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STATEMENT FOR THE PRESS R e l e a s e d f o r p u b l i c a t i o n Sunday St.ll^o ^ o r n i n g , Hay iG, 1920; n o t F e d e r a l R e s e r v e Board earlier Hay 15, 1920. CONDITION OF FEDERAL RESERVE BANKS An i n c r e a s e of 63*9 m i l l i o n s i n l o a n s s e c u r e d by Government war o b l i g a t i o n s ( s o - c a l l e d war p a p e r ) , as a g a i n s t a r e d u c t i o n of l ? . j m i l l i o n s i n t h e h o l d i n g s of o t n e r d i s c o u n t s , and a c o r r e s p o n d i n g i n c r e a s e i n d e p o s i t l i a b i l i t i e s a r c i n d i c a t e d i n t h e F e d e r a l R e s e r v e B o a r d ' s w e e k l y bank s t a t e ment 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 Hay 14, 1920* F e d e r a l R e s e r v e n o t e c i r c u l a t i o n d e c l i n e d 9 *1 m i l l i o n s , w h i l e t h e Banks 1 c a s h r e s e r v e s show a g a i n of 2»3 m i l l i o n s # As a consequence, the Banks 1 r e s e r v e r a t i o snovvs a d e c l i n e f o r the We from 4 2 . 7 t o 4 2 . 2 p^r c e n t . B e s i d e s an i n c r e a s e of 4b .6 m i l l i o n s i n d i s c o u n t s n e l d , t h e Banks r e p o r t a l s o a f u r t h e r i n c r e a s e of 3 • 5 m i l l i o n s in 'che n o I d i n w s of a c c e p u e n v e s p u r c h a s e d i n open w a r k e t * T r e a s u r y c e r t i f i c a t e s on hand show a f u r t n e i ^ i i r c r e a s e of 0 .4 m i l l i o n s , a p p a r e n t l y as t h e r e s u l t of t e m p o r a r y p u r c h a s e s oy t h e New York Bank of such c e r t i f i c a t e s from non-member • banks * T o t a l e a r n i n ^ a s s e t s were 3 6 , 6 m i l l i o n s l a r g e r t h e n t h e week b e f o r e . Of t h e t o t a . 1 war p a p e r h o l d i n g s of 1 , 5 0 8 . 1 m i l l i o n s , 7^4 m i l l i o n s , or 4 7 , 3 p - r c e n t , were s e c u r e d by L i b e r t y bonds, 255 m i l l i o n s , or l o * 9 P^r c ^ n t by V i c t o r y n o t e s , and 509*2 m i l l i o n s , or 3 3 c e n t , oy T r e a s u r y ^ C e r t i ^ i cates, as a g a i n s t 47*5, 20 *5, and 32 p - r c e n t of a t o t a l of 1,444.d m i l l i o n s of war p a p e r r e p o r t e d f o r t h e week b e f o r e . T o t a l d i s c o u n t s h e l d by tne Boston, New I or k and C l e v e l a n d banks a r e i n c l u s i v e of 110 o 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 b o t h e r F e d e r a l R e s e r v e Banks, w h i l e a c c e p t a n c e s n e l d by one New Yo-tk, C l e v e l a n d and San F r a n c i s c o Banks comprise 11*5 m i l l i o n s of b i l l s p u r c n a s e d from 3 R e s e r v e Banks, compared w i t h 15*9 m i l l i o n s t h e week b e f o r e * Government d e p o s i t s were 21*7 m i l l i o n s l a r g e r t h a n the week oexore, member banks 1 r e s e r v e d e p o s i t s - were 55• 5 m i l l i o n s l a r g e r , w h i l e o t n e r d e p o s i t s , i n c l u d i n g f o r e i . n government c r e d i t s - show a d e c l i n e of 1»3 m i l l i o n s . The 11 f l o a t 1 1 c a r r i e d by t h e Reserve Banks and t r e a t e d a s a d e d u c t i o n f r o ^ g r o s s d e p o s i t s i n c r e a s e d by 10*0 m i l l i o n s # Net d e p o s i t s , a s a c o n s e q u e n c e , a r c 65 #1 m i l l i o n s l a r g e r t h a n f o r t h