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Released for publication Sunday morning* Sept* 26, 1920; n o t e a r l i e r * STATEMENT FOR THE PRESS St»l443* F e d e r a l Reserve^Board Sept* 25> l^c'O* CONDITION OF FEDERAL RESERVE BANKS. Aggregate i n c r e a s e s of 195*2 m i l l i o n s i n t h e h o l d i n g s of d i s c o u n t e d b i l l s , as " g a i n s t r e d u c t i o n s of about l 4 m i l l i o n s i n a c c e p t a n c e s and of 122^8 m i l l i o n s i n T i e a ^ u r y c e r t i f i c a t e s , a r e i n d i c a t e d i n trie F e d e i a l Reserve Boar s weekly s t a t e m e n t issued, a s a t c l o s e of b u s i n e s s on oept* 24, 1920% During t h e week the b a n k s g a i n e d 18*5 m i l l i o n s i n r e s e r v e s , l a r g e l y g o l d , w h i l e t h e i r n e t d e p o s i t s show an i n c r e a s e of o0*l m i l l i o n s # F e d e r a l Reserve n o t e c i r c u l a t i o n , on t h e o t h e r hand, shows a d e c r e a s e of 9 , 7 m i l l i o n s * As a r e s u l t , t h e r e s e r v e p e r c e n t a g e shows a d e c l i n e f o r the week f r o m 1+3.8 to 43 *6 p e r cent* Of the t o t a l i n c r e a s e i n d i s c o u n t s above n o t e d 17*8 m i l l i o n s r e p r e s e n t s t h e i n c r e a s e i n p a p e r s e c u r e d by Government o b l i g a t i o n s , and 177 *4 m i l l i o n s - t h e i n c r e a s e i n commercial p a p e r p r o p e r * The l a r g e r e d u c t i o n i n T r e a s u r y c e r t i f i c a t e s i s due t o redemption of the s p e c i a l c e r t i f i c a t e s h e l d by t h e New York and C l e v e l a n d Banks t o cover a d v a n c e s to the Government p e n d i n g c o l l e c t i o n of f u n d s from d e p o s i t a r y i n s t i t u t i o n s . T o t a l e a r n i n g a s s e t s were 58*4 m i l l i o n s l a r g e r than on t h e p r e v i o u s Friday* Of the t o t a l of 1 , 2 2 0 , 4 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 , 647*2 m i l l i o n s , or 53 P e r c e n t , were s e c u r e d by L i o e r t y b o n d s , 305 m i l l i o n s , or 25 p e r c e n t , by V i c t o r y n o t e s , and 268*2 m i l l i o n s , or 22 p e r c e n t , by T r e a s u r y c e r t i f i c a t e s , compared w i t h 5^*2, 26 and 22*8 p e r c e n t of a c o r r e s p o n d i n g t o t a l of 1,202*6 m i l l i o n s snown 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 the B o s t o n , P h i l a d e l p h i a and C l e v e l a n d Banks a r e i n c l u s i v e of 226*9 m i l l i o n s of p a p e r d i s c o u n t e d f o r seven o t h e r Reserve Banks i n t h e South and Middle West, w h i l e a c c e p t ance h o l d i n g s of t h e P h i l a d e l p h i a , C l e v e l a n d and San F r a n c i s c o Banks a r e shown i n c l u s i v e of 23*4 m i l l i o n s of bank b i l l s p u r c h a s e d from t h e New York and Chicago Reserve Banks, A l l c l a s s e s of d e p o s i t s show r e d u c t i o n s s i n c e t h e p r e v i o u s F r i d a y ; Government d e p o s i t s - by 88*7 m i l l i o n s ; members 1 r e s e r v e d e p o s i t s - by 22*2 m i l l i o n s , and o t