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STATE,SIT FOR THE PRESS Released for p u b l i c a t i o n Sunday morning, O c t . 10, 1920; n o t e a r l i e r . St.l4ri F e d e r a l Reserve Board October 9, 1920• CONDITION OF FEDERAL RESERVE BAKES. Aggregate i n c r e a s e s of over $0 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 c o u n t e d and p u r c h a s e d p a p e r , a c c o m p a n i e d by i n c r e a s e s of 6 4 . 3 m i l l i o n s i n n e t d e p o s i t s and of 1 7 . 4 m i l l i o n s i n F e d e r a l Reserve 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 i n the F e d e r a l Reserve B o a r d ' s weekly hank s t a t e m e n t i s s u e d as a t c l o s e of b u s i n e s s on October 2, 1920. The Banks' combined c a s h r e s e r v e s show a r e d u c t i o n by 6 . 9 m i l l i o n s , w i t h the consequence t h a t t h e r e s e r v e r a t i o d e c l i n e d from 43.7 to 4-2.9 p e r c e n t . H o l d i n g s of paver 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 ) i n c r e a s e d by 34*1 m i l l i o n s , t h o s e of o t h e r d i s c o u n t e d b i l l s - by about 52 m i l l i o n s , t h o s e of a c c e p t a n c e s p u r c h a s e d i n open m a r k e t by 4 . 2 m i l l i o n s , and t h o s e of T r e a s u r y c e r t i f i c a t e s - by 2 . 4 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 , as a consequence, i n c r e a s e d by 92-7 m i l l i o n s a g g r e g a t i n g a t present - 3)^02.2 millions• Of the t o t a l of 1 2 1 ? . 1 m i l l i o n s of b i l l s s e c u r e d by U. S . war o b l i g a t i o n s , 6 6 7 . 3 m i l l i o n s , or 54»3 p e r c e n t , were s e c u r e d by L i b e r t y bonds; 305 millions, or 25»1 p e r c e n t , by V i c t o r y n o t e s , and 2 4 4 . 4 m i l l i o n s , or 2 0 . 1 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 53*2, 26-3 and 2 0 . 5 p e r c e n t of a corres-« ponding t o t a l of 1183 m i l l i o n s shown t h e week b e f o r e . D i s c o u n t e d p a p e r h e l d by t h e Boston, P h i l a d e l p h i a and Cleveland Banks i n c l u d e s 223-5 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 7 o t h e r Reserve Banks i n t h e South and Middle V e s t , w h i l e a c c e p t a n c e h o l d i n g s of the P h i l a d e l p h i a , Cleveland and San F r a n c i s c o Banks a r e shown i n c l u s i v e of 25-2 m i l l i o n s of bank a c c e p t a n c e s purchased from t h e New York and Chicago Banks, as a g a i n s t 19*9 m i l l i o n s shown the week b e f o r e • Government d e p o s i t s show a r e d u c t i o n f o r t h e week of 3*1 m i l l i o n s , members' r e s e r v e d e p o s i t s went u p 4 9 . 6 m i l l i o n s , o t h e r 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 and non-members' c l e a r i n g a c c o u n t s , f e l l o f f 7«7 m i l l i o n s , w h i l e t h e " f l o a t " c a r r i e d by t h e Banks and t r e a t e d a s a d e d u c t i o n from g r o s s d e p o s i t s shows a r e d u c t i o n of 25-5 m i l l i o n s . As a consequence, c a l c u l a t e d n e t d e p o s i t s were 64-3 m i l l i o n s above t h e p r e v i o u s w e e k ' s t o t a l » F e d e r a l Reserve n o t e c i r c u l a t i o n shows a t o t a l e x p a n s i o n f o r t h e week of 17*4 m i l l i o n s , a l l Reserve Banks, except t h o s e of Boston and New York, r e p o r t i n g i n c r e a s e d c i r c u l a t i o n f i g u r e s . F e d e r a l Reserve Bank n