e p r e c e d i n g week* 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 in. c i r c u l a t i o n show a r e d u c t i o n f o r t h e week of 1*2 m i l l i o n s . F o r t h e 4?. months s i n c e t h e b e g i n n i n g o± tue..year t h e R e s e r v e Banks 1 l i a b i l i t i e s on t h e s e n o t e s show a r e d u c t i o n of o l * o ^ m i l lions, a s a g a i n s t an i n c r e a s e of o 4 , 4 m i l l i o n s i n t h e b a n k s 1 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 n o t e s . A f u r t h e r i n e r e a s . 01 $ 5 7 1 , 0 - 0 i s enown i n t h e p a i d - i n c a p i t a l of tne F e d e r a l Reserve Banks i n c o n s e q u e n c e of l a r g e a d d i t i o n s t o c a p i t a l a n d ^ s u r ^ l u s a c c o u n t s of member banlcs, l a r g e l y i n t h e C l e v e l a n d , Kansas C i t y , and San Francisco d i s t r i c t s . M " " 4 OF THE FEDERAL RZSEBVE B ^ S . ^ S O U R C E S M g o ^ a a Gold and g o l d c e r t i f i c a t e s *171,^08,000 Gold s e t t l e m e n t fund - F, R. Board )&9,1^^,000 Gold w i t h f o r e i g n a g e n c i e s 112,781,000 Total g o l d h e l d by banks o7^, 1 ) 8 , 0 0 0 Gold w i t h Federal Reserve Agents 1,115,902,000 Gold redemption fund 150,101,000 u QQ0 Total gold reserves iS'pcp'ooo Legal tender n o t e s , s i l v e r , e t c . %% 000 Total reserves _ * ' .393, ^ , (Secured by Government war o b l i g a t i o n s 1,^08,104,000 B i l l s discounted J A U c t h e r 1,043,186,000 B i l l s bought i n open market , 413,292,000 Total b i l l s on hand ?A7q6'000 U. S. Government bends So*000 U. S. V i c t o r y n o t e s kg^OOO 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 p l n q i o ooo T o t a l earning a s s e t s •>» i p ' ^ n ' o o o Bank premises mv'^s'ooo U n c o l l e c t e d items and other deductions from gross d e p o s i t s 117*7000 5fo Redemption fund a g a i n s t F. R. Bank n o t e s * 0 0 6 000 A l l other r e s o u r c e s A ifft"071*000 TOTAL RESOURCES O.a&O.um., L I A B I L I T I E S ooo Capital p a i d - i n i p n S ? 0 000 Surplus Lh 000 ' ' Government d e p o s i t s -^^S'ooo *SU i Due t o members - R e s e r v e a c c o u n t Deferred a v a i l a b i l i t y items 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 98,075,000 Q Total gross deposits 3.6^ x n^'^UoOO 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 cnc'nnn 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 iL'nnqnon A l l other l i a b i l i t i e s , i / A 071 000 TOTAL LIABILITIES b,15b,V/l,uuu Ratio of t o t a l r e s e r v e s t o n e t d e p o s i t and F. R. note ^ l i a b i l i t i e s combined *c"'° R a t i o of g o l d r e s e r v e s to 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 s e t t i n g a s i d e 35$ a g a i n s t net d e p o s i t l i a b i l i t i e s > • fi L T l . » % 392,751,000 1 1 2 781 000 — g^'.OOO 1 2 1 •» 11 0 0 0 ' l 4 2 054,000 " qqq i 'nftn'U-47 000 'Sog 834 000 $1,941,580,000 134,507.000 2,076,087,000 2,914,456,000 26,796,000 68,000 273.037.000 3,214,357,000 12,293,000 705,603,000 12,128,000 5.761.000 6,026,229,000 92,536,000 120,120,000 22,437,000 1,818,615,000 539 480,000 00*368 000 ' W ^ 548,954,000 = 884,178,000 1,150,903,000 140,756,000 2,175,837,000 70.020.000 2,245,857,000 1,863,476,000 175,464,000 184.717.000 2,223,657,000 27,131,000 19,000 204,082.000 2,454,889,000 