h e r d e p o s i t s ( i n c l u d i n g non-member banks * c l e a r i n g a c c o u n t s and f o r e i g n Government c r e d i t s ) - by 7*5 m i l l i o n s * On the o t h e r h a n d , t h e 1 ! float T r c a r r i e d by the R e s e r v e Banks and t r e a t e d a s a d e d u c t i o n from g r o s s d e p o s i t s shows a r e d u c t i o n by 198*5 m i l l i o n s i n consequence of t h e c o l l e c t i o n of l a r g e amounts of income t a x c h e c k s o u t s t a n d i n g t h e week b e f o r e , A combined r e d u c t i o n of 21*3 m i l l i o n s i n F e d e r a l R e s e r v e n o t e c i r c u l a t i o n i s r e p o r t e d by the F e d e r a l Reserve Banks of B o s t o n , New York, P h i l a d e l p h i a , St* Louis and San F r a n c i s c o , a s a g a i n s t a f u r t n e r expans i o n by 11*6 m i l l i o n s shown f o r the seven o t h e r Banks* In a d d i t i o n t h e r e h a s a l s o b e e n an i n c r e a s e f o r t h e week by about 2 m i l l i o n s i n F e d e r a l R e s e r v e Bank n o t e c i r c u l a t i o n , S t . 1443a . i c a t i o n Sunday morning, September 26, 1920; not e a r l i e r . STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS. S e n t . 26. 1919 S e p t , 24. 1920 S e p t . 17. 1920 E S R E S 0 UR $239,168,000 $183,826,000 $164,529,000 Gold and gold c e r t i f i c a t e s 502,506,000 331,308,000 341,303,000 Gold s e t t l e m e n t f u n d - F R. Board 79,370,000 111.455.000 111,455.000 Gold w i t h f o r e i g n a g e n c i e s 821,044,000 607,292,000 636,584,000 T o t a l go Le. h e l d by t a n k s 1,196,325,000 1,237,942,000 1,211,619,000 Gold w i t h F e d e r a l Reserve Agents 100.485.000 127.893.000 14I.D32.QOO Gold rede-ai tic..i fv.nd $1,973,127,000 2,117,85^,000 $1,989,835,000 T o t a l gold r e s e r v e s Legal tender n o t e s , s i l v e r , e t c . 2,151,594,000 2,133,145,000 2,187,505,000 T o tal r e s e r v e s 1,572,503,000 (Secured by Government war o b l i g a t i o n s 1,220,423,000 1,202,593, 000 B i l l s discounted. 1,306.610 000 309,779:000 ( A l l other 1,484,041,000 340 4Q-; 000 321.60-;,,000 B i l l s bought i n open market 307. 624,000 3,012,088,000 2,224,773,000 2,830,303.000 T o tal b i l l s on hand 26,805.000 27,097,000 26,808,000 U, S, Govcrrmcr.t bonds 69,000 137,000 69,000 U. S. Victory n o t e s 251,031,000 270,623,000 391,4 7'i - 'iQO U. S, C e r t i f i c a t e s of indebtedness 3,251,11-- 00 0 2.503. os?;, 000 3,309,588,000 T o t a l earniug a s s e t s 13,1^6,000 15, COO 15,370,000 Bcidk. rrenu ses 907.650.u00 1,0970 40:-! ,0.;0 U n x V-3 it 3d i toirs and o t h e r deductions from g r o s s d e p o s i t s 818,958,000 11,503,000 12,0'%.O'O 11,824,000 5$ iibdv-n^ilun fond a g a i n s t F, R„ Bank n o t e s 4,6:0,;;:.:. 8,998,000 4,941,000 A l l othe1" r e s o u r c e s 6,513,061,000 5,631,890,000 6,312,275,000 TOTAL 2EXUP.C2S L I A B I L I T I E S 97.4oi.coo C ap i t a l p a i d~ in 85,296,000 97,366,000 K 81,087,000 164,745,000 Cu.