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STATEMENT FOE THE PRESS Released f o r p u b l i c a t i o n F r i d a y morning, Dec. 16; not e a r l i e r . S t . 5S06 F e d e r a l Reserve Board, December 15, 1927. CONDITION OF THE 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 December l 4 , made p u b l i c by t h e F e d e r a l Reserve Board, shows i n c r e a s e s f o r t h e week of $51,100,000 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 , . $1,100,000 i n a c c e p t a n c e s urchased i n open m a r k e t , $16,900,000 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 , and 21,500,000 i n member hank r e s e r v e d e p o s i t s , and d e c r e a s e s of $6,300,000 i n government ^security h o l d i n g s , and $35«300,000 i n cash r e s e r v e s . T o t a l " b i l l s Mid s e c u r i t i e s were $45,900,000 above t h e amount h e l d a week ago. f Larger h o l d i n g s of d i s c o u n t e d b i l l s were r e p o r t e d by 9 of t h e F e d e r a l r e s e r v e b a n k 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 : Chicago $24,500,000, Cleveland $11,900,000, Boston $10,600,000, and P h i l a d e l p h i a $8,100,000. The System's 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 n c r e a s e d $1,100,000 and of U n i t e d S t a t e s bonds and T r e a s u r y n o t e s $4,700,000 and $ 3 , 1 0 0 , 0 0 0 , r e s p e c t i v e l y , while h o l d i n g s of 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 d e c l i n e d $14,200,000, l a r g e l y a s a r e s u l t of a d e c r e a s e from $50,000,000 t o $40,000,000 i n the amount of tempor a r y c e r t i f i c a t e s i s s u e d by t h e U n i t e d S t a t e s Treasury to t h e r e s e r v e banks. F e d e r a l r e s e r v e note c i r c u l a t i o n i n c r e a s e d $6,400,000 a t t h e P h i l a d e l p h i a bank, $4,500,000 a t C l e v e l a n d , $4,000,000 a t Chicago, $3,700,000 a t Boston, and $ l 6 , 9 0 0 , 0 0 0 a t a l l F e d e r a l r e s e r v e "banks. 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 December l 4 , 1927, f o l l o w s : Increase or decrease during Week - B i l l s discounted, t o t a l 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 + + + - + — 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 . . . . + + $35,300,000 34,500,000 45,900,000 51,100,006 53,000,000 1,900,000 1,100,000 6,300,000 .4,700,000 3,100,000 •— - $34,100,000 38,500,000 - 47,700,000 67,300,000 25,600,000 92,900,000 - 3,000,000 + - + + 119,700,000 + 224,600,000 14,200,000 - 23,000,000 81,900,000 - 73,4oo,ooo Federal reserve notes i n c i r c u l a t i o n + 16,900,000 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 + + + 20,700,000 21,500,000 2,300,000 Year - + + - 55,500,000 64,700,000 2,100,000 Released f o r p u b l i c a t i o n F r i d a y morning, December 16, 1927;,not e a r l i e r . St.5606a EESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED ( I n thousands of d o l l a r s ) Dec. 14.1927 RESOURCES Dec. 7.1927 Dec. 15.1926 1,435,352 Gold with f e d e r a l r e s e r v e a g e n t s Gold redemption f u n d with U. S. Treasury . 1,535,009 1,530,667 46,190 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 with F. R. Board . . Gold and gold c e r t i f i c a t e s h e l d by banks . 