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STATEMENT FOR THE PRESS Released for p u b l i c a t i o n Monday morning, O c t , 11, 1920; not e a r l i e r , St,l482 F e d e r a l Reserve Board October 9, 1920. CONDITION OF MEMBER BAMS IN LEADING CITIES, L i q u i d a t i o n of 57•7 m i l l i o n s of Treasury c e r t i f i c a t e s , f u l l y o f f s e t however by i n c r e a s e s i n o t h e r l o a n s and i n v e s t m e n t s , i s i n d i c a t e d i n the F e d e r a l Reserve B o a r d ' s weekly s t a t e m e n t of c o n d i t i o n on October 1 of 820 member banks in l e a d i n g c i t i e s . Holdings by r e p o r t i n g banks of U n i t e d S t a t e s bonds and V i c t o r y n o t e s show b u t nominal changes a During the l a s t two weeks i n September the r e p o r t i n g banks are shown to have l i q u i d a t e d over 90 m i l l i o n s of c e r t i f i c a t e s , or 25 m i l l i o n s i n excess of the i n c r e a s e i n t h e i r h o l d i n g s shown f o r the week ending September 1 7 , during which the a l l o t m e n t of the two l a s t i s s u e s of t a x c e r t i f i c a t e s was made, For the member banks i n New York City the r e d u c t i o n in c e r t i f i c a t e h o l d i n g s during the more r e c e n t two weeks was about 60 m i l l i o n s , a s a g a i n s t an i n c r e a s e of 74.5 m i l l i o n s i n t h e i r h o l d i n g s r e p o r t e d f o r the week ending September 1 7 . Loans secured by Government war o b l i g a t i o n s dec l i n e d by about 1 , 3 m i l l i o n s , w h i l e l o a n s supported by c o r p o r a t e s e c u r i t i e s show an i n c r e a s e f o r the week of 44,1 m i l l i o n s , almost e n t i r e l y in New York C i t y . A l l o t h e r l o a n s and investments went up 20-2 m i l l i o n s , l a r g e l y o u t s i d e of New York C i t y , T o t a l l o a n s and i n v e s t m e n t s , i n consequence of the above changes, show an i n c r e a s e of 4 , 1 m i l l i o n s , the corresponding i n c r e a s e f o r the New York City banks being 3*5 m i l l i o n s . Accommodation of r e p o r t i n g banks a t the F e d e r a l Reserve Banks, as shown on the books of the l a t t e r , i n c r e a s e d by 1 4 , 5 m i l l i o n s from 2,159*9 to 2 , 1 6 5 . 4 m i l l i o n s , c o n s t i t u t i n g over 12.6 p e r c e n t of the banks' t o t a l l o a n s and i n v e s t m e n t s as a g a i n s t 1 2 . 5 per cent on the p r e c e d i n g F r i d a y , For the New York City banks an i n c r e a s e under t h i s head from 7^9 to 751*3 m i l l i o n s i s shown, l e a v i n g the r a t i o of accommodation a t the Federal Reserve Bank unchanged a t about 13 p e r c e n t , As a g a i n s t a r e d u c t i o n of 4o«4 m i l l i o n s i n Government d e p o s i t s , i n c r e a s e s of 69*6 m i l l i o n s i n o t h e r demand d e p o s i t s ( n e t ) and of 7 , 1 m i l l i o n s i n time d e p o s i t s a r e shown, the i n c r e a s e i n n e t demand d e p o s i t s corresponding approximately to the i n c r e a s e i n l o a n s and i n v e s t m e n t s , e x c l u s i v e of Government s e c u r i t i e s . For the New York City banks r e d u c t i o n s of 20,8 m i l l i o n s i n Government d e p o s i t s , 3*8 m i l l i o n s i n o t h e r demand d e p o s i t s ( n e t ) , and 4 . 