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STATEMENT FOR THE PEESS St.1602. Released for publication Federal Reserve Board, Sunday morning, Nov« 28; November 27, 1920, not e a r l i e r . CONDITION OF FEDERAL RESERVE BANKS Aggregate gains of 15*8 millions in gold reserves and of 15»1 m i l l i o n s in t o t a l cash reserves, accompanied by a reduction of $,1 m i l l i o n s i'n net deposits and an increase of 18.2 millions in Federal Reserve note c i r c u l a t i o n , are indicated in the Federal Reserve Board's weekly consolidated Bank statement issued as at close of business on November 26, 1920- The Banks' reserve r a t i o shows a f u r t h e r r i s e for the week f r a n 4 4 , 1 to 44.4 per c e n t . Holdings of discounted paper show an increase since the previous . Friday of 62.1 millions, of which 33*3 millions represents an increase in paper secured by U. S. war.obligations and 28.8 millions - an increase in other discounts, Holdings of purchased paper, because of the larger investment demand f o r bank acceptances, declined by 27<5 m i l l i o n s . Special c e r t i f i c a t e s held by the Reserve banks were 43 millions less 1 than at the close of the previous week, the amount held on November 26 being 21 m i l l i o n s , which covers advances to the Government by the New York, Philadelphia, and San Francisco Banks« Total earning assets, as a consequence of the changes noted, show a decline of 2.9 millions ^ and stand a t 3,303-7 m i l l i o n s . " / ? Of the t o t a l of 1,192,2 millions/of paper secured by Government war obligations, about 630 m i l l i o n s , ( o r 52<8 per cent, were secured by Liberty bonds, 3 ^ \ 5 j n i l l i o n e , or S&r9 per cent, by Victory notes, and 217 >7 m i l l i o n s , o r per cent, by Treasury c e r t i f i c a t e s , as against 51-5, 27.7, and 20.8 per cent of a corresponding t o t a l of 1,158.9 m i l l i o n s reported the week before« Discounted peper held by the Boston, Philadelphia and Cleveland Banks i s inclusive of 15^*1 millions of paper discounted for the New York Bank and s i x other Reserve Banks in the South and Middle West, compared with 163.9 millions reported on the previous Friday« Acceptance holdings of the Boston, Philadelphia and San Francisco Banks are shown inclusive of 14.4 millions of bank acceptances purchased from the New York Bank. As against an increase of 3 «7 m i l l i o n s in Government deposits, members' reserve deposits show a reduction of 70,1 millions* All other deposits, carrposed l a r g e l y of foreign goverrment c r e d i t s and non-members' c l e a r i n g accounts, declined 3 »3 m i l l i o n s , while the ' f l o a t " , c a r r i e d by the Reserve Banks and treated as a deduction from immediately available d e p o s i t s , f e l l off 60 .6 millions» The combined r e s u l t of these changes is seen in a reduction of calculated net dep o s i t s by 9 . 1 m i l l i o n s , Federal Reserve note c i r c u l a t i o n shows an increase for the week of 18,2 m i l l i o n s , the l a r g e s t increase in c i r c u l a t i o n being reported by the Cleveland and New York Banks, while reduced c i r c u l a t i o n figures are shown for the Atlanta, S t . Louis, Minneapolis, Kansas City, Dallas, and San Francisco Banks, In addition, Federal Reserve Bank note circulation shows an increase for the week of 0.7 m i l l i o n . Released f o r p u b l i c a t i o n Sunday morning, November 28, 1920; not e a r l i e r . RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED. «1a Gold settlement fund - F. R. Board $170,266,^ 4ll, 3^,000 a Uoo 678 000 °ter Gold w i t h Federal Reserve Agents 1,197,681,000 1, 205*746 000 Gold redemption fund 162,181,000 157 r 117.000 Total gold reserves $2,023,,91^000 Legal tender n o t e s , s i l v e r , e t c . 