1,632,961 1,576,857 • 58(6,044 663,834 Total g o l d r e s e r v e s Reserves o t h e r than gold 2,792,202 125,764 2,917,966 2,953,275 2,830,717 121,331 2,952,048 56,310 53,728 51,007 347,586 147,387 294,613 149,294 321,981 494,973 381,125 443,907 379,998 562,307 . . . . . T o tal 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 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 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 T o t a l b i l l s and s e c u r i t i e s Due from f o r e i g n banks . . . U ncol l ec ted i t e m s . . . Bank premises All other resources . , . . 47,952 487,463 671,778 2,826,735 126,5140 56,229 1,491,581 622,656 716,480 240,326 384,125 270,980-?/? 266,243 59 ,S45" •*>"£> (=> 56,105 267,670 281,853 349,595 950 604,201 915 478,239 2,564 1,474,943 1,429,021 1,427,235 566 647,516 60,067 650 894,699 597,895 566 828,912 60,176 14,759 46,428 82,216 60,148 5,353,632 14,176 5.158,349 5,399,706 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 account Government Foreign bank Other d e p o s i t s . . . . . 1,766,735 1,749,795 1,840,132 2,418,572 4,o4o 4,473 20,894 2,397,062 2,353,883 5,410 23,010 6,204 Total deposits Deferred a v a i l a b i l i t y i t e m s Capital paid in . . . . Surplus . . . . . . A l l other l i a b i l i t i e s 26,223 2,447,979 2,427,253 758,776 132,315 602,517 131,738 228,775 18,271 2,392,480 797,018 124,752 TOTAL RESOURCES . 13,919 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. note l i a b i l i t i e s combined . . . Contingent l i a b i l i t y on b i l l s purchased f o r foreign correspondents . 228,775 19,052 5,353,632 1.771 5,158,349 6,170 220,310 25,014 5,399,706 69.2$ 70.7% 69.7$ ' 201,112 187,587 50,491 RESOURCES AZD LIABILITIES OF- THE FEDERAL RE5ERVEBAEKS ON DECEt.BEH l 4 . 1927. ( I n thousands of d o l l a r s ) RESOURCES 5 w Boston ::r^: WMi m %%% V M Total New Tork Fhila. Clove. 355,569 131,271 206,456 k K notes 1,632,961 . s / s s 112,149 &% b s m Minn. Kans.Cy. Dallas San Fran. 37,427 143,418 259,493 4s,94I 47,267 59,059 31,396 200,015 387,569 60,l4g 71,836 4 *,$! as as Total gold reserves R e s e r v e s o t h e r than gold 2,792,302 170,3i4 125,764 12,360 947,547 133,739 3 3 , 6 3 1 23,220 5.772 q.1<ip 7 3 , l 6 o 154,852 5.4pA l i m Total r e s e r v e s Non-reserve tea-sh B i l l s discounted: 2,917,966 133,674 56,310 7,262 970,767 194,511 302,733 16,509 997 4,043 73,536 4,46l I47 7 :337 Total b i l l s d i s c o u n t e d B i l l s b o u ^ t i n open market U. 3. Government s e c u r i t i 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 T o t a l U.S.Govt, s e c u r i t i e s Other s e c u r i t i e s T o t a l M i l s and s e c u r i t i e s Due from f o r e i g n hanks Uncollected items Bank premises All other resources TOTAL RESOURCES c. f , f l 494,973 m 169,209 402,913 3,640 6,303 frig 41,403 32,677 56,126 46,724 331,125 50,579 q\e\ 1 23,433 104,433 267,670 17,891 597,895 950 36,253 - • . 22,106 17.757 160*327 45,922 61,792 19,702 ^fo 5 Rich. A t l a n t a Chicago S t . L o u i s Geld, h e l d e x c l u s i v e l y a g a i n s t -~-R' qt 20,840 49,331 i-st ",- 92,929 76,166 3.636 1,031 93,601 55,23 2 275 073 R to o kor, 7 ' l m , 99,239 2,193 frgg 33,606 83,934 13,906 2,302 60,323 4,337 64,652 282,437 2 343 3 S37 ' 3.060 3,542 20,129 16,005 3,622 3 H 59 5 939 22 236 ' 44 1 0 s's* "SSifS t9 "S W 8 8 tB '"!? "5! tS "w 1'S 1,474,943 133,556 566 37 828,912 82,256 60,176 3,946 14,759 175 101,113 5,616 12,599 100 393,193 213 16 32.34l 12.095 7.959 1.4.6^ 11 Nn6 lanE 86,539 38,347 24,040 590 38,767 31,726 46,385 51,366 230,796 56,6140 21 48,301 15 63,394 59,901 17 96,749 my 1.419 i481 371 260 120,107 137,620 ' 6.782 15,19s 47 52 x-jj JL.cfo 83,320 25 v 2 20 67 18 ' Xli J - -38,570 15,357" 45,045 34,638 49,429 225,041 72,372 75,326 66,874 29,772 94,232 <JZ ^ 5,353,63 2 4io,906 1,627,907 389,976 528,218 'tZ <+11 i . y i f 236,5% 258,268 i.ni 744,4a *•% 196,572 145,063 214,971 163,859 436,927 mmm L I A B I L I T I E S EBSOIBCSS H3 LIABILITIES OF THE FEDERAL BE SERVE BANKS OS IECEMBER l 4 , 1927. ( i n thousands of d o l l a r s ) T o t a l Boston New York F h i l a . Cleve. E i c h . A t l a n t a Chicago S t . L o u i 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 1,766,735 145,713 Deposits.