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··.STATEMENT FOR- THE PRESS
St. 3983
Feel ern.l Reserve Board,
March 20, 1924.
Released for publication
Friday morning, Mar. 21;
not earlier.
CONDITION OF FEDERAL RESERVE B.tJ.i'KS
I•
I
i
It
The consolidated statement of condition cf the Federal reserve banks on !l·iarch
19, 1924, made public by the Federal Reserve Boa:rd, shows declines of $20,700,000
in Federal reserve note circulation, of $16,300,000 in total earning assets, and of
$2,600,000 in cash reserve:.S· Reductions of S52,100,000 in holoings of discounted
bills and of $48,400,000 in acceptances purchasad. in open market were partly offset
by an increase of $84,300,000 in Government security holdings, the latter item inc~
Jng $58,000,000 of special one-day certificates issued qy the Treasury to the
Federal reserve banks pending the collect ion of the March 15 income tax payments.
A reduction of $50,500,000 in holdings of bills discounted is :reported by the
Federal Reserve Bank of New York, of $10,400,000 by Chicago, and of $5, 1D0,000 and
$4,100,000, respectively, b,y · · Boston and Cleveland. The San Franciso Reserve
Bank shows an increase of $5,700,000 in holdings of oills disccunted, Richmond an
increase of $4,6oo,ooo, and Atlanta an increase of $3,700,000. Holdings of discounted
bills secured by Government obligations declined by $47,700,000 during the week. Of
the total of $166,c,oo,oco held on March 19, $ll4,300,000 was secured by Liberty and
other U. S. bonds, $49,000,000 by Treasury notes, and $),000,000 by certificates of
indebtedness.
All Federal reserve banks report smaller holdings of acceptances purchased in
open market, except Ricrunond and Minneapolis whic~ show an aggreGate increase of
$3, JCO, 000·. The New York bank shovvs a decline of $31, 600,000 in this item, Dallas
shovvs a decline of $4,900,000, Cleveland a decline of $4,600,000, and Boston a decline of $3,000,000. Holdings of Treasury notes increased by $19,300,000, most of
the Federal reserve banks participating in the increase, whi1'.6' holdincs of certifi,;..
cates of indebtedness increased by $65,100,000, of which $58,000,000 were special
certificates issued by the Government to the Feel eral reserve banks pending the
collection of the March 15 installments of incot1e taxes.
All Federal reserve banks show reduct ions in Federal :reserve note circulation,
except Boston and Atlanta which report a total increase of $1,400,000. The Cleveland
bank reports a decline of $7,200,000 in note circulation, Chicago a decline of
$6,500,000, and the retJaining banks show a total reducticn of $8,400,000. Gold re~
serves increased. by $1,800,000 during the week, t:--.e 1\Tew York bank sh.owin.~ an increase
of $66,000,000 in this item, while Chicago shows a decrease of $21,900,000, Cleveland
a decrease of $14,300,000, San Francisco a decrease of $12,300,000, and Richmond a.
decrease of $8,900,000. Reserves other thro1 ;old decreased by $4,400,000 while
Non-reserve cash increased by $900,000.
A summary of chanGeS in the principal as sets and Uabil it ies of the reserv-"
bankS during the week and the year ending March 19, 1924, follows:
Increase or decrease during
-
IJ
't''e~::__
Year
• y
I
Total reserves • • •
Gold reserves
$2,600,000 +
+ 1, 5 oo' 000 +
$40,buo,ooo
57,500,0CQ
Total earning assets • •
Bills disc OU:nted, total . . • , . . . .
Secured by U. s. Gove:rmnent obligations
Other bills discounted • .
- 16 ' ;\00 , 000 - 52,100,0CO - 47,700,0004,400,000 -
237,700,000
198 1 7001 000
135, ooo, 000
13,700,000
~ills
- 48,400,000 -
43,300,000
bought in open market
U. S. Government securities, total
Bonds . . . . .
Tredsury notes . . . . . . .
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits • • . . • . .
Members 1 reserve deposits
Government de,~osits • • • •
Other deposits • • . . . .
..
