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STATEMENT FOR THE PRESS Released for p u b lica tio n m d a y Tsornins, May 6; not e a r l i e r . St ,1353. Federal Reserve Board Ivlay 5> i ? r i . CONDITION OF FEDERAL RESERVE BAMS Further gains o f $25, c-00,000 in gold reserves, o f f s e t in part by a loss of $10 , 700,000 o f s i l v e r and " le g a ls", accompanied by an increase o f $3 , 000,000 in deposits and a reduction o f $1, 500,000 in Federal Reserve note c ir c u la tio n , are indicated in the Federal Reserve Board’ s weekly bank statement issued as at close of business on Wednesday, May 4 , 1921 - The reserve r a t io shows a ris e for the week frcm 55 to 55.3 per cen t. J In connection w ith Treasury purchases of long and short-term Govern ment obligation s, Federal Reserve bank holdings o f paper secured by such o b liga tion s show a decrease for the week o f $28 , 100, 000 , while other d is counts on hand increased by $30 , 700 , 0 00 . Holdings of acceptances bought maxket declined by $9 , 300 , 000 - No change i s shown in the t o t a l oi rittrnan c e r t i f i c a t e s held by the Reserve banks with the Treasury to secure outstanding Federal Reserve bank notes, though the banks’ net l i a l l i t i e s on these notes show a reduction for the week of $2, 300 , 0 0 0 . Other c e r t i f i c a t o s , l a r g e l y loan and tax c e r t i f i c a t e s acquired temporarily under repurchase agreements with non-mem ter banks, f e l l o f f $1, 700 , 000 . In conc ^13-nS©s noted, t o t a l earning assets show a further decline S f , S ’ 000 ^ on May stocd a t ^2,^26,600,000, compared with • ‘J-'>21 > 00,000 at the close of the f i r s t week in May la st y e a r Of the t o t a l noldmgs o f $892 ,^-00,000 of paper secured by United a es Toverrment o b lig a tio n s, $570,500,000, or 63 >9 per cent,were se cured by L ib e rty and other U. 3. bonds; $259 , 200 , 000 , or 29-1 per cent, by ic ory notes, $62 , 100, 000 , or 7-0 per cent, by Treasury c e r t i f i c a t e s , compare with $538, 700 , 000 , $263, 700,000 and $63,200,000 reported the week ceforeRichtcond and D allas are the only Reserve banks which report b i l l s under rediscount with other Reserve banks. The former bank held under the New York Bank ^ H s to ta lin g $lU, 900,000, compared w ita ^10 , 000,000 the week before, while the Dallas bank reports $6,900,000 i-c redlscounted with the Boston and Cleveland banks, ccmpared with 90, bvO, 000 on the previous Wednesday. Goverrment deposits show a reduction for the week o f $12,^00 000 while reserve deposits increased by $lU 300,000, and other ’deposits, com posed la r g e ly of non-member banks' clearin g accounts and c a s h ie r 's checks y v *100,000- The " f lo a t " carried by the Reserve banks, as measured by tne d iffere n ce between the t o t a l o f "uncollected items" on the resource side and the t o t a l o f "deferred 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 s ows a further decrease of $5,^00,000* Sine March IS, when both these items were f i r s t disregarded in c a lc u la tin g deposit l i a b i l i t