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Pleased for publiCltion E M I f ™ * * » " Bed. ^elrlilr! 2 7 , 1920 CONDITION OF FEDERAL DESERVE BANES L a r g e b o r r o w i n g s by member b a n k s , f o l l o w i n g payment of c h o c k s and d r a f t s i n s e t t l e m e n t of March 15 t a x e s , are i n d i c a t e d i n the F e d e r a l R e s e r v e b a n k 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 26, 1^20. D u r i n g t h e week t h e Government redeemed a l l the temporary T r e a s u r y c e r t i f i c a t e s h e l d by 7 R e s e r v e b a n k s t h e week b e f o r e , r e s u l t cf t h e s e o p e r a t i o n s , i n c r e a s e d by o 6 • 1 m i l l i o n s * ^s a t o t a l e a r n i n g a s s e t s of t h e R e s e r v e b a n k s Net d e p o s i t s show a commensurate i n c r e a s e , F e d e r a l R e s e r v e n o t e s w e n t up less t h a n one m i l l i o n , w h i l e c a s h reserves aeclined 3-2 m i l l i o n s . The banks* r e s e r v e r a t i o , accordingly, shows a d e c l i n e f r o m 43«5 t o 42*7 P ^ r c e n t * War p a p e r h o l d i n g s of t h e R e s e r v e b a n k s show an i n c r e a s e fox t n ^ week of 3 7 . 5 m i l l i o n s and o t h e r d i s c o u n t e d p a p e r 1^4 m i l l i o n s . an i n c r e a s e of about On t h e o t h e r h a n d a c c e p t a n c e s on h a n d d e c l i n e d 1 1 . 4 . . z i l l i o n s a n d T r e a s u r y c e r t i f i c a t e s - 144*1 m i l l i o n s * Of t h e t o t a l of a b o u t l 4 4 l m i l l i o n s of w a r p a p e r h e l d , 7 ^ 2 - 9 m i l l i o n s , o r 5 1 . 6 p e r c e n t , w e r e s e c u r e d by L i b e r t y b o n d s ; 2 7 6 . 9 m i l l i o n s , p e r c e n t , by V i c t o r y n o t e s , Treasury c e r t i f i c a t e s , and 4 2 1 . 2 m i l l i o n s , o r 19*2 o r 29*2 p e r c e n t , by a s a g a i n s t 53* 20 and 27 P 3 r c e n t of a t o t a l of 1 * 3 5 3 . 5 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 . h e l d by t h e B o s t o n , C l e v e l a n d , A t l a n t a , Discounted paper C h i c a g o , M i n n e a p o l i s , D a l l a * and San F r a n c i s c o b a n k s i s i n c l u s i v e of $ 4 . 4 m i l l i o n s of p a p e r d i s c o u n t e d f o r t h e New York, P h i l a d e l p h i a , Richmond and S t . L o u i s b a n k s , 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 , K a n s a s C i t y and San F r a n c i s c o b a n k s c o m p r i s e 5 . 1 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 t h e New Y o r k . a n d B o s t o n b a n k s , a s a g a i n s t a b o u t C m i l l i o n s t h e week b e f o r e * As a g a i n s t a d e c l i n e of 30*3 m i l l i o n s i n Government d e p o s i t s , members' r e s e r v e d e p o s i t s show an i n c r e a s e of a b o u t 17 m i l l i o n s • Other deposits* i n c l u d i n g f o r e i g n government c r e d i t s , f e l l o f f 0 . 8 m i l l i o n , w h i l e the ' ' f l o a t 1 1 c a r r i e d by t h e R e s e r v e b a n k s and t r e a t e d a s a d e d u c t i o n ±rom g r o s s deposits declined 101,4 millions« Net d e p o s i t s , o u t a t S 7 . 