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' 821 R e l e a s e d f o r p u b l i c a t i o n Sunday mbrning October 1, 1916. Not e a r l i e r , STATEMENT FOR THE PRESS. s e p t , 30, 1916, . A d d i t i o n s of over 8 3 / 4 m i l l i o n s t o t h e gold r e s e r v e s of t h e F» R. banks, due l a r g e l y t o l i q u i d a t i o n of e a r n i n g a s s e t s , a r e i n d i c a t e d by t h e r e g u l a r weekly bank s t a t e m e n t of t h e F e d e r a l Reserve coard made p u b l i c today as a t c l o s e of b u s i n e s s on F r i d a y , September 2$, 1916* A l l t h e banks e x c e p t New York, Chicago and San F r a n c i s c o r e p o r t s u b s t a n t i a l g a i n s of g o l d , m a i n l y t h r o u g h t r a n s f e r s on t h e books of t h e gold settlementV^-^^ew Y o r k ' s s l i g h t dec r e a s e i n gold r e s e r v e i s more t h a n o f f s e t by i t s g a i n of s i l v e r , The bank r e p o r t s t h e l i q u i d a t i o n during t h e week of 3 , 9 m i l l i o n s of p a p e r and U. S. s e c u r i t i e s , a l s o t h e change of a f a v o r a b l e t o an a d v e r s e b a l a n c e i n account w i t h # t h e r F e d e r a l Reserve banks as a g a i n s t net w i t h d r a w a l s of almost 10 mi1l i o n s of d e p o s i t s , Philadelphia's gain of $660,000 i n t o t a l r e s e r v e i s due p r i m a r i l y t o i n c r e a s e d d e p o s i t s , o f f s e t t o a l a r g e e x t e n t by a d e c r e a s e in i t s n e t balance due t o o t h e r F e d e r a l Reserve banks. A g a i n of about 1 - 4 m i l l i o n s in t o t a l r e s e r v e shown f o r t h e Cleveland bank i s t h e combined r e s u l t of an i n c r e a s e by over 2 , 4 m i l l i o n s in t o t a l n e t d e p o s i t s , t h e l i q u i d a t i o n of about 0*9 m i l l i o n of p a p e r and s e c u r i t i e s on t h e one hand and an i n c r e a s e by 1*9 m i l l i o n s i n t h e n e t b a l a n c e due from o t h e r F e d e r a l Reserve b a n k s , Gains i n r e s e r v e r e p o r t e d by t h e Richmond and S t , Louis banks a r e t r a c e a b l e in t h e main t o i n c r e a s e s i n net d e p o s i t s , while M i n n e a p o l i s ' i n c r e a s e i n cash r e s e r v e i s accompanied by a c o n s i d e r a b l e r e d u c t i o n in i t s n e t b a l a n c e due from o t h e r F e d e r a l Reserve banks, a l s o t o some i n c r e a s e in n e t d e p o s i t s , A l l c l a s s e s of e a r n i n g a s s e t s show s m a l l e r t o t a l s t h a n a t t h e end of t h e immediately p r e c e d i n g week. Discounted paper on hand d e c l i n e d about 1*75 m i l l i o n s , D a l l a s , Richmond and Chicago r e p o r t i n g t h e l a r g e s t d e c r e a s e s • Of t h e t o t a l d i s c o u n t s about $800,000 i s the amount advanced by t h e r e s e r v e banks on member banks* own n o t e s , secured by e l i g i b l e c o l l a t e r a l . Acceptances on hand show a decrease of about 3*3 m i l l i o n s f o l l o w i n g the l i q u i d a t i o n of c o n s i d e r a b l e amounts of b a n k e r s * paper by t h e 4 E a s t e r n banks, Of t h e t o t a l b i l l s i n c l u d i n g a c c e p t a n c e s on hand 4 l , $ p e r cent mat u r e w i t h i n 3O days and 34*3 P e r cent - a f t e r 30 but w i t h i n 60 days. T r a n s a c t i o n s i n Government s e c u r i t i e s are r e p o r t e d by 9 banks, r e s u l t i n g i n a d e c r e a s e by over 1 m i l l i o n in the amount of U. S. bonds and of 1 . 