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STATRWT FOR THE PRESS Released f o r p u b l i c a t i o n Sunday morning, May 23; not e a r l i e r < S t , 1173 F e d e r a l Reserve Board May 22, 1920, CONDITION OF FEDERAL RESERVE BANKS, Net l i q u i d a t i o n i n some volune of loans s e c u r e d by Government war o b l i g a t i o n s , a s a g a i n s t s m a l l e r i n c r e a s e s i n the h o l d i n g s of o t h e r d i s c o u n t s and of b i l l s p u r c h a s e d i n open m a r k e t , i s i n d i c a t e d i n t h e F e d e r a l Reserve Board*s weekly bank s t a t e m e n t i s sued as a t c l o s e of b u s i n e s s on May 21, 1920• commensurate r e d u c t i o n s ; Government and r e s e r v e d e p o s i t s show F e d e r a l Reserve n o t e c i r c u l a t i o n i n c r e a s e d by about 2 m i l - l i o n s , while the Banks* cash r e s e r v e s show a g a i n of s l i g h t l y over 1 m i l l i o n , In consequence of t h e s e changes the Banks* r e s e r v e r a t i o shows a r i s e f o r the weeic from 42*2 to 42*7 por cent* Holdings of p a p e r , s e c u r e d by U, S. 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 ) , d e clined 6l.4 millions, o t h e r d i s c o u n t s i n c r e a s e d 10• 5 m i l l i o n s , and a c c e p t a n c e s on hand - 4 . 1 m i l l i o n s • T r e a s u r y c e r t i f i c a t e h o l d i n g s show a r e d u c t i o n of 2*7 m i l l i o n s and t o t a l e a r n i n g a s s e t s - a r e d u c t i o n of 49• 5 m i l l i o n s * Of t h e t o t a l war paper h o l d i n g s of 1,446*7 m i l l i o n s , 6 6 9 » 7 m i l l i o n s , or 46#3 P a r c e n t , wore secured by L i b e r t y bonds; 2?4*3 m i l l i o n s , or 19 p e r c e n t , by V i c t o r y n o t e s , and 502*7 m i l l i o n s , or 34*7 p e r c e n t , by T r e a s u r y c e r t i f i c a t e s , a s a g a i n s t 47*3, 18*9, an< of a t o t a l of 1, $ 0 8 , 1 m i l l i o n s of war p a p e r h e l d t h e week b e f o r e . Total discounts ^ 33 P o r cent h e l d by t h e Boston, New York and Cleveland Banks i n c l u d e 1 4 6 , 1 m i l l i o n s of paper d i s counted f o r 7 Southern and Western Banks, w h i l e a c c e p t a n c e s h e l d by t h e New York, Cleveland and San F r a n c i s c o Banks comprise 6*7 m i l l i o n s of b i l l s p u r c h a s e d from 3 Reserve Banks, a s a g a i n s t 11*5 m i l l i o n s , shown t h e week b e f o r e . Government d e p o s i t s d e c l i n e d 19*8 m i l l i o n s , members' r e s e r v e d e p o s i t s - 40* 5 m i l l i o n s , w h i l e o t h e r 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 and non-member "banksf c l e a r i n g a c c o u n t s , i n c r e a s e d 4*9 m i l l i o n s * The " f l o a t " c a r r i e d by the Reserve Banks and t r e a t e d as a d e d u c t i o n from g r o s s d e p o s i t s shows a s l i g h t d e c r e a s e , w i t h t h e consequence t h a t c a l c u l a t e d n e t d e p o s i t s a r e about 55 m i l l i o n s l e s s than