a r g e r e d u c t i o n i n the h o l d i n g s of paper
secured by c e r t i f i c a t e s a p p a r e n t l y r e f l e c t s corresponding amounts
of c e r t i f i c a t e s purchased by the Government or placed w i t h u l t i m a t e
i n v e s t o r s by the member banks.
Discounted b i l l s held by the Cleveland Reserve Bank include 14.7
m i l l i o n s of b i l l s d i s c o u n t e d f o r t h e D a l l a s Bank, compared w i t h 13.4
m i l l i o n s the week b e f o r e , while acceptance holdings of the Boston,
Cleveland, P h i l a d e l p h i a and San Francisco Banks are shown i n c l u s i v e
of 3 »3 m i l l i o n s of bank acceptances purchased from the New York Bank,
compared w i t h 5*9 m i l l i o n s shown on the p r e v i o u s Friday *
Of the t o t a l i n c r e a s e i n d e p o s i t s above shown, 55»9 m i l l i o n s r e p r e s e n t s an i n c r e a s e i n Government d e p o s i t s ; member banks' r e s e r v e
d e p o s i t s show a d e c r e a s e of 3*2 m i l l i o n s , while o t h e r d e p o s i t s , composed l a r g e l y of non-member banks' c l e a r i n g accounts and c a s h i e r ' s
checks, i n c r e a s e d by 13 «6 m i l l i o n s . Federal Reserve note c i r c u l a t i o n
shows a f u r t h e r r e d u c t i o n f o r the week of 3 2 . 2 m i l l i o n s , the March
25 t o t a l of 2,930.7 m i l l i o n s being 474,2 m i l l i o n s below the peak
f i g u r e of December 23, 1920 and 117>3 m i l l i o n s below the t o t a l r e p o r t e d on t h e corresponding d a t e l a s t year • F e d e r a l Reserve Bank
n o t e c i r c u l a t i o n shows a f u r t h e r d e c l i n e for the week of 3 *8 r . i l l i o n s
and t o t a l e d 175 «5 m i l l i o n s , compared w i t h 179 «3' m i l l i o n s about a
year ago.
w
' ***
*
i
/
r
«- »-
Released f o r p u b l i c a t i o n Sunday morning, March 27, 1921; not e a r l i e r *
St.lS75a"
RESOURCES AND LIABILITIES
OF THE TWELVE FEDERAL RESERVE BANKS COMBIiPD.
( I n thousands of d o l l a r s )
RESOURCES
Gold and g o H c e r t i f i c a t e s
Gold s e t t l e m e n t fund - F.R.Board . . . .
Gold w i t h f o r e i g n a g e n c i e s
Total no Id held by banks
Gold w i t h F e d e r a l Reserve Agents . . . .
Gold redemption fund .
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 r e s e r v e s
Mar • 25. 1921 Mar, 13.1921 Mar • 26, 1920
'.291, 960
r266,431
154, 237
509,913
513,57 2
3&3, 132
- - - - 112,781
B i l l s discounted:
Sec. by U.S. Government o b l i g a t i o n s . ,
All other
B i l l s bought i n open market
Total b i l l s on hand
U. S, Government bonds
U. S. Victory 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 :
One-year c e r t i f i c a t e s (Pittman Act) .
All other
Total e a r n i n g a s s e t s
Bank premises .
5fo Redemption fund a g a i n s t
F, R. Bank n o t e s
Gold abroad in custody or i n t r a n s i t
Uncollected items
All other r e s o u r c e s
^
1, 2%5, 507
163,385 ^
2,210, 7 6 5 ^
211^212
2,^21,577
.
. .
TOTAL RESOURCES
"30.003
6)0,150
1,257,807
167.729
2,205,539
209,250
2^14,789
1,186,829
117.776
1,93^,755
122. 4po
2,057,155
1,010,373
1,276,275
123,056
2,409,704
25,84?
19
1,000,386
1,224,533
122.780
2,347,699
, 25,84$
19
1,UUl,015
1,008,215
U51.879
*2,901,109
254,375
_2j4go
2, 692,435
254,375
30. 576
2,658, 51U
259,375
3,681
3, 191,031
20,522
20,465
11,990
12,428
3,300
716,882
9. 891
5,836,269
13,900
- 767,675
6 r 020
6,047,771
101,113
202,036
101,058
202,036
91,059
120,120
Il4,685
1,674,536
58,789
1,677, 774
27,711
1,867,125
51.666
i,g4o,887
38,072
1, 774,635
100. l6o
1,99^,996
2,930,729
2,962,880
3,04g, 039
12,068
3,300
593T64cT
9.-S95
5,753, i$7
'
,
°
26,798
68
L I A B I L I T I E S
C a p i t a l paid in
Surplus
Deposits:
Government d e p o s i t s
, . .
