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STATEMENT FOR THE PRESS St. 3690 Federal Reserve Board, September 13, 1923. Released for publication Friday morning, Sept. 14; not earlier. CONDITION OF FEDERAL RESERVE .BANKS A decrease of $3,700,000 in hcddings of discounted bills, as.against increases of $5,200,000 in Federal reserve note circulation, of $9,300,000 ln cash reserves, and of $34,100,000 in deposit liabilities, is shown in the Federal Reserve Board's weekly consolidated bank statement issued as at close of business on September 12, ,1923. The reserve ratio declined from 76.4 to 75·9 per cent. All Federal reserve banks,except those at Cleveland, Richmond, Atlanta, and Minneapolis, show smaller holdings of disc~ted bills, the largest declines, by $B,100,000 and $6~600,000, being reported for Chicago and Dallas, respectively. The Cleveland Bank reports an increase of $13,100,000 in its holdings of discOLmted bills while smaller increases totaling $4,300,000 are shown for Minneapolis, Richmond and Atlanta. P~per secured by U. S. Government obligations declined by $10~000,000 during the week, the total holdings on September 12 being $389,100,000. Of this amount, $242,300,000 was secured by U. S, bonds, $131,400,000 - by Treasury notes 1 and $14,900,000 - by certificates of indebtedness. An increase of $8,700,000 in Federal reserve note circulation is shown for the Federal Reserve Bank of Cleveland, and decreases of $5;ooo,ooo and $2,700,000, respectively, for New York and Chicago. i . The remaining banks report relatively small changes in nwte circulation, while the ·System as a whole -shews a not inorea.se o.f $5,200, 000· . Gold reserves increasedby $8,700,000 during the week, reserves other than gol~ by $700,000, andno.n-reserve cash - by $11,400,000, these additicns to cash holdings doubtless being due, in large part, to the return flow of currency withdrawn during the preceding week for holiday use. Increasesof $24,000,000 and $10,400 1 000 in gold reserves are shown for the New York and San Francisco banks, respectively, and decreases of $11,200,00J, $4,700,000 1 and $4,000,000, for the banks at Chicago, Cleveland ar~ Atlanta, .A summary of changes in the principal assets and liabilities of the reserve banks, as compared with a week and a year ago, follows: Increase or Decrease In millions of dollars since Sept, 5, i923 Se:Qt. 1311922 Total reserves , . . Gold reserves , . • . ' Total earning assets • • , , • , Discounted bills, total , • • • • . , •• Secured by U. S. Gove~nment obligations Other bills discounted • . • • . . • , , Purchased bills • • . • • ' ' .. .. .. ... . , United States securities, total • • , • Bonds and notes , • , , • , , . • . U. S. Certificates of indebtedness Total deposits •• , , . . • . , •. Member's reserve deposits • • . • . Government deposits • , , Other deposits • • . , 'I' Federal Reserve notes in circulation , II I • "9·3 8.7 + 2.9 8.7 10.0 1.3 + 3Lc + i+54. 2 + 265.1 + 4.7 25.4 + 1.1 397.0 104.1 292·9 + 64.4 + 61.6 + .. + .. , + + 1.6 2.7 34.1 29·7 + 9·8 43.4 + .189.1 - .. + 3.3 + + . 2.5 + 5.2 + 48.9 ' F. R, Bank notes in circulation net liability , , • , , , • • . , . • • . , • c. + + Ll ·3 - ··:~.49. 