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STATEMENT FOR THE PRESS Released for publication Friday morning, May 5; not earlier. S t, 2763* Federal Reserve Board, May 4, 1922, CONDITION OF FEDERAL RESERVE BANKS. Substantial increases for the week in earning assets, deposits and Federal reserve note circulation are indicated in the Federal Reserve Board’ s weekly bank statement issued as at close of business on May 3> 1922 . Discounted b ills on hard increased by $ 9 *300, 000, acceptances bought in open market - by $2 4 ,7 0 0 ,0 0 0 , and Government securities - by about $4 2 ,0 0 0 ,0 0 0 . All classes of deposits show larger totals than the week before: Government deposits — by $ 2 7 , 200, 000, members’ reserve de posits - by $ 26 , 100,000 and other deposits, composed mainly of cashier’ s checks and non-members' clearing accounts, - by $ 5 ,8 0 0 ,0 0 0 . Considerable increases in Federal reserve note circulation are reported by the New York, Atlanta and San Francisco banks, while the other reserve banks show little change or small decreases. The banks report •* . a decrease of $2 ,100,000 in their aggregate net lia b ilities on Federal reserve bank notes in circu lation. Gold reserves show a nominal decline, while other cash reserves, i. e ., silver and legals, declined by $ 5 ,6 0 0 ,0 0 0 . The reserve ratio, in consequence of the above changes, shows a decline for the week from 78.3 to 76 .7 per cent. Gold movements in some volume from New York and Cleveland mainly to Atlanta and Kansas City are shown. Gold reserves of the New York bank show a decrease of $2 4 ,0 00 ,0 0 0 , those of the Cleveland bank - a decrease of about $ 6 , 000, 000, while smaller decreases aggregating about $ 2 *100,000 are shown for the Boston, Dallas and San Francisco banks* Atlanta shows the^largest gain in gold reserves, v i z ., by $1 0 ,2 00,000, Kansas City with an increase of $6 ,6 0 0 ,0 0 0 following next in Ordetf, while smaller increases, aggregating $1 4 ,7 00 ,0 0 0 are shown for the remaining reserve banks. Holdings of Government paper increased from $179,000,000 to $190,500,000. Of the total held, $1 50,900,000, or 79*2 per cent, were secured by Liberty and other U» S* bonds, $8 ,7 0 0 ,0 0 0 , or 4.6 per cent, - by Victory notes, $18,500,000, or 9*7 per cent, - by Treasury notes and $1 2 ,3 0 0 ,0 0 0 , or 6 ,5 per cent, - by Treasury certificates, compared with $1 5 0 ,00 0 ,0 0 0, $2 ,5 0 0 ,0 0 0 , ^13,600,000 and $ 6 , 900,000 reported the week before. A sunmary of changes in the principal asset and liability items of the reserve banks, as compared with a week and a year ago, follows: Increase or Decrease In millions of dollars since April 26. 1922 MS2-.iL. 1921 Total reserves Gold reserves Dec. Dec. 6.0 .4 Inc* Inc. 59s *9 651.4 Total earning assets Inc* 76,0 Dec, 1,200,8 Inc. 9'3 Inc. U .5 Dec. 2.2 Inc, 24.7 Inc. 42.0 Inc. 15.3 Dec. 1.5 Inc. 2 8 .2 Dec. Dec. Dec. Inc. Inc. Inc. Dec. Inc, 1. 