!> Released. f r r publ i ca t ion Sunday morning June 9 , 1918 Not e a r l i e r .

June 8, 1918,

STATEMENT FOR THE PRESS.

Gains in discounted b i l l s held, o f f s e t in part by l i q u i d a t i o n ®f Government s e c u r i t i e s and acceapanied by s l i gh t increase in the Banks' gold reserves are indicated in the Federal Reserve Board's weekly bank statement issued a# close of business on June 7, 1918.

__ INVESTMENTS. Discounts on hand show an increase of 87.1 m i l l i o n s , New Yvrk, St.Louis and Phi ladelphia shewing the largest gains fJT the week. Of the t o t a l en hand -63.7 per cent , compared with 62 .7 per cent the week b e f e r s , i s repre-sented by member banks' c o l l a t e r a l notes and customers7 paper suppoMed by U.S. war s e c u r i t i e s . Acceptances en hand show a further decrease ef 7.Q mi l l i ons , mainly at the Chicago and rev- Icrk banks, U.S. secur i ty holdings decreased 49.6 mil l ions due c h i e f l y to the redemption during the week of 60 mi l l i ons of Treasury c e r t i f i c a t e s held by the Mew York bank. Tetal investments went up 29 .4 mi l l ions during the week.

DEPOSITS: Government deposits increased 13.7 mil l ions ,and member banks' re-serve deposi ts - 9 . 1 m i l l i o n s . Net deposi ts show a decl ine of 10.2 m i l l i o n s .

RESERVES; Gold reserves increased 1 . 4 and t o t a l cash reserves about 2 m i l l i o n s . New York reports large gains in reserves , mainly through transfers for Government account of cred i t s in the Gold Settlement Fund.

FEDERAL RESERVE CIRCULATION: Federal Reserve Agents report addit ional net i s sues ef 33.3 m i l l i e n s of Federal Reserve Motes. The actual note c i rcu la t ion cf the banks increased 39.9 m i l l i o n s , of which 1.2 mi l l ions represents the increase in Federal Reserve Bank note c i r c u l a t i o n reported by the Chicago and Kansas City banks.

CAPITAL: Payments f o r Federal Reserve Bank stock by newly admitted members accounts large ly for an increase cf $116,000 in paid-in cap i ta l reported by 11 banks.

CONDITION OF MEMBER BANKS MAY 31, 1918 Substant ia l gains in iaffifridual demand depos i t s , accompanied by nederate

withdrawals ef Government depos i t s , are indicated in the Board's weekly statement showing condit ion en May 31, of 689 member banks and trust companies in about 100 leading c i t i e s . Treasury c e r t i f i c a t e s of indebtedness on hand show a further ce c l ine of almost 100 m i l l i o n s , the banks in the central reserve and in other re-serve c i t i e s reporting about equal reductions in the ir ho ld ings . U.S.bonds en hand (exc lus ive of c i r c u l a t i o n bends, which show but s l i g h t changes from week to week) increased abeut 17.4 m i l l i o n s , though the banks in the central reserve c i t i e s report a decrease under t h i s head of 2 .9 m i l l i o n s . Loans secured by U.S. war obl igat ions went up by 20.5 m i l l i o n s , about 70 per cent of t h i s increase being the share of the Central reserve c i t y banks. Other loans and investments of a l l reperting banks gained about 10.5 m i l l i o n s . Of the t o t a l loans and investments,

the share of U.S. war s e c u r i t i e s and loans supported by such s e c u r i t i e s was 17.4 per cent as against 17.8 per cent the week before . For the central reserve c i t y banks t h i s rat io werks out at 22.5 per cent , and for the New York City banks at 25 «2 per cent.

Net demand deposits of a l l reporting banks show a gain for the week of about 156 m i l l i f a s , nearly a l l at central reserve c i t y banks. Time depos i t s increasea br •ver 10 m i l l i o n s , the New York banks alone reporting a gain under t h i s head ©f ; v.. aDout 12.5 m i l l i o n s . The week saw net withdrawals ef 119.4 mi l l i ons of Government depos i t s , 77 mi l l i ons representing the net withdrawals from the central reserve c i t y banks and 34.6 mi l l ions the net amount withdrawn from the banks in other re-serve c i t i e s .