Due to members - r e s e r v e account . .
Other d e p o s i t s , i n c l u d i n g f o r e i g n
government c r e d i t s
Total d e p o s i t s
F.R. n o t e s in a c t u a l c i r c u l a t i o n , . , .
F.E. Bank n o t e s i n c i r c u l a t i o n net l i a b i l i t y , . . i
Deferred a v a i l a b i l i t y items. .. . . . . .
All other l i a b i l i t i e s
TOTAL LIABILITIES :
R a t i o of t o t a l r e s e r v e s t o d e p o s i t and
F.B. note l i a b i l i t i e s combined . . . .
Ratio of gold r e s e r v e s to F. R. n o t e s
in c i r c u l a t i o n a f t e r s e t t i n g a s i d e
35^ against d e p o s i t l i a b i l i t i e s
. • •
175,400
454,279
4-8.633
5,753,167
179,250
570,34?
46.063
5,8)6,269
•
201,392
546,696
45,469
6,04?, 771
50-8$
51-01°
*42.7 $
bO >T?°
6 0 . 5 * 4 ?
*Calculated on b a s i s of n e t d e p o s i t s and F.R. n o t e s i n c i r c u l a t i o n .
>lf>
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 27, 1921; n o t e a r l i e r ,
St.1875b
RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MARCH 25, 1921,
RESOURCES
( I n thousands of d o l l a r s )
Federal Reserve Bank of
Boston New York P h i l a . C l e v e l , Richm, A t l a n t a Chicago St .Louis Minn. Kans.Cy, D a l l a s San F r a n .
Total
Gold and gold c e r t i f i c a t e s
7,308
206,695 3,228 6,590 3,395 4,846 21,288 3,350 8,306 2,584 6,844 17,526
291,960 •
9,333 29,090
509,913
Gold s e t t l e m e n t f u n d - F.R.Board
29,338
112,29 8 51.861 88,489 25,819 17,099 81,845 ,18,402 19,185 27,154
T ot al gold h e l d by banks
36,646
313,993 55,029 95,079 29,214 21,945 103,133 21,752 27,491 29,73s 16,177 46,616
801,873
Gold With F. R. Agents
132,516
233,300 117,209 194,934 47,903 56,085 184,767 58,697 25,156 38,064 16,683 134,193 1,245,507
Gdld redemption f u n a
37,696
36,000 12.659 13.397
9,720
7,592 17.244
4,464
3,196
4,136
7.160 10.121
163,385
T o t a l gold r e s e r v e s
212,858
588,293 184,957 303,410 86,837 85,622 305,144 84,913 55,843 71,938 40,020 190,930" 2 , a O j 6 5
Legal t e n d e r n o t e s , s i l v e r , e t c .
12,933
151,624
3,175
3,595
5,122
4,394 10,755
8,680
4Q0
3.219
5,008
2,217
211,212
Total reserves
225,791
739,917 188,132 307,005 91,959 90,016 315,899 93,593 56,333 75,157 45,028 193,147 2,421,977
B i l l s discounted: (a)
Secured by U . S . c - o v t . o b l i g a t i o n s
69,248 377,173 111,967 6i,835 ^9,980 57,762 129,745 37,204 14,106 36,665 ll.ogi 53,597 1,010,373
A l l other
80,444 318,651 46,795 76,395 62,173 65,995 285,495 55,440 55,113 67,960 52,315 109,499 1,276,275
B i l l s bought in open market (b)
10,221
39.3S6 14,077 24,012
3,133
744 10,294 _2JD30
205
18,954
123 056
T o t a l b i l l s on hand
159.9 1 3
7 3 5,210 1 72,839 1 62,242 115,286 125,501 $257535" 9 4 , , 2 1 9 104,830 53,406 182,050 2,409,704
U. S. Government bonds
550
1,255
1>3 5
834
1,233
113
4,490
1,153
ll6
8,867 3,979 1,822
25,847
U. S. V icto ry n o t e s
5
10
3
1
19
U. S. C e r t i f i c a t e s of indebtedness:
One year c e r t i f i c a t e s (Pittman Act) 21,436
59,276 30,280 23,799 12,260 l o , 6 6 4 39,612 13,068
8,480 10,320
8,300 10,880
254,375
A l l other
19
1,860
30
2
1
2JJ
l4l
JLbO
2,490
-Total e a r n i n g a s s e t s
181,923
795,741 206,414 186,915 128,781 141,282 469,636 109,172 77,815 124,159 75,685 194,912 2,692,435
1,704
1,628
726
2,827
626
599
1,742
1,775
529
20,522
Bank premised
3,220
4,640 ,
506
5% Redemption f u n d a g a i n s t F. R.
