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S t . 5184 F e d e r a l R e s e r v e Board, December 9 , 1926. Released f o r p u b l i c a t i o n F r i d a y morning, Dec. 1 0 ; not e a r l i e r . COM)ITION 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 Decern* b e r 2, made p u b l i c by t h e F e d e r a l Reserve Beard, shows a d e c l i n e f o r t h e week of $ 4 0 , 7 0 0 , 0 0 0 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 i n c r e a s e s of $ 2 2 , 8 0 0 , 0 0 0 and $17,700,000, r e s p e c t i v e l y ^ i n h o l d i n g s of a c c e p t a n c e s and Government s e c u r i t i e s purchased i n open m a r k e t , w i t h t h e r e s u l t t h a t t o t a l h o l d i n g s of b i l l s and s e c u r i t i e s were a p p r o x i m a t e l y t h e same as a weak a g o . 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 i n c r e a s e d $ 3 2 , 2 0 0 , 0 0 0 and c a s h r e s e r v e s d e c l i n e d $ 6 , 7 0 0 , 0 0 0 . Discount h o l d i n g s of t h e New York bank, i n c r e a s e d $ 1 9 , 9 0 0 , 0 0 0 and of C l e v e l a n d $ 8 , 0 0 0 , 0 0 0 . The o t h e r banks showed s m a l l e r h o l d i n g s of d i s c o u n t e d b i l l s , t h e p r i n c i p a l d e c r e a s e s b e i n g : Chicago £ 1 8 , 6 0 0 , 0 0 0 , P h i l a d e l p h i a $ 1 5 , 0 0 0 , 0 0 0 , Boston $10,600,000, S t . L o u i s $ 6 , 0 0 0 , 0 0 0 , San F r a n c i s c o $ 4 , 5 0 0 , 0 0 0 , Richmond $ 3 , 7 0 0 , 0 0 0 , and A t l a n t a $ 3 , 3 0 0 , 0 3 0 . 0%:en-market a c c e p t a n c e h o l d i n g s of t h e New l o r k bank were $ 1 5 , 1 0 0 , 0 0 0 and of t h e Boston bank $ 5 , 5 0 0 , 0 0 0 above the p r e c e d i n g w e e k ' s t o t a l s . The S y s t e m ' s h o l d i n g s of a l l c l a s s e s of Government s e c u r i t i e s i n c r e a s e d United S t a t e s bonds by $ 8 , 4 0 0 , 0 0 0 , T r e a s u r y n o t e s by $ 5 , 3 0 0 , 0 0 0 , and 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 by $ 4 , 0 0 0 , 0 0 0 . All of t h e F e d e r a l r e s e r v e banks r e p o r t a l a r g e r volume of F e d e r a l r e s e r v e n o t e s i n c i r c u l a t i o n , w i t h t h e e x c e p t i o n of New York and S t . L o u i s which show small d e c l i n e s , t h e p r i n c i p a l i n c r e a s e s b e i n g : P h i l a d e l p h i a $ 6 , 8 0 0 , 0 0 0 , Chicago $ 6 , 6 0 0 , 0 0 0 , C l e v e l a n d $ 5 , 7 0 0 , 0 0 0 , and Boston $ 5 , 4 0 0 , 0 0 0 . 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 the y e a r e n d i n g December 8 , 1926, f o l l o w s : Increase or decrease during Year Total r e s e r v e s ' . Gold r e s e r v e s - $6,700,0-00 - 1,200,000 Total b i l l s and s e c u r i t i e s B i l l s discounted, total . . . . . Secured by U.S. Govt, 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 300,000 - 40,700,000 - 2,700,000 - 38,000,000 + $119,600,000 + 106,100,000 - 90,400,000 74,600,000 29,900,000 44,700,000 + 21,400,000 — — - . . . + 22,600,000 U.S. Government s e c u r i t i e s , t o t a l B 0 nd 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 . , + 17,700,000 + 8,400,000 + 5,300,000 + 4,000,000 + 28,300,000 200,000 14 7 , 9 0 0 . 