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STATEMENT EOR THE PRESS
St. 3700
Faderal·Raserve Board;
September 20, 1923.
Ralaasad for publication
Friday morning, Sept. 2li
not earlier,
CONDITION OF FEDERAL RESERVE BANKS
Decreases of $67,100,000 in holdings of discounted bills, of.$~,300,000 in acceptances purchased in open market, and of $7,200,000 in u. S, secur1t1es, are sho~n in
the Federal Reserve Board's weekly consolidated bank statement issued as at close of
business on September 19 1923. These changas in earning assets were accompanied wit1:
an increase of $12,100,000 in cash reserves, and with decreases of $48,600,000 in d·3-·
posit liabilities and of $7,800,000 in Federal reserve note circulation, The reserve
ratio rose from 75·9 to 77•2 per cent.
Decreases in holdings of discounted bills. by $67,000,000, $13,000,000,
$lo,6oo,oco, and $8,800,000, respectively, aN repcrted by the Federal Reserve ~anks
of New York, Boston, Cleveland, and San Francisco, as compared with increases of
$9,700,000, $9,200,000, and $8,600,000 shown for St. Louis, Chicago, and Atlanta.
Relatively smaller changes in holdings of discounted bills are shown for th~ five ramaining banks. Paper sacured by u. s. Government obligations declined by $64,400,000
d~ring the week, the total holdings on September 19 being $}24,6oo,ooo. Of this
.
amount, $215,300,000 was secured by U. s. bonds, $95,000,000 - by Treasury notes, and
$14,300,000 - by certificates of indebtedness.
Faderal Reserve nota circulation declined by $7,800,000, the larger reductions,
of $7,500,000 and $3,800,000, being raJ?ortad by the Cleveland and New York banlcs.
The Dallas Bank shows an increase of $4,200,000 in Federal reserve note circulation,
and Richmond - an incr..:Jase of $2,000,000. Of the remaining bankS four report increas'"'.
es aggregating $2,500,000, and four show decreases aggregating $5,200,000.
FUrther increases of $11,300,000 are shown in gold reserves, of $800,000.in reserves other than gold, ·and $7,200,000 in nan-reserve cash. Shifting of gold through
the Settlement fund accoUnts largely for the increases of $54,100,000, $8,700,000 and
$8,300,000, respectively, in the gold reserves of the New York, Dallas and Boston
reserve banks. The banks at Chicago, St. Louis, Cleveland Atlanta, and Kansas City
~eport.decreases of $17,400,000, $14,4oo,oco, $8,300,000, $c,100,000, and $6,700,000
1n the1r gold reserves.
A s~~ary of changes in the principal assets ar~ liabilities of the reserve
banks, as compared with a weak and a year ago, follows:
Increase
or Decrease
In millions of dollars
since
Sept. 13, 1923 Sept • 20, 19 22
Total reserves • , ,
12.1
+
+
9·9
Gold reserves , , '
60.1 .
11.3
+
+
'
Total earning assets , • • . . . , , , , ,
32.4
45.0
Discounted bills, t otal • , • . • • , ,
67.1
+
350.3
Secured by u. S, Government obligations
64.4
+
191.6
Other bills discounted . • . . , • . . . .
2.7
158.7
+
Purchased bills , , • , • ,
, • . . • •
8.3
49.2
United Statas sdcuri ties, total • . , . . . ,
346.4
1·3
Bonds and notes • • , . • • • , , . . • • , .
10.1
128.9
U. S. Certificates of indebtedness , • • • .
2.8
217.5
+
Total deposits • , •• , . , • , • , , , • , •
48.6
34.1
+
Member's reserve daposits , , , , , , • , • ,
47.8
50.0
+
Government deposits , • . , . , . , , .
1.6
19.0
, . .
Other deposits • • , • . . . . . •
.8
3.1
+
+
Federal Reserve notes in circulation • ,
+
36.o
F. R. Batik notes in circulation net liability • .• . • , • , • , • , , . • ,
46.3
'f
c.
....
•
'
•
.
...