171,164,000 Total r e s e r v e s yW 2,195,230, 000 ilt> B i l l s discounted (Secured by Government war o b l i g a t i o n s 1,192,300,00g__. 1,158,907,000 (All other 1 , 5 ^ ^ 5 6 ^ ^ 1 5 l t 567 000 B i l l s bought in open market 247.701.000 „) 275*227.000 Total b i l l s on hand 2,983,1)^000 U, S. Government bonds 26,869,000 U. S. Victory notes 69,000 U. S. C e r t i f i c a t e s of indebtedness 293.676.000 Total earning a s s e t s 3,303,74?7UO^' Bank premises 17,333,000 Uncollected items a i d other deductions from gross d e p o s i t s 709,401,000 5/o Redemption fund a g a i n s t F . R. Bank notes 11, 5*1,000 .$7 All o t h e r resources . 7,8^1365^ TOTAL RESOURCES 6,244,5S6,000 L I A B I L I T I E S Capital p a i d - i n 99,020,000 Surplus 164,745,000 Government d e p o s i t s 15,909,000 7y 12,259,000 Dae to members - Reserve account 1.7ll.7flC555*. 1,781,806,000 Deferred a v a i l a b i l i t y items 582,445^000 6l6,871,000 Other deposits, including foreign governnent c r e d i t s 22,927,000 26,228,000 Total gross d e p o s i t s 2.333,042,000 F. R. notes in a c t u a l c i r c u l a t i o n 3,325, Gsg~000 '** F. R. Banknotes i n c i r c u l a t i o n - n e t l i a b i l i t y 214,610,000 ; All other l i a b i l i t i e s 107.514.000 TOTAL LIABILITIES 6,244,^0,000 Ratio of t o t a l r e s e r v e s to net d e p o si t and F- R. note liabilities combined 44.4^ Ratio of gold reserves to F.R* notes in circulation after setting aside 35$ against net deposit liabilities Ug.9% 1,1 St-l602a- ^ $2,008,110,000 172,118 000 2,180,228,000 2,9^,601,000 26,871,000 69,000 111,154,000 3,306,695,000 17,0*7,000 804,424 000 12*376'000 6.010.000 6,326,800,000 98,929,000 164,745,000 2,437,164,000 3,307,435,000 213,881,000 104.'646!000 6,326,800,000 4^.1$ 44o 286 000 1 148,724* 000 111.587,000 2,093,6%!,000 66.025.000 2,159,666,000 1,736,033.000 "78 176 000 495^595,000 2,709,804,000 26,848 000 57]000 288.012,000 3,024,741,000 12,878,000 1 013 426 000 ' 12'671'000 6!65q!000 6,230,041,000 87,001,000 81,087,000 98,157,000 1,844,434 000 861,436,000 98.798 000 2,902,825,000 2,852,277,000 256,793,000 5o!058^000 6,230,04l, 000 45,5$ 4 8 5 2 * 5 f o St.Ib02b. •Released for publication Sunday morning, November 28, 1920; not e a r l i e r . RESOURCES AMD LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSHESS IT0VB5EER 26, 1920. (in thousands of d o l l a r s ) RESOURCES Boston New York Phila- Clevel- Richm. Atlanta Chicago St .Louis Minn. Kans -Cy . Dallas Ban Eran» Total Federal Reserve Bank of 182,64-7 6,332 14,883 706 7,806, 99,490 1,30s 10,365 2,496 6,370 21,967 3,577 7,281 G-cld and gold c e r t i f i c a t e s 4 n , y$f **7 27,780 4,789 8,317 21,468 54; 63b* 74,128 46,414 83,221 21,089 4,692 49,64-7 15,028 Gold settlement fund - F.R.Board 70.210 1.831 1.901 3,380 3,239 5.140 25.638 5.633 n.774- 3.450 2,535 8,380, 3.309 -Gold with foreign agencies 664,05^2? 67,576-<"-199,256 53,355 99,360 27,035 13,603 79,994 a , 9 1 4 17,499 25*614 12,952 45,902 Total gold held by banks 123,356 249,032 122,191 161,358 46,980 61,184 188,100 48,068 26,290 39,921 22,982 108,219 1,197,681 H o l d with F. R- Agents £, 0U7 -IUjj kthh& 10,451 • 9.JJ5 162,181 iq.S4g 38.000 q.8o7 13.081 8.434 8 r U78 10 r 517 6-old redemption fund 76,029 47,22b 69,981 4b,385 163,896 2,023,91*"^^ 210,574"" 486,288 185,413 273,799 82,449 83,265 298,611 Total gold reserves 420 171.364 274 2^220 3,796 6.768 8.886 133.297 492 2.051 301 1.977 10,882 Legal tender notes, s i l v e r , e t c . 