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STATEMENT FOB THE PRESS Released fo r publication Friday morning, Sept. 23; not e a r lie r. S t .2294. Federal Reserve Board September 22, 1921. CONDITION OF FEDERAL RESERVE BANKS Further liquidation of $1+2,100,000 of bill holdings and of $53,000,000 of total earning assets, accompanied by reduction of $14,200,000 in the reserve banks* deposit liabilities, and of $17,000,000 in Federal reserve note circula tion, as against a further strengthening by $22 , 600,000 of the banks' cash re serves, is indicated in the Federal Reserve Board’ s weekly consolidated bank statement issued as at close of business on September 21, 1921. Government operations during the week were unusually heavy, including the redemption of the bulk of about $535,000,000 of tax certificates maturing on September 1*5, the payment of semi-annual interest on the maturing certificates and on the Third Liberty loan bonds, the collection of the September 15 install ment of income and excess profits taxes and the issuance under the same date of $692,000,000 of new tax certificates and Treasury notes. The effect of these operations upon the resources of the system is less evident than on former occasions, the weekly statement of the condition of the reserve banks on Septem ber 21, i. e . , six days after the government operations of the 15 th, showing no extraordinary reduction in the reserve banks* holdings of discounted bills nor any increase in special certificates to cover temporary advances to the Govern ment. ' Federal reserve bank holdings of bills secured by U. S. Government obliga tions snow a reduction for the week of $ 2 , 600, 000, other discounted bills declined by $ 32 ,^ 00, 000, while holdings of acceptances purchased in open market fell off $7,200,000. Pittman certificates used as cover for Federal reserve bank note circulation show a decrease of $3,000,000, while other certificates on hand, largely because of the redemption of tax certificates temporarily acquired by the Federal reserve banks, show a decline for the week of $11,200,000. Mainly as the result of purchases of Treasury notes by the Boston, Philadelphia and Kansas City banks, tne holdings of U. S. bonds and notes show an increase of $4,400,000. Total earning assets in consequence of the changes noted were $52 , 000,000 less than the week before. Of the total holdings of $495,200,000 of paper secured by United States Government obligations, $340,200,000, or 62.2 per cent, were secured by Liberty and other U. S. bonds, $127,500,000, or 25-2 per cent, - by Victory notes, $5,100,000, or 1 .0 per cent, - by Treasury notes, and $21,200,000, or 4 .4 per cent, - by Treasury certificates, compared with $3^5,100,000, $132,900,000, $3,200,000 and $21,200,000 reported the week before. Tne total of discounted paper held by the Boston, New York and Cleveland banks includes$66 ,500,000 of bills discounted for the Richmond, Atlanta, Minne apolis and Dallas reserve banks, compared with $71,000,000 shown the week before. Richmond’ s rediscounts with the New York, reserve bank show a slight reduction from $25,000,000 to $24,700,000; Atlanta reports an increase from $12,700,000 to $16,400,000 in bills rediscounted with the Boston and Cleveland banks; Minneapolis was able to reduce tne total of bills rediscounted with the New York reserve bank from $9,100,000 to $7,100,000, while Dallas reports a reduction of its rediscounts with the Boston and Cleveland banks from $24,300,000 to $1 2 , 300, 000. Government