Released for publication Friday mroning, September 21, 1923; not earlier. St. 3700a
RESOURCES AND LIABILITIES
OF THE TWELVE FEDERAL RESERVE BANKS COMBI!II'ED
(In thousanis of dollars)
RESOURCES
Sept. 19, 1923
Gold and gold certificates •
Gold settlement fund - F. R. Board
Total gold hald by banks •
G~ld with Federal Reserve Agents ••
Gold redemption fund . • . •
Total gold reser~ • •
Reserves other than gold •
Total reserves
Non-resarve cash . . . . .
Bills discounted:
Sec. by u.s. Govern:rrent obligaticns
Other bills discounted . • ,
Bills bought in open market
Total bills on hand • • .
.
357,345
638,892
996,237
2,066,483
59,245
3,121,9 70
77,832
3,199. 802
84,295
349,59 7
633,454
983,051
2.070,557
_27,053
3,110, 661
324,640
389,071
452,288
179 '313
1,020,672
94,718
5,139
20
449,6oO
.
U.. s. bonds and notes . • •
U. S. Certificates of indebtedness
Municipal warrants • . • .
Total earning assets •
Bank premises • • • • • • .
%5 Redemption fund against
F. R. Eank notes •
Uncollected items
.All other resources
TOTAL RESOURCES
Sept. 12, 1923 S!f,Pt• 20, 1922 _
171,044
945,284
84,670
7,919
31r
1, 038,190
54,915
77 ,oo4
3,187,665
7 7, 139
275,307
536,176
811' 433
2,202,258
48,136
3, 061,377
127,993_
3, 189,870
*
133,021
290,886
220,267
644,174
213,585
225,399
16
1,083,174
44,392
28
747,873
13,332
5,138,435
28
670,362
13,532
5,124,136
4,483
669,563
14,194
5,005,676
109,644
218,369
109,682
218,369
106,177
215,398
39 I 597
1,872, 773
24,0$6
57,019
1, 774,997
21, 773
L I .A B I L I T I E S
.
Capital paid in • •
Surplus • . . . . .
Deposits:
Government . . . . . _ . .
Member bank - reserve account
Other deposits • . •
. . . . .
Total deposits • • . .
• .
F. R. notes in actual circulation
F. R. Bank notes in circulationnat liability • • • . • • . . • •
Deferred availability iteres
, .
.All other liabilities
TOTAL LIABILITIES . .
37,970
1,825,005
24,865
1,88 7, 840· ..
2,254,764
----1,936 '456
2,262,525
1,853,789
2,213,764
497
645,866
21,455
5,138,435
509
576,015
20,530
5, 124, 136
46,334
541,633
Ratio of total reserves to deposit and
F. R. note liabilities combined
Contingent lia)ility on ~)ills purchased
, for foreign correspondents . • . . • •
*
c~
33,752
23,0~31
5,005,676
75.9%
73.3%
33,764
29,883
Not shown separately prior to Januar,y 1923
st.3700"P
Bel eased for publication Friday morning, Septerriber 21, 1923; not earlier.
RESOURCES .AND LIABILITIES OF THE FEDERAL RESERVE BANKS AS AT CLOSE OF BUSINESS, SEPTEiviDER 19, 1923.