i e s and re serve r a t io s , the amount of the f lo a t has declined from over $1^6 000 COO to $23 , 600 , 000 , or by n e a rly U3 par cent. ‘ ’ Federal Reserve note c irc u la tio n shows a further decline for the week o f^ s lig h tly over $1,500,000, the Hay U t o t a l o f $2,?2S,600,000 being $2o3 , 800 , 000 , or 8.5 per cent below the corresponding t o t a l reported at the close of the f i r s t week in May o f la s t year. Owing la r g e ly to increases in c a p it a liz a t io n o f member banks in the New York and Dallas d i s t r i c t s , the reserve banks' p aid-in c a p it a l shows an in ciease of ^622,000 for the week- About $!+S0,000 of the t o t a l in crease i s reported by the Federal Reserve Bank o f New York, most o f th is increase corresponding to increases in c a p ita l stock and surplus by seme of the leading member banks in New York C ity . Released for publication Friday morning, May 6, 1921; not earlier. St-1959a. RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE "BANKS COMBINED. (In thousands o f d o lla rs ) R S O U R C E S Gold and gold c e r t i f i c a t e s . . Gold settlement fund - F.R.Board . uoi.d with foreign agencies * . « 'Total gold held by hanVo _ , Gold with Fsderal Reserve“ Agents Gold redemption fund Total gold reserves Legal tender notes, s i l v e r , e t c . . . Total reserves ............................. B il l s discounted: Sec. by U.S. Government o bligations A ll o t h e r ..................................... B il ls bought in open marke t . , . . Total b i l l s nn hanri U* S. Government bonds ...................... U. S- V icto ry notes U. S. C e r t if ic a t e s o f indebtedness: One-year c e r t i f i c a t e s (Pittman Act) A ll other Total earning a ssets ................ Bank premises . ............................. 5^ Redemption fund against F. R. Bank notes . , , . , .................... Uncollected items . ............................. A ll other resources TOTAL RESOURCES ................................ L I A B I L I T I E S Capital paid in S u r p l u s .......................... ................................ Deposits: Government deposits Due*to members - reserve account Other d ep o sits,in clu d in g foreign government c red its . . . . . . . Total deposits . . . ................ 1 F, R. notes in actual c ir c u la tio n . . Ft R. Bank notes in c ir c u la t io n net l i a b i l i t y ................................. .... Deferred a v a i l a b i l i t y items , . . . . A ll other l i a b i l i t i e s ............................ TOTAL L I A B I L I T I E S ......................... Ratio o f t o t a l reserves to deposit and F.R. note l i a b i l i t i e s combined . . . Ratio o f gold reserves to F.R. notes in c ir c u la t io n a fte r s e t t in g aside 35$ against deposit l i a b i l i t i e s . . May 4,1921 3 $ 4 ,244 422,200 245,444 1,326,027 _ 110^227 2, 343, 35s ■176,540 2, 519,S9S 202. 366 M B , * 79 -9Il302 2 , 160, =S4" 25, 62s 19 Apr. 27>1921 May 7,1920 34?,946 172, 683 392,751 112.781 836,165 1,317 ,260 163, 544 672,215 1 , 121,311 l 4 a o 54 1 , 94 l , 520 134 . 