1 m i l l i o n s i n t h e t o t a l of Treasury n o t e s h e l d . The t o t a l of m u n i c i p a l w a r r a n t s i n t h e hands of t h e banks underwent but l i t t l e change, though almost a l l the banks r e p o r t t r a n s a c t i o n s under t h i s head. Aggregate e a r n i n g a s s e t s decreased about 7 ' 2 m i l l i o n s and c o n s t i t u t e at p r e s e n t 332 p e r c e n t of t h e banks 1 p a i d - i n c a p i t a l , as a g a i n s t 34$ per cent t h e week b e f o r e , Of t h e t o t a l e a r n i n g a s s e t s 43*8 p e r c e n t i s r e p r e s e n t e d by a c c e p t a n c e s , 25*3 P e r c e n t by U. S, bonds; l 4 , l p e r cent - by d i s c o u n t s ; 13 per c e n t by w a r r a n t s , and 3*8 p e r c e n t by Treasury n o t e s • Government d e p o s i t s show a d e c l i n e of about 1 m i l l i o n , Chicago, 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 c o n s i d e r a b l e net w i t h d r a w a l s of Government f u n d s f o r t h e week. Net member bank d e p o s i t s i n c r e a s e d about 3*3 m i l l i o n s , a l l t h e banks e x c e p t Boston, New York and San F r a n c i s c o showing l a r g e r n e t t o t a l s t h a n t h e week b e f o r e . F e d e r a l Reserve bank n o t e s in c i r c u l a t i o n a r e now i n e x c e s s of 3 m i l l i o n s . The t o t a l of F e d e r a l Reserve n o t e s issued t o the banks i s given as $213,967,000, an i n c r e a s e of $4,189,030 d u r i n g t h e week. Against t h i s t o t a l t h e Agents hold $197,572,000 of gold and $17,054,030 of p a p e r . The banks r e p o r t a t o t a l of $196,538,000 of F e d e r a l Reserve n o t e s i n a c t u a l c i r c u l a t i o n and a g g r e g a t e l i a b i l i t i e s of $ 1 3 , 2 1 6 , 0 0 0 on n o t e s i s s u e d t o them by t h e Agents. 1 # Released f o r p u b l i c a t i o n Sunday morning October 1, 1916. a Nut e a r l i e r . STATEMENT OF COMBINED RESOURCES AND L I A B I L I T I E S OF THE TVZELVE FEDERAL RESERVE BANKS OF THE UNITED STATES AT CLCSBE OF BUSINESS SEPTEMBER 2 9 , RESOURCES, Gold c o i n and c e r t i f i c a t e s in v a u l t Gold s e t t l e m e n t fund Gold, redemption fund w i t h United S t a t e s T r e a s u r e r . T o t a l gold r e s e r v e . . ; Legal t e n d e r n o t e s , s i l v e r , etc T o tal r e s e r v e Five p e r c e n t redemption fund a g a i n s t F . R» bank n o t e s B i l l s discounted and bought: M a t u r i t i e s : Within 10 days From 11 t o 30 d a y s . . . • From 31 t o 60 days From 61 t o 90 days. Over 90 days, . TotalI n v e s t m e n t s : United S t a t e s bonds One-year United S t a t e s Treasury n o t e s . J Municipal w a r r a n t s .. T o t a l earning a s s e t s • F e d e r a l r e s e r v e n o t e s - Net.' Due from Federal reserve banks - Net. All other resources TOTAL RESOURCES. . September 29,1916 $260,845,000 124,421,000 1,929,000 387,195,000 * 7,811,000 395,006,000 500,000 3 September 22,1916 258,711,000 117,791,000 1,941,000 378,443,000 7 ,642,00 0 386,085,000 500,000 1916. June 30, 1916 262,0)8,000 112,931,000 1,789,000 376,758,000 27 ,448,000 404,206,000 4-50,000 March 31, 1916 258,052,000 75,640,000 1,548,000 335,240,000 9,938,000 345,178,000 250,000 October 1, 1915 227,274,000 55,180,000 1,20.2,000 283,656,000 16,493,000 300,149,000 . . . . 21.408,000 23^ 245', 000 36,527,000. 23.882,000 l', 516,000 106,575,000 . " 46,544,000 6,927,000 24,028,000 184,077,000 14,250,000 31,365,000 7,543',000 24,378,000 24,238,000 37,893,000 23,594,000 1,487,000 111,590,000 47,553,000 8,039,000 24,117,000 191,319,000 16,080,000 29,266,000 8,451,000 11,451,000 16,539,000 28,492,000 30,614,000 5,187,000 92,283,000 52,939,000 4,190,000 22,671.000 172,083/000 23,182,000 20,4l4,0C0 4,622.000 7,126,000 11,721,000 21,409,000 19,453,000 1,966,000 61,675,000 40,275,000 . . . 