+ 34,300,000 +
4,300, 000
11. ,000, 000
+ 19,300,000 +
+ 65,100, coo -
40,300,000
24,500,000
- 20,700,000 -
241 ,6oo, ooo
6,700,000 +
+ 36,}CJ,COO +
- 45,400,COO + 2, 300,000 +
27, lOO,COO
114 boO, 000
I
89,800,000
2,300,000
Released fo'f." publication Friday morning, March 21, 1924. ·
RESOURCES AND LIA3ILITIES
OF THE TWELVE FEDERAL RESERVE Bi\NITS COMBINED
(In t:nousa.."'1dS of cioll.,;.Ts)
Mar. 19, .192-=t Mar. 12, 1924 My. 21,1923
RESOURCES
Gold with Federal reserve QGents • • • • •
Gold redemption fund with U. S. Treasury •
Gold held. exclusively ggainst F. R-~
Gold settlement fund wit.h F. R. Board ••
Gold and gold certificates held. by banks •
2,C98, 170
52,764
2,150,934
6o6, 74 7
374,164
_lll,llO
Tot a.l_gp].d .rt3.~~.r:~ • • . • .
Reserves other than gold • • •
3,131,845
_!01,352
3,130,082
105, 758
3,233,197
51,137
3, 235,840
50,262
166,826
264,425
431,251
194,203
214,557
268,842
351,861
483,399
242,616
629,987
237.965
29,238
*134,($1
128.:222
291,911
41
1,159,904
661,527
55,466
21,286
18,282
155,311
36 1 776
212,369
1CO
938,484
28
638,715
55,254
23,262
4,964,823
4,941,885
5,131,344
1 ' 960./ , 848
2,010,595
394
2,231,487
2,36c
1,951,042
8,856
22,233
2,012,131
1,944,699
54,222
19,929
2,018,850
566,026
110,536
220,915
14 26CJ
'
4,941,885
1,866,475
98,627
Total res er're s
.
. .. . . .
Non-reserve cash • • • • •
Bills discounted:
Sec. by U. S. Government obligations
Other bills discounted • •
1.
'f
Total bills discounted
Bills bought in open r~ket • •
U. S. Government securities:
Bonds • • . . • • . • • . •
Tre~sury notes • • • • • • •
Certificates of indebtedness ••
...
Total U. S. Government securities
All other ~~ning assets •
...
Total
e~rnipg
...
assets • • • • • •
5~ Redemption fund - F. R. Batik notes
Uncollected items •
• ••.••
Kl.!'.k premises • . • • • • • • • •
All other resources • • • . •
..
.
TOTAL RESOURCES ••
2,046,696
4~! 101
2, 095,797
657,175
18,264
174,577
103,836
296,677
- - 51
922,182
-
23
2,052,103
20 1 400
2,102.503
648,226
323,572
3,074,301
___!!8,323
3,192,624
69,451
278~126
291
645,874
48,761
14.439
LIABILITIES
F. R. notes in actu.:U circulation
F. R. B2nk notes in circulation - net
Deposits:
Member b.nnk - reserve account
GoveTnr.nent . . . . . • . • .
Other deposits • • • . • •
l'flot~=tl
.
deposits • • • • •
339
,)
DefeTred availability iter.1s
Capital paid in • • •
Surplus • • • • • • • . . • •
All other liabilities • • • • • •
616,683
1~_0,828
..
TOTAL LIABILITIES • •
R,.,,tio of total reserves to deposit and
F. R. note lb.bilities combined
Contingent liability on bills purchased
foT foreign correspondents _ . • • . . •
'
220,915
14,029
4,964,823
80.8%
9, 763
-
./
80. 3;~
9, 785
*Including Victor.y notes.
,v.
1~.~21
1,985,033
5 72,000
108,563
218,369
13,524
5,131,344
75- 77;
35,405
Released for pu.Olicat ion on FridaN morning, March 21, 1924; not earlier.
RESOORCES AND LIABILITIES OF THE F.EDERAL RESERVE B&~S AS AT CLOSE OF BUSINESS, MARCH 19,
RESOURCES
(In thousands of dollars)
Boston New York Phil a.
Federal Reserve Barik of
Cleve. Rich. Atlanta Chicago St.Louis Minn.
Gold with Federal Reserve Agents
181,016 635,928 183,046 204,056 46,328 98,806 343,596 65,584 58,441
Gold redemption fund with U.S.Treas.
7,582 6, 6o4 4, 763 3,850 3,171 7,066 4,111 2,256
6.~~3
Gold held exclusively against
F. R. notes
18 7, 379 61+3, 510 189, 65o 208,819 50,178 101,977 350,662 69.695 6o, fi31
Gold settlement fund with F.R.Boa:rd
60,834 186,210 27,240 75,868 32,919 6,864 96,996 -13,602 12,126
Gold and gold certif. held b.y banks
18,312 182,516 39,705 12,496 6,954 7,505 53,378 4,920 9,33&
Total gold reserves
Reserves other than gold
T~tal reserves
Nan-reserve cash
Bills discounted:
Sec. by 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 U. S. Govt. securities
All other earning assets
Total earning as sets
5% Redemption fQnd - F.R.Barik notes
Uncollected items
Bank prEmises
All other resources
TOTAL RESOURCES
c.