556.9 701.9 855.0 13.0 343.1 239.8 156.4 259.7 Total deposits Members* reserve deposits Government deposits Other deposits Inc. 59-1 Inc. 26.1 Inc. 27.2 Inc. 5.8 Inc, Inc. Inc. Inc. 163.1 103.4 4g ,0 10.7 Federal reserve notes in circulation F,R, Bank notes in circulation, net liability Inc, Dec. Dec, Dec. 655.2 76.4 Discounted b il l s , total Secured by U. S. Government obligations All other Purchased b ills United States securities, total Bonds and notes Pittman certificates Other Treasury certificates 15.9 2.1 Released for publication Friday morning, May 5, 1922; not earlier. st*2763a. RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED. (In thousands of dollars) R E S O U R C E S Gold and gold certificates . . , Gold settlement fund - F. R, Board Total gold held by banks . . Gold with Federal Reserve Agents Gold redemption fund ................... Total gold reserves ............... Legal tender notes, silver, etc* Total reserves April 26. 1922 2 326,638 kkl,2Sl 767,642 . . . . . . . U. S. bonds and notes . . . . . . . U, S. Certificates of indebtedness: One-year Certificates (Pittman A c t ). All other .............................................. Municipal warrants Total earning assets May 4. 1921 364,244 482,200 846,444 2,169,736 57,398 780,612 2 , 154,510 60.080 1,326,087 170.827 2 ,9 9 M 7 6 2,9 9 5,20 2 2,343,358 - .129,637 176.540 3,124,839 2 , 519,898 178,991 892,366 321,106 1 2 4 , 0 4 1 3,1 1 8,81 7 Bills discounted: Sec, by U ,S, Government obligations. All other . , ........................... Bills bought in open market ............... Total bills on hand May 3. 19 2 326,381 190,474 318,902 107,278 ___ £2,518 1,173,879 _ A 3 Q 2 616,654 582,615 2,160,547 265,483 250,185 25,708 83,000 84,500 232,448 239,375 260,736 1,009 102 ................... 1,225,873 Bank premises .......................................... 5$ Redemption fund against F. R. Bank n o t e s ................... ... Uncollected items . . . . . . . . . . .................... All other resources . . 1 , 149,850 2,426,639 39,809 39,568 2 1 , 90s 7 , 6o4 7,601 519,627 524,651 TOTAL. RESOURCES ........................... 516,526 • - 19,978 4 , 92 s , 667 ’ 1 L .587. 1 0 ,SSo 12.720 860,072 5 ,516,702 loi+,531 215,398 1,839 104,311 215,398 202,036 72,422 1 ,774,802 45,108 1 . 7 ^ 8,755 L I A B I L I T I Ef S Capital paid in . . . ............... Surplus Reserved for Gov’ t, franchise tax Deposits: Government . . . ....................... Member bank - reserve account All other . Total deposits ....................... F.R. notes in actual circulation F.R. Bank notes in circulation net liability , ................... ... Deferred availability items . . All.other liabilities TOTAL LIABILITIES Ratio of total reserves to deposit and F.R, note liabilities combined . . . 