164-,316 2,195,330-?<° 219,460<* 619,585 185,905 275,850 82,750 85,242 309,493 82,797 47,500 72,201 50,181 Total reserves B i l l s discounted: (a) 4 9 , 8 2 5 11,712 26,569 20,986 52,820 1,192, seeAwr r Secured by Govt .war obligations 70,344 68,850 87,095 56,154 106,618 l,543 T 23e ' " All other 247,703 215 56.830 1.818 1.490 5.679 2.4-09 28.091 1,265 PV055 77.qqQ 17,560 31.201 : B i l l s bought in open market (b) 77,355 216,268 2,983,1-35^3 V 195,250">^ 979,777 189,181 239,073 1 21,178 139,435 506,548 121,534 82,052 115,482 3,979 Total b i l l s on hand 2,632 26,869 Il6 8,867 552 1,467 1,434 833 1,233 114 4,489 1,153 U. S. Government bonds 69 50 10 3 5 *U. S. Victory notes 8.300 16,122 293.676 17.547 8.4Q6 12.821 24.121,4* 70.70 6 44.285 23.29q 12.262 15.667 39.650 «U- S. C e r t i f i c a t e s of indebtedness 3.303,74 r ' ? 220,128"1,052,000 234,900 263,215 134,673 155,219 550,687 140,234 90,664 137,171 89,634 235,222 Total earning a s s e t s 17,333 231 1,517 631 915 891 625 2,342 4,208 683 1,565 1,334 2,391 Bank premises Uncollected items and other de135,447 63,626 72,955 67,083 25,559 85,523 35,534 24,763 56,870 46,623 41,501 709,401 53,917 ductions from gross deposits 5$ Redemption fund against F.R. 11,541 665 586 916 328 623 471 1,363 451 1,300 i,i39 2,627 1,072 Bank notes 7.278 AT? 267 89L i n . 449 J6l 225 1.084 J64. 1 .195 509 All other resources 260,528 164,149 268,340 189,438 442,608 6,244,§se Y^ 497,477 1,815,062 487,363 615,088 286,694 267,341 950,492 TOTAL RESOURCES 6*3 a ,11 (a) Includes b i l l s rediscounted for 154,11) 14,760 112,106 27.2P other F. R- Banks, viz: * (b) Includes bankers' acceptances bought from other F.R.Banks: 6,917 14,352 6,998 Without their endorsement 437 .Released for publication Sunday morning, November 28, 1920; not e a r l i e r . St.Ib02c. RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS NOVEMBER 26, 1920. (In thousands of dollars) L I A B I L I T I E S Federal Reserve Bank Boston New York Phi l a . Clevel. Ricfcm. Atlanta Chicago St .Louis Minn* Kans»Cy * Dallas San Fran Total 7,669 Capital paid-in 26,245 8,1+90 10,352 5,277 4,013 13,813 4,346 3,396 4,456 4,085 6,87s 99,020 Surplus 12,351 51,308 13,069 13,712 8,067 7,050 23,917 5,884 5,178 8,395 4,1527711,662 164,745 Government deposits 913 1,177 647 1,226 1,336 947 2,192 1,268 2,318 1,950) 1,337 598 15,909. Dae to manbers - reserve account 113,602 660,024 107,433 147,83s 56,908 47,190 244,075 62,116 42,732 71,747 47,26T 110,832 1,711,764rw 48,008 103,996 55,19% 59,762 53,591 16,926 67,010 35,158 18,291 53 , 597 37,1*2, Deferred a v a i l a b i l i t y items 37,132 , 33,757 582,44s3 >Other deposits including foreign 562 13 l4p 1.441 4oq 306 250 1.877 government c r e d i t s 22.927 552 415 372 3,030 t _5ii_ Total gross deposits 162,770 778,073 165,245 208,656 112,031 65,702 313,909 100,039 62,843 128,077 86,74l 148,956 2,333,042 F. R. notes in actual c i r c u l a t i o n 290,116 876,321 273,19% 352,873 i%6,535 172,398 5%%, 759 136,167 82,137 108,336 84,464 258,281 3,325,629 w<>v y> c F. R. Bank notes in circulation net l i a b i l i t y 18,520 3 7,139 21,916 22,515 11,63s l4,449 37,539 10,37 4 7,758 l4,793 7,464 10,505 214,610 6,051 %5,976 5.449 6.980 3.098 3.729 16,555 3.718 2.837 4.283 2.532 6.326 107.534 All other l i a b i l i t i e s TOTAL LIABILITIES 497*477 1,815,062 487,363 615,088 286,694 267,3^1 950,492 260,528 164,149 268,340 189,438 442,608 6,244,586 r Ratio of t o t a l reserves to net deposit and F,R. note l i a b i l i t i e s combined,per cent. 55*0 Contingent