CONDITION OF IEDER.IL RESERVE BANKS.

Transcription

1 STATEMENT FOR THE PRESS Released for publication Sunday morning, October 1% 1920; not earlier, CONDITION OF IEDER.IL RESERVE BANKS. st.i4.gg Federal Reserve Board October 16, Reduction by 8 millions in total bill holdings as against an increase of 27,7 millions in Treasury certificates on hand is indicated in the Federal Reserve Board's weekly bank statement issued as at close of business on Oct. 15# 1920* Government operations during the week were unusually heavy, including the payment on October 15 of half-yearly interest on the 4th Liberty bonds f tne redemption on the same date of the outstanding balance of loan certificates issued six months previous, the issuance of a new series of over 100 millions of tax certificates, and the withdrawal from depositary institutions of over 40 per cent of the balance due to the Government on account of the two tax certificate ;series issued the month before. These operations were in addition to the redemption by the fiscal agents of the foreign governments concerned of over 200 millions of Anglo-French bonds due on October 15. Holdings of paper secured by Government war obligations, including Treasury certificates, decreased by 24*3 millions, while those of other discounted bills show an increase for the week of. 2.5 millions, and those of acceptances - an increase of 13.S millions, An increase of 27«7 millions in Treasury certificate holdings reflects largely the amount of special certificates held by six Reserve Banks to cover advances to the Government pending collection of funds from depositary institutions * In consequence of the above changes, total earning assets of the Reserve Banks show a further increase by 19.7 millions to a total of 3,422 millions. Of the total of 1,192*8 millions of paper secured by Government war obligations, 629*5 millions, or 52,8 per cent, were secured by Liberty bonds, 323,6 millions, or 27,1 per cent, by Victory notes, and 239*7 millions, or 20,1 per cent, by Treasury certificates, as against 54,8, 25.1 and 20.1 per cent of a corresponding total of 1,217-1 millions shown the week before, Discounted bills held by the Boston, Philadelphia and Cleveland Reserve Banks include 215*1 millions of paper discounted for seven other Reserve Banks in the South and Middle West, compared with millions reported the week before, while acceptance holdings of the Boston, Philadelphia, Cleveland and San Francisco Banks are inclusive of 34,9 millions of bank acceptances bought from/new York and Chicago Banks. As against a reduction of 29*4 millions in Government deposits, reserve deposits show an increase of 42.1 millions, and other deposits, including foreign Government credits and non-members 1 clearing accounts, - an increase of 6*1 millions, while the "float" carried by the Reserve Banks and treated as a deduction from gross deposits, by reason of the heavy volume of checks handled in connection with Government and other credit operations, is shown 34,8 millions larger than on the preceding Friday* Calculated net deposits, as a consequence, were about 16 millions below the total shown the week before# Federal Reserve note circulation shows a further expansion during the week of 31 1 millions, all the Reserve Banks, except those of Boston, Cleveland and Minneapolis, reporting increased circulation figures. A nominal increase of less than half a million is shown in Federal Reserve Bank note circulation. In consequence of additional consignments of gold by the Bank of England to the Federal Reserve Banks the amount of gold with foreign agencies shows a further decline of 3+4 millions. gold reserves declined 4*2 millions, while the loss in aggregate reserves was 3*4 millions. The Banks 1 reserve ratio shows a decline for the week from 42.9 to 42*7 per cent.

2 Released for publication Sunday morning, October 17, 192O; not earlier. RESOURCES RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED. * ^ llic) E E H S i H I " - ' I S F " U S E T taigom r L x 5 e s r ^ r ^ r s r v e ^ n t s >.*.,*.«, d t e reserves 'p iru'f^nnn l61,944,000 70,742,000 Bills discounted (Secured by Government war obligations 1,192,510,000 ' ' ' ' 158» 26s > '%9,125,000 «, = = y s s s 5 S E, 3 S i U. S. Government bonds 0 3, 1 0 1, 3 ^ 1, ,464,665,000 U. S. Victory notes An n 26,856,000 27,097,000 U. S. Certificates of indebtedness -7 m c / *? ' 6 9, ,000 earning assets? ' / ' 273,951, l4.000 Bank premises ir^'nn 3,402,237,000 2,761,263,000 gr SS dep0sits All other resources c 11,666,000 12,331,000 TOTAL RESOURCES /, b,951,000 4, ^0. OOP L I A B I L I T I E S 6,610*250,000 6,389,361,000 6,161,812,000 Capital paid-in, S i, aepo SUs \ c 1 II:^:SS Other deposits, including foreign government credits gross deposits 3^'74o'oOO ^),^u,uuu 07'chjM^ 27,648, , ^0 OOn F. R. notes in actual circulation f'^'s 8, ,506,899,000 2,958,326,000 F. R. Banknotes in circulation - net liability ^'^^3,271,000 3,322,12V 000 2,752, 569,000 All other liabilities 2L3,p33, ,154, ,675,000 TOTAL LIABILITIES 58,489, ,OOP Ratio of total reserves to net deposit and F. E, note ' 10,2 5 0 ' 000 6,389,361,000 6,l6l,812,000 liabilities combined ho 4, Ratio of gold reserves to F-R. notes in circulation after ^ 42-9% 48-3$ setting aside 35% against net deposit liabilities 46.6$

