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STATEMENT FOR THE PRESS S t . 4469 F e d e r a l R e s e r v e Board, March 19, 1925. Released f o r p u b l i c a t i o n Friday morning, Mar. 20; 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 o f c o n d i t i o n o f the F e d e r a l r e s e r v e banks on March 1 8 , 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 d e c r e a s e s o f $ 7 0 , 9 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 $ 2 4 , 6 0 0 , 0 0 0 in a c c e p t a n c e s purchased i n open market and a n i n c r e a s e of $ 3 9 * 9 0 0 , 0 0 0 i n h o l d i n g s of Government s e c u r i t i e s . T o t a l e a r n i n g a s s e t s went down $ 5 7 , 2 0 0 , 0 0 0 , t o t a l d e p o s i t s $ 4 4 , 5 0 0 , 0 0 0 , and 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 $ 1 0 , 3 0 0 , 0 0 0 , w h i l e c a s h r e s e r v e s show a nominal r e d u c t i o n of $ 1 0 0 , 0 0 0 f o r t h e week. The New York r e s e r v e bank r e p o r t s a d e c l i n e of $ 8 6 , 1 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 , w h i l e S t . Louis shows an i n c r e a s e of $ 7 , 2 0 0 , 0 0 0 , Richmond - an i n c r e a s e of $ 4 , 9 0 0 , 0 0 0 , and A t l a n t a - an i n c r e a s e o f $ 2 , 2 0 0 , 0 0 0 . Of t h e r e m a i n i n g banks, f i v e r e p o r t a t o t a l i n c r e a s e of $ 3 , 1 0 0 , 0 0 0 , and t h r e e - a r e d u c t i o n of $2,300,000 I n a d d i t i o n t o t h e 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 , t h e New York r e s e r v e bank shows a r e d u c t i o n of $ 2 2 , 4 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 market. The r e m a i n i n g b a n k s show r e l a t i v e l y s m a l l c h a n g e s i n a c c e p t a n c e h o l d i n g s f o r t h e week. The S y s t e m ' s h o l d i n g s of U. 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 went up $ 9 9 , 8 0 0 , 0 0 0 , h o l d i n g s a t t h e end of t h e week i n c l u d i n g $ 1 0 0 , 5 0 0 / 0 0 0 of s p e c i a l one-day c e r t i f i c a t e s i s s u e d by t h e Treasury t o t h e New York, P h i l a d e l p h i a and Chicago r e s e r v e banks p e n d i n g t h e c o l l a c t i o n of income t a x e s due on March 15* H o l d i n g s of U. S. Treasury n o t e s went down $ 6 1 , 2 0 0 , 0 0 0 , w h i l e t h o s e of U. S. bonds went up $ 1 , 3 0 0 , 0 0 0 . The p r i n c i p a l comprise d e c l i n e s P h i l a d e l p h i a , and shewn f o r t h e New 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 of $ 5 , 7 0 0 , 0 0 0 r e p o r t e d by t h e Cleveland bank, $ 2 , 7 0 0 , 0 0 0 b y $ 2 , 3 0 0 , 0 0 0 by Chicago, t o g e t h e r w i t h a n i n c r e a s e o f $ 3 , 2 0 0 , 0 0 0 York bank. A summary 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 week and t h e y e a r ending March 1 8 , 1925, f o l l o w s : Increase or decrease $100,000 900,000 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 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 , t o t a l . 