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i. urn ,i_n mi iiuiiMui, ,, STATEMENT FOE THE PRESS Releasee! 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 , May 15 J not e a r l i e r . S t . 4526 F e d e r a l R e s e r v e Board, May l 4 , 1 9 2 5 . 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 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 May 13, 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 r d , shows a d e c l i n e of $ 7 1 , 9 0 0 , 0 0 0 i n h o l d i n g c of d i s c o u n t e d b i l l s , p a r t l y o f f s e t by i n c r e a s e s of $ 4 , 5 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 i m r k e t and of $ 4 , 3 0 0 , 0 0 0 i n Government s e c u r i t i e s . As a r e s u l t t o t a l e a r n i n g a s s e t s w e n t down $ 6 3 , 1 0 0 , 0 0 0 , a s compared w i t h t h e i n c r e a s e of $ 4 3 , 9 0 0 , 0 0 0 r e p o r t e d , t h e p r e v i o u s week. Cash r e s e r v e s i n c r e a s e d $ 7 , 0 0 0 , 0 0 0 and non-reserve cash $3,000,000, while Federal r e s e r v e n o t e c i r c u l a t i o n declined. $6,800,000. The New York r e s e r v e b a n k shows a d e c r e a s e of $ 5 7 , 3 0 0 , 0 0 0 i n d i s c o u n t h o l d i n g s , o t h e r d e c r e a s e s b e i n g C h i c a g o $ 5 , 9 0 0 , 0 0 0 , San F r a n c i s c o $ 4 , 3 0 0 , 0 0 0 , C l e v e l a n d $ 3 , 4 0 0 , 0 0 0 , and S t . L o u i s $ 2 , 5 0 0 , 0 0 0 . An i n c r e a s e of $ 2 , 3 0 0 , 0 0 0 i n d i s c o u n t h o l d i n g s i s r e p o r t e d by t h e F e d e r a l R e s e r v e Bank of Richmond and c f $ 1 , 4 0 0 , 0 0 0 by P h i l a d e l p h i a , w h i l e t h e r e m a i n i n g banks shew s m a l l e r c h a n g e s i n t h i s i t e m f o r t h e week. An i n c r e a s e of $ 6 , 4 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 i s r e p o r t e d by t h e F e d e r a l R e s e r v e Bank of New Y o r k and of $ 3 , 8 0 0 , 0 0 0 by K a n s a s C i t y and d e c r e a s e s of $ 2 , 5 0 0 , 0 0 0 and $ 1 , 6 0 0 , 0 0 0 , r e s p e c t i v e l y , by t h e M i n n e a p o l i s and San F r a n c i s c o b a n k s . A c c e p t a n c e h o l d i n g s of t h e o t h e r r e s e r v e banks show r e l a t i v e l y s m a l l c h a n g e 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 T r e a s u r y n o t e s went up $ 5 , 5 0 0 , 0 0 0 and fct U. S. b o n d s $ 2 0 0 , 0 0 0 , 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 went down $1,400,000. 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 a d e c r e a s e of $ 7 , 0 0 0 , 0 0 0 , r e p o r t e d by t h e B o s t o n b a n k , of $ 4 , 3 0 0 , 0 0 0 by New York, and i n c r e a s e s of $ 6 ' , 2 0 0 , 0 0 0 and. of $ 4 , 8 0 0 , 0 0 0 r e p o r t e d by C l e v e l a n d and. Philadelphia, respectively. 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 b a n k s d u r i n g t h e week and t h e y e a r e n d i n g May 1 3 , 1925, f o l l o w s : Increase or decrease Year Week + $7,000,000 + 8,000,000 Total reserves . Gold r e s e r v e s during - $247,100,000 285,000,000 63,100,000 Total earning a s s e t s 71,900,000 Bills discounted, t o t a l . . S e c u r e d b y U . S . Government o b l i g a t i o n s - 4 7 , 0 0 0 , 0 0 0 24,900,000 Other b i l l s discounted . . + 4,500,000 + 207,600,000 4,300,000 200,000 5,500,000 + + + 56,800,000 66,900,000 29,300,000 39,400,000 235,700,000 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 , t o t a l . Bonds Treasury notes . . . . C e r t i f i c a t e s cf i n d e b t e d n e s s . . . + + + Federal Reserve notes in c i r c u l a t i o n . - 6,800,000 - 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 - 32,300,000 ~ 26,000,000 - 4,500,000 ~ 1,800,000 + c. . . . . 