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STATEMENT FOB THE PRESS R e l e a s e d for p u b l i c a t i o n St.1565 Sunday morning, Nov* l 4 ; . Federal Reserve Board not e a r l i e r November 131 19^0 CONDITION OF FEDERAL RESERVE BANKS Net l i q u i d a t i o n of 5^" m i l l i o n s of d i s c o u n t e d and purchased b i l l s , accompanied by r e d u c t i o n s of 20.1 m i l l i o n s i n n e t d e p o s i t s and of 2 5 , 2 m i l l i o n s i n Federal Reserve n o t e c i r c u l a t i o n , are i n d i c a t e d i n the Federal Reserve Board's weekly bank statement i s s u e d as a t c l o s e of b u s i n e s s on November 12, .1920, Gold r e s e r v e s show a g a i n of about 7 m i l l i o n s , t o t a l cash r e s e r v e s i n c r e a s e d by 1 0 . 3 m i l l i o n s , w h i l e the Banks' r e s e r v e r a t i o shows a r i s e from 4> to 4 3 . 6 per c e n t . L i q u i d a t i o n f o r the week i s shown f o r a l l c l a s s e s of b i l l s i n the Banks' p o r t f o l i o s , the r e d u c t i o n s being as f o l l o w s : Papsr^ secured by Government war o b l i g a t i o n s , i n c l u d i n g Treasury c e r t i f i c a t e s , - 3 4 , 1 m i l l i o n s ; a l l other d i s c o u n t s - about 8 m i l l i o n s , and acceptances - 11.9 m i l l i o n s . Holdings of Treasury c e r t i f i c a t e s i n c r e a s e d by 1 . 3 m i l l i o n s , the t o t a l decrease i n earning a s s e t s thus being 52* 7 m i l l i o n s , Of the t o t a l of about 1 , 1 8 1 m i l l i o n s of paper secured by Government war o b l i g a t i o n s , b l l . l m i l l i o n s , or 51*7 P e r c e n t , were secured by L i b e r t y bonds, 332.5 m i l l i o n s , or 2 8 . 2 per c e n t , "by V i c t o r y n o t e s , and 2 3 7 m i l l i o n s , or 3D.1 per c e n t , by Treasury c e r t i f i c a t e s , as a g a i n s t 5 2 . 9 , 2?.5 and 1 9 - 6 per cent of a corresponding t o t a l of 1 , 2 1 5 . 1 m i l l i o n s shown the week b e f o r e . D i s counted b i l l s h e l d by the Boston, P h i l a d e l p h i a and Cleveland Banks i n c l u d e 2 0 0 . 2 t r i l l i o n s of paper discounted f o r the Federal Reserve Bank of New York and f o r s i x other Reserve Banks i n the South and Middle West, w h i l e acceptance h o l d i n g s of the Boston and P h i l a d e l p h i a Banks are shown i n c l u s i v e of 19 >7 m i l l i o n s of bank a c c e p t ances purchased from the New York Reserve Bank. Net withdrawals of funds by the Treasury daring the week r e s u l t e d i n a d e c l i n e of Government d e p o s i t s by 29.5 m i l l i o n s , while members' r e s e r v e d e p o s i t s i n c r e a s e d by 2 4 . 6 m i l l i o n s , and 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 and nonmembers' c l e a r i n g accounts, d e c l i n e d by 1 . 2 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 deduction from imm e d i a t e l y a v a i l a b l e d e p o s i t s was about l 4 m i l l i o n s l a r g e r tnan the week b e f o r e , t h e s e changes being r e f l e c t e d i n the r e d a c t i o n of c a l c u l a t e d n e t d e p o s i t s by cO»1 m i l l i o n s . Federal Reserve note c i r c u l a t i o n shows a r e d u c t i o n f o r the week i n e i g h t of the twelve Reserve Banks, the l a r g e s t d e c l i n e s b e i n g r e p o r t e d by the Boston, New