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STATEMENT FOR THE PRESS
St. 3793
Federal Reserve Boa.rd 1
November 15, 1923.
Released for publication
Friday morning, Nov. l6j
not earlier.
CONDITION OF FEDERAL RESERVE BANKS
A further reduction of $26,300,000 in holdings of discounted bills, as ag&i.nst
an increase of $20, 4oo, 000 in acceptances purchased in open market , together with au
increase of $14,100,000 in cash reserves and a decline of $2,500,000 in Federal reserve note cirC'."Q.lation, are shown in the Federal Reserve l3oa.rd' s weekly consolidated
statement of condition of the Federal reserve b1nks at close of business on November
14, 1923. Member banks 1 reserve deposits in~reased by $48,500,000 and Government
deposits- by $26,4oO,OOO, more than offsetting the reduction of $49,300,000 in deposit liabilities reported the week preceding. The reserve ratio de~lined from 76.5
to 75.6 per cent.
The Federal Reserve ]ank of Chicago reports the largest reduction in holdings
of discounted bills - $22,800,000, New York and San Francisco show declines of
$12,100,000 and $8,900,000, respecti ve1y, While Richmond, Atlan ta 1 Kansas City, and
Dallas report an aggregate reduction of $7,500,000. Increases of $ll+,OOO,OOO and .
$~,000,000, respectively, are shown for Boston and Philadelphia, and a total ln~
crease of $7,000t000 for the three remaining banks. Paper secured by U. S. Government obligations declined by $4,100,000 during the vreek to $3D ,500 ,000. Of the
total held on November 14, $238,500,000 was secured by Liberty and other U. S. bonds,
$119,4oO,OOO - by Treasury notes, and $15,600,000 - by certificates of indebtedness.
Federal reserve note circulation increased by $4,700,000 at the Cleveland bank,
$4,200,000 at Philaoelphia 1 $2,500,000 at Kansas City, and $5,200,000 at five other
banks. These increases were, however, more than offset by de~lines of $11,700,000
reported by New York, $3,700,000 by Chicago, $3,100,000 by Boston, and $700,000 by
Dallas.
A further increase of $11,100,000 in
The Federal Reserve Bank of Chi~ago shows
an increase of $11,700,000, and AtlantaNew York, Boston, and Philadelphia report
$9,4oO,OOO, respectively.
gold reserves is reported for the week.
an increase of $26,300,000, San Francisco an increase of $7,100,000. The banks at
reductions of $20,400,000, $16,600,000 and
A surorr1ary of changes in the principal assets and liabilities of the reserve
banks, as compared with a week and a year ago, follows:
Increase
or
Decrease
In millions of dollars
s5.nce
!:Jov.:..J:_2.t_l92~
Nov. 7, 1923
Total reserves .
Gold reserves
...
+ 14.1
+ 11.1
+ 4. 6
+ 60.2
5. 9
26.3
4.1
22.2
- 89.2
+138.3
+ 43.3
+ 95.0
Total earning assets . .
Discounted bills, total . . . . . . . .
Secured by U. S. Government obligations
Other bills discounted • . . . . . . .
·Purchased bills
......
Unit,ed States securities, total
Bonds and notes • . . . . . . . .
U. S. Certificates of indebtedness •
Total deposj. ts . . . . . . .
Members' reserve deposits
GovernrrJent deposits
Other depos:i. ts
. . . . .
Federal Reserve notes in
w.
cir~ulation
..
•
7.6
+ 20.4
+
+
3.2
3.2
-235.4
- 93.1
-142.3
+
73.0
1.9
+
+
+
2. 5
- 58.2
+ 48.5
+ 26.4
42.9
53.7
12.3
1.5
Released for publication Friday morning, November 16, 1923; not earlier.
St. 3793a
RESOu1RCES AND LIABILITIES
OF JlHE TVJELVE FEDERAL RESERVE BANKS COMBINED
(In thousands of dollars)
RESOURCES
Gold ancl gold certificates .
Gold settlement fund- F. R. Board .
Nov. 14, 1923
338,047
584,046
Total gold held....ki....Q~ .
Gold with Federal Reserve Agents
Gold redemption fund • • .
Total gold reserves
Reserves other than gold .
