Full text of H.4.1 Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks : September 5, 1920

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STATEMENT FOR THE PRESS
Released for p u b l i c a t i o n
Jay m o r n i n g , S e p t . 5,
1'jZO; n o t e a r l i e r .

St,l403
F e d e r a l R e s e r v e Board
S e p t . 4, 1920.

CONDITION OF FEDERAL RESERVE BATKS.
A g g r e g a t e i n c r e a s e s of 77«8 m i l l i o n s i n d i s c o u n t e d b i l l s on h a n d ,
accompanied by an i n c r e a s e of 1 7 - 2 m i l l i o n s i n n e t d e p o s i t s and a f u r t h e r
erpa'-ision by 3 9 m i l l i o n s of 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 a r e i n -.U.'.ated i n t h e F e d e r a l R e s e r v e B o a r d ' s c o n s o l i d a t e d w e e k l y bank s t a t e m e n t ,
i sued a s a t c l o s e of b u s i n e s s on September 3i 19^0. As a g a i n s t t h e s e
i n c r e a s e s i n d e p o s i t and n o t e l i a b i l i t i e s , c a s h r e s e r v e s show a r e d u c t i o n
of n e a r l y 10 m i l l i o n s , w i t h t h e consequence t h a t t h e B a n k s ' r e s e r v e
r a t i o snows a d e c l i n e f o r t h e week f r o m 4 3 . 2 t o 4 2 . $ p e r c e n t .
H o l d i n g s of p a p e r s e c u r e d by U n i t e d S t a t e s war o b l i g a t i o n s i n c r e a s e d
by 1 8 . 1 m i l l i o n s , t h o s e of o t h e r d i s c o u n t e d p a p e r - by 59*7 m i l l i o n s ,
w h i l e a c c e p t a n c e s bought i n open market show a r e d u c t i o n of 8 . 5 m i l l i o n s .
T r e a s u r y c e r t i f i c a t e s on h a n d went u p by 5>9 m i l l i o n s , w h i l e t o t a l e a r n i n g
a s s e t s show an i n c r e a s e f o r the week of 75*2 m i l l i o n s .
Of the t o t a l of 1332-9 m i l l i o n s of p a p e r s e c u r e d by Government war
o b l i g a t i o n s , 6 6 1 . 5 m i l l i o n s , o r 4 9 , 6 p e r c e n t , were s e c u r e d by L i b e r t y
bonds, 317*2 m i l l i o n s , or 2 3 . 8 p e r c e n t , by V i c t o r y n o t e s , and 3 5 4 . 2
m i l l i o n s , o r 2 6 , 6 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 a s a g a i n s t $ 0 . 2 ,
2 3 . 4 and 2 6 . 4 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 3 l 4 . 8 m i l l i o n s shown
t h e week b e f o r e . D i s c o u n t e d p a p e r h e l d by t h e B o s t o n and C l e v e l a n d Banks
i n c l u d e s over 212 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 t h e New York Bank and
s i x o t h e r R e s e r v e Banks i n t h e South and Middle West, w h i l e a c c e p t a n c e
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 Bank a r e i n c l u s i v e of 33*5 m i l l i o n s of b a n k e r s ' b i l l s p u r c h a s e d f r o m t h e New York
and Chicago Banks, compared w i t h 4 8 . 9 m i l l i o n s r e p o r t e d t h e week b e f o r e ,
Government d e p o s i t s show an i n c r e a s e of 21.9 m i l l i o n s , members'
R e s e r v e d e p o s i t s - an i n c r e a s e of 1 1 . 3 m i l l i o n s , o t h e r d e p o s i t s , i n c l u d i n g l a r g e l y f o r e i g n government c r e d i t s and non-members' c l e a r i n g
a c c o u n t s , d e c l i n e d by 4 . 1 m i l l i o n s w h i l e t h e " f l o a t " c a r r i e d by the
R e s e r v e b a n k s and t r e a t e d a s a d e d u c t i o n f r o m g r o s s d e p o s i t s shows an
i n c r e a s e of 1 1 . 9 m i l l i o n s , As a c o n s e q u e n c e , c a l c u l a t e d n e t d e p o s i t s
a r e 1 7 . 2 m i l l i o n s l a r g e r t h a n t h e week b e f o r e . A l l t h e B a n k s , e x c e p t
Cleveland, r e p o r t s u b s t a n t i a l additions to t h e i r outstanding note c i r c u l a t i o n , t h e t o t a l i n c l u d i n g b e s i d e s 39*6 m i l l i o n s of F e d e r a l R e s e r v e
n o t e s a l s o 4 , 6 m i l l i o n s of F e d e r a l R e s e r v e bank n o t e s ,
Gold r e s e r v e s , b e c a u s e of f u r t h e r e x p o r t w i t h d r a w a l s f o r shipment
to J a p a n and South America d e c l i n e d by 9#5 m i l l i o n s , w h i l e o t h e r c a s h
r e s e r v e s show a r e d u c t i o n of 0 , 4 m i l l i o n . The B a n k s ' c a p i t a l account
shows an i n c r e a s e of $ 7 8 , 0 0 0 i n consequence of m o d e r a t e F e d e r a l R e s e r v e
s t o c k i s s u e s by n i n e R e s e r v e B a n k s .




