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STATEMENT FOR THE PRESS
St. 423)
Federal Reserve Board,
September. 18, 1924.
Released for publication
zrt:t.dav morn"-ns, ::>ept. 19;
not earlier.
CONDITION OF FEDERAL RESERVE BANKS
The consolidated statement of condition of the Fe<'ieral reserve banks on September 17, made public by the Federal Reserve Board, shows a decrease of $~,300,000 in
holdings of bills discounted for. member banks as against increases of $6, 700,000 in
bills bought in open market and of $50,500 1 000 in United States securities. As a
result of these changes total earning assets shew an increase of $59,2,)0,000.
Federal reserve note circulation decreased qy $16,000,000 and cash reserves by
$6,400,000, while total deposits increased qy $96,800,000.
Nine of the Federal reserve banks reported decreases aggregating $16,000,000
in hold.ings of bills discounted for member banks. An increase of $7,000,000 was reported by the Cleveland bank,,, ar.d. increases of $2,900,000 and $2,800,000 respectively by St. Louis and Richmond. Holdings of paper secured by Urtit ed States o'oliga.tions cleclined by $1,400 1 000 to $83,600,000. Of the latter amount $72,100,000 was
secured by Liberty an:l other U. S. bonds, $10,000,000 by Treasury notes, and
$1,500,000 by certificates of inclebtedness.
All of the :reserve banks except New York and Richmond :report increased holdings
of bills purchased in open market, the aggregate increase for these ten banks being
$11,900,000. Holdings of the New York bank declined $5,200,000. U. S. bonds held
increased by $1,900,000 and certificates of indebtedness 1:zy' $63,100,000 of which
$35,000,000 is due to issue by the U. S. Treasury of special certificates to the
New York and Boston banks to provide funds for temporary requirements pending collection ;of the September 15 installrrent of income taxes. Holdings of Treasury notes
declined by $14,500,000.
Small increases, aggregating $2,600,000, in Federal :reserve note circulation
are :reported by the Atlanta, St. Louis, Minneapolis, Kansas City and Dallas Bar~s.
Decreases in note circulation aggregating $18,6oo,ooo are reported qy the seven other
reserve banks, the largest decrease, $5,300,000, being repo:rted by Cleveland. Gold
reserves declined by $3,400,000, Reserves other than gold by $3,000,000, and Nonreserve cash by $1,500,000.
A summary of changes in the principal_ assets and liabilities of the :reserve
banks during the week and the year ending September 17, 1924, fallows:
Increase
Total reseT.'Ves ••
Gold reserves
. . ....
.
Bills bought in open market
..
Federal Rese:rve notes in circulation
Total deposits . • • • . . • .
Members 1 :reserve deposits • , • .
Gave :rnmen t deposits • • . • • • •
Other deposits • • • . . .
...
....
Year
- $34,400,000
- 40,500, oco
+ 59,200,000
3,300,000
1,400,000
1,900,000
55,600,000
516,300,00J
- 241,000,000
- 275,200,000
+
U. S. Government securities, total •
Bonds , . . _ • . • . .. . . . . , . ,
Treasury notes • . • . • . . . . • .
Certificates of indebtedness • • . .
during
$6,400,000
3,400,000
...
.
.. . .
decrease
Week
Total earning assets • • . .
Bills discounted., total • •
Secured by u.s. Government obligations
Other. bills discounted ••
.
c.
or
6, 700,000
+ 50,500,000
+
1,900,000
14,500,000
+ 63,100,000
71,800,000
+
+
+
+
526,100,000
14, 6oo,ooo
334,6oo,oc:o
177, 000 , 0\.JO
16,000,000
- 520,1JO,Ci0G
+ 96,soc,ooo
+ 122,400,000
+ 409' 300,000
+ 436,300,000
31, 6oo, oco
+
4,700,000
23,400,000
2, 200, oco
l
1
Released for publication Fricl;_cy r.10rninc, Septem":ler
St.
19, 1924.
4233a
RFSJ(T"RC:rt;S AND LI/tBHITTES
'OF 'rHE
TV::t!~I,VE
F.S:CER:\.1 f...ES:~I(l::<; BANKS COfilB INED
(In thcus3Jlcls cf ~ ollars)
~ept._l7_1_]._9_24
§ept~_lS..ill~ _Sept. 1~192"5
RESOURCF.S
Gold with Federal reserve agents . • •
Golc1 rec1empticn fund with U.S.T:reasury
Gold held
exclusl_vlli~in§.Lf.
R._notes
Gold settlerrent fund with F.R. Boa:r.(i
Gold and gold certificates held by banks
Total gold reserves . . , . . . . .
Reserves other than gold .
