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STATEMENT FOR THE PRESS , CONDITION OF FEDERAL RESERVE BANKS A g g r e g a t e r e d a c t i o n s of about 124 m i l l i o n s i n t h e h o l d i n g s of d i s counted. and p u r c h a s e d p a p e r and of 21*6 m i l l i o n s i n F e d e r a l e s e r v e n o t e c i r c u l a t i o n a r e i n d i c a t e d it the F e d e r a l Reserve Board s bank s t a t e m e n t i s s u e d as a t clSsB of "business on November 19> 19 » Government o p e r a t i o n s d u r i n g t h e week i n c l u d e d the payment on November 15 of t h e s e m i - a n n u a l i n t e r e s t on t h e Second L i b e r t y Loan b o n d s , the r e d e m p t i o n of t h e o u t s t a n d i n g b a l a n c e of t h e p r i n c i p a l and i n t e r e s t coupons of 9 3 - 5 m i l l i o n s of l o a n c e r t i f i c a t e s i s s u e d s i x months p r e v i o u s and t h e i s s u a n c e as of t h e same d a t e of 232 m i l l i o n s of six-month l o a n c e r t i f i c a t e s , Pending c o l l e c t i o n of f u n d s from d e p o s i t a r y i n s t i t u t i o n s , seven Reserve Banks advanced t o the Government a t o t a l of 64 m i l l i o n s , a g a i n s t which t h e y h o l d s p e c i a l T r e a s u r y c e r t i f i c a t e s . Net d e p o s i t s show a d e c l i n e of about 42 m i l l i o n s , w h i l e the Banks 1 cash r e s e r v e s show a nominal g a i n of 0• 2 m i l l i o n , ; As a consequence of t h e above changes the r e s e r v e r a t i o i n c r e a s e d from 4 3 . 6 t o 44*1 p e r c e n t , the l a r g e s t p e r c e n t a g e s i n c e J u l y 30 of the p r e s e n t y e a r . C o n t i n u e d l i q u i d a t i o n i s shown f o r a l l c l a s s e s of p a p e r h e l d by t h e Banks, p a p e r s e c u r e d by Government war o b l i g a t i o n s , i n c l u d i n g T r e a s u r y c e r t i f i c a t e s , showing a r e d u c t i o n of 2 2 , 1 m i l l i o n s , a l l o t h e r d i s c o u n t e d b i l l s - a r e d u c t i o n of 89» 3 m i l l i o n s , and a c c e p t a n c e s p u r c h a s e d i n open market - a r e d u c t i o n of 12 + 6 m i l l i o n s * 0ft t h e o t h e r h a n d , T r e a s u r y c e r t i f i c a t e h o l d i n g s , b e c a u s e of the l a r g S amount of s p e c i a l c e r t i f i c a t e s t a k e n from the G o v e r n m e n t , show an i n c r e a s e of 6l»8 m i l l i o n s . T o t a l e a r n i n g a s s e t s were 3,30o *7 m i l l i o n s , o r 6 2 , 2 m i l l i o n s l e s s than on the p r e v i o u s F r i d a y , Of the t o t a l of about 1,158*9 m i l l i o n s of b i l l s s e c u r e d by Government war o b l i g a t i o n s , 597 *4 m i l l i o n s , or 51*5 P e r ° e n t , were s e c u r e d by L i b e r t y b o n d s , 320*6 m i l l i o n s , or 27*7 P e r c e n ^ > ^y V i c t o r y n o t e s , and 240*9 m i l l i o n s , or 30*8 p e r c e n t , by T r e a s u r y c e r t i f i c a t e s , as a g a i n s t 51*7> 28*2 and 20.1 p e r c e n t of a c o r r e s ponding t o t a l of about 1 , 1 8 1 m i l l i o n s r e p o r t e d t h e week b e f o r e . D i s c o u n t e d paper h e l d by the B o s t o n , P h i l a d e