1,400,000 + + 203,300,000 72,500,000 5,700,000 78,200,000 205,100,000 214,400,000 10,800,000 1,500,000 Released 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 , May 15, 1925; n o t e a r l i e r . S t . 4526a 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 ) May 13, 1925 May 6, 1925 May 14, 1924 RESOURCES Gold w i t h F e d e r a l r e s e r v e age.nts . . . . . 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 . 1,531,014 47,968 1,564,821 49,114 2,135,212 35»911 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 1,628,982 1,613,935 2,171,123 Gold s e t t l e m e n t fund w i t h F. P. Board . . Gold and gold c e r t i f i c a t e s h e l d by ba^ks . 6l4,266 6l0,267 611,846 619^750 578,914 385?,' 439 2,853,515 140,721 2,845,531 l4l,691 3,138,476 102,810 2,994,236 2,987,222 3,241,286 161,263 177,459 208,269 202,333 155,536 255,'645 338,722 410,602 411,181 282,986 278,466 75 3 6 l ' 85,377 270,988 23,612 85,227 265,527 24,960 18,463 24l,721 62,980 379,977 375,714 323,164 10,500 1,400 10,500 1,400 551 1,013,585 „ 690,032 59,498 23,221 1,076,68 2 601,598 59,253 22,715 810,257 28 673,130 56,687 24,813 4,836*938 4,800,888 4,858,378 1,676,204 - 1,682,971 ' 1,911,875 ' *332 2,153,999 19,532 26,499 2,180,024 23,980 28,333 1 , 9 3 9 598 30^375 24,961 2,200,030 2,232,337 1,994,934 Deferred a v a i l a b i l i t y items C a p i t a l paid i n Surplus All o t h e r l i a b i l i t i e s 6l4,53l 115,270 217,837 13,066 539,846 115,226 217,837 12,671 604,329 111,369 220,915 14,624 TOTAL LIABILITIES 4,836,938 4,800,888 4,858,378 J 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 . . . f. Total reserves 56,366 SSHCZS: Secured 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 in open m a r k e t [I. S. Government s e c u r i t i e s : ®onas 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 . . ( F o r e i g n l o a n s on gold All other earning a s s e t s Total earning a s s e t s 5$ Redemption fund - F. R. Bank n o t e s . . Uncollected items Bank p r e m i s e s . . All other resources TOTAL RESOURCES . y 3E3 ' 52177 ' 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 e r v e a c c o u n t Government Other d e p o s i t s .^tlV^aposits . . . . . . . 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 an5. F. R. n o t e l i a b i l i t i e s combined . . . . 77.2$ 76.3% 83.0% 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 . . . . . . 42,828 45,337 25,763 C. Released f o r p u b l i c a t i o n Friday morning, May 15, 1925; not e a r l i e r , st . 4526b RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS, MAY 13, 1925, RESOURCES ( I n thousands of d o l l a r s ) Federal Reserve Bank of Boston Gold w i t h Federal Reserve Agents 197,472 Gold redemption fund w i t h U . S . T r e a s , 5 , 4 6 2 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 202,940 Gold s e t t l e m e n t fund with F.P.Board 4 9 , 3 9 5 Gold and gold c e r t i f . held by banks 23,419 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: Secured by U.S.Govt, o b l i g a t i o n s Other b i l l s discounted New York Phila. Cleve. 356,393 137,323 1 7 1 , 6 3 7 7,675 8,155 3,894 Rich. 