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FEDERAL RESERVE BOARD WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE TO THE FEDERAL RESERVE BOARD May 2 3 , 1924. S t . 4075. SUBJECT: C o n d i t i o n of Member Banks a s of March ] 1 , 1924. Dear S i r : For your i n f o r m a t i o n t h e r e i s e n c l o s e d h e r e with a preliminary statement regarding the condition of a l l member banks combined a s of March 31» 1924. The B o a r d ' s a b s t r a c t (No. 24) showing t h e d e t a i l e d f i g u r e s f o r S t a t e bank and T r u s t company members and t h e combined f i g u r e s f o r a l l member banks i s now i n t h e hands of t h e p r i n t e r and. w i l l be r e a d y f o r d i s t r i b u t i o n in t h e n e a r f u t u r e . Very t r u l y yours* W a l t e r L. Eddy, Secretary. LETTER TO EACH FEDERAL' RESERVE AGENT CONDITION OF MEMBER BANKS AS OF MARCH 31, 1924. The Federal Reserve Board's abstract (No. 24) showing the condition of s t a t e tank and t r u s t company members and of a l l member banks as of March 31, 1924, which w i l l shortly be ready f o r d i s t r i b u t i c n , w i l l show increases i n t o t a l loans and investments of about £94,000,000 f o r a l l member banks and of about $57,000,000 f o r member s t a t e banks together with a considerably larger decline in t o t a l deposits and. in borrowings at the Federal reserve banks. The reduction i n deposits i s due primar r i l y to the reduction in the amount of uncollected funds credited to depositors ( c h a r a c t e r i s t i c a l l y large at the end of the j^ear) as i s indicated by reductions of $117,000,000 in the amount of items with the reserve banks in process of c o l l e c t i o n , of $180,000,000 in amounts due from banks and bankers and- of $128,000,000 in exchanges for clearing house and checks on banks i n Same place as the reporting bank.. There i s a net reduction of 93 in the number of member banks for which figures have been included in the abstract, c o n s i s t i n g of 69 national banks and 24 s t a t e banks and t r u s t companies. Additions t o and withdrawals from membership'both of national banks and of s t a t e bank and t r u s t company members have been of comparatively small banks for the most part, the only change which greatly a f f e c t s the aggregate figures i s the consolidation of the Wells-Fargo-Nevada National bank with the Union Trust Company of San Francisco. This added, about £80,000,000 to the t o t a l resources both of s t a t e bank and t r u s t company members and of a l l member banks, due to the fact that f i g u r e s for the former Wells-Fargo-Nevada National bank were not included in the December 31, 1923, abstract. Loans and investments reported for a l l member banks increased from $26,736,000,000 to $26,832,000,000 or by $94,000,000, the larger increase of $124,000,000 shown for loans and discounts being o f f s e t in part by a decrease of $30,000,000 in investments. Holdings of United States s e c u r i t i e s f e l l o f f about $71,000,000 while holdings of other bonds, stocks and s e c u r i t i e s increased, by $41,000,000. Total deposits declined from $28,487,000,000 on December 31 to $£§>,248,000,000 on March 31- The substantial increase of <239,000,000 in time dep o s i t s was more than o f f s e t by a decrease of 8445,000,000in demand d e p o s i t s . Borrowings of member banks dropped from $1,018,000,000 cn December 31, 1923 to $745,000,000 on March 31', 1924, or by $273,000,000. ' A s i m i l a r trend i s shown by the reporting member banks between January 2 and April 2. Between these dates loans and discounts of reporting members increased by $35,000,000, while t h e i r investments declined about $28,000,000. Net demand der os'its of these banks showed a decrease of $192,000,000 and t h e i r time d e p o s i t s an incW-iis-* of $126,000,000. f. # I, r' - 2 - Below i s a condensed s t a t e m e n t showing r e s o u r c e s and l i a b i l i t i e s of a l l member banks on March 31, 1924, w i t h changes s i n c e A p r i l 3 and December 31, 1923- Loans and d i s c o u n t s ( i n c . o v e r d r a f t s ) U. S, s e c u r i t i e s Other bonds, s t o c k s and s e c u r i t i e s T o t a l l o a n s and i n v e s t m e n t s Cash in v a u l t Reserve w i t h F- R. Banks Items w i t h F. R, Banks i n p r o c e s s of c o l l e c t i o n Due from banks and bankers Exchanges f o r c l e a r i n g h o u s e , and checks on banks i n same p l a c e All other resources Total resources +604,000,000 + 41,000,000 +209,000,000 26,832,000,000 + 9^,000,000 4-500,000,000 494,000,000 - 67,000,000 - 7,000,000 - 24,000,000 - 16,000,000 549,000,000 1,644,000,000 -117,000,000 - 53,000,000 1,582,000,000 -128,000,000 +592,000,000 1,893,000,000 34,520,000,000 - 71,000,000 -313,000,000 -180,000,000 -130,000,000 -419,000,000 +965,000,000 +193,000,000 +747,000,0:0 -112,000,000 +266,000,000 14,719,000,000 8,690,000,000 292,000,000 867,000,000 24,766,000,000 - 2 0 7 , 0 0 0 , 0 0 0 +1,094,000,000 3,480,000,000 745,000,000 413,000,000 2,022,000,000 1,650,000,000 1,742,000,000 §§§§ +124,000,000 8888 0000 Due t o banks and b a n k e r s B i l l s p a y a b l e and r e d i s c o u n t s Acceptances Capital stock paid-in Surplus All other l i a b i l i t i e s $19,176,000,000 3,570,000,000 4,066,000,000 1 + + * T o t a l d e p o s i t s ( o t h e r t h a n bank) Changes s i n c e Dec. 31, 19231 Apr. 3, 1923 £££•& Demand d e p o s i t s Time d e p o s i t s U. S. d e p o s i t s C e r t i f i e d and c a s h i e r s ' c h e c k s March 31, 1924 - 32,000,000 -273,300,000 - 13,000,000 + 19,000,000 + 9,000,000 + 76,000,000 - 28,000,000 -223,000,000 - 8,000,000 + 42,000,000 + 19,000,000 + 72,000,000 ( S t . 4075)
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