Aggregate reserves , a l l w i th the f .R.banks, decl ined 9 .5 m i l l i o n s , the banks in the central reserve c i t i e s showing a decrease of 6.75 m i l l i o n s , p r a c t i c a l l y nc change i s shown f e r cash in v a u l t .

Owing to the decrease of t o t a l investments and the simultaneous increase cf t e t a l depos i t s the r a t i e ef investments to t c t a l deposi ts ef a l l reporting banks shews a decl ine fram 111 to 110 per cent . For tne central reserve c i t y banks a much larger d e c l i n e ef t h i s r a t i o frem 109.2 to 106.9 per cent i s noted. Similarly the rat io ef cembined reserve and cash to deposits of a l l reporting banks declined from 13.3 to 13.1 per cent , and f e r the central reserve c i t y banks from 14.8 to 14 .4 per c e n t . T*tal excess reserves went down from about 80 m i l l i o n s to 50 .4 m i l l i o n s . For the central reserve c i t y banks a corresponding dec l ine frem 55 .1 mi l l ions t«p28.5 m i l l i e n s i s shown v

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IP *

tor publ icat ion Sunday morn Ins: Jnn% Q - r *

l L f f f f l ' B E S O m , u £ ^ A S D " m - . w * M m a , C O M OF b u s i e s J M T , 1 9 W * 9 * * . v?0?.d CO.In and c e r t i f i c a t e s in vault ur, 1 9 1 8 , . ^ 31, 1913 June g, I917 Jc- 1 settlement fund, F.R. Board S v t ^ ' 2 5 456,177,000 . 330,001,000 trcxo With fore ign agencies c l ' ^ ' 2 2 425,237,000 205,886,000

Xotal gold held by banks 52,500,000 — uold with Federal Reserve Agents 953*2t5cs'000 ^33,914,000 535, 887,000 Gold redemption fund 2K U ^ n n n 955,919,000 475,201,000

Total gold reserves ' 5 , Q1Q n . , r SL22LOOO 2,730,000 Legal tender notes , s i l v e r , e tc . l « k £ ' r > ™ 1,917,826,000 1 ,013,818,000

Total reserves T q # # # % 57,883.000 37,693,000 B i l l s discounted f o r members and F.R. banks 984,492,000 ' go? 0 0 0 1*975,709,000 1,051,511,000 a i T ^ T i a

h i s ^ nn r r k e t U S _ J I S °

U.S.Government long-term s e c u r i t i e s i h h s h " ™ ? 1,153,730,000 233,291,000 U.S.Government short-term s e c u r i t i e s w 54,842,000 36,387,000 Al l other earning a s s e t s ^ Z S 92,082,000 9 , 2 9 8 , 0 0 0

Total earning a s s e t s 1 n o g l ^ o o o nr.n tonks'net ' ' ' w 19.19u.oco 1 , 3 0 1 ' 3 9 0 ' ° 0 0 3 % : %

Total deductions from gross deposi ts hn? c?q n n 0 ±g|»331,000 304.730.Qfin 5^ Redemption fund against F.R. banknotes A77 nnn ^08,137,000 309,541,000 A l l other resources 62$,000 400,000

TOTAL RESOURCES fog.QQP 5 , 4 7 6 . 0 0 0 L I A B I L I T I E S -«711 > f 03, ^oo 3 ,686,300,000 1,725,54O!OOO

Capital paid in 7 c n n n

Surplus i '134'ooo 75,546,000 57,oco,coo Government deposits 179,876,000 ' ' 1 f - , i n . . . 1 ,134,000 Due t o members - Reserve account 1,449,486,000 j ^ ' i 228,125,000 Col lect ion items 239,971,000 775,771,000 Other deposits including foreign Govt, credi t s 109,560,000 181,321,000

