Full text of H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks : September 16, 1917

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Released for publication Sunday morning September l6, 19^7*
STATEMENT FOR THE PRESS*

X381d
°t earlier.

September 15; 19-7 •
Accumulation of g^ld with Federal Reserve Agents against Federal Reserve
notes issued during the week, also liquidation of bills on hand, mainly ac­
ceptances, are indicated by the' Federal Reserve Board*s weekly b a n k statement
issued as at close of business on September lU, 19^7* Since June 15; the
Friday immediately preceding the passage of the amendments to the Federal
Reserve Act, combined gold reserves have increased by over
millions, ^of
which 60-5 millions represent the increase in the Federal Reserve Agents
gold holdings, and 263*5 the increase in the banks* gold r e s e r v e s against de­
posits. The net amount of Federal Reserve notes issued shows an increase
for the same period of l|2*5 millions, while the amount of commercial P^Per
held by the Agents as security against these notes increased by about 1
millions, resulting in a decline of the ratio of gold to notes from 9^*
0
82.2 per cent.
On the other hand the ratio of lawful money to net deposits
has gone up from 60*6 to 78*8 per cent. On the whole the reserve position
of the banks, notwithstanding the large demands made upon them by both mem­
ber banks and the Government, shows no sign of weakening.
During the week the Hew York be.nk disbursed 102 millions in further
advances to the Allied Governments, 60 millions going to Great Britain,
U0 millions to France and 2 millions to Belgium.
This necessitated heavy

transfers from the interior to Few York of Government deposits, including
Liberty loan funds, withdrawn from depositary banks* Advances to allied
governments, practically all paid by the Federal Reserve banks, aggrega eat present $ 2 , 007 ; 500, 000., or, slightly in excess of the proceeds ^of the
first Liberty loan. These advances show the following distribution* Grea
Britain $ 1 ,1 0 ^ 0 0 0 ,0 0 0 ; France $610,000,000; Italy $160,000,000; Russia
$97,500,000; Belgium $3 ^,000,000 and Serbia $1,000,000*
Funds advanced? as usual, were deposited with New York City banks,
causing slightly lower money rates and enabling the New York bank to re uce
by lUtU millions the amount of paper on hand# Collateral notes held by
is
b&t'xk show an even largedecrease from 30*0 millions to 13*0 millions, j x@r
reserve banks,, particularly Philadelphia, Richmond and Chicago, report considerable discounting for their members, apparently in connection with
e
withdrawal of Government f^nds* Philadelphia, Chicago and Kansas City repo
net liquidation in some volume of acceptances* %
changes in
other earning assets are shown. Total earning assets are now U23»7
lonS
and constitute 71 ^ Per cent of the banks1 paid-in capita-, compared w^t
725 per cent the week before* Of the total, acceptances c o n s t i t u t e 39*
per cent; discounts 39*5 Per cent and U« S . securities 20*7 P^r cervt*
Increases in capital and surplus of member banks and a d m i s s i o n to
e
system of State banks and trust companies account for the increase 0
$112,000 in capital account> New York alone reporting an increase under
this head of $91,000. Government deposits show a net reduction of -(-8*3
millions, all the banks except New York and Richmond reporting consi era e
net withdrawals of Government funds for the week. Members* reserve depos­
its show practically no change in the aggregate, a net decrease of abou
10 millions reported by the Few York bank being more than offset by increases
shown for other Reserve banks, chiefly Boston a.nd San Francisco*
’accounts of non-members are reported by five Reserve banks, the total, 5
millions being 1*7 millions less than the week before*
a p p r e c i a b l e

There has been an increase for the week of about $20,3 57 ,0 0 0 in t e
net total of Federal Reserve notes issued to the banks*
These notes are
secured by $520/470,000 of gold and $192,200,000 of paper.
The banks re­
port a total Federal Reserve note circulation of $6UU,567,000, an increase
of $23 , 268,000 for the weak*




