Full text of H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks : October 17, 1920

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STATEMENT FOR THE PRESS
Released for publication
Sunday m o r n i n g , October 1%
1920; n o t e a r l i e r ,

st.i4.gg
F e d e r a l R e s e r v e Board
O c t o b e r 16, 1920.

CONDITION OF IEDER.IL RESERVE BANKS.
R e d u c t i o n by 8 m i l l i o n s i n t o t a l b i l l h o l d i n g s a s a g a i n s t an i n c r e a s e of
27,7 m i l l i o n s i n T r e a s u r y c e r t i f i c a t e s on h a n d i s 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 bank s t a t e m e n t i s s u e d a s a t c l o s e of b u s i n e s s on O c t .
15# 1920* Government o p e r a t i o n s d u r i n g t h e week were u n u s u a l l y h e a v y , i n c l u d i n g t h e payment on O c t o b e r 15 of h a l f - y e a r l y i n t e r e s t on t h e 4 t h L i b e r t y
bonds f t n e r e d e m p t i o n on t h e same d a t e of t h e o u t s t a n d i n g b a l a n c e 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 , t h e i s s u a n c e of a new s e r i e s of
over 100 m i l l i o n s of t a x c e r t i f i c a t e s , and t h e w i t h d r a w a l f r o m d e p o s i t a r y
i n s t i t u t i o n s of over 40 p e r c e n t of t h e b a l a n c e due to t h e Government on
account of t h e two t a x c e r t i f i c a t e ; s e r i e s i s s u e d t h e month b e f o r e . These
o p e r a t i o n s were in a d d i t i o n to the r e d e m p t i o n by t h e f i s c a l a g e n t s of t h e
f o r e i g n go v er n men ts c o n c e r n e d of over 200 m i l l i o n s of A n g l o - F r e n c h bonds
due on O c t o b e r 15.
H o l d i n g s of 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 , d e c r e a s e d by 24*3 m i l l i o n s , w h i l e 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 show an i n c r e a s e f o r t h e week of. 2 . 5 m i l l i o n s , and t h o s e
of a c c e p t a n c e s - an i n c r e a s e of 1 3 . S m i l l i o n s , An i n c r e a s e of 27«7 m i l l i o n s
i n 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 r e f l e c t s l a r g e l y t h e amount of s p e c i a l c e r t i f i c a t e s h e l d by s i x R e s e r v e Banks t o cover advances t o t h e Government p e n d i n g c o l l e c t i o n of f u n d s f r o m d e p o s i t a r y i n s t i t u t i o n s * I n consequence of t h e
above c h a n g e s , t o t a l e a r n i n g a s s e t s of t h e Reserve Banks show a f u r t h e r i n c r e a s e by 19.7
m i l l i o n s t o a t o t a l of 3 , 4 2 2 m i l l i o n s .
Of t h e t o t a l of 1 , 1 9 2 * 8 m i l l i o n s of 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 , 629*5 m i l l i o n s , or 5 2 , 8 p e r c e n t , were s e c u r e d by L i b e r t y b o n d s ,
3 2 3 , 6 m i l l i o n s , or 2 7 , 1 p e r c e n t , by V i c t o r y n o t e s , and 239*7 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 , a s a g a i n s t 5 4 , 8 , 2 5 . 1 and 2 0 . 1 p e r
c e n t of a c o r r e s p o n d i n g t o t a l of 1 , 2 1 7 - 1 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 b i l l s h e l d by t h e 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 n c l u d e 215*1 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 seven o t h e r R e s e r v e
Banks i n t h e South and Middle West, compared w i t h 223-5 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 , w h i l e a c c e p t a n c e h o l d i n g s of t h e B o s t o n , P h i l a d e l p h i a ,
C l e v e l a n d and San F r a n c i s c o Banks a r e i n c l u s i v e of 3 4 , 9 m i l l i o n s of bank
a c c e p t a n c e s b o u g h t from/New York and Chicago B a n k s .
As a g a i n s t a r e d u c t i o n of 29*4 m i l l i o n s i n Government d e p o s i t s , r e s e r v e
d e p o s i t s show an i n c r e a s e of 4 2 . 1 m i l l i o n s , and 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 1 c l e a r i n g a c c o u n t s , - an i n c r e a s e
of 6*1 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 the R e s e r v 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 , by r e a s o n of t h e h e a v y volume of c h e c k s
h a n d l e d i n c o n n e c t i o n w i t h Government and o t h e r c r e d i t o p e r a t i o n s , i s shown
3 4 , 8 m i l l i o n s l a r g e r than on t h e p r e c e d i n g F r i d a y * C a l c u l a t e d n e t d e p o s i t s ,
a s a c o n s e q u e n c e , were a b o u t 16 m i l l i o n s below t h e t o t a l shown t h e week
before#
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 f u r t h e r e x p a n s i o n d u r i n g t h e
week of 3 1 • 1 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 B o s t o n , C l e v e l a n d and M i n n e a p o l i s , 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 . A nominal
i n c r e a s e of l e s s t h a n h a l f a m i l l i o n i s shown i n F e d e r a l R e s e r v e Bank n o t e
c i r c u l a t i o n . I n consequence of a d d i t i o n a l c o n s i g n m e n t s of g o l d by t h e Bank
of England t o t h e F e d e r a l R e s e r v e Banks t h e amount of g o l d w i t h f o r e i g n
a g e n c i e s shows a f u r t h e r d e c l i n e of 3+4 m i l l i o n s . T o t a l g o l d r e s e r v e s d e c l i n e d 4*2 m i l l i o n s , w h i l e t h e l o s s i n a g g r e g a t e r e s e r v e s was 3*4 m i l l i o n s .
The Banks 1 r e s e r v e r a t i o shows a d e c l i n e f o r t h e week f r o m 4 2 . 9 t o 42*7
per cent.