o t e s i n c i r c u l a t i o n show a s l i g h t d e c l i n e . The s t a t e m e n t i n d i c a t e s a r e d u c t i o n of 21 m i l l i o n s i n t h e t o t a l of gold h e l d by f o r e i g n a g e n c i e s . This amount r e p r e s e n t s s h i p m e n t s to the F e d e r a l R e s e r v e Banks of p a r t of the gold h e l d earmarked by t h e Bank of England s i n c e September 1919* An i n c r e a s e of $ l 6 l , 0 0 0 i n p a i d - i n c a p i t a l i s due l a r g e l y t o i n c r e a s e s i n the c a p i t a l and s u r p l u s a c c o u n t s of e x i s t i n g members i n t h e New York, Cleveland, Kansas C i t y and San F r a n c i s c o d i s t r i c t . Ee l e a s e d f o r p u b l i c a t i o n Sunday morning, October 10, 1$20; n o t e a r l i e r . RESOURCES Aim LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED. r -n -i ;.®.S . i - - October g, 1920 October 1. 1920 * p r ' " s r - i ™ , u $i, =t=. o reserves _ B i l l s d i s c o u n t e d C<-~cvu ed oy Go/ernment war o b l i g a t i o n s r 1,217,098,000 n St.lUgla O c t . 10. 1919 s ii!:iuu-ggg 2,158,268,000 2,165,195,000 "2,202,100,000 0,7 1,183 -O&f 000 r1 672 797 000 1 8 l i f l ™" « . . . . . «*m sseE •**« ew„ sis eeebee::; 3E % ; : : S S = , " S I S sitS -SBE ,.... T*m dhB d&s l i a b i l i t i e s combined R a t i o of gold 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 n e t d e p o s i t l i a b i l i t i e s 42-9/2 46. ^ ty* * 4g.l% -,,-f P 58 l e a s e ! f o r p u b l i c a t i o n Sunday morning, October 10, lyPO; not e a r l i e r * . RESOURCES Aim LIABILITIES 0? TIIE FR1EEAL RESERVE BAJ^IKS AT CLOSE OF BUSINESS OCTOBER 3, 1920. St.lWb BESOUHCES (in thousands of d o l l a r s ) Federal Reserve Bank of (%o]d and guT.d c e r t i f i c a t e s ^ Gold s e t t l e m e n t iund ~ F.R-Board Sold vvith f o r e i g n agencies Total g::ld held by banks Gold %-itn F- R. Agents 0o?d redemption fund Tctal livid r e s e r v e s Legal renaor n o t e s , s i l v e r , etc* Total r e s e r v e s ' B i l l s discounted: (a) Secured by Ouyt.war o b l i g a t i o n s All other " B i l l s bought in open market (b) mt Total b i l l s on hand U, 5. G-^verrznent bonds »U. S. V i c t o r y n o t e s IT. S. C e r T i f i c a t e s of indebtedness Total earning a s s e t s Bank ^.reiiiiwea Uncollected ibems and o t h e r ded u c t i o n s from gross d e p o s i t s Eedcnption fund a g a i n s t F.R. Bank n o t e s All other r e s o u r c e s TOTAL RESOURICES 4 (a) Includes b i l l s r e d i s c o u n t e d f o r other F« R. Banks, v i z : (b) Includes bankers^ acceptances bought from o t h e r F.R.Banks: Without t h e i r endorsement Boston 7,606 Us,i4g £*555— 63,320 133,424 _ig.3n 216,303 6,745 223,048 New York Phi l a 133,402 1,403 37,537 47,85 8 J . . . 7 , 1 6 2 204,065 56,433 235,642 123,753 _37.3^5 1 0 , U 0 6 477,632 1 9 0 , 5 9 2 127.834 1*018 605,466 191,610 Clevel. 10,465 75,508 L 66o 93,533 l ! : c,C?4 1 3 486 247,793 2. 225 250,018 104,042 509.645 121,544 69,684 78,223 43U.576 .54,544 153,493 30. 0 4 1 97,752-_18,221. M J 7 8 . 212,370 ,041,973 194,309 271,555 1,462 1,434 834 555 10 50 5 31.361 JLL-52I "» / ^ L71.958 . J . 23.299 234,523 1,115,443 227,104 295,698 1,950 4,028 657 1,177 53 , 273 152,049 63,667 73,208 Eichm ., A t l a n t a Chicago 2.Mo 7,549 24,665 8,163 66,324 . 