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STATEMENT FOR THE PRESS s t . 477U Federal Reserve Board, December 24, I 9 2 5 . Released f o r p u b l i c a t i o n Friday morning, Dec. 25; not e a r l i e r . CONDITION OF FEDERAL RESERVE BANKS The c o n s o l i d a t e d s t a t e m e n t of c o n d i t i o n of the Federal r e s e r v e banks on December 23, made p u b l i c by the F e d e r a l Reserve Board, r e f l e c t s the u s u a l h o l i d a y demand f o r currency, F e d e r a l r e s e r v e n o t e c i r c u l a t i o n i n c r e a s i n g $107,400,000 d u r i n g t h e week and cash r e s e r v e s d e c l i n i n g $52,700,000. Holdings of d i s c o u n t e d D i l l s went up $145,100,000 and of a c c e p t a n c e s purchased i n t h e open market - $17,300,000, while Government s e c u r i t i e s went down $39>000,000, the redemption of $91,000,000 of temporary c e r t i f i c a t e s i s s u e d by t h e Treasury to the Federal r e s e r v e banks on t h e p r e v i o u s r e p o r t d a t e , December 16, h a v i n g been p a r t l y o f f s e t by a d d i t i o n a l p u r chases i n t h e open m a r k e t . All Federal reserve, banks r e p o r t i n c r e a s e d discount h o l d i n g s , w i t h the e x c e p t i o n of Cleveland, Minneapolis and Kansas City which r e p o r t a t o t a l decrease of $10,200,000. The p r i n c i p a l i n c r e a s e s i n discount h o l d i n g s d u r i n g t h e week were as f o l l o w s : - New York $52,000,000, Boston $27,000,000 and P h i l a d e l p h i a , Chicago and Richmond - $10,000,000 e a c h . Open-market acceptance h o l d i n g s went up $25,100,000 a t the New York bank and $7,700,000 a t A t l a n t a , w h i l e the S t . Louis bank shows a d e c r e a s e of $10,100,000 and Dallas a decre ase of $ 4 , 4 0 0 , 0 0 0 . Treasury n o t e s on hand i n c r e a s e d $36,300,000, while h o l d i n g s of U. S. bonds d e c l i n e d $7,600,000 and of Treasury c e r t i f i c a t e s $67,600,000, the r e d u c t i o n i n the l a t t e r item being more t h a n accounted f o r by the r e t i r e m e n t of $91,000,000 of temporary Treasury c e r t i f i c a t e s h e l d by the F e d e r a l r e s e r v e banks on t h e p r e c e d i n g Wednesday. Federal r e s e r v e note c i r c u l a t i o n went up at a l l Federal r e s e r v e banks, the p r i n c i p a l i n c r e a s e s b e i n g : New York $21,700,000, Chicago $18,100,000, Cleveland $16,400,000 , A t l a n t a $11,600,000, and P h i l a d e l p h i a $10,100,000. A summary of changes i n t h e p r i n c i p a l a s s e t s and l i a b i l i t i e s of t h e r e s e r v e banks during the week and t h e y e a r ending December 23, 19^5; f o l l o w s : Increase or decrease Year Week Total r e s e r v e s . Gold r e s e r v e s - $52,700,000 - 36,300,000 T o t a l b i l l s and s e c u r i t i e s . . . . . B i l l s d i s c o u n t e d , t o t a l *. . . . . Secured by U.S.Govt, o b l i g a t i o n s Other b i l l s d i s c o u n t e d . . . + 122,900,000 + 145,100,000 + 98,400,000 + 46,700,000 + + + + .. . . + 17,300,000 - U. S. Government s e c u r i t i e s , t o t a l B0 nd s Treasury n o t e 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 . . - 39,000,000 7,600,000 36,200,000 67,600,000 B i l l s bought i n