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STATFI.'TFNT FOR THE PRESS Released for publication Friday morning, May 13; S t. 1375 Federal Be serve Board not e a r l i e r . May:12, 1921. CONDITION OF FEDERAL RESFRVE EASES Continued gain of gold further reduction of Federal Reserve note c irc u la tio n , accompanied by a moderate increase in deposit are indicated in the Federal Reserve Foard’ s weekly bank statement as at close of business on May 11, 1921 . The reserve r a t i o shows an increase for the week from 55*3 to 55*9 P'3r cent. a n d As against an increase of $25 , 300,000 in the holdings of paper se cured by C-overnnent o bligations, holdings o f other discounted paper she/' a reduction o f $56,200,000, and holdings o f acceptances purchased in open market - a decline of $17 , 700 , 0 0 0 - B i l l s secured by Treasury c e r t i f i c a t e s , which ar:; discounted at p r e f e r e n tia l ra tes by seme of the Federal Reserve Banks, show an increase o f $26, 700 , 000 , while b i l l s secured by other Govern ment obligations, l a r g e l y L ib e rty bonds and. V ictory notes, declin ed by $1 , 300 , 000 . Holdings of Pittman c e r t i f i c a t e s , on deposit with the Treasury to secure cat standing Federal Reserve bank notes, declined by §>1 , 500, 000 , while the banks' net l i a b i l i t i e s on these notes show a reduction for the week o f about 000 , COO• Other Treasury c e r t i f i c a t e s , la r g e ly loan and tax c e r t i f i c a t e s acquired temporarily under repurchase agreements with non member banks, increased by $2*600,000, a larger increase being shown for the Hew York Federal Reserve Bank-. In consequence of the acove changes, t o t a l earning assets show a further decline of -$^7,500,000, and on hay 11 stood at $2,379,100,000, compared with $3,270,900,000 about the middle cf May la s t year . Of the t o t a l holdings of $917, 700,000 o f paper secured by United States Goverrment o b lig a tio n s, $572,900,000, or 63*1 per cent, were se cured by L iberty and other U. S. bonds; $250 , 100 , 000 , or 27-3 per cent, by V icto ry notes, and $38, 700 , 000 , or 9.6 per cent, by Treasury c e r t i f i cates, compared with $570,500,000, $259,200,000 and $62,100,000 reported the week before > B i l l s under rediscount with ether Reserve tanks to ta lin g $lU, 900 , 000 * compared with $21 , 700,000 ths week ‘b efore, are reported by the Richmond and Dallas Banks* The former bank reports a-decrease for the week in the amount of b i l l s rediscounted with the New York bank from $lU, 900,000 to 410 , 000 , 000 , while the Dallas Bank shows a reduction in b i l l s rediscounted w ith the Boston and Cleveland hanks from $6 , 900,000 to $UX900,000 • Goverrment deposits are ^iven $9 , 700,000 below the t o t a l reported on the previous Friday* Reserve d ep o sits show an increase for the week o f about $17,000,000, while other deposits, composed la r g e ly of c a s h l e s s checks and non-man cer s T clearin g accounts, declined by $2 , SCO, 000 , and to ta l deposits show an increase of 500, GC.O * The " f l o a t 1’ carried by the Reserve banks, as measured by the d iffere n c e between the t c t a l of "uncol le c te d items*1 on the resource side end the t o t a l of "deferrea a v a i l a b i l i t y items’1 on the l i a b i l i t y side,, shov/s an increase o f $7,200,000* Federal Reserve note c ir c u la t io n shows a further d e clin e for the week of $23 , 700, 000 , the May 11 t o t a l o f $2, 80^, 900 , COO being $6oO, 000 , 00.0 , o r '1 7 . per cent, below the peal; figure