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I ,Released for p u b l i c a t i o n S-mda;:- momir.3, S e p t . 19, 1920; n o t e a r l i e r . STATEMENT FOR THE PRESS T st.1427 F e d e r a l Reserve Board S e p t . 18, 1920. CONDITION OF FEDERAL RESERVE BANKS. Aggregate r e d a c t i o n s of about l 6 6 m i l l i o n s i n the h o l d i n g s of d i s c o u n t e d t i l l s , accompanied by an i n c r e a s e of 6 l * 1 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 and a r e d u c t i o n of 101*1 m i l l i o n s i n n e t d e p o s i t s a r e i n d i c a t e d i n the Federal Reserve Board* 2 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 September 1%, 1920. These changes r e f l e c t the week 1 s heavy government o p e r a t i o n s , i n c l u d i n g t h e redemption of the b u l k of t h e p r i n c i p a l and the semi-annual i n t e r e s t coupons of about 6>4o m i l l i o n s of t a x c e r t i f i c a t e s , t h e payment of semiannual i n t e r e s t on the T h i r d L i b e r t y l o a n bonds, the c o l l e c t i o n of t h e q u a r t e r l y i n s t a l l m e n t of income and excess p r o f i t s t a x e s a l l of which f e l l due on September 15, and the i s s u a n c e under the same d a t e of 44g *6 m i l l i o n s of new T r e a s u r y certificates» Redemption of Treasury c e r t i f i c a t e s enabled member banks t o l i q u i d a t e l a r g e amounts of b i l l s h e l d under d i s c o u n t by the Reserve Banks * As a r e s u l t Federal Reserve Bank h o l d i n g s of paper s e c u r e d by Government war o b l i g a t i o n s decreased by 96 »5 m i l l i o n s , w h i l e o t h e r d i s c o u n t s on hand show a r e d u c t i o n of 6 9 , 5 m i l l i o n s * Holdings of a c c e p t a n c e s purchased i n open market i n creased 4*6 m i l l i o n s . An i n c r e a s e of 6 l , 1 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 holdings r e p r e s e n t s approximately the d i f f e r e n c e between t h e amount of s p e c i a l c e r t i f i c a t e s given to the New York and Cleveland Banks t o cover advances t o t h e Treasury, p e n d i n g c o l l e c t i o n of funds from d e p o s i t a r y i n s t i t u t i o n s , and t h e amounts of c e r t i f i c a t e s p r e s e n t e d f o r redemption on September 15 by the Reserve Banks, T o t a l e a r n i n g a s s e t s of the Reserve Banks show a r e d u c t i o n f o r the week of 100*3 m i l l i o n s . Of the t o t a l of 1 , 2 0 2 . 6 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 615*8 m i l l i o n s , or 51*2 p e r c e n t , were secured by L i b e r t y bonds, 312.3 m i l l i o n s , or 26 p e r c e n t , by Victory n o t e s , and 274.5, or 2 2 . 3 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, 24,3 and 23 *7 p e r c e n t of a corresponding t o t a l of 1,299*1 m i l l i o n s r e p o r t e d the week b e f o r e • T o t a l s of 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 include about 173 m i l l i o n s of paper d i s c o u n t e d f o r t h e New York Bank and s i x other Reserve Banks i n the South and Middle West s w h i l e a c c e p t a n c e holdings of the P h i l a d e l p h i a 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 l 4 . 