-plvs 164,745,000 \ 46,493,000 61,276,000 Government d e p o s i t s 135,178,000 1,821,843 ,000 D'.e to - Reserve account 1,731,413,000 1/799,67 7, coo Defer: ed availal.i l i Sy items 653,381,000 676,265 ,000 , 52#, 3^2 : oc c ,000 95.654,000 42.409 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 —~ 34.910.000 2,541,724,000 Tata: g r o s s d e r o s i t s 2,675,695,000 2,477,422,000 3,289,681,000 2,655,354,000 F. R, Notes i n a c t u a l c i r c u l a t i o n 3,279,03:^000 214,IcO,00C 212,219,000 239,451,000 F. P. Bank n o t e s i n c i r c u l a t i o n - net l i a b i l i t y 28,Q7*.000 7 3 . 9 - 5 000 7Fjl5?LC-IO A l l ctLev l i a b i l i t i e s 6,513,661,000 5,631,89c,COO 6,312,275,000 TOTAL LIABILITIES P 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 43.8^ 51.056 1 l.-Oci 11 t i e s combined 43.6fo Rac-i 0 01 gold r e s e r v e s to 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 60.8$ 4s. l# -r:?tting a s i d e 35f° 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 kf.Sfo Released fcr Released, f o r p u b l i c a t i o n Sunday morning, September 26, I92O; not e a r l i e r , S t . 1443 b. RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPTEMBER 24, 192O. k. RESOURCES . F e d e r a l Reserve Bank of Gold and gold c e r t i f i c a t e s Gold s e t t l e m e n t fund - F-R- Board • Gold with f o r e i g n agencies T ot al gold h e l d by banks Gold Willi p . R, Agents 1 Gold red.emotion fund T ot al gold r e s e r v e s Legal tender n o t e s , s i l v e r , e t c . T ot al r e s e r v e s 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 All other B i l l s bought in open market (b) T o t a l b i l l s on hand U, S. Government bonds U. S. V icto ry n o t e s 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 T o t a l earning a s s e t s Bank premises Uncollected items and other d e d u c t i o n s from g r o s s d e p o s i t s 5% Redemption fund a g a i n s t F.R, Bank n o t e s A l l other r e s o u r c e s TOTAL RESOURCES (a) Includes b i l l s r e d i s c o u n t e d f o r other F. R. Banks, v i z : 0ther (b) Includes b a n k e r s ' acceptances bought frcm other F.R.Banks: Without t h e i r endorsement Boston 7,569 14,324 New York P h i l a . C l e v e l . -99,398 1,351 10,413 100,042 33,9^8 57,035 K \ 9 0 5 , 3,916 9.139 3 0 , 0 2 9 2 4 0 , 3 4 5 44,215 76,587 156,823 267,490 124,322 i 4 i , 5 8 3 35,985 8,77% 11.852 204,258 543,820 1 7 7 , 3 H 230,022 — 128,314 715 2,275 210,203 672,134 178,026 232,297 ^92,210 69,32s 354,849 30,7% 94,783 214,111 941, 842 555 1,462 5 50 ''21,793 67,395 236,470 1,010,749 1,85s 3,962 57,757 170,464 1,072 369 2,418 1.010 Richm. . 2,391 17,700 5.461 25,552 45,972 7.211 78,735 403 79,13 8 ( i n thousands of d o l l a r s ) A t l a n t a Chicago 7/452 24,462 6 , 3 8 1 44,513 4.013 13.263 17,846 82,238 52,624 190,791 6.567 23.731 77,037 296,760 1.528 8.836 78,56 5 305,596 S t . Louis Minn. 3,278 7,219 7,671 8,077 5.238 3.009 16,187 18,305 ^7,307 27,671 5.944 3,131 69,438 49,107 7.891 157 77,329 49,264 131,597 72,579 37,607 63,679 153,^01 39,771 55,718 149,088 73,555 59,270 320,507 76,-712 12,122 50.298 7.158 1.423 38.658 1.595 199,437 271,965 118,320 124,372 512,566 118,078 1,386 S33 1,233 n4 4,490 1,153 10 3 32.209 23.338 12.262 15.666 39.682 17.42 1 233,032 296,146 131,815 i 4 o , i 5 5 556,738 136,652 650 1,172 1,206 620 2,137 866 70,704 86,405 59,212 30,135 107,191 *+7,654 Kans .Cy.