Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-07-16
RESERVE BANK. MAKES
NEW RECORD FOR SERVICE
Rcdiscounts for Past Week Amount
to $2,O27 ,222.74, Largest
in It's History.
HELPS BUSINESS CONDITIONS
Stable Rates Offered by Reserve
Bank to Members Maintains Con-
fidence, Enabling Country Banks
to Secure Cash When Needed.

With rediscounts exceeding the So
100000 mark the local Federal reserve
institution established IL record last
week in the handling of securities for
member banks In the Fifth Reserve
District. The total rcdiscounts for the
past week amounted TO $2,027.222.74,
being the largest amount Of paper ever
HANDLED by the Federal Reserve Bank
OF Richmond i'm one week. Rediscounts
Tor the preceding week amounted TO
a6i6.0!7 and for the corresponding
week In June. s6l4.G0o
In discussing the great amount of re-
discounts for the past week, Governor
seay said II was possibly due to TIE
fact that an Increased rate Of interest
is being charged by banks, other than
the Federal reserve banks. and this has
forced the member banks to call on
the parent institution for any needed
cash. The fact that member bank,
can always get what money they need
is maintaining confidence and helping
business conditions all over the
country.
IN order 70 get users for their money,
some OF the New York banks and the
rich institutions in other sections or
the country have at times offered
money at lower rate OF interest than
was charged By the Federal reserve
banks. II Is understood that some Of
these banks have increased their rates.
and this is possibly the reason for the
great amount of rediscounts by the re-
serve bank.
The total resources of the bank a.,
the end OF the past week amounted to
S27.352,44s. which was less than the
total resources week ago. The Fed
eral reserve notes in circulation re-
NAMED about the same, being s4,147.-
1so. The gold reserve against all LA
b!lities dropped from 20 per cent TO II
per cent.
WEEKLY STATEMENT
OF BANGS CONDITION
The weekly statement of the banks
condition. issued yesterday by Cover
nor Seay. follows:
Resources.
Sold coin and certif-
Gates observation-disclosures. 554sll5 90
Gold settlement fund loa3s.0 900 90
Total gold reserve Sis.0S6.ll5 90
Legal tender notes. silver
certificates and sub
sidiarE coin ......... 1915 IS
Total reserve sl6,oss5oo 90
Investments ....-,.. s5,775 90
United States bonds In
Guiding accrued inter
nills discounted ana
bonEh, .... 7les.75s 80
Due from other Federal
reserve banks-net lSoa.Osg es
Al! other resources . laG.7ss 80
Total resources s.7.352its on
Liabilities.
Capital paid In . 2.357.o5O 90
Reserve depos!ts---nct i5.T7!5O7 -
United States govern
ment deposits - 3.sS;.5s5 g.,
Federal reserve notes In
.circuiation-net ... i!i7,7so %
All other liabilities 49, 1857 %
Total liabilities % s27352.44s os
Gold reserve against all liabilities.
II per cent.
Cash reserve against all liabili,ie.
reserve for Federal reserve notes ou,-
standing. 20 per cent,
Federal Reserve Notes..
issued .'.....,........ o.577, SEQ 20
on hand ..'....,...... i72.22O 90
ou,s'a nd!ns ,..... a,lo5,sso 90
serve agent .......... 1887, 900 90
Net liability ........ 4.l47,7so 90
CONSOLIDATED STATEMENT
FOR ALL TWELVE BANKS
The tota! reserve OF the Federal re-
serve system showed "A falling off Of
over $23,ooo,o00 In the week ending
July a. and the total resources wer,
nearly sS,o0o,o00 less than the pre-
vious week. a statement by the FED
era! Reserve Board. issued yesterday in
Washington. shows:
Resources.
Gold coin and certificates
IN vault -............ S2s9.so. 600 90
Gold settlement fund j.. 1851 600 co
Gold redemption fund