(In thousands of dollars)
RESOURCES
Boston New York Phil a. Cleve, Rich. Atlanta Chicago St.Louis 1-Ii nn. Kans,Cy, Dallas San Fran, Total
Federal Reserve Bank of
17,468 175,138 35.531 13,195 11,393 6,188 49,152 4,327 8,571 3,438 11) 736 21,208 357,345
Gold and gold certificates
63,029 194,477 26,306 88,729 23,598 10,393 96,217 11,949 . 20,639 37.751 19,284 46,520 638,892
Gold settlement fund - F,R,Board
80,497 369,615 61,837 101,924 34,991 16,581 145,369 16,276 29,210 41,189 31,020 67,728 996,237
Total gold held by banks
185,467 635,279 171,885 208,828 30,472 81,050 4o1,609 42,312 37.574 43,960 22,367 205,685 2,066,488
Gold With F. R. Agents
59,245
10,283
6,937 12,559 2,427 4,o14 2,905 6,038 3,423 1,649 3,822 1,819 3,369
Gold redemption fund
276,247 1,011,831 ~46,281 313,179 69,477 100,536 553,016 62,011 68,433 83,971 55,206 276,732 3,121,970
Total gold reserves
77,832
4,84o
17,802 12,878 4,202 3,031 4,112 9,615 10,607
981 2,783 5,343 1,638
Reserves other than gold
281,087 1,029,633 259,159 317,381 72,508 104,648 562,631 72,618 69,414 91 f 754 6o,549 278,420 3,199,802
Total reserves
84,295
10,218 2,648 6,278 1, 777 12,085 6,348 6,785 1,360 4,997 2,043 8,050
21,206
Non-reserve cash
Bills discounted:
90#196 36,774 26,636 30.952 15,835 29,481 21,108 4,498 14,284 6,522 30,129 a24,64o
Secured by U,S,Govt. obligations 18,225
49,6oo
48,541 22,290 22,830 47 ·al8 45,538 45.770 47,919 -22,867 29,637 27,438 50,556
38,696
Other bills discounted
2,087 17,872 11,556 171,044
4o
9,381
23,435 18,333 34.524
78 9,383 43,955
'Bills bought in open market
66,302 162,172 77.397 83,990 78,948 70,756 119,206 69,067 27,365 46,008 51,832 92,241 945,284
Total bills on hand
84,670
239 9,650 3,668 13,117 10,877 lt 780 9,185
3,924 17,367 9,953 1,341
3,569
U. s. bonds an~J notes
...
4
66
1 1.252
61120
263
7,919
178
U. s. Certificates of indebtedness
35
266
51
317
MUnicipal warrants
69,871 172,216 94,830 94,206 80,289 71,04 7 130,108 72,739 4o,517 57.329 53,612 101,426 1,038,190
Total earning assets
..
-
<
.........
:·
'B~
5fo
: ••• •
:
··.·.'·
•.
'prel;ftaes·· ..,,, ..
4,434
13,372
743
9,529
2,617
2,788
8, 715
1,146
1,748
Rederr~tion
fund against
F, R. Bank notes
Uncollected items
All other resources
66,598
107
168,201 66,772 75.926 63.934 26,977 103,953 39,121 17,259
104 1,881
663
1,210
265
552
317
54o
4,970
1,950
2,903
28
31,005 46.222
1,064 2,886 3,743
""
41,905
54,915
28
747,873
13,332 .
'1,
• '1 ':. .
..
. . .
TOTAL nESOURCES
w.
443,303 1,394,850 424,4i7 503J637 221,677 218,208 812,795 192,513 132,179 202,019 152,073 44o,764 5,138,435
Ralaasad for publication Friday morning, September 21, 1923.
St. 3700c
RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE .3ANKS AT CLOSE OF .3USINESS SEPTEMJER 19, 1923.
L I AB I L I T I E S
(In thousands of dollars)
Boston New York Phila. Cleve.
Federal Reserve Bank of
Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Total
Capital paid in
7,867
29,232 9,s5o 12,a34 5. 767 4,426 15,192
109,644
4,995
3,521 4,551
4,188
7,771
16,312
Surplus
59,800 18,749 23,495 11,2&8 6,942 30,398 9,665
213,369
7,473
9,488
7,496 15,263
Deposits:
Govarnmant
4,353
17,086
2, 567
772
1,341
37,970
225
2,071 1,695 2,614
537 1,068 .3,641
Member bank - resc:rve account
122,629 664,932 114,071 154,225 59,101 52,677 269,634 65,698 45,078 77,316 51,553 147,591 1,825,005
Other deposits
239
14,636
485 1.157
24 1 E65
151
120
542 4.431
683
1.553
212
533
Total d ep os its
127,221
696,654 117,123 156,154 59,769 53,875 274,828 67,572 45, 578 80,570 53,790 154,686 1,887' 840
F. R. notas in actual circulation 228,208