1 2 4 44 44 ,g q1? lJ-S7_ -3,223 11.117 3 4 , 9 6 0 1 7 , 1 5 6 80,679 42,494 5 2 , 5 5 4 187,099 8„J50_ 7 , 5 4 o 2b.515 86.204 77,250 294,093 826 1.398 9.103 8 7 , 0 3 0 78,648 303,196 51 .Louis Minn. ICans -Gy. D a l l a s San Fran . T o t a l 6 86 4 684 13,475 3,122 7 , 2 0 6 216,763 8 , 6 3 7 2 0 , 6 9 2 1 0 J 2 1 40,175 13,373 391,974 4 208 2,4x7 -4.297 2.429 4,118 90.4oq 2 0 , 7 0 3 18,260 25,675 17,434 66,768 699, 346 4 8 , 3 2 8 27,312 40,979 28,911 81,242 1,142,412 5.67 0_ _ 4 , J 0 1 . 5.396 1 1 . 6 2 9 . 154.766 74,701 49,019 71,357 51,741 159,639 1,996,324 121 7.479 1.860 2.791 _ 544 161.944 8 2 , 1 8 0 49, l4o 73,217 54,532 1 6 0 , 1 8 3 2 , 1 5 8 , 2 6 8 3 6 , 1 5 5 65,713 146,537 32,39% 7 2 , 4 5 7 56,923 325,411 77,212 6 184 _ 2 j q i . , _ 4 u 5 Z 3 - 960 114,796 125, S9 513,521 1 1 6 , 5 6 6 1,233 il4 4, 490 1,153 3 12.262 15.668 ^,9.) 63 ) 17, 363 1 128,291 l4o,874 557,644 1 3 5 , 0 8 2 1,253 622 2,128 866 57,923 30,774 108,807 52,379 9,166 32,179 78,054 71,614 1.408 3.160 8 8 , 6 2 8 112,953 116 8,867 1 w 8,481 12,826 *— 97,225 134,647 603 885 2 2 , 7 9 s 55,241 1 , 2 1 7 , 0 9 8 5 4 , 9 1 9 121,027 1,578,573 310 55.306 105.6qo 78,027 231,574 3,101,361 3,966 2,632 26,856 69 2.300 11.207i 273.951 ~") v,i J , ./ ;.iz 9 0 , 2 9 3 245,413 3 , 4 0 2 , 2 3 7 1,233 232 15,634 27,565 54,339 73,629 43,050 796,723 2,528 1,300 1,139 451 1,516 623 916 586 527 665 1 1 , 6 6 6 343 921 6oi 4oi 74 295 332 267 5 6 5 J83_ 507 _102_ 4,233 JZ2_ 5 1 4 , 2 0 4 1 , 8 8 6 , 4 3 5 484,939 6 2 1 , 5 0 7 2 7 5 , 4 0 9 2 5 1 , 6 2 4 9 7 3 , 7 9 2 271,513 1 7 4 , 9 5 0 2 8 3 , 5 8 9 2 0 1 , 5 4 8 449,845 6 , 3 8 9 , 3 6 1 1,072 52,450 - 30,577 l4o,44o - 13,711 _ 9,44i _ _ _ _ _ _ 2,073 223,467 25,225 r CXJ R e l e a s e d f o r - p u o l i c a t i o n Sunday morning, October 10, 1920; n o t e a r l i e r . S t . 1*81 c RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCTOBER 8, 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 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 F r a n . Boston Total F e d e r a l Reserve Bank 7,644 25,294 8 M i 10,299 5,216 3,930 13,720 4 , 3 0 6 3,337 4,505 3, 970 6,881 97,519 -Capital paid-in 8,067 7,050 23,917 5 , 8 8 4 5,178 8 , 3 9 5 4,152 11,662 164,745 51,308 13,069 1 3 , 7 1 2 12,351 •Surplus 1,116 1,868 2,253 2,246 1,274 1 , 9 8 7 2,906 4 , 9 4 1 3,147 3,254 government d e p o s i t s 1,394 16,979 43,365 "Due to members - r e s e r v e account 726,592 109,651 152,246 57,835 49,066 256,476 62,053 46,261 7 6 , 3 5 8 52,023 118,928 ,825,906 118,387 108,667 49,523 60,801 46,379 25,560 68,922 4 7 , 1 3 2 24,984 62,298 3 7 , 5 0 2 34,848 609,980 43,364 Deferred a v a i l a b i l i t y items 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 681 867 15,333 1,264 1,733 472 760 government c r e d i t s 27.643 2,763 362 513 2,477 164,012 Total gross deposits .. . 92,793 161,194 2,506,899 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 308,936 864,895 274,065 352,480 143,056 147,883 555,872 136,084 82,958 110,566 90,947 254,381 3,322,123 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 16,733 39,113 21,681 21,791 10,900 1 3 , 2 5 3 37,021 10,426 8,129 15,649 7 , 6 2 7 10,831 213,154 4.092 38 , 254 4,528 2.368 2.591 1 2 . 