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r
STATEIVJENT FOR THE PRESS
Released for :publication
Friday rr~rning Mar. 30l
not earlier.,
St.3435.
Federal Reserve Board,
March 29 , 1923.
CONDITION OF
~DER.AL
RESBEVE BANKS
Continued reduction in the holdings of Treasury certificates, aggregating
$51,100,000 for the week, as aeainst increases of $3,600,000 in other U. S.
securities and of $86,300,000 in discowted and purchased bi.lls, is shown in the
Federal Reserve Board's weekly consolidated bank statement is sued as at close of
business -on March 28, 1923. Discounted bills show an increase for the week of about
$70 1 000~000, mainly at the New York reserve bank.
Deposit liabilities declined
$8,800,000t while Federal reserve note circulation shows an increase of about
$l,OOO,OOO, Cash reserves fell off $16.300,000, and the reserve ratio declined from
75w 7 to 75~ 5 per ~ent.
The banks Show a total decrease in·their gold reserves of $10,500,000. During
the week the gold movement was away from New Yor~, the l:ocal reserve bank reporting
a decrease in its gold reserves of $32,100,000. :Smaller decreases in gold reserves,
totaling $8,100,000, are reported by the Boston, Chicago, Minneapolis, Kansas City
and San Francisco banks, Cleveland shows an increase in its gold reserves of
$17tl00 1000, Philadelphia- an increase of $6,400,000, and the remaining four reserve
banks an aggregate increase of $6 ,200.,000.
Holdings of paper secured by Government obligations increased during the week
from $351,900,000 to $388,200,000. Of the total held on March 28, $208,600,000, or
53,7 per cent, were secured by U. s. bonds~ $2,500,000, or 0.6 per cent, by Victory
notes, $168,4bo,ooo, or 43.4 per cent, by Treasury notes, and $8.,700,000, or 2.3 per
cent, by Treasury certificates, compared with $195~200,000, $2,700;ooo, $146,400,000
and $7,600,000 reported the week before.
The March 4, .1923 amendment to the Federal Reserve Act increased the maximum
maturity of agricultural and livestock paper eligible for discount by Federal reserve
banks from 6 to 9 months. Under the provisions of this amendment the Federal Reserve
:banks of Atlanta and San Francisco have established discount rates of '4-l/2 per cent
on agricultural and livestock paper maturing between 6 and 9 months and nave disco:rmted small amounts of such paper, the a."Dount held on !Yl.arch 28 being $15,.000.
A sunmary of changes in the principal assets atld liabilities of the reserve
banks on March 28, 1923 as compared with a week and a year ago, follows:
Total reserves . •
Gold reserves • •
-;
..
...
..
....
·•
..
'+
+
+'
+
43.8
70.0
36.4
33.6
+ 24.1
+ 64.1
+ 145.4
. 81.3
...
+
16.3
+ 151.6
+
42.5
8.6
51.1
191.5
28,1
163,4
8.3
4.9
13.2
.5
+ l7l.l
+ 162,6
+ 29.4
20,9
Total earning assets . , • • • • • , • • , ...
Discounted bills, total
•.....
Secured by U, S. Government obligations , • •
Other bills discounted •
Purchased bills
.....
Total deposits • • .• • , • , .•
Members' reserve deposits
Government deposits • • • • • ,
Other deposits • , • , . ,
·•
•
'
•••.4
+
. . .. .
·•
.
Federal Reserve notes in circulation • • ,
F. R, Bank notes in circulation net liability
• . , , , . • . • • , • • .
..
. .•
United States securities, total
Bonds and notes • . , . • , . , , .
1!1. s. Certificates of indebtedness ••
Decrease
Inc,;.ease
or
In millions of dollars
since
Mar. 211 1923 Mar. 29 1 1922
+
16.3
72.~
+ 88.
10.5
.
..
+
1.0
+
50.6
+
.1
...
77.9
Released for publication Friday morning, ~larch 30, 1923; not aarlicr
.RFSOURCE S AND LI AB I"LI TIES
OF Tb:E T1J\I'ELVE FEDEBAL RESERVE BJJ•ES COMBINED
(In thousands of dollars)
RESOURCES
Mar. 28, 1923 Mar, 21 1 1923
Gold and gold certificates • , . . . •
Gold settlement fund - F. R. Board • , .