507 2,076,087 428,219 2,317,569 127.194 2, 504,763 920,537 1,143,202 103.609 2,l67,34g 25 ,690 19 239,375 239, -g JQ g ljX Q 1 , 444,175 1 , 060,447 409. 234 2 914,456 26,796 6g 259,375 ___ 12 ^662 . 3,214,357 2,426,639 2,435,i4o 21. 90S 21, 232 12, 433 10, 25 n ,339 5 ^ ,6 5 1 ,^ 519,828 - ig Jsr 11.578 --w 5 , 516, Ulg5> ^ Ug0 12,122 704,490 70 101,851 202,036 153,259 44 1 , 069 __ 6 q ,q 64 5 , 5 & , 4i ^ 6,026,229 ’ 101,235 202,036 Y/£" 23, 5& T 35,272 ! , 671 ^ 1,656,712 -iyi22 1, 72&r54t e*4,A3J 2, 222, 526 6.734 92 , 536 120,120 22, 437 1,212, 6.15 . 33.309 _ 2 iL 2 « 1,725,299 1,935,336 i, 230,112 3,092,344 156,249 430,700 52.243 177,972 544,564 5, 504/420 ___ 62*152 6 , 026,229 55.3& 55 *42.7 ef. 67.7^ 6 7 . 2$ *47.1$ * Calculated on basis of net deposits and F.R. notes in circulation. Released for publication Ftiday morning, May 6 , 1921; not earlier. RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BA1-3KS AT CLOSE OF BUSINESS MAY 4, 1921, S t . 1959b R E S O U R C E S (In thousands of dollars) Federal Reserve Bank of Boston New York Rhila, Clevel. Richm.Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran Gold and gold certificates 7,499 280,197 2,849 5,939 2,954 5)110 po(o4i 2,942 8,190 2,154 7,707 18 6 1 2 * Gold settlement fund - F.R .Board 44,.5Qg_____64,768 5 1 ,8.6g 66,070 28.497 17.359 94.gqq 21.901 10,803 53, 032 3 987 4 4 K k Total sold held by barfcs 52.007 3^965 5^,711 72?o^ 31^ 5! i i U .g l i o "^ ^ 18 993 "35 186 ll'M 6}‘ili --- H Gold with F. R. Agents 175,435 297 , 5m 123,921 195,474 38,149 58,774 191,241 62,574 20,896 30,833 l 4 r00l 117 275 Gold redemption fund jg6Jl^ 2 _ 3 6xOOO,__g^ 2 6 ^ 5 , 343 12,117 6,874 4l .02q 4.272 4.351 6.052 sS<57 11 tS Total gold reserves 2 5 3 7 ^ 9 4 6 7 8 7 4 7 9 187,058 272,876 81,717 88,097 3 4 ? ,a o 91 *699' 4 ^ 2 h 0 ' 72,071 34*052 192 175 Legal tender notes, silver, etc, . 1 5 *±63-- 10jx974. 3.,75.3... 4,098 4,357 5.718 12.118 11,342 774 3.551 5.921 2 4qi Total reserves.269,157 785,453 190,811 Z]o,$jk 86^054 9 3 ^ 1 5 359,328 103^031 45,014 75,622 39^9 73 194 d '^ Bills discounted: (a) j *yj Secured by U.F.Gov* t obligations37,533 338,753 107.329 62,807 >35,328 50,019 120,923 34,22$ 13,930 30,457 10,985 50.022 All other 62,652 275,783 34,275 90,906 72,539 62,838 242,461 44,324 52,513 59,585 53.098 116 905 Bills bought in open market (b) ...7,.1,3P_____43.140 11,443 11.510 1.705 1 , 108 7.373 575 25 25 10 270 Total bills on hand 107,315 657,681 153,047 165,223 109,570 113,965 370,75 7 79,124 72,493 90,067 6 4,108"i'n lii? U , S. Government bonds 550 1,005 1,434 8J3 1,233 621 4,490 1,153 116 8,867 3,979 1,408 U* s. Victory notes 5 10 3 1 19 U . S. Certificates of indebtedness: ^ One year certificates (Pittman Act) 20,436 55,276 28,280 23,799 12,260 15,564 36,612 13,068 8 ,480 10,320 4,400 10.880 A U other -- 0 2 _______ v ______ 6 5 1 . ..... 20 .... 1 1 ... 30 6 2 38 -________________ 75 Total earning assets128,493 713,962 183,412 189,885 123,064 130,154 4 l l ,88$ 93,351 8 1 , 091109,293 72 , 487189,558 Bank premises 3,340 4,918 520 1,869 1,775 730 3,10? 