York and Chicago Banks, Federal Reserve Bank 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 the small amount 01 0.5 million. An i n c r e a s e of $ 1 , 0 2 3 , 0 0 0 i n c a p i t a l account i s due l a r g e l y to a d d i t i o n s to the c a p i t a l and surplus of member "banks i n New York C i t y , the i n c r e a s e of 25 m i l l i o n s i n the c a p i t a l i z a t i o n of the N a t i o n a l City Bank alone accounting f o r an a d d i t i o n of 4>750,000 t o the p a i d - i n c a p i t a l of the l o c a l Reserve Bank. Released f o r p u b l i c a t i o n Sunday morning, November l 4 , 1920; n o t e a r l i e r , 3t .l-,c ~. RESOURCES AM) LIABILITIES OF THE TWELJE FEDERAL RESERVE BANKS COMBINED RESOURCES November 12. 1920 November 5. 1920 Nov. 1 4 . 1 9 1 9 Gold and gold c e r t i f i c a t e s $169,814,000 $174,702,000 $248,601,000 Gold s e t t l e m e n t fund - F. R. Board 409,075,000 417,984,000 - 440,078,000 Gold w i t h f o r e i g n a g e n c i e s 77,244,000 77.514,000 l46.176.000 Total gold h e l d by banks 656,133,000 , 670,200,000 834,855,000 Gold w i t h Federal Reserve Agents 1,177,689,000 1,152,346,000 1,194,319,000 Gold redemption fund 174,856.000 179,127,000 104.086.000 Total s o l d r e s e r v e s $2,008,678,000 $2,001,67^,000 2,133,260,000 1,3' tender n o t e s , s i l v e r , e t c . 171.333 . 000 168.056,000 66.846.000 Total r e s e r v e s i ' 2,180,011,000 2,169,729,000 2,200,106,000 •R4i-„ (Secured by Government war o b l i g a t i o n s 1.130,977,000 1 215,101,000 1 700,618,000 ^ l ^ s aiscountea ( M 1 Q t h e r * 1,603,773,000 1,611,724,000 439,000,000 B i l l s boueht i n open market 287,854,000 ' 299.769,000 455.653.000 Total b i l l s on hand 3,072,6o4,000 3,126,55^,000 2,595,271,000 U. S. Government bonds 26,863,000 26,865,000 26,846,000 U. S . V i c t o r y n o t e s 69,000 69,000 79,000 U. S . C e r t i f i c a t e s o f indebtedness 269,310,000 268,047,000 278, 538,000 Total earning a s s e t s 3,368,846,000 3,421,575,000 2,900,73^,000 Bank premises 16,577,000 16,081,000 12,266,000 U n c o l l e c t e d i t e m s and other deductions from gross d e p o s i t s 772,277,000 787,9^0,000 1,023,574,000 5$ Redemption fund a g a i n s t F- R. Bank n o t e s 12,090,000 12,059,000 13,009,000 A l l other r e s o u r c e s 6,790,000 6,032,000 10,071,000 TOTAL RESOURCES 6,356,591,000 6 , 4 1 3 , 4 3 6 , 0 0 0 6,159,760,000 L I A B I L I T I E S Capital p a i d - i n 98,847,000 97,824,000 86,769,000 Surplus 164,745,000 164,745,000 81,087,000 Gov3:-; lent d e p o s i t s 17,845,000 47,378,000 77,912,000 Due to members - Reserve account 1,801,864,000 1,777,256,000 1,863,379,000 Deferred a v a i l a b i l i t y items 601,624,000 631,326,000 842,047,000 Ctho: 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 25,708,000 26,923,000 98,494,000 Total g r o s s d e p o s i t s 2 , 4 4 7 , 0 4 l , 000 2,482,883,000 2,881,832,000 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 3,328,985,000 3,35^,150,000 2,808,456,000 F. R. r.ctes in c i r c u l a t i o n - net l i a b i l i t y 215,080,000 214,533,000 257,281,000 A l l ouhsr l i a b i l i t i e s 101.893. 000 . 99,271.000 44.335.000 TOTAL LIABILITIES 6,356,591,000 . 