a week e a r l i e r * The Banks * combined l i a b i l i t i e s on F e d e r a l Reserve Bank n o t e s i n c i r c u l a t i o n i n c r e a s e d 0#6 m i l l i o n , w h i l e t h e Banks 1 gold h o l d i n g s i n c r e a s e d about o n e - h a l f million, A f u r t h e r g a i n of $679,000 i n p a i d - i n c a p i t a l i s due t o payment l o r F e d e r a l Res e r v e Bank s t o c k f o l l o w i n g a d m i s s i o n of new member banks and i n c r e a s e s of c a p i t a l and s u r p l u s by e x i s t i n g member banks, m a i n l y i n t h e Boston, New York and Caicago d i s tricts * Reloased f o r p u b l i c a t i o n Sunday morning >~7 23, 1920; not e a r l i e r - RESOURCES $169,735,000 Gk)lct and gole. c e r t i f i c a t e s Go la. s e t t l e m e n t fund - E > I;. Board 399,889,000 112,781.000 Gold with, f o r e i g n agaric i s s . .. 682,405,000 T o t a l gold held by basics Gold w i t h F e d e r a l Reserve Agents 1,098,823,000 158,489,000 Gold redemption fund •Total gold r e s e r v e s Si ,939,717,000 139,821,000 Legal tender n o t e s , s i l v e r , e t c , 2,079,538,000 Total reserves (Secured by Government war o b l i g a t i o n s 1,446,723,000 (All o t h e r 1,053,663,000 B i l l s "oou£bt i n open market 417.368,000 T o t a l b i l l s on hand 2,917,754,000 U. S. Government bonds 26,796,000 U- S, V i c t o r y n o t e s 69,000 U. S. C e r t i f i c a t e s of indebtedness 276.761,000 Total earning, a s s e t s 3,221,380,000 Baric premises 12,658,000 U nco lle cte d itciv.s and o t h e r deductions froii gross d e p o s i t s 755,476,000 5% Redemption fraid a g a i n s t F« R. bank n o t e s 12,081,000 All other resources 5,028.000 TOTAL RESOURCES 6,086,161,000 L I A B I L I T I E S C a p i t a l paicUin 93,786,00C Surplus 120,120,00C Government d e p o s i t s 24,368,000 Due t o rneubers - Reserve account l)S33,665iooo_^7 D e f e r r e d 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 T o t a l gross d e p o s i t s 2,539,855,000 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 3,085,202,00c 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 177,371,00c All o t h e r l i a b i l i t i e s 69,827,000 TOTAL LIABILITIES 6,086,161,000 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. 2 . note L i a b i l i t i e s combined 42,7i R a t i o of gold 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 n e t d e p o s i t l i a b i l i t i e s ^ i 47.1i •Si- .1173 a STATS.E1TT OF COLSniEB RESOURCES AlfD L I A B I L I T I E S 0 ? THE FEDERAL RESERVE. BANICS. May 21. 1920 l4. .1220 $ 1 7 1 , 2 0 c , COG 323,149,000 112.7S1.000 675,132,000 1,115,302,000 150.101.000 M0a_.il4_.lHi2 ^46,597,000 572,001,000 $1,9)3,1-+1,000 mjszjm. 1,508,104,000 1,043,156,000 413,292,000 2,078,353,000 2,964,552,000 26,796,000 69,000 279.463,000 3,270,910,000 12,530,000 807,445,000 11,787,000 5.006.000 6,186,071,000 93,107,000 44,153,00c 1,274,145,000 630,427,000 98.075.000 918, 398,000 1,133, 825,000 ... 