4 m i l l i o n s of bankers 1 b i l l s purchased from the New York Bank. Government d e p o s i t s show an i n c r e a s e f o r t h e week of 104.2 m i l l i o n s , members * r e s e r v e and o t h e r d e p o s i t s - a r e d u c t i o n of about 3 *5 m i l l i o n s , while the " f l o a t i n consequence of the l a r g e volume of t a x checks and d r a f t s r e c e i v e d by the Reserve Banks, shows an i n c r e a s e of 201,8 m i l l i o n s . Net d e p o s i t s a c c o r d i n g l y f i g u r e out 101+1 m i l l i o n s l e s s than the week b e f o r e . F e d e r a l Reserve n o t e c i r c u l a t i o n f o r the f i r s t time s i n c e J u l y 23 shows a moderate r e d u c t i o n (by 5*5 m i l l i o n s ) , w h i l e F e d e r a l Reserve Bank note c i r c u l a t i o n shows a f u r t h e r expansion of 3*1 m i l l i o n s . Cash r e s e r v e s of the Banks, n o t w i t h s t a n d i n g the l o s s of s l i g h t l y over 3 m i l l i o n s of gold, show a gain of 1 - 9 m i l l i o n s » The Banks 1 r e s e r v e r a t i o , m a i n l y i n consequence of the r e d u c t i o n i n d e p o s i t l i a b i l i t i e s , shows a r i s e f o r the week from 42.8 to 43 ,8 p e r cent * Heic.^-jd l o r p u b l i c a t i o n Sunday morning, September 19, 1920; n o t e a r l i e r . STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS • R E S O U R C E S S e p t . 17. 1920 S e p t . 10. 1Q20 Gold and g o l d c e r t i f i c a t e s $164,529,000 $150,990,000 Gold s e t t l e m e n t fund - F . R. Board 331,308,000 428,768,000 Gold w i t h f o r e i g n a g e n c i e s 111.4-55.000 111,455,000 . T o t a l g o l d h e l d by banks 607,292,000 691,213,000 Gold w i t h F e d e r a l Reserve Agents 1,237,9^2,000 1,147,239,000 Gold r e d e m p t i o n fund 127.891.000 137.774.000 Total gold reserves $1,973,127,000 $1,976,226,000 Legal t e n d e r n o t e s , s i l v e r , e t c . l60.018.000 155.021.000 Total reserves 2,133,145,000 2,131,247,000 B i l l s d i s c o u n t e d (Secured _by Government war o b l i g a t i o n s 1 , 2 0 2 , 5 9 3 , 0 0 0 1,299,123,000 (All other 1,306,6l0,000 1,376,076,000 B i l l s bought i n open m a r k e t 321.605.000 3l6.q82.000 T o t a l b i l l s on hand 2,830,808,000 2,992,181,000 U- S . Government bonds 26,805,000 26,807,000 U- S . V i c t o r y n o t e s 69,000 69,000 U- S. C e r t i f i c a t e s of i n d e b t e d n e s s 393.479.000 332.426.000 Total earning assets 3,251,l6l,000 3,351,^83,000 Bank p r e m i s e s 15,263,000 15,086,000 U n c o l l e c t e d i t e m s and o t h e r d e d u c t i o n s f r a n g r o s s d e p o s i t s 1,097,^08,000 837,060,000 5# Redemption fund a g a i n s t F . R. B a n k n o t e s 12,024^000 l l ] 788^000 All other resources ' 4.660.000 6.56q.OOO TOTAL RESOURCES 6,5i3,66i,ooo 6,353,233,000 L I A B I L I T I E S Capital p a i d - i n 97,366,000 97,191,000 Surplus 164,745,000 164,745,000 Government d e p o s i t s 135,178,000^ 30,975,000 Due t o members - Reserve a c c o u n t 1,821,807000 L 1,828,924,000 Deferred a v a i l a b i l i t y items 676,275^^00 617,785,000 Other d e p o s i t s , i n c l u d i n g f o r e i g n government c r e d i t s 42,^09.000 38.791.000 Total gross deposits 2,675,695,000 2,516,477,000 F . R . n o t e s i n actual, c i r c u l a t i o n 3,289,681,000 3,295,185,000 F. R. B a n k n o t e s in c i r c u l a t i o n - n e t l i a b i l i t y 212,219,000 209,073 000 :::HEB * „ - , , ^ l i a b i l i t i e s combined R a t i o of g o l d r e s e r v e s t o F-R. n o t e s i n c i r c u l a t i o n a f t e r s e t t i n g a s i d e 35$ 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 t . 