2,308 45,194 ___ 29,281 101,857 23,415 1 , 671,385 34.428 1,892,332 1 ,8 3 3 ,2 3 0 1,729,231 2 , 173,436 2 ,1 5 7 ,5 6 8 2 ,8 2 8 ,5 8 6 77,411 444,775 18,945-. ^ , 922,667 76.7% 79,^37 153,859 449,347 ___ 18,413 441,069 60.064 4 ,8 6 0 ,0 7 2 5 ,5 1 6 ,7 0 2 7 8 .3 $ 5 5 .3£ R e l e a s e d f o r p u b l i c a t i o n F r i d R E S O U R C E S a y A N D m o r n i n L I A B Federal Reserve Bank of Gold and gold certificates Gold settlement fund - F, R» Board Total gold held by banks Gold with F. R. Agents Gold redemption fund Total gold reserves Legal tender notes, silver, etc. T*tal reserves B il l s discounted: Secured by U .S.G ovt, obligations All other B il l s bought in open market 5, 1922; not earlier. St. 2763 b. OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MAY 3, 1922. (In thousands of dollars) R E S O U R C E S Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn, Kans.Cy. Dallas San Fran. Total 13,554 218,213 3 ,50 1 12 ,8 37 2,983 5 ,4 0 6 23,261 8,192 8,048 2 ,3 2 4 8,188 19,854 326,381 20,422 -- 57 ,9 40 4 1 ,0 2 0 3 5 ,3 58 25,755 65.595 12,760 27.685 2 9 .7 6 1 9 ,8 8 4 32,994 441.261 34,042 300,234 6 l ,4 4 i 53,857 38,341 3 1 ,1 6 1 88,876 20,952 35,733 32,085 18,072 52,848 767,642 g , I L I T M I E a y S 132,901 799,531 163,461 190,741 .1 2 ,1 8 3 -- 10*000-- L i , 05____5,7 7 8 44,029 5.70 7 18 5,12 6 1 , 109,765 228,007 250,376 88 ,0 77 13 1,3 0 1 454,504 — ?>8g5--- 26,723 6,049 45 ,6 86 272,361 3 , 118 ,8 17 17,558 19 ,2 16 24,312 37,751 7,855 14,599 2,743 24,404 5,755 23,478 2,183 30,790 ......... 27,1^7 29,272 6 ,7 3 7 30,649 S. bonds and notes 64,759 ^ JS'" ’ 45,2 00 58,708 4 ,477 6S,4S9 23,553 27,112 U. S, Certificates of indebtedness: One-year certificates (Pittman Act)1 6,950 A ll other 38,357 1,233 23,500 118,669 8 ,000 736 6,000 22,739 3 ,5 6 0 97 ,0 4s 107,051 63,501 Uncollected items All ether resources T O T A L . R E S O U R C E S 422 986 52,233 _____112,. 57.392 6 , 313 113,842 8,133 3,630 85,203 32,880 5$ Redemption fund against F, R. Bank notes 1,633 70,515 Total b ills on hand 5,189 1 9 ,9 1 1 209,554 2 , 169,736 9 5 ,6 0 5 136,043 469,419 110,319 7 ,5 2 8 36,5 95 9 ,8 8 9 324,500 1,839 832 206,011 1 ,1 3 6 ,4 8 8 234,056 2 5 7 ,1 1 1 82,664 44,966 3.250 16,920 6,7 3 5 2 0 ,116 Bank premises 30,700 69,683 48,055 Total earning assets 71,550 897 93,399 9 ,8 4 3 12,532 U. 9 8 ,0 4 6 358,346 2 ,0 9 4 7.282 4 .7 4 2 14,915 78,890 i? ,0 5 8 3 0 ,5 8 6 25,766 52,507 39,912 214 95,704 23,625 34,423 11,380 8,667 3,571 10,017 4 ,0 0 0 51,346 3,472 4 ,3 2 1 8,842 4 7 ,3 5 6 190,140 48,593 41,356 73,084 7,199 31 39,616 266,032 2 , 994,776 6,070 6.329 7,847 37,932 124,041 190,474 318,902 lUf 32,988 52,617 6 l 6 ,654 2 ,8 1 6 54,4oo 265,483 1,900 5,332 277 83,000 260,73b 250 37 ,9 54 112,626 1 ,2 2 5,87 3 600 4 ,9 12 2 ,571 1,250 7,324 908 914 4 ,9 5 0 2 ,0 9 2 966 39,809 700 539 1SS 468 733 2,023 204 916 146 279 7,604 111,145 45,765 49,7 07 42,233 67,089 29,195 12,585 32,0 97 20,844 34,065 516,586 ..5 ,0 2 5 602 1*247 1*039 2 ,018 5,485 19,978 ' 1 , 2 5 0 .M 1 9 , 6 2 8 _i?3 1 , 4 2 0 J 2 . 