3 m i l l i o n s more t h a n t h e week b e f o r e • as a c o n s e q u e n c e , work Federal Reserve note c i r c u l a t i o n shows an i n c r e a s e f o r t h e week of 0*9 m i l l i o n , , w h i l e the banks 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 R e s e r v e bank n o t e s i n c i r c u l a t i o n f e l l off 9.7 m i l l i o n s . 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 28, 1920; n o t e a r l i e r STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE R E S O U R C E S March 26, 1920 March 19. 1920 Gold and gold c e r t i f i c a t e s $159,660,000 $154,237,000 Gold s e t t l e m e n t f u n d - F~ R Board 388,271,000 363,132,000 Gold w i t h f o r e i g n a g e n c i e s 112,781,000 112.781.000 T o t a l gold h e l d by hanks 660,712,000 630,150,000 Gold w i t h F e d e r a l R e s e r v e A r e n t s 1,161,695,000 1,186,829,000 Gold r e d e m p t i o n f u n d 112.174,000 117,776.000 T o t a l gold r e s e r v e s $1,934,521,000 $1,934,755,000 Legal tender notes, s i l v e r , etc* 122.U00.000 125,745,000 Total reserves. 2,060,326,000 2,057,155,000" ( S e c u r e d by Government war o b l i g a t i o n s 1 , 4 4 1 , 0 1 $ , 0 0 0 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 1,008,215,000 854,172,000 B i l l s bought i n open market 451,879 ,000 463.2%,000 T o t a l b i l l s on hand 2,901,109,000 2,570,913,000 U- S» Government bonds 26,798,000 26,797,00c U. S. V i c t o r y n o t e s 68,000 68,000 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 263,056,000 407,119,000 All o t h e r e a r n i n g a s s e t s Total earning a s s e t s 3,191,031,000 3,104,897,000 Bank p r e m i s e s 11,990,000 11,793,00c U n c o l l e c t e d i t e m s m d 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 768,788,000 *966,609,000 5a Redemption f u n d a g a i n s t F . R. bank n o t e s 14,327,000 13,900,000 All o t h e r r e s o u r c e s 4.907.000 5.645,000 TOTAL RESOURCES 5,047,771,000 6,163,657,00c L I A B I L I T I E S Capital paid-in 91,059,000 90,958,ooc Surplus 120,120,000 120,120,000 Government d e p o s i t s 27,711,000 58,027,000 Due t o members - Reserve a c c o u n t 1,867,125,000 1, 85C.106.000 Deferred a v a i l a b i l i t y items 546,696,000 *643,063,000 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 100,160.000 ioQ.q6q.ooo Total gross d e p o s i t s 2,541,692,000 .<2,652,165,000 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 . 3,048,039,000 3,047,133,000 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 201,392,000 211,132,00c All other l i a b i l i t i e s 45.469,000 42.i4q.ooo TOTAL LIABILITIES 6,047,771,000 *6,163,657,000 R a t i o of t o t a l r e s e r v e s to n e t 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 42-7% 43.5 1° R a t i o of gold 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 :i lures s e t t i n g a s i d e 35f° 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 4s,3 f 4 7 . 1 # * A st.1034a March 28. iqiq $326,791,000 563,577,000 S,82q.000 396,197,000 1,113,070,000 111.018.000 2,142, 305,000 68, 219,000 2,210, 524,000 1 , 6 9 1 , 010,000 195, 230,000 248. 107.000 2,134, 347,000 27, 138,000 173,797,000 3,000 2,335,285,000 9,712,000 660,066,000 7,067,000 7,274.000 5,229,9^/. 0 81, 641,000 49, 466,000 168, 147,000 1,631, 167,000 484, 906,000 211 271.000 2,401, 491,000 2,521, 776,000 145, 540,000 3&L014.000 5,229,928,000 51.9% 63-5/ Released f o r p u b l i c a t i o n Sunday morning, ivlarch 2o, 1920, n o t e a r l i e r • RESOURCES AND LIABILITIES'OF TIIE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS iMRCH 26, 1920. (In R E S O U R C E S 1. 