1427a. S g p t . lq. 1$ 2 3 0 , 0 4 f , G _u. 512,080,'000 45.479*COO 787,60b,000 1,208,961,000 95'iqq.OOO 2,091,966,000 7Q.oqi.000 2,162,057,000 1,383,896,000 261,985,000 351.817.000 1,999,698,000 27,095,000 192,000 322.986.000 2,349,971,000 13,146,000 1 139 260 000 ' 11^289^000 10^8861000 5,686,609,000 8 5 , 2 0 8 000 81,087,' 000 78 134 000 1 651 426*000 '802*715'000 106.8qq!000 2,639] 1 7 S 000 2,621,258,000 23 2 594 000 43.8$ 42.8% 52-5$ 48.1$ 46.8$ 62-5$ R e l e a s e d f o r p u b l i c a t i o n Smday morn September 19, 1920; n o t e a r l i e r , St.l427b. RESOURCES Aim LIABILITIES OF THS FEDERAL RESERVE BA'.TCS AT CLOSE OF HJSINESS SEPTEMBER 17, 1920. RESOURCES ( I n thousands of d o l l a r s ) Ricbm- A t l a n t a Chicago S t . Louis Minn. Eans.Cy. D a l l a s San F r a n . T o t a l F e d e r a l Reserve Bank of Boston New York P h i l a - Clevel Gold and gold c e r t i f i c a t e s 7,1415 SI, 830 1 , 3 4 3 10,338 2,449 3,445 6^5 5,120 12,906 164,529 7,199 7,437 24,442 Gold s e t t l e m e n t fund - F-R.Board 25,291 25,537 30,287 66,-82 18,076 8,081 61,949 8,5o0 •7,122 26,125 5,013 46,255 331,308 8,136 k),905 8,916 q.iy, Gold w i t h f o r e i g n a g e n c i e s 5,461 4 . 0 1 3 13,263 3,009 2,898 5,127 111.455 5,238 T o t a l gold held by banks 40,842 148,272 40,546 86,339 25,986 19,531 99,654 17,243 17,350 3 4 , l 4 o 13,031 64,318 607,292 Gold w i t h F . R. Agents 158,662 268,712 1 3 1 , 7 9 1 151.782 47,383 53,186 193,752 47*892 30,253 39,006 26,697 88,826 1,237,942 Gold redemption fund 502 6.706 j£*m_ 35,857 13.172 5 , 7 5 1 21,321 5.678 574 4,992 6,154 10.806 127,893 215,884 T o t a l gold r e s e r v e s 452,841 185,509 238,623 80,075 78,468 314,727 70,813 48,217 78,138 45,882 163,950 1 , 9 7 3 , 1 2 7 Legal tender notes, s i l v e r , e t c . 4g_ 1,872 128.97 8 360 1,892 g6_ 1 , 3 5 1 8 x 609 _ Z j 8 ; ' &712 2.618 625 l60.018 Total reserves 4 8 , 2 6 6 80,010 48,500 164,575 2,133,145 221,616 581,819 185,869 240,515 80,171 79,819 323,336 78 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 91,044 492,507 127,248 77,395 43,057 60,964 149,099 44,469 12,634 37,24o 17,980 48,956 1,202,593 All other 62,583 267,203 39,258 121,529 67,898 60,893 301,451 76,578 7 1 , 9 0 8 77,037 54,626 105,646 1,306,610 B i l l s bought i n open m a r k e t (b) 31.066 103.702 1 4 , 5 2 1 4 0 . 5 4 l 7.588 1,497 52.013 1,720 1 . 2 3 8 . 3,874 515 63.330 321.605 T o t a l b i l l s on hand 184,693 863,412 181,027 239,465 118,543 123,354 502,563 122,767 85,780 118,151 73,121 217,932 2,830,808 U. S. Government bonds 116 8,866 3,966 2,632 555 1,462 1,386 833 1,233 113 4,490 1,153 26,805 U. S- V i c t o r y n o t e s 1 5 50 10 3 69 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 21,600 171,486 32,136 42,299 12,260 15,666 39,865 17.325 8,48.: 12,868 8,300 11,188 393.479 Total earning assets 206,853 1,036,410 214,549 282,607L32,036 139,136 546,918 141,245 9 4 , 3 8 2 139,886 25]327 231/752 3 , 2 5 l ! 