3 1 347,291 1 , 526,277 378,771 420,570 204,444 204,928 736,185 191,569 126,821 197,289 108,740 425,722 4 , 928,667 R e l e a s e d f o r p u b l i c a t i o n F r i d a y m o r n i n AND R E S O U R C E S g , M a y L B I L I A 5 , I T 1 9 2 2 ; I E S n O F o t e T H E a r l i e r F E D E R A L R E S E R V E ( I n L F e d e C a p S u r p R e s e r v D e r a i t a l l u p o l R p a e s e i d e d f o r b e r b a n A l l o e r T e A l l o o v t , f r a n c h i s e t a o t a d t e s R . n o R. B a n k e l i a t f e r r e d o e t h k e r e p o s s e r v e a c c o u n n i a v o l a t e i t a t u s a i n l c c i r i r c c u u l a l a t i o t i o n n b i i l i t l i t y i e i t e m r k P 27,326 60,197 107 i l a . C l e v I A e . R A T C L O S E s a n o d B I i c h d s L . I A 9 1 4o,4s 8 8 1,00 s , 3 1 4 E n r s S t a C h i c a g o 906 3,997 402 S - t . L o u i s M 4,661 9,388 44- K a n s . C D y . a l l a s S a n F T r a n . o t a l 104,531 2 1 5 ,3 9 2 3,577 7,k88 9,646 272 199 1,839 4 ,7 1 1 72,422 1,7 8 4 3,817 4 4,467 119,073 1 ,7 7 4 ,8 0 2 4 g #iO& 161 18,930 4,1 8 5 7 ,3 9 4 4 , 606 7,377 15,199 1,446 669 51,602 260,156 71,177 47,453 8^,252 46,412 141,820 1 ,8 9 2 ,3 3 2 89,723 118,037 366,599 74,350 51,381 60 ,3 57 2 7,045 224,745 2 ,1 7 3 ,4 3 6 3 , 3 0 7 ’ 3 ,6 4 4 27,939 12,020 7,884 2,852 4 ,3 7 1 3 2,573 19,038 1,814 30,780 226 8,205 ,415 222 5,703 15,015 797 37,493 883 2 ,6 7 8 67,830 i n n . 3.936 43,185 332 3,045 5,556 42,692 1,351 MAY 3 , 19^2. B U S I N E S S ) 2 ,9 4 6 5 ,168 48,430 253,542 7 ,7 6 1 45,013 18,490 I t l a O F l l a 708 623,900 185,560 1 9 9 , 04S , 6 T o 4,258 14,563 9,114 29,025 56,356 2 f 8,91? 11,497 5.533 17,945 22,509 11,030 229 3S1 763,886 112,445 137,917 - s h B A N K S 121,856 6,593 b o u 531 1 5 y i l a l i a c Y o 55,368 2 S0 119,165 t i t s i n b r - e w t h 39,809 2 ,7 9 4 i ,9 U 704,127 108,527 135,041 19,950 1,124 965 2,16 0 __________________ l n 205 e n t t h s t o x s i t s : e m D B a n k 7 ,9 7 6 16,483 G M n B i n o v e r n m F . e s G F , r v N St. 2763c. . 703 76,047 494 1,006 772 1,490 77,4 11 444,775 18,945 3 47,291 1 , 556,277 375,771 420,570 204,444 204,928 736,185 191,569 126,821 197,289 108,740 U25.782 4 , 928,667 T O T A L R a C t i o o f L I A t o a n d F. R* p r c e o e n t i n f o r n B I L I T t a l r e n o t e I E S s r v e l i a b s t o i l i t e i e d s e p o s i t c o m b i n e d , t g e n t f o e r 81^9 75-0 l i g i a b n c o i l i t y r r e o n s p o n d b i l l s e n p u r c h a s e d 14 ,755 2,303 t s 78^5 ' 2,523 F E D E R A L F . R. R. F , R. F . n o t e s o u t s t a n o t e s h e l d n o t e s i n n b a c d y t u i n b a n a l 167,238 #5147 152,691 g c k s i r c u l a t i o i l l s d i l l s b i s c o u n t e i t h U. M u S , n g h t a l w a r r a o p e n n < i 3,754 O U T S T A N D I N G A N D I N 71.3 1,483 A C T U A L 60.2 1 ,514 852 76.7 74.3 62.2 1 , 4 8 2 0 5 t s o m f 34,723 1 C I R C U L A T I O N 39,723 118,037 366,599 74,350 51,381 6 0 ,3 57 27#049 224 , 7 4 5 2 , 173,436 15 d a 272,745 y s O F B I L L S , 16 U . S . 