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STATEMENT FOR THE PRESS S t . 445S F e d e r a l R e s e r v e Board-, March 12, 1925* "Released f o r p u b l i c a t i o n F r i d a y morning, Mar. 13J 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 t h e 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 March 11, 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 B o a rd , shows i n c r e a s e s of $ 9 , 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 and of $ 5 , 6 0 0 , 0 0 0 i n Government s e c u r i t i e s , t o g e t h e r with, a r e d u c t i o n of $ 2 , 3 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 , w i t h t h e r e s u l t t h a t t o t a l e a r n i n g a s s e t s went up $ 1 2 , 9 0 0 , 0 0 0 . 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 e d $3, 3 0 0 , 0 0 0 , c a s h r e s e r v e s - $ 1 4 , 7 0 0 , 0 0 0 , and t o t a l deposits - $17,800,000. $ An I n c r e a s e of $ 1 1 , 9 0 0 , 0 0 0 in d i s c o u n t h o l d i n g s i s shown f o r t h e New York r e s e r v e bank and of $U,800,000 f o r C l e v e l a n d , w h i l e t h e u h i c a g o bank r e p o r t s a d e c l i n e i t i t s d i s c o u n t h o l d i n g s of $ 4 , 9 0 0 , 0 0 0 , and A t l a n t a - a d e c l i n e of $ 3 , 5 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 t o t a l i n c r e a s e of $ 4 , 1 0 0 , 0 0 0 , and f i v e -* a t o t a l r e d u c t i o n of $ 2 , 9 0 0 , 0 0 0 . The F e d e r a l r e s e r v e bank of New York r e p o r t s a n i n c r e a s e of $ 7 , 7 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 , w h i l e C h i c a g o and San F r a n c i s c o show d e c r e a s e s of $ 5 , 7 0 0 , 0 0 0 and $5> 500,000, r e s p e c t i v e l y . The S y s t e m ' s h o l d i n g s of U. So T r e a s u r y n o t e s went up $ 5 , 6 0 0 , 0 0 0 and of U. S. b o n d s $6p0,000, w h i l e 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 ind.ebtedness d e c l i n e d $ 6 0 0 , 0 0 0 . -> ' * 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 d u r i n g t h e week c o m p r i s e i n c r e a s e s of $ 6 , 6 0 0 , 0 0 0 and $ 2 , 2 0 0 , 0 0 0 , r e s p e c t i v e l y , r e p o r t e d by t h e C l e v e l a n d and P h i l a d e l p h i a b a n k s , and a d e c l i n e of $ 1 , 9 0 0 , 0 0 0 r e p o r t e d by Chicago. , A summary cf 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 o week and t h e y e a r e n d i n g March 11, 1925, f o l l o w s : Increase or decrease Year Week 4- $ 1 4 , 7 0 0 , 0 0 0 Total reserves . . Gold r e s e r v e s + 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 B i l l s bought i n open market . . . 13,900,000 175,600,000 73,000,000 32,100,000 + 2,300,000 + 58,700,000 + 176,000,000 59,700,000 128,000,000 11,700,000 - - Federal Reserve n o t e s i n c i r c u l a t i o n + 3,300,000 Total deposits 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 . . . Other d e p o s i t s + 17,800,000 35,300,000 13,100,000 — 12,900,000 9,500,000 49,200,000 300,000 -f + 5,600,000 600,000 5,600,000 600,000 U. S. Government s e c u r i t i e s , t o t a l B end 8 « « . . * « 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 . . c. during + •f + + - 4,400,000 - + - + + - 279,900,000 + - + 236,700,000 256,600,000 27,900,000 8,000,000 R e l e a s e d f c 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 , March 1 ? , 1925' PE30U;"CES AITD LTABTL]rfl IES OF TRE TYTHL7E FEDERAL RESERVE BAITFTS CCZffilNED S t . 