119, 916.000 -»1/8, 7 j 3,000 .6.9,194,000 2,247, 933,00c 1,762, 457,000 176, 379,000 193, 187,000 2,132, 05), 000 27, 149,000 17,000 199.748.000 2,355, 907,000 > 0 , 976,00c 0 79, 792,00,: S , 271,000 289.OOC 5,316,234,00c 2,646,500,000 3,083,234,000 176,805,000 66,005,000 6, 186,071,000 82.553.00Q 49, 466,000 99,999,300 1,697,524,©GO. 537,642,000 142.138.000 2,477,303,000 2,504,253,000 167,203,000 35.451,000 5,316,234,000 42.2? 52-3> 46.6 i 64.6% 120,120,000 ^JRe l e a s e d f o r p u b l i c a t i o n Sunday c o r n i n g , May 23, 1920; n o t e a r l i e r , St. HJJh RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 21, 1920, R E S O U R C E S (In t h o u s a n d s of d o l l a r s ) ' F e d e r a l Reserve Bank of Boston New York 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 Gold and gold c e r t i f i c a t e s 11,91? SI,488 1,058 1 0 , 1 6 8 2,-364 9 , 2 1 8 24,962 3,458 7,273 607 5,977 , G o l d S e t t l e m e n t Fund - F . R. Board 25,682 118,278 27,984 4 2 , 4 2 7 I S , 9 5 5 6,557 6 5 , 8 9 9 . 1 2 , 5 0 4 9,231 29,091 6,744 . Gold w i t h f o r e i g n a g e n c i e s 8,2)3 4 l , 390 9,023 9, 248 5,526 4.060 1 3 . 4 2 1 5.301 3.04-5 5.413 2.933 ** T o t a l g o l d h e l d by banks 45,830 2 4 l , 156 32,065 61,843 26,845 19,835 104,282 21,263 19,5^9 3 5 , 1 1 1 15,654 •Gold With F . R. A g e n t s 111,279 294,136 8 6 , 8 1 1 144,129 3 8 , 6 4 6 52,199 150,989 4 5 , 6 6 3 3 3 , 0 6 3 3 5 , 3 0 2 2 6 , 8 1 3 , Gold r e d e m p t i o n f u n d 25,053 26,994 12.882 6,388 9,880 6. 665 42.850 5.989 43 5,387 5.716 j Total gold r e s e r v e s 182, 162 562.2S6 137,758 212,360 7 5 , 3 7 1 7 8 , 6 9 9 298,121 7 2 , 9 1 5 52,655 75,800 48,183 Legal tender n o t e s , s i l v e r , e t c . 9.652 106,447 134 1.7IS 77 1.324 10.097 7. 216 269 1,282 1^100 Total reserves 191, 8l4 668,733 137,892 214,078 7 5 , 4 4 8 80,023 3 0 8 , 2 1 8 8 0 , 1 3 1 5 2 , 9 2 4 7 7 , 0 8 2 49,283 B i l l s discounted; (a) S e c u r e d by Govt, war o b l i g a t i o n s 101,511 57?,569 138,481 1 1 6 , 7 4 4 / 5 7 , 9 9 2 5 9 , 1 7 1 153,609 5 8 , 6 o 4 9,231 33,122 38,831 All other 68,303 816,557 24,464 57,963 3 5 , 8 4 5 5 8,446 268,919 5 3 , 3 0 0 66,396 77.686 35,383 i , B i l l s bought i n open market (b) _15.;_Vi3 2. 592 5 7 , 6 4 l .10 05 5 . 6s6 54.359 3.356 4 4"'-j. Q?n 1,4>4 I • T o t a l b i l l s on hand 204,957 960,655 215,537 2 3 2 , 3 4 8 103,094 123,303 476,887 115 , 260 8 0 , 1 0 1 111, (iiZ 7 5 , 6 4 8 » U. S- Government bonds 560 1,457 ' 1 J S 6 834 1,2)5 . Il4 4,477 1,153 115 8,867 3,966 j U- S . V i c t o r y n o t e s 5 50 10 3 1 I 4 0 . 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 21.581 15,312 30.816 23.396 12.2.60 :'5 666 39.649 17.302 8 . 4 8 8 15,034 8.300 I Total earning a s s e t s 227.. 163 1,037, 515 24?, 739 256,54% 117,389 139%086 521,0.13 133,735 88,704- 133,610 8 7 , 9 1 4 | Bank p r e m i s e s 1,269 3,284 500 1,156 713 574 2,11b 866 548 619 782 U n c o l l e c t e d i t e ^ s and o t h e r d e d u c t von S froa. g r o s s d e p o s i t s 62,346 154,544 62,4o7 7 3 , 7 8 9 53,793 3 2 , 1 5 8 108,059 45,4oo 2 1 , 9 8 5 59.