R e l e a s e d f o r p u b l i c a t i o n Sunday morning, October 17, 192O; n o t e a r l i e r .
R E S O U R C E S

E

E
H
S
i
T„taigoMrLx5

e s

RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED.

H
s

r ^ r ^ r

r

I
v

e

"
^

-

'

I

S

1,192,510,000

•

y

,

=

=

U. S . Government bonds
U. S. V i c t o r y 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
Total earning assets
Bank p r e m i s e s

s

s

i

,

U

'p i R u ' f ^ n n n
'
'
'

gr

°SS

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
Total gross 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. B a n k n o t e s 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
All other l i a b i l i t i e s
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 . E, n o t e
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 t o 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

S

E

, 1 0 1 ,
An n
-7m c / * ? '
?
'•••/•'
iR^'nn

deP0SitS

3

,

3

^

6

9

c
/ , b,951,000
6,610*250,000
,
13

975

^

S

E

3^'74o'oOO
^),^u,UUU

c

07'chjM^
27,648,000
f ' ^ ' S 8 , 0 0 0
^'^^3,271,000
2L3,p33,000
58,489,000
10,2
'
50'000
ho 4
^
46.6$

1

,

0 0 0
26,856,000
, 0 0 0
—273,951,000
3,402,237,000

d

t
e
70,742,000
2
'%9,125,000
3

S

i

2,464,665,000
27,097,000
87,000
269.4l4.000
2,761,263,000

11,666,000
12,331,000
4, 833.000
1 3 . ^ 0 . OOP
6,389,361,000 6,161,812,000
\

000

• > . * . , * . « ,
l61,944,000
2 158
'
» 26s>000

1 2 1 7 098 000
5

0

aepoSUs




"

s

All other resources
TOTAL RESOURCES
L I A B I L I T I E S
Capital paid-in
S

F

*

n t s

Total r e s e r v e s
B i l l s d i s c o u n t e d (Secured by Government war o b l i g a t i o n s
«

lliC)„

1I I : ^ : S S
882 156,000
101.4^0 OOn
2,506,899,000 2,958,326,000
3 , 3 2 2 , 1 2 V 000 2 , 7 5 2 , 569,000
213,154,000
249,675,000
84.921.000
34.615,OOP
6,389,361,000 6,l6l,812,000
,
42-9%
48-3$
46

57.