320,4ol
653,708
323,5'{2
648,226
Total gold held by banlts.,
Gold with Federal Reserve Agents
Gold redemption fund , • •
~otal gold reserves
Reserves other than gold , • • .
974,109
971,798
2,052,103
... ...
.
2,034,099
55,586
3,063, 794
112,494
....
• . . 3,176,288
Total reserves
. •
65,815
Non-reserve cash , • • • ,
Bills discounted:
388,238
Secured by U, s. Government obligations •
311,781
Other bills discounted • . • , •• ,
254,251
Bills bought in open market
. , , . ,
954,270
Total bills on hand , •
172,208
U. S. bonds and notes
,
77,201
U. s. Certificates of indebtedness . .
41
llfunicipal warrants • . , • • .
Total earning assets , . • . .
' • 1,203,720
48,847
Bank premises • • . . • • • • • .
5% Redemption fund against
191
F. R, Bank notes
•
•
559,481
Uncollected items • . • • , •.
' •
13,588
All other resources • • . .
•
TOTAL REOOURCES
• 5,067, 930
•
..
..
.
...
...
.. . . .
..
..
L I ABI L I T I E S
Capital paid in • • . • • •
Surplus • . .. . .
• , .
. . . . ..
Deposits:
Government • . • , . , . • . .
Member bank - reserve account
Other deposits , , . • . . , .
.
....
.' ...
.
108,623
218,369
85,432
.. .. . 1,871,373
.
19,465
1,976,270
..
...
To tal deposits
F. R, notes in actual circula.tion • • • • . 2,232,482
F. R. Bank notes in circulation 2,435
net liability . • , . • .
515,298
Deferred availability i terns , ,
'
14,453
All other liabilities , • . .
.....
'roTAL
LIABILITIES
• •
Ratio of total reserves to deposit and
F. R. note liabilitias combined , •
. 5,067,930
75-5%
*Not Shown separately prior to January 1923,
r w.
sc,4oo
3,074,301
113,323
Mar.29 1 1<tl~:
a22 ,t~29
97,322
--819,751
2,065,992
89,612
2,975,355
128,024
3,192,624
69,451
3,103,379
35l,i!61
278,126
237,965
242, 79"1
393,155
102,691
867,952
163,589
128,322
41
1,159,904
48,761
733,643
200,325
24o,535
102
1,179 ,605
38,339
291
645,874
14,439
7,757
470,449
16,322.
5,131,344
4,815,851
108,563
218,369
103,993
215,398
98,627
1,866,475
19,931
56,031
1,708,782
1,985,033
2,231,487
1,805,136
2,181,843
2,368
572,COO
13,524
80,353
409,333
19,795
5, J-31,344
4,815,851
75.7%
*
4o ) 3;')7
·-J
.
77 2/1;,.
BBleased for publication Friday morning, March 30, 1923; not earlier.
RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS, MARCH 28, 1923.
(In thousands of dollars)
RESOURCES
Federal
P~serve
Bank of
Golc. nnri gold certificates
G:)ld settle~.1ent f1L1.d - F. R. 'Board
Total gold held by banks
Gold 11vi th F. R. Agents
Gold redsm.J?tion fund
Total gold rese1~es
Beserves other than gold
Total reserves
Non-r·3servr-.; cash
Bills
17,607
45,~28
63,535
173,441
8,355
---·
245,331
10,231
255,612
10,587
U.S. Gcvt. obligations
Oth3r biJ.ls dis~ounted
Bills boug1 1t in open market
Total bills on hand
U. S. bot1ds and notes
Ce~tificates
of indebtedness
Total earning assets
Bank p:cGmises
156,594 22,509
265,428 32,023
422,022 54,532
639,067 152,344
5,723 7,138
1,066,512 214,014
:i..4,74S 6,014
·---·
1,081,560 220,028
8,~06
2,438
Cleve.
Rich ..
Atlanta
12,541
79,322
91,863
206,271
1,796
299,930
7,256
307,186
3,028
7,236
19,479
26,715
57,148
6,358
90,221
11,364
101,585
3,047
5,812
27,529
33,341
101,942
1,568
136,851
8,768
145,619
8,301
Chicago St. Louis Minn. Kans. Cy. Dallas San Fran.
