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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