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STATEMENT FOE THE PRESS S t . 1&51 F e d e r a l Reserve Board, March 5> 1925* Released f o r p u b l i c a t i o n •Friday morning, Mar. 6; not e a r l i e r . CONDITION OF FEDERAL RESERVE BANES 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 the F e d e r a l r e s e r v e banks on March 4, made p u b l i c by t h e F e d e r a l Reserve Board, shows d e c l i n e s of $ 3 2 , 9 0 0 , 0 0 0 and $ 1 3 , 6 0 0 , 0 0 0 , r e s p e c t i v e l y , 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 a c c e p t a n c e s p u r c h a s e d in open m a r k e t , and an i n c r e a s e of $ 1 8 , 0 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 d e c l i n e d $ 2 8 , 5 0 0 , 0 0 0 , c a s h r e s e r v e s $ 3 3 , 6 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 $ 1 , 4 0 0 , 0 0 0 , and t o t a l d e p o s i t s $31,900,000. The New York r e s e r v e bank r e p o r t s a r e d u c t i o n of $ 4 $ , 6 0 0 , 0 0 0 i n d i s c o u n t h o l d i n g s f o r t h e week, w h i l e t h e A t l a n t a bank shows an i n c r e a s e of $ 6 , 3 0 0 , 0 0 0 , Chicago - an i n c r e a s e of $ 5 , 4 0 0 , 0 0 0 , and C l e v e l a n d - an i n c r e a s e cf $ 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 , f o u r show a combined i n c r e a s e of $ 5 , 8 0 0 , 0 0 0 , and t h r e e a t o t a l d e c l i n e cf $ 4 , 0 0 0 , 0 0 0 . A d e c r e a s e cf $ 1 2 , 8 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 i s shown by t h e New York r e s e r v e bank, and d e c r e a s e s of $ 6 , 6 0 0 , 0 0 0 and $ 3 , 6 0 0 , 0 0 0 , r e s p e c t i v e l y , by San F r a n c i s c o and D a l l a s . The Richmond bank r e p o r t s an i n c r e a s e of $ 3 , 1 0 0 , 0 0 0 i n a c c e p t a n c e h o l d i n g s , P h i l a d e l p h i a and A t l a n t a r e p o r t i n c r e a s e s of $ 3 , 6 0 0 , 0 0 0 each, and. M i n n e a p o l i s an i n c r e a s e cf $ 3 , 2 0 0 , 0 0 0 . The S y s t e m ' s h o l d i n g s cf T r e a s u r y n o t e s went up $ 1 4 , 3 0 0 , 0 0 0 , of T r e a s u r y c e r t i f i c a t e s $ 2 , 1 0 0 , 0 0 0 , and of U. S. bonds - $ 1 , 6 0 0 , 0 0 0 . The p r i n c i p a l changes i n F a 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 an i n c r e a s e of $ 2 , 9 0 0 , 0 0 0 r e p o r t e d by t h e San F r a n c i s c o bank, and d e c l i n e s cf $4,000,000 and $ 3 , 2 0 0 , 0 0 0 , r e s p e c t i v e l y , shown f o r Cleveland and P h i l a d e l p h i a . A summary of changes 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 4, 1925, f o l l o w s : Increase or decrease during Year Week Total reserves . Gold r e s e r v e s - $33,600,000 - 32,700,000 - $226,200,000 - 255,900,000 Total earning a s s e t s B i l l s discounted, t o t a l 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 + 28,500,000 32,900,000 45,900,000 13,000,000 + 171,000,000 + 25,500,000 - 112,900,000 - 13,600,000 + 4- 18,000,000 + 200,600,000 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 . Bo n d s . . . . * * • * * . . . . . 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 . . . F e d e r a l Reserve n o t e s i n c i r c u l a t i o n . 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 . / 4+ + 87,400,000 43,900,000 1,600,000 i4,300,000 + + 59,000,000 147,500,000 5,900,000 1,400,000 - 292,400,000 31,900,000 42,400,000 + + 251,700,000 259,300,000 20,000,000 12,400,000 2,100,000 12,800,000 2,300,000 + Released f o r p u b l i c a t i o n F r i d a y morning, March 6, 1925; S t . 