0 0 0 119,400,000 Federal reserve notes i n c i r c u l a t i o n + 32,200,000 + 38,200,000 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 - 35,500,000 - 26,200,000 - 9,900,000 - 25,900,000 15,400,000 10,000,000 B i l l s bought i n open market C. . . - - - Released f o r p u b l i c a t i o n F r i d a y morning, December 10, 1926; n o t e a r l i e r . S t . $lg4a RESOURCES AM) 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 ) Dfcc. 3,3 92b R E S O U R C E S Dec. 9, 1925 Gold w i t h F e d e r a l Reserve a gents . . . . . Gold redemption f u n d w i t h U.S. T r e a s u r y 1, 348,339 58 314 1,342,346 59,599 1,307,572 57,705 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 1,406,653 1,401,945 1,365,277 731,402 690*333 739,979 637,701 753,172 603,836 2,823,393 2,829,625 2,722,285 121,060 126,526 107,616 2,949,453 2,956,151 2,829,901 48,920 49,116 44,389 3I+ S, 33I+ 25b,392 351,060 294,416 378,272 301,102 604,726 390,939 645,476 368,163 679,37% 369,550 56,43b 118,214 143^933 48,021 112,912 144,975 56,276 266,030 29,517 323,583 305,90s 351,373 2,563 1 A 564 3,195 1,321,861 651 669,517 06 12 r ; 15,710 1,322,111 052 729,04b bO,106 15, 1,412,292 861 692,811 61,552 19,362 5,066,237 5,132,521 5,061,168 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 . . Deposits: Member bank - r e s e r v e a c c o u n t . . . . Government F o r e i g n bank Other d e p o s i t s 1,803,737 1,771,626 1,765,627 2,230,971 23,798 13/459 13,361 2,257,165 2,246, 35,840 11,884 20,420 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.11 o t h e r l i a b i l i t i e s 2,283,589 604,135 124,734 220,310 24,632 2,324,360 667,987 124,462 220,310 23,776 2,314,530 626,937 116,863 217,837 19,374 5,132,521 5,061,168 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 e l d by banks Total 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 Total r e s e r v e s Non-reserve cash B i l l s discounted: Sec. 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 i n open market . . . . . . U. S. Government s e c u r i t i e s : Bonds 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 . . . . Total U. S. Government s e c u r i t i e s Other s e c u r i t i e s F o r e i g n l o a n s on gold T o t a l b i l l 3 and s e c u r i t i e s Due from f o r e i g n banks Uncollected items Bank p r e m i s e s All o t h e r r e s o u r c e s . . TOTAL RESOURCES 8,300 L I A B I L I T I E S TOTAL LIABILITIES 5,066,237 35,689 14,065 17,4-41 R a t i o of t o t a l r e s e r v e s t c d e p o s i t and F. R. note l i a b i l i t i e s combined . . . 