open market + - Federal r e s e r v e n o t e s i n c i r c u l a t i o n + 107,400,000 Total d e p o s i t s . . . . ; . . Members1 r e s e r v e d e p o s i t s Government d e p o s i t s . . . + C. 24,900,000 45,400,000 23,200,000 during - $240,200,000 247,500,000 173,200,000 367,700,000 202,200,000 165,500,000 19,600,000 - 178,400,000 5,900,000 152,500.000 17,000,000 - 46,100,000 - - 35,600,000 3,500,000 29,000,000 Bel eased f o r p u b l i c a t i o n F r i d a y morr.ing, December 25 * 1925> not e a r l i e r . RESOURCES Aim LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED ( i n thousands cf d o l l a r s ) Dec. 23, 1925 Dec. 16,1925 RESOURCES Gold with Federal r e s e r v e a g e n t s . . . . 1,327,438 1,394,759 Gold redemption f u n d w i t h U . S . T r e a s u r y . 54,570 49,343 ' Gold h e l d e x c l u s i v e l y a g a i n s t F . R . n o t e s 1,376,781 1,449,329 Gold s e t t l e m e n t fund w i t h F. R. Board 729,256 664,899 Gold and gold c e r t i f i c a t e s h e l d by banks 559,259 567,358 Total gold r e s e r v e s 2,665,296 2,701,586 Reserves o t h e r than gold 91,983 108,358 St.4774a : Total r e s e r v e s . . Dec. 24.1921 1,747,218 45,756 1,792,974 637,240 482,605 2,912,819 84, 694 2,757,279 42,783 2,809,944 2,997,513 45,663 37,668 441,479 322,644 343,121 275,946 239,230 157,199 764,123 369,951 019,067 352,692 396,429 389,574 65,839 190,037 103,631 73,451 153,740 171,280 74,756 342,552 120,571 359,507 3,205 8,300 1,505,086 398,471 3,195 8,798 537,879 2,050 6,000 1,382,223 1,331,932 . . . . . . . . 642 766,088 61,629 18,006 710 952,147 61,607 17,632 654 674,514 61,519 23,173 TOTAL RESOURCES . . . . . . 5,151,513 5,269,926 5,137 , 273 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 . . . . Deposits : Member bank - r e s e r v e account . . . . . Government . . \ Foreign bank Other d e p o s i t s . . . . . . . . . . . . . 1,895,663 1,788 , 230 1,941,747 2,219,373 29,120 7,956 19,166 2,264,797 5,954 8,398 21,356 2,222,870 58,071 14,612 15,631 Total d e p o s i t s Deferred a v a i l a b i l i t y items C a p i t a l paid i n . . . Surplus . . . . . All o t h e r l i a b i l i t i e s 2,275,615 2,311,184 . . . 625,263 116,978 217,837 20,157 2,300,505 827,072 116,964 217,837 19,318 . . . . 5,151,513 5,269,926 5,127,273 Non-reserve cash Bills discounted: Sec. by U.S. Government o b l i g a t i o n s Other b i l l s d i s c o u n t e d > Total b i l l s d i s c o u n t e d . . . . B i l l s bought i n open market . . . . . . U. S. Government s e c u r i t i e s : Bonds Treasury n o t e 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 . . t . . Total U.S. Government s e c u r i t i e Other s e c u r i t i e s . F o r e i g n l o a n s on gold . . . . . . . . . Total b i l l s and s e c u r i t i e s . Due from f o r e i g n banks Uncollected items Bank premises All other r e s o u r c e s . * L I A B I L I T I E S . , TOTAL LIABILITIES . 526,992 112,026 220,915 14,409 R a t i o of t o t a l r e s e r v e s t o d e p o s i t and F. R. n o t e s l i a b i l i t i e s combined * , . , 66.1$ 68*7# 70,5# Contingent l i a b i l i t y on b i l l s purchased f o r f o r e i g n correspondents 58,739 50,967 41,754 c. RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON DECEMBER 23, 1925. ( I n thousands of d o l l a r s ) RESOURCES Gold w i t h Federal Reserve Agents Gold redemption fund w i t h U.S.Treas. Gold held e x c l u s i v e l y a g a i n s t F« R. n o t e s Gold s e t t l e m e n t fund with F,R.Board Gold and gold c e r t i f i c a t e s Boston SI,329 4,009 New York Fhiltt. Cleve. Rich. 