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 . . . - 57,200,000 70,900,000 - Year Week Total reserves . Gold r e s e r v e s during - $222,600,000 - 258,000,000 + 134,700,000 65,000,000 5,900,000 + - 14,800,000 106,600,000 - 24,600,000 + 82,500,000 + 39,900,000 + 1,300,000 61,200,000 + 131,600,000 + 61,000,000 - - 91,800,000 + + 47,600,000 99,800,000 Federal Reserve n o t e s i n c i r c u l a t i o n 10,300,000 - 269,500,000 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 . . . Other d e p o s i t s 44,500,000 + 198,900,000 c. + 25,800,000 20,200,000 1,500,000 23,000,000 + 194,500,000 + 7,100,000 2,700,000 St. 4469a Bel eased f o r p u b l i c a t i o n F r i d a y morning, March 20, 1925. "RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED ( I n t h o u s a n d s of d o l l a r s ) Mar. 18. 1925 Mar. 1 1 , 1925 Mar. 1 9 , 1 9 2 4 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 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 w i t h F. R. Board Gold and g o l d c e r t i f i c a t e s h e l d by banks Total gold r e s e r v e s Reserves other than gold . . Total r e s e r v e s . . . Non-reserve cash B i l l s discounted: S e c . 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 : 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 o t a l U. S. Government s e c u r i t i e s F o r e i g n l o a n s on g o l d • . All ether earning a s s e t s 5% Redemption fund - F.R.Bank n o t e s . . . . Member bank - r e s e r v e a c c o u n t . . 1,669,422 2,150,934 624,265 577,598 625,399 579,921 606,747 374,164 2,873,846 2,874,742 3,131,845 136,748 135,969 101,352 3,010,594 3,010,711 3,233,197 56,031 56,150 181,615 157,869 246,598 163,824 51,137 • , lb6,82o 264,425 339,484 410,422 431,251 276,711 . 301,354 79,260 222,171 126,819 , 77,941 283*360 &7;^31 18,264 17^*577 103,836 428,250 388,332 296,677 10,500 1,902 10,500 3,452 51. 1,056,84% 1,114,060 922,18$ - IiToSe; i i a b i u t i e . : : : : : : : . . ' 2$ | | 20,491 g ' . w 24,817 | : g 21,28$ 4,959,330 4,892,363 4,964,82) ' 1,989,84| 1,720,369 ~ 1,730,684 - _liS _ S S - J 3 2,211,005 2.255.53S 2,013,131 :::: ' g;g TOTAL LIABILITIES - .^94*203^ . iSXtM.:::::-:::: n ' J l . R a t i o o f 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 . . . 1,671,983 7 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. E. Bank n o t e s i n c i r c u l a t i o n - n e t C. 2,098,170 52,764 . : : : : : : : : : : A l l other resources Total a . I t e 1,612,227 57>195 • Total earning a s s e t s TOTAL RESOURCES 1,623.978 48,005 4,959,330 7b. b% |:| n i 7 |:| ° 4,892,363 72.5? 4,964,823 80.8> R e l e a s e d t o r p u b l i c a t i o n F r i d a y morning, Mardi 20 , 1 9 2 5 / n o t e a r l i e r * S t . 4469b RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS, MARCH 1 8 , 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 ) F e d e r a l R e s e r v e Bank of Boston 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 163,308 Gold r e d e m p t i o n fuirf w i t h U . S . T r e a s . 9 , 6 3 0 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 ? Gold s e t t l e m e n t fund w i t h F.R.Board Gold and g o l d c e r t i f . h e l d by banks 172,938 49,099 27,543 Total gold r e s e r v e s 249,580 R e s e r v e s o t h e r than gold 15,270 Total reserves 264,850 Non-reserve cash New York Phila. CI e v e . 