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STATEMENT FOR THE PRESS Releasad fo r publication Friday morning, Sept. 30; not e a r lie r . st.2307. Federal Reserve Board September .29* 1921. CONDITION OF M E R A l. RESERVE BANKS Further gains of $15,600,COO of cash, reserves, largely gold, and an increase of $ 25 , 800,000 in deposits, as against a reduction of $ 1 7 , 500,000 in Federal reserve note' circulation, are indicated in the Federal Reserve Board's weekly consolidated bank statement issued as at close of business on September 28, 1921. The banks* reserve ratio shows a rise for the week from 6S .7 to 69 per cent# Federal reserve bank holdings of bills secured by U. S. Government obligations show a reduction for the week of $4,200,000, while other dis counted bills on hand increased by $ 1 9 , 900, 000, and holdings of acceptances purchased in open market - by $5,400,000. Pittman certificates used as cover for Federal reserve bank note circulation show a decrease of $9,500,000, while other Treasury certificates, largely held under repur chase agreements by the New York bank, show an increase for the week of $3,800,000. There is also shown a decrease of $1,600,000 in the Federal reserve bank holdings of U. S. bonds and notes. Total earning assets, in consequence of the changes noted, were $1 3 , 800,000 larger than the week before. Of the total holdings of $490,900,000 of paper secured by U. S. Gov ernment obligations, $3^6,900,000, or 70.7 per cent, were secured by Liberty and other U. S. bonds, $110,800,000, or 22.6 per cent, - by Victory notes, $6,300,000, or 1 .2 per cent, - by Treasury notes, and $26,900,000, or 5*5 per cent, - by Treasury certificates, compared with $340,800,000, $127,500,000, $5 , 100,000 and $21,800,000 reported the week before. Discounted paper held by the Boston, New York and Cleveland banks is shown inclusive of $65,300,000 of bills discounted for the Richmond, Atlanta, Minneapolis and Dallas reserve banks, compared with $66,500,000 shown the week before. Rediscounts of the Richmond bank with the New York reserve bank show a slight increase for the week from $24,700,000 to $24,900,000; Atlanta reports an increase in bills rediscounted with the Boston and. Cleveland banks from $16,400,000 to $20,100,000; Minneapolis, on the other hand, reports a further reduction in the total of bills rediscounted with the New York reserve bank from $7,100,000 to $5,400,000, while Dallas like wise shows a reduction of its rediscounts with the Boston and Cleveland banks from $ 18 , 300,000 to $14,900,000. Government deposits are given $16,900,000 less than the week before, reserve deposits show an increase of $47,300,000, while other deposits, composed largely of non-members’ clearing accounts and cashier's checks, show a reduction of $4,600,000. Federal reserve note circulation daows a further decline of $17,500,000 for the week, the reported total of $2,457,200,000 being a new low level for the year, and marking a 28 per cent decline from the peak attained on Decem ber 23 of last year. Net liabilities of the reserve banks on Federal reserve bank notes in circulation declined by $2 ,200,000, the most recent total of $101,400,000 being less than one-half of the total reported on the corres ponding date last year. Of the total gain in cash reserves, $14,900,000 represents a gain in gold. Total gold reserves on September 28 wore $2,726,000,000, a gain since January 1 of $663,200,000, as against a loss of $38 ,200;000 in other cash, i. e . , silver and legals. Released fo r publication Friday morning, September 30, 1921; not e a r lie r. St.2307a. RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BAMS COMBINED. (in thousands of dollars) R E S O U R C E S Sept, 28, 1921 4427707 Gold and gold certificates .................. Gold settlement fund - F.R*Board . . . ^15,765 Total sold held by b a n k s .................. GclA v;ith Federal Reserve Agents . . 