7 Rel~ased for -publication Fri:L.y morning. Septe.rnt)er 14, 1923; not earlier R~SOUF~J::S AND LI AB:U.ITU:S :E.2~rt.Rn.L :RESERVE BAEKS OF THE TWEJ,VE COM3INED (In thousands cf dollars) R E S 0 UR CE S Gold and gold certificates • Gold settlement fund - F. R. Board • lotal gol~ .. ... . held by banks • Gold with Federal Reserve Agents • Gold redemption fund • . ... . . . . Non-reserve cash • Bills discountBd: Sec. by U.S. Government o')U:·ations Other bills discounted . . Bills bought in open market 807 I 748 21060,700 __ 50,638 2,219,162 40, 3~24 77,004 3,102,010 76,324 3,067,2:34 130,2:04 3,187,665 3,173 J 334 77' 139 65,782 389,071 452,283. 179,313 399,118 450,9 76 174,563 1,020,6 72 1,024, 657 94, '/18 5,139 20 96,320 2,452 20 11120,549 1, 123,449 1,088, '734 54.361 54,269 43,808 28 ;594,984 13,339 4, 742 661, 6os --- ... s. bonds and notes • • • • . • U. S, Certificates of indebtedness • Municipal warrants , • • . . . .. i'~ai 6anlittp;' 6_ssiitS . . . , , U. 990,622 983,051 2,070,557 _ _2I,053 }, 110,661 Total gold r~ves • Reserves other than gold • Total bills on hand • Sep.b__.!l, 1 r32 3 S3pt. 5. 19g} Sept.J),_j322 281,408 344, 746 349,59 7 526,3.40 6451..876 6331454 .. .. ~ Bank premises • . . . . • . . , . , . . 5% Red ernpt ion fund against F. R. Bank notes • , . . , • Uncollected items All other rescurces .. ... TOTAL RESOURCES -·---28 670,862 13,5 32 5, 124,1}6 ---- --3,197,~~38 * 123,960 263, ;::13 204,663 ----591' 836 198,335 298,045 18 ----- -181 -~)20 - 5,030, 135 5,014,847 ~09, 682 213,369 103,718 21S I 369 106,070 215' ~)98 39,597 1,872, 773 24,086 38' 534 1,843,065 20,776 1,Sll,c~28 1,936,456 2,262,525 1,902,375 2,257, 278 1,872,103 2,213,615 5<::9 501 22.e 5.)!+,674 22,765 L I A3 I L I T I E S Capital paid in • , , Surplus . , . . • . . Deposits: Government . , . Member bank ; reserve account • Other deposits . • . t • f • ..' ... ... Total deposits . . F. R. notes in actual circulation F. R, Bank notes in circulaticn net liability • , . Deferred availability items , . . All other liabilities • , TOTAL LIABILITIES • . . 509 576,015 20,580 ---5, 124,136 522,057 19,379 . 5,030,185 39 'J03 21,572 ---- 5,014,347 Ratio of total reserves to deposit and F. R. note liabilities combined •• • • 75.9% 76. 4;~ 73.3% Contingent liability on bills purchased for foreign corres~ondents • • . . . . 33,784 34,304 29,879 * Not c shovvn separately prior to January 1923. for publication Friday morning, September 14, 1923; not earlier. St. 3690b RESOURCES .AND LIABILITIES 0-F._THE FEDERAL RESERVE B.AJ."lli:S AS AT CLOSE OF BUSINESS, SEPTEMBER 12, 1923. (In thousands of dollars) --.. · RE S 0 URCE S Boston New York Phil a. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Total Federal Reserve Bank of 6,173 48,287 349,597 3,330 11,733 21,132 169,925 34,914 12,980 11,193 17,435 3.957 8, 533 Gold and gold certificates 42,454 441026 6I2,4S4 14},913 ll 825 123 036 201682 54,124 29,655 1 11a338 1 19z523 91!815 33,051 Gel~ settlement fund - F.R.Board 24,640 44,250 18,003 28,056 983,051 171,323 47,356 25,071 63,586 313,843 64,569 110,795 71,559 Total gold held by banks 635,518 174,332 207,041 26,752 88,320 391, 737 48,378 37.956 44,458 19' 840 207,776 2,070,557 188,449 Gold with F. R. Agents 21320 3.320 8.611 3a658 3a856 1.365 21.023 1.962 3. 