626 599 2,052 1,82*+ 54g % Redemption fund against F. R. Banknotes 1,022 1,679 1,300 1,239 601 540 IJU 9 523 412 916 36l 544 Uncollected items 46,715 112,636 47,970 50,719 41,538 20,041 65,326 30,169 14,115 38,602 24,108 32,712 ^ All other resources ____ 569___ _3.,>*55 622 . 864 455 582 2.279 6ll 156 6o4 1 . 61U W TOTAL RESOURCES 44g,296 1 , 622,103 424,635 521,550 253,487 245,862 843,6/8 228,311 141,387 227,089 140,367 4l8,64f (a) Includes bills discounted for other F. R. Banks, viz; (b) includes bankers* acceptances bought from other F.R.Banks without their endorsement 2,910 ’ - 14,857 25 - 3,972 - - - - - _ Total 3 6 4 ? ik kg?’ pon 1 326'087 m 'S 2 3^ ’ 35a 176 ^ ~ T ^sm 892 366 1 173 879 94* 3n? 2 160 *54? 25 689 259 37<S 1.009 2,426 659 a ’go! 10,886 524 651 ^ -\2^r 5 , 516 ,lftgr 21,739 25 i Released for publication Friday morning, May 6, 192 1 ; not earlier. RESOURCES AMD LIABILITIES OF THE FPDERAL RESERVE BANKS AT CLOSF OF BUSINESS MAY 4, 1921 (in Federal Reserve Bank Capital paid in Surplus Government deposits Due to ir»embers - reserve account Other deposits including foreign government credits Total deposits F. R. notes in actual circulation E, R, Bank notes in circulation net liability Deferred availability items All other liabilities TOTAL LIABILITIES thousands L Boston 7>SUq 15,711 1,190 107,476 !»ew Y o r i c P h ila. I A B I L C level. 8,525 10,955 5b,4i4 17,010 20,305 6 ,2 11 625 2,438 651,039 10 1, 4c 4 144,852 I E iS S A tlan ta 5,391 10,561 i , o45 54,010 C hicago 4,071 14,226 s , 3 U3 28,920 734 1,632 46,075 240,795 St .L ou is 4,447 8,346 2, l4g 63,223 7 RO 2, 620 433 - 3.23____________ 710 _______ >75 , 443 103,209 I4g7 o4o' oot ^ ^ 54s ^ 47 , 162245,107 6 6,f4l 739,004 233,280 2 7 6 ,5 4 s 135,733 155,922 469, S77 110,973 -1Zj_593 l 4 ,644 St.1959c. d o llars) I T R ichn, 26,289 ____ 821 109,4 s 7 259 , 260 o f 1 ,120 inn. Kans-Cy. Dallas San Fran J Total 4,474 3,524 4,193 7, 253 / 101,857 6,9SO 6,033 14,194// 202, 036/ 9,159 1 ,551 2,074 1,237 l ,9 3 f 23,-5©$ 41,722 69,251 43,309 106 , 5#S 1 , 671 ,©©^ it-* 46 Q __ 311 43,772 72,442 65,4go gs, 527 ___ 4p4 _ gj, 502^' 44,950 ll7,© 3*/ i , 7 2 « r 9 S 54,615 239,307 2, 222, 526 J Of. a.3/ 20 , 424 8,005 12,570 23,171 6,776 1 1 , 22s 7,179 2,056 5 , 6c 6 44, 11s 41,434 35,833 l 4 2 2 8 51,944 28, 532 12,6lS 32,323 23,051 2 8 ,6s4 20 ;o4 3 , ~2t___O3 .?.£35 2 , 4ioJ 2l906__ 2 . " ^ 10,373______ 2^093_ 2,237 —„ a. Hiu 2.816.___ .1,919 4. 022 , 622,103 424,635 521,550 253,4S7 245/262 843,672 228,311 141,387 227,089 ffo^36T 4 lS ^ 4 ? 21,313 82 536 39,102 _Ix24L 449,296 Ratio of total reserves to deposit and F.R . note liabilities combined, per cent 73 -0 l4,£47 M E 55-5 6" .2 56.7 O R A N DP '•*6. 2 45.0 Contingent liability as endorser on discounted paper rediscounted with other Federal Reserve Banks 5C>3 ' 52 .0 4i ,2 lia b ilit y on b ills for foreign correspondents ' Certificates of indebtedness http://fraser.stlouisfed.org/ 'ABank of St. Louis Federal Reserve ____6 0 , o 6 4 \ 4o.l 47,0 14.851 54.6 5 16 ,4 i g 7 aSLs 55.3 ,8 8 2 21,739 25 25 1,472 32,326 -c u r c h a s e d notes outstanding notes held by banks notes in actual circulation Bill* disc cuntsd Bi II f cougiit in open market t7 . p. 153,259 441,069 ’ ^ 37 :o~tances sold to othar T> d&tlks w i thou t 0nd 0r seman t con tin gen t 34, 428 2,336 12,130 FEL'EBAL R1 J71 .S 52 12 , 592 -59 260 0 80 ,939 3 0 0 ,5 21 1.41jl235. . 