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1 l STATEMENT FOR THE PRESS St. 3679 F'eJerc..l Pesorva Board, September 6, 1923. Released for publication Friday morning, Sept. 7; not earlier. CONDITION OF FEDERAL RESERVE 31JI!KS Increases of $34,600,000 in the holdings of discounted bills and of $32,500,000 in Federal reserve note circulaticn, together with a reduct ion of $22,900,000 in cash reserves, are shown in the Federal Reserve Board 1 s weekly consolidated bank statement issued as at close of business en September 5, 1923. The reserve ratio declined from 77.5 to 76.4 per cent. Larger holdings of discounted bills are reported by seven of the reserve banks, increases of $29,500,000. $5,500,000.,and $4,600,000, respectively, :::leing shown for the Federal Reserve Banks of New York, Chicago, and Atlanta, and an aggregate in• crease of $6, 4oo, 000 for Boston, Richrnend, St. Louis, and San Francisco. Liquijation of $11,4oO,OOO in discounted bills is reported by the five remaining banks, $5,800 1 000 of this amount representing the reduction at Cltaveland. Holdings of paper secured by U. s. Government obligations increased by $22,900,000 during the week, the total of $399.100,000 held en September 5:. being composed of $263,700,000 secured by U. s. bonds, $121,000,000 by Treasury notes, and $14,400,000 by certificates of indebtedness. The usual demand for additiopal d-nrrency in connection with the observance of Labor Day is largel;r,:responsible for t'he increase of $32,500,000 in Federal reserve note circulation-. All Federal reserve banks, except Cleveland and St, Louis, report increases in their note circulation, the banks at Boston, Chicago, Dallas, and San Francisco, with increases of $5,400,000, $7,200,000, $3,900,000, and $6,500,000, respectively, accounting for the greater part of the total increase. Declines of $19,000,0CO in gold reserves, of $3,900,000 Jn reserves other than gold, and of $3,700,000 inr.on-reserve cash reported for the week are also due, in part at least, to increased dem.and for currency for holiday use. A summary of changes in the principal assets and liabilities of the reserve banks, as compared with a waek and a year ago, follows: Total reserves . Gold reserves . ... .. Total earning assets • , . • . • . . . .• , Discounted bills, total • , •. , . . . . Secured by U. ~. Government obligations Other bills discounted • • . . . Purchased bills . . • . United States securities, total .• , Bonds and notes , . . • . . , . . . • . U. S, Certificates of indebtedness • . . . • Total deposits • • . . • , . • . . Member 1 s reserve deposits . • • . Government deposits • , • • . . . Other deposits .. , ... Federal Reserve notes in circulation • , • F. R. Bank notes in circulation net liability . . . , . • . . . • • • , . . . . c. Increase or ~ecrease In millions of dollars since @&_29, 1923 Sept. 6 ,192~ 8.4 41.2 22.9 19.0 + + + 40.9 34.6 22.9 11.7 21.8 + + 445.0 + 268.7 + 176.3 + 1.1 13.8 + + + 5.2 5·0 .2 409.4 + + + 5.2 5.6 .6 111.2 298.2 + + + 45.6 47.0 .3 2.2 + 1 .2 + 32.5 1.1 ·15.4 52.3 l l Il l 1 l lJ j l Released for publication Friday morning, September 7, 1923; not earlier. RESOURCES AND LIABILITIES OF THE T'lji;ELVE li'EDERAL RESERVE 3.AN~CS COMBINED • (In tnousands of dollars) RESOURCES Gold and gold certificates • • • • • • • Gold settlement fund - F. R, Board • • • Total gold held by banks • • • • Gold with Federal Reserve Agents . Gold redemption fund , • , • • • . Total gold reserves • • • . , . Reserves other than gold • Sept. 5. 