219 1.t.2Th 3,832 1.626 41511 Gold redemption fund .• 267,970 957,711 247,518 321,494 74,858 108,643 570,425 76.397 67' 588 95,647 46,537 275,873 3,110,661 Total gold reserves Reserves other than gold Total reserves Non-reserve cash Bills discounted: Secured by U.S.Govt. obligations Other bills discounted Bills bought in open ~arket Total bills on hand U~ :.r~ and notes S. Certificates of indebtedness So bo~ds ~~icipa1 41462 272,432 111748 12,468 975,459 259,986 325,169 18,020 10,915 1,884 20,556 49,359 10,120 80,245 1~4,183 61,511 }6 .828 242,522 36,596 22,045 19 a 178 78,419 13,407 3,843 17.,367 14 3,947 2.615 4,2C9 c 10,64'3 981 21850 77,912 113,460 5 79,597 87,046 68,569 98,497 6,294 7,309 1,817 5, 245 4.811 1,388 10,932 37,229 28,724 22,872 43,823 36.281 108 96,382 9,953 3C5 12,836 26,857 20,655 39,956 39,197 38,637 9 1 044 4lz9J2 }89 73,255 61,836 107,986 59,681 1,341 229 9,837 682 3,668 74,596 62,086 113,505 2,617 2, 783 8,715 63,349 1,097 1 lt293 17 2004 52,072 277,466 3,187,665 5l525 2,391 6,735 77 J 139 10,400 6,571 36,501 27,722 32,361 52,939 2-'-012 9.999 12.012 29,629 . 40,134 48,931 101,452 389,071 452,283 17<1 i 312 1,020,672 7,963 21,866 12,832 4o 11,173 254 84,192 4,434 259,772 13,012 95,800 106,640 723 9,444 42,701 1,748 51,561 4,970 ... < 9,185 94,718 5,139 20 50,710 110,637 2,368 1,950 1, 120,549 54,361 1,779 20 warrants Total earning assets Bank premises 5% Redemption fund against F~ R. Bank notes Uncollected items All other resources TOTAL RESOURCES <j ,112 la024 - 28 28 670,862 59,029 139,927 59.924 63,802 57,6C9 23,396 92,104 35,908 17,542 39 ,09~ 29,810 4T, 7i7 642 126 811 }81 585 2.118 13.522 1,995 1.282 338 3.853 239 152 438,259 1,400,367 418,705 514,645 214,661 213,299 805,800 194,835 134,372 200,178 139, 739 449.276 5,124,136 Released for publication 1Triday morning, September 14, 1923; RESOURCES AND LIABILITIES OF TEE FEDERAL RESERVE BANKS AT CLOSE O:i/ 30;:: ::::..GSS Sli:.'PTEM:3ER 12, 1923. L I AB I L (In thousands Rich. Boston New York Phila. Cleve. 29,342 9,850 12,235 5. 768 7,867 16,312 59.800 18,749 23,495 11,288 Federal Reserve Bank bf Capital paid in Surplus Deposits: 3,295 Government 126,597 Member bank - reserve account 483 Other deposits 130,375 Total deposits F, R. notes in actual circu1ation227,148 :a. Bank notes in circulation net 1 ia:J ili ty Deferred availability items All other liabilities F. TOTAL LIABILITIES 2,600 1,434 1, 764 3,631 2,194 1,199 2,674 1,663 951 16,536 1,651 3.9.597 689,101 114,653 164,3{)1 59,224 51,052 271,723 68,764 47,688 77,838 48,671 152,596 1,872,773 ro 463 231) 656 24.086 1.634 437 3.776 1,025 2,295 12,413 532 718,050 117,334 169,830 61,024 53' 778 274,556 72,020 49,590 80,039 49,857 160,003 1,936_,456 481,804 220,316 250,045 82,955 128,051 414,431 72,297 57' 163 63,793 45,796 218,676 2,262,525 < 509 107,228 50,8g6 57,230 52,424 16,980 69,285 34,619 15,142 41,335 29,746 45,554 55,646 1,483 Lgl4 1,239 1,120 1,202 972 2!141 21009 4,143 1.630 1,310 911 438,259 1,400,367 418,705 514,645 214,661 213,299 805,800 194,835 134,372 200,178 139.739 449,276 Ratio of total reserves to deposit and F. R. note liabilities 76.2 combined, per cent 81.3 Contingent liability on bills purchased for foreign correspondents 11,930 F. R. notes outstanding I TI ES of dollars) Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Total 4,138 : 4,428 15,166 4,995 4,551 7, 771 109,682 3,521 9,488 7,496 15,263 218,369 8,942 30,398 9,665 7,473 241,986. 