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 Fran. Total 3 29,996 132,692 180,517 64,020 87,193 114,683 15,829 56,178 55,423 18,931 190,647 1,327,438 9,528 6,164 4,092 2,550 5,433 6,55^ 1,044 1,560 2,909 2,228 3,272 49,343 85,338 339,524 138,856 184,609 66,570 46,153 ^3,856 276,419 322,976 29,504 6,313 Tot al gold r e s e r v e s Reserves o t h e r t h a n gold 175,347 14,796 Total r e s e r v e s Non-reserve cash B i l l s d i s c ounted: Secured "by U.S.Govt, o o l i g a t i o n s Other b i l l s discounted 190,143 3,560 S t . 4774b 57,797 14,971 66,772 45,703 92,626 121,237 24,180 124,309 3,157 58,885 938,919 211,624 297,084 102,387 119,963 304,431 22,223 5,200 3,544 4,306 5,236 12,790 961,142 215,168 302,284 106,693 125,199 317,221 1,021 15,586 3,050 2,224 6,124 1,797 16,873 21,066 57,738 20,406 6,168 58,332 21,159 193,919 1,376,781 26,478 3,739 88,549 3,443 10,837 11,153 48,409 257,164 2,757,279 1,666 2,712 42,783 25,335 32,579 729,256 559,259 43,149 251,833 2,665,296 5,260 5,331 91,983 9,759 47,698 8,005 84,312 1,849 55,703 86,l6l 2,220 756 91,992 2,067 1,64s 3,876 11,522 6,308 3,442 6,718 30,613 26,063 441,479 322,644 17,830 10,160 56,676 764,123 27,314 34,386 185,265 42,921 40,718 25,824 49,158 46,299 20,688 33,608 25,200 57,647 49,9% 10,578 16,258 Total b i l l s -discounted 61,700 228,186 66,542 54,296 33,300 107,616 26,836 B i l l s bought in open market U- .S. Government s e c u r i t i e s : Bonds Treasury n o t e 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 79,378 42,958 15,034 95,457 5,640 3,445 73,776 27,469 22,357 19,808 16,712 28,907 34,467 369,951 553 1,762 6,899 8,739 44,363 15,515 604 3,731 14,728 8,104 19,393 7,662 1,240 3,3H 892 992 9,660 5,241 20,252 21,775 11,705 1,746 14,605 6,121 7,665 7,001 2,849 8,38 7 18,267 8,293 7,089 17,630 6,545 4 68 28,539 17,181 65,839 190,037 103,631 9,214 68,617 19,063 3,050 772 35,159 5,443 15,893 53,732 22,472 17,515 34,947 31,264 46,188 1,145 . 55 •100 382 63,624 123,309 189,962 — 64,852 38,101 99,858 2,446 2,791 8,099 490 2,179 2,09s 72,047 41,752 4,627 342 43,176 16,130 3,069 2,686 332 69,921 50,899 4,883 636 359,507 3,205 Total U . S . G o v ' t , s e c u r i t i e s Other s e c u r i t i e s F o r e i g n l o a n s on gold T otal b i l l s and s e c u r i t i e s Due from f o r e i g n banks U n c o l l e c t e d items Bank premises All o t h e r r e s o u r c e s TOTAL RESOURCES c. - - 614 150,906 68,039 4,190 85 2,241 - - 888 342,002 104,461 137,144 642 171,089 66,203 71,813 17,285 1,385 7,681 3,445 191 1,047 8,100 — 440 340 274 291 70,622 31,200 1,835 1,209 581 8,300 137,912 1,505,086 _ 642 46,152 766,088 3,338 61,629 18,006 3,598 416,923 1,511,191 388,429 521,766 241,155 293,803 623,362 176,691 151,973 220,398 154,941 450,876 5,151,513 L I A B I L I T I E S F. R. notes i n a c t u a l c i r c u l a t i o n Deposits: Meiriber bank - r e s e r v e account G-overnment Foreign bank Other d e p o s i t s Total d e p o s i t s Deferred a v a i l a b i l i t y items C a p i t a l paid i n Surplus All other l i a b i l i t i e s RESOURCES AMD LIABILITIES OF THE FEDERAL RESERVE BAMS ON DECEMBER 23, I925. S t . 