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STATEMENT FOR THE PRESS Released f o r p u b l i c a t i o n St.SUlS. Friday morning, Nov, 18; Federal Reserve Board, net e a r l i e r . November 17, 1921. CONDITION OF FEDERAL RESERVE BANKS Aggregate gains of $8,700,000 of cash r e s e r v e s , of which $7,600,000 r e p r e s e n t s a gain of gold, combined with a t o t a l i n c r e a s e of $10,S00,000 i n deposit l i a b i l i t i e s and a r e d u c t i o n of $22,600,000 i n Federal reserve note c i r c u l a t i o n , are i n d i c a t e d by t h e weekly c o n s o l i d a t e d bank s t a t e ment, issued by t h e f e d e r a l Reserve Board as at close of b u s i n e s s on November 16, 1921, The reserve r a t i o shows a f u r t h e r r i s e f o r t h e week from 71.4 to 71«8 p e r c e n t . A l l c l a s s e s of earning a s s e t s show smaller t o t a l s than t h d week b e f o r e : b i l l s secured by United S t a t e s o b l i g a t i o n s - by $21,700,000; o t h e r d i s c o u n t ed b i l l s - by $26,300,000; acceptances purchased i n open market - by $21,300,000; United S t a t e s bonds and notes - by $2,000,000; Pittman c e r t i f i c a t e s on deposit with t h e Treasury t o secure Federal reserve bank n o t e c i r c u l a t i o n - by $6,000,000, and o t h e r Treasury c e r t i f i c a t e s , l a r g e l y h e l d under repurchase agreements by tlie New York reserve bank - b y $1,900,000. Total earning a s s e t s of the reserve banks,,, i n consequence of t h e changes ^ o w a d e c l i n e f o r t h e week of $79,200,000 and on November 16 stood at $1,482,200,000, o r about 55 p e r cent below t h e t o t a l r e p o r t e d about a year ago, Of t h e t o t a l holdings of $^31,900,000 of b i l l s secured by United S t a t e s Government o b l i g a t i o n s , $315,900,000, or 73-1 p e r c e n t , were secured by Liberty and o t h e r U . S. bonds, about $81,000,000, or 18,8 p e r cent - by I1® ^ n S S ' $16,500,000, or 3 . 8 p e r c e n t , - by Treasury n o t e s , and bef 0 re • F u r t h e r r e d u c t i o n from $21,200,000 to $13,900,000 i s shown in the amount of paper h e l d under rediscount f o r o t h e r reserve banks by the Boston, New York and Cleveland banks, Richmond r e p o r t s a t o t a l of $5,000,000 of b i l l s r e d i s c o m t e d w i t h the New York reserve bank, the amount reported on the previous Wednesday. A t l a n t a shows a r e d u c t i o n i n b i l l s r e d i s c o m t e d with the Boston and Cleveland banks from $10,700,000 t o $7,900,000 while Dallas was able to reduce i t s rediscounts with the Boston bank from $5,500,000 to l e s s t h a n $1,000,000, Government d e p o s i t s a r e shown $2,300,000 l a r g e r t h a n t h e week b e f o r e . Reserve d e p o s i t s i n c r e a s e d by $3,900,000, while o t h e r d e p o s i t s , composed $? r fo0 000 n o n - n m b e r s 1 c l e a r i n g accounts and cashier's* checks, went up Federal reserve n o t e c i r c u l a t i o n shows a decline f o r the week of $22,600,000 r mainly i n consequence of s u b s t a n t i a l r e t i r e m e n t s by t h e Eastern reserve banks and the Reserve bank of Chicago. The November 16 t o t a l of $2,398,200,000 r e p r e s e n t s a new low record f o r t k e y e a r and a reduction of nearly p e r cent from the peak a t t a i n e d on December 2J of l a s t year• Aggregate n e t l i a b i l i t i e s of the Federal r e s e r v e banks on Federal reserve bank notes i n c i r c u l a t i o n show a f u r t h e r d e c l i n e f o r t h e week of $5 700 000 as against a reduction of s l i g h t l y over $1,000,000 i n a c t u a l c i r c u l a t i o n ' of these notes reported by the Treasury. Bel; 3d f o r p u b l i c a t i o n F r i d a y morning, November I S , 1921; not e a r l i e r . St.24lSa. RESOURCES AND LIABILITIES 05 TIC TWELVE FEDERAL RESERVE BANKS COIffllN!