6,413,436,000 6,159, 760,000 Rati.. c f 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. B. n o t e l i a b i l i t i e s combined U3.6$ 43.0% 47-1% Pt£»t~:.c of gold r e s e r v e s to F . B . n o t e s i n c i r c u l a t i o n a f t e r s a l 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 ^7-9/° 47,0$ 55-2$ «: maiiii 1I?~~ jpgifgiiiii i a mi R e l e a s e d for CLOSE OF BUSINESS m V E M B m ^ , ^ ^ ^ u. S. Government bonds s ini8btedness -;iiaHESsfts Barikpremises U T c t ^ n f f ^ " ^pfsifs" 5 All % - — 55| «k| . c,cvjj> 53,648 — 1.07J Otner resources . >xx^' ^ 10 ag: - i£ 3 l 41 43 l > - - - 1 9 2 3, ^5 SI *i Si * 157,754 61,973 74,4o3 65,6=9 30,079 97,595 46,0=5 26,85* 62,066 49,666 4i,46l a,597 1,300 1.139 %i 503 1.665 623 69 573 916 586 % 772,277 ig.% 1,875,850 487,123 617,734 288,933 274,824 955,686 268,455 171,529 271,561 197.309 445,434 6,356.591 TOTAL RESOURCES (a) 1 , ^ f0r 55,414 - 24,503 120,266 7,000 - id, (jo - - - - - - - ^ , „ . . - - (b) Includes bankers' a c c e p t a n c e s bought from other F,E.Banks: Without t h e i r endorsement _ - 19,736 Released f o r p u b l i c a t i o n Sunday morning, November l 4 , 1920; n o t e a r l i e r • st.1569c. RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BAIIKS AT CLOSE OF BUSINESS NOVMBER 12, 1920. ( i n thousands of d o l l a r s ) L I A B I L I T I E S Federal Reserve Bank Hoston New York P h i l a . Cleve1. Ricbm. 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. Total Capital p a i d - i n 26,240 7,669 8,426 10,320 5,268 4,000 13,777 4,308 3 , 3 8 8 4,507 4,083 6,361 98,847 Surplus 12,351 51,308 13,069 1 3 , 7 1 2 8,067 7,050 23,917 5 , 8 8 4 5,17s 8,395 4 , 1 5 2 11,662 164,745 Cover merit d e p o s i t s 1,188 3 ,.8 3. 4 2,396 1,626 1,03 9 580 1,219 910 1,921 1,749 944 439 17,845 Due to members - r e s e r v e account 120,615 712,744 112,813 150,276 55,646 47,192 249,320 63,308 46,262 78,628 4 9 , 7 4 2 114,318 1, 801^864 Deferred a v a i l a b i l i t y items 46,658 110,025 49,922 60,884 57,422 21,993 66,292 4 i , g 4 i 22,717 4 9 , 4 2 9 3 9 , 5 7 7 3 4 , 8 6 4 601,624 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 550 16.869 1.242 436 246 681 409 315 3.095 25.708 JOI 1,353 Total g r o s s d e p o s i t s 169,011 843,472 166,373 213,222 114,412 69,972 3 18,684 106,7k) 69,664 130,387 91,383 153,721 2,44?,o4l F. Bv n o t e s i n actual c i r c u l a t i o n 289,04l 872,609 272,469 3 51,659 146,700 176,195 546,615 137,348 82,729 109,161 87,797 256,662 3,328,985 F. TU Bank n o t e s i n c i r c u l a t i o n net l i a b i l i t y 18,369 38,226 21,594 2 2 , 2 2 4 11,623 14,176 37,220 10,572 7,853 15,086 7 , 4 8 4 10,653 215,080 All other l i a b i l i t i e s 5.712 43,995 5.192 6,597 2,863 3 , 431 15,473 3,603 2,717 4,025 2,4io 5,375 101,893 TOTAL LIABILITIES 502,153 1,875,850 487,123 617,734 288,933 274,824 955,686 268,455 171,529 271,561 197,309 445,434 6,356,591 Ratio 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.R. n o t e l i a b i l i t i e s combined,per cent 51*1 38>3 51.1 55.2 £5*3 4© .3 4o.2 42.0 39-2 39.9 41.7 48.1 43.6 MEMORANDA Contingent l i a b i l i t y as endorser on d i s c o u n t e d paper rediscounted w i t h other F. R. Banks 38,000 23,680 26,250 4o,503 27,089 200,183 9,520 3 5 , l 4 l Bankers 1 acceptances s o l d to other F. R. Banks without endorsement 19,736 19,736 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 1,368 6,076 1,280 1,312 4i6 16,204 76 s 784 576 1,904 752 432 736 FEDERAL RESERVE NOTES