10,976,000 709,355,000 8,924,000 10.242,000 5,440,243,000 2,479,900,000 3,092,344,000" 177,972,000 63.357.000 6,026,229,000 82,397,000 49,466,000 185,841,000 1,713,341,000 549,702,000 12^.786,000 2,574,670,000 2,532,039,000 168,045,000 33.626,000 5,440,243,000 14-2.7$ 51.1$ 47.1$ 62.9$ P5.ol3 3.s3Q. f o r p u b l i c a t i o n . Sunday iuomiiie, Ida,/ l b , l.s^Uj n o t e a r l i e r St*. I I 5 0 b RESOURCES Aim LIABILITIES 0? THE ESBSIOL BESZLiVE B.J.IKS ;,T CLOSE OF BUSINESS I O 14, 1920R E S O U R C E S ( I n t h o u s a n d s of d o l l a r s ) Feaoral Reserve Bank o f • Boston New York Phi l a . C I - v o l . R i c h - . A t l a n t a Chicago S t . Louis Minn. Kans-Cy. Dallas^San JVan, ^ ' 3 ? o t S T ^ ; 8 ' *llver' B i l l s d i s c o u n t e d : (a) 6tc ' isf;633 6 * ; $ i k o . U l 2Z9]li* 75,37H1,1% si;fi7 50,720 75,05° 51,215147,635 Total 2,075,393" >SEL-- l.111IIIjIISII4ptfl|4|| • U. S* Government bonds U ' Totar!ami£3as3otina°0Uvdn0SS Bank p r o v i s o s 5^1 1,^57 1>J>8o S3 4 1,^35 H3 4 >^77 6 1)^53 2 3 3 ^ 2 7 1 , 0 8 4 , 9 2 5 2 4 S , S 246,750 120,000 139 J O ] 523 i % 3 l ^ ' j S 1,259 3,2S4 500 1,156 6s6 574 2,116 866 > ^ S9>95 54s 13^21 527 51,103 24,497 67,166 452,144 1,902,012 457,694 552,274 255,333 2 5 6 , 0 7 1 952,224 267,326 165,563 3,9°° > 3^ 87SOS 229 j 0S3 752 c32 > ^ 3,270',910 12,330 ISSE:r;e -a a a a -a a is g g 3 UilC dictiont f r ^ S a ^ t s ° d ! p o s i t s TOTAL RESOURCES ,(a) I n c l u a a s b i l l s d i s c o u n t ad f o r o t h e r F, R. Banks, v i z : (b) Includes bankers' a c c e p t a n c e s bought fro,,, o t h e r F.R.Banks: Witn t h e i r endorsement Without t h e i r endorsement 69,772 29,290 - l6o,34s 65,804 73,358 45,722 32,263 4,005 5,128 - - 61,44? - 34,424 n 4 , 1 3 s - 50,303 35,085 307,445 27S.50S 190,554 4 1 3 , 0 6 0 6,180,071 ' 110,^75 2,371 • 5,128 6,37b p s t . 1158c e l e a s e d for p u b l i c a t i o n Sunday morning, May Id, 1920; not e a r l i e r . _ _ _ _ _ . k 1Q5ft RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AAY 14, 1920. ( I n thousands of d o l l a r s ) LI A B I L I T I E S Totdl P h i l a . C l e v e l . 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 Fran New York Boston Federal Reserve Bank of 93,107 3,641 24,559 7,307 Capital p a i d - i n 120,120 3,030 45,022 8,359 • Surplus 44,153 2,374 2,740 2,182 3,099 1,505 l,55p 1,344 10,634 5,961 3 , 1 5 0 4,361 Government d e p o s i t s 1 , 2 7 4,145 754,'426 101^466 137^009 5 9 A 9 5 54^222 271,187 67,172 42,162 S 4 , 6 l 4 5 6 , 9 0 1 *Due to zsmbers - Reserve account 1 57[154.. 122/952 5512?3 59',586 50'724 3 0 , 4 2 7 76,269 43,447 1 3 , 1 3 1 6 1 , 2 2 3 3 3 , 2 3 4 % -Deferred a v a i l a b i l i t y items -7. '/¥» 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 9&#%2,0)2 - J d b i g i 2.701 9.96S 3.230 2,242 3., 657 5.692 40.072 6.127 6.099 3.566 government c r e d i t s . 