The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Released, f o r p u b l i c a t i o n Friday morning, Sept, 9; r.ot e a r l i e r . STATEMENT FOB THE PRESS St.2258 Federal Reserve Loard September 8, 1921- CONDITION OF FEDERAL RESERVE BANKS Aggregate i n c r e a s e s of $36,100,000 i n Federal r e s e r v e note c i r c u l a t i o n l a r g e l y to m e e t the demand f o r a d d i t i o n a l currency during the r e c e n t holiday p e r i o d , accompanied by commensurate i n c r e a s e s i n b i l l and c e r t i f i c a t e hol di ngs, are i n d i c a t e d i n the Federal Reserve Board's c o n s o l i d a t e d weekly bank statement i s s u e d as a t c l o s e of b u s i n e s s on September 7> 1921. There i s a l s o r e p o r t e d an i n c r e a s e of $27)300,000 i n t o t a l d e p o s i t s while cash r e s e r v e s show a f u r t h e r g a i n of $15> ^ ' 0 , 0 0 0 , n e a r l y a l l i n gold. The banks' r e s e r v e r a t i o , i n consequence of the above changes, shows a d e c l i n e f o r the week from 6b.8 to 66-2 p e r c e n t . Federal r e s e r v e bank holdings of b i l l s secured by U. S• Government o b l i g a t i o n s show a r e d u c t i o n f o r the week of $5,900,000, other discounted b i l l s i n c r e a s e d by $22,500,000, while holdings of acceptances purchased i n open market went up $9,600,000. Pittman c e r t i f i c a t e s used a s cover f o r F e d e r a l r e s e r v e bank note c i r c u l a t i o n showed a f u r t h e r decrease of $3,000,000, while o t h e r c e r t i f i c a t e s on hand, f o l l o w i n g the purchase i n open market by the New York Reserve Bank of $15,500,COO of l o a n and tax c e r t i f i c a t e s of various m a t u r i t i e s , show an i n c r e a s e f o r the week of $14,700,000. A s l i g h t decrease i s shown i n the holdings of U. S. bonds and Victory n o t e s . Total earning a s s e t s , i n consequence of the changes noted, were $37,700,000 l a r g e r than the week b e f o r e , a g g r e g a t i n g $1,795*200,000, or 46-4 p e r cent below the t o t a l r e p o r t e d on the corresponding d a t e l a s t y e a r . Of the t o t a l holdings of $539,300,000 of paper secured by United S t a t e s Government o b l i g a t i o n s , $355)900,000, or 66-0 p e r c e n t , were secured by L i b e r t y and other U. S. bonds, $154,500,000, or 28.6 per cent - by Victory n o t e s , $2,800,000, or .5 per cent - by Treasury n o t e s , and $26,100,000, or 4-9 p e r c e n t - by Treasury c e r t i f i c a t e s , compared with $374,800,0^0, $l40,400,000, $3,200,000 and $26,800,000 r e p o r t e d the week b e f o r e . Discounted paper h e l d by the Boston, New York and Cleveland banks includes $69,600,000 of b i l l s discounted f o r the Richmond, A t l a n t a , Minneapolis and Dallas r e s e r v e banks, compared w i t h $68,300,000 r e p o r t e d on the previous Wednesday - Richmond shows an i n c r e a s e form $20,000,000 to $24,900,000 i n b i l l s r e d i s c o u n t s ! with the New York r e s e r v e bank, and A t l a n t a r e p o r t s an i n c r e a s e from $8,900,000 to $9,700,000 i n b i l l s r e d i s c o u n t s ! with the Boston and Cleveland banks. On the other hand, b i l l s ^ d i s c o u n t e d by Minneapolis with the New York reserve bank show a r e duction from $14,800,000 to $11,000,000, while r e d i s c o u n t s of the Dallas bank with the Boston and Cleveland r e s e r v e banks decreased from $24,^00,000 to $24,100,000. Government d e p o s i t s were $13,900,000 l a r g e r than the week b e f o r e , r e s e r v e dep o s i t s show an i