478,053 218,244 242,498 85,049 123,673 412,134 72,310 57,954 63,308 49,970 218,363 2, 254, 764
F.. R.- Ban..lc notes in circulation n3t liability
497
497
Deferred a7aila~i1ity items
62,737
127,063 58,850 67,446 58,533 21,129 77,493 36,627 16,215 43,085 33,997 42,691
645,866
All other liabilities
958
3.998
1,601
1,810
1,251
1,163
2.750
1,344 1,438
1,017
2,1)5
1.990
21,451)
TOTAL LIABILITIES
443,303 1,394,850 424,417 503,637 221,677 218,208 812,795 192,513 132,179 202,019 152,073 440,764 5,138.435
Ratio of total reserves to deposit
and F. R. note liabilities
79-1
combined, per cent
87.7
79.6
77-3
58.4
74.6
57-3
Contingent liability on bills
purchased for foreign
correspondents
11,898
2,874
3,6o9
l, 738
1,370 4,645
1,470 1,136
1,437 1,203
2,372
33,752
FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION
F. R. notes outstanding
243,704
732,572 236,993 269.115 93,071 143,263 466,857 89,327 61,520 74,803 54,201 256,309 2,7217735
F. R. notes held JY JankS
15,496 254,519 18,749 26,617 8,022 14,590 54,723 17,017
3,566 11,495 4,231 37.946
466.971
478,053 218,244 242,498 85,049 128,673 412,134 72,310 57,954 63,308 49,970 218,363 2,254,764
F. R. notas in actual circulation 228,208
DISTRIBUTION OF BILLS, U. S. CERTIFICATES OF INDEBTEDNESS AND MUNICIPAL WARRANTS BY MATURITIES
Within 15 days
16 to 30 days
31 to 60 days
61 to 90 days From 91 days
Ov2r 6 months
Total
to 6 months
Bills discounted
482,783
33,725
121,103
72,793
13,608
228
774,240
Bills bought in open market
56, 621
33,483
39,976
38,374
171,044
2,
590
U. S. Certificates of indebtedness 6,120
1,112
392
295
7,919
Municipal warrants
266
51
317
c.
St. 3700d
for publication Friday morning, September 21, 1923; not earlier.
FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS,
Boston New York Phila.
Reserve Agent at
RESOURCES
313,260 51,4oO
Federal Reserve notes on hand
102,850
732,572 236,993
Federal Reserve notes outstanding 243,704
Collateral security for Federal
reserve notes outstanding:
7,000
35,300 235,531
Gold and gold certificates
28,748
11,496
12,167
Gold redemp"" ion fund
1}8,000 371,000 153,389
Gold fund - F. R. Board
Eligible paper 58,237
97,293 65,108
Amount required
J,065
37.214
591
Excess ~nount held
598,323 1,815,618 525,977
TOT.At
Feder~
Clevea
SEPTE~ER
19, 1923.
(In thousands of dollars)
Rich. Atlanta Chicago St.Louis
Minn. Kans.Cy. Dallas San Fran.
32,720 25,400 77t207
269,115 93.071 143,263
121,900 24,390 11,665 36,013 22,059 66,6oo
466,857 89,327 61,520 74,803 54,201 256,309
8,805
15,023
3,677
185,000 26,795
9,964
391,645
2,400
3,650
75,000
11,480 13,052
2,832 3,522 3,6oo
28,000 21,000 40,36o
7,391
3,476 18,642
11,500 187,043
1
Collataral raceived from
Federal Reserve Barik:
Gold.
Eligible paper
TOTAL
c.
885,464
2, 721,735
320,959
116,797
1,628, 732
.
6o,287 62,599 62,213
65,248 47,015 23,946 30,843; 31.834 50,624
655,247 I
22,851 13.442 8.507 ___5.1~ 22,037 2. 785 15.14L 19',596 40.._.,5u:26-=----=244...:.-:..L•.§J.L
593,801 224,984 372,240 1,109,530 225,081 137,490 200,76 150,057 619,744 6,573.~
-
0~
0
L I AB I 1 I T I E S
Net amount of Federal Reserve
notes received from Comptroller of the Currency
Total
346,554 1,045,832 288,393 301,835 118,471 220,470
568,751
1~3. 717
73,185 110,816 76,26o 322,909
3,607,199
('i
;s
185,467
635,279 171,385 208,828 30,472 81,050 :,-401,609 42,312 37,574 43,960) 22,367 205,685 2,o66,48~
899.92J.V
119,164 69,052 26,731 45,990 51,430 91,150
66,302
134,507 65,699 83,138 76,041 70,720
150,057 619,744 6,573,61:)
598,323 1,815,618 525,977 593,801 224,984 372,240 1,109,530 225,081 137,490 200,
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