972,093
2,107,168
54,748
3,134,009
75,3 70
Total reserves • . •
Non-reserve cash , • • • •
Bills discounted:
Sec. by U.s.. Government obligations
Other bills discounted • •
Bills bought in open market
Total bills on hand • . . .
U# S. bonds and notes
U.. S. Certificates of indebtedness •
Mu.nic ipal warrants· . •
Total earning assets . .
Bank premises • • • . . . .
5% Redemption fund against
F. R. Bank notes
Uncollected items
All other resources
3,209,379
72,860
Total deposits
F. R. notes in actual circulation
F. R. Bank notes in circulation net liability • • .
Deferred availability items
All other liabilities
1,059' 562
78,657
11,663
317
1,150,199
56,162
-~6o·,894
913,699
171, 732
153,932
317
27
1,156, 059
1,239,440
45,650
55,954
23
533,520
3,535
_14,~_19
5,073,023
5,329,537
110,023
218,369
lC9, S35
213,369
106,448
215,393
..
44,911
1,913,355
24,165
18,485
1,864,303
26,090
57,252
1, 359,652
22,606
•
1,982,431
2,263,048
1, 909, 3S3
2,265,556
1,939,510
2,321, 219
507
691,589
24,505
5,290,472/
517
(a)550,606
(a) 23, 75l
29,327
691,406
26,279
5,078,023
5,329,557
Ratio of total reserves to deposit and
F. R. note liabilities combined
Contingent 1 iabili ty on bills purchased
for foreign correspondents • . . •
330,285
322,520
321,132
__15,070
TOTmL LIABILITIES
c.
377,705
439,747
243,028
1, 065,430
75,440
14,852
28
787,899
13,945
5,290,472
TOTAL RESOURCES . .
L I AB I L I T I E S
Capital paid in .
Surplus • . . .
Deposits:
Government
Member bank - reserve account
Other deposits
3 73,536
417,576
263,450
Nov. 7, 1921 _:Nov. 15. 1922
276,414
373,643
651,930
573,514
928,344
947,157
2,078,901
2,107,970
_66,603
6 7, 739
3,073,548
3,122,916
130,912
72,325
3,204, 760
3,195,241
68' 172
*
76. 59~
35,709
38,946
*Not shown separately prior to January 1923.
(a)Revised figures.
32,501
~
,,f
r
f
f
t
St. 3793h
Releaaed for publication Friday morning, November 16, 1923; not earlier.
RESOURCES .AND LIABILITIES OF THE FEDERAL RESERVE BANKS AS AT CLOSE OF BUSINESS, NOVEW.t.BER 14, 1923.
(In thou.sro1ds of dollars)
RESOURCES
Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Total
Boston New York Phil a. Cleve.
Federal Reserve Bank of )
338,047
6,140 48,503
4,6oo 3, 776 3,124 11,697 21 ,_,~46
13,221
13,295
196,532 39.344
21,419
Gold and gold certificates
584,o46
16,647
56,5zg
201392
42,643
111,912
221143
30,291 29.293 36.111
39.031
7h356
Gold settlement fund - F.R,Board 44.714
28,344 77,925
45,433
26,533
160,415
972,093
34,397 33,0&, 39.901
32'
192
102'
303
26<)
.933
66,133
f.i_lotal gold held by banks
2,107,168
46,803
72,
l:p
400,690
35,514
33,149
634,147 16<),314 209,121 56,055
28 '44 3 223' 761
197' 516
Go~d with F. R. Aeents
6,311
2,252
}.920
4.331____ 54.743
2.661
11!.0~5
4~5
9$210
4.196~020
5.5ll...