Rilsas^d for publication Sundav morning September 16, 1917 .
K0t earlier
X38I a
STATEMENT OF COMBIrED RESOURCES A^T) LIABILITIES
OF THE T-VELVE FEDERAL RESERVE BAFKS aT CLOSE OF BUSINESS SEPTEMBER 14, I 9 I 7
R E S O U R C E S
^ September 14, I 917
September J, 1917
September
Gold coin and certificates in vault ...............................
$408,2&6,000
$414,433,000
$250,308,000
3^4,6)1$, 000
395^ 853^ 0^0
125,271,000
Gold settlement fund ................ -.......................................
Gold with foreign agencies ............................. .................
52.S00.000
52.500.000
...
Total gold held by banks ......... ............. .................
845,3$£,000
862,786,000
375,579,000
Gold with Federal Reserve Agents ....................................
520,470,000
494,779,000
185,161,000
old redemption fund .........................................................
9.127.000
7.218.000
1.894.000
Total .gold reserve . . . . .............................................
1 , 3 r.M ^9,0 00
1,364, 783,000
562, 634,000
Legal tender notes, silver,- etc........................................
'Oa^OOO
50.608.000
7 , 898.000
Total reserves
1,426,034,000
1,415,391,000
570,532,000
Bills discounted - Members ...............................................
1^7,333,000
168,217,000
27 , 713,000
Bills bought in open market . .................. -• • *........ ........
168.445.000
173.199.000
8 2 .6C9 .000
Total bills on h a n d ............................... ................ .
335,77^,000
341,416,000
110,322,000
U- S. Government long-term securities . . . . ..............
45,358,000
45,394*000
46,915,000
U. S- Government short-terrr; securities ..... ................
42,366,000
42,441,000
9,039,000
Municipal warrants ..............................................................
214*090
204^000
23,714.000
Total earning assets .................................................
423,716,000
423,455,000
18^,990,000
6,554,000
12,036,000
25,937,000
Due from other F. R. Banks - T’et ....................... ...........
Uncollected items ........... ..................................................
224. 622.000
216.960.000
Total deductions from gross deposits ,
...........
231,176,000
228,996,000
28,937,000
5'/* redemption fund against F. R. bank notes ................
500,000
500,000
500*000
308,000
372.000
x
2.969.000
All other resources ...........................................................
TOTAL RESOURCES
2,081,734,000
2,074,714,000
792,928,000
L I A B I L I T I E S
Capital paid in ................ -................................................
59,368,000
59,256,000
55,4l6,000
Government d ep o sits ......... .......................................... .
21,602,000
39,926,000
40,199,000
Due to members - reserve account .................................... 1,139> 291,000
1,138,542,000
...
Due to non-member banks - Clearing account ..................
50,621,000
52,339,000
-Member bank deposits - Fet ..........................-...............
•••
...
514,343,000
Collection items .................................................................
156,268.000
154.112.000
Total gross deposits ................................................
1,367,782,000
1,384,919,000
554,542,000
F. R. Notes in actual circulation ................................ .
644,567,000
621,299,000
179,409,000
F« R. Bank notes in circulation, net liability ......... .
7,5^1,000
6,894,000
3,214,,000
All other liabilities including foreign Govt, credits
2,45.6,000
2.^46.000
^47.000
TOTAL LIABILITIES
2,081,734,000
2,074,714,000
792,928,000
Gold reserve against net deposit liabilities ...............
T4*3^
74.6^
71*5^
Gold and lawful money reserve against net deposit lia b il’ s
78 *8jT
79*0^
73 -0^

\jold
reserve- against F. R. notes in actual circulation
82.2^
80.8^
104-3^


15 , 1

Released for -publication Sunday" rnonring September
WEEKLY

STATEMENT

OF

RESOURCES

A^TD

16,

LIA B ILIT IES

1917*

OF

EACH

(in

R E S O U R C E S
Gold

coin

Gold

settlem ent

Gold

w ith

Total

and

C ertificates

w ith

Gold

redem ption

Legal

banks

Reserve

Agents

fund

reserves

tender

"T o ta l

by

Federal

gold

notes,

silver,

discounted

B ills

bought

Total

in

b ills

-

Members

open

on

market

hand

U - S .G o v e r n m e n t

lonsr-tenn

U • S * Go v e r n m e n t

s h o r t - 1 e rm

M unicipal
Total

earning

from

%

other

^

other

assets
F*

Fund

E

paid

Government

L

I

T

to

members

to

non-mem ber

gross
in

F ^ R .B k .N o t e s
ether

eign

F.

reserve

in

CLOSE

OF

BUSINESS

SEPTEMBER

lU, 1517.

dollars)
K a s .C v .

