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STATEMENT FOR THE PRESS Released f o r p u b l i c a t i o n Sunday morning, October 24, 1§20; n o t e a r l i e r . S t . 15.1.8 Federal Reserve Board, October 2 3 , 1920. CONDITION OF FEDERAL RESERVE BANKS Liquidation in seme volume of discounted and purchased b i l l s a l s o of Treasury c e r t i f i c a t e s and a commensurate reduction of d e p o s i t l i a b i l i t i e s are i n d i c a t e d i n the Federal Reserve Board's weekly bank statement issued as a t c l o s e of b u s i n e s s on October 22, 1920 • Federal Reserve note c i r c u l a t i o n increased by 2 . 9 m i l l i o n s , while cash r e s e r v e s show an increase of 2.U m i l l i o n s s As a consequence, the Banks' r e s e r v e r a t i o shows a gain f o r the week from U2.? to U3 .3 per, c e n t . Holdings of paper secured by Goverzmerit war o b l i g a t i o n s , i n c l u d i n g Treasury c e r t i f i c a t e s , increased by 6 . 3 m i l l i o n s , w h i l e those of other d i s counted paper d e c l i n e d by 30*9 m i l l i o n s and those of acceptances - by 18.9 m i l l i o n s . A r e d u c t i o n of 20.7 m i l l i o n s in Treasury c e r t i f i c a t e s on hand r e p r e s e n t s l a r g e l y the amounts" of s p e c i a l c e r t i f i c a t e s taker/by the Government during the week and t o a smaller e x t e n t n e t l i q u i d a t i o n of c e r t i f i c a t e s , temporarily purchased from non-member banks • Total earning a s s e t s , 3,357 »7 m i l l i o n s , show a reduction of 64.3 m i l l i o n s s i n c e .the previous Friday. Of the t o t a l of 1199*1 m i l l i o n s of paper secured by Government war o b l i g a t i o n s , 635*8 m i l l i o n s , or 53 per cent were secured by Liberty bonds; 3 2 2 . 3 m i l l i o n s , or 2 6 . 9 per c e n t , by Victory n o t e s , and 2 U 1 m i l l i o n s , or 2 0 . 1 per cent, by Treasury c e r t i f i c a t e s , as a g a i n s t 52-8, 2 7 • ! and 2 0 . 1 per cent of a corresponding t o t a l o f 11§2.8 m i l l i o n s reported the week b e f o r e . Discounted b i l l s held by the Boston, P h i l a d e l p h i a and Cleveland Banks include 243 *1 m i l l i o n s of paper discounted f o r the Federal Reserve Bank of New York and seven other Reserve Banks i n the South and Middle West, while acceptance holdings of the Boston, P h i l a d e l p h i a and San Franc i s c o Banks are i n c l u s i v e of 24.3 m i l l i o n s of bank acceptances purchased from the New York Bank#. As a g a i n s t an increase of about 1 m i l l i o n in Government d e p o s i t s , r e serve d e p o s i t s show a d e c l i n e of about 8 9 m i l l i o n s , and other d e p o s i t s , including 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 accounts - a d e c l i n e of 11.8 m i l l i o n s , w h i l e the " f l o a t " c a r r i e d by the Reserve Banks and treated as a deduction from g r o s s d e p o s i t s was 30 <1 m i l l i o n s l e s s than oh the preceding Friday* Calculated n e t d e p o s i t s , i n consequence, were 6 9 . 