Banknotes
'
1,072
2 , l 4 S / 1,300
1,240 .
601
6l6
1,936
523
465
9l6
586
665
12,068
Gold abroad i n custody or in t r a n s i t
241
1,211/
264
270
162
119
393
155
89
158
86
152
3,300
U n c o l l e c t e d items
4i,20Q
13MHT 47,314 53,933 49,690 27,070 79,688 32,203 16,301 41,355 31,789 38,877
593r64o
All other resources
524
2r%&
565
547
453
539
1.720
526
127
554
664
494
TOTAL RESOURCES
453,980 1,680,380^444,495 551,614 273,274 260,368 872,099 236,79s 151,729 244,041 155,613 428,776 5,753,163),
( a ) I n c l u d e s b i l l s discounted f o r
other F. R, Banks, v i z :
(b) Includes b a n k e r s ' acceptances
bought from o t h e r F.R.Banks:
Without t h e i r endorsement
3.S-a'3^
-
-
258
9
-
25
1,206
14,663
-
537
-
-
-
-
-
-
-
{-GTO
-
-
-
-
-
-
14,663
1,310
^
J^,336
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 27, 1921; n o t e a r l i e r .
St.1875c.
RESOURCES ,MT) LIABILITIES OF TIIE iFDERAL RESERVE BANEB AT CLOSE OF BUSINESS MABCH 25, 1921 •
(In t h o u s a n d s of d o l l a r s )
L I A B I L I T I E S
Boston. Mew York "^hila- G l s v e l . Eichm. A t l a n t a Chicago St .Louis Minn - Kans-Cy, D a l l a s San F r a n .
Total
F e d e r a l Reserve Bank
7,23s
26,4ss s,599 10,880 5,325 4,075 iU,i39 4,433 3,^98 4,488 4,134 7,216 101,113
Capital paid in
15,711
56,4I4 17,010 20,305 10,561 8,343 28,980 8,346 6,980 9,159 6,033 14,194 202,036
Surplus
9,472
25,245 11,698 7,758 8,559 9,715 11,918 4,229 4,531 7,562 8,612 5,386 114,685
.Government' d e p o s i t s
106,379 639,486 102,023 145,164 55,179 47,459 237,106 61,949 43,608 75,071 46,761 114,351 1,674,536
Dae t o mem "hers - re&erx acc omit
Other d e p o s i t s including foreign
466 1,034 4,874 1,506
513 1-.019 1.063 11,273
51,666
2.768
24.122
government c r e d i t s
950 2.078
840,887
688,853
114,671
155,000
64,204
58,208
253,898
67,6g4
48,652
83,652
56,436
131,010
1,
118,619
Total deposits
F» R# n o t e s i n actual c i r c u l a t i o n
559,837 780,740 242,344 293,082 145,499 156,026 480,345 115,944 69,303 95,130 59,947 232,532 2, 930,729
F» B . Bank n o t e s in c i r c u l a t i o n net l i a b i l i t y
31,300 17,387 21,158 8,859 13,420 28,557 6,960 6,968 11,667 5,350 8,611 175,490
15,253
79. 446 41,869 48,301 37,084 18,098 57,502 31,701 14,649 3 7,478 22,128 3 2,035 454,279
D e f e r r e d a v a i l a b i l i t y items
33,988
42.633
2,615 2.888 1.742 2.198 8.678 1.730 1.679 2.467 1.585 3.178
All other l i a b i l i t i e s
2.73%
139
453 , 980 l,6so,380 444,495 551,614 273,274 260,368 872,099 236,79s 151,729 244,o4l 155,613 428,776 5,753,167
TOTAL LIABILITIES
' « E •10 B A M DA
7.R.