1921 344,746 645,876 990,622 Aug. 29,1921 Sept. 6,1922 285.316 530,125 815,441 2,206,468 38,914 3,060,823 125,864 50,688 3,102,010 76,324 361,066 649,455 1,010, 521 2,061,164 49,304 3,120,989 80,245 3,178,334 65,782 3,201,234 (a)69, 504 3,186,687 399,118 450,976 174,563 1,024,657 96,32G 2,452 20 376,194 439,324 173,485 939,003 91,328 2,202 20 130,447 274,636 188,365 593,448 207,514 300,678 21 1,123,449 54,269 1, 032,553 54,239 1,101,661 28 594,984 13,339 93 (a)546, 129 13,477 4,698 576,078 18,193 (a)4,967 ,229 4-930,953 109,718 218,369 109,751 218,369 106,085 215,398 38,534 1,843,065 20,776 37,960 1,648, 617 21,005 37' 730 1, 796,081 22,986 Total deposits F. R. notes in actual circulation F. R. Bank notes in circulation net liability . . . • . ..• Deferred availability items • • . All other liabilities • . 1,902,37 5 2,257,278 1, 907,582 2,224, 760 l, 856,797 2,211, 889 509 522,057 19,879 1, 565 485,041 (a)20, 161 52,793 465, 764 22,227 TOTAL LIABILITIES 5,030,185 (a)4, 96 7, 229 4,930',953 ... Total reserves • • Non-reserve cash • • . . Bills discounted! Sec. b,y u.s. Government obligations Other bills discounted • • . Bills bought in open market • . • . Total bills on hand • . . u. s. bonds and notes • • • . . • . • . U~ S. Certificates of indebtedness • Municipal warrants • • • • . Total earning assets • • Bank premises • • . . . . • 5% Redemption fund against F, R. Bank notes • Uncollected items . . • • All other resources • . • • . .. . ' .. 2 ,o6o, 100 TOTAL RESOURCES • • L I AB I L I T I E S Capital paid in • . Surplus , • • • . • • • ' Deposits: Government • . . Member bank - reserve account .. Other deposits . . • ... ..." . .. .. • • • ill Ratio of total reserves to deposit: and F. R. note liabilities combined ••• Contingent liability on bills purchased for foreign correspondents • • . • •• 76.4% 34,304 35,404 * Not shown separately prior to January 1923. (a) Revised figures c. * 43,636 Released for publication Friday morning, September 7, 1923; not earlier, St. 3679b RESOURCES AND LIABILITIES OF THE FED~FAL RESERVE BANKS AS AT CLOSE OF BUSINESS, SEPTEMBER 5, 1923. (In thousands of dollars) RESOURCES Boston New York Phil a. Cleve. Rich. Atlanta Chicago St .Lcuis Minn. Kans.Cy. Dallas San Fran. Total Federal Reserve Bank of Go:d and gold certificates Gold settlement fund - F.R.Board Total gold held by banks Gold with F. R. Agents Gold redemption fund Total gold reserves Reserves other than gold Total reserves Ncn·~reserve cash Bills discounted! Secured ty U.S.Govt. obligations Other bills discounted Bills bOlJght in open market Total bills on hand u. s. u. s. bonds and notes Certificates of indebtedness MUnicipal warrants Total earning assets Bank premises 5% Redemption fund against F. R. Bank notes Uncollected items All other resources 17,109 54a6<1 71,378 190,593 6,476 268,947 4,404 273,351 13,449 165,975 