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STATEMENT .FOR THE PRESS St. 4159 Fed<Jral Reserve Board, July 24, 1924. Released for publication Frid.a;y morning, July 25; not earlier. CONDITION OF .FEDERAL RESERVE B.AJ."\JKS The consolidated statement of condition of the Federal reserve banks on July 23. made public by the Federal Reserve Board, shows a further reduction of $9, 700,000 in aggregate holdings of earning assets. Holdings of discou.nted. paper declined. by $14,400,000 and of acceptances purchasred in open market by $5,900,000, Vlhile Government security hold.ings increased ey $10,600,000. Federal reserve note circulation decreased by $}0, 100,000 and cash reserves increased. by $7,100,000. A .decrease of $8,900,000 in hold.ings of discounted bills is reported by the Fed.eral Reserve Bank of New York and of $2,800,000 by Philadelphia. The remaining banks show relatively small changes in their holdings of discounted bills. Paper secured ey u. s. Government obligaticns decreased by $12, o;:;o,ooo to $85,300,000. Of the latter amount, $71,400,000 was secured by Liberty and other u. S. bonds, $13,100,000 by Treasury notes, and $800,000 by certificates of indebtedness. Holdings of acceptances purchased in open market show a furtl1er redu.cti en of $5,900,000, all banks reporting decreases in tnis item except Atlanta which snows a small increase. The New York reserve bank shows an increase of $10,6oo,OOO in its holtHngs of Government securities, w:1ile the remaining banks report little or no change in this item. Of the total increase in Government security holcl.ings, $8,700,000 was in Treasury notes and $2,400,000 in certificates of indebtedness. Holdings of U. S. Government bonds declined by $500,000. All Federal reserve banks show a smaller voluine of Federal reserve notes in circulation, the principal decreases being as follows; Philadelphia $6,900,000, New York $5,500,000, Cleveland $3,800,000, Chieago $3,600,000, and Bost~ $3,300,000. Gold reserves increasetl by $7,000, :oo during the week and Reserves other t ~1an gold by $100,000, while Non-reserve cas:1 cleclined by $1,900,000. A summa:ry of changes in the principal assets and liabilities of the reserve· banks during the week and the year ending July 23, 1924, follows: Increase or decrease during Week Total reserves • Gold. reserves ... + + Total earning assets .· Bills discounted, total . • . . . . . • . Secured by U. S. Government obligations Other bills discounted , • . . • . Bills bought in open market U, Government securities, total • , •• BaldS . . . " . . . . " . . . . . . . . Treasury note13 • • . • . . . . . . Certificates of indebtedness • . c. 7,100,000 7 ,ooo, 000 + $ 73,500,000 54,ooo,ooo + -- - 232,900,000 469,700, oco 379,100, ceo 190,600,000 5,900,000 145 ' 300' 000 + 10, 6oo,ooo 500,000 + 3, 700,000 + 2,400,000 + 38'0,900,000 4,800, coo ~ ---, + C::''93 1 600 1 ~._,·vv + 92,100,000 Federal Reserve notes in circulation Total deposits • . • • • • • • Members 1 reserve d.eposits Government deposits Other derosits . . . . . . . iP 9, 700,000 14,4co,ooo 12,000,000 2,400,000 .. s. ,. Year + + + 30,100,000 - 800,000 10,600,000 5,600,000 5,800, 000 + 248,300,000 + 235,400,COO + 5,300,0CO 7,600,000 + 412,200, QOO St. 4159a Released for publication Frid~ morning, July 25, 1924; not earlier.. RESOURCES AND LIABILITIES OF THE Tw.EL VE FEDERAL EESERVE B.