272,525 1,014,236 256,595 297,183 90 ,051 113,366 501,036 38,217
1,811
29,o69 _.ltl29 8,459 3,278 10,239 10,078 13,283
280,336 1,043,305 259.724 305,642 93.329 128,605 511,114 101,500
4,046
11,030 2,108 4,150 2, 728 6,852 5,109 3,921
12,852
31,284 30,710 16,305 20,029 9,818 13,241 11,914
10,514
15,192 9,809 20,5($ 35,526 37,59 7 35,267 22,812
23,366
46,476 40,519 36,874 55,555 47,415 48,5C6 34.726
19,982
12,703 16,359 25,538 2,926 9,055 33,294 6,.734
544
·1, 202
919 1,191
549
173 . 4,426
13,768
34.515 20,321 21,525 2, 703 3,726 23,127 4,515
64,441 4,144 5,548 1,231 1,478 7,965 1,489
4,555
1S,867 100,218 25,014 27,992 5,125 5~377 35,518 6,004
51
62,215 159.397 81,943 90.,404 63,6o6 6l,S47 117,320 47,464
59,211
U.f,312
104
...
82,161
1,275
83,436
726
St. 3J88b.
1924 •.
Kans.Cy. Dallas San Fran.
51,534 18,262 211,573
3.026 1.889 2,083
54,560
36,4 71
3,494
96,525
4,6b4
101,189
2,614
20,151
7,319
12,387
39,857
6,5o6
46,363
3,439
664
3, aso ),226
12,390 20,868 8,820
15,670 24,094 9 ,lJ84
8,802 9,124 30,1494
Total
2,098,1~
52~
213,656 2,150,934
38,278 6o6, 747
23,159 374,164
275,093 3,131,845
3,561 101,352
Z78,654 3,233,197
4,214
51,137
13,503
35,061
48,564
19,192
166,826
264,425
431,251
194,203
332 1, 780
4,121 10,1498 14,855 20,843
1,606 4,850 2,673 3,856
12,875 15,680 19,308 24,699
18,264
174,577
103,836
296,677
7,148
-1
37,347 4S,898 59,286 92,455
28
147,821 63,497 65,008 61,701 34,020 88,123 38,638 13,212 37,677 27' 779 44,840
13,990 l, 113 9,117 2,528 2, 700 3,264 1,643 2,484 4,595 1,911 2,8o4
3,16o
247
303
492
663
477
163 5,892
719 4,832 4,234
410,224 1,373,703 408,632 474,6~ 224,384 234,687 730,407 193,334 143,097 195,892 143,638 42],201
922,182
23
681,527
55,466
21,286
4,964,823
•
..
Released for. publication Fridey morning, 1\!!arcLl 21, 1924; not earlit:r.
RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF 3USINESS, MARCh
._'
~'.
19,
L I AB I L I T I E S
Federal Reserve Bank of
Boston
. F.R. notes in actual circulation
F.R. Bank notes in circulation - net
Deposits:
Member bank - reserve account
Government
Oti1er dapos its
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
203,607
New York
(In thousands of dollars)
Phila.
Cleve. Rich. Atlanta
368,790 199,303 220,755
124,628 783,964
422
66 7
32_0__11 J 79 7
125,370 ~6,428
56,553 121,753
29,7C£
7,915
16,390
59,923
389
2,075
117,348
908
342
118,598
6o,101
10,138
19,927
565
158,436
254
1 t 096
159, 786
56,821
12,482
23,691
1,089
Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Total
34,417 133,853 330,032 69,003 66,972 64,408 44,055 204,653 1,989,648
3E9
389
63,04o io,oo6 273,690 71,959 49,063 76,766 53,489 1us,647 1,981,042
721
512
784 ·1,157
857
482
312 1,7&0
8,£56
_!3~
134 1,823
392
4go 1.013
532 ___if_._1oO___ g_z.,_~-ll
63,901 60,652 276,297 73,506 50,410 78,261 54,333 154,5E7 2,012,131
57,671 25,402 77,056 35,027 13,565 38,548 30,960 43.226 616,683
5,845 4,466 15,079 5,074 3,482 4,529 4,198 7,892 110,828
11,672 8,950 30,426 10,072 7,434 ~.496 7,577 15,301 220,915
878 1,364 1,517
650 1,184
~_50___s_126 -~.542
14-Lo_m_
410,224 1,378,703 408,632 474,624 224,}34 234,687 730,407 193,334 143,097 195,892 143,638 427,201 4,964,823
TOTAL LIABILITIES
Ratio of total reserves to deposit
and F. R. note liabilities
combined7 per cant
66 .. 1
Contingent liability on bills
purchased for foreign
correspondents
2,904
939
1,133
552
426
71.2
n.6
71.1
1,443
445
736
80.8
9, 769
FEDERAL RESERVE NOTES OUTSTANDING .A:ND IN ACTUAL CIRCULArriON
~. notes outstanding
F. R. notes held by banks
F.