4458a ( i n t h o u s a n d s of d o l l a r s ) Mar. 11, 1925 Mar. 4 , 1925 Ifor. 1 2 , 1921 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 . P . n o t e s Gold s e t t l e m e n t fund w i t h F . E. Board . Gold and g o l d c e r t i f i c a t e s h e l d by b a n k s T o t a l geld r e s e r v e s Reserves o t h e r than geld Total r e s e r v e s 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 discounted 1,612,227 57,195 1,669,422 1,597,655 51,397 2,046,696 1,549,052 2,095,797 625,399 579,921 653,315 553,523 657,175 377,110 2,874,742 2,560,690 3,130,052 135,969 135,095 105,75% 3,010,711 2,995,985 3,235,840 55,567 50,282 246, . , 237,403 1 6 3 , ^ ^ 7 .163,463 214,557 268,842 56,150 „ 49,101 Total b i l l s discounted 410,422 4oc,866 483,399 B i l l s b o u g h t i n open m a r k e t U. S. Government s e c u r i t i e s : 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 301,354 303,641 242,6l6 . . . 77,941 223,360 27,031 77,365 277,744 27,626 18,282 155,311 35,776 T o t a l U. S, Government s e c u r i t i e s 388,332 382,735 212,369 10,500 3,452 10,500 3,452 100 1,114,060 1,101,194 938,484 F o r e i g n l o a n s on g e l d . . . . . . . . All other earning assets Total earning a s s e t s 5 $ Redemption fund - F . E . B a n k n o t e s . Uncollected items Bank p r e m i s e s All o t h e r r e s o u r c e s ' TOTAT. RESOURCES . . . . - - — 627,674 58,751 24,517 659,205 58,363 24,332 28 638,715 55,254 23,282 4,592,363 4 , 8 9 5,296 4,941,885 1,730,684 1,727,383 2,010,595 L I A B I L I T I E S F. P. 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 Depcs i t s : Member b a n k - r e s e r v e a c c o u n t . . . Government Deferred a v a i l a b i l i t y items C a p i t a l paid i n . . . . All other l i a b i l i t i e s TOTAL LIABILITIES . . . - 394 2,201,277 26,332 27,929 2,165,995 39,465 32,279 1,944,699 2,255', 538 2,237,739 2,018,550 562,750 114,254 217,237 11,300 587,762 113,738 217,837 566,026 110,836 220,915 4,892,363 4,595,296 4,941,855 10,£37 54,222 19,929 l4,269 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 . . 75.5# 75.6/o 80.3 $ 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 for foreign correspondents 48,715 47,751 9,785 C. Released ut f o r p u b l i c a t ion F r i d a y m o r n i n g , March 1 3 , 1 9 2 5 ; n o t e a r l i e r . __ RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS, MARCH 1 1 , 1925- * R E S O U R C E S ( i n t h o u s a n d s of d o l l a r s ) tz F e d e r a l R e s e r v e Bank of —g-ylnot6fUSiVeiy ^,.1 ^ Sgaln3t golfl r e s e r v e s Besets e t h e r t h a n goia Total reserves Boston % Phila. Cleve. Rich. A t l a n t a Chicago S t . L o u i s Minn. K a n s . C y . D a l l a s San F r a n . %% *•« *S 1:: % 355,412 15?,7U 174,215 62,400 142,169 163,336 54,428 67,847 61,690 41,726 212,201 1,669,422 246,106 856,794 