®( i n thousands of d o l l a r s ) RESOURCES Gold and gold c e r t i f i c a t e s . . . Gold s e t t l e m e n t f u n d - F.R.Board Gold w i t h f o r e i g n a g e n c i e s . . . Total gold h e l d by banks . . Gold with F e d e r a l Reserve Agents Gold redemption f u n d . . . . . . T otal gold r e s e r v e s . . Legal t e n d e r n o t e s , s i l v e r , e t c . . . . Total r e s e r v e s B i l l s discounted: Sec. by U.S. Government o b l i g a t i o n s . All o t h e r B i l l s bought i n open market . . . . . Total b i l l s on hand U. S. bonds and n o t e s . . . . . . . . U. S, C e r t i f i c a t e s of i n d e b t e d n e s s : One-year c e r t i f i c a t e s (Pittman A c t ) . All other . . . . . . Total e a r n i n g a s s e t s . . . . . . Bank premises . . y/o Redemption f u n d a g a i n s t F, R. Bank n o t e s . . . . Uncollected items . . . . All o t h e r r e s o u r c e s . . . TOTAL RESOURCES . ; . Nov. 19. 1920 170,266 400,675 74.303 Nov. l 6 . 1921 473,760 424,014 Nov. 9. 1921 897,774 1,810,060 969,973 1,723,523 645,247 1,205,746 157.117 2,008,110 172.118 2,180,228 453,621 34,117 1,158,907 1,514,467 275.227 2,948,601 26,940 132,500 51.262 138,500 53,0.92 259,375 ... 71,719. 1,482,238 32,571 1,561,36s 32,005 3,306,695 7,813 687,243 ___i8,4ii 7,866 521,847 17.999 12,376 803,304 5,197,830 5,101,868 6,326,800 103,166 213,824 103,120 213,824 93,929 164,745 30,549 30,792 1,670,124 . 25,949 1,726,865 12,259 1,781,806 26.228 2,420,831 3,307,435 74,786 591,324 24.147 80,524 478,024 24.202 213,881 616,871 5,197 , 830 5,101,868 6,326,800 469,250 500,723 122,803 2,816,299 l44.4s4 2,960,783 116.067 2,8231901 145,567 2,969,468 431,891 ^ 7 66,12^ ^ 68,3(0 1,266,3^4 32,127 792,399 t UL 89. &£T° 1,335, r trL* 17,047 .. 7,150 L I A B I L I T I E S Capital p a i d i n Surplus . . . . . Reserved f o r G o v ' t , f r a n c h i s e t a x Deposits: Government Member bank - r e s e r v e account . All o t h e r . . . . . . . Total deposits 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 F.R. 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 , Deferred a v a i l a b i l i t y items . . All o t h e r l i a b i l i t i e s . . . . . TOTAL LIABILITIES 54,643 1,737,716 2,398,224 54,47s 1,820,293 104.646 Ratio of t o t a l r e s e r v e s t o d e p o s i t and F.R. note l i a b i l i t i e s combined . . , 71 . Sfo 71.45s *44.1$ Ratio of gold r e s e r v e s t o F.R. n o t e s in_circulation a f t e r setting aside 35f» a g a i n s t d e p o s i t l i a b i l i t i e s . . 98.5^ 97.3f» *48.6^ • C a l c u l a t e d on b a s i s of n e t d e p o s i t s and F. R. n o t e s i n c i r c u l a t i o n , Released f o r p u b l i c a t i o n Friday morning, November I S , 1921; not e a r l i e r . RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BAMS AT CLOSE OF BUSINESS NOV. l 6 , 1921. ( i n thousands of F e d e r a l Reserve Bank of Gold and gold c e r t i f i c a t e s Gold settlement f u n d - F.R.Board Total gold h e l d by banks 44 619 ' ^4,175 54,032 54,162 19,481 10,553 116,213 26,359 27,240 32 71s Gold w i t h F. R. Agents Gold redemption fund Total gold reserves 247,641 1,043,668 214,299 227,134 62,284 60,4o6 455,626 