o f December £3, 1320, and $278,300,000, or 9-0 per cent, below the t o t a l reported on Mr.y 1*4 of la s t year* In accordance with instructions by the Federal Reserve Board, the ' I Reserve Banks beginning with May 11., will set aside out of net earnings / a reserve for Government franchise tax* The new item, as shewn in the ■ present statement, is $32,523,000- Released for publication Friday morning, May 13 , 1921* not earlier. St. 1975a RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANTS COMBINED. (in thousands of dollars) R E S O U R C E S Gold and gold certificates ..................... Gold settlement fund - F.R.Board . . . . x- Gold with foreign agencies . . . . . . . Total gold held by h a n k s .................. ... Gold with Federal Reserve Agents . . . . i Gold redemption f u n d ...................... ... . . f Total gold r e s e r v e s ............................. Legal tender notes, silver, etc .............. [ Total reserves ...................... . . . t Bills discounted: Sec- by U.S. Government obligations All o t h e r ........................................ ... . Bills bought in open m a r k e t .................. Total bills on hand ............................. U. S. Goverment bonds . . ...................... U- S. Victory n c t e s ................................. U. S. Certificates of indebtedness: One-year certificates (Pittman A c t)• • All other .................. . . . . . . . . Total earning assets ...................... Bank premises ............................................ Kt 5fo Redemption fund against ?. R. Bank notes ..................................... Uncollected items ..................................... All other resources . . . . . . . . . . TOTAL RESOURCES............................. i r L I A B I L I T I E S Capital paid in ........................................ S u r p l u s ....................................................... Reserved for Gov’ t, franchise tax • • • Deposits: Government . . . . ............................. Member baric - reserve account . . . . All o t h e r ............................................ ... Total deposits ................................. F. R. notes in actual circulation . . . I F- R. Bank notes in circulation I net l i a b i l i t y ................................. , ' v Deferred availability i t a n s .................. All other liabilities ............................. TOTAL LIABILITIES May 11. 1921 377,610 450,584 May lU. 1920 1 7 1 ,2 0 s 3 8 9 ,1 4 9 112,781 828,194 1,374,138 gl+6, 444 1,326,087 170,827 6 7 3 ,1 3 8 1 ,1 1 5 ,9 0 2 1 5 0 ,1 0 1 2,363,553 17*+. 220 2 ,3 4 3 ,3 5 s 1 7 6 ,5 4 0 1,939, l 4 i 2,537,773 2,519,898 2,078,393 917,697 892,366 1 ,1 1 7 ,6 6 0 1,173,879 1 , 508, io4 1,043,186 413.292 1 6 1 .2 2 1 7 6 ,6 3 7 ... ^ 3 0 2 ... 122*252 2,111,994 25,685 23 2,160,547 25,689 19 2,964,582 26,796 237,875 3,5.58 2,379,135 239,375 1 .0 0 9 259,375 20,088 2 ,4 2 6 ,6 3 9 3,270,910 23,007 21,908 12, 530 11,374 532,776 10, 886 52^,651 11,787 806,332 ...... . A 112 . 6 , 186,071 11,886 12.430 5,495,951 5 , 516,412 102,033 101,857 69 93,107 120,120 202,036 32,528 202,036 13,799 1 , 687, 95^ 31.660 1 ,7 3 3 , 43^ 23,509 1 , 671,004 34.428 1,728,941 44 ,153 1,874 ,145 2,804,933 2 , S28,586 3,083 , 234 153 , 859 44 i , o 69 6o,o64 176,805 149,894 * 0 441,9 _ 2 ^ m 5 , 495,951 Ratio of total reserves to deposit and F.R. note liabilities combined . . . . 