214,753 15,680 5,079 S S:g S:: 30,771 6.204 £62,022 8,674 Iff. *& 1:£ 1:: 3:85 102,834 165,984 350,693 4,982 11,824 19,485 92,860 17,998 8 8 7 , 5 6 5 220,957 2 7 0 , 6 9 6 1 0 7 , 8 1 6 1 7 7 , 8 0 8 3 8 0 , 1 8 3 1 1 0 , 8 5 8 16,463 1,759 2,9 6 2,882 ; 5,409 8,604 97,727 113,373 1,678 3,689 99,405 117,062 3,720 990 2,168 76,621 9,229 B i l l s b o u g h t i n open m a r k e t T o t a l u. s . Govt, s e c u r i t i e s eeET 0. TOTAL BESOUBCKS 1 5,755 135,969 2,332 3,775 56,150 & as 26,655 189,279 31,592 50,617 30,421 14,569 26,860 7,163 3,899 4,128 2,$98 23,011 410,422 41,335 75,009 23,273 30;,6C>4 10,115 10,950 34,095 13,675 7,639 13,677 11,135 29,844 301,354 < s 23,707 117,366 26,784 3,055 l.Og £[ 2,950 F0reign~l0ans~0n~50ld All other earning assets 284,970 2,874,742 85,850 2)0,725 3,010,711 *%£ 5:8 Sff &sfeg i::: :::: Total b i l l s discounted Total 176,287 261,786 TTcn-rosarve c a s h New York ~ * !: 42,865 3,321 3,520 59,355 9,832 18,673 24,723 IS,737 1,208 609 462 1,564 525 X* 462 399 s g«i;j ® ^ ^ 37,409 W 388,332 £ S » ——•— ~~ I L L ' l i i l i l l l l ' i i 4 i s , 6 l 0 1 , 4 5 7 , 4 0 7 368,280 458,635 210,808 249,777 599,850 182,243 1 5 0 , 3 2 6 209,133 154,343 4 3 2 , 9 5 1 4 , 8 9 2 , 3 4 3 S t . 4458c R e l e a s e d f o r p u b l i c a t i o n F r i d a y morning., March 1 3 , 1925; n o t e a r l i e r . RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF EJSINESS, MARCH 11, 1 9 2 5 . L I A B I L I T I E S ( I n t h o u s a n d s of d o l l a r s ) Rich. A t l a n t a Chicago St.Louis 75,857 142,318 173,536 51,191 Minn. R a n s . C y . D a l l a s San F r a n . T o t a l 6 7 , 0 1 1 6 6 , 8 0 4 45,063 1 9 6 , 5 7 5 1,730,684 65,856 78,912 57,918 1,258 427 1,682 934 82,204 59,389 90,866 66,389 171,972 2,255,53$ F e d e r a l R e s e r v e Bank of 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 Boston 199,442 New York P h i l a . Clave. 359,401.159,312 194,174 Deposits: Member bank - r e s e r v e a c c o u n t G-c -/srnment Other d e p o s i t s 137,334 2,481 135 871,062 125,495 178,278 1,101 182 139,950 891,286 127,310 181,501 66,593 69,154 308,924 114,020 Total deposits D e f e r r e d a v a i l a b i l i t y items C a p i t a l paid in Surplus 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 cent 54,332 8,078 16,382 426 5,907 14,317 1,501 314 2,122 555 66,071 305,050 2,940 ]>3 2,653 1,216 2,034 1,044 88,250 65,027 162,024 2,201,277 1,182 2,226 26,332 180 7,722 27,929 31,125 11,097 50,178 46,572 50,104 24,133 69,858 33,281 12.222 37,734 30,451 39,865 58,749 20,059 22,462 11,701 8,950 30,426 9,971 482 7, 497 946 8,977 436 7,592 725 15,071 1,335 2,826 324 12,959 967 5,964 589 4,593 629 15,491 1,615 5,114 3,261 4,316 4,123 8,133 562,750 u4,254 217,837 11,300 4 1 8 , 6 1 0 1 , 4 5 7 , 4 0 J 368,280 453,635 210,608 249,777 595,350 152,243 1 5 0 , 3 2 6 2 0 9 , 1 3 3 1 5 4 , 3 4 3 432,951 4 , 8 9 2 , 3 6 3 77.1 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 for f o r e i g n correspondents 71.0 14,059 77.1 4,888 72.1 5,621 75.7 2,835 84.1 2,151 78.8 7,283 83.1 2,444 78.6 l,7H 74.2 2,151 77.0 1,857 78-9 3,715 75-5 48,715 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 