The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
STA'fEl,1ENT FOR THE PRESS Released for publication Friday morning 1 May 4; not earlier. St.3492, Fed.eral Reserve Board. May 3, 1923, CONDITION OF FEDERAL RESERVE BANKS Inc.reases of $93,700,000 in discounted bills and of $1,400 1000 in acceptances pur~h~sed in open market, as against a reduction of $9,000 1 000 in Government se- cuntles., are shovvn in the Federal Reserve Boardt s weekly consolidated bank statement issued as at close of business on May 2, 1923, Deposit liabilities increased by $75,300.,000, and Federal reserve note circulation - by $14,900,000, while cash reserves show a reduction of $4,700,000. In consequance of these changes the reserve ratio declined from 77 to 75• 2 per cent. All Federal reserve banks, except those of Cleveland, Richmond and San Francisco, show larger holdings of discounted bills than the week before, the New York bank reporti:rl/!, an increase of $57 ,4oo,ooo in its ..discount portfolio. Substantial increases under the same head are also shown by the Chicago and Boston banks. Liquidation of Government securities was limited to U:. S. bonds and notes; the New York bank repo:r:tir.g a reduction of $7 ,soo,ooo of this item. Gold reserves show a decline of about $4,ooo,ooo for the week. The gold movement, largely thl"ough the settlement fund, was away from Boston, w.nich reported a decrease in its gold reserves for the week of $10 1 000,000, and from .<\tlanta, where a decrease of about $4,ooo,ooo took place. Smaller decreases in gold reserves totaling $9,300,000 are shown for Cleveland, Kansas City, Chicago, St. Louis and Minneapolis. The largest increase in gold reserves, amounting to $9,500,000, is reported by the San Francisco bank, Richmond shows an increase of $l+,6oo,ooo, and the remaining three banks - an aggregate increase of $5,200,000, Holdings of paper secured by Government obligations increased during the week from $339,900,000 to $362,600,000. Of the total held on May 2, $2o6,ooo,ooo, or 56~3 per cent, were secured by United States bonds, $2,900,000, or 0.8 ,per cent, by Victory notes, $142,800,000,. or 39.4 per cent, by Treasury notes, ~nd $10,900,000, or 3 per cent, by Treasury certificates, coll!Pared with $137,500,000, 4>3,000,000, $139,700,000 and $9 1 700,000 reported the week before. A summary of changes in the principal assets and lio.bilit ies of tha reserve banks, as COII!Pared with a week and a year ago, follows: .. .. . . . - . . . . . Total earning assets •. • , • • , • , • . • • . Discounted bills, total • • . • • . • . . , Total reserves. • • • • • Gold reserves • • • • . • f • • Secured by U•. S. Government obligations • • Other bills discounted • • . . • • , . • • • • t .... ' .• ... • . .. •. t United States securities, total , . • • • • • • Bonds and notes • • , . . • • • • • • , • • U. S. Certificates of indebtedness •.••• Total deposits • • • , . • • • • Members 1 reserve deposits • • • . • • Government deposits ••. , , • , Other deposits , •.••••. ... . . .. • • " • t • .. Federal Reserve notes in circulation • • • • • F. R. Bank notes in circul.at ion - · net liability • • • • .• • , ·• • • • • 4.7 4.0 ·•. • ' Purchased bills Increase or Decrease In millions of dollars since Apr. ~..J9.gl .!.:!Ma::::.~Y:.