2 , 6 46,300 t f 9 4 , 5 4 1 156/967 122,395 9 2 2 i 0 9 2 169^027 2 0 5 , 2 4 4 1 1 ^ 2 2 9 9, 0 ) 2 1 0 559,603 1 1 7. , 5 4 2 7 0 , 0 4 0 1 5 1 , b 4 4 Total g r o s s d e p o s i t s 269,531 243,927 247,696 3 0 2 , 3 7 2 1 2 2 , 1 9 2 1 4 5 , 6 1 0 527,943 1 2 9 , 9 9 6 go',529 9 2 , 3 7 5 20\46l 222',602 3 , 0 8 3 , 2 3 4 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 F. R. Bank n o t e s i n c i r c u l a t i o n 27,241 9,204 6,202 1 5 , 2 3 5 7,524 8,254 176,205 2,344 9,3H 14,1-43 37.667 19,060 1 4 , 0 1 4 net l i a b i l i t y 10.38^ 2.624 1,970 2.250 1,657 4,766 6,0,005 2,540 2,362 4.916 ?g.6S5 4.721 4.409 A l l other l i a b i l i t i e s :g 1;^ TOTAL LIABILITIES 492,144 1,902,012 ftS I'M & ]'M 457,694 552,274 252,333 256,071 952,224 267,326 165,563 272,502 190,254 413,062 6,126,071 MEMORANDA .Contingent l i a b i l i t y as endorser on Discounted paper r e d i s c o u n t e d -vith other F. R. Banks Bankers' a c c e p t a n c e s s o l d to other F. R, Banks Contingent l i a b i l i t y on b i l l s purchased f o r f o r e i g n correspondents 25,000 - 16,128 2,000 19,291 41,727 10,257 - - 5,122 7,000 5,000 110,275 5,122 - l6,12S - FEDERAL RESERVE NOTES OUTSTANDING AMD IN ACTUAL. CIRCULATION -F. R. n o t e s outstanding R. n o t e s h e l d by Bank F. R„ » o t e s i n a c t u a l c i r c u l a t i o n B i l l s discounted B i l l s , b o u g h t i n open market 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 275,275 2,744 V "269,531 Z - B 3 ? , : & 5 " ' 3 ^ 1 0 " : ^ 2 4 , 6 2 4 262,940 3 , 3 4 4 , 7 0 5 261,471 4,223 34.332 2 2 2 , 6 0 2 3 , 0 23,23k 20,4ol 243,927 247,696 302,372 122,192 l45,6lo 527,943 1 29,996 20,529 9 ^ , 3 7 5 DISTRIBUTION OF BILLS AND U. S. CERTIFICATES OF IINDEBTEDNESS BY MATURITIES Within 15 days l 6 t e 30 days 31 to 60 days 6 l t o $0 days Over 90 days 1,507,422 271,990 - 414,722 302,978 >2,172 ? 7 ; $ 1 : $ i : e 7 7 ® . » a Total 2,551,290 413,292 279,463 for p u b l i c a t i o n Bm4e»7 morning, Hay lb, 1920; not o a r l i s r FEDERAL ot.ii^oa AC~~T?S' ACCOUNTS AT CLOSE 0^ BUSINESS T1AY l 4 , 1920 ( i n thousands of d o l l a r s ) Boston WlFML notFS : ^rorr, C o n ^ t r c l l e r In lianas of F . R . A-cnt C0LIAIFR.L STCURITi FOR OUTSTAUDING N0IZ3: Gold ana g o l d c e r t i f i c a t e s on hana Richm» Atlanta Chicago St - Louis i/Iinn- Kans. Cy. D a l l a s 3,089,741 334, 975 1,084,28$ 292,882 351,356 159, 314 211, 749 6 0 1 , 4 2 1 163,394 34,312 109,563 9 4 , 6 5 4 267,030 3,764,599 4.150 420,294 o4,064 262,940 3,344,705 278, 27? 131,U0G 5b f 280 30.010 ) 1 , 144 60,075 28.080 15 '040 333,289 25b,o02 321,346 128, 170 151,674 5 7 3 , 3 4 1 148,354 Golu. 1'od.Ji..ption fimd 14, 888 3,338 15,785 16,583 2, 780 Doll S e t t l e , j n t Fund - F.R.Board. 98, 000 100,000 71,889 95,000 164, 427 o45,217 168.928 177. 737 278, 275 Total 6,854,740 65,126 175,050 193,754 rjyiiirod Total 7 2 , 2 6 8 111,177 900 f l i g i b l a pap^r, San Fran- 1 , 0 6 9 , 3 5 1 990,318 23^,224 164,986 127,891 3 8 6 , 1 5 9 158,666 5b, 700 I s s u _ a to F . R. Bank l a s s auount r j t ^ r n ^ a t o F» E . A c . n t f o r r^u.^.,ption Phi l a . Cl3vol. 573, TO ?, 153,64o 583,200 s g i , 5 8 0 324 300 339,640 987,520 322,060 166,520 2 2 0 , 7 % 159,780 4 4 s , i 4 o 232. t o F* R~ Agent Nsw York 32,026 2,500 12,405 5.440 81,507 104,123 9. 970 9,831 3,750 13,052 9,922 2,909 1,55.4 3,786 4, 870 11,864 97,369 35, 000 46, 500 145,145 39,130 18,oOO 32,8bv ij,234 65,352 76o,74o 90, .330 99,584 4 1 8 . 2 7 4 102,'56S 48,701 67,477 56,749 185.694 2, 228,803 953,289 256,602 321,346 128, 170 151,674 5 7 3 , 3 4 1 148,354 81,907 104,123 O4,6S4 2o-:, 9 - 0 3,J44,705 211,839 1 , 0 0 2 , 3 0 2 168,981 220,313 102,787 123,317 479,225 114,631 6 8 , 2 5 5 112,440 7 5, 542 190,833 2,896,865 - 3,030 - - - 257,793 AMOUNT OF ELIGIBLE PAPHIi D^LIV:RED
@FedFRASER