l i a b i l i t y as endorser on discounted paper rediscounted with other Federal Reserve Banks Bankers' acceptances sold to other F. R. Banks without endorsement Contingent l i a b i l i t y on b i l l s purchased f o r foreign correspondents 1,168 F- R- notes outstanding F- R* notes held by banks • F- R. notes in actual circulation B i l l s discounted B i l l s bought in open market U. S. C e r t i f i c a t e s of indebtedness 40.8 49.6 43.2 56.5 4o.l 4o.O 4i.3 39.5 4o.2 4o.3 44.4 44.9 MEMORANDA 10,150 10,000 4o, 216 - 154,135- 12,823 25,860 28,464 26,600 14,352 14,352 576 1,904 752 432 768 784 1,280 1,312 , FEDERAL RESERVE NOTES OUTSTANDING AMD IN ACTUAL CIRCULATION 6,071 303,243 -1L12L 290,116 4l6 736 16,199 996,447 284,598 371,065 151,585 1 77,209 632,175 155,382 83,75b 113,777 89,261 294,783 3,653,281 120.126 11.4o4 18.192 5.0Qei? 4.811 87.4l6 19.215 1,619 5,44l 4,797 36.502 327.4%^ 876',321 273^194 352,873 146,533 172,398 544^759 136,167 82,137 108,336 84,464 258,281 3,325,|2| Wu DISTRIBUTION OF BILLS AND U. S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES Within 15 days 16 to 30 days 31 to 60 days 6l to 90 days Over 90 days 1,650,8^1>0 296,096 35,027 22,045 78,663 62, 111 501,627 90,601 12,385 235,181 16,328 3,920 51,695 220,299 Total/' 2,735,4*0 247,703 293,676 Released for p u b l i c a t i o n Sunday morning, November 28, 1920; not e a r l i e r * FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS NOVEMBER 26, 1920. st.1602a. (in thousands of d o l l a r s ) ss H New York P h i l a . Clevel. Richm- Atlanta Chicago St.Louis Minn. Kans.Cy. D a l l a s San Fran. Total Federal Reserve Agent at Boston RESOURCES 168,000 39, *680 11,505 7,340 14,320 3,380 618,629 Federal Reserve n o t e s on hand 284,598 83,756 113,777 89,261 294,783 3,653,281 996,447 Federal Reserve n o t e s outstanding C o l l a t e r a l security fear Fsdsral Reserve notes outstanding: 3,5°p 6,860 13,052 5,331 276,256 32,005 5,900 209,608 Gold and gold c e r t i f i c a t e s 2,684 1.480 l4,424 5,917 13,610 109,357 2,038 3,561 15,802 19,353 8,955 4,077 17,456 Gold redemption fund 179,145 37,131 11,200 36,360 11,734 94,609 812,068 25,000 106,389 55,000 Gold settlement fund-F.R.Board 100,000 E l i g i b l e paper 179,887 747,415 162,4o7 209,707 104,605 116,025 444,075 107,314 57,466 73,856 66,279 186,564 2,455,600 .Amount required 15,363" 195,049 7,676 24,263 11,225 23,391 62,431 13,973 6,972 41,589 11,076 21,055 434,065*2Excess anount held TOTAL L I A B I L I T I E S Federal Reserve notes received from Comptroller - gross Less amounts returned for destruction Net anount of Federal Reserve n o t e s received from Compt r o l l e r of the CurrencyC o l l a t e r a l received from Federal Reserve Bank: Gold E l i g i b l e paper TOTAL 732,04$) 2,355,943 616,552 796,493 339,724 44q,oq4 1,455, i4i 342,957 185,939 276,433 203,918 6i4,ooi 8,359,25% ! ; _____ — : ; JJ~ : : 727,4oo 2,362,400 674,580 701,120 390,200 4io,ooo 1,246,660 389,100 187,720 262,520 196,160 538,24o 8,086,100 313,957 1,197,953 350,302 299,955 213,286 170,596 U86.125 215,>*98 92,**59 iUi,li03 92,57 9 2%,077 3,81^,190 I I 413,443 1,164,447 324,278 4oi, 165 176,9i4 239,4o4 f 123,356J 249,032 122,191 161,358 46,980 760,535 173,602 95,261 121,117 103,521 298,163 4,271,930 j 61,184 188,100 48,068 26,290 39,921 22,982 108,219 1,197,681 V>J 195.250 942,464 170,083 233,970 115,830 139,416 506,506 121.287 64,438 115,445 77,355 207,619 2,889,663-' ; 732,o4^ 2,355,943 616,552 796,493 339,724 440,004 1,455,141 342,957 185,989 276,483 203,918 6l4,ooi 8,359,2^*- .
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