33,015,000 1)4,965,000 25,118,000 13,128,000 4,725,000 5,765,000 12,267,000 15,790,000 9,606,000 1,452,000 44,880,000 9,329,000 . . . 27^381,000 81,590,000 15,378,000 11,194,000 3,326,000 632,741,odo 631,701,000 624,957,000 523,364,000 411,637,000 55,423,000 39,947,000 518,456,000 14,605,000 2,914,000 356,000 631,701,000 69.6% 71*0% 54,854,000 101,152,000 457.»503,000 9,440,000 1,721,000 287,000 624,957,000 68.8% 73-8% 54,888,000 38,469,000 419,987,000 8,903,000 964,000 153,000 523,364,000 73* 8% 76.0% 54,728,000 15,000,000 324,884,000 14,359,000 . . . 2,666,000 411,637,000 82-7% 87.5% L I A B I L I T I E S . C a p i t a l -fcaid i n CTOVOJ deposits.. Med.*:- byik d e p o s i t s - N e t . . ' F e d e r a l r e s e r v e n o t e s - Net F e d e r a l r e s e r v e bank n o t e s i n c i r c u l a t i o n All other l i a b i l i t i e s : 55,393,000 38,985,000 521,740,000 13,216,000 3^035,000 374,000 TOTAL L I A B I L I T I E S $ 633,741,000 Gold r e s e r v e a g a i n s t net d e p o s i t and note l i a b i l i t i e s ( A ) . . 71,4% Cash r e s e r v e a g a i n s t net d e p o s i t and note l i a b i l i t i e s ( A ) . . 72.8% Cash r e s e r v e a g a i n s t net d e p o s i t l i a b i l i t i e s a f t e r s e t t i n g asid& 40% gold r e s e r v e a g a i n s t a g g r e g a t e n e t l i a b i l i t i e s ,on F e d e r a l r e s e r v e n o t e s i n _ c i r c u l a t i o n _ ( A ) ^ . J L - J L . J L . ^ . ^ . ^ . J . 73.6% T A ) Less items i n t r a n s i t between F e d e r a l r e s e r v e banks, v i z . $ 3 1 , 3 6 5 , 0 0 0 . 71-2/" 29,266,000 l4_.4% 20,414,000 l&jJi 13,128,000 89.6% 11,194,000 ' Fleasod f o r p u b l i c a t i o n Sunday morning October 1, 1916. Not e a r l i e r WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE TWELVE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPTEMBER 29, 1916. ( i n thousands of d o l l a r s ) R E S O U R C E S . Boston N. Y. 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 M i n n l s . Kas.Cy P a l l a s S.Fran. Total Gold c o i n and c e r t i f . i n v a u l t $8,219 157,324 •11,721 14,587 5,098 i . 3,878 29,838 6,037 5,903 4,140 3 , 3 1 1 10,789 260,845 Gold S e t t l e m e n t Fund 15,618 11,719 16,588 1 3 , 0 8 1 1 3 , 7 1 8 3,040 19,623 3,401 5,289 10,736 5,995 5,613 1 2 4 , 4 2 1 Gold Redemption Fund 5 250 50 86 439 241 200 80 30 121 417 10 1.929 T o t a l Gold Reserve 23,842 169,293 28,359 27,754 19,255 7,159 49,661 9,518 11,222 14,997 9 , 7 2 3 16,412 387,195 Legal t e n d e r n o t e s , s i l v e r , e t c . 140 3,293 291 1.018 78 575 805 1.132 203 22 223 31 7.811 Total reserve 23,982 172,586 38,650 28,772 19,333 7,734 11,425 15,019 9,946 16,443 395,006 . . 5% r e d s c r o t . f u n d . - F, R bank n o t e s . . 400 » * 100 500 806 B i l l s diocountod - members 782 124 639 5,268 3,906 2.447 2,092 1,882 1,615 6,039 353 25,953 10,245 24^529 B i l l s bought i n open market 11,385 6.563 2.346 3,127 5,647 5,543 3,051 1,416 144 6.628 80,625 T o t a l b i l l s on hand 11,052 25,311 11.509 7,202 7,614 -&P33 8.094 7.63 5 4,933 3.031 6,183 6 . 9 8 1 106.578 I n v e s t m e n t s : U.-S„ Bonds 2,922 2,. 728 -2,662 6,254 1,019 1,508 8,303 2,694 3,307 9,617 2,896 2,634 46,544 250 One-year U, S c T r e a s . n o t e s 250 818 760 684 526 850 570 350 616 529 724 6,527 4,532 .4,873 Muni <•{'• 9.1 warr a n t s 2,386 2.652 86 289 4,138 1.510 1.277 359 1.926 24.028 To tail e a r n i n g as 5 tits —33_,;i52 17,375 16.868 9,403 9.356 21.385 12.409 9 1867 13.623 9 , 6 0 8 12,265 184.077 759 F e d e r a l r e s e r v e n o t e s - Net 8,313 465 406 1,410 1,341 1,556 14,250 Due from o t h e r F , R. b-anks - Net 2 670 .4,269 1,374 57 12,524 7,430 841 .3,322 J , 0 1 1 ( ^ ) 3 1 , 3 6 5 74, 5,249 ;All o t h e r r e s o u r c e s 205 256 62 172 37? 