4774c ( I n thousands of d o l l a r s ) Boston New York P h i l a . CIeve. Rich. A t l a n t a Chicago S t . L o u i s Minn. Kans.Cy. Dallas San Fran. Total 391,203 168,708 248,869 97,009 174,641 179,163 40,992 71,108 77,329 49,957 213,801 1,895,663 182,883 142,261 2,44l 522 101 145,325 62,325 8,611 16,382 1,397 866,607 127,426 175,146 12,185 1,320 1,900 2,737 656 755 8,142 3 87 1,448 66,514 2,382 374 114 73,501 317,863 2,385 1,263 289 974 163 816 81,873 1,400 325 811 53,544 800 301 326 88,708 1,873 282 928 61,888 164,042 2,219,373 889,671 129,789 179,249 134,636 57,327 56,029 32,192 11,623 13,141 58,749 20,059 22,462 4,740 923 2,016 69,384 55,959 5,979 11,701 1,123 76,338 320,916 27,645 74,678 4 , 6 4 6 15,731 8,950 30,426 1,583 2,448 84,409 35,273 5,127 9,971 919 54,971 14,069 3,183 7,497 1,130 91,791 37,218 4,237 8,977 846 63,084 170,688 2,275,615 28,824 41,260 625,263 8,238 116,978 4,270 217,837 7,592 15,071 1,818 1,214 20,157 90S 247 41 263 494 5,889 29,120 7,956 19,166 416,923 1,511,191 388,429 521,766 241,155 293,S03 623,362 176,691 151,978 220,398 154,941 450,876 5,151,513 TOTAL LIABILITIES 42.8 66.1 6fa.9 54.4 72.1 70.6 64,1 49,9 63.4 44.4 68.3 Reserve r a t i o (per c e n t ) 57*9 75.0 Contingent l i a b i l i t y on b i l l s p u r 2,066 4,132 58,739 2,361 16,005 5,490 6,317 3,129 2,420 8,147 2,716 1,587 chased f o r f o r e i g n c o r r e s p o n d e n t s 4,369 F.R. notes on hand ( n o t e s r e c ' d from 5,46l 39,530 304,104 115,476 26,912 17,081 13,460 19,181 22,331 5,722 3,116 8,701 F-R-. Agent l e s s n o t e s i n c i r c u l a t i o n ) 27,133 FEDERAL RESERVE MOTE ACCOUNTS OF FEDERAL RESERVE AGENTS 747,879 225,820 292,270 133,758 231,862 435,611 69,454 89,699 117,180 66,930 303,431 2,972,910 F.R.jiotes r e c ' d from Comptroller 259,016 773,143 241,200 30,200 26,320 23,289 38,040 234,117 22,740 15,475 31,150 11,512 50,100 F . R . n o t e s held by F. R. Agent 49,000 210,016 506,679 195,620 265,950 110,469 193,822 201,494 46,714 74,224 86,030 55,418 253,331 2,199,767 F.-R.notes issued to F.R. Bank C o l l a t e r a l held as s e c u r i t y f o r F . R . n o t e s issued to F.R.Bank: 14,926 302,046 35,300 186,698 2,000 8,780 2 i , i 6 o 10,170 9,960 13,052 Gold and gold c e r t i f i c a t e s 3,005 14,708 101,359 Gold redemption fund 11,029 27,298 13,803 11,737 3,360 6,523 4,038 1,669 1,126 3,063 1,000.175,939 924,033 35,000 116,000 116,889 160,000 39,500 70,500 110,645 4,200 42,000 52,360 Gold fund - F. R. Board E l i g i b l e paper 141,078 231,987 64,270 101,046 53,989 107,018 134,899 49,185 24,923 34,435 39,061 90,838 1,072,785 222,407 561,983 196,962 281,563 118,009 194,211 249,582 65,014 81,107 89,908 57,992 281,485 2,400,223 Total c o l l a t e r a l B i l l s discounted B i l l s bought i n open market 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 Municipal w a r r a n t s . DISTRIBUTION OF BILLS, MUNICIPAL WARRANTS AND U. S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES From 91 days Over fe months Total Within 15 days l b t o 30 days 31 to bO days 61 t o 90 days t o 6 months 386 764,123 10,356 613,605 40,829 ' 61,162 37,755 369,951 11,735 111,320 86,234 93,019 67,643 16,497 103,631 86,230 904 55 55 ~
@FedFRASER