S t . 57 5' STATEMENT FOE THE PRESS Released, for publication Federal Reserve Board Sunday morning, Jan. 25, 1920; January 24, 1920. not earlier. CONDITION OF FEDERAL RESERVE BANKS Aggregate increases of 53*^ millions in the holdings of war paper and other dis- counts and a further reduction of 16.4 millions in cash reserves are indicated in t^^ federal Reserve Board's weekly bank statement, issued as at close of business on January 23, 1920. Federal Reserve note circulation shows a further reduction for the week of 5,7 millions, while net deposits fell off about 1.1 millions. As a r e - sult the banks' reserve ratio shows a further decline from 4$,1 to 44,S per cent, 1i»ar p a p e r h o l d i n g s 01 the oanks increased 34»9 millions, other discounts on i^and went up IF -5 millions, while acceptances show a nominal increase of 0.1 million. Of t ; e total of 1,386,3 millions of war paper held, 629.7 millions, or 4$.4 per cent, was secured by Liberty bonds; 243«3 millions, or 17.6 per cent, by Victory notes, and 513*4 millions, or over 37 por cent, by Treasury certificates, as against 47-7, 20.9 and 31.4 per cent of a total of 1,351*5 millions of war paper reported the week before. A reduction of 42.9 millions is shown in Treasury certificate holdings, follow- ing the redemption by the Government of a l l temporary certificates outstanding. Dis- counted pap:r held by the Cleveland, Atlanta, Chicago, St. Louis and Dallas banks include 69*1 millions of bills discounted for four other Federal Reserve banks (as against 119»o millions of suc.i ciiscoua'cs ±jeld by 6 banks the week before), while acceptance holdings of 6 Reserve baziks are inclusive of 48.7 millions of bankers' bills purchased from t h e Now York and Boston banks, as against 43.2 millions the week before. As against an increase of 55.3 millions in Government deposits the banks show reductions of 84.4 millions in members' reserve deposits and of 12-7 millions in other deposits, including foreign government credits. On t h e other hand the "float" carried by the Reserve banks shows a decrease for the week of 40.2 millions with the result that net deposits work out at 1.1 millions less than the week before. In ad- dition to a decrease of 5-7 millions in Federal Reserve note circulation the banks report also a reduction of 3.6 millions in their liabilities on Federal Reserve bank . . . . largely notes in circulation. Export withdrawals and sales of gold hold abroad account/for a decrease of 17-2 millions in gold reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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S t . 57 5' STATEMENT FOE THE PRESS
Released, f o r p u b l i c a t i o n F e d e r a l Reserve Board Sunday morning , J a n . 25, 1920; J anua ry 24, 1920.
no t e a r l i e r .
CONDITION OF FEDERAL RESERVE BANKS
Aggregate i n c r e a s e s of 53*^ m i l l i o n s i n the h o l d i n g s of war pape r and o t h e r d i s -
counts and a f u r t h e r r e d u c t i o n of 16.4 m i l l i o n s i n cash r e s e r v e s a re i n d i c a t e d i n
t^^ f e d e r a l Reserve B o a r d ' s weekly bank s t a t e m e n t , i s s u e d as a t c l o s e of b u s i n e s s on
January 23, 1920. F e d e r a l Reserve no t e c i r c u l a t i o n shows a f u r t h e r r e d u c t i o n f o r
the week of 5 ,7 m i l l i o n s , w h i l e n e t d e p o s i t s f e l l o f f about 1 . 1 m i l l i o n s . As a r e -
s u l t the b a n k s ' r e s e r v e r a t i o shows a f u r t h e r d e c l i n e from 4 $ , 1 to 44 ,S p e r c e n t ,
1i»ar p a p e r h o l d i n g s 01 t h e oanks i n c r e a s e d 34»9 m i l l i o n s , o t h e r d i s c o u n t s on
i^and went up IF -5 m i l l i o n s , w h i l e a c c e p t a n c e s show a nomina l i n c r e a s e of 0 . 1 m i l l i o n .
Of t ; e t o t a l of 1 , 3 8 6 , 3 m i l l i o n s of war p a p e r h e l d , 629 .7 m i l l i o n s , or 4 $ . 4 p e r c e n t ,
was s e c u r e d by L i b e r t y bonds; 243«3 m i l l i o n s , or 17.6 p e r c e n t , by V i c t o r y n o t e s ,
and 513*4 m i l l i o n s , or over 37 po r c e n t , by Treasury c e r t i f i c a t e s , as a g a i n s t 47-7,
20.9 and 3 1 . 4 p e r cen t of a t o t a l of 1 ,351*5 m i l l i o n s of war p a p e r r e p o r t e d the week
b e f o r e .