361,829 138,276 170,545 12,131 4,262 2,368 Rich. A t l a n t a Chicago S t . L o u i s 59,546 138,913 165,618 1,813 2,676 1,707 „ 67,59 2 „ 61,218 . „ 42,054 214,555 1,671,983 186,832 311,600 10,955 23,994 14,964 101,851 9,699 94,724 21,025 10,163 24,343 6,597 49,965 2,894 27,780 9,142 96,303 166,252 363,900 85,130 98,532 114,077 4l,607 22,865 6l,546 29,466 872,392 207,010 263,925 30,300 5,562 9 , 291 5,145 13,205 3,104 5,228 Total b i l l s discounted 27,956 103,164 31,896 49,027 35,344 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 indebtedness 39,724 52,620 23,659 30,249 2,662 13,636 3,795 12,460 72,101 85,092 l,4i6 22,214 14,854 20,093 169,653 3,055 Uncollected items Bank p r e m i s e s All other resources TOTAL BESCTJ| CSS 87,773 64,259 4,190 69 18,954 1,782 3,653 34,298 28,911 624,265 577,598 78,976 277,764 2,873,846 9,168 5,825 136,748 8 8 , 1 4 4 283,589 3 , 0 1 0 , 5 9 4 7,610 3,645 839 2,ll6 2,231 3,993 56,031 16,811 27,441 14,350 3,867 4,419 1,520 23,689 339,484 11,368 12,294 31,840 13,258 8,803 14,439 10,618 27,839 276,711 10,948 21,154 6,246 1,407 1,543 79 1,701 1,015 868 19,649 28,998 6,557 1,549 6,566 372 8,776 7,767 440 8,965 12,395 2,282 6,6ll 10,290 584 3,116 24,492 5,650 79,260 .222,171 126,819 38,484 38,348 3,029 3,584 55,204 8,487 16,983 23,642 17,485 33,258 428,250 1,050 1,400 1,208 609 462 1,564 525 368 2 462 500 399 798 10,500 1,902 328,492 96,489 118,832 178,658 72,908 6 6 , 8 0 0 16,450 1,114 7,573 206 5,193 314 50,350 33,151 116,049 36,620 30,023 43,462 30,022 85,584 1,056,847 39,507 2,780 2,011 40,284 3,871 345 15,456 3,039 2,992 42,307 4,111 567 3 41,715 3,269 4,698 ' ' E i H s a r " " - s s $« a s a s t s Total earning a s s e t s 18,593 902,692 212,572 273,216 101,453 179,457 382,493 104,084 100,314 117,730 4,227 - 39,787 212,010 1,623,978 2,267 2,545 48,005 53,942 2,082 F o r e i g n l o a n s on gold All other earning assets 57,878 3,340 . 61,359 141,589 167,325 16,171 securities 66,624 968 373,960 142,538 172,913 4,785 T o t a l U. S . Govt, 49,644 4,298 Minn. Kane.Cy. D a l l a s San Fran. T o t a l 561 a s ;&• , s ,.s .,s ass s a 98,050 8,099 1,752 l',833 1,783 756,192 58,775 20,491 4 2 5 , 9 2 6 l , 4 4 7 , 6 5 6 385,479 4 7 0 , 8 5 4 223,237 262,134 6 l 4 , 0 5 3 188,849 1 52,663 210,293 1 5 5 , 3 3 8 422,848 4 , 9 5 9 , 3 3 0 P 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 2 0 , 1925 J n o t e a r l i e r . S t . 4469c FESOUBCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS, MARCH IS, 1925. 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. n o t e s i n a c t u a l c i r c u l a t i o n B o s t o n New York F h i l a . Cleve. 199,912 362,608 156,646 188,459 Deposits: Member bank - r e s e r v e a c c o u n t Government Other d e p o s i t s 135,553 268 201 832,092 129,500 184,900 563 68 495 15,707 385 1,208 65,672 635 165 72,140 306,367 1,232 625 136 1,440 82,239 661 1,257 58,319 791 541 90,660 245 894 62,661 155,412 2,175,515 74 469 6,126 498' 6,932 29,364 136,022 848,362 129,953 186,603 66,472 73,508 308,432 84,157 59,651 91,799 63,233 162,813 2,211,005 143,825 31,275 58,749 2,837 62,347 5,966 11,701 620 31,959 4,595 8,950 615 38,495 5,105 9,971 485 14,547 3,263 7,497 934 38,767 4,307 8,977 44i 34,651 4,183 7,592 712 F e d e r a l R e s e r v e Bank of Total d e p o s i t s Deferred a v a i l a b i l i t y items Capital paid i n Surplus All other l i a b i l i t i e s TOTAL LIABILITIES Ratio of t o t a l reserves to deposit 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 65,099 8,078 16,382 433 67,386 11,110 20,059 325 59,395 12,959 22,462 976 B i c h . A t l a n t a Chicago S t . L o u i s 76,131 142,507 171,211 50,636 86,917 15,485 30,426 1,582 Minn. Kans.Cy. D