_
- 351, 3~2
31 12l,C]7 ..J
257t967
93,212
E4, 931
- 17_6, 299
261,230
9 2, 4'31
324, ~40
-~~9.~~·-~
774,240
171, 0~-4
35,951
391: s63
34,044
412,378
21, )E 7
63,~?3
_.:c..._:
3, 031,493
33,919
-----
Total res erY.§.§_ .
Non-reserve cash • • .
Bills d isco1.mted:
Sec. by U. S. Government obligations
Other bills cl i scount eel .
Total bills dis~ounted • • . . .
Bills bought in open rr,arket •
U. S, Government securities:
Bond s . . . . . . . " , . , . . '
Treasury not0s • . . , . . . . . . ,
Certificates of indebtedness , . . •
..
Total U. S. Governrnen t secu:ri ties
All other earning assets , . . . . . •
3,165,412
44,543
33,601
___fl_~ l 3t) 6
59
•
,-'I
,.,.
1-
2, 125, ·t3~
o)3, E.jc:
77 'f 32
--··--3,199,802
64,295
-- 18~2...~15
_l~l, 7~~
___ __;,!_ - - -
6131 729
:),950
568,18.8
1, 750
92,5f9
317
--
Total earning assets • . . •
5% Reclemption fund - F. R. Bank notes •
Uncollected items •
• •.•
Bank premises . . . .
. • , ,
All other :resou. rces • •
, • ,
2,066,46~
2,035,611
<6 f-9~
../ '
.
-----2,072,502
bl9 ~ 422
_)9_ 2's :t2..
3,0E4,Sl9
36,920
----··-3, 171,839
46,093
2,033,632
36, 6?,3
. 2, 075,270
6n, 304
394.d_l9
-
----
7
:n9
-~---·-
923,659
1,038,190
580,589
ro 76
.;_.,,)
28
_3~38:3
.'
775:917
59:672
__5_ 6' 4. 61-~
5,054,666
747,3"13
54,915
- 13,332
4,Sl4,9l..l4-
5,13£,435
F. R. notes in actual circulation
1, 734,666
1, 750,670
2, 254, 76Li
2,261,255
6, .3 39
29 1·-'~~s ..)7
2,138,393
29,741
-z,- 734
1,825,005
37,9 TJ
-~-'-'-
24,2~2.
2,29 7,1 tl
2,200,368
678,050
112,032
220 . 915
12,026
518' 542
111,989
220; 915
--~~~~60
4,314,:_;44
1, S8 7,S40
6Lt5, 8tJ b
109, G44
218' 369
TOTAL RESOURCES
L I ABI L I T I E S
F. R•.Bank notes in circulation- net •
Deposits:
Member bank - :reserve account •
Government , • • . . . .
. . . •
Other deposits • . , .
Total_j_epos i~-~ • •
Deferred availability items • • , , . •
Capital paid in. . . . • . . . . . . .
Surplus , . . . . . , . . . . ,
All other liabilities , • . . •
TOTAL
~!ABILITIES
----
5,054,366
L+9.i
--~~55
5,138,435
Ratio of total reserves to deposit and
E. R. note liabilities combined , . •
78.5%
80.3%
77.2%
Contingent liability on bille. purchased
for. foreign correspondents . . . . .
20,959
23, "(13
33,752
c.
.
.........
-·
-~··-~~
--.- --....,......--------------"""""'"""""_"""'":"____________________
.........
~--.......,........,..-------~
........
·ict.ay mom in~. September 19, 1924; not earlier.
Ri,S00qCES AND LI ;LB:LLI'IIES OF THE .FEDERAL RbS~:.:rVE BANKS AT CLOSE OF KTSIHESS, SEPTEMBER 17, 1924.
Released for publ i..cco.t ic:n
RE S 0 URCE S
(In thousands of oollars)
Federal Reserve 3ank of
Boston · New York Phila.
Cleve.
Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Total
Gol~i v.ith F~d~lfu Ikserve Agents
210,620
569,363 134,022 215,391 52,311123,831 236,350 55,479 55,232 60,292 33,331230,805 2,038,632
Gold re(1empt:i.C.r.i f\Elcl witb.TJ.S.Treas. 3,991
7,901 5,071
2,543
2,137__1_,52~4,721
3,107
962 2,431 1,620
573
}6,633
0-o ;'j.J~::-~2-~'~'=.Ll.0~'re1y__a.gaipst
214,611
Gc10 3e-l: .:.. lan-:.;~n:t f·.md with F.-R.Boarcl 46,401
Gold mit golo certif. held by banks 21,536
577 J 769 189' 093 213,439 54,448 130,402 241,071 58,586 56,194 62, 773 40,501 231,383 2,075,270
220, 737 33,170 60,574 30, 769 22~ 568 110, b42 13,357 7,371 31,200 7,898 26,117
611,304
72,664 9, il'30 8,190 3,964
6,899 33,556 394.919
173,532 '26, 721 18,285 12,832 7, C50
282,543
7,477
972,038 2~8,984 297,298 98,o49 160,020 424,577 81,~.33 72,255 97,937 55,298 291,056 3,081,493
16,624 . 2,051
2,642
5,064
8, 537 3,133
33,919
3,533 9,2?7 lOf 607 13,680 1, 314
290,025
3,767
938,662 251,035 3021362 101,582 169,277 435,184 95,113 73,569 lCO, 579 63,335 294,189 3,165,412
14,434 1,190
4,006
44,543
2,963
630 2,222
1,932 3,446 5,624
1, 593 2,686
li:_._!!.~~ tc~g
F-.