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 and1 ?„R,
n o t e l i a b i l i t i e s combined, p e r c e n t 59*7
52.7
50.3
68.5
43.9
42.0
43.0
51.0
47.8
4s.o
38-7
C o n t i n g e n t l i a b i l i t y as e n d o r s e r on
d i s c o u n t e d paper r e d i s c o u n t e d w i t h
o t h e r F e d e r a l Reserve Banks
y
3,3H
C o n t i n g e n t l i a b i l i t y on b i l l s p u r c h a s e d
for foreign correspondents
2,33^
12,125
259, 837
25
(m
2,560'
2,624
1,56s
1,152
3,808
FEDERAL RESERVE MOTES OUTSTANDING- AMD IM ;
273,573
1,504
864
1,536
832
1,472
CTUAL CIRCULATION
^,336
32,381
921,846 266,157 318,121 152,598 161,760 526,882 Ik), 571 71,337 104,221 63,393 294,417 3,294,876
l4i;io6 23:813 25".039 7.099 5j_734_
537 24.627 2,034 9. PEL 3.446 61.885 364. i4?
780," 740 242,344 293,082 I ^ ^ ^ I S G T O ^ ^ O J ^ 1157944 69,303 95,130 597947 232,532 2,930,729
DISTRIBUTION OF BILLS AMD U. S . CERTIFICATES OF INDEBTEDNESS BY MATURITIES
Over 90 d a y s
6 l t o 90 d a y s
31 to 60 days
16 to 30 d a y s
W i t h i n 15 days
B i l l s discounted
B i l l s bought i n open m a r k e t
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
50 -8
i4,663
14,663
Bankers1 acceptances sold to other
F . R B a n k s w i t h o u t endorsement
F. R. n o t e s outstanding
F . R . n o t e s h e l d by "banks
F. R. notes in a c t u a l c i r c u l a t i o n
53-I
1,362,700
234,427
6.424
4.621
47,033
25,264
369 , 200
36,510
6,555
278,264
l4, 249
7,255
42,057
232,010
Total
2, 286, 648
123,056
256,865
R e l e a s e d f o r p u b l i c a t i o n Sunday morning, Marbh 27, 1921; n o t e a r l i e r ,
FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSI#1SS MARCH 25, 1921-
St.l875d.
(In thousands of d o l l a r s )
F e d e r a l Reserve Agent a t
Boston
New York
RESOURCES
i t e d e r a l Reserve n o t e s m hand
106,93c
F e d e r a l Reserve n o t e s o u t s t a n d i n g 273,573
C o l l a t e r a l s e c u r i t y for Federal
Reserve n o t e s o u t s t a n d i n g :
Gold and gold c e r t i f i c a t e s
5,600
Gold redemption fund
17,916
Gold s e t t l e m e n t fund-F.R.Board 115,000
E l i g i b l e paper;
-Amount r e q u i r e d
135,057
Excess anount held
24,856
TOTAL
Pfaila.
Lleve1. Rielm - Atlanta
262,000 31, i4o 43,230
26,378
78,945
921,846 266,157 318,121 152,598 161,760
169, 602
7,692
56,000
23,775
12,220 16,159
104,359 155,000
-
4,403
43,500
3,500
2,585
50,000
Chicago St»Louis
141,000
526,882
14,623
170,144
26,840
l4o,
571
Minn - Kans.Cy.
D a l l a s San Fran.
12,510
22,669 40,300
802,442
63,393 294,417 3,294,276
3,400
71,337 104,221
5,96c 13,052
4,906 1,904 3,704
47,831 10,200 34,360
4,891
-
3,552 l4,'24i
8,234 119,952
Total
226,326
104,511
914,610
682,546 148,948
l 4 , % 6 ll,826
123,127 104.695 105,675
i2b, 168 575,280
718,093 340,255 421,277
342,115 81,274 46,181 66,157 46,710 16c, 224 2,049,369
23,195 12,769 2l,94g 38,622 16,433 20,6o4 310,354
1,277,959 320,751 177,132 250,470 165,293 649,73s 7 , 7 0 2 , 54g
380,50;, 1,129,8 6 297,29/ 3bi,95i 179,476 24o,705
667,282 167,411 83,247 107,621 86,062 334,717 4,097,312
^72,932 2.
38,021
8,781
18,812
L I AB I L I T I E S
Net amount of Fbd^ral Reserve
n o t e s r e c e i v e d frcm Ccnrrp-t r o l l e r of the Currency
C o l l a t e r a l received frem
F e d e r a l Reserve Bank:
Gold
E l i g i b l e paper
TOTAL
133,516
159,913
117,209 194,934 47,903 56,025
703,022 160,774 161,202 113,476 124.487
233,300
678,932 2,12^,162 575,280 718,093
340,255
421,277
58,697 25,156 32,064 16,623 134,193 1,245,507
425,310 94,643 62,129 104,725 63,142 120,228 2,359,723
124,767
1,277,959 320; 751
177,132 250,470 165,293
649,73s
7,702,548
@FedFRASER