5al42
Gold redemption fund
59,039 )06, 043 3,134,003
913.295 256,202 312,479 105,413 103,731 567,916 74,996 37,533 73,563
263,794
Total gold reserves
2,o64
736
6,674
8,435 9. 775
3.470
6,62~.553
75.310
11,05g
3.592 .3.:.~35
_6,400
Reserves other than gold
65,713 303,107 3,203, 379
930,354 262,329 317,032 109,005 103,666 576,351 84,771 33,324 32,033
275,194
Total reserves
6,601
1,620
8,135
7,684
72,360
7,430
2,557
1,575
3,&34
2,437
5,373
10,652
14,747
Non-reserve cash
Bills discounted:
Secured by U,S.Govt • .;diigat ions 19,236
30,361
Other bills discounted
]0,232
Bills bought in open market
79,379
Total bills on hand
u. s. bonds and notes
4,347
U, s, Certificates of indebtedness
64
Municipal warrants
34,290
Total earning assets
4,434
Bal.il.-t: premises
5%
117,986 39,149 '42' 571~
44,300 17,616 27,964
13,420 26.031 2~3_
240,706 32,846 99,931
9,953
7,505 17,367
Be<)
38
9,225
24,857
36,639
2.362
63,353
1,341
22,520 39,033 20,934
5,608
55,255 43,512 52,810 18,742
9.752 39.453
~
50
37,527 121,993 73,773 24,400
204 3,493
7' 390
1, 320
1
~1
257,436 100,251 llO, 743
9, 797
13,806
744
65,199 . 3"7, 733 131,816
2,617
2,922
8, 715
Redmnpt ion fund against
:a. Bank notes
Uncollected
iterr~
All other rescurcds
TOTAL RESOURCES
c.
28
23
F.
63,219
173,131
76,879
74,896
75,063
25,933
1'59
1, 204
346
369
599
663
38,585
44,353
19,491
45,634
37,582
53,103
787,399
~4 --~.!...13~-=2.1...'5L::.4~o__ ..lJ_?£:61!:.._____..,~3~·12:!:!::.:!:1_23c,6!:2~6_ ____-!.1.LJ3·Li9~45
447,043 1,391,583 443,486 513,215 254,123 235,152 812,562 211,643 145,630 203,122
172,320 455,585
5,290,472
ReJ.ec ;;,ed ffJr pul:}.l.~ation l',I'ida.y
G.· .......
St. 3793c.
e,, November 16, 1923; not earl:i.er.
'~J LIJJ3ILITIES OF THE FEDERAL RESERVE .BANKS AT CLOSE :.1F :
RESOtfRCES
::NESS NOVErJIEER
14, 1923.
L I AB I L I T I E S
Federal Reserve
Capital paid in
~ank
Boston
of
S'>J.:~p lus
Total deposits
F.R.notes in actual circulation
F. R. ~ank notes in cirrulat:l.on net liability
Deferred availability items
All other liabilities
LIABILITIES
4,323
131,550
184
136,057
222,190
Phila.
~In thousands of dollars)
Cleve. Ri~h. Atlanta Cbic.ago St. Louis
29,438 9,879 12,348 5,755
59,800 18,749 23,495 11,288
7,890
16,312
Depvsits:
Government
Member bank- reserve a('.c.c,mt
Other deposits
TOT~\1
NE>w York
4,435 15,193
8,942 30,398
5,003
9,665
Minn. Kans. Cy. Dallas
3,500
7,473
4,528
9,488
Sful Fran.
4,195 7,859
7,496 15,263
Total
110,023
218,369
44,911
13,600 1,905 3,739 3 ,3li2 3,244 2,733 1,913 1,815 2,387 2,833 3,077
695,828 1161263 1631 7l!8 63,295 53.927 283,980 68,338 49,939 73,433 58,973 154,081 1,913,355
1.1.{)5 4, 534
24,165
4ol~
412
756
14,2l6
831 1,126
154
132 1,011
723,644 118,999 168,613 66,791 57 30 3 28 7' 724 70,655 52,166 76,576 62~211 161,692 1,982,431
443,898 221,153 2~,188 101,824 144,178 4ol+, 13G 76,844 61,253 65,138 57,450 218,796 2,263,048
l
507
507
63~44o
129,911 72,712 65,427 66,979 18,610 72,735 47 }992 19,796 46,155 38,053 49,779 691,589
24,505
1,154
4,892 1,994 2,144 1,491 1,684 2,376 1,484 1,442 1,237 2,4o8 2,199
447,043 1,391,583 443,486 518,215 254,128 235,152 812,562 211,643 145,630 203,122 172,320 455,588 5,290,472