R e l e a s e d f o r x r u b l i c a t i o n Sunday morning, September 5, 1920; n o t e a r l i e r .
STATEMENT OF COMBINED RESOURCES AMD LIABILITIES OF THE FEDERAL RESERVE BAMS.
AUK. 27. 1920
S e n t . 1. 1920
R E S O U R C E S
$186,139,000
$165,070,000
Gold and gold c e r t i f i c a t e s
373,272,000
4io, 5 0 7 , 0 0 0
Gold s e t t l e m e n t .fund - F . R, Board
111.U55.OOO
111.U55.000
Gold w i t h f o r e i g n a g e n c i e s ,
670,866,000
687,032,000
T o t a l gold h e l d by banks
1,154,684,000
1,132,219,000
Gold w i t h F e d e r a l R e s e r v e Agents
lU6.275.OQO
1U3.059.000
Gold r e d e m p t i o n f u n d
$1,962,310,000
$1,971,825,000
T o t a l gold r e s e r v e s
156.002.000
155.6U7.0C0
Legal tender n o t e s , s i l v e r , e t c .
2,127,827,000
2,117,957,000
Total reserves
1,314,830,000
,.
. , (Secured "by Government war o b l i g a t i o n s 1,332, 892 000
B i l l s discounted ( A U „ t h e r
1,412,035,000
1,352,297,000
321.965.000
B i l l s bought i n open m a r k e t
313, 501,000
3
,
0
5
8
,
4
2
8
,
0
0
0
2,989,092,000
T o t a l b i l l s on hand
2
6
,
2
0
6
,
0
0
0
26,810,000
U- S- Government bonds
6
9
,
0
0
0
69,000
U- S . V i c t o r y n o t e s
27q.6TS.000
273.701.000
U- S- C e r t i f i c a t e s of i n d e b t e d n e s s
3 , 3 6 U , 9 3 6 , O C O '4 v7
3,289,672,000
Total earning assets
lU,869,000
Bank p r e m i s e s
'
7
2
9,889,000
U n c o l l e c t e d i t e m s and o t h e r d e d u c t i o n s from g r o s s d e p o s i t s
1
1
.
6
9
5
.
0
0
0
_
11,956,000
l
r
5fo Redemption f u n d a g a i n s t F- R, Bank n o t e s
3. 884^000
U.558.000
All other resources
6
,
2
6
8
7
^
6
9
,
0
0
0
6
,
1
7
8
,771,000
TOTAL RESOURCES
1 off
L I A B I L I T I E S
97,133,000
97,055,000
Capital paid-in
1
6
U
,
7
U
5
,
o
o
o
l
6
U,745,000
Surplus
6
5
,
3
2
7
,
0
0
0
,
^
U
3
,
5
1
0
,
0
0
0
Government d e p o s i t s
1,818,502,000
1,829,1W6OOLW7J
Due t o members - Reserve a c c o u n t
v
5U2,56U, 0 0 0
5
5
5
r
w
o
o
c
T
Deferred a v a i l a b i l i t y items
3
9
.
1
2
3
.
0
0
0
U3.180.000
8f
V
?
Other d e p o s i t s , i n c l u d i n g f o r e i g n government c r e d i t s
2
,
4
9
0
^
3
5
,
0
0
0
2,UU7,756,000
Total gross deposits
3
,
2
U
3
,
.
7
0
/
0
0
0
3
,203,637,000
F . R, n o t e s i n a c t u a l c i r c u l a t i o n
2
0
5
,
4
2
3
,
0
0
0
200,793,000
F, R. B a n k n o t e s in c i r c u l a t i o n - n e t l i a b i l i t y
6
7
.
7
0
3
.
0
0
0
:
6U.785.000
All other l i a b i l i t i e s
6
,
2
6
8
7
^
0
9
,
0
0
0
6
,
1
7
8,771,000
TOTAL LIABILITIES
1 0<f)
R a t i o of t o t a l r e s e r v e s t o n e t d e p o s i t and F . R. n o t e
43-2$
U2 -5%
l i a b i l i t i e s combined
R a t i o o f gold 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
47 . 7 $
hGM
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