7 m i l l i o n s below the t o t a l given the week b e f o r e . The only large increase in Federal Reserve note c i r c u l a t i o n , v i z . by 17*4 m i l l i o n s , i s reported by the Reserve Bank of Atlanta, other Reserve Banks v i z . those at Boston, P h i l a d e l p h i a and San Francisco showing e i t h e r s u b s t a n t i a l r e d u c t i o n s or e l s e o n l y s l i g h t changes i n t h e i r c i r c u l a t i o n f i g u r e s • Federal Reserve bank note c i r c u l a t i o n i n c r e a s e d by 0«3 m i l l i o n . The amount of gold w i t h f o r e i g n agencies, i n consequence of a d d i t i o n a l consignments of gold by the Bank of England t o the Federal Reserve Banks, shows a further d e c l i n e of 6 . 6 m i l l i o n s « An i n c r e a s e of $98,000 i n the p a i d - i n c a p i t a l of the Reserve Banks i s due t o the admission of new members and the i n c r e a s e in c a p i t a l ! z a t i o n of e x i s t i n g members l a r g e l y i n the Chicago and Minneapolis d i s t r i c t s . Released f o r p u b l i c a t i o n Sunday morning, October 24, 1920; n o t e a r l i e r . St.l^ie. RESOURCES AND LIABILITIES OF TT3E TWELVE FEDERAL RESERVE BAXKS COMBISIEI). RESOURCES October 22r 1920 October 15. 1920 Oct. ?4, 1 9 1 C . Gold and gold c e r t i f i c a t e s $161,438,000 $192,499,000 $242,375,000 Gold settlement fund - F- R. Board 389,069,000 321,753,000 465,535,000 Cold with f o r e i g n agencies 80.44l f 000 87.021,000 132.983,000 Total gold h e l d by banks 630,948,000 661,273,000 846,893,000 Cold w i t h Federal Reserve Agents 1,203,240,000 1,169,038,000 1,197,933,000 Gold redemption fund 160.423.000 l6l.790.000 101,779.000 Total gold r e s e r v e s $1,99*+,6ll,000 $1, 992,101,000 2 , l 4 6 , 6 0 5 , 0 0 0 Legal tender n o t e s , s i l v e r , e t c . 162.659.000 162.810.000 6 7.956,000 Total r e s e r v e s • 2,157,270,000 2,154,911,000 2 , 2 l 4 , 5 6 1 , 0 0 0 B i l l s d i s c o u n t e d (Secured by Government war o b l i g a t i o n s 1,199,139,000 1,192,810,000 1,666,055,000 (All other 1,550,143,000 • 1,581,060,000 4l6,084,000 300.666.000 319.520.000 368.846,000 B i l l s bought i n open market Total b i l l s on hand ' ' ' ~ 3,049,9^8,000 3 , 0 9 3 , 3 9 0 , 0 0 0 2,450,985,000 U. S- Government bonds 26,856,000 2D,856,000 27,095,000 U. S. Victory n o t e s 69'COO 69,000 86,000 U. S. C e r t i f i c a t e s of indebtedness 280, 8 0 7 0 0 0 301,66l,000 273. 585.000 Total earning a s s e t s 3,357,680,000 3 , 4 2 1 , 9 7 6 , 0 0 0 2,751,751,000 Bank premises 15,864,000 15,766,000 13,358,000 Uncollected items and other deductions fraa gross d e p o s i t s 8 2 5 , * 998,488,000 937,250,000 5$ Redemption fund against F. R. Banknotes 12,953,000^40/ 12,158,000 12,571,000 A l l other resources 5TgjgfOOO 6.951,000 9.139,000 TOTAL RESOURCES 6 , 3 7 4 58? 000 6 , 6 1 0 , 2 5 0 , 0 0 0 5,938,630,000 L I A B I L I T I E S 1 oi Capital p a i d - i n 97,692,000 97,59^,000 85,863,000 Surplus 164,745,000 164,745,000 .81,087,000 Government d e p o s i t s 15,015,000 ^ r 13,975,000 83,984,000 Due to members - Reserve account 1,779,02^550^ 1, 868,016,000 1,813,563,000 Deferred a v a i l a b i l i t y items 634,097,000 776,887,000 733,227,000 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 21,929.000 3 fk 33.74o.QQQ 98.878.000 Total gross d e p o s i t s 2,450,©65,000 2 , 6 9 2 , 6 1 8 , 0 0 0 2,729,652,000 F. R. n o t e s in actual c i r c u l a t i o n _ 3,356,199,000 3,353,271,000 2,753,457,000 F. R. B a n k n o t e s in c i r c u l a t i o n - n e t ' l i a b i l i t y 213,838,000 213,533,000 251,590,000 A l l other l i a b i l i t i e s . 