deposits were about $25,000,000 larger than the week before. Reserve deposits show a decline of $42,200,000, while other deposits, composed largely of non—members* clearing accounts and cashier's checks, show an increase of $3,o00,000. Federal reserve note circulation shows a further reduction for the week-of $1 7 , 000, 000, the reported total of $2,474,700,000 being a new low record for the year. Net liabilities of the reserve banks on Federal reserve bank notes in circulation, show an increase of about $ 500,000 following a continuous decrease since the middle of the year. Of the total gain in cash reserves $26,600,000 represents a gain in '’■old. Total gold reserves on September 21 were $2,711,100,000 - an increase since Jan uary l of $o 42,300,000, as against a loss of $38,900,000 in other cash reserves i. e ., silver and legals. * Released for publication Friday morning, Sept. 23, 1921; not e a r lie r . St.2294a. RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED. RESOURCES (In thousands of dollars) Gold and gold certificates .................. Gold settlement fund - F.R.Board . . . Gold with foreign agencies .................. 428,036 411,210 446,642 441,109 Total gold held by hanks .................. Gold with Federal Reserve Agents - . . Gold redemption fund ............................. 839,246 1, 777,529 -2k*X53 2 , 711,128 151,968 S87.751 1 , 694,301 ■102,449 183,826 341,303 111,455 636,554 1,211,619 141,632 2 , 684,501 150,001 1 ,989,835 161,759 2 , 863,096 2,863,096 2 , 834,502 2 ,151,594 495,156 892,081 _ 2L 3 i4 1, 420, 751 38,081 503,677 924,485 40,712 1, 468,874 33,729 1,220,423 l , 4s4,o4l 307,624 3 ,012,088 26,877 184,875 571 1,652,27s 187,875 19,803 259,375 11,248 1,710,281 3,309,588 29,111 28,877 15,370 8,917 591,811 16,41+8 8,845 641,279 16,801 11,824 817,843 6,056 5,161,661 5,240,585 6,312,275 103,017 213,824 50,777 102,982 213,824 50,101 97,401 164,745 74,183 1,588,209 .___2SL21 S 49,219 1 , 631,038 25,574 46,493 1 , 800,677 34,910 1,691,610 1, 705,831 1, 882,080 2 , 474,676 2 , 491,651 3 , 279,996 103,590 503,174 20,993 103,078 553,235 12i.8Sl 214,180 595,342 ...78.531 5,161,661 5,240,585 6,312,275 Total gold reserves ......................... Legal tender notes, silver, etc. . . . Total reserves . . . . .............. Bills discounted: Sec. by U.S. Government obligations. All other . . . I ............................. Bills bought in open market . . . . Total bills on hand ...................... U.S. bonds and notes . . . . . . . . U. S. Certificates of indebtedness: One-year certificates (Pittman Act) All other . .................................... Total earning assets Bank premises . . . . . . 5$ Redemption fund against F. R. Bank notes . . . . Uncollected items . . . . All other resources . . . TOTAL RESOURCES . . . LIABILITIES Capital paid in . . . . . . . . . Surplus ............................................ Reserved for Gov! t. franchise tax Deposits: Government ( ................................. ... Member bank - reserve account All o t h e r ...................... ... . . . Total deposits .................. F.R. notes in actual circulation F.R. Bank notes in circulation net liability ......................... Deferred availability items . . All other liabilities ............... TOTAL LIABILITIES Ratio of total reserves to deposit and F.R. note liabilities combined . * . 68.7$ 67 . 5$ Eatio of*gold reserves to F.R. notes in circulation after setting aside 35$ against deposit liabilities . . 9i<s$ 8$. 