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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