3 Released for publication Sunday morning, October 17, 1Q20- not earlier. RESOURCES MD LIABILITIES 0? THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCTOBER St lugsb IQglflllliiigfirWgr- Federal Reserve Bank of Gold and gold certificates -Gold settlement fund - F.R.Board 192,499 Pold with foreign agencies mil! it itsiii 381,753, gold held by "banks 68, Gold with F, R. Agents 130,915 53, ,273 Gold redemption fund J U? i 98,580 1, 169,038 Tt»tal gold reserves 221,000 12, ,790. Legal tender notes, silver, etc. 7,072-12!L ! 0^6 992,101 reserves 228,072 S22 l^ls 8J12 2, l.qio? hjn ' Bills discounted: (a) ^ ^ 50,gl 7); g? e I l65 ]; 2, 154,911 Secured by Govt.war obligations 79,580 All other 75,70s 35,736 19,756 53,388 1, 192,810 JBills bought in open market (b) 4q lj.q4 bills on hand i & i l ZTi7l f l i.:g: IIS'fi * S. Government bonds 2 0 U. S. Victory notes 4 'S 1, 0 t l ll \%\ 12 70,991 53, ,168 1, 581, , q , ii! 51 S 5 75, ,305 3, 093,390 i;u9o l ^ 1 ; # 3,966 2,633 26,856 JtJ. S. Certificates of indebtedness 69 earning assets U Bank premises 87, ; 102 3,421;976" Uncollected items and other deductions frcm gross deposits 1, ,766 5$> Redemption fund against F.R. 81, ,462 89, ,216 70,187 31, ,330 57,901 28,589 72,948 71,007 52, ,488 Bank notes All other resources 1> 2,549 1,300 1, %k 506 1, * , TOTAL RESOURCES 309-1* ,951, , , , , SK6 258, ,60i"2 7 6, , , ,282 1*56,292 6, Includes bills rediscounted for ether F. R. Banks, viz: (b) Includes bankers' acceptances bought from other F-R-Banks; Without their endorsement 43,694 15,000 32, ,032 12,525 6, , ,110 1,345 34,900

4 Released, for publication Sunday morning, October 17, 1920; not earlier. St.lUggc. RESOURCES MS "LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSIHESS OCTOBER lj] (In thousands of dollars) L I A B I L I T I E S ;l::r..il Reserve Bank Boston New York Phila. Clevel. Ricbm. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. C.. 1 r 1 paid-in 7,644 Surplus 4,505 12,351 j:ot :::: :::: \ - m u s u 97,59% GcVen-uTient deposits 8,395 4,152 11, , ,451 1, , ,607 1,362 1,213 jfcte tc members - reserve account 130,876 13, , , ,757 60,357 46, ,154 61,729 46,389 Deferred availability items 73,119 50, ,180 86s,016 67, ,614 76,937 81,555 56,792 24,311 91,057 50,747 24,611 64,016 0*ther deposits, including foreign 50,644 4o, ,887 goverra;sr.t credits 1,315 20,077 2, q4g gross deposits , , , ,132 71, ,765 lit),529 72,110 14o, , ,826 2,692,61s F. B. notes in actual circulation 308, , , , , , , ,565 82, ,394 92, ,213 3,353,271 F. R. Bank notes in circulation - net liability 16,922 39,506 21,615 21,684 11,101 13,358 37,051 10,374 8,096 15,520 All other liabilities 7,683 10,623 4,762 39, a 2.4^ 2, li 213, r. 1 " *-* 1.2,374 ^.f-. J 3,23P y, c- 2,091 5, OO **+oy TOTAL LIABILITIES 550,659 1,943, , , , ,032 1P03, , , , , ,292 6,6lD,250 Ratio of total reserves to net deposit and F.R, enote liabilities combined, per cent 53« Contingent liability as endorser on *" discounted paper rediscounted with 0'cher F. R. Banks - _ Bankers' acceptances sold to other F.R.Banks without endor sement Contingent liability on bills purchased for foreign correspondents 1,168 28,870 Fo, R. notes outstanding P. R. notes held by banks ^ R* notes in actual circulation Bills discern ted Bills bought ii open market U. S. Certificates of indebtedness 321,802 13, ,155 6, MEMORANDA 20,000 44,642 l4,500 6, i ,348 23,272 43,063 34,285 1,280 1, , s 4i6 736 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION ,110 34,900 16,209 l 6!& 3 ^ ^ "Egg % > % ]& 875,737 2,8, , , , , ,565 82, ,394 92, ,213 3,353,271 DISTRIBUTION OF BILLS AND U. S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES l6 to 30 days 31 to 60 days 6l to 90 days 295, , ,779 56,543 97,466 26,865 6,4oo 25,293 19,877 Within 15 days 1,551, ,645 54,957 Over 90 days 22, ,134 2,773, , ,661

5 Released for publication Sunday morning, October 17, 192O; not earlier. FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS OCTOBER 15, I92O. (In thousands of dollars) 1 ^ - at l0st n Ne York Phila - Clevel. Richm. Atlanta Chicago St. Louis Minn. Kans. Cy. Dallas San Fran. S S r S * J H? i «? S a g ^ ^ l»:s? ifelai 627!661 15^55 si: 15a 117:^8 96: ,6^70? Reserve notes outstanding: IS «II ^ IS IIMII S &cess am%tld ^ Iv'l 735,599 2 ' 353 '" 2 6 3S,^ 810, ,093 4lO,4lS 1,387, , , , , ,273 8,280,845 y l i a b i l i t i e s Federal Reserve notes received LesrLo!s tr re^d to 8 65o.3SO 684, ,5 385,080 1,I4 7,I6O 376, , , , ,200 7,763,600 destruction 291,398 1,175, ,69s 284,2)6 201, , , ,945 88, ,262 85, ,716 3,648,405 Net amount of Federal Reserve notes received from Comp- : "9, ,64; 224, , ,475 91, , , ,484 4,115,195 mr Federal Reserve Bank: Eligible paper gffig n H l l l^ml ' l l ' " 1P1«fij'Sgiifrffi j-ffigg TOTAL 728,5992,353,992638, , , ,418 1,387, , , , ,l4o 600,273 8,280,845