F. R. notes in actual circulation
223,203 664,869 230,·354 247,378 94,182 147,498 366,690 82,003 71,407 76,4')8 47,839 255,837 2,507, 758
_l~9,:..::c5~96__29;._6_,079 31,051 26,623
9, 765 1},645 36,658 13,000 4,435 12,090 3. 784 51,184 517,910
3)3,607 368,790 199,303 220,755 84,417 133~853 330,032 69,003 66,972 64,~ 44-,055 204,653 1,989,848
DISTRIBUTION OF BIT,J,S .AlTD U. S. CERTIFICATES OF INDEBTEDNESS 4}IDM«JNNCIP.AL WA~"M' ttATURITIES
V'ithin 15 d<:\YS
1b to 30 dEJYS
31 to 60 days 61 to 90 days Frorr. 91 da,ys
Over 6 raonths
Total
to 6 months
Bills discounted
Bills bought in open market
U. S. Certificates of indebtedness
'~nicipal warr~•ts
c.
,-
244,358
56f 4"0
-'
55 ,oco
43,227
50,077
68,251
55,839
%,726
30,031
9,216
20,858
1,766
51
5,331
36,620
431,251
194,203
103,536
51
Released for public<?..t ion Friday morning, VIa.rch 21, 1924; not earlier.
St • .3988d ..
:FEDERAL RESERVE AGENTS 1 ACCOUNTS AT CLOSE OF BUSINESS, MARCH 19, 1924.
(In thousands of dollars)
Boston New York
Federal Reserve Agent at
RESOURCES
Federal Reserve notes on hand
95,500 282,060
Federal Res3rve notes outstanding 223,203
664,869
Collateral security for Federal
Res::>rve notes outstanding:
Gold and gold certificates
35.300 2.38.531
Gold redemption fund
31,397
17' 716
123,000 366.,ooo
Gold fund - F. R. Board
Eligible paper 42,187
28,941
Amount required
1,161
Excess amount held
19 J 109
Phila.
Cleve.
Rich.
Atlanta Chicago
St.Louis Minn.
Kans.~.
Dallas San Fran.
Total
51,320 51,290 38,065 75,527 175,080 27.300 17,985 30,093 30,977 81,520 956,717
230,354 247,378 94,182 147,498 366,690 82,003 7i,407 76,498 47,839 255,837 2,507,758
.~
14,000 8, 780
2,400
11,185 13,052
11,657 13,276 2,033 4,406 6,952 4,399 1,339 4,174
157.389 182,000 44,295 92,000 336' 644 50,000 44,000 . 4-{, 360
7,691
3.30,939
3,071 17,036 117,558
7,500 194,435 1,649,673
47' 308 43,322 47,854 48,692 23,~4 16,419 12,966 24,964 29,577 44,264 40:),588
355 17,431 9,715 6,970 58,4 6 23,081 10,385 7,750 9,500 22,543 186,496
543,067 1,630,907 512,383 563,527 236,144 377,493 966,906 214,)87 171,184 190,339 136,155 615,737 6,158,729
L I ABI L I T I E S
Net a~ount of Federal Reserve
received from Comptroller
of the Currency
Collateral received from
Federal Reserve Bank:
Gold
Eligible paper
TOTAL
t.
note~
318,703
946,929 281,674 298,663 132,247 223,025 541,770 109,303 89,392 106,591 7E,816 337,357 3,464,475
181,016
43,343
635,928 183,046 204,056 46,328 98,806 343,596 65,534 53,441 51,534 18,262 211,573 2,098,170
48,050 47,663 6o,803 57,569 55,662 81,54o 39,500 23,351 32,714 39,077 66,807 596,084
543,067 1,630,907 512,383 563,527 236,144 377,493 966,906 214,337 171,184 190,S39 136,155 6l5, 737 6,153, 729
@FedFRASER