215 787 186 516 154 7,543 < TOTAL RESOURCES 4Q..*„,341 2j.9,_3lO . 46,695—50,571—30,172 17,319 86,162 30.704 23,551 30,377 22,492 3 1 . 4 9 1 632!741 L I A B I L I T I E S . Capital paid in Government d o p c s i t s r • b ank- dop os i t s •- Not I'v-'era.', .*-es.-:rve. n o t e s - Net F. S, liar.'k n o t e s in c i r c u l a t i o n Not Due to 0'.,r..-::v 1?„ R e banks liabilities TOTAL LIABILITIES 5,024 1 1 , 6 0 3 5. 673 3,2.35 37.833 201,430 3.222 6,029 33,617 5,997 2,141 42,433 605 148 46>341—219,310 1,739 88 46^695 MEMORANDUM. F . R, n o t e s i s s u e d t o t h e banks 10,337 78,414 F, R. n o t e s i n hands of banks 759 8,313 9 578 F . R. n o t e s i n c i r c u l a t i o n > 70,101 Gold and l a w f u l money w i t h Agent 10,337 78,414 Carried to net a s s e t s 759 8,313 t o n e t l i a b i l i t i e s ^Carried \a.) items m t r a n s i t i . e . 7,606 465 7,141 7,606 465 3,325 4,018 17.950 4*763 2,491 3,858 9,883 1,065 50,571 116 30,172 22 17.319 9,121 12,536 19,040 1,687 17.353 406 8,715 9,121 406 t o t a l amounts 6,687 3,124 76,351 . . . . 2,794 3,781 21,789 2,340 .. . 2,597 1,084 19,870 . . . . 3,043 1,040 24,101 1,160 1,033 2,691 2,186 11,727 3,888 2,000 3,920 2,815 24,756 . . . . 55,393 38,985 521.740 13,216 3,033 8 5 J . 6 2 ~ 30,704 23.551 30.377 22.492 31.491 374 632.741 13,781 1,341 12.440 13,781 1,341 17,062 540 16.522 15,362 23,730 10,106 213 967 198 1.556 17^429 12.229 23.532 8. 550 _ 196,538 7,466 16,288 19,644 10,106 197,572 . . 1,556 14,250 4.763 1.065 2.340 1JL60 3.888 . . 13.216 due from l e s s t o t a l amounts due t o o t h e r F e d e r a l r e s e r v e banks 307 3,325 1.410 1,915 3,325 1,410 8,909 447 8.462 6,122 idpL i o r p u b l i c a t i o n Sunday morning October 1 , 1916. Not e a r l i e r . 821 c STATEMENT OF FEDERAL RESERVE AGENTS1 ACCOUNTS AT CLOSE OF BUSINESS SEPTEMBER 29, 1916, ( I n t h o u s a n d s of d o l l a r s ) Boston F e d e r a l Reserve N o t e s : Received from t h e C o m p t r o l l e r N. Y. $20, 380. 1 4 3 , 4 0 0 Phila. Clevel. Richm. A t l a n t a Chicago S t . L o u i s Minnls . Kas.Cy,. D a l l a s S.Fran Total 15,480 15,160 .20,000 26,660 9,380 12,600 21,000 22,620 33,600 13,880 354,160 5,523 40,426 4,834 2,739 5,314 3,126 1,174 1,929 589 1,605 3,569 1,214 72,042 Chargeable t o F . R,. Agent '14,85? 102,974 10,646 12,421 14,686 23,534 8,206 10,671 20,411 21,015 30,031 12,666 282,118 I n hands of F . R. Agent , 4, 520 24,550 3,040 3,300 2,150 4,494 1,762 6,630 3,953 6,301 2,560 68,151 I s s u e d t o F , R„ Bank l e s s ivnnunt r e t u r n e d t o F„ R„ Agont f o r redemption 4,881 // 10,337. 78,414 7,606 9,121 12,536 19,040 3,325 8,909 13,781 17,062 23,730 10,106 213,967 9,700. 75,715 3,820 8,540 3,063 11,620 4,270 10,340 2,„ 699 366 581 Returned t o t h e C o m p t r o l l e r Amounts h e l d by F . R» Agent i n r e d u c t i o n of l i a b i l i t y on "^.outstanding notes: On h a n d : Gold c o i n and c e r t i f i c a t e s Credit balances: In gold redemption.fund 637 With F e d e r a l Reserve Board • • 3,420 * As s e c u r i t y f o r o u t s t a n d i n g n o t e s Commercial p a p e r TOTAL 10,337 78,414 7,606 9,121 131,628 416 1,178 245 549 811 692 1,224 366 9,764 7,050 10,550 3,080 2,510 1,350 10,400 8,080 9,740 56,180 • 2,787 • 1,700 4,086 3,325 8,909 17,062 23,730 5,070 Amount of commercial p a p e r d e l i v e r e d 4 , 560 12,536 2,752 19,040 * 13,781 16,395 10,106 213,967* t 5,157 2,762 2,788 1,899 4,448 17,054