&"'T{S COMBINED (In thousa.OOs of Giollars) JulY 23. 1924 July 16. 1924 JulY 25,1923 RES o·u R CE S 105,864 2,0SS,246 60,539 2,118,785 662,477 332,289 3,113,551 86,454 3,266,414 57,312 3,200,005 74,025 85,271 205,561. 290,332· 31,530 97,235 208.,006 364,.413 396,126 305,243 37,428 ' ]6o,539 20,303 353.531 103,377 417,211 1,250 800,823 20,752 610,495 56ci,613 58.371 27,661 655, C1)9 57.932 27,023 Gold with Fecleral reserve agents . . . ~ • Gold. redemptim fund with U.S, Treasury • 2,100,4-26 36,684 Gold held exclusiveLy against F.R.notes Gold settlement fund with F. R. Board • • Gold and gold certificates held by banks • 2.,137,110 Total golQ. reserves "· • • . . • . • . Reserves other than gold • • • .... . Total reserves • . Non-reserve cash • . • . • Bills discounted: Sec. by U.S. Government obligations Other bills cliscounted • • . • . . Total bills Q.isgounted • Bills bought in open market U. S. Government securities: . .. . . ·• ... Bmd.s • • • . . . • . . . • • • • • • • Tre·a.sury notes • • . • . . . , • • . Certificates of indebtedness . • • • Total U. S. Government securities All other earning assets .• . • . . • • Total earning assets . • , . . • • 5% Redemption fund - F~. R. Bank notes .. Uncollected items . • . . . . Bank premises . . • . . • . . . • All other res~rces . . • • • • • • . .. . .. 584~.488 445,929 3,167,527 106,015 3,273,542 55,456 2,111,173 37,657 2,146,830 574,339 437,381 3.16o,550 344.8~7 100,965 466,574 1,250 -- 176,864 25,12£ 59,886 11,268 96,264 10 1,033,697 193 578,566 53,JCB 12,967 4,, 776,466 4,874,275 4,952, 762 1,782,626 1,812, 712 2,194,871 2,074,636 1,839.2.62 Deferred availability items • • . . . • .. Capital paid in • • • . . . ~· ,. • • Btlrplus . . . ~ . . . . . . _. . ._. . . • All other liabilities • . . . • . . . • . 30,097 2,11.&-4-,851 504,6oo 1l1,4o9 220,915 12,065 2,085,203 34,514 24,288 2,144-,005 573.337 111,405 220,915 11.,901 TO!'AL LIABILITIES • • ,. . • . • • 4,776,466 4,£ 74,'275 TOTAL RESOORCES • , • • LIABILITIES F. R.nOtes in actual circulation • . • F. R. Bank notes in ciraulat icn ... net •• Deposits: Member bank - reserve account Goverrmtent .. • . . . . . .. . . . •. . • • Other deposits . . • • ~ • Total d.eposits . • • . • II'; .. 4o,ll8 1,6o8. J4~7S4 22,521 1,896,567 513, 767 109,629 216,3($ 17,951 -~ 4,952, 762 Ratio of total reserves to deposit and F. R. note liabilities combined . . . • 83.3~ i. 2. b% 78.2% Contingent liability on bills purchas~ for foreign correspQndents • . • . . • , 38,334 )8,35S 34,.944 c. rf St. 4159b- h· Jleleasad for publication Friday morning~ July 25, 1924; not earlier. RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AS AT CLOSE OF BUSINESS, JULY 23, 1924. RESOURCES (In thousands of dollars) Cleve. Rich. ~tlanta Chicago St.Lruis Minn. Kans. Cy. Dallas San Fran. Total Boston New York Phila. Federal Reserve Bank of 212,472 620,122 192,890 215,512 40,012 125,803 259.626 fo,380 56,300 55,764 25,130 236,415 2,100,426 Gold with Federal Reserve Agents 2,126 2,~54 2,181 1,512 2 1 440 4,047 1 1 66o 1 1 149 3,922 9,119 3,015 2,259 36!684 Gold redemption fund with U.S.Treas. · Gold held exc1us ive1z ~amst F. R. notes Gold settlement fund with F.R.Board Gold and gold. certif. held by banks Total gold reserves Reserves other than gold Total reserves Non-reseJ"Ve