~ D a l l a s San F r a n . T o t a l 618 - 5 , l i 4 lU, 561 183,826 21,908 2,746 26,958 341,303 5.350 2.898 5.127 111.455 27,876 10,758 4 6 [ 6 4 6 6 3 6 , 5 8 4 " 39,817 30,584 86,63 5 1,211,619 4f 7l4 4.379 11.938 l4l.632 72,407 45,721 145,219 1,989,835 1.955 3.065 675 161.759 74,362 4 8 , 7 8 6 1 4 5 , 8 9 4 2,151,594 6,679 35,009 77,572 7%,776 1.388 3.521 85,639 113/306 116 8,867 l 8.481 12.826 94,236 135,000 601 836 21,210 52,678 1,220,423 55,188 117,478 1 , 4 8 4 , o 4 i 763 65.135 307.624 77,161 235,291 3 , 0 1 2 , 0 8 8 3,966 2,633 26,808 69 8.300 11.244 270.623 89,427 249,168 3,309,588 1,230 . 232 15,370 23,905 5%,236 66,319 44,976 818,958 1,300 1,139 451 1,652 499 623 504 11,824 586 665 915 4o4 551 ISO 297 675 398 306 309 4.941 J2L J15.507,729 1,860,737 484,263 617,456 272,226 250,154 973,989 263,522 168,625 277,738 194,574 441,262 6,312,275 60,655 - 30,617 135,620 5,195 10,000 - - - - - - - 8,209 226,892 23,4o4 R e l e a s e d f o r p a o l i c a t i o n Sunday morning ,• September 2d, 1A20; n o t e a r l i e r . St.l443c. RESOURCES A>:D LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPTEMBER 24, 1$20. ( I n thousands of d o l l a r s ) L I A B I L I T I E S ,ta° Boston Mew York an, / Yr :•'i r a l Reserve Bank 7,644 25.357 i, Carl u 12,351 5i,3 r. Suryl. i.i,TO£ \ x w , 3,538 10,795 Coven:iTenc d e p o s i t s 2,518 575 2,054 3,334 ( 3 > 3 3 7 \ 46,493 119,014 712,049 Da., b:: u s v l s r s - r e s e r v e account 63,490 45,129 78,445 50,134 11$,900 l , > 9 9 , 6 7 7 111,266 44,892 LV7-.V' .rncj/iding f o r e i g n 0".. " 2-' \ 17.216 _7?o_ 1 ,F-"0 2.224 t c "e a: t, ~ 622 3.519 985. ^C'V' _LI^_ -812 570 4,231 34,910 2YL 168,752 831,326 T<-> t-u ?>-ns3 a e y o s i t s 5 21: J.77 K 5 , 3 2 l 77,333 333,100 106,830 6s,2!-2 133,795 2 7 , 9 % 70 2 , 4 ^ 7 , 4422 298,249 855,7'Ji F* Tl* r o . e s i n r t - a ' t c:' r n ; l a t i o n 7 ;50,647 i 4 t M 4 5 147,003 555,188 133,28; 81,66s :jO(:.:c'di 8 8 J 8 2 249,352 3,279,9 96 F, R, .6;;:-:./. rv,jt...-f in c i r c u l a t i o n 16,714 4o,980 3 21,659 H , 2 9 o 12,720 36,349 net ,0"'.? i5,T0o 7,830 11,075 214,180 4,013 4.70% 2 t%e" 1:a'T 7 ? t i e s 2,417 11,718 f I-"'V F,].:AH c 2J55 1.904 b.MK 78 T::)TAL LT 507,7^9 1,860,737 i',738 194,574 441,262 6,312,275 t and F.R of fcofra.1 1 e s e r v e s vo n e t depesi Ratio 51.4 n e t 6 li.at-i7.itisr combined, p e r cent 43.7 .8 40.3 43.6 MEMORANDA Continjreit ] i < b \ ] i + y r-s e n d o r s e r on v 5. p. y 3 i re-die.cur.ted with ax s 0 t h f'T F . 24,620 45,533 19,800 36,996 21,349 41,175 37,419 226,892 ; "• 5 pold 10 c t h ^ r BarCcc r,; 1 c. -e/ :>v t 13,4C4 F . 2 % xiv '»:> vhox-t e..i'lu— ~ 10, OvO — — — — 23,4o4 : U i '!.v or .s purchased C-ont i: l,l6S f o i 10-6eign c jr r e spc.ide::t; 6,074 1,280 1,312 784 576 1,904 752 432 768 4l6 736 16,202 r T t TiT , rr r T T T 7l Tr q 1 F P r ^ A T . RFSFE ir F j T E OUT"T"i O j - .