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 Fran. Total 4 0 , 6 8 0 125,658 135,473 4,436 1,770 4,393 43,305 5,439 54,397 678 57,088 2,671 38,433 220,149 1 , 5 8 1 , 0 l 4 1,906 1,489 47,968 364,068 145,478 1 7 5 , 5 3 1 4 5 , 1 1 6 130,428 139,866 193,549 5 0 , 0 4 i 80,327 12,332 13,958 110,494 3 3 5 , 0 9 5 2 1 , 9 1 5 3 5 , 7 0 5 21,089 6,990 106,923 48,744 11,705 10,004 55,075 16,801 7,102 59,759 31,408 3,435 40,339 221,638 ].,628,982 14,468 2 9 , 7 8 8 614,266 610,267 9 , 9 0 5 28,685 275,754 14,287 8 9 2 , 7 1 2 217,434 291,563 33,679 7,526 5,955 78,537 151,376 357,283 4 , 4 4 4 14,938 17,974 70,453 20,221 78,978 1,801 94,602 3,826 6 4 , 7 1 2 250,111 2 , 8 5 3 , 5 1 5 140,721 6,334 9,734 290,041 6,422 9 2 6 , 3 9 1 223,389 299,089 16*966 1,764 2,785 8 2 , 9 8 1 166,314 375,257 6,804 4,629 3,557 90,674 3,956 80,779 1,217 98,430 2,352 74,446 286,445 2 , 9 9 4 , 2 3 6 2,630 3,284 56,366 13,103 10,769 44,744 27,765 21,786 11,669 27,169 12,581 13,983 33,966 2,874 16,622 18,498 19,614 4,623 9,988 330 5,515 90S 6,119 236 3,476 12,609 19,375 161,263 177,459 23,572 72,509 33,455 39,750 47,949 19,496 38,112 14,611 6,245 7,027 3,712 31,984 338,722 29,365 29,572 25,273 22,306 9,597 10,603 36,969 9,297 12,960 14,072 6,805 16,167 282,986 1,962 10,667 3,295 11,084 99,091 2,222 1,178 21,093 155 10,502 19,721 5,581 1,552 2,727 63 2,123 5,077 1,022 21,04l 25,843 2,878 2,710 14,850 408 8,736 8,403 207 11,472 17,791 2,248 9,317 15,004 368 3,700 30,721 5,165 85,377 270,988 23,612 Total U. S. Govt, s e c u r i t i e s 1 5 , 9 2 4 112,397 22,426 35,804 4,342 -8,222 49,762 17,968 17,346 31,511 24,689 39,586 379,977 2,835 976 1,150 1,124 557 43O 1,449 483 346 - 420 250 735 - 10,500 1,400 83,280 61,896 1,122 398 98,984 62,635 7,573 269J ^ Total 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 : Bonds Treasury n o t e s C e r t i f i c a t e s of indebtedness Foreign l o a n s on gold A l l other e a r n i n g a s s e t s Total earn ins; a s s e t s U n c o l l e c t e d items Bank prealises u r c e s A l l oth^T r ee ss oources TOTAL RESOURCES 777 - 69,938 66,223 4,190 47 -n - 277,313 175,483 16,710 6 ,*978^4 ^ - 62,445 56,071 2,446 644 V-r-r - 3 8 , 7 5 1 126,292 31,150 83,821 2,780 8,099 1,420 2,868 U,uuu - 42,359 34,569 4,164 J339 - 36,897 14,450 3,049 J3,205 , CSJJ 53,280 37,909 4,256 591 368 - 35,574 24,563 1,833 1x ,, 6\J\J~ 64 - 88,472 1 ,013,585 41,262 690,032 3,276 59,498 23,221 4~ ,f 7 9 2 C-C-J. 4 3 6 , 8 6 1 1,419,847 371*849 4 7 1 , 3 3 5 208,144 246,492 601,693 176,061 139,597 196,818 1 4 0 , 7 1 0 4 2 7 , 5 3 1 4 , 8 3 6 , 9 3 8 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, May 15, 1925; n o t e a r l i e r . S t . 4526c RESOURCES -AM) LIABILITIES OF THE FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS, MAY 1 3 , 1925L 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 d e r a l R e s e r v e Bank of 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 Boston New York P h i l a . CIeve. 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 . T o t a l 205,619 334,064 153,809 200,951 72,307 139,473 159,360 46,929 62,298 63,126 4I,S25 195,353 1,676,204 140,523 467 406 8 36,242 4,347 15,659 127,779 173,805 1,349 1,436 717 1,198 62,575 1,740 195 66,842 315,664 2,613 1,158 170 1,243 7 7,38 1 1,149 857 51,536 738 279 84,502 1,291 489 57,668 159,477 2,153,999 1,134 2,110 19,532 204 5,082 26,499 141,401 856,248 129,845 176,439 64,510 6 9 , 6 2 5 318,065 79,387 52,553 86,282 59,006 166,669 2 , 2 0 0 , 0 3 0 64,528 8,350 16,382 5Sl 135,773 31,523 58,749 3,490 52,859 5,993 11,701 774 23,139 4,609 8,950 696 34,127 5,107 9,971 540 12,984 3,245 7,497 1,020 33,551 4,329 8,977 493 27,365 4,235 7,592 687 Deposits: Member bank - reserve account Government Other d e p o s i t s Total