COMPARATIVE STATEMENT OF LEADING
BANKS OF ISSUE, 1914 AND 1916.

There are presented below comparative statements showing the condition of the Federal Reserve Banks treated as a unit, and of the leading central banks of issue in 1914 and in September-October, 1916. The original figures were largely taken from the official bank statements, and conversions into dollars were made at the mint rates, with no allowance for existing gold premiums.

The figures for the Federal Reserve Banks have been modified by the inclusion among the assets of all the gold held by the Federal Reserve Agents and by the inclusion among the liabilities of all the Federal Reserve notes issued by the agents less notes held by the reserve banks. In other words, it was assumed that the Federal Reserve Banks were issuing notes without the intermediation of the Federal Reserve Agents, and that the banks, and not the agents, were in possession of the gold serving as cover for the notes issued.

In the case of the Bank of England statement, the distinction between the issue and banking departments was disregarded. Accordingly, "bank notes in circulation" on the liability side represents the difference between the amount of notes reported as "issued" by the issue department and the amount of notes reported among the assets of the banking department. Similarly, "gold coin and bullion" reported by the issue department was combined with "gold and silver coin" reported by the banking department; "other securities" shown among the assets of the issue department was combined with "Government securities" reported by the banking department; and "other securities" shown by the banking department was shown separately under the designation of "loans and discounts." The statements of the Continental banks are more uniform and require no special comment.

The principal assets and liabilities of the Federal Reserve Banks and of the leading European central banks of issue are grouped under heads commonly used in our own bank reports.

Comparative statement showing principal assets and liabilities of the leading central banks of issue, at dates specified.

Comparative statement showing principal assets and liabilities of the leading central banks of issue, at dates specified-Con. [In thousands of dollars.]

Comparative statement showing principal assets and liabilities of the leading central banks of issue, at dates specified-Con. [In thousands of dollars]