.53 ,4o3
76,924
130,327
356,012
10,927
497,266
3,117
10,026
13,143
64,767
3,440
81,350
18~149 21,467
515,415 102,817
6,178- 4,953
7,823
20,618
28,441
46,629
1 ,.791
76,861
986
77,847
1,809
3,033
32,354
35,387
52,919
1,772
90,078
4,o66
94,144
3,829
10,981
11,339
22,320
12,284
1,442
36,046
4,610
40,656
4,352
Total
19,745 320,401
32,738 653,708
52,483 974,109
171,275 2,034,099
5,276
55,536
229,034 3,063,794
112,494
4~785
233,819 3,176,288
8,887
65,815
Uncollected items
other resources
'IOT.li..L BEOOURCES
w.
46,424
19,131
28 )9L~6
94,501
24.438
979
·41
176,967
51,934
34,309
263,210
22,026
2, 713
84,648
4,434
287,949 119,959 107,638 52,663 42,346 173,152 65,906 37,630 61,312 51,297 119,220 1,203,720
684 7,887 2,617 2,305 8,715
11,368
48,847
934 1,072 4,831 1,937 2,063
49,670
26
100
65
119,886 49,387 56,610 54,231 21,272 72, 7C5 33,288 13,290 35,088 19,204 34,850
1,437
492
480
362
390
743
371 1,812
791 2,075 4,496
57~ Redemp ~ion fund against
F. R. 'Batik notes
I
Phil a.
24,356
3?,404
17,482
74,242
5,606
4,800
lv'lunicipc..l warrants
All
New York
diPc0~nted:
Sec-:u:~o:o. b~t
U. S.
Boston
139
22,095 20,906 2,856 50,602 11 '786 2,647 6,816 1,002 21,781
17 ;6l+6 29,460 15,779 46,384 14,645 17,111 16,002 18,284 33,001
46,597
956 21,199 31,112 12,448 2,797 1,077 20,507 36,821
86,338 51,322 39,834 128,098 38,879 22,555 23,895 39.793 91,603
12,355 1,341
511 8,954 18,085 14,565 33,331 3.379 27,617
8,945
2,001 36,100 8,942
510 4,086 8,125
388,238
311 '781
254,251
954,270
172,208
77,201
41
191
559,481
13,588
405,090 1,510,6o6 392,858 482,841 214,623 220,233 776,973 208,269 133,460 200,095 119,547 403,335 5,067,930
Released for public·3.tion Frida.y morning, March 30, 1923; not earlier.
BESOUE~ES A:.'l'D LI.ABILITIES OF THE: FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
Federal Reserve Bank
f.1ARC:I 28 • 1923.
L I AB I L I T I E S
(In thousands of dollars)
Total
Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran.
4,182
4,637
7,761
108,623
4,429 15,032
4,915 3.583
9,481 11,974
5,632
23,901
8,046
9,488
7,496 15,263 213,369
3,942 30,398
9,665
7,473
59,800 18,749 23,495 11,238
16,312
Capital paid in
Surplus
Deposits:
38,341
7,713
Government
707,865
Member bank - reserve account 120,433
5J3
9 J 966
Other dopo sits
756,172
128,649
Total deposits
F. R. notes in actual circulation 203,836 565,691
F. ~. Bank notes in circulation net liability
47,637
96,818
Deferred availability items
3,224
610
All other liabilities
4o5,090 1,510,606
TOTAL LIABILITIES
Ratio of total reserves to deposit
and F. R. note liabilities
76.9
combiLed, per cent
81 .. 8
Contingant liability on bills
purch~sed for foreign
correspondents
15,112
2,132
3,826
4,837
~.075
6,582
4,357 1,997
110,475 156,767 59,088 54,896 269,434 72,450
745_
693
1,-::-08-:-::2:---::-::--1_4_2---::---:1~30_---:--..:::....99=73:.__.:....__::
114,994 162,636 64,305 61,608 274,784 75,192
202,811 230,5CO
33,528 123,757 393,330
1,625 4,444 4,092
2,543
85,432
49,252 80,295 51,192 139,226 1,871,373
249
3,627
580
19,465
755
___:::~-~~--=-..::..-~
52,375 82,675 55,885 146,945 1,976,270
83,690 56,032 62,631 28,954 197.722 2,232,482
490
49,255 20,754 61,306