l p h i a and C l e v e l a n d R e s e r v e Banks i s i n c l u s i v e of 163*9 m i l l i o n s of p a p e r d i s c o u n t e d f o r the New York Bank and s i x o t h e r Reserve Banks i n t h e South and Middle West, compared w i t h 200 * 2 m i l l i o n s r e p o r t e d a t t h e c l o s e of t h e p r e v i o u s week* Acceptance h o l d i n g s of t h e Boston and P h i l a d e l p h i a Banks a r e shown i n c l u s i v e of 17*3 m i l l i o n s of bank a c c e p t ances p u r c h a s e d from the New York Bank, compared w i t h 19*7 m i l l i o n s , shown t h e week b e f o r e . Government d e p o s i t s were 5 + & m i l l i o n s l e s s and members 1 r e s e r v e d e p o s i t s - about 20 m i l l i o n s l e s s t h a n on t h e p r e v i o u s F r i d a y , o t h e r d e p o s i t s , i n c l u d i n g l a r g e l y 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 a c c o u n t s , a r e shown about 0 . 5 m i l l i o n l a r g e r , w h i l e t h e " f l o a t " c a r r i e d by t h e Reserve Banks and t r e a t e d a s a ded u c t i o n from immediately a v a i l a b l e d e p o s i t s shows an i n c r e a s e of 16.9 m i l l i o n s . The combined r e s u l t of t h e s e changes i n t h e dep o s i t " b l o c k " i s seen i n a r e d u 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 about 42 m i l l i o n s . F e d e r a l R e s e r v e n o t e c i r c u l a t i o n shows a t o t a l d e c l i n e of 2 1 . 6 m i l l i o n s , a l l t h e R e s e r v e Banks, e x c e p t t h o s e of Kansas C i t y and San F r a n c i s c o , r e p o r t i n g , s m a l l e r c i r c u l a t i o n f i g u r e s than the week b e f o r e . There i s a l s o shown a r e d u c t i o n of 1 . 2 m i l l i o n s i n t h e c i r c u l a t i o n of F e d e r a l Reserve Bank n o t e s ' . suit sTira R e l e a s e d f o r p u b l i c a t i o n Sunday ^ r n i j^0^ C E S INABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED. M D Gold redemption fund T o t a l gold reserves Legal tender n o t e s , s i l v e r , e t c . $2 006 110,000 '172*118.000 - ISO 228 000 srer—-siSS ' B i l l s "bought i n open market G 9^8,601,000 Total b i l l s on-hand U . S . Government b o n d s U. S. Victory notes . . . . U. S. C e r t i f i c a t e s of indebtedness ' Total earning a s s e t s ^ a . * * * , ™ * , » B r = s Redemption f u n d a g a i n s t F . B. Bank n o t e s M1 ' 5 d . P o 26,871,000 69,000 551TIQ4|000 ^ 695,000 17'0U7 3,072,604,000 Q00 A U R a t i o of t o t a l r e s e r v e s to n e t d e p o s i t and F. R. n o t e l i a b i l i t i e s combined R a t i o of g o l d r e s e r v e s to F.R. n o t e s i n c i r c u l a t i o n a f t e r s e t t i n g a s i d e 35$ a g a i n s t riet d e p o s i t l i a b i l i t i e s 1ISE 2,604,680,000 16,577,000 6'o30*000 = EEiE™-" ^ it^s^sssr— . 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 2,119 >315.0°° , 67,657,000 2,186,972,000 12,278,000 ' °tomL ^uscES 26,223,000 6'790*000 6,326', sooiooo *«S W d t "1®1 ^'7° ' ~ * . . ' " S S.QUO.300 5,356,591,000 6,137,541,000 . 