Total gross deposits 1,978,893 000 y^.vyO- 1,000.000 » »• ^ . a ° ^ 1

Jc i r f u ? a t i o n ^ ^ . s r s i o o o I , i . i s 6 , a 7 , o o o

F. B. bank notes in c ircu lat ion - net l i a b i l i t y 9!580!000 1,600,968,000 ' 4 s i ! 469*000 Al l other l i a b i l i t i e s 6,355 000 - 8,324,000 7 , _ „

TOTAL LIABILITIES 3,711,703/000 3 — S 5 K 4 D 0 Ratio of gold reserves to net deposit and F.R. note 7 ooo,3uu,000 1,72*5 s4o nrn

l i a b i l i t i e s combined 59-2f ^ ^ Ratio of to ta l reserves to net deposit and F.R. ^ 7k.6*

note l i a b i l i t i e s combined 6l.<D^ 62" ^ (a) Net amount due to other F.R. banks r /» 77-4$

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f o r p u b l i c a t i o n Sunday morning Jtaie 3, IQlg WEEKLY STATEMENT OF RESOURCES AMD LIABILITI

R E S O U R C E S Boston "old c o i n and c e r t i f i c a t e s in v a u l t . 2 909 Gold sett lement f und, F.R.Board 72*502 Gold with f o r e i g n a g e n c i e s 3*675

Tota l go ld he ld by banks 79 ogg Gold with Federal Reserve Agents 6 3,037 Gold redemption fund 2 ,000

Tota l go ld reserves Legal tender n o t e s , s i l v e r , e t c

Tota l reserves 146,612 B i l l s d i s . f o r members & F,R»Banks 47 ,013 B i l l s bought in open market 21 .f i l l

Tota l b i l l s on hand 68,824 U.S .Gov' t . long-term s e c u r i t i e s 616 U .S .Gov ' t . shor t - t erm s e c u r i t i e s 1 , 5 4 1 A l l o ther earning a s s e t s

Tota l earning a s s e t s Due f rom other F.R. banks, ne t Unco l l ec ted items 25.031 Tota l deduct.from gross d e p o s i t s 2 5 , 0 3 1 5$ Redeqp.fmd a g a i n s t F.R.Bank

n o t e s A l l other resources

TOTAL RESOURCES

Not earl ier OF EACH OF THE FEDERAL RESERVE BASKS AT CLOSE OF BUSINESS

(In thousands of d o l l a r s . ) ew York P h i l a . C l e v e l . Richm. A t l a n t a Chicago. St .Louis .Minn. Kans.Cy.

336,171 9 ,234 21,628 6 ,370 6 ,740 28,756 1 ,905 8 ,404 83 28,189 54,775 63,342 17 ,967 21,315 66,926 27,470 17 ,702 22,859 1 6 3 .675 W 2 5 — 1 . 8 3 7 1 ,575 7 .350 2.TQO 2 , m n p. f.2*

381,252 246,807 12 son

67,684 89,695 26,174 87,912 116,873 32,669

3 r ODD S7P.

J W E f ,

Dal las 5 , 6 7 5 6 , 7 2 3 1 . 8 3 8

x-990b 1918

San.Fran 35,747 17,905

X.R8R

Tota l 463,622 417,675

51,280

1 4 4 , 1 2 3 6 4 0 , 5 5 9 1 5 8 , 5 9 6 2 0 6 , 9 6 7 5 9 , 4 1 5 - 2 , 4 8 9 4 3 , 8 ? , 8 1 . 0 4 P 41 n ^7i

29,630 103,032 31,475 32,857 166,667 40,555

- 1 , 4 7 , 3 2 . 2 2 3 l ,7Pn

684*.387 159,644 207,377 59,786 462,099 49,599 45,796 49,555

63,960 271,922 73,730 Z22 2-OS5 1 ,325

2 8 , 2 0 6 2 5 , 5 6 7 3 4 , 4 0 0 3 6 , 8 5 8

2 . 3 8 7 7 9 2 .