30 d 54,123 t o C E R T I F I C A T E S a y s 31 O F I N D E B T E D N E S S 60 d a 88,522 t o y s A N D M . U N I C I P A L 6l W A R R A N T S 90 50,851 t o d a y s B Y M A T U R I T I E S O 90 43,135 v e r d i n Certificates i c i p N O T E S 623,900 185,560 199,048 i n 14c o u R E S E R V E 1 ,1 3 6 75 .? n W B 1,546 2,586 74.9 80.2 820,754 211,908 2 15,978 96,083 123,439 403,881 86,645 54,196 69,803 29,799 257,538 2 , 537,262 363,826 2 ,7 5 4 32,793 196,854 26,348 16,930 6,360 5,402 37,282 12,295 2 , 815 9 ,4 4 6 .____________________ ______ v ^ _______________________________________________________________________________________ D I S T R I B U T I O N B 65.4 76.3 a r k e t indebtedness I q p e ’j j j 2 0 : , 4 7 2 * 2 , 8 6 54,660 5 1 7 , © 2 3 , 6te 5 5 , 254,279 T o t a l d a y s 509,376 10 7 , 27 s 343,736 He leased for publication Friday morning, May 5 , 1922; not earlier. FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS MAY 3 , 1922 . gt ‘ (in thousands of dollars) Reserve Agent at Federal Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Total R E S O U R C E S Federal Reserve notes on hand Collateral security for Federal Reserve notes outstanding: G o l d and gold certificates Gold redemption fund Gold fund - F . R. Board Eligible paper Amount required Excess amount held. TOTAL l N C e t i a m n o t e t r o o l l a F e a b i o u n t s r l l e r t e e c o l l i e r a e o f F i v e d f r o m t h e C c i v r a d e r a l R r G o l d E l i g i b l e e e e d i e f e t e s e r v e p a p e r T O T A L u d B l 111 ,7 5 0 167,238 291,770 43,220 32,300 820,754 211,908 215,978 5,300 5,3 00 3t)fc>>ya5 -U.3Y5 13.375 356,925 4i,6o 6 14,072 12,366 4l,6o6 165,000 401,000 149,389 ^r'~ 48,447 48,447 S,4o6 8,4o6 31,70 5 64,026 96,083 123,439 94,8 80 403,881 26,250 _ 4,234 2,400 4,646 91,000 5,96o 5,960 ^_4,790 4,790 60,800 13,052 1,648 39,795 15,702 34 2,64 4 52,054 5 2,054 5,973 25,393 25.393 1 4,3 ,341 l4 4l .^45,535 5 , 5 3 5 . 115,095 5 ,0 9 5 50,136 8,530 23,496 450,769 2 ,0 1 7,89 3 475,442 483,192 229,84*1 325,245 952,778 208,070 13,6 0 1 13,601 120,000 28,337 4,543 21,223 84,615 25,237 18,936 “ , 86,645 69,503 29,799 2 5 7 ;53s 2 ,537^ 62 2,606 7,70 2 2,209 15,444 404 714 132^924 3>l63 24,837 4 ,4 3 5 9 ,8 8 8 2 3 ,1 00 4 7,984 4 ,1 82 367,526 230,360 90,503 48 ,8 14 299,918 3,3 2 6,49 3 1 9 , 9 1 1 2 0 9 , 5 5 4 2 , 169,736 32,988 5 2 ,1 66 597[356 s R e s e r v e C o m r r e n c y p - , , , , * 1,1 248,278 278,988 1 ,1 1 2,52 4 255,128 2 48,278 127,788 187,465 498,761 4 9 8 ,761 112,895 65,431 138,901 352,346 95>67l 71,550 30,700 44,966 23,625 26,659 29,272 f r o m a n k : 32,880 7994531 163.461 190,741 105,838 56,853 44,173 44,029 58,027 98,046 39,734 450,769 2 ,0 1 7,89 3 475,442 483,192 229,844 325,245 952,778 208,070 122,790 164,741 10 1,7 13 561,638 6 , 094,115
@FedFRASER