5 Q 26,863,000 26,847,000 1 69,000 57,000 ?6Q.510.000 .285,541,000 3,368,846,000 ' 2,916,925,000 S i t 5 e -SIS $2,008,678,000 171.335,000 2,180,011,000 • JESS i|:E 2,447,04l,000 2,Sbj,0S8,000 6.356:^:000 6,137,541,000 3Ss3ilS 4 * 5 . 4 6 - 9 $ . . '''r ch. 7^ R e l e a s e d f o r p u b l i c a t i o n Sunday morning, November 21, 1920; n o t e a r l i e r . St.1586b. RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOVEMBER 19 , 1920. R E S O U R C E S ( I n t h o u s a n d s of d o l l a r s ) F e d e r a l R e s e r v e Bank of Boston New York P h i l a . C l e v e l , Richm. 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, T o t a l Gold and g o l d c e r t i f i c a t e s 7,825 87,038 1,330 10,34s 2,485 6,735 21,912 3,625 7,246 749 6 , 1 5 3 1 4 , 8 2 0 170,266 Gold s e t t l e m e n t f u n d - F . R , B o a r d 37,192 75,969 42,704 71,412 18,846 4,575 53,891 12,585 10,130 24,610 4,417 44,347 400,678 Gold w i t h f o r e i g n a g e n c i e s 5.424 27.268 5.944 6.0Q3 3.64i 2.675 8 . 8 4 2 3,493 2.006 3,567 1,932 3.418 - J t a a T o t a l g o l d h e l d by banks 50,44I 190,275 4 9 , 9 7 8 87,853 2 4 , 9 7 2 13,985 8 4 , 6 4 5 19,703 19,382 28,926 12,502 62,585 645,247 Gold w i t h F . R. Agents 124,961 250,002 119,666 163,459 48,999 63,426 1 8 4 , 0 2 2 48,920 26,035 4 l , 1 0 4 24,189 110,963 l ,205,746 Gold r e d e m p t i o n f u n d 7.2&L 18.718 38.000 14.930 12.2A4 9.646 1 0 , 8 2 3 157,11% 6,989 2 5 , 1 4 4 5.711 3.719 3,882 Total gold reserves 194,120 478,277 184,574 263,606 81,232 84,400 293,811 74,334 49,136 73,912 46,337 184,371 2,008,110 Legal tender n o t e s , s i l v e r , e t c . 474 501 1.981 6,933 184 1,977 3,6l6 4o4 172.118 1,791 11,594 9,993 132,580 Total reserves 204,113 610,857 185,075 265,587 81,706 86,191 305,405 81,267 49,320 75,889 49,953,184,865 2,180,228 B i l l s d i s c o u n t e d : (a) Secured by Govt.war o b l i g a t i o n s 78,219 469,383 118,967 66,575 I 4 7 , 3 7 8 68,665 147,533 50,462 12,350 31,87 9 21,836 45,660 1,158,907 All other 89, 712 426,546 49,071 123,089 ' 6 4 , 7 8 1 69,838 308,121 69,849 72,792 83,439 5 1 , 8 8 0 105,3^9 l , 5 l U , 4 6 7 B i l l s bought i n open m a r k e t (b) 29.86q 95-322 21.043 1 4 , 0 5 5 5.466 2.150 3 0 . 4 1 7 1,489 1.290 2,334 315 51.477 275.227 T o t a l b i l l s on hand 197,800 991,251 189,081 223,719 117,625 l 4 o , 6 5 3 4 8 6 , 0 7 1 121,800 8 6 , 4 3 2 117,652 7 4 , 0 3 1 202,486 2 ,9^8,601 U. S . Government bonds 26,871 552 1,467 1,434 834 1,233 11U 4,490 1,153 116 8,867 3 , 979 2,632 U. S. V i c t o r y n o t e s 5 50 10 3 1 6p 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 33.057 76.129 44.550 3 4 . 2 9 9 l 4 . 2 6 2 15,665 4 8 . 8 9 5 17.286 8 . 4 8 6 12.826 8.100 17.399 331.154 Total earning assets 231,4i4 1,068,897 235,065 258,862 133,120 156,435 539,456 140,239 95,034 139,3^6 86,310 222,517 3 ,306,695 Bank p r e m i s e s ' 2,362 4,116 683 1 , 5 6 5 1 , 3 3 4 231 623 2,342 17,047 891 631 915 1 , 3 5 4 U n c o l l e c t e d i t e m s and o t h e r d e d u c t i o n s from g r o s s d e p o s i t s 57,635 155,641 65,058 83,976 6 7 , 7 5 8 3 0 , 8 2 9 102,482 45,197 26,034 68,905 52,796 48,113 804,424 5$ Redemption f u n d a g a i n s t F . R . Bank n o t e s 1,072 2,609 1,300 1,139 451 491 623 465 916 586 665 12,376 2,059 All other resources 558 859 282 198 291 481 718 210 889 6.030 H6. 