b a n k s 222,572 23,130 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION 487,806 184,998 212,369 91,019 161,070 186,282 58,609 69,734 73,809 2,773 7,005 7,418 1 2 8 , 4 0 5 25,686 1 8 , 1 9 5 1 5 , 1 6 2 1 8 , 7 5 2 1 2 , 7 4 6 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 199,442 359,401 159,312 194,174 B i l l s discounted B i l l s b o u g h t i n open m a r k e t 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 DISTRIBUTION OF BILLS, MUNICIPAL WARRANTS AND U. S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES From 9 1 d a y s Over 6 months Total W i t h i n 15 days 16 t o 30 d a y s 3 1 t o 60 d a y s 6 l t o 9 0 d a y s t o 6 months 410,422 18,127 8,287 2,664 21,849 32,734 26,761 301,354 53,727 7,379 36*953 57,712 95,578 27,031 8,159 16,649 2,223 2 2 75,857 142,318 173,536 51,191 67,011 66,804 50,740 241,450 2,040,508 3C9,824 5,677 44,875 45,063 196,575 1,730,684 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 m o r n i n g , March 1 3 , 1 9 2 5 ; n o t e a r l i e r . S t . 44586 FEDERAL RESERVE AGENTS1 ACCOUNTS AT CLOSE OF BUSINESS, MARCH 1 1 , 1925. ( 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 Agent a t Boston New York Phila. Clave. Rich* A t l a n t a Chicago S t . L o u i s Minn. K a n s . C y . D a l l a s San F r a n . Total 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 Reserve notes o u t s t a n d i n g Collateral security for Federal Reserve notes o u t s t a n d i n g : Gold and g o l d c e r t i f i c a t e s Gold r e d e m p t i o n f u n d Gold fund - F. R. Board Eligible paper Amount r e q u i r e d E x c e s s amount h e l d TOTAL 990,466 45,300 2 4 , 1 0 5 6 2 , 9 9 8 2 6 1 , 5 3 7 25,660 18,096 2 8 , 4 7 3 2 1 , 7 0 7 6 4 , 1 0 0 212,369 9 1 , 0 1 9 1 6 1 , 0 7 0 186,282 58,609 69,784 73,809 5 0 , 7 4 0 2 4 1 , 4 5 0 2 , 0 4 0 , 5 0 8 59,750 222,572 3 2 5 , 9 4 0 52,800 487,806 184,998 30,300 13,335 126,000 186,698 6 ; 000 8,780 29,201 11,181 11,276 126,000 1 2 2 , 3 8 9 150,000 52,937 15,086 145,907 97,803 45,428 3,020 42,313 37,279 3,210 5,000 6;808 4,987 57,795 138,000 160,645 30,0l4 9,357 21,202 2 0 , 6 5 0 3,801 40,063 12,075 1 3 , 0 5 2 2,824 1,566 4,505 35,000 52,500 54,360 8,710 2,666 5,492 14,944 2,713 11,222 16,011 3,423 20,000 11,306 1,932 277,916 13,211 105,587 196,035 1,228,724 32,204 19,989 428,281 250,757 519,930 1 , 3 9 9 , 3 5 5 425,816 5 0 7 , 3 1 7 215,500 3 8 8 , 9 3 9 6 7 4 , 1 6 4 154,100 166,156 1 7 8 , 8 0 4 1 2 5 , 1 1 9 5 6 6 , 9 8 9 5 , 3 2 2 , 2 3 9 L I A B I L I T I E S N e t amount of F e d 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 282,322 t h e Currency 813,746 237,798 257,669 115,124 224,068 447,819 C o l l a t e r a l received from Federal reserve" bank: Gold Eligible paper 341,899 139,570 170,056 61,005 139,868 165,632 49,899 67,118 5 8 , 8 6 5 39.434 209,2U6 1,612,227 243,710 11,158 TOTAL 169,635 68,023 48,448 79,592 39,371 25,003 60,713 84,269 19,932 87,380 102,282 17,657 72,44? 305,550 3,030,974 13,238 52,193 679,038 519,980 1 , 3 9 9 , 3 5 5 425,816 5 0 7 , 3 1 7 215,500 3 8 8 , 9 3 9 674,164 1 5 4 , 1 0 0 166,156 1 7 8 , 6 0 4 1 2 5 , 1 1 9 5 6 6 , 9 8 9 5 , 3 2 2 , 2 3 9
@FedFRASER