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STATEMENT .FOR THE PRESS Released f o r p u b l i c a t i o n F r i d a y morning, Feb. 20; not e a r l i e r . S t . 443? F e d e r a l R e s e r v e Board., F e b r u a r y 19, 1925* 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 t h e F e d e r a l r e s e r v e banks on Februa r y I S , made p u b l i c by t h e F e d e r a l R e s e r v e Board., shows a n i n c r e a s e of $ 1 0 , 7 0 0 , 0 0 0 in h o l d i n g s of d i s c o u n t e d b i l l s and d e c r e a s e s of $ 1 2 , 3 0 0 , 0 0 0 i n a c c e p t a n c e s p u r chased i n open mark a t and of $ 1 1 , 9 0 0 , 0 0 0 i n Government s e c u r i t i e s , i r e s u l t i n g i n a n e t d e c l i n e of $ 1 3 , 2 0 0 , 0 0 0 i n t o t a l e a r n i n g a s s e t s . 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 declined $14,800,000, while cash r e s e r v e s increased $4,200,000, non-reserve c a s h $ 2 , 1 0 0 , 0 0 0 , and t o t a l d e p o s i t s $ 1 4 , 7 0 0 , 0 0 0 . An i n c r e a s e of $ 1 1 , 5 0 0 , 0 0 0 i n h o l d i n g s of d i s c o u n t e d b i l l s i s r e p o r t e d by t h e F e d e r a l R e s e r v e Bank of C l e v e l a n d and. i n c r e a s e s of $ 5 , 1 0 0 , 0 0 0 and $ 5 , 0 0 0 , 0 0 0 , r e s p e c t i v e l y , a r e shown f o r Richmond and S t . L o u i s . The Chicago r e s e r v e bank r e p o r t s a d e c l i n e i n d i s c o u n t h o l d i n g s of $ 7 , 6 0 0 , 0 0 0 , and B o s t o n - a d e c l i n e of $ 3 , 2 0 0 , 0 0 0 . Of t h e r e m a i n i n g b a n k s , t h r e e show a combined i n c r e a s e of $ 2 , 3 0 0 , 0 0 0 , and f o u r a combined d e c l i n e of $ 2 , 4 0 0 , 0 0 0 . D e c r e a s e s of $ 1 1 , 8 0 0 , 0 0 0 and $ 6 , 2 0 0 , 0 0 0 i n h o l d i n g s of a c c e p t a n c e s p u r c h a s e d i n open m a r k e t a r e r e p o r t e d by t h e New York and. San F r a n c i s c o banks, r e s p e c t i v e l y , C l e v e l a n d shows a d e c l i n e of $ 3 , 1 0 0 , 0 0 0 and D a l l a s of $ 2 , 2 0 0 , 0 0 0 , w h i l e t h e R i c h mond bank r e p o r t s an i n c r e a s e of $ 2 , 7 0 0 , 0 0 0 and Chicago - an i n c r e a s e of $ 2 , 6 0 0 , 0 0 0 . The S y s t e m ' s h o l d i n g s of T r e a s u r y 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 went down $ 1 0 , 4 0 0 , 0 0 0 and of T r e a s u r y n o t e s - $ 1 , 5 0 0 , 0 0 0 , a l l r e s e r v e banks r e p o r t i n g r e d u c t i o n s i n Government s e c u r i t y h o l d i n g s f o r t h e week. The p r i n c i p a l c h a n g e s i n 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 f o r t h e week comp r i s e a d e c r e a s e of $ 7 , 4 0 0 , 0 0 0 r e p o r t e d by t h e C l e v e l a n d bank and. $ 5 , 7 0 0 , 0 0 0 by Philadelphia. Six o t h e r banks show a combined d e c r e a s e of $ 4 , 7 0 0 , 0 0 0 , and t h e f o u r r e m a i n i n g banks - a t o t a l i n c r e a s e of *3,000,COO. A