793 -111 TOTAL RESOURCES 497,154 1,842,979 ^87,974 611,4n 284,660 274,767 952,462 268,653 171,694 286,286 191,888 456,872 6,326,800 (a) I n c l u d e s b i l l s r e d i s c o u n t e d f o r o t h e r F . R. Banks, v i z : (b) I n c l u d e s bankers* a c c e p t a n c e s bought from o t h e r F.R.Banks: Without t h e i r endorsement 3 5,6o4 7,017 16,352 111,984 10, 282 163,gUo 17,299 R e l e a s e d f o r p u b l i c a t i o n Sunday mrbning, November 21, 1920; n o t e a r l i e r . St.1586c. RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOVEMBER 1 9 , 1920. ( I n t h o u s a n d s of d o l l a r s ) L I A B I L I T I E S Total P h i l a . C l e v e l . Richm. A t l a n t a Chicago S t . L o u i s Minn. K a n s . C y . D a l l a s San F r a n New York F e d e r a l Reserve Bank Boston 4,332 3,394 4,447 4,085 6 , 8 6 9 9 8,929 4,009 13,784 26,247 Capital paid-in 7,669 8,469 10,352 5 , 2 7 2 1 6 4,745 5,884 5,178 8,395 4,152 11,662 8,067 7,050 23,917 51,308 Surplus 12,351 13,069 1 3 , 7 1 2 12,259 1,559 1,503 2,493 l , 6 l 4 1 6 7 1,181 456 1,062 Government d e p o s i t s 768 947 254 255 Due t o members - r e s e r v e a c c o u n t 115,443 688,639 113,466 150,378 5 8 , 4 7 5 4 5 , 1 3 6 247,727 63,589 44,884 81,965 49,579 122,525 1,781,806 Deferred a v a i l a b i l i t y items 47,105 108,59 2 53,036 64,239 52,082 25,206 69,234 41,927 23,171 60,090 35,574. 36,615 616,871 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 566 343 479 322 3,607 26.228 ... 216 1.792 248 586 government c r e d i t s 885, 812 16,352 164,148 813,838 168,334 215,4?»7 111,867 71,739 319,209 107,641 69,901 14-5,027 87,089 162,914 2,437,16b Total gross deposits 288,696 869,621 271,054 342,885 144,816 174,078 542,200 136,804 82,609 109,329 86,584 258,759 3,307,435 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 18,434 36,897 21,673 22,276 11,630 14,267 37,339 10,512 7,798 14,925 7,525 10,605 213,881 net l i a b i l i t y 5,856 45.068 5,375 6.729 3.008 3.624 16.013 3.480 2.814 4,163 2,453 6,063 104^646 All other l i a b i l i t i e s 4 9 7 , 1 5 4 1,842,979 487,974 611,4n 284,660 274,767 952,462 268,653 171,694 286,286 191,888 456,872 6,326,800 TOTAL LIABILITIES R a t i o 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 4Q„O 44.1 4I.3 49 .5 49,4 56.0 43.2 4o,l 40.2 40.8 39.O 4o.0 n o t e l i a b i l i t i e s combined, p e r c e n t 51*6 M E M O R A N D A C o n t i n g e n t l i a b i l i t y as e n d o r s e r on discounted paper rediscounted with o t h e r F e d e r a l Reserve Banks Bankers' acceptances sold to other F . R, Banks w i t h o u t endorsement C o n t i n g e n t l i a b i l i t y on b i l l s p u r c h a s e d 1,168 f o r foreign correspondents 10,000 14,750 16,739 38,845 25,830 29,969 163,940 27,807 17,299 17,299 6,072 1,280 1,312 784 576 1,904 752 432 768 4i6 736 16,200 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION . F. R. n o t e s o u t s t a n d i n g F. R, n o t e s h e l d by b a n k s 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 B i l l s discounted B i l l s bought i n open market 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 302,548 13,252 