8j 'k 7 ,< ♦Calculated on basis of net deposits and F.R. notes in circu lation . Released for publication Friday looming, Sept. 23 , 1921; not earlier. RESOURCES AND LIABILITIES OF T .3 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPT. 21, (in R E S O U R C E S Federal Reserve Bank of Boston New York Phila. Clevel. Richm. Atlanta Chicago St.Louis Gold and gold certificates 8,211 334,216 2,050 12,180 2,804 4,951 22,212 3,132 7,226 bH,2bb 48,038 4b,58b 17,088 45,2b7 Gold settlement fund - F.R.Board 16,660 St.229‘+b. 1921. thousands of dollars) Minn. Kans.Cy* Dallas San Fran. ^ Total 8,785 2,26l 8,469 18,765 428,03.6 HXXjcXv y.syu 18,675 3 1,6 11 18,302 35,39S 2,706 ...4,038 839,246 14,831 51,496 7,590 173,434 1 , 777,529 39,683 71,04? 27,807 232,507 2 , 7 1 1 , 12 S 4,373 75,420 Gold with F. R. Agents Gold redemption fund 175,572 17,933 576,336 146,508 177,131 15,000 5,994 6,623 37,055 5,394 12,179 84,478 47,948 325,177 4,855 15,387 Total gold reserves Legal tender notes, silver, etc- 246,983 1,012,428 202,590 242,520 15,822 60,l40 6,158 6,725 62,341 5,059 64,982 425,042 8,076 19,728 77,198 15,236 262,805 1 , 078,568 208,748 249,245 67,400 73,058 444,770 92,434 637 40,320 24,990 75,408 2,905 36,867 69,047 63 , 90s 157,162 26,867 9,072 53,478 Total gold held by banks Total reserves Bills discounted: (a) Secured by U.S. Govt, obligations All other Bills bought in open market 32,021 54,594 3,454 ^ 27,092 50,088 58,766 19,892 57,078 3,460 34,092 236,236 2 , 863,096 439 38,081 1,900 7,320 1,425 ..... 1.96 8,880 432 184,875 8,571 246,909 105,496 140,847 103,303 104,278 229,596 75,883 71,184 74,420 9,425 3,503 151,96? 2,804 3,387 40,026 99 , 30s 1,5 13 3,729 94,353 38,096 62,112 22,754 51,282 384 74,318 28,806 2,372 6,285 7,577 8,832 50,292 48,424 592 112,266 121,964 12,679 5,386 495,156 892,081 78,821 20 2 J 0 5 ...,,.31*514 59,144 119,622 1 , 420,751 Total bills on hand 90,069 U. S. bonds and notes 1,943 1,005 3,397 844 1,233 10,408 5,309 1,153 121 U. S. Certificates of indebtedness: One-year certificates (Pittman Act) 16,936 All other 514 49,276 3,645 23,280 248 18,299 37 5,260 8,564 1 29,112 11,068 4,980 1,879 134 60 300,835 132,421 160,027 109,796 123,251 265,896 861 2,501 5,594 2,925 4,987 533 88,238 92,590 627 76,345 690 3,455 2,052 667 29,111 Total earning assets 109,462 Bank premises 4,219 5/o Redemption fund against F. R. Bank notes 772 Uncollected items All other resources TOTAL RESOURCES (a) Includes bills discounted for other F. R. Banks, viz: 55,835 64,044 129,373 1,652,27S 700 1,239 263 468 1,665 523 17s 916 186 494 8,917 123,004 ■50,254 51,279 52,777 21,153 74,367 33,656 15,584 42,899 29,818 4i,iS5 591,811 1,513 16,448 505 1,904 845 4,718 s46 1 ,066 _____ 22°. 1,825 615 433,556 1,512,325 393,H 6 465,781 233,127 219,637 793,510 216,323 133,732 215,785 132,096 412,673 5 , 161,661 _ 463 2,811 21,093 31,780 460 - 13,603 - 66,476 Bel eased fo r p u blication Friday morning, Sept. 23 , 1921; not e a r lie r . RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPT. 21, 1921 . (In thousands of dollars) L I A B I L I T I E S Boston New York Phila. Clevel. Riclm- Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas Federal Reserve Bank Capital paid in 7,935 Surplus 16,31*2 Reserved for Govt, franchise tax 2,634 Deposits: Government 3,457 M«mber bank - reserve account 107,282 All other 968 Total deposits 111,707 F . R. notes in actual circulation 232,331 F. R. Bank notes in circulation net liability 7,894 Deferred availability items 47,420 All other liabilities 1.293 TOTAL LIABILITIES Ratio of total reserves