A r e d u c t i o n of 42 .9 m i l l i o n s i s shown i n Treasury c e r t i f i c a t e h o l d i n g s , f o l l o w -
ing the r edempt ion by t h e Government of a l l temporary c e r t i f i c a t e s o u t s t a n d i n g . D i s -
counted p a p : r h e l d by the Cleve land , A t l a n t a , Chicago, S t . Louis and D a l l a s banks
i n c l u d e 69*1 m i l l i o n s of b i l l s d i s c o u n t e d f o r f o u r o t h e r F e d e r a l Reserve banks
(as a g a i n s t 119»o m i l l i o n s of suc.i ciiscoua'cs ±jeld by 6 banks the week b e f o r e ) , wh i l e
accep tance h o l d i n g s of 6 Reserve baziks a r e i n c l u s i v e of 4 8 . 7 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 rom the Now York and Bos ton banks, a s a g a i n s t 4 3 . 2 m i l l i o n s the week
b e f o r e .
As a g a i n s t an i n c r e a s e of 5 5 . 3 m i l l i o n s i n Government d e p o s i t s the banks show
r e d u c t i o n s of 8 4 . 4 m i l l i o n s i n members ' r e s e r v e d e p o s i t s and of 12-7 m i l l i o n s i n
o the r 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 . On the o t h e r hand the " f l o a t "
c a r r i e d by the Reserve banks shows a dec rease f o r the week of 4 0 . 2 m i l l i o n s w i t h the
r e s u l t t h a t n e t d e p o s i t s work ou t a t 1 . 1 m i l l i o n s l e s s t h a n the week b e f o r e . In ad-
d i t i o n to a d e c r e a s e of 5 -7 m i l l i o n s i n F e d e r a l Reserve n o t e c i r c u l a t i o n t h e banks
r e p o r t a l s o a r e d u c t i o n of 3 . 6 m i l l i o n s i n t h e i r l i a b i l i t i e s on F e d e r a l Reserve bank . . . . l a r g e l y
n o t e s i n c i r c u l a t i o n . Expor t w i thd rawa l s and s a l e s of g o l d h o l d a b r o a d a c c o u n t / f o r
a decrease of 17-2 m i l l i o n s i n go ld r e s e r v e s .
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
R e l e a s e d f o r p u b l i c a t i o n Sunday morning , J a n u a r y 25, 1920; n o t e a r l i e r . S t * "75a COLIBIHED RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS
?Tr S O U R C E S J a n u a r y 25, 1920 J a n u a r y l 6 , 1920 J a n u a r y Jg4,__1215L
::: ^ Gold w i t h f o r e i g n a g e n c i e s -1X1 > 322 ,000 120, >23,000 -—5x<^?.?'QQQ
T o t a l go ld h e l d by "banks " 779>lbg ,000 7 S 8 , 7 0 2 , 0 0 0 7 5 7 , 2 1 c , 0 0 0 Gold w i t h F e d e r a l R e s e r v e Agents 1 , 1 2 6 , 2 6 1 , 0 0 0 1 , 1 3 6 , 3 2 6 , 0 0 0 1 ,255>1^2 ,000
•VXXZSZ - m m m W M M . n & S S
" e » « s s r * . . - x & s s , _ i n S S t g t & m ( S e c u r e d by Government war o b l i g a t i o n s l , 3 o o , 3 4 8 , 0 0 0 l , 3 5 - » ^ 5 ^ , 0 0 0 1 , 4 9 500 ,000
B i l l s d i s c o u n t e d , c t l i e r 7 6 7 , 1 1 0 , 0 0 0 7 4 8 , 6 1 1 , 0 0 0 2o4, 533 ,000
— - s s a s ™ « » % s 4 1 3
U. S, V i c t o r y n o t e s 64 ,000 6 4 , 0 0 0 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 2 7 6 , 7 6 5 , 0 0 0 3 1 9 , 6 ^ 4 , 0 0 0 14-7,392,000
^ T c ^ e a r n i n g l s S t f 5 3 ^ 3 3 , 1 1 2 , 0 0 0 , 3 , 0 2 2 , 5 2 4 , 0 0 0 2 , 2 2 2 , ^ 0 % Bank p r e m i s e s -cuu-. 10,493,000 10,461,000 8,100,000 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 f r o m g r o s s d e p o s i t s 1 , 0 2 2 , 6 3 3 , 0 0 0 1 , 1 1 6 , 8 5 2 , 0 0 0 7 1 b , 5 S S . 0 0 0 5% Redemption f u n d a g a i n s t F- R, bank n o t e s 1 2 , 1 3 0 , 0 0 0 1 2 , 8 6 5 , 0 0 0 &,752 ,000
1 T 1 5 5 , i S & S . r Government d e p o s i t s 9 0 , 4 4 8 , 0 0 0 3 4 , 6 9 2 , 0 0 0 1-ro, 3 ^ 1 , 0 0 0 I u e t o members - R e s e r v e a c c o u n t 1 ,859>149 ,000 1 , 9 4 3 , 5 6 1 , 0 0 0 1 . 6 ^ 4 , 4 1 5 , 0 0 0 D e f e r r e d a v a i l a b i l i t y i t ems 7 9 5 , 7 2 2 , 0 0 0 8 4 9 , 8 5 4 , 0 0 0 5 1 1 , 8 9 9 , 0 0 0 O t h e r d e p o s i t s , i n c l u d i n g f c r e i s n government c r e d i t s 9 5 , 0 9 7 , 0 0 0 —107•o00 ,00Q —1^3-^29^000