sxarnmary of c h a n g e s 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 d u r i n g t h e weak and t h e y e a r e n d i n g e n d i n g F e b r u a r y 18, 1925, f o l l o w s : I n c r e a s e or d e c r e a s e d u r i n g Year Week Total reserves . Gold r e s e r v e s + $4,200,000 + 8,900,000 Total earning a s s e t s B i l l s discounted, total Secured by U.S. G o v ' t , o b l i g a t i o n s Other b i l l s discounted + + + — $192,200,000 220,200,000 155,100,000 13,200,000 10,700,000 6,000,000 4,700,000 + B i l l s bought i n open market - 12,900,000 + 58,300,000 U. S. Government s e c u r i t i e s , t o t a l Bonds . . . . . . . . . . . . . Treasury notes . . . 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 . . - 11,900,000 - 10,400,000 + + + + 236,500,000 56,700,000 177,500,000 2,300,000 Federal Reserve n o t e s i n c i r c u l a t i o n . - 14,800,000 - 324,900,000 Total d e p o s i t s Members' r e s e r v e d e p o s i t s . . . . . Government d e p o s i t s . . . . . . . . O t h e r dopes i t s + 14 700,000 - 1,500,000 + 16,100,000 - 153,700,000 36,600,000 117,100,000 + + 1,400,000 + 305,600,000 299,400,000 13,300,000 19,500,000 Releaser* f o r p u b l i c a t i o n F r i d a y morning, February 20, 1925* S t . 4437a PjE£'DRCr:S ART) L T / m i T I Z S • OF TBS TWELVE FEDERAL RESERVE 3AEIS COMBINES ( i n thousands of d o l l a r s ) Feb. 18, 1925 Feb. 11, 1925 Feb. 20,1924 R E S O U R C E S Gold w i t h F e d e r a l r e s e r v e a g e n t s . . . . Gold r e d e m p t i o n fund w i t h U . S . T r e a s u r y . 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 Geld s e t t l e m e n t fund w i t h F. R. Board Geld and gold c e r t i f i c a t e s h e l d by banks Men-reserve cash Bills discounted: L'ec. 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 discounted B i l l s bought i n open market U. S, Government s e c u r i t i e s : Treasury notes 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 o t a l U. S. Government s e c u r i t i e s All other earning a s s e t s . . . . . . . Total earning assets 1,701,939 50,139 1,712,410 48,298 2,116,662 45,101 1,752,078 1,760,708 2,161,763 578,550 574,647 559,039 576,593 589,785 373,949 2,905,275 2,896,340 3,125,497 139,929 144,693 111,917 3,045,204 3,C4I,033 3,237,414 60,160 58,045 50,502 196,460 146,011 190,515 i4i,29i 233,045 263,081 342,471 331,806 496,126 311,747 324,647 253,476 74,945 273,082 30,178 74,965 274,539 40,592 18,260 378,205 10,500 3,458 390,096 141,729 1,046,381 1,059,608 891,331 682,314 58,323 24,500 559,040 53,057 24,399 28 627,100 55,153 20,907 4,916,882 4,230,182 4,882,435 1,698,890 1,713,662 2,023,733 2,190,651 26,129 2,174,546 27,601 40,341 40,308 1,891,258 39,467 20,826 2,257,121 2,242,455 1,951,551 619,074 113,466 217,337 10,494 t533,398 112,328 217,837 561,666 110,862 220,915 4,916,832 4,830,182 4,882,435 5/s Redemption fund - F. R. Bank n o t e s . TOTAL RESOURCES 10,500 95,599 27,870 - 2,559 L I A B I L I T I E S 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 . . . F. P. Bank n o t e s i n c i r c u l a t i o n - n e t . Deposits: Member bank - r e s e r v e account . . . . Total deposits TOTAL LIABILITIES . . . . . . 