72.1$ 72.2 fo 69.4$ C o n t i n g e n t l i a b i l i t y cn b i l l s p u r c h a s e d f o r f o r e i r n correspondents 48,837 48,389 45,422 C. RESOURCES RESOURCES- AN® LIABILITIES OF THE FEDERAL RESERVE BANKS ON DECEMBER 8, 1926. ( I n thousands of d o l l a r s ) Boston New York Phila. Cleva. Rich. Atlanta Chicago St.Louis St. 4 854b Minn. Kans.Cy. Dallas San Fran. Total Gold iield exclusively a g a i n s t ™ re °"rveS Reserves otnsr tnan gold 5^L^serves 139,871 253>225 118,898 157»9 63 18,675 60,455 64,325 36,255 196,504 l , 4 0 b , 6 5 3 210,299 lJ ±^Il 94c,395 199,402 261,001 115,279 157,C88 3bl,710 62,453 §4^0 L2l6 8,228 5,783 10.124 19,799 11,291 S9,498 1.113 96,579 4,557 64.112 262,577 2,828 , 393 7,66a 5,598 121.060 224,572 972,825 203,13s 269,229 1 21,062 167,472 381,509 92,811 101,136 71,780 268,175 2,949,453 6,906 Total 3 - - 1 5 discounted B i l l s bov-sht m open market u. a. Government s e c u r i t i e s : f o n d s . T r ^ s u r y notes C~x t u xoates of indebtedness Totaa U.S. Govt, s e c u r i t i e s Other s e c u r i t i e s —tal 131x15 a n d securities Due from f o r e i g n banks Uncollected items Bank premises All o t a e r resources TOTAL RESOURCES c. 12,998 744 gjg %a ?d% 44,176 39,771 IbO.Olb 123,665 529 10,972 . 45,358 26,113 585 3,065 75,276 123,593 156,613 2,444 a 83,93" 33,100 5,493 11,975 1,121 1,191 3,272 8,530 s-a 46,869 25,552 98,835 46,047 259 20,338 75,744 3,183 m 27,938 11,036 2,031 3,310 0,159 22,109 3J„?J1_4 l6,0bl 3,509 20,0 7 2 14,709 2,047 4,088 1,504 122 9,508 18,538 8, 7 4 3 9,948 9,998 70,395 20,155 2,000 35,902 7,326 - 1,885 - 48,384 93,945 354,076 93,626 152,932 44,794 74,306 193,269 59,611 4,068 90 651 156,517 16,740 3,197 57,189 1,602 360 60,379 2,364 400 59,409 7,409 1,083 29,66b 2,992 962 80,495 7,933 2,584 >vi* ?.•& 825 2,133 1,608 3,212 48,920 4,137 12,763 13,US 17,9115 12,221 14,003 42,631 29,04 6 604,726 390,989 JJ J J 8,689 3,066 , a is 7,568 87 * 56,436 6,600 14,036 6,337 12,978 18,862 21,261 liz'jk 148,933 20,722 - 16,900 29,325 553 22,381 , 40,210 323,583 2,563 59,696 34,363 34,658 4,111 806 3,06l 6,271 ' ;-b s e 13,804 2,940 2,208 60,362 4 8 , 6 0 5 111,887 1 , 3 2 1 , 8 6 1 43,553 4,668 8 21 651 6b9,517 60,125 15,710 28,772 1,793 358 45,464 3,505 2,841 389,192 1,517,004 356,659 493,127 231,443 278,670 674,320 178,198 146,951 212,673 152,916 435,084 5,06b,237 RESOURCES AFP LIABILITIES OF THE FEDERAL RESERVE BAMS ON DECEMBER192c. S t , 51^4c ( I n t h o u s a n d s of d o l l a r s ) Boston New York P h i l a . C l a v e . 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 . T o t a l F,R. notes i n a c t u a l c i r c u l a t i o n 155,958 389 , 616 1 3 2 , 9 1 6 218,949 85,249 lofa,063 231,307 4 b , 0 4 0 68,428 ? i , 6 ? 0 50,065 187,291 1 , 8 0 3 , 7 8 7 Deposits: Meoiber bank - r e s e r v e account 145,509 877,443 1 3 5 , 1 1 5 1 7 7 , 1 4 7 68,442 66,329 315,034 79,139 51,352 8 7 , 2 2 5 5 7 , 9 3 3 1 6 9 , 5 0 3 2 , 2 3 0 , 9 7 1 Government 3,047 3,584 1,092 2,532 4 , l o b 1 , 9 0 4 1 , 3 1 3 1,427 3,173 647 2,350 563 25,798 F o r e i g n bank 1,011 1,264 1,424 705 426 3,799 1,823 466 532 572 918 519 13>459 Otasr deposits 227 8,836 118 1,152 85 304 46 989 