5 m i l l i o n s i n time d e p o s i t s a r e mo t e d , Reserve ' b a l a n c e s of a l l r e p o r t i n g i n s t i t u t i o n s show a d e c l i n e f o r the week of 1 8 , 2 m i l l i o n s , while cash i n v a u l t shows a f u r t h e r r e d u c t i o n of "1*2 m i l l i o n s , In New York City corresponding r e d u c t i o n s of 32.9 m i l l i o n s in r e s e r v e b a l a n c e s and of 5*6 m i l l i o n s in cash on hand a r e n o t e d . Released f o r p u b l i c a t i o n Monday morning, October 11, 192O; n o t e a r l i e r . PRINCIPAL EES OUR CE MB LIABILITY ITEMS OF REPORTING- TOMBER BANKS IN LEADING CITIES Ntmber of r e p o r t i n g "banks O c t . 1, 1Q20 820 - - - - - - - - - - - - - S e p t . 24, 1920 818 St.lUg2a Apr. 2, 1920 811 Oct. V 1919 776 U. S. t e n d s t o secure c i r c u l a t i o n - - - - - - - - - - - - - - - - - - - - - - 269/457 269,06l 268,720 269,656 Other U - S. "bonds i n c l u d i n g L i b e r t y "bonds - - - - - - - - - - - - - - - - - - 603,147 603,949 591,724 615,624 U. S. V i c t o r y n o t e s - - - - - 190,624 191,327 198,515 304,608 - - - - - - - - - - - - - - - - - - - - - 325.704 383.420 540.829 1.008.046 - - - - - - - - - - - - - - - - - - - - - - - - - - 1,388,932 1,447,757 1,599,788 2,197,934 Loans and investments, i n c l u d i n g b i l l s rediscounted w i t h F . E. Bank: Loans secured by U. S - wax o b l i g a t i o n s - - - - - - - - - - - - - - - - - Loans secured by s t o c k s and bonds o t h e r than U. S. s e c u r i t i e s - - - - - - A l l o t h e r loans and investments - - - - - - - - - - - - - - - - - - - - - - 949,055 3,099,309 11,707.366 950,44c 3,055,216 11 T 687,184 1,167,017 3,158,943 11,091,64c (a) 1,318,944 3,122,614 (a) 8,751,950 Total loans and investments, i n c l u d i n g b i l l s rediscounted w i t h F.R.Bank - - - 17,144,662 17,140,597 17,017,388 15,816,663 1,343,551 1,361,800 1,436,756 1,363,437 351,157 358,383 360,002 353,950 11,230,074 11,160,537 11,598,526 11,019,486 2,793,861 2,786,811 2,536,610 2,002,595 Government d e p o s i t s - - - - - - - - - - - - - - - - - - - - - - - - - - - 275,037 315,364 120,939 6O4,4S5 B i l l s payable w i t h Federal Reserve Bank: Secured by U. S. war o b l i g a t i o n s - - - - - - - - - - - - - - - - - - All other - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 644,772 4,705 677,935 6,873 820, 458) 3,704) B i l l s r e d i s c o u n t e d with F e d e r a l Beserve Bank: Secured by U. S . war o b l i g a t i o n s - - - - - - - - - - - - - - - - - - All other - - - - - - - - - - - - - - - - - - - - - - - - - - - - 269,537 1,246,435 271,330 1,194,772 mjVt) - - - - 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 U. S. s e c u r i t i e s - - - - - - - - - - - - - - - - - - - - Reserve balance w i t h F- E . Bank - - - - - - - - - - - - - - - - - - - - - - Cash i n v a u l t - - - - - - - - - - Time d e p o s i t s - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - R a t i o of U.S.war s e c u r i t i e s and war loan paper to t o t a l loans