-599 4 6 , 7 5 9 1 5% Redemption fund, a g a i n s t F . R. BarJc n o v e s 1,173 3,109 1,300 831 451 566 1.533 523 452 916 562 All other resources 391 979 51 u 310 233 m 912 461 134 2f-Z 262 56,858 9o.4oi 70,177 217,436 2,632 10.956 231,024 231 1,U4&,72* 1,053,663 417.36^ 2,917,754 26,796 &Q 276. 3,221,380 12,658 34,637 755,476 665 383 12,081 5.028 484,096 1 , 8 6 8 , 1 6 4 450,352 5 4 6 , 7 1 2 248,027 252,588 9 4 i , 8 5 i 261,096 .164,747 272,114 185,562 410, 852 6,086,161 UU2® * TOTAL RESOURCES _(a) Includes b i l l s discounted for o t h e r F„ R Banks, v i z : *tb) I n c l u d e s t a n k e r a ' a c c e p t a n c e s f.vcrii o t h e r i ' , R» Banks: With t h e i r endorsement Without t h e i r endorsement San Fran Total 11,247 169 73=5 36,537 399' ggo 5.188 11?'78") 52,972 682 405 79,793 1,098*.823 10.642 158* 4gc, 143,407 1,939 717 505 139' 821 l43lW^079^532 21,503 - 80,368 - 44,232 - - 223 - 4,075 - ' - - - - - - - - - - 2,371 146,103 4,075 2,594 St.1173c R e l e a s e d f o r p , b l l c , U . n ^ ^ m . r n i n ^ m ^ g i, 1920; n o t e a r l i e r . ES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 21, 1920. ( i n thousands of d o l l a r s ) L I A B I L I T I E S Total 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 Fraru Haw York Boston F e d e r a l Reserve Bank of 6,350 3 , 6 5 1 9 3,786 3,250 4 , 3 0 0 24,621 8,276 i o , o 4 i 4 , 7 8 6 3 , 7 1 3 13,096 4,170 7,532 Capital paid-in 120,120 3,030 3,569 6,116 3,724 7,539 5,320 45,082 4 , 6 9 5 14,292 5,805 9,059 2,359 Surplus 2,744 2 4 , 3 6 8 828 2,409 2,oU6 1,35s 2,756 1 , 2 9 4 1,570 1,880 1,470 577 5,396 Government d e p o s i t s 725,214 102,741 132,199 132,195 57,520 53,689 262,788 64,239 4 9 , 6 1 5 8 3 , 7 7 1 56,505 119,392 1, 8 3 3 , 6 6 5 119,952 Due t o members - Reserve a c c o u n t 50,011 113,450 54,091 58,182 43,145 2 7 , 5 7 1 70,747 41,234 16,576 56,60s 29,079 Deferred a v a i l a b i l i t y items 1&„3e sT 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 3,826 2,263 3 , 5 5 5 1,956 i 4 - , 4 l l i e g r 5 3 9 9.654 5,666 42,958 6,503 6,109 3,634 2,649 government c r e d i t s 887,018 164,805 203,067 105,127 86,318 344,587 112,055 69,748 145,50s 89,460 154,44.7 2, 5 3 5 , 5 5 5 177,715 Total gross deposits 849,246 244,473 305,310 121,277 145,749 531,797 129,114 79,799 98,036 80,174 228,711 3 ,085,202 271,516 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 38,270 18,987 13,965 8 , 5 2 3 9 , 4 1 5 2 7 , 0 4 5 9,237 6,25s 15,055 7 , 4 7 4 8 , 7 9 1 1 7 7 , 3 7 1 14,351 net l i a b i l i t y 4,623 23,927 5,006 5,24o 2 , 4 9 4 2,658 11,034 2,796 2 , 1 2 3 3 , 0 9 9 1,773 5 , 0 1 4 69,827 All other l i a b i l i t i e s TOTAL LIABILITIES 484,096 1,868,164 450,352 546,712 248,027 252,588 941,851 261,096 164,747 272,114 185,562 410,852 6,086,161 11 E I.I 0 R A N D 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 r e d i s c c u n t e d with o t h e r F . R. Banks Bankers' acceptances sold to other F , B- Banks C o n t