R e l e a s e d f o r p u b l i c a t i o n Sunday morning, October 17, 1Q20- n o t e a r l i e r .
RESOURCES MD LIABILITIES 0? THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCTOBER 15

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 s e t t l e m e n t fund - F.R.Board
••Pold w i t h f o r e i g n a g e n c i e s
, T o t a l gold h e l d by "banks
Gold w i t h F , R. Agents
Gold r e d e m p t i o n fund
Tt»tal 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 reserves
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
All other
J B i l l s bought in open m a r k e t (b)
T o t a l b i l l s on hand
^ * S. Government bonds
U. S. V i c t o r y n o t e s
JtJ. 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
Total earning assets
Bank p r e m i s e s
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 frcm g r o s s d e p o s i t s
5$> Redemption f u n d a g a i n s t F . R .
Bank n o t e s
All other resources
TOTAL RESOURCES
Includes b i l l s rediscounted for
e t h e r F . R. Banks, v i z :
(b) I n c l u d e s b a n k e r s ' 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




IQglflllliiigfirWgrmil! it 111111 itsiii
1920

St lUgSb

Total
192,499

381,753

68,700
130,915
J U ? i
221,000
7,072

-12!L281

228,072

79,580
75,70s
4q lj.Q4
2 0 4

' S

81,203
1>

%k

i
1

,

&
0

923

i

l

2! 0^6

f

l

S22

ZTi7l

t |

i.:g:

£l

ll

l^lS

^

8J12

IIS'fi

\%\

1 2 7 ,

ii!

51

2,330

^

i;u9o

12

227
50,gl

l£

1,300
-611

1,139
280

451

506
27*

l.qio
);|g

35,736
70,991
2.478
S

5

218,462 89,263 102,216 70,187 31,780 122,330 57,901 28,589
2,549
1.004

7

87.021
53,447
661,273
98,580 1, 169,038
12,911
161,790.
992,101
?
hjn
' 162.810
£?eIl65];°2,
154,911

^

19,756 5 3 , 3 8 8 1,192,810
53,926 112,168 1,581,060
1 , 2 6 5 57. 74q
319.520
7 5 , 0 0 7 223,305 3093,390
,
1 ; # 3,966
2,633
26,856
69
8.300 11.16U
301.661
87,273 237; 102 3,421;976"
1,237
232
15,766

72,948 71,007 52,602

998,488

1,866
962

623
485
916
586
665
12,158
-521__
84
309 -1*621.
6,951,
-211
550.659 1,913.106 522,957 639,083 288, S
K
6 258,032 1003,60i"2 7 6,515 173,935 283,642 2 1 3 , 2 8 2 1*56,292 6,
610,250
43,694
15,000

321

32,384 139,032
12,525

6,030

215,110
1,345

34,900

Released, f o r p u b l i c a t i o n Sunday m o r n i n g , October 1 7 , 1920; n o t e a r l i e r .

St.lUggc.
RESOURCES M S "LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSIHESS OCTOBER l j ] 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
• ;l::r..il Reserve Bank
Boston
New York P h i l a . C l e v e l . Ricbm. 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 .
C . . 1 r 1 paid-in
•7,644
4 , 5 0 5
3 970
u s u
Surplus
12,351
j : o t
: : : :
: : : :
\ - m
-,152 1
4
1,662
8,395
GcVen-uTient d e p o s i t s
982
257 1,451 1,941
385
634
380
2,104
659 2,607 1,362 1,213
jfcte t c members - r e s e r v e account
130,876 7 4 4 , 1 3 2 116,781 151,757 60,357 46,585 265,154 61,729 46,389
73,119 50,957 1 20,180
Deferred a v a i l a b i l i t y items
67,652 147,614 76,937 81,555 56,792 24,311 91,057 50,747 24,611 64,016
50,644 4o,951
0*ther d e p o s i t s , i n c l u d i n g f o r e i g n