65 S.^72 1,759,065 108,1+29 Total gold reserves . . .................. Legal tender notes, silver, etc. . . . 2,725,966 ■152, .713. 2 , 87s ,685 Bills discounted: Sec. by U.S. Government obligations. Total bills on h a n d ................ , . U. S* Certificates of indebtedness: One-year certificates (Pittman Act) All other . ...................... , . . . . Sept. 21, 1921 1428,036 U ll,210 - Oct.l, 1920 201,6146 839,2U6 1,777,529 .... s X m 2 , 711,128 ...l i l i e s 2 , 863,096 67^,969 1 , 1 so,393 1 U7.710 2 , 003,072 162,123 366,4468 111^51 2,165,195 1 , 183,017 1 , 526 , 58*4 ,.. 301^10 3 , 0 11,111 26 , 921; ^90,927 911,976 U95,156 „ .....33jJ1^ 1 , ^ 1,792 36 ,U 85 1 , 1+20,751 38,081 175,375 ..12*332. 1 , 666,051 18U,875 S,571 259,375 1,652,272 3,309,517 29,172 29,111 15,^55 9,086 8,917 591,811 1 6 ,HHs . 11,856 819,165 892,081 12,107 5% Redemption fund against * Uncollected items ............................. All other resources TOTAL RESOURCES . . . . . . . . . 508,185 15 A __ L52S 5 , 107,126 5 , 161,661 6,327,717 103 ,OU9 2 13 , S2U 51,6514 103,017 2 13 ,S2U 97,358 l6U,7^5 L I A B I L I T I E S Surplus ............................................ ... . Reserve^ for Gov't, franchise tax , < Deposits: 50,777 UG.taU 1 ,7 7 6 ,2 % . ..35.,.363 1,717,U05 7U,183 1,588,209 „ 2.9x21S 1 , 691,610 2 > 5 7 ,196 2,U7U,676 3 , 30^690 101,372 103,590 503,17^ 20x921 213 , 1+12 608,056 8L.396 5 , 107,126 5 , 161,661 6,327,717 Ratio of total reserves to deposit and F.R. note liabilities combined . , , 69 , Of, 68.7$ *U3,7$ Ratio of .gold reserves to F.R. notes in circulation after setting aside 35$ against deposit liabilities . . 92 , 7 $ 9 1 . 8$ *U 8U $ Member bank - reserve account , , . 57,253 1 , 635,572 2*4,580 F.R. notes in actual circulation , » , F.R. Bank notes in circulation net liability . . . . . .............. , Deferred availability items ............... TOTAL LIABILITIES . ■ .................. HU ijoo ___21*321 1 , 858,060 ^C a lc u la te d on basis of net deposits and F.R. notes in circulation* Released for publication Friday morning, Sept. 30, 1921; not e a r lie r . RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPT. 28 , 1921(In thousands of dollars) RESOURCES Federal Reserve Bank of Boston New York Phi la . Clevel. Hi c hr*. Atlanta Chicago St-Louis Minn. Kans. Cy. Dallas Gold and gold certificates 8,251+ 348,566 l,8i+6 12,251 2,852 '4,985 22,364 3,152 8,829 2,257 8,550 Gold settlement fund - F.R.Board 45,200 88,847 51.875 45,863 20,818 6,235 58,359 17.116 10,575 26,800 7.446 Total gold, held by banks 53.454 437,413 53,721 58,114 23,670 11,220 80,723 20,268 19.404 29,057 15,996 Gold with F- R. Agents 170,609 576,066 146,844 178,081 34,499 47,419 316,971 56,790 18,503 35.907 9.685 Gold redemption fund 22,835 15,000 •>10,089 5.552 7,582 4,824 23,450 3,537 2,488 3.152 3,277 Total gold reserves 246,893 1 , 028,479 210,654 241,747 65,751 63,463 421,144 80,595 40,395 68,116 28,958 Legal tender notes, silver, etc. 15.405 61>319 6 ,742 6,435 4,966 s >l6H 20,173 14,933 535 1 *912. 