and i n v e s t ments, i n c l u d i n g r e d i s c o u n t s with F.R.Bank, p e r cent - - - - - - - - • 12.1 12.4 1,168,574 ^5,221 ( a ) E x c l u s i v e of . rediscounts with 14 -7 F . R. Banks. , S o i i r S ^ t i ? n M o n d a y c o r n i n g , October 1 1 , 192O; n o t e a r l i e r . St.l482b KESOUECE AND LIABILITY ITEMS OF ALL REPORTING -MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AT CLOSE OF BUSINESS OCTOBER 1, 192O, F e d e r a l Reserve D i s t r i c t Number r e p o r t i n g banks U. S» bonds to secure _v c i r c u l a t i on Other U. S- bonds i n c l u d i n g L i b e r t y bonds V U. S. V i c t o r y n o t e s U. S. C e r t i f i c a t e s of indebtedness Total U. S. s e c u r i t i e s " Boston 48 New York Phi l a 113 59 Clevel. 92 Richm82 Atlanta 47 Chicago 108 St.Louis 35 Minn. Kans.Cy. D a l l a s 34 83 51 San Fran* 68 Total 820 12,507 46,753 11,347 42,279 28,708 14,335 21,552 16,923 7,371 15,471 19,573 32,638 269,457 18,076 5,808 249,885 81,379 28,624 9,113 60,018 19,515 33,901 7,402 28,658 4,281 53,064 38,273 13,110 2,664 9,632 1,032 23,503 4,828 21,375 3,065 63,301 13,264 603,147 190,624 19,336 55,727 156.961 534,978 17,729 66,813 18,206 140,018 7,345 77,356 8,46i 55,735 54,665 167,554 3,935 36,632 1.789 19,824 8,077 51,879 4.6i6 48,629 24.584 133,787 325,704 1,388,932 Loans and investments i n c l u d i n g b i l l s rediscounted w i t h F , R. Bank: • Loans s e c . b y U.S.war o b i i g . 43,319 465,081 79,695 73,652 > Loans s e c . b y stocks & bonds 195,660 1 , 3 2 7 , 0 0 9 211,835 326,005 * A 1 l o t h e r loans&investinents 820,785 4,156.820 594,470 973.195 T o t a l loans & investments including rediscounts w i t h F . R. Bank 1,120,491 6,483,888 9 5 2 , 8 1 3 1,512,870 3 1 , 8 2 7 33,472 97,099 32,204 1 6 , 2 7 5 2 7 , 9 1 2 1 0 , 9 8 1 108,359 6 1 , 0 6 0 445,427 1 2 6 , 5 8 0 3 0 , 5 5 3 7 9 ; i 4 4 41,245 408.009 434.013 1.837.116 411.489 286.608 522.791 264.283 32,538 949,055 146,432 3 099 309 997.787 l l ' 7 0 7 * 3 6 6 — — — 6 2 5 , 5 5 1 584,280 2 , 5 4 7 , 1 9 6 6 0 6 , 9 0 5 353,260 6 8 1 , 7 2 6 3 6 5 , 1 3 8 1 , 3 1 0 , 5 4 4 17,144,662 Reserve balance xvith F.R.Bank 83,072 624,985 67,509 106,554 35,507 31,917 187,342 38,791 18,476 45,626 23,762 79,910 1,343,551 Cash i n v a u l t 25,113 108,145 17,382 34,287 15,816 13,669 65,686 9,389 8,668 14,170 11,810 ' 27,022 351,157 Net demand d e p o s i t s 8 2 5 , 8 7 7 5,028,351 6 9 0 , 4 3 2 955,790 339,514 2 6 0 , 8 6 6 1,373,377 307,969 1 8 5 , 8 3 6 4o4,g4g 2 2 7 , 3 0 6 629,907 11,230,074 fime d e p o s i t s 158,218 464,666 38,767 378,793 108,359 1 5 0 , 9 6 1 Government d e p o s i t s 15,182 173,076 17,855 20,748 3,178 1,680 17,135 i B i l l s payable w i t h F.R.Bank: Sec.by U.S.war o b l i g a t i o n s All other 24,6l6 - 303,64? - 45,333 15,105 36 33,440 - 33,475 - B i l l s r e d i s c o n n t e d w i t h F.R.Bank: Sec.by U . s . w a r o b l i g a t i o n s 17,155 All other 68,314 143,001 367,996 4i,o48 32,553 11,729 35,525 3,94l 45,950 11,463 74,471 632,789 126,308 64,824 97,393 59,601 513,182 2,793,861 6,049 2,430 4,572 1,571 11,561 275,037 87,667 4,100 20,069 - 5,207 450 26,74s 34 18,767 - 30 698 85 644 772 4^705 17,680 293,371 8,979 