i n g e n t l i a b i l i t y on b i l l s p u r chased f o r f o r e i g n correspondents 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 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 B i l l s discounted B i l l s bought i n open m a r k e t 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 24,758 5,0.0 26,000 46,922 4,075 19,175 14,248 10,000 146,103 - 4,075 16,182 16,182 FEDERAL RESERVE MOTES OUTSTANDING AND IN ACTUAL CIRCULATION 8 1 , 4 4 4 103,749 8 3 , 7 8 3 260,487 3 , 3 5 4 , 1 9 4 3,609 3 1 , 7 7 6 268,592 111,728 1,645 5,713 9,250 271,516 849,246 79,799 9 8 , 0 3 6 8 0 , 1 7 2 2 8 , 7 1 1 3 , 0 8 5 , 2 0 2 DISTRIBUTION OF BILLS AND U. S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES. Total W i t h i n 15 days 16 t o 30 days 31 t o 60 days 6l t o 90 days Over $0 days 2,500,356 1,419,910 279,341 477,708 267,702 55,725 417,36s 109,970 87,388 1 7 3 ,5 3 6 46,474 280,766 960,974 15,856 256,939 320,666 1 2 7 ,3 3 6 151,089 579,324 147,637 12,466 15,356 6,059 5,340 47,527 I S , 5 2 3 244,473 305,310 121,277 145,749 531,797 129,114 2,624 12,510 16,100 229,671 276,761 Released f o r p u b l i c a t i o n Sunday morning, May 23, 1920; not e a r l i e r . St,1173d FEDERAL RESERVE AGENTS1 ACCOUNTS AT CLOSE OF BUSINESS MAY 21, 1920 ( I n thousands of d o l l a r s ) ""FEDERAL RESERVE NOTES: v Received from Comptroller Returned to Comptroller Chargeable to F. R. Agent I n hands of F . R. Agent I s s u e d to F. R. Bank l e s s amount r e t u r n e d to F. Agent f o r redemption t ^ COTLATERAL SECURITY FOR OUTSTANDING NOTES: Gold and gold c e r t i f i c a t e s on hand Boston New York Phila. Clsvel. Richm. A t l a n t a Total 390,236 160,903 73,011 112,521 66,247 177,503 3,115,207 332,266 1,027,974 291,019 351,096 152,920 212,719 625,244 162,277 93,569 102,539 94,533 264,637 3,724,053 12,125 10,750 52,100 220,766 127,000 34,020 30,430 31,644 61,63c 960,974 256,939 320,666 127,336 151,029 Gold redemption f u n d 15,379 IS,402 13,922 17,104 1,146 2,699 Gold S e t t l e m e n t Fund - F.R.Board 95,000 20,000 72,229 95,000 37,500 < E l i g i b l e p a p e r , minirru-r. r e q u i r e d 169,427 666,232 170,12o 176,537 22,690 L San Fran, 241,034 1,073,066 292,121 232,704 166,620 129,721 195.734 AMOUNT OF ELIGIBLE PAPER DELIVERED TO F. !?. AGENT Minn. Kans.Cy. D a l l a s 573,900 2 , l 6 l , c 4 0 583,200 523,200 325,600 31+2,500 l , 0 l 6 , 0 S 0 323.1CO 166,520 221,060 160,720 442,140 6,299,260 900 Tot al Chicago St.Louis - 32,025 - 46,520 14,640 579,324 147,637 2,500 4,790 81,444 103,749 - 4,150 429,259 23,723 260,427 3,354,194 3,760 13,052 9,231 0 - 257,802 8,244 2,672 1,411 2,442 5,749- 12,077 107,84^ 47,000 142,145 39,231 12,600 32,860 11,234 98,890 428,335 101,974 48,381 68,447 56,969 180,694 2 . 2 ^ , 3 7 0 220,766 960,974 256,939 320,666 127,336 151,089 579,324 147,637 21,444 103,749 23,72^260,4273,351^,19^ 204,957 958,116 192,763 222,529 101,560 123,303 476,562 115,140 71,922 111,728 75,642 200,233 2 , 8 6 1 , 1 2 1 61,716 733,175 i
@FedFRASER