cash Bills discounted: Sec. b.1 U. S. Govt. obligations Other bills discounted Total bills discounted Bills bought in open market U. S. Government securities: Bonds Treasury notes Certificates of indebtedness Total All othe~ u.s. Govt. securities as~ Uncollected items :; · Bank premises All other resources TOTAL RESOURCES 624,044 202,009 218,060 4~971 127,929 262,641 62,561 57,812 58,204 26,790 237.564 2,137,110 164,718 28,977 78,&15 }2,822 6,903 113,276 Cj,855 5,841 37,738 5,d:J7 26,373 584,488 210,038 30,044 1£,627 10,141 6,598 63,449 8,645 9, 734 3,802 8,695 34,407 445,929 22>9,~6 .. 998,850 261,030 315,508 9,468 28.728 2,534 85,934 143,435 459,366 101,061 73,387 99,744 41,162 298,344 3,167,527 6,283 4,656 12,372 15,071 11,467 2,035 3.597 6,434 3.310 1o6.015 299,154 1,027,578 263,504 321,131 90,590 155,e07 474,437 112,528 16,054 1,458 3,277 2,562 4. ::so 8,816 4,721 4,431 75,%2 103,341 47,616 301,654 3,273,542 1,043 2,806 2,300 3,708 55,456 15,471 10,733 12,180 3,228 9.540 3,959 731 1,004 2,013 4,113 7,830 ·-g 17,820 18,321 - ..!..154 __ .. 33,251 ~.472 29,,28 14,_2e>; 14,015 15,236 4,939 4,371 17,360 14,459 9,310 2,961 31,819 23 .. 301 10,444 l,l.i-36 541 25,823 &.223 1,202 549 123,510 24,578 ,34,597 160,575 46,868 ·48,167 4,312 202,838 55,661 68,322 50, ~8 33.973 106,239 28,6o6 41,082 45,529 47.928 72,989 800,823 130,852 51,891 57,666 47,216 ''22,203 70,579 28,879 12,906 35.127 19,988 35,119 56o,613 15,932 1,110 9,129 2,528 2,854 4,595 1,912 2,&80 2, 739 8,264 2,116 58.371 254 293 1.cn5 9.~1 451 231 l!m 5. 503 _]••J59. 3.113 4, 231. ___...2.1,661 earning assets Total earning c. 216,519 53,468 19,699 86 2~.862 18,887 45,431 31,700 38,968 18,163 14,746 124 2,175 232 1,465 1,901 715 2,915 33,520 4:t241 10.825 1.191 3,030 904 141 4,426 518- 47,296 14<} 13,648 29,674 47,260 1,250 5,125 80S 85,271 205,561 16,240 19,833 22,434 l,l.J.52 5,802 2,823 '-90,832 31,5.30 12 7,389 703 . 1,234 8,527 14,532 21,215 16,328 34,654 1,19Z 3,100 4,131 13,066 5,919 20,303 353,531 65,370 10,319 25,621 27,837 22,293 47,732 103,311 477,211 1,250 403,038 1,4o2,657 313,936 460,4S3 193.921 220,917 666,792 176,990 138,875 192,757 123,517 420,581 4, 776,466 !klea.Se3 for publica:.ion Frid~ morning, July 25, 1924; not earlier~ RESOURCES AND LIABILITIES OF THE FEDERAL RESE:RVE BANKS AT CLOSE OF :SUSH:ESS, JULY 23, 1924. LIADILIT!ES (In thousands of dollars) .Federal Reserve Bank of r. R. notes in actu.al circulation Der•Osits: ;~ember ba.Ylk - reserve account Governnent Other deposits Total d.eposits Deferred availability items Capital paid in Surplus .Ul other liahilities TOTAL LIABILITIES Boston 194,586 135,053 1,997 171 137,221 46,656 7,972 16,390 213 40J,O}e New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.C:;. Dallas San Fran. Total 329,484 172,909 205,733 69,083 134,996 241,789 59,183 66,504 63,594 4o,048 204,717 1,732,626 849,842 122,698 16},262 59,470 53,420 308 J 468 69,493 44,404 74, 6(9 46,277147,615 2,074,636 ~ 079 7,767 946 3,o6o 2,556 1,285 10,021 2, 752 1,319 ), 3,0£4 lt 752 40,118 181 1,114 431 1,167 714 16!691 241 5,068 .194 3. 