288,696 991,577 287,073 369,866 151,4i4 179,461 637,057 156,155 84,601 l l 4 , 6 6 l 90,469 292,606 3,657,488 350.053 121.956 l6,0ig 26.981 6.598 5,383 94.857 19.351 1,992 5,332 3.885 33.847 869,621 271,054 342,885 144,816 174,078 542,200 136,804 82,609 109,329 86,584 258,759 3,307,435 DISTRIBUTION OF BILLS AND U. S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES Over 90 days 6l t o 90 days j l t o 60 days l 6 t o 30 days Within 15 days 48,613 234,289 306,981 515,532 1,567,959 18,510 62,281 96,948 97,488 220,849 4,921 12,411 12,922 80,051 Total 2,673,374 275,227 331,154 " R e l e a s e d f o r p u b l i c a t i o n Sunday morning, November 21, 1920; n o t e a r l i e r . FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OE BUSINESS NOVEMBER 19, 1920. ( i n t h o u s a n d s of d o l l a r s ) F e d e r a l Reserve Agent a t R E S O U R C E S " F e d e r a l 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 Collateral security for Federal * Reserve notes o u t s t a n d i n g ; Gold and gold c e r t i f i c a t e s Gold redemption f u n d Gold s e t t l e m e n t f u n d - F . R . B o a r d Eligible raper- Ancunt required Excess amount held TOTAL * L I A B I L I T I E S JPe&eral Reserve n o t e s r e c e i v e d from Cotirptroller - g r o s s L e s s amounts r e t u r n e d f o r destruction Boston New York Fhila. Clevel. R i c h n . A t l a n t a Chicago St .Louis 116,500 302,548 143,000 33,680 32,200 2 7 , 0 1 9 60,565 991,577 287,073 369,866 1 5 1 , 4 l 4 1 7 9 , 4 6 1 126,200 16,220 637,057 156,155 5,9p0 19,061 100,000 209,608 32,005 15,39% 18,277 21,454 3,%99 25,000 101,38$ 110,000 45,500 7,877 176,1%5 177,587 . 20,213 3,500 2,926 57,000 7%l,575 l67,407 206,4o? 102,4i5 116,035 212,335 9,191 11,755 i4,6lo 2%,601 St .15SGd. Minn. Kans.Cy. D a l l a s San F r a n . 11,605 7,64o 84,601 l l 4 , 6 6 l 14,320 4,380 593,329 9 0 , 4 6 9 292,606 3,657 4 8 8 ' 6,860 13,052 4,129 1,783 3 7 , 9 3 1 11,200 5.8J1 2,744 6,624 38,360 1 1 , 7 3 4 15,856 95,107 Total 276,756 119,624 809,366 %53,035 107,235 52,566 73,557 66,280 181,643 2,451,742 32,925 i4,438 6,591 44,095 7,751 9,654 408,159 741,809 2,338,489 617,017 783,687 344,457 444,088 1,433,239 342,968 187,398 281,057 203,009 599,246 8,316,464 ~ " 7^6,%00 2 , 3 3 0 , 2 0 0 668,580 699,920 389,700 4 0 8 , 3 8 0 1 , 2 4 3 , 4 6 0 3 85,820 187,720 262,520 196,160 534,320 8 , 0 3 3 , 1 8 0 307,3 52 1 , 1 9 5 , 6 2 3 3%7,827 297,854 211,267 168,35% 480,203 2 1 3 , 4 4 5 91,51% 140,219 9 1 , 3 7 1 237,334 3 , 7 8 2 , 3 6 3 4i9,o4s 1,134,577 320 , 753 4o2,o66 178,433 240,026 763,257 172,375 96,206 122,301 10%,799 296,986 4,250,817 Net amount of F e d e r a l R e s e r v e n o t e s r e c e i v e d from Comp- t r o l 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 F e d e r a l Reserve Bank: Gold- E l i g i b l e paper TOTAL 124,961 197.800 250,002 119,666 163,459 48,999 63,426 953.910 176.598 218.162 117.025 1%0.636 184,022 48,920 485.960 121.673 26,035 4 i , i o 4 6 5 . 1 5 7 117.652 24,189 110,963 1,205,746 7 4 , 0 3 1 191.297 2 . 8 5 9 . 0 0 1 7*1,399 2 , 3 5 8 , * 8 9 617,017 783,687 3 4 4 , 4 5 7 444,088 1,433,239 3%2,968 187,398 281,057 203,009 559,2%6 8 , 3 1 6 , 4 6 4
@FedFRASER