Dallas

3 ,3 4 7

1 6 ,3 0 2

8 ,2 9 0

1 2 /6 3 7

1 0 ,5 7 1

408, 206

6 8 ,8 4 6

2 2 ,6 1 3

8 ,1 6 2

3 5 ,1 8 9

5 ,0 1 1

1 6 ,3 2 4

3 8 4 ,6 4 6

1 .5 7 5

7 .3 5 0

2 .1 0 0

r1 0 0

2. 625

1 ,8 3 8

2 .8 8 8

3 0 ,4 8 6

9 ,3 8 9

1 1 9 ,0 5 5

2 8 ,0 6 0

2 6 ,5 6 4

4 6 ,1 0 4

1 9 ,'4 8 6

2 9 ,7 8 3

8 4 5 , 3 5.2

3 4 ,4 6 7

1 2 ,5 8 3

2 6 ,0 7 9

8 3 ,1 0 7

1 7 ,3 0 3

1 8 ,1 1 7

2 0 ,8 3 9

1 8 ,0 8 2

2 3 ,2 1 5

5 2 0 ,4 7 0

13

814

341

267

578

708

519

530

7

8 4 ,4 2 5

1 1 0 ,9 8 8

4 3 ,8 8 3

3 5 ,8 0 9

2 0 2 ,4 2 9

4 5 ,9 4 1

4 5 ,3 8 9

67 .4 6 2

38 , 098

5 3 .0 0 5

1 ,7 5 1

318

134

450

2 .2 0 3

1 ,3 5 9

338

39

751

98

Clevel.

R i chm

Atlanta

Chicaeo

2 7 ,2 3 2

6 ,2 3 1

6 ,0 6 5

4 2 ,8 5 9 ^

1 2 ,7 8 1

1 1 5 ,1 6 2

3 1 ,8 4 0

4 4 ,5 5 1

2 2 ,4 1 8

1 ,7 4 9

3 .6 7 5

1 8 .1 1 2

3 .6 7 5

4 ,7 2 5

4 0 ,3 0 2

3 6 8 ,1 3 9

5 1 ,4 7 6

7 6 ,5 0 8

2 4 ,0 1 3

2 1 0 ,5 6 6

3 2 ,0 9 9

500

4 ,0 0 0

850

6 4 ,8 1 5

5 8 2 ,7 0 5

3 ,9 2 6

3 9 .7 1 8

1 J337_

St.

Louis

M innls.

2

S .F r a n .

Total

5 2 .5 0 0

9 ,1 2 7
L 3 7 .4

.949

5 J .0 8 5

6 8 ,7 4 1

6 ^ 2 ,4 2 3

8 6 ,1 7 6

1 1 1 ,3 0 6

4 4 ,0 1 7

3 6 ,2 5 9

2 0 4 ,6 3 2

4 7 ,3 0 0

4 5 ,7 2 7

6 7 ,5 0 1

3 8 ,8 4 9

5 3 ,1 0 3

1 4 2 6 ,0 3 4

1 5 ,3 6 1

3 1 ,8 5 1

1 4 ,9 4 5

8 ,9 4 5

1 7 ,2 1 2

6 ,2 8 5

1 7 ,6 4 5

1 2 ,6 0 1

1 2 ,1 2 8

1 3 ,3 3 9

7 ,8 1 3

9 ,1 7 8

1 6 7 ,3 3 3

1 8 ,3 2 1

6 4 ,4 7 4

1 5 ,8 5 9

2 3 .9 3 6

2 ,8 9 3

1 .8 3 5

1 4 ,0 3 2

4 ,8 2 7

3 .2 3 0

7 .1 7 1

2 .9 5 2

8 .9 1 5

1 6 8 .4 4 5

3 3 ,6 8 2

9 6 ,3 5 5

3 0 ,8 0 4

3 2 ,8cl

2 0 ,1 0 5

8 ,1 2 0

3 1 ,6 7 7

1 7 ,4 2 8

1 5 ,3 5 8

20, 510

1 0 ,7 6 5

1 8 ,0 9 3

3 3 5 ,7 7 8

610

2 ,8 0 4

867

7 ,9 1 8

1 ,1 6 1

704

1 1 ,8 6 9

2 ,2 3 5

1 ,8 5 9

8 ,8 4 9

3 ,9 6 9

2 ,5 1 3

4 5 ,3 5 8

2 ,1 9 4

1 3 ,5 3 8

2 ,5 4 8

2 ,8 6 5

1 ,9 6 9

5 ,5 0 4

3 ,6 6 0

1 ,4 4 4

1 ,6 0 4

1 ,7 8 4

1 ,8 7 9

3 ,3 7 7

4 2 ,3 6 6

4 7 , 2u6

2 1 ,1 0 7

1 8 ,8 2 1

3 1 ,1 4 3

1 6 ,6 5 9

2 3 ,9 8 3

4 2 3 ,7 1 6

• **

...