786 339 30,097 874,300 124.075 167,4£9 62,220 54,836 319,603 72,964 46,562 81,494 48,270 155,767 2,144,e51 107,621 46,359 50,021 44,166 16,050 60,473 29,216 13,625 33,139 21,725 35,549 504,600 29,980 10,229 12,655 5,344 4,583 15.167 5.053 3.377 4,391 4,137 8,021 111, 4C9 59.929 19,927 23,691 11,672 8,950 30,426 10,072 7,484 9,496 7,577 15,301 220,915 894 1,343 439 936 1,452 1,334 643 1, 7&:> 1,226 502 1.323 12,065 1,40e,657 373,938 460,433 193,921 220,917 66s,792 176,990 138,675 192,757 12},517 420,581 4, 776,466 Jtatio of total reserves to clepos it aD} . .F. R. note liabilities combined, per cent ' &6.2 ! IContingent liability on bills purchased for foreign correspondents 82.1 6£).0 71.2 53.7 53·9 33-3 I 11,162 3, 717 4,484 FEDERAL REBE:RVE 2,135 NO'f~S 1,686 5,110 l,S?S 1,3cJ 1,763 1,456 2,913 38,334 OUTSTANDING AND IN ACTUAL CIRCULATION P. R. notes outstanding F. R. notes held by bankS 215,559 20,973 6}1,039 213,038 233,154 79,l£1 148,238 259,256 i0,04o 69,921 301,555 40,129 27,421 10,093 13,242 17,467 10,857 3,417 .r. 194, 5f)6 329,434172,909 205,733 69,083 134,996 241,789 59,183 66,504 63,594 4C,O% 2o4,717 1,782,626 R. notes in actual circulation 70,36s 48,006 252,960 2,290, 76o 6,774 7,95e 48,243 5Qg,l}4 DISTRIBUTION OF DILLS AND U. S. CERTIFICATES OF INDEBTEDl'JESS 13Y MATURITIES Frcm 91 days 61 to 90 days 16 to 30 days 31 to 60 days Within 15 claJrs Over Bills discounted Bills bought in open market Certificates of indebtedness 127, 0;38 14,075 30,065 6,075 51,432 6,e9o 47,726 2,223 to 6 mont1:ls 33,463 -----~-~--- Total "'32 '>9~"' v,o ~ 261 98~' 164 2 5,213 c. 6 months ~ 31,530 103,377 Released for pliblicat iol"l Friday morni~, July 25, 1924; not earlier. !'EDE'ML RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS .. JULY 23, 1924. (In thousands of dollars) Jederal Res~rve Agent at Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Total k ~ ~· R E S 0 U R C E S P: Jf.' J'e:'eral Reserve notes on hand •i· Collateral !ederal Reserve notes outstanding security for Fac1eral Reserve notes ou.tstancling: r ' Gold and gold certificates Gold redenption fund Gold fund - F. R. Board Eligible paper: .Amount required Excess amount held TOTAL 26,100 2.1, 750 33.753 21,937 68,500 948,105 70,01+0 69,921 70,368 48,oo6 252,96o 2,290,76o 90,2.00 215,559 2.41,120 53,000 54,3?0 38, 15C 74,985 224,24o 631,039 213,038 233,154 79,181 148,238 259,256 35,300 19,172 158,000 2.,400 12,631 9,985 13,052 238,531 16,000 8, 7BO 336,679 30,591 11,501 11,732 3,717 6,403 5,982 115,993 3.395 1,248 4,404 2,999 14,849 351,000 165,389 195,000 36,295 117 ,oco 253,644 47,000 42,000 51,36o 9,500 221,566 1,647,754 3,087 9,184 10,9_17 20,148 17,b42 39,169 22,1+35 28,000 1,265 3,403 6,21+0 10,704 40,_686 9,660 13.621 14,6o4 22,876 16,545 8,618 1,636 2,898 2, 785 6,998 190, 704 123,017 5}0,502 1,531,138 480,341 524,081 202,752 382,165 783,808 174,798 163,228 1TI,387 120,734 581,418 5,653,012 LIABILITIES Net amount of .Federal Reserve notes received from C(.mptroller of·the Currency 305,759 872,159 266,038 287,S24 117,331 223,223 483,496 Collateral received :from Federal reserve bank: Gold E1igi b1e paper 620,122 192,890 215,512 40,012 125,803 259,626 60,J50 56,300 55,764 25,130 236,415 2,100,426 39 , 511 21,413 21, o45 45, 40J 33, 139 4_o:.z.,~6s:...;6:_...;18.;.;...L.;,2::.:'7i~S--=1;.,::5;!..,2=::5~7--=1;..!7..t..,50::::.;:..;;:2;_....,;25~,6,;;_6;;.,.;;;1:_2=.:=3~,~54.:.:3'---_.::3~1~3.!..,7!..:2.=1- TOTAL c. 212,472. 12, 211 530,502 1,531,798 480,341 524,081 202,752 382,165 783,806 96,140 91,b7l 104,121 69,943 321,460 3,238,865 174,798 163,228 177,387 120,734 581,418 5,653,012