4451a 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. 4 , 1925 Feb. 25, 1925 Mar. 5, 1924 R E S O U R C E S 1,597,655 51,397 1,603,443 44,4s6 2,050,306 48,393 fl,64g,052 1,647,929 2,098,699 658,315 553,523 668,619 577,029 644,584 373,480 T o t a l gold r e s e r v e s R e s e r v e s o t h e r t h a n gold 2,860,890 135,095 2,893,577 135,968 3,116,763 106,059 Total reserves . . . 2,995,985 3,029,545 55,567 55,533 3,222,822 48,116 237,403 163,463 283,332 150,473 211,938 276,370 400,366 433,805 488,308 303,641 317,246 259,737 77,365 277,744 27,626 75,730 263,445 25,469 18,342 130,225 : 33,499 332,735 364,694 182,066 10,500 3,452 10,500 3,452 100 1,101,194 1,129,697 930,211 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 Gold s e t t l e m e n t f u n d w i t h F, R. Board . Gold and gold c e r t i f i c a t e s h a j d by banks 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 B i l l s bought i n open m a r k e t J. S. Government s e c u r i t i e s : T 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 othar e a r n i n g a s s e t s 5i° Redemption fund - F.R.Bank n o t e s . All other resources TOTAL RESOURCES \ 659,805 58,363 24,382 644,454 51332 24,450 28 606,204 55,197 22,077 4,895,296 4,942,011 4,854,655 1,727,383 1,723,752 2,019,773 402 - . . . . . . . - 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. R. 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 s r v e a c c o u n t . . . . Othzr d e p o s i t s Total deposits Deferred a v a i l a b i l i t y items All other l i a b i l i t i e s TOTAL LIABILITIES . . . . — - 2,3 6 5 , 9 9 5 39,465 32,2,''9 2,203,405 26,673 34,558 1,906,729 59,463 19,834 2,237J-39 587,76s 113,738 217,237 10,837 2,269,636 1,986,026 601,041 113,596 217,837 11,149 532,998 110,831 220,915 13,710 4,595,296 4,942,011 4,884,655 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*6$ 75.8# 80.5# C o n t i n g e n t l i a b i l i t y en b i l l a p u r c h a s e d for foreign correspondents . . . . . . 47,731 45,494 10,720 Reieayed t'cr p u b l i c a t i o n -Friday m o r n i n g , M^rch 6 , 1925; n e t e a r l i e r . S t . 4451b EESOUECES AMD LIABILITIES OF THE FEDERAL RESERVE QALTKS AT CLOSE OF BUSINESS, MARCH 4, 1925. R E S O U R C E S ( i n t h o u s a n d s of 3 d ! a r e ) F e d e r a l Haservo Bank of Boston Gold w i t h F s d e r a l Reserve Agents 159,313 Gold red e m o t i o n fund w i t h U . S . T r e a s . 7,671 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 Gold s e t t l e m e n t fund w i t h F.R.Board. Gold aid gold c e r t i f . held by banks T o t a l gold r e s e r v e s R e s e r v e s o t h e r t h a n gold Tot a] r e s e r v e s Non-reserve cash B i l l s discounted: Secured oy U.S.Govt, o b l i g a t i o n s O t h e r "bills d i s c o u n t e d 166,984 53,579 25,915 New York P h i l a . 01eve. 341,950 143 , 212 1 6 8 , 1 7 1 9,385 10,285 3,977 R i c h . A t l a n t a Chicago S t . L o u i s Minn- Kans.Cy. D a l l a s San F r a n . Total 6 2 , 3 5 1 1 4 1 , 1 8 6 * 1 6 5 , 6 4 0 4 9 , 9 4 l 06,395 5 9 , 6 0 1 3 8 , 0 5 7 201,835 1 , 5 9 7 , 6 5 5 910 1,582 3,481 4,521 1,681 2,456 2,17 0 3,278 51,397 351,335 153,497 172,148 6 3 , 2 6 1 1 4 2 , 7 6 8 169,121 54,462 68,079 62,057 4 0 , 2 2 7 205,113 1 , 6 4 9 , 0 5 2 201,690 291,573 18,571 23,191 98,470 94,150 30,413 9,747 25,471 6,483 47,369 3,320 29,459 8,966 46,088 23,409 55,626 2?,4P0 12,757 9,171 38,222 30,168 658,315 553,523 9 4 , 6 2 2 100,038 1 1 3 , 3 4 5 7 8 , 6 5 2 2 7 3 , 5 0 3 2 , 8 6 0 , 8 9 0 6,002 135,095 3,890. 