Ratio of total reserves to deposit
and F. R. note liabilities
c.ombi ned , per ('.en t
76.8
79. 7
Contingent liability on bills
_purchased for foreign
~o rre spond ent s
12,195
76.4
77.3
3,092
3,883
64.6
54.4
1,870
1,474
57.5
4,998
1,582
77.9
81.0
57.9
1,222
1,546
1,294
2,553
75.. 6
35,709
FEDEH,\L RESE:hVE NOTES OUTSTANDING AND IN AC'IUAL CIItl-'ULATION
F. R. notes outstanding
F. R. notes held by banks
F.R. notec in actual C!irculation
242,153
19,963
222,190
Within
.. -~~,..:.:Bills dicc:ounted
Bills bought in open rnarket
U. 5. Certificates of i·c.debt.E>d-r.e~s
Mnnic.ipal warrants
713,300 236,021 267,913 112,183 154,823 455,032 90,028 64,239 75,213 61,578 258,185 2,730,668
269,4o2 14,868 21,725 10,359 1C,645 50,896 13,184 2,986 10,075 4,128 39,389 467,620
443,898 221,153 246,188 101,824144,178 4o4,136 76,844 61,253 65,138 57,450 218,796 2,263,0t~g
DISTRIBUTION OF BILLS, U. S. CERTIFICATES OF INDE13TED11ESS AND MFNICIPAL W.J.I.RRANTS BY MATURITIES
From 91 days
15 days
16 to 30 days 31 tc Go days
61 to 90 days
Tctal
Over 6 months
te 6 months
520,155
84,356
9,289
266
84,621
43,17(;
110,911
61,380
1,375
10
54,847
69,118
1
31
19,860
10,426
998
10
718
w.
-.
.
~-
....____ ___ -
- - • -__ ] L _ . . . _
--------
791,112
268,450
11,663
317
s ... 3793d
FEDERAL :RESERVE AGENTS' ACOOUNTS AT CLOSE OF llUSINESS, NOVEMBER 14, 1923.
(In thousands of dollars!
Federal Reserve Agent at
l3oston. New York Phila.
Cleve.
Rich.
Atlanta
Chi~agv
St.Louis Mim.. Kans.Cy. Dallas San Fran.
Total
RESOURCES
Federal Reserve notes on band
Federal Reserve notes outstanding
Collateral ~ecurity for Federal
....
Reserve notes outsta.ndi.ng:
Gold and gold certifieates
Gold redemption fund
Gold fund - F~ R. 13oard
Eligible paper Amount required
Excess amount held
TOTAL
2ij2 ,153
71,450
313,26o 43,000 43,680 27,510 73,727
713,300 236,021 267,913 112,183 154,823
129,64o· .24,390 9,320 J2) 753 24,759 65,800 865,289
455,C32 90,028 64,239 75,213 61,578 258,185 2,730,668
35,300
19,216
143,000
235,531 7,000 8,780
2, l.!oo
27,616 13,925 15,341 3,26o 7' 730
371,000 148,889 185,000 52,795 62,000
. 11,080 13,052
320,53'4
7,391
2,434 1,7.56 3, 789 3,552 12,307 119,972
391,644 22,000 32,000 29,360 17,500 211,474 1,666,662
44,637
35,242
79,153 66,207 5S,792 56,128 82,693
135,002 2,018 40,345 . 4,348 4,606
9,046
.,
54,342 54,514 17,431 42 ,06}/33 ,135 34,ijo4
67,373 19,214
4,929 16,22
19,780 35.760
596,998 1,874,862 517,06o 619,851·256,224 387,979 1,107,077 223,66o 142,727 l99,4o 167,695 617,930 6,711.
11
LIAlliLITIES
Net amount of Federal Reserve notes
received from Comptroller of the Currency
319,603
Collateral received from
Federal Reserve Bank:
Gold
Eligible paper
197,516
79,879
1,026,56o 279~021 311,593 139,693 228,550
6)4,147 169,814 209,121 56,055 72,130
214,155 68,225 99,137 .60,476 87,299
sg4,672 114,418 73,559 1C7,966 86,337 323,985 3,595,957
9.!
4oo,69C 35,511+ 1.!6,808 33,149/28,443 223,781 2,107,168 to
121,715 73,728 22,)60 58,2S§/ 52,915 70,164 1,008,34~
596,998 1,874,862 517,06o 619,851 256,224 387,9791,107,077 223,66o 142,727 199,40~ 167,695 617,930 6,711,
TOTAL
~.
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