10,502 4io 13,248 R a t i o of t o t a l r e s e r v e s t c d e p o s i t and. F. R. n o t e l i a b i l i t i e s combined . . . 77.0# 76.9# 81.4# C o n t i n g e n t l i a b i l i t y on b i l l s p u r c h a s e d f o r f o r e i g n correspondents. 44,581. 43,210 15,818 E e l eased f o r p u b l i c a t i o n F r i d a y m o r n i n g r F e b r u a r y 2Q». 19 25 J n o t e a r l i e r . RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS, FEBRUARY 18, 1925- S t . 4437 R E S|0 U R G E S ( i n t h o u s a n d s of d o l l a r s ) F e d e r a l Reserve Bank of Boston New York P h i l a . 01eve. Gold w i t h F e d e r a l Reserve Agents 150,683 442,060 149,709 170,076 Gold r e d e m p t i o n fund w i t h U . S . T r e a s . 12,750 6,342 5,537 2,960 Gold h e l d e x c l u s i v e l y a g a i n s t F. e . n o t e s Gold s e t t l e m e n t fund w i t h F.R.Board Gold and gold c e r t i f . held banks 163,433 57,477 24,463 T o t a l gold r e s e r v e s 245,373 R e s e r v e s o t h e r t h a n gold 14,970 Total reserves Ncn-reserve cash B i l l s discounted: Secured by UVS.Gcvt. 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 260,343 3,969 Rich. A t l a n t a Chicago S t . L o u i s 7 4 , 7 4 5 145,144 165,695 51,238 2,107 1,617 4,892 3,985 Minn. Kans.Cy. D a l l a s San F r a n . T o t a l 67,359 58, 961 32,797 193,472 1 , 7 0 1 , 9 3 9 1,136 3,833 2,390 2,590 50,139 448,402 155,246 173,036 76,852 1 4 6 , 7 6 1 170,587 55,223 68,495 62,794 , , 35,187 196,062 1 , 7 5 2 , 0 7 8 137,428 307,725 13,634 22,990 l6,309 93,327 8,709 102,702 21,998 9,459 23,62b 6,501 46,270 3,957 29,989 8,808 893,555 226,020 249,983 113,476 171,779 366,616 86,680 9 8 , 6 2 2 113,021 28,202 4?,693 23,081 7,478 51,181 25,766 9,755 5,981 13,180 20,438 19,146 3,724 3,892 2,124 5,278 12,416 8,781 9,807 623 19,211 8,ll4 14,583 2,155 24,852 519 374 8 474 500 41,078 34,400 3,615 319 25,609 14,286 3,034 3,154 43,520 18,687 8,833 30,916 13,287 7,905 19,701 505 11,183 8,548 14,687 3,798 8,524 Total b i l l s discounted 17,724 148,346 44,203 27,606 11,688 23,635 12,322 B i l l s bought i n cpen market U. S. Government s e c u r i t i e s : Bends Treasury notes 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 49,369 64,n4 27,520 19,386 34,206 4,602 5,514 39,235 18,252 2,662 17,267 4,103 12,461 91,089 5,64s 1,415 23,577 465 1,407 1,910 1,563 1,155 685 19,649 36,153 2,128 8,296 24,032 109,198 25,457 10,949 26,530 6,863 44,342 3,426 3,403 57,930 9,985 3,055 1,032 2,950 1,220 603 462 1,564 7 6 , 3 4 5 123,971 36,237 55,822 2,446 491 21,067 122,364 33,391 84,453 2,780 8,099 2,088 2,170 Total earning assets U n c o l l e c t e d items Bank p r e m i s e s All other