78,002 1,820 60,101 7,234 76,188 2,524 29,463 2963 84]501 269 537 1,246,435 Be leased f o r p u b l i c a t i o n Monday morning October 11, 1920; not e a r l i e r . St -lUg2c . PRINCIPAL RESOURCE A""D LIABILITY ITEMS OF REPORTING- MEMBER BANKS IN F. R. BAM. AND BRANCH CITIES AND ALL OTHER REPORTING^BANKS. (Amounts i n thousands of d o l l a r s ) A l l JF. R. F . B. All other New York C i t y City of Chicago Bank c i t i e s Branch c i t i e s r e p o r t i n g banks Oct. 1 S e p t . 24 Oct. 1 S e p t . 24 Oct. 1 S e p t . 24 Oct. 1 S e n t . 24 Oct. 1 S e n t . 24 Number of r e p o r t i n g banks 71 71 51 4$ 284 232 208 ' 208 328 328 U. S. bonds to secure c i r c u l a t i o n 37,056 36,795 l,44o . 1,438 97,001 96,732 72,256 72,177 100,200 100,152 Other U.S. bonds, i n c l u d i n g L i b e r t y bonds2l6,64o 217,471 17,965 16,880 336,322 336,8-58 146,982 147,328 119,843 119,763 U. S. V i c t o r y n o t e s ' 71,860 71,738 10,8l4 10,962 101,533 101,925 52,283 52,502 36,808 36,900 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 142.802 185.705 16.576 17.110 207.565 255,437 72.512 77.654 45.627 50.129 Total u . s . s e c u r i t i e s 468,358 )ll,709 46,795 46,4io 742,-421 790,952 344,033 349 661 302,47s 307,144 Loans and investments i n c l u d i n g b i l l s r e d i s c o u n t e d w i t h F . R. Bank: Loans secured by U.S.war o b l i g a t i o n s 435,712 434,912 64,629 65,867 708,525 710,902 l4l,765 l4l,455 98,765 98,083 486,994 487,710 408,558 409,917 Loans secured by s t o c k s and bonds 1,175,049 1,131,898 330,149 330,914 2,203,757 2,157,589 All o t h e r loans and investments 3.673.708 3.670.828 1.101.111 1.093.749 7 . 5 2 2 . 6 l 4 7 . 5 1 1 . 7 4 1 2.107.194 2. 290.740 1.877.558 1.882.701 T ot al l o a n s and investments i n c l u d ing r e d i s c o u n t s with F.R.Barik 5,752,827 5,749,347 1,544,704 1,536,940 11,177,317 1 1 , 1 7 3 , 1 8 4 3 , 2 7 9 , 9 8 6 3 , 2 6 9 , 5 6 6 2,687,359 2,697,847 Reserve balance w i t h F.R, Bank Cash i n v a u l t Net demand d e p o s i t s Time d e p o s i t s Government d e p o s i t s B i l l s payable w i t h F- R. Bank: Secured by U.S. war o b l i g a t i o n s All other B i l l s r e d i s c o u n t e d w i t h F.R. Bank: Secured by U.S. war o b l i g a t i o n s All 0 ther 581,542 6I4,380 132,718 134,809 978,121 l, 0l4,889 209,171 200,023 156,259 146,888 96,206 101,785 37,S90 37,715 199,338 204,801 71,043 71,239 80,726 82,343 4 , 5 2 4 , 5 2 9 4,528,310 944,993 930,933 7,847,118 7,813,064 1 , 7 6 8 , 1 6 0 1 , 7 5 1 , 6 1 7 329,183 333,681 289,990 285,883 1,289,575 1,283,164 168,684 189,452 8,156 9,330 232,136 274,352 287,530 22,461 4,100 26.579 ^,965 138,849 338,107 139,135 322,362 10,425 212,82% 15-8 7.1 R a t i o of U. S . war s e c u r i t i e s and war loan paper t o t o t a l loans and investments, i n c l u d i n g r e d i s c o u n t s w i t h F.R.Bk,per cent 15*1 1,614,796 1,595,356 901,783. 906,185 602,503 597,462 261,293 27,631 36,381 15,270 17,690 415,986 4,109 442,212 5,465 138,914 110 145,748 165 89,872 486 89,975 1,243 10,260 215,191 222,983 897,502 225,521 864,220 32,549 187,634 33,092 175,167 i4,005 161,299 12,717 155,385 7.2 12.1 12.6 12.6 12.8 11.2 11.3
@FedFRASER