a l l a s San Fran. Total 66,771 66,002 44,967 194,519 1,720,369 40,987 8,124 15,071 1,334 684,375 114,450 217,837 11,294 425,926 1 , 4 4 7 , 6 5 6 385,479 470,854 223,237 262,134 614,053 188,849 152,663 210,293 155,338 422,848 4 , 9 5 9 , 3 3 0 78.8 74.5 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 74.2 16,462 4,992 72.8 5,740 71.1 83.1 2,895 79-7 2,196 7,438 77.2 2,496 79-3 74.6 1,747 2,196 81.5 79-4 1,897 3,794 76.6 51,853 FEDERAL RESERVE MOTES OUTSTANDING AMD 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 t y banks 223,645 23,733 483,548 183,304 211,658 120,940 26,658 23,199 89,560 161,849 184,424 13,429 19,342 13,213 58,354 7,718 69,515 2,744 74,122 8,120 50,644 241,215 2,031,838 5,677 46,696 311,469 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 199,912 362,608 156,646 188,459 76,131 142,507 171,211 50,636 66,771 66,002 44,967 194,519 1,720,369 DISTRIBUTION OF BILLS, MUNICIPAL WARRANTS AND U. S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES W i t h i n 15 days B i l l s discounted B i l l s bought i n open n 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 Munic i p a l w a r r a n t s ^49,721 73,193 100,500 2 16 t c 3 0 days 31 t o 60 dsgrs 6 l t o 90 days 22,587 37,440 18,180 55,777 85,048 55,970 Frem 91 days ce-ye ^ t e 6 months 8,671 6,723 9,475 Over 6 months Total 2, 585 339,484 16,844 276,711 126,819 2 3 t - 4-rO^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, March 20, 1 9 2 5 / n o t e a r l i e r . * FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS,- MARCH. 1 8 , . „ 1 9 2 5 ( i n t h o u s a n d s of d a l l a r t ) F e d e r a l R e s e r v e Agent a t Boston New York Phila. Cleve. R E S O U R C E S F e d e r a l R e s e r v e n c t e s on hand Federal Reserve n o t e s outstanding Collateral s e c u r i t y f o r Federal Reserve notes outstanding: 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 E l i g i b l e paper Amount r e q u i r e d E x c e s s amount h e l d TOTAL 54,850 223,645 27,800 9,508 126,000 60,337 7,343 325,940 51,200 48,700 483,548 183*304 S H . 6 5 8 Rich- A t l a n t a Chicago. S t . L c u i a 24,105- 6 2 , 2 0 3 261,1373®, W 1 6 1 , 8 4 9 1 8 4 , 4 2 4 2ff»J71 74,122 21,25% 50^644 3,53 8 54r360 16,011 275,4l6 3,776 19,931 HO,)94' 20,000 192,079 1 , 2 3 7 , 7 6 2 29,131 1 2 , 8 8 7 11,765 146,000 119,389 150,000 4,973 4,751 5,913 1 6 0,645 54,795 128,000 121,719 14,663 30,#4 16,355 18,806 40,179 8„7I0 17,< 6,000 45,028 3,960 8,780 4I,,113 36,238 - 5,000 22,936 5,639 9^K99& 25 .66CT 58,35^ 69,515 12,075 3,569 34,060 186,698 TefcajL., Misn~. 13,052 1,072 52,500 2,891 16,244 2,439 9,414, 10,857 29,205 1,136-21,580- 407,860 17^902 509,483 1,307,699 421,768 508,254 2l9y580 391,540 670,164 160,324 167,315 178,856 123;58l 566,610 5 , 2 2 5 , 1 7 4 l i a b i l i t i e s Net amount o f 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 from C o m p t r o l l e r o f 278,495 t h e Currency C o l l a t e r a l r e c e i v e d from F e d e r a l r e s e r v e bank: Geld E l i g i b l e paper TOTAL •as £09,488 234,504 260,358 # 3 , 6 6 5 224,052 445,561 •as as 84,014 % as 88,386 102,295 71,801 303,815 3,016,-434 a s a s "3? 5 0 9 , 4 8 3 1 , 3 0 7 , 6 9 9 4 2 1 , 7 6 8 5 0 8 , 2 5 4 2 1 9 , 5 8 0 3 9 1 , 5 4 0 6 7 0 , 1 6 4 1 6 0 , 3 2 4 167^315 1 7 8 , 8 5 6 1 2 3 ^ 5 8 1 5 6 6 , 6 1 0 5 , 2 2 5 * 1 #
@FedFRASER