96,503 47[334 66^331 1 > ls Legal t e n d e r n o t e s , s i l v e r , e t c . ^^ 5),6l9 6,181 7 , 4 l 6 5.724 7,652 19.928 13,182 478 5,846 Total reserves 263,159 1,097,287 220,480 234,550 68,008 68,058 475,554 109,685 47,812 72,177 B i l l s discounted: (a) Secured by U.S. Govt, o b l i g a t i o n s All o t h e r B i l l s bought i n open'market Total b i l l s on hand 74,279 210,740 97,955 134,756 104,078 100,119 192,483 68,301 63,0# 77,84i U* S» bonds and notes 622 47 1,434 856 1,233 10,387 4,490 1,226 X16 8,869 U. S. C e r t i f i c a t e s of indebtedness: 7 ssi s I r s gs 55 " S 15 IS ^ " ^ oLt h=eer r t i I i C a t e S < P i t t m n All W<viA*-^r T o t a l earning a s s e t s ACt) Bank premises 5$ Redemption fund against F. R. Bank notes 1 0 '$! 85,897 4,560 422 Uncollected items All o t h e r resources 69,889 TOTAL RESOURCES (a) Includes b i l l s discounted f o r other F. R, Banks, v i z : S ' m Jzlilil % S'3 « .a t'S fq°7 197 1 0 -°t 193 3,760 - B -5 6 U 1 ^ 4,105 7,069 170 dollars) Dallas San Fran. Total 7,325 17,969 473,760 3,948 48,480 424,0i4 »0,449 <11,773 66 897,774 12,788 202,952 l ,810,060 2,327 6,386 116,067 26,888 275,78/ 2 ,823,901 6,709 3,314 145,567 33,597 279,101 2,969,46s 'MS IS eg 3S 31 m lk st.aUigb, 4,950 18 5,3=0 18 9,698 26,813. 431,891 46,116 54,563 766,12s 90 5,429 6S.1K& 55,904 86,805 1,266,3)^^ 2,643 204 32,127 1,900 7,880 17 132,500 51,262 294,164 113,586 145,345 109,071 119,071 222,245 76,766 68,1^2 92,048 60,447 94,906 1,482,2*38 6,025 533 3,503 2,856 925 5,779 62s 734 4,162 2,141 725 32,571 700 539 188 560 1,665 523 193 916 156 152,048 64,076 64,631 55,586 24,822 83,315 38,595 17,721 43,809 29,756 1,557 46&_ •—3jl18i 4i4 424,392 1,554,262 399,789 6,741 5,000 '- 1,030 64o 1,871 450,098 236,143 214,076 790,429 2,160 434 804 349 560 2,800 227,001 135,501 213,672 128,897 ^ 394 42,995 5,449 7,813 687,243 18.497 423,570 5,197,830 13,901 Released f o r p u b l i c a t i o n Friday morning; Nov. IS, 1921; not e a r l i e r . St.24lSc. RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOV. 16, 1921. (In thousands of d o l l a r s ) L I A B I L I T I E S Total CleveRich. Atlanta Chicago St.Louis Minn. Kans.Cy- Dallas San Fran. New York Phi la» Boston Federal Reserve Bank 103,166 3,561 4,535 4,200 7,409 11,120 5,417 4,176 14,397 4,567 27,134 8,713 Capital paid i n 7,937 213,824 9,114 7,303 9,330 7 , H 3 15,207 8,708 30,53b 16,342 59,31S 17,564 22,263 11,026 Surplus 2,822 54,643 20,408 2,761 3,607 2,956 2,625 4,073 9,545 1,468 2,208 1,970 Reserved f o r Govt, f r a n c h i s e tax Deposits: 33,103 660 4,132 3,763 2,225 2,494 1,784 2,299 1,954 1,924 2,876 6,604 2,388 Government 653,748 101,065 129,977 51,001 43,329 242,927 61,915 40,702 68,605 43,220 122,221 1,674,064 Member bank - reserve account 115,35% 306 4,648 •498 625 840 504 869 30,549 17,078 1,384 914 397 2,486 All other 118,582 Wl,430 103,109 135,023 53,268 45,951 247,907 64,568 43,499 71,184 45,450 129,745 1,737,716 Total d e p o s i t s 634,716 200,725 216,598 109,224 122,823 405,658 102,914 57,413 69,663 37,888 225,139 2,398,224 F. R. n o t e s in a c t u a l c i r c u l a t i o n 215,458 F» *R. Bank notes i n c i r c u l a t i o n 74,786 7,140 7,483 3,360 4,420 3,639 12,391 2,534 3,527 17,101 4,582 4,859 3,750 net l i a b i l i t y 591,32% 113,527 60,281 55,774 47,215 20,039 70,337 39,713 16,471 42,946 29,828 37,715 57,478 Deferred a v a i l a b i l i t y items 24,147 l,4i4 4,628 1,208 1,505 1,418 1,166 4,566 1,297 1,402 1,653 1,884 2,006 A l l other l i a b i l i t i e s TOTAL LIABILITIES 424,392 