1 i n n S t . L o u i s Chicago A t l a n t a Richm. Boston New York P h i l a . C l e v e l . s d e r a l Reserve Bank of 4,409 7,225 24,502 2,409 2,907 995 10,014 65,233 11,232 old and g o l d c e r t i f i c a t e s 7,790 17,403 57,89% 3l>30 4l, 610 22,740 20,757 56,942 28,545 j o l d s e t t l e m e n t f u n d - F . R. Board 3,045 4,060 5,301 13,421 5,526 41,390 9,023 9-248 8.233 jold with foreign agencies 27,673 17,500 33,724 94,271 42,010 165,121 41,445 60,372 30,675 T o t a l g o l d h e l d by banks 312,56s C7,592 132,459 39,067 54,239 197,160 47,594 33,939 100,107 Sold w i t h F . R» Agents 662 6,213 6,253 22,479 1 27,000 11,499 684 6,24s 17,635 96 d r e d e m p t i o n f u n d 62,274 71,907 " ' 314,510 94,216 165,752 504,629 140,539 19^015 75,990 ,Total gold r e s e r v e s 70 2,325 4,975 452 106,773 756 l,o4o 2.292 r— . 4 4 2 5 . Legal t e n d e r n o t e s , s i l v e r , e t c 316,235 76,222 62,344 96,641 168,044 6IT7462 141,295 195,055 76,442 Total r e s e r v e s Bills discounted:(a) Secured by Government war 114,145 552,771 163,193 132,300 64,372 55,808 159,729 44,751 31,220 obligations 21,720 262,263 43,507 42,919 37,435 42,362 244,421 63,106 33,502 All o t h e r 5,615 9,l4l 62.761 11,110 (b) 17,789 196,484 5,565 61,929 10,627 B i l l s bought i n open market 70,997 1156,911 118,927 213,654 1,012,112 212,265 24-3,202 112,440 107,317 T o t a l b i l l s on hand 116 561 1,457 1,335 234 1,235 11^ 4,477 1,153 U- S. Government bonds 5 50 — 10 3 Victory n o t e s Od, J_ 3d )U,JOC CL ) t J jc. X.C-1 C. UV ft 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 Tot.al e a r n i n g a s s e t s 235,795 1,075,777 244,232 267,444 125,935 123,099 511,012 137,395 79,593 515 532 2,116 266 500 1,156 520 l,l4l Bank p r e m i s e s 3,221 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 52,352 151,377 56,924 63,224 50,313 31,958 107,62s 42,653 23,790 50 l^edemotion f u n d a g a i n s t F* R. 530 67s 1,919 902 S4l 291 bank n o t e s 1,072 3,332 1,300 107 324 935 309 227 374 523 293 350 All o t h e r r e s o u r c e s TOTAT, 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 f o r other F,R.banks, viz: (S) I n c l u d e s b a n k e r s 1 a c c e p t a n c e s bought f r o ^ o t h e r F-R* b a n k s : With t h e i r endorsement Without t h e i r endorsement st-11134* t h o u s a n d s of d o l l a r s ) Ka n s . C y . B a l l a s San F r a n . 549 7, 1C9 11,053 31,642 34,539 11, 224 - - 37,291 413 - 2,650 701 7,605 112,721 5,413 40,501 37,106 5,063 22,670 862 3,532 5,182 2, 933 47,229 21, 866 35, 991 108,407 3, 156 10,284 bT, 013 166,580 656 374 61,669 166,954 1,186,829 117,776 1,934,755 34,019 70,523 2,651 32 ,946 1,441,015 107,193 2,26s 49,095 17,062 62,723 1,120 67,007 57,134 172,255 2,632 3,966 630,150 122,400 2,057,155 1,002,215 451,279 2,901,109 26,792 62 ,300 10,281 69,400 192,392 66s 231 3,191,031 11,990 73,615 63,301 44,433 762,722 996 246 562 139 1,465 300 13,900 4,907 195,739 405,721 6,047,771 122,945 464 452,754 1,246,562 444,592 522,694 254,144 253,292 940,511 265,013 166,279 227,792 23,399 Total 154,237 363,132 7,825 10,029 1,271 5,000 94,399 2,081 2,925 2,021 R e l e a s e d f o r p u b l