••IF } T • ,rT A7 J CJ.'R/ U ^T 0 T F. R, n o t e 314, 27.0 975,636 2:; i j)(;v ;V O 7 1>,91-:- ; -) y~ ' - , c • •• -1;).244 92,76'+ 287,079 3,586.497 0 J 4 vy? F . P., nnt^ "eld 1'V b-srt; 15 9'-'l l l , ^ v5, i 77 717 -PI F, 5 . 1,0 v6 298,24] £55,701 272,347 330,Si- 1^0,145 I 4 / , X 3 5 3 ; , - ' ^ 1 3 3 , ^ 3 ^ , 4 - , 1 : 7 , ( 2 7 ' " 2 3 , 7 : 2 ^ ,^2 J , 2)^3^ * DJSTR T 7 : y m 17)N CF B I L L " .U.7D U , B i U n d'SK E x 1 1 ?:• u.. s , Cerb .• Within 1.) days cP--.-n market 95.0,1 26,310 l 6 to 30 days 352,1-9 77,413 7,107 S. CERTIFiCATF3 Q; 1 31 t c 6u days 506:0-8 106,047 22,371 T lvIil'B7i77S:2 : "o l v 777.T-T777TI7:S bl to -7v days 33b,7^2 29,11:7 25,996 Over Qv days 26,403 - 188,839 Total 2,70"-,"64 307,624 270,023 Released for p u b l i c a t i o n Sunday morning, September 26, 1920; hot e a r l i e r . - FEDERAL RESERVE AGENTS1 ACCOUNTS AT CLOSE OF BUSINESS SEPTEMBER 24, 1920. Pt.lUU-Jd (In thousands of d o l l a r s . ) Boston Federal Reserve Agent a t RESOURCES Federal Reserve n o t e s on hand 56,100 Federal Reserve n o t e s outstanding 314,210 C o l l a t e r a l s e c u r i t y f o r Federal Reserve n o t e s outstanding: Gold and gold c e r t i f i c a t e s 5,900 19,923 Gold redemption fund Gold settlement fund-F,R.Board 131,000 E l i g i b l e paper Amount required 157,387 Excess amount h e l d 56,724 T0TAC L I A B I L I T I E S Federal Reserve n o t e s r e c e i v e d from Comptroller - gross Less amounts returned f o r destruction Net amount of Federal Reserve n o t e s r e c e i v e d from Compt r o l l e r Of the Currency C o l l a t e r a l r e c e i v e d from Federal Reserve Bank: Gold E i ? g i b l e paper T0TAL New York Phi l a . Clevel. Ricbm. Atlanta Chicago S t . Louis Minn. Kans. Cy. Dallas San Fran. Total 143,000 35,280 28,605 27,599 71,420 975,636 287,329 365,045 145,847 150,914 59,360 18,320 619,886 151,631 7,940 6,k-fO 82,912 113,244 17,9k) 5,380 478 014 9 2 , 7 6 4 287,079 3 586*497 ' 339,60S 12,882 17,933 45,000 106,389 2,500 2,624 47,500 8,646 182,145 13,052 1,419 2,457 13,200 37,360 93,290 ^,079 429,095 104,324 83,364 13,637 12,331 279 226 6,519 1 4 , 7 4 4 3.13'543 1 1 , 7 3 ^ 71,891 81^850 ' » 62,180 200,444 2,374 878 14,981 22,774 55s!oi4+ 32,025 19,558" 3 , 4 7 2 90,000 42,500 * 7 0 8 , l 4 6 163,007 223,462 99,875 207,891 19,206 ^5,727 17,255 3,810 3,366 40,131 55,24l 13,762 73,427 36,6x4 741,244 2,302,163 629,744 804,422 336,548 399,327 1,382,496 335,219 187,526 2 6 9 , 5 7 2 218,4149 602,312 8 , 2 0 9 , 0 2 2 655,800 2,278,640 651,380 672, k)0 3 6 9 , 7 ^ 379,540 1,132,680 368,160 176,680 252,220 194,180 509,120 7.640 54o 285,490 l , l 6 0 t 0 0 4 3 28,171 278,750 1 9 6 , 3 ) 4 157,206 453.434 iqg,209 85.828 132.506 370,310 1,118,636 323,209 393,650 173,446 222,334- 679,246 169,951 9 0 , 8 5 2 1 1 9 , 7 1 4 . 1 1 0 , 7 0 4 292,459 4 o64 511 156,823 214,111 190,791 47,307 512.459 117.961 27,671 39,817 69.003 1 1 0 . 0 4 l 267,490 124,322 141,583 45,972 5 2 , 6 2 4 916,037 182,213 269,189 117.130 124.369 83.476 2 1 6 . 6 6 l 3.576.029 30,584 86,635 1,211,619 7 7 . l 6 l 223.218 2 . 9 3 2 ' 8 9 2 741,244 2,302,163 6 2 9 , 7 4 4 804,422 3 3 6 , 5 4 8 399,327 1,382,496 335,219 187,526 269,572 218,449 602,312 8 , 2 0 9 , 0 2 2
@FedFRASER