161 Bank p r e m i s e s 1,827 3,946 63s 1,172 1,191 615 2,137 866 586 836 1,217 232 15,263 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 from g r o s s d e p o s i t s 89,506 269,516 9 2 , 3 5 1 107,627 75,258 36,941 156,127 56,077 26,818 75,964 56,765 54,458 1,097,408 5/0 Redemption fund a g a i n s t F-R. Bank n o t e s 1,072 2,346 1,300 l , l 4 o 451 586 12,024 916 ,825 623 665 515 585 All other resources 4,660 252 J8S. 4 i 4 254 281 _84SL 728 389 3.8 3IL 15L _iZ2_ 521,262 1,294,886 495,284 633,312 289,361 257,205 1,031,071 277,874 170,735 297,893 192,707 452,071 6,513,66$ TOTAL RESOURCES % "(a) I n c l u d e s b i l l s r e d i s c o u n t e d f o r o 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 45,308 — — 15,767111,972 5,795 - — — - - - - - - — — — 8,584 173,047 14,379 S t . 1477c .Released f o r p u b l i c a t i o n . Smday morning, September 19, 1Q20; n o t e a r l i e r . RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BAMS AT CLOSE OF BUSINESS SEPTEMBER 17, 1920. ( i n thousands of d o l l a r s ) L I A B I L I T I E S Total New York Phi l a - C l e v e l . Richm. A t l a n t a Chicago St -Louis Minn. Kans.Cy. D a l l a s San F r a n . Boston F e d e r a l Reserve Bank 97,366 7,644 Capital paid-in 25,353 8,4o8 10,2U9 5,211 3,922 13,713 4,303 3,329 4,429 3,955 6,350 164,745 v 13,069 13,712 8,067 7,050 23,917 5,884 5,17s 8,395 4,152 11,602 ; 51,308 12,351 Surplus . 3 , 589 971 17,973 14,634 52,019 10,424 4,929 l6,94o 1,442 1 1 , 5 8 V 135,178/ 520 94 Government d e p o s i t s 120,600 732,127 106,623 148,799 57,952 45,359258,068 63,733 43,178 81,049 50,269 n4,076 1, 821,813 Due t o members - r e s e r v e account 129,208 61,175 87,047 47,279 24,385 76,464 45,234 22,724 60,835 34, 677 35,2^8^ 676,2^5 D e f e r r e d a v a i l a b i l i t y items 51,^09 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 gp4 4.q48 42.409 706 4,980 1.170 942 1.107 2.327 19.502 2.328 2.652 943 government c r e d i t s 675,695 87,192 165,845 2, 174,916 881,531 173,715 239,469 124,147 85,084 391,531 120,561 71,773 159,931 . T o t a l gross d e p o s i t s 305,693 861,597 276,039 344,203 138,860 l 4 6 , 4 4 i 55^,820 13^,578 80,439 106,711 87,950 252,350 3,289,681 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 16,950 4 o , 6 l l 20,705 21,347 11,067 12,432 36,211 10,165 8,023 15,781 7,660 11,267 212,219 net l i a b i l i t y 3 . 7 0 8 34,486 1.348 4 . 3 3 ? 2-009 2,276 10 . 879 2.383 1.993 2.646 1,793 4,097 73,955., All other l i a b i l i t i e s 521,262 1,894,886 495,284 633,312 289,361 257,205 1,031P71 277,874 170,735 297,893 192,707 452,071 6,513,661 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*R. n o t e l i a b i l i t i e s combined, p e r cent 56 -7 Contingent l i a b i l i t y a s endorser on d i s c o u n t e d paper r e d i s c o u n t e d w i t h o t h e r F . R, Banks Bankers 1 a c c e p t a n c e s s o l d to o t h e r F~R* Banks w i t h o u t endorsement Contingent l i a b i l i t y on b i l l s purchased for foreign correspondents 1,1G8 39 -5 52.0 50.5 42.7 4i.o 4O-9 39.5 38.5 42.0 4i.o 43.8 45.2 T-L E II 0 E A N D A 20,000 10,975 27,978 15,432 26,729 37,185 34,748 