1 4 , 2 3 6 1 9 , 1 2 2

, .1 . 2 5 6

56,540 80,498

129

932,577 958,255 28,431

130, 592,679 25 ,283

4,814

72 ,713 1 ,347 2 ,127

55,849 53,067 7 ,800 1 , 2 3 3 9 ,692 1 ,524

64,669 277 ,117 75,055 25 ,923 93 ,160 39,285

4 .380 26.151 S.9SQ

6 4 , 9 9 3 6 3 , 2 1 7 3 4 , 6 1 4 1 3 7 , 1 6 7 1 9 1 9 , 2 6 3 94 *89 2 .286 2S& 56 ,461

70 ,981 622,776 76,187

-I5JL32. 7 5 , 1 . 3

4 6 . 1 9 5

73,341 55,624 7 ,477 1 ,073

34.465 26,679

30,303 119 ,311 45,244 730 7 , 0 9 0 2 , 2 3 3

1 , 2 0 7 2 ,979 511 52 47 30

65 ,087 63,606 36,902 30 ,703 68 ,150 33,443 2 .375 600 720

137,462 39,766 19.297

1977,724 984,492 248.542

4 6 , 1 9 5 4 1 , 9 4 2 2 7 , 7 5 2 3 1 , 3 9 6

32,292 129,427 48 ,018 9 ,891 2 ,085

31,398 55 ,308 29.369

33,078 68 ,750 1 , 8 4 5 8 ,865 1 ,334 3 ,61 3

28

34,163 3 ,981 1 ,490

519

59,053 3,461 1,769

18

1233,034 64 ,484 32,601

694

6 5 , 1 9 9 100

31 ,454

36,285 81 ,228 3,014 2 ,622 $ , 4 * 5 3 1 . 6 4 3

1 1 , 4 9 9 3 4 , 4 6 5 4 0 0

40,153 64,301

17 ,523 19,635

1330,813 i 1 ,605 400,924

1 7 , 5 2 3 1 3 7

1 9 , 6 3 5 402,529 637

2 4 2 , 6 2 4 1 3 8 2 , 3 5 6 2 8 2 , ^ 2 6 3 2 2 , 6 6 ^ 1 4 3 , 3 6 3 1 2 8 , 3 7 9 4 7 1 * 8 4 3 1 5 4 , 5 2 7 112 ' ,£ .71^79 9 4 , 7 1 5 2 2 1 , 3 9 8 3 7 1 1 , 7 0 3

L I A B I L I T I E S Capita l pa id in Surplus Government d e p o s i t s Due t o members, reserve account C o l l e c t i o n items Due t o other F.R.Banks, net Other d e p o s i t s inc luding f o r e i g n

Government g r e d i t s Tota l g r o s s d e p o s i t s F .R .no te s in a c t u a l c i r c u l a t i o n F.R.bank n o t e s in c i r c u l . , n e t l i a b . A l l other l i a b i l i t i e s

6 ,474 19,777 6,939 8,557 3,815 75 549 . . . . . . 116

23,062 16,826 18,846 26,478 8 ,423 39,040 640,968 91 ,102 109,456 42,844 15 ,920 48,464 29,815 22,859 17,855

22 14 ,385 228

. . . 103.926 . . . 137 . . .

3 ,034 9 ,771 3,627 40 216

10,334 15,766 18,797 34,652 181,909 46,118 19,897 20,576 20,298

3,627

16 2 .136 104

2,786 3 ,522 2 ,970 4 ,390 38

12,736 10,319 38,735 63 ,644 4 ,399 19,629

7 ,740 38,662 8 ,850 2 ,037

10,549 72,356 11,409

4 , 4 5 6

82 126,044 107,327

7 0 4

824,569 139,991 158,930 69,122 536,764 135,004 154,347 70,016

597 92 626 293

68,526 220,387 56,748 238 ,498

1 , 7 0 0 31 1x271

85,317 55,952 93,592 57,289 65,004 53 ,635 73,374 34,073 ... ... 7,880 ... 579 460 1 ,331 383

3JL59

7 5 ,6b2 1 , 1 3 4

179,676 1449 , W

239 ,971

109 ,560 101,931 114,789

1978,89 3 1639,579

9 , 5 6 0 288 6 , 8 5 5

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i or p u b l i c a t i o n Swiday rnorrung June Q, j STATE 32!jT OF FEBEBA1