resources TOTAL RESOURCES e C. - 91,125 65,598 4,190 230 324,713 152,482 16,304 8,108 66,660 64,781 1,114 336 7,573 428 109 168 1,248 4,030 104,388 43,958 F o r e i g n l o a n s on gold All other earning assets 3,825 921,757 233,498 259,738 119,457 184,959 387,054 105,826 100,336 116,846 19,073 2,146 4,364 3,074 4,818 8,986 4,188 786 2,236 11,120 6,604 T o t a l U. S. Govt, s e c u r i t i e s 1,714 1,175 514 40,226 4,067 721 39,618 30,486 578,550 574,b4? 7 3 , 9 8 4 266,166 2 , 9 0 5 , 2 7 5 9,435 5,805 139,929 83,419 271,971 3 , 0 4 5 , 2 0 4 2,572 3,948 60,l60 306 8,471 9,276 196,460 146,011 2,510 342,471 18,822 17,747 43,707 3,654 13,000 806 3,115 29,715 6,079 17,460 33,909 74,945 273,082 30,178 378,205 399 798 2,204 311,747 10,500 3,453 39,191 101,161 1,046,381 30,903 39,312 682 314 1,833 1,827 3,268 4,628 58,323 24,500 425,455 1 , 4 4 2 , 4 3 7 380,099 460,855 217,527 249,103 613,126 189,426 147,205 207,616 159,745 424,288 4 , 9 1 6 , 8 8 2 s t . 44370 R e l e a s e d f o r p u b l i c a t i o n F r i d a y morning, F e b r u a r y 2D, 1925; n o t e a r l i e r . RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS, FEBRUARY. 18,. 1 9 2 5 L I A B I L I T I E S ( i n t h o u s a n d s of d o l l a r s ) F e d e r a l R e s e r v e Bank of Boston New York Phi l a . CI eve. Rich. A t l a n t a Chicago S t . L o u i s 67,921 66,289 45,899 194,169 1,698,890 193,690 346,315 156,101 180,856 Deposits: r e s e r v e account Member bank Government Other d e p o s i t s 142,674 2,164 843,450 129,771 182,760 68,755 66,897 308,201 81,539 53,952 88,803 65,666 158,183 2,190,651 26,129 5,945 1,829 880 1,399 2,574 1,632 1,849 998 1,783 2,094 2,982 40,341 4,914 153 29,818 531 1,118 165 180 1,123 1,089 345 b95 Total deposits Deferred a v a i l a b i l i t y items C a p i t a l paid in Surplus All other l i a b i l i t i e s TOTAL LIABILITIES 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 l i a b i l i t i e s combined, p e r c e n t 145,048 61,974 8,008 16,382 879,213 125,278 30,531 58,749 353 2,351 425,455 1,442,437 75.2 76.9 C o n t i n g e n t 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 12,860 132,131 60,469 11,068 20,059 271 380,099 53,174 Total 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 210 75,403 140,458 178,615 Minn. Kans.Cy. D a l l a s San F r a n . 184,758 70,319 69,651 310,956 84,477 55,295 91:231 67,913 166,079 2,257,121 58,966 53,572 24,851 76,128 36,224 12,309 36,301 33,481 39,521 619,074 12,951 5,915 4,595 15,464 5,102 3,270 4,332 4,130 8; 100 113,466 22,462 11,701 8,950 30,426 9,971 7,497 8,977 7,592 15,071 217,837 10,494 730 1,348 436 913 862 617 598 1,537 478 460,855 217,527 249,103 613,126 189,426 147,205 207,616 159,745 424,288 4,916,882 81.0 4,474 71.0 5,145 82.0 2,595 88.0 1,969 79*1 76.9 6,666 2,237 81.4 1,566 74.2 1,969 75.5 73.3 1,700 3,400 77.0 44,581 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION F . R. n o t e s o u t s t a n d i n