8 5 4 2,701 2,316 3 , 0 7 1 2,059 4 , 8 9 6 „'All o t h e r l i a b i l i t i e s 5,191 84.921 514,204 1,886,435 484,939 621,507 275,409 251,624 9 7 3 , 7 9 8 271,513 174,950 283,589 201,543 449,845 6,389,361 _ T0T"L 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 •42.0 38.3 41.1 42.1 43.0 ' n o t e l i a b i l i t i e s combined, p e r c e n t 53-1 45.6 40.5 39-0 38.5 51.2 50.3 42-9 MEMORANDA C o n t i n g e n t l i a b i l i t y a s e n d o r s e r on d i s c o u n t e d p a p e r r e d i s c o u n t e d with, 24,234 47,496 1 7 , 7 5 0 39,384 19,749 4o,166 34,688 223,467 o t h e r F . R . Banks Bankers' acceptances sold to other 9,441 15,784 F.R.Bariks w i t h o u t endorsement 25,225 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 6,080 1,280 1,312 1,168 4i6 784 576 1 , 9 0 4 432 768 16,208 » f o r foreign correspondents 752 736 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION 326,111 973,365 289,361 369,961 148,309 153,538 626,554 154,582 84,203 115,406 9 5 , 3 7 0 288,966 3 , 6 2 5 , 7 2 6 F . R. n o t e s o u t s t a n d i n g 108,470 1 5 . 2 9 6 1 7 . 4 8 1 5.253 5,655 7 0 . 6 8 2 18,498 1,245 4,840 4 , 4 2 3 34,585 303,603 _F. R. n o t e s h e l d by banks 17,175 - 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 308,936 864,895 274,065 352,480 143,056 147,883 555,872 136,084 82,958 110,566 90,947 254,381 3,322,123 DISTRIBUTION OF BILLS AND U . S . CERTIFICATES OF INDEBTEDNESS BY MATURITIES Within 15 days 16 t o 30 days 31 to. 60 days 6 l t o 90 days Over 90 days Total 1,618,998 281,399 516,868 356,532 21,874 2,795,671 B i l l s discounted B i l l s b o u g h t i n open market 121,443 55,922 105,890 22,435 305,690 II. 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 19,547 14,000 22,284 22,328 195,792 273,951 Released, f o r p u b l i c a t i o n Sunday morni:'. 10, not e a r l i e r . St.l481d. EEHERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS OCTOBER 8, 192O. (In thousands of d o l l a r s ) Federal Reserve Agent at Boston hew York P h i l a . C l e v e l . Richm. A t l a n t a Chicago S t . Louis Minn. Kans. Cy. D a l l a s San Fran. Total RESOURCES Federal Reserve n o t e s on hand 67,300 143,000 28,280 25,400 26,538 69,705 o2,5c:0 19,220 5,040 6,970 13,660 4,880 k j 2 513 F e d e r a l Reserve n o t e s o u t s t a n d i n g 326,111 973,365 289,361 369,961 148,309 153,538 626,554 154,582 84,203 115,406 95,370 288,966 3,625,726 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 gold c e r t i f i c a t e s 5,900 209,608 32,025 2,500 3,s6o 13,052 12,331 279,276 Gold redemption f u n d 21,524 11,034 17,364 18,649 2,994 4,054 8,954 2,037 1,060 2,619 6,846 17,946 115,081 Gold s e t t l e m e n t fund*F.R.Board 106,000 15,000 106,389 90,000 39,500 46,000 178,145 42,431 13,200 38,360 9,734 63,296 748,055 E l i g i b l e paper Amount r e q u i r e d 192,6s? 737,723 165,608 229,287 105,815 100,984 439,455 106,254 56,891 74,427 66,459 207,724 2,483,314 Excess amount h e l d 19,683 279,443 5,887 39.726 7.720 24.096 73,950—10,232 22,095 38.326 11.5o8 11.100 543.826 TOTAL 739,205 2,369,173 612,889 805,048 330,876 400,877 1,389,578 338,616 195,541 276,10s 215,968 593,912 8,267,791 L I A B I L I T I E S Federal Reseive n o t e s r e c e i v e d from Comptroller - g r o s s Less amounts r e t u r n e d f o r destruction Met amount of Federal Reserve n o t e s r e c e i v e d from Compt 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 Federal Reserve Bank: : Gold E l i g i b l e paper TOTAL 682,300 2,288,260 651,380 677,020 374,620 383,020 1,146,200 375,3^0 176,620 256,720 194,180 515,900 7,721,620 288,889 1,171,#95 281,659 199,773 159,777 457,126 393,411 1,116,365 317,641 395,361 174,847 223,243 739,205 2,369,173 612,889 805,048 330,876 201,538 87,437 134,344 85,150 222,054 1,623,381 689,074 173,802 89,243 122,376 109,030 293,346 4,098,239 400,877 1,389,578 338,616 195,541 276,108 215,95s 593,912 8,267,791
@FedFRASER