i c a t i o n Sunday morning, .."arch 28, 1920; n o t e a r l i e r tieieasett 10 P E E S 0 U R C E S A i m LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MARCH 26, 1920. ( I n t h o u s a n d s of d o l l a r s ) Federal Beserve * * 3 ^ " . of Boston Xew Y o £ :>» t % Other d e p o s i t s i n c l u d i n g ^ / H m ! E 2 L % * , s # ^ « 7.156 % *«. ^ — ^ 3 % 6.070 3,573 £ ^ Sl.oH ^ w U5 334 S # 7 All other l i a b i l i t i e s C M c ^ o St-Louis * « E E F M E E n t e S - " ' S„ .1C3' v 2.702 S 3 9.S6q - g : : : % % 3 . A lb I f ^ 2. U S 3,713 2*046 SJ^G 100, l j O M *•?& ?•& 2 ' ^ 4 452,754 1 , 5 4 6 , 5 6 5 4 4 4 , 5 9 5 5 2 5 , 6 9 4 254,144 2 5 3 , 2 9 2 9*40,511 265,013 166,279 2 8 7 , 7 9 2 195,739 *+05,721 6 , 0 4 7 , 7 7 1 TOTAL LIABILITIES M E L! 0 R A N B A 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 v i t h o t h e r F . R. barfrs w: Bankers' acceptances sold t o o t h e r F . R- banks . " - 11,529 - - - ~ 9^,399 2,9-5 2,9°5 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 bank M ftgiiW.1::% 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 261,697 534,155 244,579 296,044 126,342 145,779 520,065 136,004 51,90b 101,613 7 7 , 3 ^ 7 222,455 3 , 0 4 o , 0 3 9 DISTRIBUTION OF BILLS AND U- S- CERTIFICATES OF INDEBTEDNESS BY MATURITIES. F E S , , , - . . " T t " ' I T ' I f " f r " 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 28, 1920; n o t e a r l i e r St-103Ud FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS MARGE 26, 1920. ( I n t h o u s a n d s of d o l l a r s ) Boston FEDERAL RESERVE NOTES: R e c e i v e d from C o m p t r o l l e r R e t u r n e d to C o m p t r o l l e r Chargeable to F„ R. Agent I n hands of F . R. Agent I s s u e d t o F-R.b3.nk l e s s amount r e t u r n e d t o F . R . Agent f o r redemption New York Phila. 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 537,640 2,098,000 5 o i , 6 4 o 54s,060 313,120 3 2 3 , 0 0 0 935,720 312,160 157,280 216,920 151,780 429,340 6,584,660 222,306 1.038.722 275.400 210.873 153,699 116.642 364,065 l 4 l . 9 S 2 67.035 103.717 58.319 15Q-S89 2.912.649 3 1 5 , 3 3 4 1 , 0 5 9 , 2 7 8 286,240 337,187 159,421 2 0 6 , 3 5 8 571,655 170,178 90,245 113,203 93,461 269,451 3,672,011 39.84o 27.744 56.225 24.520 15.990 7.000 5.510 12.200 7 . 810 3 82.699 93^,878 255,000 306,967 131,677 150,133 547,135 154,188 8 3 , 2 4 5 107,693 900 194,743 — 32,025 — 2,500 — 2,570 13,052 Gold redemption f u n d 17,207 12,825 15,703 15,434 2,067 4,339 9,015 4,094 1,087 Gold S e t t l e m e n t Fund - F . R . B o a r d 82,000 E l i g i b l e p a p e r , minimum r e q u i r e d 175.387 622.310 107.4q8 174.508 92.6l0 95.294 34q. 975 106.594 49.306 70.587 45.270 153.234 2.102.483 275,494 934,878 255,000 306,967 131,677 150,133 547,135 154,188 83,245 107,693 81,261 261,64i 3 , 2 8 9 , 3 1 2 COLLATERAL SECURITY FOR OUTSTANDING NOTES: Gold and gold c e r t i f i c a t e s on hand Total AMOUNT OF ELIGIBLE PAPER DELIVERED TO F . R. AGENT » * 275,494 124.400 31.240 30.220 105,000 71,889 85,000 37,000 48,000 188,145 40,930 213,654 1 , 0 1 0 , 2 0 6 1 8 8 , 6 7 1 240,252 106,883 107,317 466,833 118,832 81, 261 2 6 1 , 6 4 1 3 , 2 8 9 , 3 1 2 — 8,831 3,246 5,676 19,800 33,860 58,873 107,193 — 254,621 13,534 104,227 21,484 94,873 827,981 57,134 1 6 2 , 0 2 9 2 , 8 3 7 , 8 7 7
@FedFRASER