1,554,262 399,789 450,098 236,143 214,076 790,429 227,001 135,501 213,672 128,897 423, 570 5,197,830 Ratio of t o t a l r e s e r v e s to d e p o s i t and F. R. 47.4 51.2 40-3 78.6 71*8 n o t e l i a b i l i t i e s combined, per cent 7S-8 83*6 72*6 66-7 4l*3 4-0-3 72-8 65*5 Contingent l i a b i l i t y as endorser an discounted pciper redisccrunted with other F. R. Banks 5,000 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 2,336 F- R. n o t e s outstanding F. R. n o t e s held by banks F. R. notes i n a c t u a l c i r c u l a t i o n 234,707 19,349 215,458 B i l l s discounted B i l l s bought i n open market TJ. S. C e r t i f i c a t e s of indebtedness Within 15 674,047 37,797 27,498 12,066 7,931 970 13,901 2,560 2,624 1,568 1,152 3,808 1,504 864 1,536 832 1,472 32,322 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION 762,064 219,757 236,689 118,791 127,830 444,999 123,536 59,832 75,675 41,588 271,475 2,716,943 127,3^8 19,032 20,091 9,567 5,007 39,3^1 20,622 2,4i4 6,012 3,700 46,336 318,719 634,716 200,725 216,598 109,224 122,823 405,658 102,914 57,418 69,663 37,888 225,139 2,398,224 DISTRIBUTION OF BILLS AND U. S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES Over 90 days Total 6l to 90 days 31 to 60 days days 16 to 30 days 1,198,019 , 51,710 124,915 194,373 152,974 6,70S->' 68,3]f0 13,384- 7 7 73 10,368 183,762 120,919 4,900 20,100 10,345 3 /o n R e l e a s e d f o r p u b l i c a t i o n Friday w a r n i n g , Nov. 18, 1921; not e a r l i s r . __ FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS NOV. ±o, I S c l . Boston F e d e r a l Reserve Agent a t New York ( I n thousands of d o l l a r s ) P h i l a . CIeve. Rich. A t l a n t a Chicago S t . L o u i s Llinn. Kans.Cy. E&llas San Fran. Total R E S O U R C E S Federal Reserve n o t e s on hand F e d e r a l Reserve n o t e s o u t s t a n d i n g C o l l a t e r a l s e c u r i t y f o r Federal Reserve n o t e s o u t s t a n d i n g : Gold and g o l d c e r t i f i c a t e s Gold redemption fund Gold f u n d - F, R. Board E l i g i b l e paper Amount r e q u i r e d Exc e s s amount h e l d TOTAL 98 760 234,707 5,600 313,350 27,220 42,180 25,159 77,748 762,064 219,757 236,659 US,791 127,830 396,925 - 18,375 15,280 26,568 14,901 15,637 171,000 135,329 135,000 53,827 20,452 167,571 16,665 160,000 69,467 11,805 67,677 67,055 l69,OUO 26,460 14,230 3,2)0 19,249 36,360 .253,606 123,536 3 9 , 8 3 2 75,675 to-,588 271,475 2,716,943 444,999 34,595 37,800 6,110 13,052 15,260 3,411 2,659 1,608 259,644 57,231 2,200 26,360 81,940 20,283 82,571 17.161 140,095 5 6 , 7 8 4 4 l , 9 2 1 4 7 , 7 0 7 28,800 68,523 52,229 11,566 1 9 , 2 4 0 30,076 26,397 17,800 - 2,256 3,^00 4,059 6,701 3,853 2,234 588,626 1,854,143 478,539 582,613 283,024 350,569 1,111,267 284,898 1J3,13U 184,676 129,422 17;077 185,875 - 450,163 122,569 1,237,328 906,& S3 310,929 597,110 6,598,021 L I A B I L I T I E S Net amount of Federal Reserve - 333,467 i , 0 7 5 , 4 i 4 246,977 278,569 143,950 205,578 t r o l l e ^ o f X t h e Currency^ 74,062 78,925 61,437 304,904 66 , 752 1 7 , 9 H 192,324 68,150 6 l , l 6 l 27,968 77,783 12,788 202,952 1,810,060 6 i 4 , 0 3 9 149,99 6 307,835 3 , 5 7 0 , 5 ^ 9 C o l l a t e r a l r e c e i v e d from Fe Gold"L R e S e r V e B a E k E l i g i b l e paper TOTAL f * 180,820 74,279 594,493 184,236 150,290 169,012 36,851 8 1 , 2 7 2 134,732 102,225 588,626 1,854,143 478,539 5.82,613 283,024 45,259 99,732 350,569 86,323 1,217,412 1 , 1 1 1 , 2 6 7 284,898 153,13% 1 8 4 , 6 7 6 129,422 597,110 6,598,021 55,197
@FedFRASER