FEDERAL RESERVE NOTES ?ceiv ed from Comptroller sturned to Comptroller ihargeable to F.E.Agent t hands of F.R.Agent (sued to F.E.Banks less amount returned to F.R, Agent for redemption

(LLATERAL HELD AS SECUEITY FOR OUTSTANDING NOTES:

>ld coin and cert i f . on hand >ld redenpt ion ftmd i l i settlement fund,F.R.Board igible paper, mimimum req.d. Total

CUNT OF ELIGIBLE PAPER DELIVERED TO F.R. AGENT

R. notes outstanding R. notes held by banks F.B. notes in actual circul.

FV2 AG2IrT3' ACCOUNTS A1 CLuSJ ( In thousands of d o l l a r s . }

Boston New York Phila. CI ev e l . Richm. Atlanta. 157,440 888,480 197,360 197,260 109,260 92,740 30,583 199,741 32,128 16,24? 21.728 17.176

Ox BUSINESS JUNE 1918.

i26,«57 165,232 i s i .013 16,600 105,400 18,900 15.240

87.532 7,110

75,364 16,325

Chicago St .Louis .Minn. 323,380 92,200 73,980

18,219 14,623 13, 305,161

44.320 77,577

8,590 60,401

J h l m .

X-990C

Kans-Oy. D a l l a s San F r a n Total 104,700 68,500 135,420 2,440,720 17,459 15,682 9,799 407.164

iToi 87,241 8,210 18,530

52,818 125,621 2,033,556 263,680

110,257 583,339 146,332 165,773 80,42? 5 9 , 0 3 9 260,840 68,987 55,946 79,031 3^,288 125,621 1,769,876

8,000 169,743 5,537 12,064

49,500 65,000 47,220 336,532

110,257 583,339

7,738 80,174 58,420

146,332 165,773

23,517 — 2,503 8,356 1,169 1,934

85,000 31,500 28,420 48,900 47,753 26.182

80,422 59,039

w— 13 % 102 572 2,096 1,798

166,095 38,459 19,500 94,174 28,432 21,546

260,841 68,987 55,946

11,581 — 228,446 2,498 1,957 6,502 52,221

3^,360 5,584 73,996 677,533 - M t l E 15 ,166 4^,12) 811,$21. 7 9 , 0 3 1 3 4 , 2 8 8 125,621 1,7&9,876

68,824 592,679 71,866 55,84g 52,733 26,487 112,003 34,824 27,816 64,365 3 M 6 3 52,015 1,193,629

M E M O R A N D A

FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION.

110,257 2,930

107,327

533,339

itm 146,332 165,773 80,422 59,039 260,841 11.323 11.426 10,406 2,291 22.341

135,004 154,347

68,937 =3,935

55,946 2.311

79,031 34,288 125,621 1,769,376 5,657 215 10,832 _ 130,297

70,016 56,748 238,498 55,004 53,635 73!374 34-,073 114,789 1,639/579

DISTRIBUTION OF BILLS, U.S. GOVERNMENT SHORT-TERM f iCURITIES AND WARRANTS BS MATURITIES

Within 15 days 16 to 30 days 31 to 60 days 6l to 90 days Over 90 days

l i s discounted and botglit S.Gorf t . short term securities nicipal warrants

729,429 3,043

%6

103,734 13,655

43

198,720 1,536

162,771 1,660

1

33,330 12,707

Total

1,233,034 32,601

500

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'.fi: C: I obligation Sunday morning Um.e 9 1-1% Not earlier SxAT^.i^.T SnOv/IrJ.j PRIICIPAL IxESQUSQE AND LIABILITY IT1&I3 OF MEMBER BANKS LOCATED IN CENTRAL RESERVE, RESERVE AND OTHER

SELECTED CITIES AS AT CLOSE OF BUSINESS MAY 31, 191s, (In thousands of d o l l a r s . )

X-990d

1. ' Data f o r a l l re-port in.?, "banks in each d i s t r i c t . Member banks

No-reporting banks U.S.Bonds to secure

c i rcu la t ion Other U. S.bonds includ-

ing Liberty bonds 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 Loans secured by U.S.

bonds, e tc . A l l other loans and

investments Reserve with F> E. bank Cash in vault Net demand deposits Time deposits Government deposits

Boston 42 .