2 0 , 5 0 2 23 , 9 7 3 I. i t h i n 233,220 3,SCS 1,15 2 1,50^ T.W NOTE’S OUTSTANDING AND IN ACTUAL 2 5 3 jg s 739,004 1 , 56s 2,624 2, 560 l4 o , 954 s64 1,536 S32 ilR O TLA TIO U 57 , 23 9 224 , 599 3,152,636 16 3,954 50 7,8 75 13 1,9 72 67,627 97,250 5 . 2 2 1 ___ 7 . 9 7 2 37.992 2 1.0 0 5 2 , 2 07 _ 2^ 7 2 3 _2J324 373’ ~65 , 4 so *' 88, 5 2 7 5 4 ,6 15 276,54s 135,733 I 5 \ s r2 469,877 110, D IS T R IB U T IO N OF B I L L S AND TJ. S , C E R T IF IC A T E S 0^ I T'DEBTEBTTFSO BY M A T U R IT IE S 15 31 days l6 to 30 d a y s 1,22o,S65 210 ,847 ? 4 »o f >7 1,0 20 19,359 3 , 56s to 6c days 357,156 15 ,2 7 3 1 2 . 94o 6 l to 90 days 2 15,658 O ver 9 0 d a y s 55,719 5,003 12,674 204,182 4 5 , 2 9 2 __ 3 3 0 , 0 5 0 239,307' 2 ,2 2 8 ,52 6 Total =,066,245 94,302 240,324 Released for publication Friday morning, May 6, 1921; not earlier. FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF HJSIITFSS HA a 4, 1921. St.l959d. (in thousands o f d o lla rs) Federal Reserve Agent at Boston Federal Reserve notes on hand 99 , 570 Federal Reserve notes outstanding 271,252 C o lla t e r a l s e c u r it y for Federal Reserve notes outstanding: Gold and gold c e r t i f i c a t e s 5,600 Geld redemption fund 19,235 Gold settlement fund-F .R .Boar< 150,000 E l i g i ble paper: .Amount required 96,417 Excess amount held 10,29s TOTAL New York Phi la. Cleve1. Richm ♦A tlan ta Chicago St .Louis Minn - Kans-Cy. Dallas San Fran. 262, oco 21,420 43,370 23,429 77,44o 220,939 253,722 300,521 l4 o ,954 163,954 161 , 24o 26,720 507,875 131,972 11,320 67, 62? 176,924 23,775 14,590 . 13,532 16,699 106,000 110,329 155,000 6,110 13,052 4,291 15, S96 175,645 3,533 52,931 1,644 6, 200 3,473 27,360 3,875 5,235 316,634 69 , 4o4 9,702 46 ,791 66,417 43,232 23,595 20,692 2,649 35 ,500 3,500 5,274 50,000 523,^25 129,267 105,047 102,805 105, ISO 43,422 9,o4o 59,778 3,794 2,716 53,991 24,629 4 ,100 97,250 Total 806, 550 29,221 4o,6oo 57,239 224,599 3,158,636 18,427 98,242 233 , 852 119,127 973,102 167,324 1 , 832,549 2, 252 276,521 65U, 172 2 , 073,306 538,036 704,190 309,191 4 i 4 ,o 64 1 , 230,921 300,378 171,3-3 222,195 154,391 612,056 7 , 400,343 L I A B I L I T I E S Net amount o f Federal Reserve notes received from Comp t r o l l e r of the currency 371,422 1, 142, 9.30 275,202 343,891 164,443 241,394 669,115 158,692 79,067 101,350 26, 46o 325,199 3,965,126 C o l l a t e r a l received frcm F ederal Reserve Bank: J??4... e l i g i b l e paper ____ ________T0TAL 175,435 107 ,3 1 5 297,514 123,921 195, 474 3S,l^9 52,774 626,853 138, 907_164^25 106, 599 113,296 191 , 24i 62, 37^ 20,296 30,233 l4,00l 117,275 1,326,027 370,625 79, io 6 71,420 90,0 12 63,930 175,522 2, 109,070 ___ ________ 654,172 2,073,30 6 53S,03o 70^,190 309,191 4i4,o64 1 , 230,921 300,372 171,323 222,195 164,391 6 lS,056 7,4oc,343
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