92.048.000 88.489.000 36.981.000 TOTAL LIABILITIES . 6,374,^7,000 6,610,250,000 5,938,630,000 Ratio 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. note fog l i a b i l i t i e s combined ' 43.3$ 42-7$ 48-7$ Ratio of gold r e s e r v e s to F.R. notes 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 35f° a g a i n s t net deposit l i a b i l i t i e s 47-3$ 46.6$ 57-6$ , He l e a s e d for 1 p u b l i c a t i o n Sunday morning, October 24, 1 9 2 O ; n o t e a r l i e r . EESOUECES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS RESOURCES Federal Reserve Bank o f Boston New York F h i l a . C l e v e l . Rickm. A t l a n t a Chicago Gold and gold c e r t i f i c a t e s 7,884 78,56? 1,363 10,517 2,436 6 , 3 6 0 24,405 Gold s e t t l e m e n t fund - F.R.Board 27,835 4 6 , 4 2 5 5 5 , 1 7 9 81,619 2 6 , 0 4 9 6 , 1 2 0 54, l 4 ? Gold w i t h f o r e i g n a g e n c i e s 5.878 29.473 6.442 6.603 3.945 2.898 A. 582 Total gold held by banks 4 i , 597 154,465 6 2 , 9 8 4 98,739 3 2,430 15,378 8 8 , 1 3 4 Gold w i t h F. R. Agents 143,801 264,013 119,9^2 l 4 l , 9 7 7 4 3 , 7 4 4 6 4 , 7 4 0 181,264 Gold redemption fund 17,707 3 7 . 9 1 1 11.613 13.725 10,583 6 r 513 3 1 . 2 0 3 Total gold r e s e r v e s 203,105 456,389 194,539 2 5 4 , 4 4 l 8 6 , 7 5 7 8 6 , 6 3 1 3 0 0 , 6 0 1 Legal tender n o t e s , s i l v e r , e t c 7,912 128.429 735 1.981 675 1.547 8.675 Total r e s e r v e s 211,017 584,818 1 9 5 , 2 7 4 256,424 8 7 , 4 3 2 88,178 3 0 9 , 2 7 6 B i l l s discounted: (a; Secured by Govt .war o b l i g a t i o n s 98,133 521,930 1 1 6 , 5 8 1 6 l , 0 0 4 1.37,129 6 8 , 3 6 5 144,874 B i l l s bought m open market (b) Total b i l l s on hand u . s . Government bonds U. S . V i c t o r y n o t e s H. S. C e r t i f i c a t e s o f i n d e b t e d n e s s Total earning a s s e t s Bank premises U n c o l l e c t e d items and other d e d u c t i o n s from g r o s s d e p o s i t s 5/6 Redemption fund a g a i n s t F.R. Banknotes A l l other r e s o u r c e s TOTAL RESOURCES (a) Includes b i l l s r e d i s c o u n t e d for other F. R. Banks, v i a : (b) Includes bankers' a c c e p t a n c e s bought from other F.R.Banks: Without t h e i r endorsement ZL'SS? 54,392 1 5 6 , 1 6 6 72,759 6 8,939 3 1 5 , 2 6 8 OCTOBER 22, 1920. S t . 1518b ( i n thousands o f d o l l a r s ) S t . L o u i s Minn. Kans.Cy. D a l l a s San Fran. Total 2,910 7,192 676 4,915 l4,20? l 6 l 438 13,224 8,613 25,326 4 , 1 3 2 40,400 389*069 3.784 2.174 865 2.091 3.704 80!44% 1 9 , 9 1 8 1 7 , 9 8 5 2 9 , 8 6 7 1 1 , l4o 5 8 , 3 1 1 630,948 4 9 , 3 9 6 2 7 , 2 6 4 4 1 , 2 1 9 2 9 , 6 1 0 96,270 1 , 2 0 3 , 2 4 0 5.588 2.912 4.648 6.446 1 1 . 5 7 4 l6o.4?3 7 4 , 9 0 2 4 8 , l 6 l 7 5 , 7 3 4 47,196 1 6 6 , 1 5 5 1 , 9 9 4 , 6 1 1 7.204 145 1,935 3.0l4 4Q5 l6g.6SQ 82,106 48,306 7 7 , 6 6 9 50,210 1 6 6 , 5 6 0 2 , 1 5 7 , 2 7 0 39,24l 8,308 29,4)1 18,358 79,46 5 75 , 2 8 2 81,256 56,392 106,913 1,550,143 42,901 7 3 . 5 6 4 1 8.803 4Q,35Q 5.261 2.690 5 0 . 3 2 5 993 216,980 1,002 8 5 9 189,776 2 5 7 , 5 2 0 115,149 139,994 5 1 0 , 4 6 ? 