OUTSTANDING- AND IN ACTUAL CIRCULATION F« R. n o t e s outstanding 303,238 999,449 285,706 3 70,756 151,816 1 8 0 , 5 2 1 629,958 156,014 84,446 114,473 92,75s 290,898 3,660,033 F. R. n o t e s held by banks l4,197 126,840 13,237 19.097 5,116 4,326 83,343 1 8,666 1,717 5,312 4,961 34,236 331.048 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 289,o4l 872,609 272,469 3 5 1 , 6 5 9 146,700 176] 195 546^615 137,'34s 82)729 109*161 87]797 256,'662 3 , 3 2 8 ^ 8 5 DISTRIBUTION OF BILLS AND U. S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES Within 15 days l 6 t o 30 days Over 90 days Total 31 to 60 days 6 l to 90 days B i l l s discounted 1,599,696 301, 964 36,686 2,784,750 338,166 508,238 B i l l s bought i n open market 119,593 64, 595 20,054 287,854 83,612 U. S. C e r t i f i c a t e s of indebtedness 16,592 12,499 206,422 269,310 24,850 8,947 Released for p u b l i c a t i o n Sunday morning, November l 4 , ig20; not e a r l i e r , FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS NOVEMBER 12, 1920. ( i n thousands of d o l l a r s ) Federal Reserve Agent at Boston New York RESOURCES Federal Reserve n o t e s on hand ' 120,500 139,800 Federal Reserve n o t e s o u t s t a n d i n g 303,238 999,%%9 C o l l a t e r a l s e c u r i t y for Federal , Reserve n o t e s outstanding: Gold and gold c e r t i f i c a t e s 5,900 209,608 Crcld redemption fund 18,750 16,1^3 Gold s e t t l e m e n t fund-F.R.Board 110,000 25,000 E l i g i b l e paper Amount required 168,588 7^8,698 E x c e s s amount held 44,816 259,488 TOTAL Phi l a . Cleve 1. Richm. A t l a n t a Chicago St .Louis Minn - Kans.Cy. St.l^o^d. D a l l a s San Fran. Total 35,680 32,000 27,519 61,295 285,706 370,756 151,816 180,521 132,0%0 1 6 , 9 8 0 . 12,265 8,%6o 629,95% 156,0lU 84,446 l l 4 , 4 7 3 13,%70 W,380 6oU,3gg 92,752 290,898 3,660,033 32,025 15,809 21,044 101,389 100,000 5,260 13,052 8,858 3,789 1,288 l 6 0 , 1 4 5 38,531 12,200 6,831 6,064 13,73% 2,901 48,500 3,500 2,717 57,000 16S, 508 217,687 100,415 117,304 3 , 2 2 9 24,952 19,191 23,250 3 , 877 35,3^0 16,863 80,951 276,776 118,103 782,810 46o,955 107,834 57,906 75,236 66,129 193,084 2,%82,3%% 39,646 11,029 10,202 39,%7% 12,339 %,3Q3 %91,919 771,792 2,398,186 610,321 7 9 8 , 4 6 4 350,3%2 445,587 1,431,602 3%0,037 191,359 276,880 211,325 590,47 9 8,4l6,37% L I A B I L I T I E S Federal Eeserve n o t e s r e c e i v e d from Comptroller - g r o s s 726,400 2,326,500 666,680 697,020 388,200 *408,380 1, 237,220 38%, 780 187,720 2 6 2 , 0 2 0 196,160 530,760 8,011, 840 Less amounts returned for destruction 302,662 1,187,251 3%5,29% 2g4,264 208,865 166,564 475,222 211,786 91,009 139,087 423,732 1,139,249 3 21,386 402,756 179,33 5 2 4 l , Sl6 761,992 172,99% 96,711 122,933 106,228 295,27 2 4 , 2 6 4 , 4 2 2 134,650 250,751 117,192 153,069 51,401 63,217 213,4p4 1,008,186 171,73 7 242,639 119,606 l4p, 554 169,003 48,120 26,5%0 3 9 , 2 3 7 500,601 118, 863 6 8 , 1 0 8 114,710 Net amount of Federal Reserve n o t e s r e c e i v e d from Campt r a i l e r of the Currency C o l l a t e r a l r e c e i v e d from Federal Reserve Bank: * Gold E l i g i b l e paper TOTAL 89,932 235, %22 3 , 7 4 7 , 4 1 8 26,629 97,814 1 , 1 7 7 , 6 8 9 72,468 197,327 2,97%, 263 771,792 2,392,126 610,321 798,%64 350,3%2 445,587 1,431,602 3%0,037 191,359 276, 880 211,325 590,%79 2,4i6,37%
@FedFRASER