9,064 18,023 1,723 246,478 15,846 8 4 4 , 6 0 3 2 2 2 , 9 9 4 2 5 5 , 1 9 4 1 0 5 , 0 2 3 164,636 3 6 1 , 7 4 1 29,514 5,557 8,390 5 , 6 7 9 12,587 1 8 , 8 0 0 262,324 4,593 6 7 4 , 1 1 7 2 2 8 , 5 5 1 2 6 3 , 5 8 4 1 1 0 , 7 0 2 1 7 7 , 2 3 3 3 8 0 , 5 4 1 1 1 2 , 6 4 5 101,761 117,236 2,033 691 2,886 3,753 7,699 3,348 1,970 5,293 17,326 8 7 , 7 3 6 279,505 2 , 9 9 5 , 9 8 5 2,288 55,567 3,677 14,216 10,931 133,117 44,240 20,368 8,962 35,370 10,460 9,335 20,769 4n 17,637 13,364 18,362 2,988 6,018 253 3,730 806 3,772 206 2,363 6,969 16,219 237,403 163,463 Total b i l l s discounted 25,147 30,104 18,048 31,726 9 , COS 4oo,g66 8,712 9,170 39,750 15,215 12,576 2,569 12,559 23,188 31,966 3,933 5,798 4,578 41,392 29,330 23,836 45,830 B i l l s bought i n o p m a r k e t TJ. S, Govarnrr.ent s e c u r i t i e s : Bcm^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 177,357 67,285 35,382 303,641 2,662 16,424 3,804 12,461 101,356 6,036 1,415 23,163 327 10,948 25,018 6,359 1,407 1,802 73 1,587 1,131 791 19,649 37,549 1,447 1,418 7,787 345 8,866 9,209 423 8,128 13,923 1,909 5,708 12,203 541 3,116 28,179 5,566 77,365 277,744 27,626 22,390 119,853 3,055 24,905 1,050 2,950 42,325 1,208 3,282 609 3,509 462 53,645 1,564 9,550 525 18,503 368 2 23,960 462 500 18,452 399 36,861 793 382,735 10,500 3,452 89,429 57,490 4,190 181 367,550 136,829 16,306 8,148 5 2 , 0 7 1 121,329 61,376 58,377 1,114 7,573 438 399 42,707 52,608 2,446 568 31,189 131,685 30,858 9 4,960 2,780 8,099 2,070 1,929 34,296 28,654 13,647 3,039 3,072 42,076 47,478 4,067 704 33,979 96,229 1,101,194 659,805 3 3 , 5 7 8 36,973 3 , 2 6 9 58,363 1,833 1,8164,729 24,382 ^ c t a l U, So Govt, s e c u r i t i e s F o r e i g n l o a n s on gold All o t h e r earning a s s e t s Total earning assets Uncollected items B^nk p r e m i s e s All other resources TOTAL RESOURCES 35,631 3,647 328 4 1 8 , 2 1 2 1 , 4 2 0 , 2 7 6 3 7 5 , 4 8 1 4 5 4 , 6 4 9 211,917 249,473 6 2 4 , 9 1 3 190,305 150,864 213,594 1 6 1 , 2 3 0 4 2 4 , 3 8 2 4 , 8 9 5 , 2 9 6 4451c Released" f o r p u b l i c a t i o n F r i d a y morning, March 6, 1925; n o t e a r l i e r . RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BAMS AT CLOSE OF BUSINESS, MARCH-4, 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 ) R i c h . A t l a n t a Chicago S t . L o u i s 7 6 , 0 4 3 i 4 i , 0 0 5 175,479 52,384 Minn. Kans. Cy. D a l l a s San F r a n . T o t a l 6 7 , 3 3 1 6 7 , 0 4 8 4 5 , 9 0 9 197,5^7 1 , 7 2 7 , 3 8 3 839,647 128,854 172,577 5,841 3,148 2,817 15,428 1,869 2,667 65,125 2,500 280 68,389 309,340 2,732 8,327 690 1,364 81,814 2,552 2,019 56,750 1,325 412 87,785 1,925 1,551 6 5 , 1 8 3 157,146 2 , 1 6 5 , 9 9 5 1,805 3,209 39,465 200 4,84g 32,279 860,916 133,871 178,061 67,905 7 1 , 8 1 1 319,031 86,325 58,487 91,261 67,188 1 6 5 , 2 0 4 2 , 2 3 7 , 7 3 9 108,155 30,579 58,749 2,580 49,686 5,959 11,701 623 22,492 4,594 8,950 621 35,988 5,117 9,971 460 13,343 3,269 7,497 937 4i,55l 4,318 8,977 439 35,635 4,152 7,592 754 F e d e r a l Reserve 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 200,657 New York F h i l a . C l e v e . 