14,838 F. R. notes in actual circulation 227,148 77-0 2,374 77.4 3,609 54.1 1, 738 62.4 1,370 84.1 4,645 6o.3 1,470 64.2 1,136 54.4 1,437 1,203 73·3 2,372 FEDERAL RESERVE NOTES OUTSTANDING .AND IN ACTUAL CIRCULATION 738,573 237,540 270~628 91,021 142,748 466,493 89,793 61,267 74,102 50,119 252,420 509 576,015 2Q.a.580 5,124,136 75-9 33,784 2,716,690 4,323 33.744 454,165 45,796 218,676 2,262,525 DISTRIBUTION OF BILLS, U. S. CERTIFICATES OF INDEBTEDNESS .AND MUNICIPAL WARRANTS BY f/IATURITIES Within 15 da,ys 16 to 30 days 31 to 60 days 61 to 90 days From 91 days Over 6 months Total to 6 months 224 119,401 841,359 558,412 71,152 15,625 Bills discounted 45,662 61,971 Bills bought in open market 33,300 3,835 179' 313 1 4,452 277 409 5,139 U. S. Certificates of indebtedness 20 20 MUnicipal warrants F. R. notes held by banks c. 256,769 17,224 20,583 481,804 220,316 2501 045 8,066 14,697 52,012 82,955 128,051 414,481 17,496 72,297 4%104 57,163 10.309 63,793 for publication Frid~ morning, Septemoer 14, 1923; St. 369Jd . Minn. Kans.Cy. Dallas San Fran. Total not e~Xiier. FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS, SEPTE~JER 12, 1923. (In thousands of dollars) Federal Reserve Agent at Joston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis RESOURCES Federal Reserve notes on hand Federal Reserve notes outstanding Collateral security for Federal reserve notes outstanding: Gold ~~d gold certificates Gold redemption fund Gold fund - F. R. Joard Eligible paper Amount required Excess amount held TOTAL 85,550 241,986 313,260 49,700 29,520 23,230 78,992 738,573 237,540 270,628 91,021 142,743 120,500 24,590 11,780 36,213 26,614 67,800 867,749 466,493 89,793 61,267 74,102 50,119 ?52,420 2,716,690 35,300 15,149 1}3,000 235,531 7,000 3,805 2,400 28,987 11,943 13,236 1,957 4,920 371,000 155,389 185,000 24,795 81,000 11,380 13,052 10,092 2,493 3,904 4,098 331,645 34,000 21,000 40,360 7.391 321,359 2,949 20,188 119,921 9,500 187,588 1,629,277 53,537 103,055 63,208 63,537 64,269 54,423 74,756 41,415 2~,311 29,644 30,279 44,644 646,133 33,161 18,250 5,872 10,480 18,062 55,728 333,937 26,708 114,351 4,997 31,517 6,945 7,366 596,230 1,905,257 529,777 6o2,293 212,217 371,854 1,036,647 222,426 140,186 194,897 144,914 628,368 6,635,066 L I A3 I LI TI E S l r··.·.·._ ..• , .·. • ~ Net amow"lt of Federal Reserve notes received from Comptrol:!.er of the Currency 327,536 1,051,833 287,240 300,148 114,251 221,740 586,993 114,383 73.047 110,315 76,733 320,220 3,584,439 Collateral received from Federal Reserve Bank: Gold Eligible paper 138,449 80,245 391,737 48,373 37,956 44,458 19,840 207,776 2,070,557 107,917 59,665 29,183 40,124 43,341 100,372 980,070 TOTAL 635,518 174,332 207,041 26,752 88,320 217,906 68,205 95,104 71,214 61,794 596,230 1,905,257 529,777 602,C93 212,217 371,854 1,086,647 222,426 140,186 194,897 144,914 628,368 6,635,066