T o t a l " v c s , i e p o s i U ' 2 , S 4 0 , 4 7 b , 0 0 0 2 , 9 3 5 . 9 1 3 . 0 0 0 ^ V ; . i 2 U . C C 0 7. n o t o s i n a c t u a l c i r c u l a t i o n 2 , 5 4 4 , 2 2 7 , 0 0 0 2 , 5 4 9 , 2 7 9 , 0 0 0 2 , 4 6 6 , 5 5 6 , 0 0 0 •• 1;. •• . . r . r t e o i n : • . - n e t l i a b i l i t y • *, • •* • ' •"•*••• - * ' -A l l , t h , , r l U h m . i F , 2 ^ ) 2 , 0 C £ > . 2 0 , 5 2 1 . 0 0 0 — > 9 . 6 i P , Q 0 g
TOTAL LIABILITIES E a t i c of t o - i l to not depcs^ t ana. l \ l l . n u t e
l i a b i l i t i e s combined. E a t i o of g o l d r e s e r v e s t o F .1L n o t e s i n c i r c u l a t i o n a f t e r
s o t t i n g a s i d e 35f? 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
6 , 1 7 1 , 7 ^ 7 , 0 0 0 . 6 , 2 7 2 , 4 % , coc
4 4 . 8 ^ 45.176 5 2 . 3 ^
51 .0^ 51-5$ 64.1% Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
R e l e a s e d f o r p u b l i c a t i o n Sunday morn ing , January 25, 1320; n o t e a r l i e r . "7513
RESOURCES AND LIABILITIES 0? THE FEDERAL RESERVE BAI3XS AT CLOSE OF BUSINESS JAMUARY 23, 1920. R E S O U R C E S ( I n t h o u s a n d s of d o l l a r s )
Bos ton New Tork P h i l a . C l e v e l . Richrru A t l a n t a Chicago S t . L o u i s Minn. Kans .Cy . D a l l a s San F r a n . T o t a l 9 , 0 6 s 1*7,103 1,222 7 , 9 9 0 2,502 5,250 24 ,463 2,862 7,253 27-3 6,676 12,559 220,347
F e d e r a l B e s e r v e bank of Gold a n d g o l d c e r t i f i c a t e s Gold S e t t l e m e n t f und-F«E vBoard Gold w i t h f o r e i g n a g e n c i e s
T o t a l g o l d h e l d "by banks Gold w i t h j \ E% Agen t s Gold r e d e m p t i o n f u n d
T o t a l g o l d r e s e r v e s L e g a l t e n d e r n o t e s , s i l v e r , e t c .
T o t a l r e s e r v e s D i l l s sro-jzitod" ( a )
S e c u r e d by Government war . o b l i g a t i o n s
A l l o t h o r B i l l s bou^nb :*.n open marke t (b)
T o t a l b i l l s on hend U_ 5,. Givo'cncent bends U# S, n o ^ e s -U - S - C e r t * f i c a t e s of Indebtedness__21 ,39}
T o t a l e a r n i n g a s s e t s Bank p r e m i s e s U n c o l l e c t e d i t e n s a n l o t h e r d e -
d u c t i o n s f r o m g r o s s d e p o s i t s 5/6 Redempt ion f u n d a g a i n s t
bank n o t e s A l l o t h e r r e s o u r c e s
5J004 4 o , M 1 1 0 — X 0 4 5 220 1. 2?S 1 ,757 1JJ3 _ J i 9 L _ 1 ^ 2 7 „ " r ~ * & ^ ^ T , .... v" \ r _ \ . — —»— ^ \ \ i —r n t r /-s - r » r _ r n r *
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^E*Banks, v i z : I n c l u d e s b a n k e r s 1 a c c e p t a n c e s b o u g h t f r o m o t h e r P . E . B a n k s :
With t h e i r endorsemen t W i t h o u t t h e i r endorsement
2,500 - 19,500 47,675 7,470
- - - - 14,115 4,639 - is, 574 - - 376 1,336
- 12,000 5 9 , 1 4 5
5 , 0 6 5 - 2 3 , 8 1 9 990 - 3,580 24,906
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
R e l e a s e d f o r p u b l i c a t i o n Sunday RESOURCES A:
morn ing , J anua ry 25, 1920; n o t e a r l i e r . H) LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE
( i n t h o u s a n d s of d o l l a r s ) A B I L I T I E S
OF JSINESS JANUARY 23, 1920.
F e d e r a l Rese rve "bark of C a p i t a l p a i d - i n S u r p l u s Government d e p o s i t s Due bo " embe r s -Rese rve a c c o u n t D e f e r r e d a v a i l a b i l i t y i t e m s O t h e r 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 T o t a l g r o s s d e p o s i t s
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 F . R . b a n k n o t e s i n c i r c u l a t i o n -
n e t l i a b i l i t y A l l o t h e r l i a b i l i t i e s