note liabilities combined, per cent 75.1 27,069 59,318 19,709 8,683 17,564 3,314 11,110 22,263 2,462 K i IH O 5,402 11,026 2,373 F. R. notes outstanding F . R. notes held by banks F. R. notes in actual circulation B ills discounted B i lls bought in open market U. S. Certificates of indebtedness I \. -»-Tr- 14,335 30,536 9,196 4,567 9, i i 4 1,280 21,244 670 6,673 4,071 6,603 9,523 2,880 614,023 92,309 132,768 49,232 40,738 230,745 58,100 12,312 1,653 915 — -■ j *^— >. V J } 675 -r 357 2,972 892 ^ 7,698 243 , 240" ""61,872 L I S T S 3,553 7,303 1,871 4,534 5,454 32,643 2,937 67,642 724 584 9,330 1,766 Tp+T^sr 4,314 7,113 San Fran. 7,375 15,207 2,709 Total 103,017 213,824 5 0 , 777 6,243 3,828 74,183 32,976 111,751 1 , 522,209 445 A Z 2 l _ 29,218 % , 2 6 4 2122,300 T759iT6i5 1 2 , 474,676 103,590 84.1 67*2 67.5 41.6 4i .4 24,728 16-, 430 Contingent liability as endorser on discounted paper rediscounted with other F% R* Banks Contingent liability on bills purchased -• __ . for foreign correspondents ) I 1 II A 4 , i 4o 8,708 3,463 St.2294c. 503,174 -.. 20,993 5 , 161,T 6T 66.3 57*0 39-5 7,052 51*2 39.6 18,266 67.8 68,7 66,476 7 759 2,797 1,672 1-2as **.060 1,603 921 1 6« 287 1,569 34,335 784 S « I ^ S ^ 7 f i E ! S VS>o0? ? OUTSTANDING AMD IN ACTUAL CIHCD1ATI0N 253,779 15,448 r n ,™ f b 'm . S ' S ? 13 l ’ 65? “ T2 ,5 ?2 124,002 60I 003 S3 .3 15 >*3,652 221,558 2 , 837.667 362,991 438' 331 a i o j i j o 2ge|gg2 l i s l S u t e / ’ lgfc luu’ J j l 57’ S 2 ) H 3,o J ' S f —55,295 226,263 2,471+7576 Within 15D^ T BOTI0!' “ i f S ^ ^ BY 781,238 166,165 3 6ll£t 0 ? ° ^ s Over 90 days Total 1-2,509 10 980 32.780 1 . 327,237 16,984 ;,? ? ? 6 >070 3.775 180 33,514 11,563 1 5 .700 H . 6S9 137,510 193,446 Released fo r p u blication Friday morning, Sept. 23 , 1921; not e a r lie r . FEDERAL RESERVE AGENTS’ ACCOUNTS AT CLOSE OF BUSINESS SEPT. 21, 1321, Federal Reserve Agent at Boston St.229Ud. (in thousands of d o lla r s) New York F h ila . C lev el. Richm. A tlan ta Chicago St .L ouis Ivlinn, Kans.Cy. D allas San Fran. T otal R E S O U R C E S Federal Reserve notes on hand 99>100 Federal Reserve notes outstanding 253,779 Collateral security for Federal Reserve notes outstanding: Gold and gold certificates 5,600 Gold redemption fund 19,972 Gold settlement fund-F.R*Board 150,000 Eligible paper Amount required 78,207 Excess amount held 11,862 TOTAL 20,220 44,680 19,969 77,919 234,576 249,529 114,219 135,650 396,924 18,375 18,119 13,756 128,389 145,000 88,068 1.607 72,398 68.187 157,700 26,660 472,532 124,002 12,150 60,003 3 ,84o 83,315 2,038 33,360 2,055 35,000 3,400 3,748 40,800 15,533 309,644 6,110 . 3,537 47,431 13,052 1,050 4,200 77,164 23.893 87,702 16,566 147,355 82,196 66,924 8,942 4i , 701 47,917 28,412. _26,394 829,510 3,876 2,480 17,212 447,337 117,912 316,587 618,520 1,889,903 **90,979 611,925 272,300 365,785 1,18U,960 283,606 160,595 196,s64 13*4,632 611,362 6,821,1*31 L I A B I L I T I E S Net amount of Federal Reserve notes received from Comp troller of the Currency Collateral received from Federal Reserve Bank: Gold Eligible paper TOTAL 352,879 1,090,752 25^,796 294,209 134,188 213,569 630,232150,662 72,153 175,572 325,177 229,551 18,302 70,l40 576 , 3 3 6 1 ^ 6 , 5 0 8 17 7 ,13 1 37,055 **7,948 89,675 140,585 101.057 104.268 57,078 75.866 87,155 6s,064 318,518 3,667,177 35,398 7,590 173,434 1 ,777,529 74,311 58,978 119.410 1 , 376,725 618,520 1 , 889,903 490,979 611,925 272,300 365,785 1 , 184,960 283,606 160,595 196,864 134,632 611,362 6 , 821,431 90,069 222,815
@FedFRASER