173,047 14,379 1^,379 6,074 1,280 1,312 784 576 1,904 752 432 768 4l6 736 16,202 FEDERAL RESERVE NOTES OUTSTANDING- AND IN ACTUAL CIRCULATION F» R~ n o t e s o u t s t a n d i n g F* R. n o t e s held 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 B i l l s discounted B i l l s bought i n open market U- 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 321,049 15,356 969,939 289,799 366,144 145,19s 150,745 618,527 150,376 81,629 112,273 91,816 284,130 3,581,625 3.S66 21.941 6.118 4.304 63.707 15.798 1.190 5.562 305,693 861,597 276,039 344,203 138,860 l 4 6 , 4 4 i 554,820 134,578 80,439 106,711 87,950 DISTRIBUTION OF BILLS AND U . S . CERTIFICATES OF INDEBTEDNESS BY MATURITIES. 6 l t o 90 days Over 90 days 31 to 60 days l6 t o 30 days Within 15 days 28, l 4 l 286,988 579,209 265,315 1,349,550 26,653 123,260 62,189 ' ; 109,503 187,532 22,382 23,108 13,052 147,405 108.342 13.760 31.780 291.944 252,350 3,289,681 Total 2,509,203 321,605 393,479 R e l e a s e d f o r p u b l i c a t i o n Sunday morning, September 19, 1920; n o t e a r l i e r . St.lU2?d, FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS SEPTEMBER 17, I92O. (In t h o u s a n d s of d o l l a r s ) f * F e d e r a l R e s e r v e Agent a t R E S O U R C E S F e d e r a l R e s e r v e n o t e s on hand Federal Reserve n o t e s outstanding Collateral s e c u r i t y for 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 G-ola r e d e m p t i o n fund Gold s e t t l e m e n t fund-F.R-Board Eligible paper Amount r e q u i r e d Fjccess amount h e l d TOTAL Boston 40,800 321,049 5,900 21,762 131,000 162,387 1 New York Phila. Clevel. 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 Fran 143,000 33,780 26,205 25,799 69,110 969,939 289,799 366,144 1 4 5 , 1 9 3 150,745 209,60 s 2,500 1,823 4,186 45,000 116,359 100,000 45,500 46,500 14, io4 - 15,402 32,025 19,757 701,227 158,008 214,362 97,815 97559 P^IQD 60,800 19,520 6 , 2 0 5 5,430 10,160 5,380 150,376 81,629 112,273 91,816 284,130 618,527 - 3,646 185,144 40,631 16,200 35,360 iJ'nhh 3,810 13,052 )3'r51 J'001 12,331 5,632 16,168 6 , 7 3 4 72,65s Total 446 189 3,581/525 279 226 115,600 843,116 51,376 73,267 65,119 195,304 2,343,683 16.802 42.276 8.002 Q, 2l4 188/378 700,204 2,214,593 621,470 776,120 330,912 396,390 1,375,064 340,499 186,265 272,252 201,794 582,554 7,998,417 7i306 131.715 8,092 17.627 14.717 424,775 102,484 • 77, 210—20, 22.7 L I A B I L I T I E S * Federal Reserve notes received from C o m p t r o l l e r - g r o s s Less amounts r e t u r n e d f o r destruction 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 Compt r o l l e r of t h e Currency 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 R e s e r v e Bank: Gold r E l i g i b l e paper TOTAL 645,500 2,270,740 649,280 668,900 365,880 375,500 1,129,800 366,020 173,080 249,020 184,340 503,980 7,582,o4o 283,651 1,157,801 325,701 276,551 194,883 155,645 450,473 196,124 361,849 1,112,939 3 2 3 , 5 7 9 3 9 2 , 3 4 9 1 7 0 , 9 9 7 219,855 679,327 700,204 2 , 2 1 4 , 5 9 3 621,470 776,120 330,912 396,390 1,375,064 169,896 340,499 85,246 131,317 82,364 214,470 3,554,226 87,834 117,703 101,976 289,510 4,027,814 ^ ^ , 3 9 . 0 0 6 26,697 ^88,826 1,237,942 186,265 272,252 201,794 582,354 7,998,417
@FedFRASER