n c r e a s e of $13,200,000, while other d e p o s i t s , composed l a r g e l y of non-members' c l e a r i n g accounts and c a s h i e r ' s checks', show a nominal i n c r e a s e . I n c r e a s e s i n Federal r e s e r v e note c i r c u l a t i o n a r e r e p o r t e d by a l l the r e s e r v e banks, though,these i n c r e a s e s were by no means uniform throughout the country. Of the t o t a l i n c r e a s e of $36,100,000 f o r the week, about 83 per cent r e p r e s e n t s the combined share of the New York, Chicago, San Francisco and Boston banks. Aggregate l i a b i l i t i e s of the r e s e r v e banks on Federal r e s e r v e bank notes i n c i r c u l a t i o n show a f u r t h e r decrease f o r the week of $2,100,000 and on September J stood a t $107,800,000, a decrease of $101,300,000 f o r the p a s t twelve months, compared with a decrease of $68,500,000 i n Pittman c e r t i f i c a t e s f o r the same p e r i o d . ' 9 '? f f ^ Released f o r p u b l i c a t i o n F r i d a y morning, s e p t . 9. 1921; not e a r l i e r . St,2258a. RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED. ( I n thousands of d o l l a r s ) E5E2B2™::: ; W W* i f : : : : ^ | $ 418 Total r e s e r v e s B i l l s disco-anted: 2,803,25k ; jgf j f All o t h e r C e r t l t 1 C a t 3 S " (Plttnan Act) : : ' ' ' S S R - R ^ 1 90,875 153,875 1 7 , 0 $ 2 J 5 0 1,795,179 ^ 27 : ^ '-US ™ a l earning a s s e t s N 2,1)1,247 ? : N % 2,787,920 -7O° " 3 : S 259,375 73.051 1,757,488 3,351,483 « • * » « . » * s £ ~ £ L ; : : : a . jg TOTAL RESOURCES 5,145,122 5,055,823 6,353,233 103,073 103,050 97,191 ^9'035 " cA 7 m 'kg'Oil *+o,udx ' ' ' ' 1.632,'135 - 25,2)2 1,718,06s i.Sisisoi 25.044 1,690,754 L I A B I L I T I E S s S " 5 p a l d ; ; ; Bes3rvedfor Gov't, franchise'tax* ! Deposits: Government 6 AU "^?* " reserve account • •. Total deposits i t ! hr • • • • iOiAL LIABILITIES . . 1 5 4 , 7 4 5 1,sis,'9S W , m 1,898,692 3 i:I!!:JSi Jii 5,lUS,122 5,055,823 ,a»,i« 6,353,233 Ratio of t o t a l r e s e r v e s t o d e p o s i t and F.R. note l i a b i l i t i e s ooribined . . . . 66.2# 66.8# *42.8# Ratio of gold r e s e r v e s t o F.R. n o t e s in circulation a f t e r s e t t i n g aside 35c a g a i n s t d e p o s i t l i a b i l i t i e s . . . 87.555 gg,^ ,45.^ • C a l c u l a t e d on b a s i s of net d e p o s i t s and F.R. n o t e s i n c i r c u l a t i o n . .Released f o r p u b l i c a t i o n F r i d a y morning, S e p t . 9, 1921; n o t e a r l i e r . RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPT. 7, 1921. ( i n thousands of d o l l a r s ) R E S 0 UR CE S F e d e r a l Reserve Bank of Boston Mew York P h i l a . C l e v e l . Richrn, A t l a n t a Chicago S t . L o u i s l.iinn. Kans.Cy. D a l l a s Gold and g o l d c e r t i f i c a t e s 2,0/4 341,497 2,152 6,663 - 2 , 7 4 I 4,955 21,947 3,043 8,756 2,205 7,915 Gold s e t t l e m e n t f u n d - F.R.Board 44,432 46,052 51,952 57.923 18.SQ5 5,643 106.308 16,610 9,270 43,764 5,443 T o t a l g o l d h e l d by banks 52,506 387,549 54,104 64,556 21,636 1 0 , 5 9 s 128,255 19,653 18,026 45,969 13,358 Gold w i t h F< R. Agents 501,848 150,960 184,444 32,650 46,783 314 536 57,123 .18,664 36,599 165,271 9,229 Gold redemption f u n d -2M12 15,000 8,542 5,359 8.47^ 5 . 6 2 ! l 6 675 3,438 2,365 3,768 2,965 T o t a l gold r e s e r v e s 246,189 904,397 213,606 254,389 62,761 63,002 459,466 80,214 39,055 85,533 26,355 Legal t e n d e r n o t e s , s i l v e r , e t c . l6j08 58,090 6,574 6,922 4.173 7.759 18,546 13,322 584 4,059 6,454 Total reserves. 