55 -91* Ratio of gold reserves to F.R. notes in circulation after setting aside 35$ against deposit liabilities *. • * Ss.sf, * Calc^iicitsd on fas,si s of nst deposits and May 4, 1921 364,244 482,200 5,516,4*2' 55 *3^ 93 .6 8 9 2 , 011,987 634,813 66 ,005 6 , 186,071 *42.2/5 *46.6 $ notss in circuJLa/tion* Released for publication Friday morning, May 13, 19 21; not earlier. RFSOURCES A^'D LIABILITIES OF THE FEDERAL BESERVE BASKS AT CLOSE OF BUSINESS may 1 1 , 19 2 1 . S t . 1975 b v . r e s o u r c e s Federal Reserve Bank of Boston v (In thousands of dollars) Gold and gold certificates 7,560 St,Louis Minn, Kans.Cy, Dallas San Fran. S Clr & R^ u Ati“ \a Total Gold settlement fund - F.R.Board 44,314 2,669 8,028 1,837 7,928 17,485 377,610 Total gold held by banks -2MiiZ.__lO,5l6 36.980 3,429 44.721 51,87*+ 450.584 Gold with F. E. Agents 168,540 26,516 18,544 38,817 11,357 62^ 20? 828,194 Gold redemption fund 31.716 66,083 21,662 34,836 1 1 ,487 125,528 1 *374,138 Total gold reserves 252,130 4x515+___ ii^ jl 3 .6 11 ___ 9.642 8 ,5 66 161.221 Legal tender notes, silver, etc. 16.029 96,133 *+3,637 77 , 261+ 32 , 1+86 196,300 Total reserves 268,159 3.651 6.169 2.513 759,112 1 9 s , 273,812 73,939 10^659-38^277' -li»322______844 B ills discounted: * (a) 107,525 44,481 80,915 38,655 198,813 Secured by U .S.Gov’ t obligations 39,881 S i 'f R 62,917, iK>.905 1*7,800 117 7 ,, 31,091 13,510 All other 59,987 24,955 12,280 49,558 917,697 B ills bought in open market (fc) 3o ' ^ 7 t o '® s t a s i s * 4o , i o 4 56,719 57,915 54,070 116,470 1,117,660 +-■ *■ --- _ I 191 2 977 Total bills on hand 3 70 105,732 -25_ ?5__ L -738 76,637 i w ‘°?'4 u i . 3 2 9 1 0 6 ^ 5 336 , 332 " IT, S» Government bonds 71,765 70,229 82,895 66,375 173,766 ____ 55 0 1 , ^ 5 RJ3 lj233 621 4 ^90 2> iii7^94 U . S* Victory notes 116 8,867 1,153 5 3,975 1,408 1.0 3 _ 25,635 U< S. Certificates of indebtedness: 1 4 23 One year certificates (Pittman Act) ..£ 0 ,^ 6 J 735 260 15,564 All 0ther 13,068 8,480 10,320 225 4,400 10,880 26 1 237,875 1 Total earning assets 127,008 16 132 10 -2L _ J L -1x551 73u ' o l f lT5' ^ 5 ls7.76f 12 U,823~i22, 37 ^~377To31 ,002 78,957 102,093 74,754 186,127 Bank, premises 3,396 4,918 527 1,951 ,379,135 l , 90 l 730 3,537 % Redemption fuftd against F.R*3k.notes 1*022 626 1,929 2,445 1,829 54s 599 1,300 23,007 1,239 , o01 658 1,871 Uncollected items U6,647 4io 523 116,510 45,269 48,459 916 361 544 H ,3 7 4 140.593 22,030 64,975 All other resources 523 32,684 15,27*+ ^ ,9 3 4 24,345 35,056 812 532,776 418 jSl2 2 .154 TOTAL RESOURCES ‘ ' 161 624 _52i 1*131___ 537 11^.886 446,815 1 , 622,171 422,015 514,035^+77275 24s7 o6f 's 36,‘ 845 227,956 139,222 227,927 141,342 421,625 57495^951 (a) Includes bills discounted for other F, B. Banks, vizr 3,475 10,000 l> 75 i ‘+,35o (b) Includes bankers* acceptances Tsse Cbi°^° 36,112 867 588 bought from other F,R.Banks without their endorsement 25 25 Released for publication Friday morning, May 13, 1921; not earlier. RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE Bi^N^S AT CLOSE OF BUSINESS MAY 11, 1921 St .1975c (in thousands of dollars) L I A B I L I T I E S Federal Reserve Bank Boston New \ork Phi la. Clovel: Rich*. Atlanta Chicago St .Louis Minn. Kans.Cy. Dallas San Fran Total Capital paid in 7,893 2b, 886 8,593 ll,02js 5,403 4 071 lU.231 4 447 3 531 U 481 4 POP 7 pip 102,033 Surplus 15,711 i f ’ oio 17>010 20.305 10,561 s , 3^3 28 920 8*346 6*980 9*159 6*033 lU'igU 202,036 Reserved for Govt, franchise tax 1,786 13,932 2,009 887 1,159 2,070 6,180 6l2 1)055 l,2kl I 1,597 32, 528 Deposits: Government 5I+I 2 , 7 0 1 ^ 618 1,555 1,307 Member bank - reserve account 108,762 All other _ g66 J38 2, 556 Total deposits 110,169 6^ 103 8 7 9 13 9 ,U31 " » . j r o T 6 , w 9 P. R. notes in actual circulation 257,752 277,093 ^ 1 ^ * * P. R. Bank notes in circulation net liability 13,846 Jn UiU ta’ iks i l ' t S 22. 