-.L3t~--.:19.4.!2=2 + + 55.6 85.8 + + + + 86.1 93· 7 22,7 71.0 35.3 + 221.0 + 172.2 43.8 + + 1.4 + 163.2 9·0 9·0 -· 424.4 117.4 307.0 + 75.3 + 40.7 + 14.4 + 20,2 + 91.5 + 119.8 - 23·3 5.0 + 14.9 + 64.1 -·· 75·1 Released for publication Friday morning, May F~SOURCES 4, 19~3; not ~arlier. St. 3492a. AND LIABILITIES OF THE TVELVE F'EDEHAL RESERVE B.Alfi..S COMBINED (In thousands of d.ollars) RESOURCES 1923 Apr. 25,1923 May 3, 1922 323,822 326,381 3171 7l.io Gold and gold certificates • . , , . . 695,630 441,261 2lli5.2!± Gold settlement fund - F. R. Board •• 1,019,452 767,642 1,011,304 Total gold held by banks , • • 2,007,555 2,169,736 Gold with Federal Reserve Agents 2,005,998 57,562 57,398 Gold redemption fund , 63.277 2,994,776 3,084,569 Total gold reserve~ . 3,080,579 124,041 94,473 Reserves other than gold , , . 93,809. . Total reserves . .. 3,174,388 3,179,042 3,118,817 70,691 Non-reserve cash , • • • • 61,642 * May 2, .. ... .. .... .. . . . Bills discounted: Sec. by U.S. GovarmJdnt obligations Other bills discounted , , , Bills bought in open market , . .. 190,474 318,902 107,278 616,654 265,483 343,736 339,380 296,717 274,041 910,638 157,030 36,780 41 1,104,489 49,945 1,225,873 39,809 191 622,644 14,065 5,041,067 7,6o4 516,586 19,978 4,928,667 108,822 218,369 108,357 218,369 104,531 215,398 49,083 ,894,651 40,114 ' Total deposits 1,983,848 F. R, notes in actual circulation • • • . 2,237,505 34,692 1,853 ,935 19,916 l ,908, 543 2,222,583 72,422 1,774,802 45,108 1,892,332 2,173,436 2,299 ;64, 788 15,972 5,131,603 2,287 564,398 16,025 5,041,067 77,411 444,775 20,734 --4,928,667 .362,633 367,707 275,429 Total bills on hand • . . 1,005,769 ' U. S, bonds and notes • , • • , • • . . 147,993 U. S, Certificates of indebtedness: 36,779 Municipal warrants • , , • • • 4o . . . . 1,190,581 Total earning assats , • • . Bank premises •• , • , , , 50,059 5% Redemption fund against F. R, Bank not e s , • , • , • 191 Uncollected i terns • • • • , • . 64o,543 . ... .. .. . . .. . . . ____!~ All other resources , . 'IOTAL RESOURCES , .... . . 5,131,603 L I AB I L I T I E S Capital paid in. , •• Surplus •• , , ' Deposits: Goverment Member bank - reserve account Other deposits • . , . . , , . . .. .. .. . ... F, R, Bank notes in circulation net liability • . , • • • • . • . Deferred availability items • • • . • . • All o thar liabili tias • • , • • . , • TOTAL LIABILITIES . • . , , • l Ratio of total reserves to deposit and F. R. note liabilities combined 77.0% Contingent liability on bills purchased for foreign correspondents • . , . • 33,085 *Not shown separately prior to January c 1923, 76, 7C:';o ~ G;?-- Released for pub-lication Friday morning May 3, 1923; not earlier. RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSHJESS, M.:'.Y 2, 1923. (In thousands of dollars) RESOURCES Atlanta Chica~o St.Louis Minn. Kans.Cy. Dallas S211 Fran. Boston New York Phil a. Cleve. Rich. Federal Reserve Earll;: of Gold and gold certificates Gold settle~ent fund - F. R. Board 17 ~464 _!