1 1 9 , 6 9 9 555 1,462 1,434 834 1,233 61,489 163,434 70,958 83,455 62,666 1,072 34l 2,595 969 1,300 644 1,139 24q 451 398 ll4 4,490 1,153 3 0 , 8 9 8 103,838 2,486 815 1.370 60.927 300.666 76 120 2 2 3 6 2 5 3 , 6 4 9 94g" 1 8 . 4 8 2 12.826 9 3 , 3 9 8 134,653 603 885 116 8,867 3,966 2,632 69 8.300 l l . l 6 l 280.807 8 8 , 3 8 6 237,418 3 , 3 5 7 680 1,240 232 15,864 26,856 46,52? 28,059 69,508 57,?i5 4?,o4l 825,% 623 439 617 94 916 328 586 5 50 10 3 22,655 7 4 . 2 4 2 3 1 . 9 6 0 24.299 1 2 . 2 6 2 15.666 4 l . 6 l 4 17.340 24o, 195 1 , 0 ? 8 , 6 1 3 2 2 3 , 1 7 0 2 8 2 , 6 6 3 1 2 8 , 6 4 4 155,777 556,571 138,192 2,066 4,101 657 1,178 1,285 623 2,128 866 503 191 1.210 2.272 84,800 112,959 5 5 , 7 8 5 1 199 139 - , 665 336 12,953 5.2%"^' 5 1 6 , 1 8 0 1,834,530 492,003 6 2 5 , 0 9 9 2 8 0 , 8 7 6 2 7 6 , 1 7 0 975,114 2 6 8 , 7 5 3 1 7 1 , 0 7 7 2 8 3 , 9 5 9 1 9 8 , 5 # 4 5 2 , 2 5 2 6,374,-56?- 72,926 - 3 2 , 2 7 3 137,874 12,970 - 10,449 _ _ _ _ _ _ _ _ . 243 073 * gg6 24,305 Released f o r p u b l i c a t i o n Sunday morning, October 24, 1920; not e a r l i e r . St.1518c, RESOURCES AND LIABILITIES OF THE-FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCTOBER 2 2 , I 9 2 O . ( I n thousands of d o l l a r s ) L I A B I L I T I E S Boston Ne Y oc ^S 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 Fran. Federal Reserve Bank Capital p a i d - i n Surplus Government d e p o s i t s Dae to members - r e s e r v e account 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 government c r e d i t s Total g r o s s d e p o s i t 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 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 A l l other l i a b i l i t i e s TOTAL LIABILITIES 7,644 ifiot6 12,351 1,120 566 172,303 839 115,444 57,869 67,338 872 17,119 38,989 40,570 4,930 19,352. 301,833 7,050 1.212, 23,917 1,557 58,707 44,455 253,555 49,742 21,625 4,669 21,776 5.855 11,346 2.606 516,180 1,834,530 492,003 625,099 280,876 321,168 ^ 26,209 72,296 ^ 5,884 2,079 61,757 43,169 5,17S 560 8,395 2,156 42,490 79,i4O 25,289 58,983 «•«* 4,15%,4»ii,662 1,144) 38.6 52.3 52.3 45.8 13,620 2.Q11 37,309 13,989 10,287 2,975 8,033 2,513 276,170 975,114 268,753 171,077 40.5 39.5 15,345 3,522 19,900 37,758 1 3 , 0 5 0 21,929 F 6 3 > 3 35 . 2,450,065/ 254,97 3,356,199 7,744 10,645 2.l66 .5,342 41.3 39-0 42.5 g-s4r?*' 40.9 44.9 4o,4io 27,204 45,807 33,944 24,305 6,081 1,312 1,280 979,389 2 8 7 , 5 5 0 ctc'AS n1?' 7 784 273,103 155,590 4 677 74.212 1 7.820 368,465 150,739 181,085 630,799 1 7t912 350,553 6,738 144,001 176,408 556,587 137,770 76S 85,015 117,096 1.825 S.640 83,190 111,456 4i6 9oS 43.3 243,073 77,329 5,650 88,171 31,090 27,742 14,993 736 16,209 95,915 290,894 3,663,725 ,3.941 36.597 307.526 91,974 254,297 3,356,199 DISTRIBUTION OF BILLS AND U. S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES Within 1 5 days l 6 to 30 days 3 1 to 6 0 days 6 l t o 90 days Over 9 0 days 1,558,148 304,552 497,629^ 365,967 22,987 107,424 33,64i 213,835 92.048 24,305 1,904 576 432 752 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION 875,027 164,745 y 15,015/ 283,959 198,574 452,252 6 374 W MEMORANDA 25,000 1,870 Total 97,692 52,86G 124,479 1 , 7 7 9 , 0 2 4 34,275 34,748 634,097 12,252 1.032 1.271 278 347 2.145 44o 456 -521 803,329 171,111 222,903 1 0 9 , 5 9 9 7 2 , 2 2 3 329,553 