33,213 13,358 122 1 191 4o.4~1 1oo. '%9 288,172 73, 710 113' 947 635,872 169,176 207,556 9 1 6~-0 61171 4 2 65 7 933,684 249,057 326,16o 111 346 12.841 2.281 951,030 261,898 329,747 2,492 4,108 6,988 21,264 152,620 48,936 57,168 1011l..J3 41 1 211 30,948 251,059 3, 728 16,531 35 1,5CO 84,711 269,440 4,434 13,012 c. ~1~122 4,268 21,030 25,298 49,163 3,157 77' 618 10.181 87,805 5,254 39,147 27,635 28,756 10,983 37,145 22.195 23,253 19,406 42,772 41,789 37,003 37,380 }89 19,866 }9 a056 123 8.505 39z8~H 82,266 86,097 (2,251 61,277 114,045 59.964 1,341 257 9,152 3,668 17,367 9,953 14 305 1 324 20 99,647 96,355 73,592 61,555 123,521 63,632 723 9).440 2,617 2, 775 8, 715 1,097 1,964 21.~42 29,507 35,805 1,573 66,885 942 67,830 1,836 3, 350 50.214 53,624 4o,029 3, 783 97,436 2,6o4 l00,04o 4,202 12,651 21.237 344,746 jS,2S6 642.876 1~1801 28,458 59,533 990,622 18,324 202;231 2,060,700 1,893 3 ._§')2 50,638 48,675 265,456 3,102,010 2,240 111)80 z6.224 53,915 267,036 3,178,334 2,456 6,479 65,782 5,529 10,932 8,265 34,647 399,118 21,016 28,182 37,276 56,795 450,9 76 2.012 4}5 111661 114l26~ 26,545 41,126 45,976 103,103 1,024,657 12,836 10,173 1, 779 9,185 96,320 20 253 2,452 20 39,401 51,552 47' 755 112,288 1,123,449 1,681 4,970 1,950 '2, 855 54,269 28 53, 779 1311303 1,081 144 " TOT.AL RESOURCES 6,114 48,534 12.015 1}1.1~ 42,105 18,129 186,261 28,071 92,056 391,824 2 t 429' 2. 280 :2.6~1 73,813 112,614 581,665 },082 4.112 9.192 76,896 117' 329 591,457 1,611 10,473 6,434 10,973 50,876 ·65, 111 47,683 20,813 78,408 34,609 646 123 470 526 583 373 429 .~63 1,372,854 416,106 505,134 202~925 14,208 2,026 31,234 24,537 36,423 792 2,732 3,843 28 594,984 13,339 213,591809,118 192,520 126,982 198,790 133,373 428,924 5,030,185 st. 3b79c Releas6d for publication Friday morning, September 7, 1923; RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE JANKS AT CLOSE OF JUSTNESS SEPTE~IDER L I A3 I L I T I E S :Boston Federal Reserve Bank of Capit::-1 paid in Surplus Depos;_ts: Gov6::nment Memoer bank - reserve account Other deposits 7,867 16,312 3, 797 122,361 182 126,340 Total deposits F. R. notes in actual circulation 223,297 F. Rt Bank notes in circulation net liability Deferred availability items All other liabilities TOTAL LIAEILITIES New York Phil a. 29,342 59,800 5; 1923, (In thousands of dollars) Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Cleve. 9,830 12,234 5,768 18,749 23,495 11,288 4,424 15,164 8,942 30,398 4,994 9,665 3,522 7,473 4, 544 9,488 Dallas San Fran. 4,188 7,496 7,841 15,263 Total 109,718 213; 369 4,991 1,395 5,i64 1,727 1,002 10,472 3,36o ~46 1,432 1,359 2,939 33,534 674,965 120,292 161,632 59,369 52,338 267,141 67,377 43,602 81,132 47,196 144,160 1,343,0b5 ~1 363 1, 040 123 129_ l, 277 519 332 __5J£_ _g_Q9___j_, 3 39_--=.2Q_J_76 692,207 122,050 167,836 61,719 53,969 278,390 72,256 44,280 83,076 48,764 150,9E8 1,902,375 436,765 218,611 241,333 82,493.128,483 417,207 71,527 56,691 63,997 44,290 217,534 2,257,278 509 5C9 522,057 50,137 100,767 45,283 58,446 40,478 16,664 65,657 32,883 13,641 36,714 26,041 35,341 l,74o. 1,179 l,lC9 1.802 1,195 1.375 971 2,035 1,957 3.973 1,578 19,879 915 429,863 1, 372,854 416,106 '::05, 134 202,925 213,591 