St

L-hjj) cl *

S e n t . 5. 1919
$243,238,000
542,310,000
785,548,000

1,172,168,000
109.336.000

2,067,052,000
69.818.000
2,136,870,000

1,63 5,233,000
212,185,000
354.667.000
2,202,085,000
27,096,000
197,000
250.223.000
2,479,601,000

12,815,000
934,964,000

11,160,000

9.511.000
5,584,921,000

84,996,000
81,087,000
59,110,000
1,757,641,000

643,194,000
99.136.000
2,559,081,000

2,611,697,000
223,565,000
24.495.000
5,584,921,000

50.4$
6 0 . 1 fo

R e l e a s e d f o r p u b l i c a t i o n Sunday m o r n i n g , September 5 , 1323; n o t e a r l i e r .

St.l403b.

RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS M CLOSE OF BUSINESS
R E S O U R C E S
F e d e r a l R e s e r v e Bank of
B o s t o n New York P h i l a . C l e v e l . Richm. A t l a n t a Chicago
G o l d a n d gold c e r t i f i c a t e s
12,229
77,022
1,313 10,632
2,435
8 , 2 7 3 S&.338
Gold s e t t l e m e n t f u n d - F . R . B o a r d
31,975
50,102 42,374 57,123 30,628
6,106 95,687
Gold w i t h f o r e i g n a g e n c i b f l
8,136
40,905
8,916
9,139
5,^6l
^",013—1),263
Total gold h e l d by.banks
52,340
168,029 52,603 76,900 3 8 , 5 2 4 1 8 , 3 9 2 1 3 3 , 2 8 8
Gold w i t h F . B . Agents
116,592
275,070 114,818 149,448 40,951 48,237 163,221

L

i ^ r S £ r ' :

i

l

v

e

r

B1

Secure^by^ovt.war obligations
All other

'

e

t

c

U S Victory notes
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
Total earning a s s e t s

Bank p r e m i s e s
Un

d^ctionsdf^ommgrSt d o i t s '

^B^notes

1 1

fund

All other resources

F

' E*

TOTAL RESOURCES

(a) Includes b i l l s discounted f o r
other F. R. Banks, v i z :
(b) Includes bankers' acceptances
bought from o t h e r F.R.Banks:
Without t h e i r endorsement




;,:o £&£]£ fdll
1):^^ 7l:lll

-

">

U . S . Government b o n d s

SEPTEMBER 3 , i g 2 0 .
( I n t h o u s a n d s of d o l l a r s )
S t . L o u i s Minn. K a n s . C y . D a l l a s San F r a n .
Total
3,631
7,237
576
Ik,891 1 2 , 4 8 ?
165,070
8,655 8 , 3 4 2 24,79% 7 , 0 8 4 4%,633 4 l 0 , 5 0 ?
5,238
3>PQ9
5,350
2,898— 5,127
111, 55—
1 7 , 5 2 4 18,588 3 0 , 7 2 4 1 4 , 8 7 3 65,247
687,032
4 5 , 6 b 6 3 0 , 8 1 J 3 7 , 8 6 9 2D,272 8 3 , 2 5 8 1 , 1 3 2 , 2 1 9

114,073
96,284

582,978 136,677
3^4,868 42,584

76,983

45,443

,,.S:g .as a ..sa

64,469 159,622

31,182

re
jl'Z

8,575

41,715

a ,.s

1,462
1,386
833
1,233 •
113
^ 0
1,153
ll6
8,867
5^
—
10
—
J
—
—
—
1
7 5 , 7 6 7 3 3 , 1 9 8 2 3 , 3 2 2 1 2 , 2 6 0 1 5 , 6 6 5 — 3 9 >643—17,525
8,481—12,826
257,769 1 , 0 9 9 , 6 0 1 2 3 2 , 7 3 4 2 8 7 , 6 8 8 1 2 9 , 0 1 5 1 3 7 , 2 4 5 5 3 7 , 0 8 5 1 3 4 , 9 9 2 9 3 , 1 3 0 1 3 5 , ^ 2 4
1,731
3 , 9 ^
638
1,156
1,135
615
2,l46
866
586
791
555
5
£1,469

53,854
1,07?