5S 1 7,091 6,627 l l , 1*?1* 5, ^ 8, 12 lt 1 U9 eel* Deferred availability items 38,107 i J m ’ S ? 50,05? 31,222 1 3 ,^ 5 39, S3 1 23,633 2 1,17k lAi; All other liabilities 1 , 551 . lilOjL, l.i29;3_--- 522 .. 4^34.3____li_55P___ 1,244 1 ,6 19___ .1 ,992 2 ,*625 29.*133 TOTAL LIABILITIES 446,815 1,622,171 ^ 22,015 514,035 247,275 248,063 S36 , sU5 227,956 139,882 227,927 l4 i ,342 421,625 5 , 495,951 Ratio of total reserves to deposit and F.R. M E U 0 R A N D A note liabilities combined, per cent 72.9 53-8 58.7 65.7 4i -9 ^9-5 5U .5 61.6 4 i,6 38,6 55 .3 50.5 55 *9 Contingent liability as endorser on discounted paper rediscounted with other F. R. Banks 10,000 4,950 l4, 950 Bankers' acceptances sold to other F. R. Banks without endorsement Contingent liability on bills purchased for foreign correspondents F. R, notes outstanding P. R, notes held by banks P. R. notes in actual circulation Bills discounted B ills bought in open msrket U , S, Certificates of indebtedness 2,336 12,116 2,560 2,624 1,568 1,15 2 3,808 1 , 50*+ 864 1,536 832 25 25 1 , U72 32,372 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION X 9’ ,5 ? 9 2 53 , 888 299,683 l4o, 62 s 166,578 508,790 130,888 66,563 95,1+53 57,596 288 851 3 1 U7 30U gg.59Q 7,^99 7,552 1*3,553 21 > 2 50! 178 257,752 725,% o 234,291 277,093 133,129 159 , 0 2 6 ^65,267 109, 11+6 64, 215 86,784 5^,127 238*673 2 , 8ou| 933 DISTRIBUTION OF BILLS AND U. S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES Within 1.5 days 16 to 30 days 31 to 60 days 6l to 90 days Over 90 days Total 268,797 1 1 , 0^5 ' Z.l* Una* 4 *°98 1 °d ll 1 5! 2,108 8.669 ], kf9 ‘III 19S' 032 58^383 9,926 ! 3 , 857 211,444 32f 9 >9S£ 3,257 - 2,035,357 76,637 2^ 1,433 Released for publication Friday morning, May 13 , 1921 ; not earlier.. st . 19754 . FEDERAL RESERVE H IN T S ' ACCOUNTS AT CLOSE OF BUSINESS MAY 11, 1921 . (In thousands of dollars) Federal Reserve Agent at Boston Federal Reserve notes on hand 98, 730 Federal Reserve notes outstanding 268,797 Collateral security for Federal Reserve notes outstanding: Gold and gold certificates 5,6oo Gold redemption fund 22, 9U0 Gold settlement fund-F.R.Board i 4o ,o o o Eligible paper: .Amount required 100,257 Excess amount held 5,535 TOTAL 6 4 i , 850 “ ^kpn 869: 589 =53 > :^ 367,527 299; 6g » 2; g23 5’ 555 U0,500 59’ 000 15,350 201,644 57U’ § * 127’ 10 5 ,11+7 ^____ 58,855 97,305 291,796 ^ 38 , 523 7,63 8 12,393 44,460 J 1.137,589 275.30S 3^ 0,353 162,617 232,675 g J j & TOTAL i b ^ 2i l g^ Kgo 3,643 6,110 13,052 2,4-10 1,^76 56,330 6,200 33,360 64,805 6,918 44,301 60,617 24,080 22,244 jg.1_ g g . 9W _ 698, 89i 315.638 >*12,891 1 , 220.1180 a 7 .Q]i> 168, 1*76 217,650 667,230 159 , 20s Collateral received fran Federal Reserve Bank: Gold Eligible paper I Mlm. Kans.Cy. » ;> » j f .^ 9 ^ ^ l 15; 761 106,000 112,339 155,000 l i a b i l i t i e s Net amount of Federal Reserve notes received from Comp troller of the currency ^ r 1- Blota“ * > • “ * ®teag« St.Lool, i l 29>9gS S j f & j g 216,994 336,256 315,638 412,891 l,220 66,083 7 1 ,723 _ ^ ( i ^ ^ ( o T 77,833 021,662 8 68,981 S ^ U M ^ 99,953 34,836 S 2 82,861 g b i ^ n Dallas San Fran. Total 27,35 1 31,500 784,287 57,596 288,851 3,147,304 M ?i 233,853 4,3b2 15,283 117,383 2,234 110,245 1 , 022,902 46,109 163,323 1 , 773,166 19,976 8,679 286,093 162,519 617 , 8S1 7,364,988 84,947 320,351 3,931,591 11,487 125,528 1 , 374 , 13 s 66,085 172,002 2 , 059,259 162,519 617,881 7,364,988
@FedFRASER