3()3,113 192,520 126,932 198,790 .133~373 428,924 5,030,135 Ratio of total reserves to deposit' and F. R. note liabilities combined, per cent _ Tf 77.1 Contingent liability on bills purchased for foreign correspond ants 80.6 53·3 ~vi 11,143 3,046 3,8~ 1,842 63.0 64.3 76.4 -y? 1,452 4,9~ 1,558 1,204 1,523 1,275 2,514 34,304 FEDERAL RESERVE NOTES OUTSTANDING .AND IN ACTUAL CIRCULATION F, R. notes cutstanding F. R. notes held by banks 239,330 11~33 F. R. notes in actual circulation 223,297 741,431 232,683 264,343 89,940 141,918 467,162 90,053 61,316 74,273 43,638 250,435 2,70t,577 21)4,716 14,072 22,960 7~ 13.432_ 49.955 18,531 4,625 10,276 4,343 32,901 444,299_ 436,765 218,611 241,383 82,493 128,483 417,207 71,527 56,691 63,997 44,290 217,534 2,25(,278 DISTRIBUTION OF BILLS, U. S. CERTIFICATES OF INDEBTEDNESS AND MUNICIPAL ~rARRANTS BY MATURITIES Within 15 days Bills discounted Bills bought in open market · U. S. Certificates of indebtedness Municipal warrants c. 572,012 bo, ll5 1,327 16 to 30 days 74,317 33,315 31 to 60 days 61 to 90 days From 91 days to b months 68.437 23,501 17,765 3,855 377 20 Over 6 months 221 243 Total Released for publication Friday morning, September 7, 1923; not earlier. FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF' BUSINESS, SEPTEMBER 5, 1923. (In thousands of dollars) Cleve, Rich. Atlanta Chicago St.Lcuis Boston New York Phila. Federal Reserve Agent at RESOUR·CES 313,260 46,840 83,950 Federal Reserve notes on hand 741,481 232,683 Federal Reserve notes outstanding 239,330 Collateral security for Federal reserve notes outstanding: 7,000 35,300 235,531 Gold and gold certificates 29,341 15,787 17,293 Gold redemption fund 138,000 3 71,000 146,389 Gold fund - F. R. Board Eligible paper 105,609 6},507 48,737 .Amount required 121,018 4,432 32,211 Excess amount held TOTAL Minn. Kans.Cy. Dallas San Fran, 861,854 11,080 30,613 28,514 69,200 61,316 74,273 48,638 250,435 2, 70t., 57 7 31,720 25,630 80,557 264,343 89,940 141,918 115,700 24,790 46 7' 162 90.058 2,400 8,805 5,656 13,751 3. 276 185,000 24,795 84,000 11,880 13 7 552 .. - . .. 10,180 3,283 1,253 2,669 381,644 34,000 21,000 37,360 61,869 49,862 7,745 11,346 Total ~· 6·'.456. . . 2,368 . 14,853 9) 500 18 7, 378 .. .... 34,244 30,314 6,870 15,537 4f$,204 320,924 119,710. 1,620,066 5~,005 640,877 3'40, 070 594,821 1,917,240 516,638 589,286 213,255 375,739 1,088,706 223,961 134,001 186,029 141,327 624,075 6,6o5,078 56,787 28,888 75,338 40,895 )8,682 19,055 25,511 289 L I AB I L I T I E S Net aJTiount of Feder.a1 Reserve notes received from Comptroller of the Currency 323,280 1,054,741 279,523 296,063 115.570 222,475 Collateral received from Federal Reserve Bank: Gold Eligible paper 190,593 80,948 TOTAL c. 582,862 114,848 72,396 104,886 77,152 319,635 3,56),431 - 635.872 169,176 207,556 28,071 92,056 226,627 67,939 851667 69,614 61,208 391,824 49,163 114,020 59,950 35,805 40,029 18,)24 202,231 2,060,700 25,SOO 41,114 45,851 102,209 980,947 ~~~----------------------------------------------~--~~----~ ~e4,821 1,917,240 516,638 589,286 213,255 375,739 1,oss,7o6 223,961 134,ool 186,029 141,327 624,075 6,6o 5 ,o 78 ... i
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