deposits Deferred a v a i l a b i l i t y items Capital paid in Surplus All other 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 . R. n o t e l i a b i l i t i e s combined, p e r c e n t 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 56,428 11,216 20,059 492 436,861 1,419,547 371,549 83.6 3,223 77.8 78.8 11,036 4,050 57,314 12,950 22,462 1,189 76,060 15,543 30,426 1,739 40,403 8,170 15,071 1,365 614,531 115,270 217,837 13,066 4 7 1 , 3 3 5 2 0 8 , 1 4 4 2 4 6 , 4 9 2 6 0 1 , 6 9 3 1 7 6 , 0 6 1 139,597 1 9 6 , 8 1 8 1 4 0 , 7 1 0 4 2 7 , 5 3 1 4 , 8 3 6 , 9 3 8 79«2 60.7 4,660 2,308 79.5 78.5 1,786 6,010 71.8 2,003 70.3 65.9 1,437 1,742 73.8 1,524 79.0 3,049 77.2 42,828 FEDERAL RESERVE NOTES OUTSTANDING AND 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 banks 241,715 36,096 458,106 124,042 187,950 216,750 3 4 , 1 4 1 15,769 85,744 155,108 170,441 13,437 15,635 10,581 53,115 6,186 65,327 3,029 72,332 9,146 47,474 232,014 1,986,076 5,649 36,161 309,872 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 205,619 334,064 153,809 200,981 72,307 139,473 159,860 46,929 62,298 63,186 41,825 195,853 1,676,204 DISTRIBUTION OF BILLS AND U. S. CERTIFICATES OF INDEBTEDNESS BY MATURITIES B i l l s discounted 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 W i t h i n 15 d a y s 16 t o 30 d a y s 231,963 124,639 567 60,242 25,208 31 t c 60 days 38,253 63,048 6 l t o 90 d a y s 19,853 30,761 91 dd aa yy ss fFrom r o m yL t o 6 months 20,041 4,296 15,066 Over 6 months 3,404 7,979 Total 338,722 282,986 23,612 hei-easeo 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 , May 15, 1925J n o t e a r l i e r . S t . 4526c!. FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS, MAY 13, 1 9 2 5 . ( 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. CI e v e . Rich. A t l a n t a Chicago S t . Louis 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 65,750 F e d e r a l Reserve n o t e s o u t s t a n d i n g 241,715 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 28,800 Gold r e d e m p t i o n fund 9,678 Gold f u n d - W. R. Board 159,000 Eligible paper Amount r e q u i r e d 44,237 E x c e s s amount h e l d 9,000 TOTAL 318,540 43,600 42,500 458,106 187,950 216,750 21,574 65,831 266,807 85,744 155,108 1 7 0 , 4 4 l 25,660 53,115 23,891 65,327 27,873 72,332 21,372 69,700 993,092 47,474 232,014 1,986,076 186,698 6,000 8,780 28,695 11,934 12,857 l 4 l , 0 0 0 119,389 150,000 2,000 8,000 3,385 7,658 4,829 35,295 113,000 130,644 12,975 2,330 28,000 13,052 1,345 40,000 4,728 52,360 16,011 282,316 3,422 17,539 108,400 19,000 202,610 1,190,298 101,713 40,228 45,064 11,447 9,810 12,674 10,930 8,128 15,244 5,657 50,627 1,105 45,113 16,477 26,450 2,74l 34,968 39,802 9,041 1,403 11,865 35,744 405,062 184,406 558,180 1,274,980 420,605 492,477 204,509 378,788 647,491 144,564 162,673 178,194 117,723 569,472 5,149,656 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 e m C o m p t r o l l e r of the Currency 307,465 776,646 2 3 1 , 5 5 0 2 5 9 , 2 5 0 1 0 7 , 3 1 8 2 2 0 , 9 3 9 4 3 7 , 2 4 8 78,775 89,218 100,205 68,846 301,714 2,979,174 C o l l a t e r a l received from F e d e r a l r e s e r v e bank: Gold Eligible paper 356,393 137,323 171,637 l 4 l , 9 4 i 51,732 61,590 43,305 22,484 54,397 19,055 38,433 220,149 1 , 5 8 1 , 0 i 4 10,444 47,609 589,468 TOTAL 197,478 53,237 40,680 128,658 135,473 56,511 29,191 74,770 57,085 20,901 558,180 1 , 2 7 4 , 9 8 0 420,605 4 9 2 , 4 7 7 204,509 378,788 6 4 1 , 4 9 1 144,564 162,673 178,194 117,723 569,472 5,149,656
@FedFRASER