262,497 962,457 2 2 0 , 1 8 0 261,311 66,9>4 70,761 478,012 93,536 39,639 89,592 32,809 B i l l s disco-unted: (a) A* Secured by U.S. Govt, o b l i g a t i o n s 31,771 151,038 76,937 46,457 124,706 3 5 , 2 4 s 67,653 28,722 8,996 18,386 9,114 All o t h e r 65,853 219,389 26,246 87,913 72,196 64,838 145,581 45,106 62,380 45,649 45,353 B i l l s bought i n open market 3,246 25,910 2,288 2,250 2,271 1,446 • 2.656 374 918 42 T o t a l b i l l s on hand 100,870 396,337 105,471 136,620 99,173 101,532 215,890 74,202 71,376 64,953 54,569 U« S. bonds and n o t e s 556 1,005 1,449 844 1,233 10,359 4,490 1,153 124 8,868 3,529 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 : One-year c e r t i f i c a t e s ( P i t t n a n Act) 17,436 50,776 23,280 19,799 5,260 8,564 31,612 11,068 4,980 7,320 1,900 All other 515 15,550 117 1 822 3 176 II Total earning assets 119,177 463,668 130,317 157,266 105,666 120,456 252,814 86,599 76,569 8 l , i 4 l 59,998 Bank p r e m i s e s 4,059 '5,531 533 2,733 2,352 554 4,478 627 659 3,219 2,017 % Redemption f u n d a g a i n s t F . R. Bank n o t e s 772 1,684 700 1,239 263 467 1,799 523 178 916 .186 U n c o l l e c t e d items 42,492 99,183 42,611 43,204 37,764 17,964 67,601 30,003 15,304 42,703 23,683 All o t h e r resources !i29 3,07 6 442 1,004 591 910 1,959 826 553 469 2,033 TOTAL RESOURCES 429,427 1,535,629 394,783 466,757 213,570 211,412 806,663 212,114 132,902 218,040 120,726 (a) I n c l u d e s b i l l s d i s c o u n t e d f o r o t h e r F. R. Banks, v i z : 24,103 35,875 - 9,625 St.2258b. San F r a n . Total 20,637 430,585 32,298 438,590 869,175 52,935 159,088 1 ,677,195 110,008 9.388 221,411 2 ,656,372 4,085 146,876 225,496 2,803,254 40,205 88,690 3,519,, 539,291/' 969,1m 44,920 132,414 1 ,553,407 203 33,813 8,880 11 190,875 17,084 l 4 i , 5 0 8 1,795,179 638 27,700 494 32,155 5.808 9,221 494,667 18,101 406,099.5,148,122 69,603 R e l e a s e u. i o r . p u o i i c a t i o n F r i d a y morning, S e p t . 9 , 1921; not e a r l i e r . RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS A T CLOSE OF B U S I N E S S SEPT. 7, 1921. St.2258c. ( I n thousands of d o l l a r s ) L I A B I L I T I E S New York P n i l a , C l e v e l . Ricnm. A t l a n t a Chicago S t . L o u i s Minn. K^ns-Cy. D a l l a s Sa» F r a n . Boston F e d e r a l Reserve Bank Total 8,683 11,131 4 , 1 3 2 14,324 27,069 Capital paid in 5,389 4,567 4,317 4,537 7,436 7,935 3,553 103,073 8,708 30,536 16,342 Surplus 59,318 17,564 22,263 11,026 9,114 7,303 213,824 7,113 15,207 9,330 19,280 3,210 2 , 2 6 4 R e s e r v e d f o r Govt, f r a n c h i s e t a x 2,239 9,06l 1,198 1,780 1,722 2,536 2,504 3,305 49,099 Deposits: 16,467 6,445 4,o6o 1,119 • 1 , 9 6 3 10,179 2,373 Government 3,148 2,503 60,701 1,738 1,749 2,957 Member "bank - r e s e r v e account 105,679 643,657 96,348 135,607 49,963 42,511 233,878 60,951 41,239 70,496 39,094 112,712 1 ,632,135 1.034 524 J_2^84l IJOIJ 7J1_ 424 479 2,195 766 541 A l l Other 516 4.162 25232 115,216 672,965 103>810 i 4 o , 4 o o 51.506 44,953 246,252 64,090 44,928 73,977 41,348 118,623 1 ,718,068 Total deposits F . R . n>t3 3 i n a c t u a l c i r c u l a t i o n 244,906 647,337 213,818 235,728 107,740 128,962 438,117 98,936 5 7 , l 4 o 75,063 39,409 230,407 2 ,517,563 F . R . Bank no tes i n c i r c u l a t i o n net liability 7,116 27,541 7,287 12,485 4,660 4,086 7,091 12,420 3,531 . 