^ Member "bank - r e s e r v e account 2 , 4 1 8 , 5 7 2 158,428 Government 4,o4o 63 F o r e i g n bank 4,473 363 Other d e p o s i t s 20,894 685 Total d e p o s i t s 2,447,979 159,539 Deferred a v a i l a b i l i t y items 758,776 77,815 Capital paid i n 132,315 9,408 Surplus 228,775 17,606 All other l i a b i l i t i e s 19,052 825 TOTAL LIABILITIES 5,353,632 410,906 Reserve r a t i o ( p e r c e n t ) 69.2 60.2 Contingent 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 201,112 15,074 I . E . n o t e s on hand ( n o t e s r e c 1 d from F.IWAgent l e s s n o t e s i n circulateon)4g6,125 4l,o49 Total c o l l a t e r a l 3 , 0 1 7 , 6 l 0 238,362 794,750 51,600 2,222,860 186,762 405,778 99,126 1,080,105 826,502 2,411,511 Total 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 Municipal w a r r a n t s C., 494,973 381,125 267,670 190 Minn. Kans.Cy. D a l l a s San Fran. 368,618 149,036 221,624 77,930 146,122 253,911 55,524 61,264 67,135 48,055 171,803 953,246 136,960 192,513 72 77 974 465 9,920 373 964,212 137,875 188,542 67,725 40,199 13,232 61,614 21,267 4,722 841 1,627,907 389,976 72.8 67.8 660 513 1,217 194,903 72,011 13,959 23,7^6 1,975 528,218 72.7 73,511 66,930 350,130 84,546 57,046 191 215 671 235 551 252 19s 668 208 145 348 142 1,101 650 542 74,302 67,485 352,570 85,639 58,284 64,690 29,020 84,721 38,716 13,84i 6,253 5,136 17,970 5,330 3,012 12,198 9,632 31,881 9,939 7,527 1,171 873 3,368 1,424 1,135 236,544 258,268 744,4a 196,572 145,063 66.4 65.8 63.7 51.6 79-2 91,207 68,399 316 89 179 169 1,221 l4o 92,696 69,024 40,976 33,500 4,24o 4,274 9,029 8,215 895 791 214,971 163,859 62.1 55.2 185,656 900 339 4,555 191,450 47,219 9,302 16,121 1,032 436,927 77.8 27,737 8,643 6,030 7,437 7,035 14,069 152,367 29,640 34,275 18,319 3l,l6o 59,518 7,848 5,903 10,173 9,164 56,709 55,795 19,295 21,305 10,451 8,241 FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS F . 5 . n o t e s r e c ' d from Comptroller F . E . n o t e s h e l d by F . E. Agent F . E . n o t e s i s s u e d t o F.E.Bank Collateral held as security f o r F . E . n o t e s i s s u e d t o F.E.Bank: Gold and g o l d c e r t i f i c a t e s Gold redemption f u n d Gold f u n d — F. R. Board E l i g i b l e paper St. 5606c 797,465 216,676 298,929 121,078 231,762 473,929 80,302 85,601 ll4,%48 74,546 284,512 276,480 38,000 43,030 24,829 54,480 160,500 16,930 18,434 37,140 17,327 56,000 520,985 178,676 255,899 96,249 177,282 313,429 63,372 67,167 77,308 57,219 228,512 35,300 205,150 13,175 19.917 11,200 59,000 - 115,000:110,477 97,303 200,%5 63,759 204,778 540,552 185,436 4o,ooo 29,831 18,077 7,450 14,036 4,320 5,993 2,767 2,317 150,000 117,500 255,000 37,500 74,875 67,513 35.813 144,118 18,184 278,911 101,664 177,383 401,885 65,451 17,303 12,667 728 3,192 3,521 32,000 53,860 9,500 23,174 24,501 28,129 68,569 81,553 58,453 4o,ooo 17,960 140,268 %8,648 246,876 MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS AND MUNICIPAL WARRANTS 91 days t o Over 6 months Within 15 days l 6 t o 30 days 31 t o 60 days 6 l t o 90 days 6 months 438,526 153,976 46,165 16,835 88,522 107,092 100 90 19,288 11,844 29,673 6,625 1,855 168,593 52,912 1,862
@FedFRASER