177 5,614 734 19 Tot&il d e p o s i t s 149,794 8 9 3 , 6 6 2 137,924 1 8 2 , 8 9 6 70,318 6 9 , 4 7 5 322,012 8 1 , 9 1 9 53,768 2 9 , 1 2 5 59,008 1 7 8 , 6 8 5 2 , 2 5 8 , 5 8 9 .Deferred a v a i l a b i l i t y items 132,648 51,564 52,457 56,374 2 7 , 6 7 0 70,036 33-964 12,500 37.24R 30,307 4 2 , 2 2 3 56,397 604,185 Capital paid i n 5,500 36,409 1 2 , 6 0 3 1 3 , 6 1 5 6,098 5,031 16, 606 4,180 4,302 5,302 3,075 124,734 8,633 Surplas 17,020 59,964 20,454 2 2 , 8 9 4 11,919 8.7OO 30,613 220, 31 0 7,501 7 , 6 1 5 15,071 9,5f0 8,979 All o t h e r l i a b i l i t i e s 4 70S 1:193 IV!* 2,316 1,485 - L Z H 3.666 1 , 4 0 3 , 1 , 3 7 9 1,274 _ L 2 2 ! ?M22_ U J L 389,192 1 , 5 1 1,004 356,659 4 9 3 , 1 2 7 231,443 278,670 674,320 178,198 146,951 212,673 1 5 2 , 9 1 b 4 3 5 , 0 8 4 5 , 0 6 6 . 2 3 7 Reserve r a t : o ( p e r c e n t ) 73.4 75-0 67.0 75.8 71.1 68.9 62.8 77-8 76.O 65.8 59-2 72.1 73-3 C0.1tingen:; l i a b i l i t y on b i l l s p u r chased f o r f o r e i g n c o r r e s p o n d e n t s 3,704 13,454 4,630 5,215 2,583 1,948 6,677 2,096 1,560 1,901 1,706 3 , 3 6 3 48,237 F . R . r o t a s on hand ( n o t e s r e e ' d from F.R.Agent l e s s n o t e s i n c i r c u l a t i o n ) 4 7 , 3 6 9 100,190 30,584 2 3 , 2 8 1 13,278 29,824 38,449 5,514 4,732 13,888 7 , 2 4 5 39, 401 353,755 FEDERAL FEDERAL RESERVE AGENTS F,R. n o t e s r e e ' d f r o m C o m p t r o l l e r 248)657 775,^.?6 201,300 274,070 71,734 8 5 , 8 9 3 1 1 4 , 1 6 8 69,3 3 7 277,29 2 2 , 9 53,343 5 . R . n o t e s h e l d by F, R, Agent 45. 300 285,320 _ J I , s q o 31 L S40 20,180 1 3 , 7 3 3 2 5 , 4 1 0 12,027 50,600 795 301 F.R, n o t e s i s s u e d t o F.R.Bank 489,806 163,500 242,230 203,357 8 5 , 7 5 8 5 7 , 3 1 0 226,632 2,151 7 ,542 C o l l a t e r a l held as security f o r F,R.r.ot&3 i s s u e d t o F.R.Bank: Gold and gold c e r t i f i c a t e s 168,698 35,300 8 , 7 8 0 28,805 1 5 , 2 2 2 7,745 13,507 1 8 , 3 9 6 IO,OJO 306,453 Gold red enaction fund 11,871 23,614 11,524 1 2,295 4 , 2 3 7 10,468 2,871 1 , 6 1 0 1,240 4,971 5,513 19,393 109,6l0 Gold f u n d - F. R. Board 89,000 4 6 , 0 0 0 97,977 1 3 0 , 0 0 0 4 1 , 0 0 0 9 9 , 0 0 0 145,644 8 , 3 0 0 4 4 , 0 0 0 56,860 1 0 , 0 0 0 1 6 4 , 4 9 5 932,276 E l i g i b l e paper 275,021 65,199 114,528 36,618 72,351 144,618 38,949 16,637 3 0 , 8 7 2 26,167 70,534 83,947 975,741 Total c o l l a t e r a l 220,118 513,333 174,700 2 6 5 , 6 0 6 1 1 0 , 6 b 0 1 9 7 , 0 4 1 293,133 56,604 75,384 9 2 , 7 0 3 60,076 264,722 2,324,0£50 MATURITY DISTRIBUTION OF BILLS , CERTIFICATES OF INDEBTEDNESS A!® MUNICIPAL WARRANTS 91 days t o W i t h i n 15 days 1 6 t o 3O days 31 t o 60 days bl t o 90 days Total Over 6 months b months B i l l s discounted 483,009 48,069 37,705 26,172 604,72b 8,479 1,292 B i l l s bought i n open market 150,949 105,149 72,986 54,301 7,604 390,959 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 32,041 116,892 148,933 Municipal w a r r a n t s 63 63 L I A B I L I T I E S
@FedFRASER