126

32

3 6 ,4 8 6

1 1 2 ,6 9 7

3 4 ,3 4 5

4 3 ,6 9 6

10
2 3 ,2 3 5

46

1 4 ,3 3 8

214

2, 6bl

. . ,

2 , 546

* «,

1 ,8 3 8

2, 004

1 ,9 0 3

1 ,0 3 6

1 ,1 0 9

1 ,2 0 4

1 5 ,3 4 3

5 tj p5 o 5

3 1 ,6 0 6

1 5 ,0 5 0

1 2 ,9 7 4

1 1 .7 0 7

c8,7 1 0

1 1 .8 9 5

8 .8 3 0

1 0 ,2 3 4

9 .3 1 7

1 6 .3 9 1

2 2 4 .6 2 2

1 8 ,0 0 4

5 2 ,5 6 5

3 4 ,1 5 2

1 5 ,0 5 0

1 2 ,9 7 4

1 3 ,5 4 5

30, 714

1 2 ,7 9 8

9 ,8 6 6

1 1 ,3 4 3

1 0 ,5 2 1

1 8 ,4 6 4

2 3 1 ,1 7 6

. , ,

...

, , .

...

400

100

• « •

500

93

19

130

66

308

6 4 ,2 3 5

2 8 4 .5 7 1

8 2 ,2 0 5

6 6 ,2 5 9

9 5 ,6 1 6

2 ,0 8 1 .7 3 4

3 , 269

* *.

« %*

...

#* ■

7 8 7 ,6 8 5 1 5 4,67 3

1 7 0 ,0 5 2

** «

8 0 .2 2 6

#.

. « .

5 ,4 5 5

1 2 ,2 1 6

5, 268

6 ,4 5 9

3 ,4 7 6

2, 505

7 ,9 9 8

1 4 ,3 1 2

456

2 ,0 9 9

2 ,7 4 3

(:)l.l 66

3 ,5 6 1

clearing

7 4 ,7 1 9

4 2 5 ,0 2 8

7 5 ,1 6 2

1 0 2 ,6 7 2

3 7 ,0 6 7

2 6 ,9 7 2

1 5 9 ,8 2 5

aci

t •» * • '

4 4 ,7 1 4

72

5 ,4 3 9

7

1 3 ,0 2 9

3 5 ,5 5 3

7 ,6 8 8

1 7 ,9 0 5

9 ,9 0 5

-

.

7 4 ,4 1 4 1 1 0 .3 8 7

2 ,0 7 3 U )

6 ,5 5 4

circulation,

net

including

...

..•

...

1 0 ,9 4 8

2 ,5 5 7

894 '

2,

4 4 ,3 4 7

d'J'j

3 8 ,2 9 1
,

4 }\j\jcj

3 , 3b3

4 ,7 8o

1 ,3 0 8

659

( b ) l ,342

2 1 ,6 0 2

6 5 ,2 5 5

3 1 ,5 9 9

5 8 ,3 5 4

1 1 3 9 ,2 9 1

5 9 ,3 6 8

., .

* . ,

* • *

389

5 0 ,6 2 1

3 ,- 5 9 5

7 ,7 2 3

3 ,3 5 5

6 ,1 9 3

1 5 6 ,2 6 8

2 7 ,8 1 2

1 2 ,5 5 2
229

671

...

«. .

...

8 3 ,6 2 6

5 2 8 , 527 1C B ,4 3 0

1 1 7 ,5 6 2

5 1 ,4 2 9

3 3 ,5 6 6

1 8 6 ,7 3 0

5 5 ,1 5 3

4 4 ,0 8 6

7 4 ,2 8 6

3 5 ,6 1 3

6 3 ,5 9 4

1 3 6 7 ,7 8 2

3 3 ,7 1 3

2 4 5 ,3 3 2

4 5 ,7 2 4

4 6 ,0 0 3

2 5 ,2 6 0

2 8 ,1 6 4

8 7 ,8 4 3

2 3 ,7 7 0

2 7 ,7 5 1

2 5 ,1 2 1

2 7 ,8 6 6

2 8 ,0 2 0

6 4 4 ,5 6 7

:Te t

8 ,9 2 0

circulation

lia b ailities

AT

l 4 ,1 2 2

account
-

Banks

actual

B A ' TK S

(t

deposits

Government

TOTAL

banks

R.

of

a bj

RESERVE

S

item s

other

F . R . ! To t e s

-

thousands

Phi la.

FEDERAL

23 4,S£ >t> -1 5 , 9 6 1

.2 3 ,2 3 1
E

in

Due

Collection

I

Y-

THE

2 3 ,8 4 6

F .R .B k .n o t e s

deposits

Dae

All

ITet

fT.

,. ,

RESOURCES

to

-

resources

I

Total

Banks

a g ’st

I

(S jr L ta l

Due

R*

TOTAL
A

s e cu r it ie s

item s

Redem ption

A ll

securities

warrants

U ncollected

5

etc*

reserves

B ills

,D u e

vault

agencies

held

Gold

^■ >tal

in

fund

foreign

gold

Boston

' ot earlier*
OF

• »»

liab.