6.183 Total reserves 2^2 ,303 1 , 089 , 798217,396 248,182 70,717 71,627441,317 95.528 40,930 72,028 35,i 4i S t . 2307b. ........... Bills discounted: (a) Secured by U.S. Govt- obligations All other Bills bought in open market 31.237 5^.343 -1.735 Total bills on hand 89,375 U- S. bonds and notes 1,030 U. S- Certificates of indebtedness: One-year ce rtifica te s (Pittanan Act) 14,936 All other Total earning assets Bank premises 5$ Redanption fund against F- R. Bank notes Uncollected items All other resources TOTAL RESOURCES (a) Includes bills discounted for other F- R- Banks, viz: 105,347 4,242 772 San Fran. Total 18,801 36,631 442,707 415.765 55.432 858,472 167,691 1 , 759,065 6,643 108,429 229.766 2 , 725,966 3,952 .152,719 233,718 2,873,685 69,840 40,233 23,430 37,^19 69,949 28,065 9.524 19,250 10,553 44,490 490,927 150,233 30,636 91,149 74,530 61,978 156,163 45,518 60,301 54,135 51,127 81,863 911,976 17,605 1,972 1,561 3,103 4,490 1,494 1,108 _______ 394 70 3,297 38.885 274,775 102,448 132,943 101,063 103,887 227,606 74,691 69.825 73.779 61,750 129,650 1,441,792 3,026 1,529 844 1,233 10 , 40 ? 4,507 1,250 172 9.330 2,643 514 36,485 106,937 49,276 19,280 18,299 3,760 8,564 27,112 11,068 1,900 8,880 175,375 ......... 230 551 12.799 74,998 91,798 66,523 139,595 1 . 666.051 690 3,455 2.055 667 29,172 4,980 cTX '336,098 123,493 152,124 106,056 122,859 260,077 87,083 2.960 2,501 5.594 533 861 4,987 627 1.596 7.320 J-Oby ... 700 605 1,664 1.239 263 178 523 916 444 186 9,086 44,190 106,993 ^2,555 20,635 63.685 28,703 13,406 38,595 24,534 35.518 508,185 454 44i 3,083 1,005 29s 770 1,832 8?4 616 510 1.560 4.504 _______ 15.947 AJ > 1 418,060 1 , 543,162 386,992 449,700 222,390 217,357 773,562 213,338 130,818 207.302 129,999 414,446 5 , 107,126 22,163 30,326 12,783 — 44 ,942 44,429 65,272 Released fo r publication Friday morning, Sept. 30, 1921; not e a r lie r. RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OE BUSI1TESS SEPT. 28, 1921. (in thousands of dollars) Federal Reserve Bank Boston New York Phila. Capital paid in 7,935 21,088 S,6S Surplus 16,342 59,318 17,56' Reserved for Govt, franchise tax 2,666 19,903 3,356 Deposits: Government 2,802 12,64-5 1,873 Member bank - reserve account 106,757 667 ,054- 96,859 All other 799 .11.742 1,429 Total deposits 110,358 691,441 100,161 F. R. notes in actual circulation 234,562 631,130 208, 698 F. R. Bank notes in circulation net liability 7,342 27,434 5,779 Deferred availability items 37,550 82,416 41,761 All other liabilities ,—— -- .Ti>.4^2— _ 990 TOTAL LIABILITIES 4 l 8,060 1 ,543,162 386,992 Ratio of total reserves to deposit and F.R. note liabilities combined, per cent 76.0 82-4 70.4 Contingent liability as endorser on discounted paper rediscounted with ot£er F» R. Banks Contingent liability on b ills purchased for foreign correspondents 2,442 F* R* notes outstanding 3?~ R* notes held by banks F* R» notes in actual circulation B i l l s discounted B i l l s bought in open market U* S* C e rtific a te s of indebtedness st-2307c. L I A B I L I T I E S Clevel. Richm. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. 1 1 ,1 1 3 5,403 4,142 14,34s 4,567 3,554 4,314 4,533 7,369 22,263 11,026 8,708 30,536 9,114 9,330 7,303 7,113 15,207 2,428 3,564 1,340 2,575 9,322 1,792 1,911 2,797 1,988 132,292 761 6 ,119 47,934 447 4,888 2,323 42,471 226,847 1,776 59,213 /69 4,991 1,869 3s , 866 64,383 352 2.4 71 ■524 582 135,041 54,500 4 7 ,711 231,641 61,758 44 , 3 S1 66,834 226,546 107,292 127,359 423,703 100,470 * 56 , 67 s 73,364 T otal 103,045 213,824 5 1 ,654 6,428 9,551 57,253 41,622 111,2 7 4 1 , 635,572 338 4,366 24.