}0,011 Total gold held by banks Go1d wiL, F. R• .A,;ents Cold rederrption fund 7~.475 17 520 _2,_535 Total gold reserves Reserves other than G: old Total res:::rves Non-reserve cash Bills discounted: Secured by U.S. Govt. obli~ations Other bills discounted Bills bought in open market Total bills on hand U. S. bonds and notes I ·u. . S. Certificates of indebtedness J 255,580 8,<)22 264,502 12,255 · 3a:.:ik premises 5·~ Redemption fund a;ainst F. R. Bank notes Uncollected items All other resources TOTAL RESOURCES 25,574 23,223 4,310 46,724 21,130 35,476 24,184 54,578 43,422 2,1£9 ~~35,017 90,206 6o,3£3 62,962 136,319 12,344 1,341 7,056 551 5,491 7 18,616 18,466 26,221 21,911 66,593 5,401 169 1}6,456 41,799 75,118 17,733 54.212 2:2,6}4 265,947 33,171 3.391 24,348 346 34s 40 72,163 269,686 107,907 103,041 62,224 l,funic ipal warrants Total earning assets 150,280 24,064 12,754 7,351 5,843 53,744 3.423 7.973 3,083 2861122 :24,9~2 10t422 }0.84~ 19.}64 83.9~4 1}.444 16.4£5 20.211 436,409 59.,046 83,206 3S,o94 25,207 142,(33 16,87 2 24, 44E 33,654 o38,239 1b3,306 205,470 33,)14 92,556 355,475 60, Ot:b 47,702 44,}25 -{ 1 vJ1 },]63 21499 20.919 3.112 1,'119 2.£22 5~ 4s111 1,031,649 227,843 293,447 31,376 120,262 519,135 80,7 33 74,069 80,734 1~,046 2.922 6,914 1,661 3.534 1},242 11,911 1,044 2,632 1,094,695 231,770 300,361 89,037 128,346 532,477 98,650 75.113 84,366 4,844 2,284 6,420 6,928 4,513 1,590 3,002 7,836 },237 4,434 11,695 712 8,284 2,617 14,783 17;682 12,636 45,151 14,837 3,257 6,125 12,624 17,689 21,136 6ol 24,415 3},310 14,565 33,111 20 2,501 63,520 161,991 63,295 39,000 69.422 2,448 3, 715 948 1,152 4,867 65 100 Total 10,553 20,698 317 ;.740 12,2~4 30! 065 6SJ, ~6!t 22,792 50,763 1,0ll,JC4 L.:, 2C2 17 4, GOO 2,0C5 ,993 1,161_ 4.224 63,271 36 '159 229,537 4,1<j8 4 1 627 3,080' 579 :1:2,809 40,357 234,214 3,174,388 61,642 3, 640 5,068 1, 716 30' 328 362,633 23,269 33,336 367 J 707 1},022 }4,582 215~33,,003 98,299 1,005,769 3,379 27,617 147,993 6,oco 24 36,779 40 47 38 7 125, 94o 1,190' 581 J 1.937 2,250 26 140,485 58,130 71,229 54,985 25,683 87 t 209 36,918 13,792 35,314 21,500 37,809 57,439 441 _5_2~----~J ________368 ____l5L ___ _JJ9 1, 59& 124 1,0}6 2,251 4, 5}£ 1Jb12 410,972 1,526,072 402,197 493,287 211,690 227,285 798,144 204,668132,245 198,107 117 ,098 409,833 50,059 191 64J ,543 14,199 3,131,603 St.3492c.•. TI.alca 3 ed for publication Friday morning, Mey 4, 1923; not earlier_ RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BAN'".!CS AT CLOSE OF BUSINESS JlilAY 2, 1923 .. LIABILITIES Federal Reserve Bank (In thousands of dollars) Boston Y_jw York Phila:. Cleva .. PJ..;l'., Atlanta Chicago St. Louis Minn.. Kans •. Cy. Dallas San Fran_ Total 28,942 9,642 11,994 5,678 4,412 15,007 4,933 3.574 4,596 4,184 7,792 108,822 8,068 7,496 15,263 218,369 59,800 18,749 23,495 11,288 8,942 30,398 9,665 7,473 9,488 16,312 Capital paid in Surph.1s Daposi ts: 9,732 3,119 6,061 2,901 Governilen t 713 ,310 116 ,059 161,601 124,822 Member bank- reserva account 29,967 532 1,169 504 Other deposits 128,227 753,009 119,710 168,831 Total deposits F.. R. notes inaotual circulation 204,873 571,466 201,014 226,835 F. IL Bank notes in circulation ~ ndt liability 52,745 109,401 52,002 6o ,758 Deferred avr.ilabili ty i terns 3,454 1,080 1,374 747 All o t."lar liabilities 410,972 1,526,072 4o2,197 493,287 TOTAL LIABILITIES Ratio of total reserves to deposit and F. R. note liabilities combined, per cent 79.4 Contingent liability on bills purchased for foreign correspondents w. 9,138 72.3 2,343 FEDERAL 729,100 230.,873 157,634 29,859 571,466 201,014 75-9 . 