Tot<>J__r:ai Q_
res§_~
Rese:rres other than gold.
rese:rves
Ncn-r3se:rvA ca.sh
BilltJ eli ssour:.ted:
Sec. bJ u. s. Govt. obligations
Oth~n:· 1il1s Cl is counted.
~C~E-1
------------------·---
11,104
6,237
4,291
4,054
16, 171
17 2 255
discounted
3,345
33,426 17,341
Bills boug:i:J.t in open market
8,479
46,035
r:L'oteJ_~ills
u. s.
1, 752
24,224 9, 234
1,750
7,636
5,293 29 !303 23,713 20! 775
29,517 38,537
3,073
28,411
23,142
1,920 10,211
3,758
25,463
Government securities:
s
4,619
253
18,323 11,310
530 1,800
9,619 13,747
12,063 .10,199
1,647 3,676
1, 739
14,237
83,601
174! 366
15,547
15,976
257,967
3,339
9 '772
99,212
Treasury notes
Certificates of indebtedness
1,039
26,796
15,922
4,902
749
136,394 25,426
30,301
5,715
5,115
33,229
18,400
1,191
2,811
1,123
3,800
600 8,036
1,613
945
1,372 53,143 12,715 15,047 24,4-05
3,9C9
535 19,538 3,319 5,296
1,834 1,119
19,469 42,056
7,141 18,216
35,951
397,363
134,915
Total U. s. Govt. secu:r. i ties
All other ea:rning assets
43,757
221,597
5,200
31,390
1,750
61,744
5,125
2,352 31,489
28,444 61,391
613, 7'C9
6,950
'!_otaJ._ earning assets
Uncoll_ect~o. i terns
Bar~ p:rem:' se s
All ot:J.er resources
60,531
64,936
4,312
131
306,253
189,053
16,433
3,448
52,733
74,493
1,112
240
99,334 4},662 30,235 120,111 44,0}4 42,039 48,802 47,830 371139
71,383 62,316 33,242 102,374 36,504 16,002 46,332 31,946 46,336
9,130 2,528
2,524
2,375 3, 264
1,912 3,000
2,987 4,595
204
234 1,891
663
144 5,200 1,065
3,562 4,682
982,858
775,917
59,672
26,464
BOll(l
TOTAL RESOURCES
{'
Vo
17,134 28,379
34,927
423,752 1,523,338 330,803 486,919 212,254 240,966 672,720 181,282 140,477 203,595 150,723 4)8,032 5,054,366
R:::J.e::-,s:Jd :·o:r.
pt:..blicaticn F:ricl~r rnc~ning, September
St. 4233c
19, 1924; not earlier.
RESOURCEti AND LIABILITIES OF THE FEDER.AI, RESERVE BANKS AT CLOSE OF BUSINESS, SEFTE\mEBl7 t
1924.
L I AB I L I T I E S
(In thousands of dollars)
Federal Reserve Bank of
F. R. notes in actual circulation
Boston
New York
Phil a.
Cleve.
Rich. Atlanta Chicago St.Louis Minn. Kans.Cy.