7 ,5 6 1

•7 ,5 6 1

36

2 ,4 5 6

for­

credits

251

28

61

1 2 3 .2 3 1

7 8 7 .6 8 5 1 5 4 .6 7 3

1 7 0 ,0 5 2

5 0 .2 2 6

-dxountd

duo

437

1 ,6 1 0

13

20

LIA BILITIES

(^)

Difference




bet«vssn

net

from

^.nd

nst

.. r r .o u n t j

dua

6 4 ,2 3 5
to

other

2 8 2 .5 7 1
F.

R.

8 2 .2 0 5

Banl-ra;

7 4 .4 1 4 3 1 0 .3 8 7

6 6 . 2 5 9 _____ 9 5 . 6 1 6
(b )

2 0 8 1 .7 3 4

o v e rd r ^f ts

X3SIC

Released for publication Sunday morning September 16, 1917 *
"Tot earlier
STATEMENT OF FEDERAL RESERVE A&E^TS* ACCOUNTS AT CLOSE OF BUSI?TESS SEPTEMBER lk, 191 /
(in thousands of dollars)
Federal Reserve Kotes:
Received from Sorcptroller
Chargeable to F. R. Agent
In hands of F. R. Agent
^fesued to F. R. Bank less
amount returned to F. R.
Agent for redemption

Boston

Phila.

$63^600

TT. T.
486,3^0

50,132
11 . too

388,686
121.120

60,999
12.500

Clevel- Richm. Atlanta Chicago St* Louis Minn’s-Kas Cy. Dallas S.Fran
68,000 U3 , 8RO 47,680 124,380 36,900
42,640 45,720 4 /, 8U0 37,260
__ Uf.'tL
^±y..jLjJZL..
60,907 30,684 39,720 120,607 29,960 ' 3 5 ,243 36,705 37,243 3 3 ,H 9
12,440 .... 3.,.060
9^330 27.020
5 .3 %
7.880
4.470
9,025

38,73? ...267,566

48,499

^467,

72,500

Collateral held by F, R. Agent
as security for outstanding notes
Gold coin and certificates
on hand
19,991 200, U85
4, 220
Gold redemption fund
2,022
10,081
2, J03
With Federal Reserve Board
'
2,000
25,179
Commercial paper, minimum
required
14,719 — SIxP.Op.. ,, 16 .U00
TOTAL
Amount cf commercial paper de^ ^liv e r e d to F. R. Agent

3U32.

26/,566

1U,727

62,153

27,624 3 0 ,3 9 0

12,022

Total

1 , 116 , 8*40
v r)

924,005
223.575

93,587

25,490

29.913

28,825

28.218

33,119

700.430

%* *

2,953

13 , 102

14,060
1,458
2,544

1,379

21,836

272,682
26,452
221,336

20,000

1,083
11,500

2,070
20,550

250
82,857

13,360

4 ,250

2,370
1,209
1 /, 260

i u . ooo

1*5.041

4,311

10.480

8.187

11.796

7.986

10.136

.9.904

179.960

.^ 8,499.. U8.U.",7

27,624

30,390

93,587

25.490

29,913

28.825

28.218

33.119

--700.U30
1y■XJL.-Lx.t,.

20,105

>+,317

10,696

8,193

v•,
12,164 9 /c
» f ’ 10,138

9,908

16, H05

■2,445

i4,oo4

3,^59

MEMO' R A f D

990

765

19 c, oUvj

A

Federal. Reserve' notes outstanding and in actual circulation*
F*R* notes outstanding:
F„R. notes held by banks
F.R* notes in actual circulation

38,732 26 /, 566
5*213.. 22,234
33,713 2^5,332

U8 , 1+99

U8,U 67
2.JJ5 „ 2.464
^5,724 46,003

27,624
.2,364

25,260

30,390 93,587
2 , 226 .
28,164 87,843

25,490
..1 ,7 2 0 .
23 , 1 J0

Distribution of Bills and Warrants by Maturities
'"ithin 15 days
16 to 30 days
31 “to 60 days
6l to 90 days
Bills discounted and bought
Municipal warrants



1 2 7

> 3 5 3

45,175

126

109,602
20

5 1 ,^ 3

29,913

28,825

27/751

3,704
25,121

2.162

over.JO days
1,865
68

28,218
352

27,866

33,119
.5,099
28,020

Total
335,7/8
21U

700,430
——.... 55,863
J
I
644 ,567