2,822 49,083 140,219 1,894,651 4o,l14 3,909 146,950 1,983,848 201,374 2,237,505 617 2,299 1,299 383 48,590 22,983 69,077 :;6,224 13,712 39,261 23,088 36,947 564,788 728 911 1,697 922 726 1,846 1,512 15,972 975 211,69Q 227,285 798,144 204,668 132,245 198,107 il7,098 4o9,838 5,131,603 61.2 78.2 64.5 70.5 59.1 50.4 67.2 75.2 3.570 1,719 1,355 4,595 1,454 1,124 1,421 1,190 2,347 33,235 RESERVE IDTES OUTSTANDING AND IN ACTUAL CIRCULATION 223,557 245,468 87,583 137,852 443,312 97,64o 59,821 69,118 31,217 243,899 2,599,440 F. R. notes outstanding 18,684 18,633 7,249 4,802 49,180 19,062 },449 7,910 2,948 42,525 361,935 F. R.. notes held by banks 226,835 80,334 133,050 394,132 78,578 56,372 61,208 28,269 201,374 2,237.505 F .. R. notes in actual circulation2c4,873 DISTRIBUTION OF BILLS, U. S. CERTIFICATES OF UJDEBTEDNESS AND MUNICIPAL WARRANTS BY MATURITIES Within 15 days 16 to 30 days 31 to 60 days 61 to 90 days From 9l days Over 6 months Total to 6 ILOnths 507,132 51,223 86,441 56,365 28,579 6oo 730,34o Bills discounted 66,288 45,648 98,994 54,889 9,610 .. . 275,429 Bills bought in open market 515 213 515 35,536 36,779 U. S. Certificates of indebtedness ~ _~Jo 4o MUnicipal warrants · 2,479 82.7 5.509 2,145 8,o47 1,915 1,905 2,346 2,581 59,412 54,685 277.670 71,518 47~543 78,721 49,091 462 151 160 691 157 1,499 913 65,072 56,987 287,216 74,346 50,.139 81,529 51,832 80,334 133,050 394,132 78,578 56,372 61,208 28,269 \,\....._ Released for publication Friday morning, May 4~ 1923; St.J492d. not earlier. FEDERAL RESERVE AGENTS• ACCOUNTS .A'f CLOSE OF BUSINESS, MAY 2, 1923. (In thousands of do~lars) Federal Raserve Agent at 'Boston New York Ph~la~ Cleve. Rich. Atlanta Chicago. St. Louis Minn. Kans.. Cy.. Dallas San Fran. Total RESOURCES Federal Eeserve notes on hand J'ederal Reserve notes outstanding "Collateral security for Federal Reserve notes outstanding: Gold and gold certificates Gold redemption fund Gold fund - F. R. :SOard Eligible paper .Amount required Excess amount held TOTAL 82,450 2.23, 557 313 ,34o 42,800 33,020 28,470 80,163 729,100 230,873 245,468 87,583 ~37 ,852 106,300 26,:J.90 443.312 97 ,64o 11,593 59,821 19.163 69,118 20,149 31~2+7 243~899 25,300 19,220 128,000 .,... 235,531 7f000 13,275 31,708 15.417 12,195 4,119 371,000 l4ot889 ~80,000 34,795 2,4oo 5,156 13,052 ·1,650 33,000 - ss.ooo +1,880 16,833 3,306 3313,645 45,500 ],995 6,461 1,741 19,758 90,861 67,567 39,998 48,669 45,296 147,723 5,747 49,549 8,894 17,539 87,534 36,954 48,479 8,006 12,119 111724 4o~36o 4~oo6 59,825 ~ 828,463 e,599,44o 314-,899 135~068 ~54~842 1,556~03+ / 51,037 15,561 545,125 1,924,263 510,293 573~505 24,793 9~015 2l2,530 373,4o6 1,041,403 229,476 142,959 166,414 19 ,~~ 69,299 18, 28,485 101,2~ 593,442 369~lfJr 576,108 6,396!77~ LIABILITIES Net amount of Federal Eeserve . notes received from Comptroller of the Currency 306,007 1,047,44o 273,673 278,488 116,053 218,015 549,612 123,830 71,414 88,281 5:}.,366 303 ~ p..lf 3 ~ 1127 ? 903 Collateral received from Federal Reserve Bank: Gold Eligible paper 172,520 66,598 638,239 163,306 205,470 38,914 92,556 2389584 73.314 89,547 57,563 62J835 355,478 6o,6~6 136,313 44,96o 47,702 23,843 44,325 33,808 12 , 202 o 174, 6oo 2 ,005 , 998 37, 7W 97,784 962,8rr TOTAL w. ., 545,125 1,924,263 510,29) 573~505 212,530 313,4o6 1,041,4<l3 229,476 142,959 166,414 101,296- 576,108 ff 6,396,7~0