Dall~
San Fran. Total
197,472
304,218 154,358 206,761 71,220 134,595 219,46o 56,515 64,828
135,073
202
467
962, Oli2 13 0, 603 178, 616 62,870 63,965 320, 1}4 71,508 46,268 81,347 5l,li56 154,373 2,261,255
262
b20
145
867
154
627
712
827
6,339
996
517
390
128 1,704
18,762
1,178
475 1,008
237
310
409
4,552
29,583
353
981)800 131,223 179,778 b3,734 64, 980 322, 100 72,481 47,194 83,352 52,156 159,637 2,297,177
145,616 64,526 63,079 58,844 26,484 84,20) 36,629 16,231 40,794 34,282 44,437 678,050
30,201 10 J 392 . 12, 705 5,879 4,57b 15,199 5,118 3,373 4, 365 4,148 8,070 112,032
59,929 19,927 23,691 11,672 8,950 30,426 10,072 7,484 9,496
7,577 15,301 2?0,915
467 1,367
1,574
905
12~C26
598 1, 793 1,110
377
905 1, 379 1,326
64,990
50,772 209,477 1,734,666
Deposits~
Mcrrbe r: bsUJk - :reserve account
Gcvs:-rrrrh3nt
Tot.g,l_}.£I?S'~
its
Defer.rec z.1Ya.:.l:ilii lity items
Cap it a.l paid ~n
Slu"Dlus
.n:.. other liabilities
TO!J:'AL LIABILiTIES
Ratio of total reserves to deposit
and F. R. note liabilities
c orr."!> ine<l, per cent
138, 742
62,919
8 , oc4
16,390
225
·--·---""-·-
423,752 1,523,338 380,803 486,919 212,254 240,9tb 672,720 181,232 140,477 203,595 150,728 438,032 5,054,866
8 6. 3
84.8
87-9
Contingent liability en bills
purchas-3d for fort;ign
c o:r.re sponCl ent s
5,550
2,108
2,543
1,239
956
80.4
62.0
73·7
3,2.38
1,065
782
1,000
826
1, 652
. 20,959
.FEDERAL RESERVE NOTES OUTSTANDING AND IN ACTUAL CIRCULATION
F. :R. notes outstanding
F. R. not.es held by banks
221,357
2),885
616,445 200,470 229,584 79,550 151,766 239,591
312,227 46,~12 22,823 8,330 17,171 20,131
F. R. notes in actual circulation
197,472
304,218 154,358 2o6,761
71,220 134,595 219,46o
65,138 67,946 71,516 56,862 246,850 2,247,075
8,623 3,118 6,526 6,090 37,373 512,409
56,515 64,828 64,990 50,772 209,477 1,734,666
DISTRIBUTION OF BILLS AND U. S. CERTIFICATES OF INDEBTEDNESS BY MAWRITIES
Within 15 daJ'S
Bills disco~~ted
Bills b(;ugh.t in open rrnrket
Certificates of indebtedness
c..
137,243
20,121
35,0Cl
16 to 30 dqys
31 to 60 dc:ws 61 to 90 days
47,631
2},902
1,000
31,843
32,438
98,421
.From 91 davs
to six months
Over 6 months
Total
9,26o
8,551
23,152
399
257,967
99,212
184,915
27,341
St. 4233d.
Released for publication Friday morning. September 19, 1924; not earlier.
FEDERAL RESERVE AGENTS 1 ACCOUNTS AT CLOSE OF BUSINESS, SEPTEMBER l 7, 1924.
(In thousand.s of dollars)
Federal Reserve Agent at
RESOURCES
Federal Reserve notes on hand
Beoeral Reserve notes outst~~ding
Collateral security for Federal
Rese :rve notes out stanling:
Gold and. gold certificates
Gold redemption fund
Gold furo - F. R. Board
Eligible paper:
.Amount required
Excess amount held
TOTAL
Boston
New York Phila.
Cleve.
Rich.
Atlanta Chicago St.Louis Minn..
Kans.Cy. Dallas San Fran. Total
72,950
221,35 7
235,120 48,400 51,700
616,445 200,470 229,584
35,300
12,320
163,000
14,556
3,500
7,300 8, 780
238,531
9,985 13,052
1,680
12,111
3,516
3,494
4,932
3,325
7,381
30,337 13,333
5, 705
301,000 162,889 195,000 48,795 113,000 230,645 42,000 40,500 55.360 20,500
10,737
6,087
36,400 71,835 231,4GQ 26,100 21,177 30,533 16,907
69,500 912,042
79.550 151,766 239,591 65,138 67,946 71,516 56,862 246,850 2,247,075
3,241 9,659
46,577 16,448 13,693 27,239 22,885
4,447
11,176
23,427
35,234
17,229
29.358
355
12,714 11,224 17,981
543 2,463 1,435
521,751 1,497.368 449,695 534,295 206,676 379,814 745,886 173,605 157,612176,028 132,o66
331,504
14,825 113,459
215,980 1~593,669
16,045
8,122
208,443
139,926
571,322 5,546,118
LIABILITIES
Net ammh,t of Fe0era1 Reserve notes
received from Ccrnptro1ler
of the Currency
294,307
851,565 248,870 281,284 115,950 223,601 471,011 91,238
89,123 102,049
73,769
Collateral received from
Fe<'le:r.a1 reserve bank:
Gold
Eligible paper
569,863 184,022 215,891 52,311 128,381 236,350 55,479
75,935 16,803 37,120 38,415 27,332 38,525 26,888
55,232 60,292
13,257 13,687
38,381 230,305 2,038,632
348,369
19,416 24,167
TOTAL
c.
210,620
16,824
521,751 1,497.368 449,695 534,295 206,676 379,814 745,886 173,605 157,612 176,028 1}2,066
316,350 3,159,117
@FedFRASER