565
743
1,633
33.905 13,099
902
898
1,488
457
2,435
38,612 20,791 34,260
515,298
564 1,782 1,384
14,453
- - - - - - --·
392,858 482,841 214,623 220,233 776,973 208,269 133,460 200,095 119,547 403,335 5,067,930
45,908
915
52,953
1,233
~----
69.2
2,444
78.1
3,070
68. 7
1,478
78.6
1,165
77.1
3.951
64. 7
1,251
71.8
966
64.8
1,222
47.9
1,023
67.8
2,018
75.5
35,832
FEDERAL RESERVE 1UTES OUTSTANDING AND IN ACTUAL CIRCULATION
F. R. notes outstanding
222,528
F. R. notes held by banks
18,692
F. R. notes in actual circulation 203,836
736,639 222,511 245,868 91,237 129,823 438,187 101,272
170,948 19,700 15,368
7,709 6,066 44,857 17,582
565,691 202,811 230,500 83,528 123,757 393,330 83,690
33,068 249,014 2,601,079
4,114 51,292 368,597
28,954 197,722 2,232,482
DISTRIBUTION OF BILLS, U. S. CERTIFICATES OF INDEBTEDNESS AND MUNICIPAL WARRANTS BY WJATURI:TIES
Within 15 days
16 to 30 days
31 to 60 days
61 to 90 days From 91 days to
Over 6 months
Total
6 months
71,2~~5
20.821
51 772
42,899
15
700,019
513,267
Bills discounted
63.829
14,203
57,897
50,121
254,251
68,20:
Bills bought in open market
9,017
65,365
77,201
2,819
U. S. Certificates of indebtedness
41
DigitizedMunicipal
for FRASER
warrants
J
J
-
~--
59,376 71,556
3,344 8,925
56,032 62,631
Released for publication Friday morning, March 30, 1'323; not earlier.
FEDEBAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS, 1;1ARCH 28, 1923.
(In thousands of dollars)
Federal Reserve Agent at
Boston New York Phi1a.
Cleve.
Rich.
Atlanta Chicago
St.Louis Minn.
Kans.Cy. Dallas San Fran.
Total
RESOURCES
Federal Reserve notes on hand
Federal Reserve notes outstanding
Col~ateral security for Federal
Reserve notes outstanding:
Gold &~d gold certificates
Gold redemption fund
Gold fund - F. R. Board
Eligible paper .Amount required
Excess amount held
TOT.AL
-0?6 13,760
11,./~
59,376 71,556
20 ,s 79 6o, 985 862,538
33,068 249,014 2,601,079
2,400
4,042
53,795 95,500
11,830 13,052
16,368 3,8C7
1,577 3.559
339,644 49,000 32,000 49,360
6,461
314,899
1,323 J3,4o4 129,141
4,000 157,871 1,590,059
34,089 27,881
15,600 11,944
32,175 36,505 12,747 18,637
2,374 9,337
45,923
5,253
91,400
222,523
334,340 44,800 33,220 30,690 76,033
736,639 222,511 245,868 91,237 129,823
25,300
20,141
128,000
235.531 7,000 13,275
32,536 15,455 12,996
371,000 129,889 180,000
49,087
25,155
97,572 70,167 39,597
137,647 13,498 4o ,399
3.353
111,560 26,SAo
433,187 101,272
20,734 77 '739
13,906 13,644
566,930
340,180
561,611 1,945,265 503,320 565~355 223,764 347,623 1,033,857 231,358 14o,015 163,125 105,921 572,657 6,404,376
L I AB I L I T I E S
N3t amount of Federal Reserve
notes received from Comptroller of the Currency
Collateral received from
Federal Reserve Bank:
Gold
Eligible paper
TOTAL
w.
313,928 1,070,979 267,311 279,083 121,927 205,361
639,067 152,344 206,271 57,143 101,942
235,219 83,665 80,496 49,689 39,325
549,747 123,212
71,302 91,316
53,947 309,999 3,463,617
356,012 64,767 46,629 52,919
123,098 33,379 22,034 23,390
12,284 171,275 2,034,099
39,690 91,333
907,160
561,611 1,945,265 503,320 565,855 228,764 347,623 1,033,857 231,853 14o,015 163,125 105,921 572,657 6,4o4,376
@FedFRASER