107,530 68,779 140,735 88, ¥ 6 1 3 7 5 , 0 2 7 2 7 3 , 1 0 3 350,553 i44,ooi 176/408 55C587 13K770 8 3 , 1 9 0 1 1 1 , 4 5 6 9 1 , 9 7 4 301,833 Contingent l i a b i l i t y a s endorser on discounted paper r e d i s c o u n t e d w i t h other F. R. Banks Bankers* acceptances s o l d t o 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 f o r e i g n correspondents l,lb8 B i l l s discounted B i l l s bought i n open market 3„ C e r t i f i c a t e s of indebtedness 1,153 IM 675,180 111,057 1 53 >53 Ratio 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. note l i a b i l i t i e s combined, per cent 51.1 F* R* n o t e s outstanding P* Re n o t e s h e l d by banks 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 453 R 121,882 48,735 1°:% 195,433 Total 2,749,28)^ 300,666 280,807 ^ 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 24, 1 9 2 O ; not e a r l i e r . St.l51gd. FEDERAL RESERVE AGENTS* ACCOUNTS AT CLOSE OF BUSINESS OCTOBER 22, 1920. ( I n thousands of. d o l l a r s ) i Federal Reserve Agent a t RESOURCES , 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 C o l l a t e r a l security for Federal Reserve n o t e s o u t s t a n d i n g : Gold and g o l d 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 .Board E l i g i b l e paper Amount r e q u i r e d Excess amount h e l d TOTAL 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 from Comptroller - g r o s s Less amounts r e t u r n e d f o r destruction Met amount of F e d e r a l 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 t 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 Boston 71,700 321,188 5,900 New York Phila. Clevel. l4l,000 35,280 22,800 Richm. A t l a n t a Chicago S t . Louis Minn. Kans.Cy. 24,219 51 955 979,389 287,550 3 6 8 , 4 6 5 1 5 0 , 7 3 9 1 8 1 , 0 8 5 209,608 - 32,025 - 5^,480 16,620 630,799 155,590 3,500 8,020 6,920 85,015 117,096 D a l l a s San Fran. yj Total 12,295 4,880 46(5", 1 6 9 95,915 2 9 0 , 8 9 4 3 , 6 6 3 , 7 2 5 3,860 13,052 4,005 41,531 1,012 13,200 2,859 38,360 11,831 5,045 12,734 ^ , 5 3 5 106,194 ^0,923 13.294 57,751 8,251 75,877 36.A44 66,305 194,624 2,460,485 7 5 3 , 6 6 9 2 , 3 5 6 , 0 6 7 6 1 9 , 1 3 0 7 9 4 , 0 5 1 331,954 4 3 7 , 7 5 0 1 , 3 8 ^ 1 , 0 0 1 3 4 1 , 0 9 4 1 8 6 , 3 0 1 278,056 22,901 11$,000 177,337 39,593. 9,405 18,553 19,952 2,244 4,24o 45,000 101,389 90,000 41,500 57,000 715,376 167,608 226,488 106,995 116,345 25o,289 8,750 28,321 6.257 23,6?R 8,119 173,145 ' 0 ' 636,400 2,298,600 660,380 684,620 378,450 395,580 1 , 1 5 / 2 4 0 293,512 1 , 1 7 8 , 2 1 1 3 3 7 , 5 5 0 2 8 7 , 3 5 5 2 0 3 , 5 2 2 1 6 2 , 5 4 0 377,780 181,720 260,120 143,so:- 2 6 4 , 0 1 3 1 1 9 , 9 4 2 141,977 43,744 64,74O 331,954 510.4^ 213,9^0 605,027 8,29^,040 195,160 522,800 7,79/^880 88,685 1 3 6 , 1 0 4 6S/,279 172,210 9 3 , 0 3 5 1 2 4 , 0 1 6 108,210 295,774 4 , 1 2 / 3 9 4 181,264 49,396 1 0 , 4 5 8 119.488 753,66; 2,356,067 619,130 794,051 18.159 279,776 113,271 810,193 462,961 205,570 I 392,88S 1 , 1 2 0 , 3 8 9 3 2 2 , 8 3 0 3 9 7 , 2 6 5 174,958 2 3 3 , o 4 o 9.815 14,936 81,334 27,264 41,219 66.00? 112.821 437,750 1,381,001 341,094 156,301 278,056 86,950 227,026 3 , 6 6 9 , 9 8 6 29,610 9 6 , 2 7 0 1,203,240 6 , 1 2 0 212,983 2.Q70.Q06 213,91+0 6 0 5 , 0 2 7 8 , 2 9 ^ , 0 4 0
@FedFRASER