Total
97,59%
164,745
13,975
86s,016
776,887

goverra;sr.t c r e d i t s
1,315
20,077
2,043
957
598
457
2.174
q4g
451
856
381
3.482
33.740
Total gross deposits
200,825
197,212 236,210 118,132 71,987 358,765 l i t ) , 5 2 9 72,110 14o,598 103,344 165,826 2,692,61s
F . B. n o t e s i n a c t u a l c i r c u l a t i o n
308,155
875,737 278,147 351,657 143,871 158,982 556,684 137,565 8 2 , 8 2 4 111,394 9 2 , 0 4 2 256,213 3 , 3 5 3 , 2 7 1
F. R. Bank n o t e s i n c i r c u l a t i o n net liability
16,922
39,506 21,615 21,684 11,101 13,358 3 7 , 0 5 1 1 0 , 3 7 4
8 , 0 9 6 15,520
7 , 6 8 3 10,623 213,533
li
All o t h e r l i a b i l i t i e s
4,762
39,1478 4 . 4 8 8 " 5.5a
2—. 4 ^
13.
64
2,707
2.
857
.2,374
.
•*-*
1
^
.f-.
J
y
,
c2,091
OO **+oy
5,084
3,23P
88.489
r
TOTAL LIABILITIES
550,659 1,943,406 522,957 639,083 288,846 258,032 1P03,601 276,515 173,935 283,642 213,282 4 5 6 , 2 9 2 6,6lD,250
R a t i o of t o t a l r e s e r v e s t o n e t d e p o s i t and F.R,
enote l i a b i l i t i e s combined, p e r c e n t
53«3
38.7
47.9
48.7
44.3
40.3
39.3
39-2
39-8
43.4
4i.4
44.8
42.7
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
MEMORANDA
•*" 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 w i t h
0'cher F . R. Banks
_
20,000 4 4 , 6 4 2 l 4 , 5 0 0 35,348 23,272 43,063 3 4 , 2 8 5
215,110
Bankers' a c c e p t a n c e s s o l d t o o t h e r
F.R.Banks w i t h o u t endor sement
28,870
6,030
34,900
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
for foreign correspondents
1,168
6,081 1,280 1,312
784
576 1,904
752
432
76s
4i6
736
16,209
FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION
Fo, R . n o t e s o u t s t a n d i n g
321,802
l 6
P. R. n o t e s h e l d by b a n k s
!&3
^
" E g g
%
13,647
^ 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
308,155 875,737 2,8,147 351,657 143,871 158,982 556,654 137,565 82,824 111,394 9 2 , 0 4 2 256,213 3 , 3 5 3 , 2 7 1

^

Bills discern ted
B i l l s bought ii 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




DISTRIBUTION OF BILLS AND U. S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES
W i t h i n 15 days
l 6 to 30 days
31 t o 60 days
6l to 90 days Over 90 days
1,551,801
295,140
547,622
22,528
356,779
138,645
56,543
97,466
26,865
6,4oo
54,957
25,293
19,877
195,134

>•%•]&

Total
2,773,870
319,520

301,661

R e l e a s e d f o r p u b l i c a t i o n Sunday morning, October 17, 192O; n o t e a r l i e r .
FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS OCTOBER 15,

1

I92O .

^

( I n t h o u s a n d s of d o l l a r s )
a t

-

• S S £ r S * J £ H ? i « ? S
Reserve n o t e s o u t s t a n d i n g :

&cess a m % t l d

l0St

°n

™

York

a g

Phila

^

^
735,599

y

Ne

-

Clevel.
^

Richm. A t l a n t a Chicago S t . Louis Minn. Kans. Cy. D a l l a s San Fran.
l»:S? ifelai

627!661 1 5 ^ 5 5

s i : 15a 1 1 7 : ^ 8

96: 7 651

Total

3,6^70?

IS « II ^ IS IIMII S

Iv'l
2

'353'"2

6

3 S , ^ 810,842 3 3 3 , 0 9 3 4 l O , 4 l S 1 , 3 8 7 , 2 5 9 3 4 2 , 2 8 4 186,345 274,166 215,140 6 0 0 , 2 7 3 8 , 2 8 0 , 8 4 5

l i a b i l i t i e s
F e d e r a l Reserve n o t e s r e c e i v e d
LesrLo™!strre^d

destruction

to8

65o

. 3 S O 684,033 3 7 6 , 5 ® 385,080 1 , I 4 7 , I 6 O 3 7 6 , 4 2 0 179,680 259,220 195,160 5 1 9 , 2 0 0 7 , 7 6 3 , 6 0 0

291,398 1,175,412 335,69s 284,2)6 201,935 160,952

460,739 203,945

88,258 135,262

85,794 224,716 3,648,405

" 9 , 7 2 4 1 7 4 , 6 4 ; 224,128

6 8 6 , 4 2 1 172,475

9 1 , 4 2 2 123,958 109,366 2 9 4 , 4 8 4 4 , 1 1 5 , 1 9 5

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:
mr

F e d e r a l R e s e r v e Bank:
E l i g i b l e paper
TOTAL




g f f i g

n H l l

l ^ M l

' l l ' "

1 P 1 «

fij'Sgiifrffi

j-ffigg

728,5992,353,992638,434 810,842 333,093 410,418 1,387,259 342,284 186,345 274,166 215,l4o 600,273 8,280,845