g F . R. n o t e s h e l d by banks 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 210,820 17,130 193,690 504,332 190,137 204,628 92,219 159,987 191,501 60,347 70,420 73,755 52,809 246,776 2,057,731 158,017 34,036 23,772 16,816 19,529 12,886 7,173 2,499 7,466 6,910 52,607 358,841 346,315 156,101 180,856 75,403 140,458 178,6l5 53,174 67,921 66,289 45,899 194,l69 1,698,890 DISTRIBUTION OF BILLS, MUNICIPAL WARRANTS AND U. S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES From 91 <3ays Over 6 months Total 6 l t o 90 days 31 t o 60 days W i t h i n 15 d a y s l 6 t o 30 days t o 6 months 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 warrants 264,345 107,286 14 8 20,229 71,762 491 27,716 75,660 20,213 52,551 8,137 4,488 3,022 1,831 26,651 342,471 311,74-7 30,178 S S t . 443?d R e l e a s e d f o r p u b l i c a t i o n F r i d a y morning, F e b r u a r y _C, 1925; n o t e a r l i e r . FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS, FEBRUARY I S , 1925. ( i n t h o u s a n d s of d o - l i a r s ) F e d e r a l R e s e r v e Agent a t R E S O U R C E S F e d e r a l R e s e r v e n o t e s on hand Federal Roserve n o t e s outstanding C o l l a t e r a l s e c u r i t y f o r Federal Reserve n o t e s o u t s t a n d i n g : Geld and g o l d c e r t i f i c a t e s Gold red empti on fund Gold fund - F. R. Board E l i g i b 1-3 p a p e r Amount reqrui red E x c e s s amount" h e l t " TOTAL Boston New York Phila. CI eve. Rich. A t l a n t a Chicago S t . L o u i s 57,150 325,940 51,800 5 7 , 5 6 0 5 0 4 , 3 3 2 190,131 2 0 4 , 6 2 8 25,445 61,936 259,137 92,219 159,987 191,501 35,300 13; 3 S3. 186,698 6,000 8,730 29,362 11,320 11,296 226,000 132,339 150,000 3,950 4,l44 5,051 7 0 , 7 9 5 136,000 1 6 0 , 6 4 4 60,137 6 , 9)5S 5- 62.272 130,076 17,474 14,170 210,820 102,000 40.428 1,915 34,552 42,231 5,000 1 4 , 8 4 3 25,806 1,9&U 36,812 Minn. Kans.Cy. D a l l a s San F r a n . 25,660 60,347 16,741 70,420 29,423 73,755 11,675 3,563 13,052 36,000 1,207 52,500 4,601 54,360 9,109 21,125 3,061 2,525 14,794 2,767 - Total 2 0 , 2 2 2 64,700 995,714 52,809 246,776 2 , 0 5 7 , 7 3 1 16,011 - 20,012 1,270 53,304 7,640 282,516 3,286 14,078 105,841 13,500 179,394 1,313,582 3 55,792 269,4^1 „ 4 8 5 , 7 4 6 1 , 4 6 4 , 6 8 0 433,989 5 0 9 , 0 4 7 224,053 383,8^4 6 7 8 , 9 5 1 167,479 160,106 179,-700 1 2 7 , 1 1 0 5 6 5 , 8 9 2 5 , 3 8 0 , 5 y L I A B I L I T I E S Net amount cf Fod e r a l R e s e r v e n o t e s r e c e i v e d f r o m C o m p t r o l l e r of 267,970 the Currency C o l l a t e r a l received from F e d e r a l r e s e r v e bank" Gold. Eligible paper TOTAL 830,272 241,937 262,188 117,664 221,923 450,638 86,007 87,161 103,17s 73,031 311,476 3,053,445 m 150,683 67,093 %%% « % a 5:g 4 8 5 , 7 4 6 1 , 4 6 4 , 6 5 0 433,989 5 0 9 , 0 4 7 2 2 4 , 0 5 3 3 8 3 , 8 ) 4 6 7 2 , 9 5 1 167,479 1 6 0 , 1 0 6 1 7 9 , 7 0 0 1 2 7 , 1 1 0 565,89 2 5 , 3 S 0 . 5 | 7 t 1
@FedFRASER