301

505,383

17,811

53,364 1,33.2,892

.s:P ..as

129,430 62,968 55,319 289,233 83,162 74,920 68,505 55,567 109,195 1 , 4 1 2 , 0 3 5
3,966
2,632
—
—
8,300—11,1%%

26,806

168,039 66j4l 73,916 51, ^ 4 25,872 98,788 44-,672T 21,327 66,329 4^9% 38,455

75^%

2,122^1,300

512

1,139

200

451

537

152—-—123

1,798

522—

621

364—

488

8j5—

916

245

9
279.,633—
86,152 234,101 3 , 3 6 4 , 9 3 6
1,082
232
l4,^-^<

586^

1,878,146 482,101 5 9 3 , 0 3 7 271,361 242,076 977,768 258,416 165,387 278,608 1 8 2 , z z z
'"V

97,014

-

-

-

- 114,993
10,050

13,122

665

391 —

433,144

_
-

6,262,309
7 Ot!

212,007
- '

-

~

~

~

H>3W

34,53°

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 5, 1920; n o t e a r l i e r .
St. l403c.
RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPTEMBER 3 , 1920.
( I n t h o u s a n d s of d o l l a r s )
L I A B I L I T I E S
F e d e r a l R e s e r v e Bank
Boston
New York P h i l a . C l e v e l . 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
Fran,
Total
Capital p a i d - i n
7,580
25,352 8,400 10,249
6,828
5,131 3,911 13,687 4,299- 3,329
4,420
97,133
Surplus
12,351
51,308 13,069 13,712 8,067 7,050 23,917 5,884, 5A78 8,395
11,662 164,745
Government d e p o s i t s
1,902
27,006 3,711 3,078 4,44i 1,23s 10,876 2,417 2,590 3,359
2,520
65,387m
Due t o members - r e s e r v e account
116,881
719,621 112,435 146,561 62,318 49,158 261,191 62,530 46,510 83,516
117,506 1 , 8 2 9 , 7 9 #
Deferred a v a i l a b i l i t y items
41,722
101,260 47,694 61,654. 42,240 22,465' 67,823 38,109 19,371 54,385
29,185 5 5 M S 6
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
1,890
19,171
2.917
l.q4q
1.111
847
3.540
1.674
771
1.3l6
6 9 0 r 3,247
39,123
Total gross deposits
162,395 867,058 166,757 213,242 110,110 73,708 343,430 104,730 69,242 142,576 8 4 r ^ 1 5 2 , 4 5 8 2 , 4 9 0 7 ^ 5 .
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
303,206 865,548 270,631 331,336 135,126 142,961 551,714 131,114 77,918 105,151 81,527 247,03s 3,243,270)
F . R, Bank n o t e s i n c i r c u l a t i o n f t . S11
net l i a b i l i t y
16,642
36,268 20,206 20,619 11,118 12,447 3 5 , 5 8 2 1 0 , 1 8 5 7 , 9 0 0 15,753 7,202 1 1 , 4 9 8 205,423
All other l i a b i l i t i e s
32,612 3 , 0 3 8 3 , 8 7 9 1 . 8 0 9
3,209
2.201 1.820
9,438
3,660
2.313
67,703
1,725
TOTAL LIABILITIES
505,383 1,878,146 482,101 593,037 271,361 242,076 977,768 258,416 165,3-87 278,608 18£r8g£ 433,144 6,26 8^509/
7o?/
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 c e n t
46.3
48.6
38.6
48.7
46.0
40.7
42.4
40.2
39.6 41.3
4o.S
44-. 1
42.5
MEMORANDA
C o n t i n g e n t l i a b i l i t y as e n d o r s e r on Discounted paper rediscounted w i t h
o t h e r F . R. Banks
47,500
- 20,000 3 0 , 8 2 4
- 33,640 20,123 21,018 38,902
212,007
C o n t i n g e n t l i a b i l i t y on b i l l s p u r c h a s e d
for foreign correspondents
1,168
6,070 1,280
1,312
784
576 1,904
4-16
432
768
752
16,198
736
FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION
F.
notes outstanding
312,379
971,102 280,625 349,450 140,566 147,946 604,796 147,870 78,873 110,536 85,112 272,642 3,501,897
F . B» n o t e s h e l d by banks
9,173 105,554 9,99^ i s , i i 4 5,440 ^,985 53,082 16,756
955 5,385 3,585 25,604 258,627
F* Rv n o t e s i n a c t u a l c i r c u l a t i o n
303,206 865,54s 270,631 331,336 135,126 142,961 551,714 131,114 77,918 105,151 81,527 247,03s 3,243,270