359,297 157,067 187,616 Deposits: Member bank - r e s 3 r v e a c c o u n t Gov ernment Other d e p o s i t s 133,385 3,284 950 137,619 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 A l l o t h e r 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. P. n o t e l i a b i l i t i e s combined, p e r c e n t 55,095 8,083 16,382 376 53,100 11,097 20,059 287 52,645 12,959 22,462 906 82,952 15,474 30,426 1,551 37,120 8,137 15,071 1,303 587,762 H3.738 217,837 10,837 418,212 1 , 4 2 0 , 2 7 6 375,481 454,649 211,917 249,473 624,913 190,305 150,864 213,50+ 161,230 4 2 4 , 3 8 2 4 , 8 9 5 , 2 9 6 71.6 77.5 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 foreign e c r r e s p end e n t s 14,216 78.6 72.1 4,734 76.9 5,444 2,746 83.3 77.0 2,083 7,054 81.2 8O.9 2,367 1,657 F. R. n o t e s o u t s t a n d i n g F. P. n o t e s h e l d by banks 223,450 22,793 FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION 4 9 5 , 1 9 0 187,640 208,483 9 1 , 0 6 5 160,490 186,469 59,051 69,518 135,893 3 0 , 5 7 3 20,867 1 5 , 0 2 2 1 9 , 4 8 5 10,990 6,667 2,187 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 200,657 359,297 157,067 187,616 7 6 , 0 4 3 i 4 i , 0 0 5 175,479 52,384 74.1 67,331 77.6 2,083 1,799 77-1 3,598 75-6 47,781 74,045 6,997 51.978 242,940 2,050,319 6.069 4 5 , 3 9 3 — 3 2 2 , 9 3 6 67,048 45,?C9 197,547 1 , 7 2 7 , 3 8 3 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 discomfited 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 war-rants 313,410 102,303 2,362 2 16 t o 30 days 31 t o 60 days 22,110 50,998 196 34,378 85,836 - - - 6 l t o 90 days 19,969 57,534 - ^ T0 ™ 91 <3ays 10 o months 3,870 6,970 3,282 - Over 6 months 2,129 21,786 - Total %,366 303,641 27,626 2 Eel eased • -t'er 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 6 , 1925; n o t e a r l i e r . £ t . 44^13 FEDERAL RESERVE AGENTS1 ACCOUNTS AT CLOSE OF BUSINESS, MARCH 4, 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 R E S O U R C E S x.— F e d e r a l Deserve n o 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 Re&erve n o t e s c u t s t a n d i n g : Gold and gold c e r t i f i c a t e s 3clr! r e d e m p t i o n fund Gold fund - F. E. Board Eligible paper Amount r e q u i r e d . E x c e s s amount held. TOTAL Boston New York Phil a. CI e v e . Rich. A t l a n t a Chicago S t . L o u i s 56,550 223,450 3 2 5 , 9 4 0 53,300 5 1 , 6 0 0 4 9 5 , 1 9 0 157,640 205,423 2 5 , 4 0 4 63,396 263,037 9 1 , 0 6 5 l 6 0 , 4 o o 156,469 30,300 17,013 112,000 136,698 6,000 3,720 29,252 9,823 9,391 1 2 6 , 0 0 0 127,389 1 5 0 , 0 0 0 153,240 65,514 26,714 9,095 64,137 2,402 44,425 4,978 40,312 34,053 Minn. Kens. Cy. D a l l a s San Frs.ru Total 25,660 59,051 17,681 69,515 28,773 74,045 4,995 1,556 8,18b 6 0 , 7 9 5 1 2 8 , 0 0 0 160,645 11,675 2,26b 36,000 13,052 845 52,500 • 16,011 277,516 3,241 4 , 0 4 6 13,516 104,131 5 6 , 3 6 0 I S , 0 0 0 188,319 1 , 2 1 6 , 0 0 8 20,829 50,428 9,110 14,576 3,120 6,271 5,000 19,304 7,441 14,444 2,565 2 1 , 0 9 2 64,100 997,533 5 l , 9 7 S 242,9^0 2 , 0 5 0 , 3 1 9 13,?oi 1,133 M ,105 16,363 452,664 £18,319 5 0 5 , 5 5 2 1 , 3 5 4 , 8 3 4 4 3 4 , 0 5 3 5 0 2 , 6 1 9 216,629 3 9 2 , 3 1 7 656,403 153,335 162,935 1 7 9 ^ 2 5 1 2 6 , 1 8 1 5 6 6 , 5 4 3 5 , 3 1 6 , 4 9 0 L I A B I L I T I E S Net 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 t h e Currency 250,000 Collateral received from Federal r e s e r v e bank: Gold Eligible paper 159,313 66,539 5 2 1 , 1 3 0 241,440*260,083 116,469 224,356 4 4 9 , 5 0 6 84,711 5 7 , 1 9 9 102,815 7 3 , 0 7 0 307,040 3 , 0 4 7 , 5 5 2 341,95c 143,212 165,171 221,754 49,406 7 4 , 3 6 5 4g,g4i 23,656 66,39% 9,391 3 8 , 0 5 7 201,835 1 , 5 9 7 , 6 5 5 15,05^ 57,962 670,983 6 2 , 3 5 1 141,156 1 6 5 , 6 4 0 3 7 , 5 0 9 26,745 7 1 , 2 5 7 59,601 17,009 5 0 5 , 5 5 2 1 , 3 5 4 , 5 3 4 434,055 5 0 2 , 6 1 9 216,629 392,317 656,403 158,338 162,988 1 7 9 , ^ 2 8 1 2 6 , 1 8 1 566,543 5 , 3 1 6 , 4 9 0 C»
@FedFRASER