14,62a

15,381

New York 98

51.367

275.590

30,772 762,004 60,774 l.ogg,961

66,733 589,113 24,765 119,999

654,532 4,376,077 95,607 261,507 97,364 '

Phi la . Clevel . 49 81

12,978 43,341

25,357 68,207

39,124 32,3% 77,459 144,491

39,849 46,910

635,-758 942,889 54,591 78,808 20,469 32,087

575,703 701,413 13,796 229,107 70,865 74,633

Richm. 64

21,158

25,226

12,137 52,571

Atlanta 37

14,390

24,736

18,412 57,544

Chicago 95

19,142

77,413

55,292 151,847

16,220 6,o4o 30,059

316,243 265,944 1,342,098 24,728 24,266 133,502 15,259 14,522 62,786

239,159 189,750 1,010,618 36,836 79.161 346,680 31,030 14.704 77.634

St.Louis Minn. 32 33

17.392 5.919

25,801 13,207

20,642 9,177 63,835 28,303

14,343 4,502

375,213 235,341 34,001 17,935 13,625 8,822

252,047 168,247 74,621 41,085 54,144 , 24,023

Kans. Cy. 72

13'787

1 8 , 2 5 3

Dallas 38

17»074

16,052

15,768 14„970 47,808 48,096

San Fran. 4g

35J355

24,225

32,181 90,761

Total 689

266' 524

610,048

1,041,278 1,918,450

4,672 5,845 6,967 512,962

—— = Trz. L .'..T. c y w _ - r t f tW* 0^.144 . <ZH*Udi5 A 2. l a t a f o r banks in each Central Reserve City, banks in a l l other reserve c i t i e s and other reporting banks.

459,205 39,386

15,866 350,004

61,974 -2£L3m_

162,311 489,784 10,004,162 13,707 45,844 1,122,664 11,744 19,509 359,453

133,219 374,726 9,025,495 22,516 102,932 1,365,822

-19^796—23,416 909,312-

No. reporting banks U.S.bonds to secure

c ircu lat ion Other U. S.bonds includ-

ing Liberty Tyonds 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 Loans secured by U.S.

bonds, e t c . A l l other loans and

investments Be serve with F.R.bank Cash in vault Net demand depos i t s Time deposits Government deposi ts

New York May 33 —May 24

Chicago St.Louis Total C en .Res ,Ci t ies

66

37,023

243,866

66

37,023

256,026

750,071 788,777 1,030,960 1,081,826

May 31 4o

1,443

44,713

33,874 80,030

May 31 -IV

10,392

19,248

17,624 47,264

May 31 :_ivlay 24 l>20

48,858

307,827

48, 858

310,767

Reserve C i t i e s ifey 31 May 24

422 422

170,457

236,741

Country Banks May 31 May 24

149

Total ay 31 May 24

801,569 846,106 1,158,254 1,695,731

172,547

252,588

213,436 638,481

258,713 665,911

147

45,209

49,633

26,873 121,715

46,133

%5,187

36,873 128,193

. 689

266,524

610,048

691

265>448

592,695

1,041.878 1,141,692 1,918.450 1,999,835

259,889 247,885 17,690 11,776 289,355 275,003 194,4ig 188,983 29,129 28,455 512,962

J

3,676,079 3,688,897 813,974 561,886 571,01s 92,948 106,766 112,111

4,070,986 3,920,053 218,467 206,000 362,136 424,103

37,953 678,725 130,252 62,472

266,441 4,756,493 4,760,467 26,608 681,442 688,194 7,315 152,034 157,307

179,500 4,929,211 4,779,606 54,252 JJ02.971 391,405 45,357 469,965 546,940

4,486,467 4,447,328 761,202 785,885 391,917 392,434 49,305 51,553 173.H3 167.173 34,306 35,009

3,484,334 3,463,785 611,950 626,151

IU% Hl-M T d S

10,004,162 1 ,122 ,664

359,453 9,025,495 8,869,542 x , 9 § : l u

492,441

9,993,680 1,132,181

359,489

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