1 2 , 8 6 8 3,137 5,537 107,759 Deferred a v a i l a b i l i t y items 34,L4I 77,661 39,456 4 1 , 1 5 2 29,840 13,334 52,600 27,575 13,454 39,377 2 4 , 0 0 8 25,955 418,553 A l l c.rXar i i a b i l i t i e s 1,235 4,458 95" 1,534, 1,170 1,213 1,166 1.881 1 , 3 9 4 1,097 20,181 927 3,151TOTAL LIABILITIES 429,427 1,535,629 394,783 466,757 213,570 211,4-12 806,663 2 1 2 , n 4 132,902 a s , o 4 o 120,726 406,099 5 , 1 4 8 , 1 2 2 R a t i o of t c t o l r e s e r v e s to d e p o s i t and F.R. 66.2 n o t e l i a b i l i t i e s combined, p e r cent 72.9 72.9 69.3 69.5 42.0 40.7 69.8 57.4 38.8 60.1 40.6 64.6 Contingent l i a b i l i t y a s e n d o r s e r on d i s c o u n t e d paper r e d i s c o u n t e d w i t h o t h e r F . R. Banks 24,861 Contingent l i a b i l i t y on b i l l s purchased f o r foreign correspondents 2,490 F . R. notes outstanding F . R . n o t e s h e l d by banks 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 B i l l s discounted B i l l s bcught i n open market 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 9,669 11,014 24,059 258,748 12,713 2,729 2,797 1,672 1,228 4,060 1,603 921 1,638 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION 779,350 238,62s 256,041 114,835 133,764 480,970 1 21,348 59,113 82,515 _1L_S42 132,013 887 69,603 1,569 34,307 42,771 284,231 2,852,311 3,562 53,824 334.748 244,906 647,337 213,818 235,728 107,740 328,962 438,117 98,936 5 7 , l 4 o 75,063 39,409 230,407 2,517,563 DISTRIBUTION OF BILLS AND U. S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES Total Within 15 days Over 90 days l 6 to 30 days 31 t o 60 days 61 to 90 days 1,508,487 28,044 172, 739 275,915 6,2*3 7,804 44,920 20,430 23,689 16,063 131,978 15,799 207,959 is 24,810 20.313 7.095 4.802 42,853 22.412 1.970 7,452 Released f o r p u b l i c a v i o n Friday morning, S e p t . 9, 1921; not e a r l i e r . FEDERAL RESERVE AGENTS' ACC0U1TTS AT CLOSE OF BUSINESS SEPT. 7, 1921. St.22583.. ( i n thousands of d o l l a r s ) F e d e r a l Reserve Agent a t Boston Hew York Phi l a . Clevel. Richnu A t l a n t a Chicago S t . L o u i s 1.2. rm. Kans.Cy. D a l l a s San Fran. Total RESOURCES F e d e r a l Reserve n o t e s on hand 96,910 F e d e r a l Reserve n o t e s o u t s t a n d i n g 258,748 C o l l a t e r a l security f o r Federal Reserve n o t e s o u t s t a n d i n g : Gold and gold c e r t i f i c a t e s 5,600 Gold redemption f u n d 19,671 Gold s e t t l e m e n t fxmd-F.R.Board 140,000 E l i g i b l e paper Amount r e q u i r e d 93,^77 Excess Amount h e l d 7,393 TOTAL 3 1 1 , 5 0 0 . 2 0 , 6 2 0 43,000 21,64-9 75,638 779,35° 238,628 256,04l 114,835 133,764 167,900 2 g , l 6 0 480,970 121,348 10,585 59,110 3,840 82,515 24,932 28,260 836,29442,771 284,231 2 , 8 ) 2 , 3 1 1 346,924 23,775 18,924 12,571 15,669 136,000 138,389 145,000 1,650 31,000 3,400 4,683 38,700 14,892 299,644 6,110 4,082 46,931 13,052 1,412 4,200 3,239 33,360 3,877 402,738 2 , 1 1 8 14,931 113,842 3 , 2 ) 4 144,157 1,160,615 277,502 92,446 82,185 14,077 80,981 l4,54l 166,434 48,762 64,225 9,953 40,446 30,020 45,916 19,002 33,542 125,143 1,175,116 20,878 6,809 332,071 87,668 3,381 71,597 64.809 621,799 1,962,646 501,257 619,891 265,396 360,707 1,178,602 280,809 159,125 187,872 131,352 603,531 6,872,987 L I A B I L I T I E S Net amount of F e d e r a l Reserve n o t e s r e c e i v e d f r o m Compt r o l l e r of t h e Currency 355,658 1.050,350 259,248 299,04l 136,484 212,402 648,870 149,508 69,995 £0,355 C o l l a t e r a l received from F e d e r a l Reserve Bank: Gold E l i g i b l e paper 165,271 100,870 314,536 215,196 18,664 70.466 36,599 5,229 159,088 1,677,195 64,918 -->4,420 131,952 1,507,187 TOTAL 501,848 150,960 184,444 369,948 91,049 136.4o6 32,650 46,783 96,262 101,522 57,123 74,178 67,703 312,491 3,688,605 621,799 1,962,646 501,257 619,891 265,396 360,707 1,178,602 280,809 159,125 187,872 131,352 603,531 6,872,987
@FedFRASER