B i l l s discounted
B i l l s "bought i n open market
TJ. 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




DISTRIBUTION OF BILLS AND HJ S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES.
W i t h i n 15 days
l 6 t o 30 days
3 1 t o 60 days
6 l t o 90 days Over 90 days
1,666,391
243,771
504,969
294,330
35,466
99,481
109,404
27,222
77,394
32,568
12,501
20,695
185,940
27,929

Total
2,744,927

313,501
279,635

"Released, f o r p u b l i c a t i o n Sunday m o r n i n g , September 5, 1920;

not e a r l i e r .

FEDERAL RESERVE AGENTS* ACCOUNTS AT CLOSE OF BUSINESS SEPTEMBER 3 , I9LO.

g t

140^d

( I n thousands of d o l l a r s )
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 security for Federal
- Reserve n o t e s outstanding:
Gold and g o l d c e r t i f i c a t e s
Gold r e d e m p t i o n f u n d
Gold s e t t l e m e n t f u n d - F . R . B o a r d
E l i g i b l e paper Amount r e q u i r e d
E x c e s s amount h e l d
TOTAL

Boston
45,760
312,379

900
19,692
96,000
195,787
39,953

Mew York

Phi la*

Clevel,

Bicbm. A t l a n t a Chicago St«Louis Minn. K a n s , C y . D a l l a s San F r a n .

141,000 31,9^0 27,785 23,69s 69,710
971,102 280,625 3 4 9 , 4 5 0 140,566 1 4 7 , 9 4 6

604,796 147,870

7 8 , 8 7 3 110,536

6,525

5,630

209,607
- 32,025
15,463 18,429 17,423 1,451
50,000 96,389 100,000 39,500

10,077
153,144-

13,052
1,565
16,200

3,509
34,360

2,500

4,737
4i,oco

696,032165,807200,002 99,615 99,709
290,703

5,039

60,877

12.797

21,743

65,280 19,000
3,810
2,825
39,031

44.1,575 102,204 48,056 72,667
51,377 13,979

23,073 39,5H

Total

12,920

6,080
455,328
8 5 , 1 1 2 272,642 3 , 5 0 1 , 8 9 7

12,331
5,207 12,419

8,73k 70,839

274,225

112,797

745,197

58,840 189,384- 2,369,678

15,046

18,627

592,725

710,471 2,373,907 598,229 787,562 317,627 387,345 1,326,249 328,719 187,344 266,213 198,190 569,991 8,051,847

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
L e s s 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
e
E l i g i b l e paper
TOTAL




638,860 2,258,260 635,240 650,120 356,580 371,000 1,116,080 359,620 169,580 245,620 178,820 488,760

7,468,540

280,721 1,146,158 322,675 272,885 192.316 153.344- 446.004 192.750 #4,182 1 3 3 , 4 5 4

80.788 210.038 3.511.315

358,139 1,112,102 312,565 377,235 164,264 217,656

670,076 166,870 85,398 116,166

98,032 278,722 3,957,225

116,592

163,221 45,666 30,817 37,869

26,272 83,25^1,132,219
7 3 . 8 8 6 2Qg,011 2 . 9 6 2 . 4 0 3

235,740

275,070 114,818 149,448 40,951 4s,237

9 8 6 . 7 3 5 170,846 260.879 112,412 1 2 1 . 4 5 2

4 9 2 , 9 5 2 116,183

71.129 1 1 2 . 1 7 8

710,471 2,373,907 598,229 787,562 317,627 387,34-5 1,326,249 328,719 187,34^266,213 198,190 569,991 8,051,847