« 48,388 125,191 1 ,7 1 7 4c? 40,224 227,170 2 , 457,196 10,802 3,234 7,583 9,922 6,056 3,534 4 ,l6 12,480 3,045 l 101,372 40,037 37,246 17,297 50,220 28,870 12,26130,758 37,673 441,300 25,211 1,323 1,261_____ 993 3,870 1,163 1,196 1,296 1,704 dx,ydo 21,326 1 i 793_ 449,700 222,390 217,357 773,562 213,338 130,818 207,302X 29,999 4l4 446 5 ,107,126 68.6 43.7 40,9 24,903 20,095 67.3 58*9 40.5 5,423 5 1.4 39.7 14,851 66.3 69,0 65,272 2,676 2,743 1,639 1,204 3,981 1,572 903 1,606 870 1,539 33,738 . FEDERAL RESERVE NOTES OUTSTANDING- AND IN ACTUAL CIRCULATION 252,296 773,869 231,911 245,678 114,464 133,689 471,906 124,974 59,604 81,824 44,648 282,815 2 , 817,678 17.734 142,739 23,213 19.132 48,205~ 24,504 2,926 8.460 . . ..---------------------------------- --------,— r - ........ -7,172 - - ............. 6,330 --------------4 ,4 2 4 5 5 .6 4 5 3 6 0 ,4 8 2 234,562 631 , 130 2 0 8 , 693226 , 5 4 6 1 0 7 , 2 9 2 1 2 7 , 3 5 9 4 2 3 , 703100,470 56 , 67s 73,364 40,224 227,170 2,4577190 DISTRIBUTION OF BILLS AND U. S- CERTIFICATES OF INDEBTEDNESS BY MATURITIES Within 15 days 16 to 30 days 31 to 60 days 6l to 90 days Over 90 days Total 801,282 162,980 240,134 165,618 32,889 1,402,903 8,582 19,782 3,687 l6l 6,677 38,889 12,669 15,708 9,801 1 1 6 ,4gg 33,107 187,774 12,563 R e l e a s e d f o r p u b l i c a t i o n F r id a y m orning, F ed eral R eserve Agent a t RESOURCES F ed eral R eserve n o tes on hand F ederal R eserve n o tes ou tstan d in C o lla te r a l s e c u r ity fo r F ederal R eserve n o tes outstan d in g: Gold and g o ld c e r t if ic a t e s Gold redem ption fund Gold fund - F. R. Board E lig ib le paper Amount requ ired E xcess amount h eld total LIABILITIES N et amount o f F ed eral R eserve n o tes r ece iv ed frcm Ccmpt r o lle r of th e Currency C o lla te r a l receiv ed frcm F ederal R eserve Bank; Gold E lig ib le paper TOTAL S e p t . 30* 1 9 2 1 ; not earlierFEDERAL RESERVE AGENTS’ ACCOUNTS AT CLOSE OF BUS I HESS SEPT. 2 8 , Boston New York P h ila . 96,500 252,296 309,700 5,600 15,009 150,000 396,924 18,142 81,687 7.688 (in thousands o f d o lla r s ) C lev el- R ichn. A tlan ta Chicago S t.L ou is Minn- 1921. Kans , Cy - 20,220 44,680 21,569 7 7 , 5 ^ 773.869 231,911 245,678 114,464 133,689 162,760 26,660 471,906 124,974 12,330 59,604 4,440 81,824 _ I18,375 S ,375 14,706 13.^55 13,^55 1^,706 161,000 133,389 145,000 16,327 16,327 300,644 , 3.649 32,000 3»I*00 3 .L>00 5,019 39 . 0CO 13,052 1,251 1,2 51 47,031 4,200 2,547 2,5^7 33,36 0 197,803 53.184 53,184 79.965 18,508 86,270 17,602 15^.935 72,585 68,184 6,483 41,101 27,774 85,067 2,201 67,597 65,271 2,499 6,110 _ 0 w S t .2 3 0 /c i , B a lia s San Fran. Total 22,512 3^,360 44,648 282,815 3,87 6 3.876 3,575 3.575 14,387 2,234 153,304 45,917 34,963 115,124 27,840 ,>26,673 4,311 -*2b, 673 1 14,311 447,337 110,566 340,120 608*780 1 , 910,622 486,243 601,307 269,005 362,528 1,179,157 283,091 159,312 195,928 138,481 614,301 6 , 808,755 3^8,796 1,083,569 252,131 290,358 136,033 211,237 170,609 89,375 576,066 146,844 178,081 250,98 7 87,268 132,86s 3 4,4 99 47,419 98,473 103,872 634,666 151,634 71,934 86,264 67,l6o 317,175 3 , 650,957 56,790 74,667 18,503 35.907 73,757 9 , 6 8 5 16 7 , 6 9 1 1 , 759,065 61,636 129,435 1,398,733 316,971 227,520 68,875 608,780 1 , 910,622 486,243 6ci,307 269,005 362 , 52s 1 , 1 7 9 , 1 5 1 283 ,091 159,312 195,928 138,481 614,301 6,808,755 1
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