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STATEMENT FOB 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. J; 0,01 e a r l i e r . S t , 6001 F e d e r a l Reserve Board, December 6 , 1928. CONDITION OF FESERAt, RESERVE BAKES 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 5, made p u b l i c "by t h e F e d e r a l Reserve Board, shows an i n c r e a s e of $21,900,000 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 and d e c r e a s e s of $ 4 , 6 0 0 , 0 0 0 i n " b i l l s "bought i n open market and of $2,500,000 i n Government s e c u r i t i e s . Memb e r "bank r e s e r v e d e p o s i t s i n c r e a s e d $21,400,000, 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 $24,^00,000 and c a s h r e s e r v e s $14,700,000. T o t a l " b i l l s and s e c u r i t i e s were $ l 4 , 9 0 0 , 0 0 0 above t h e amount h e l d on November 28. The p r i n c i p a l changes; 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 f o r t h e week were i n c r e a s e s of ^ 4 4 , 2 0 0 , 0 0 0 a t t h e F e d e r a l Reserve Bank of Chicago and $13,200,000 a t Hew York, and d e c r e a s e s of $9,900,000 a t Boston, $8,300,000 a t Richmond, $5,900,000 a t C l e v e l a n d , $5,400,000 a t Minneapolis and $3,000,000 a t Kansas C i t y . The System,'s h o l d i n g s of " b i l l s "bought i n open market d e c l i n e d $4,600,000 and of T r e a s u r y c e r t i f i c a t e s $4,700,000, w h i l e h o l d i n g s of Treasury notes increased $2,200,000. AIL F e d e r a l r e s e r v e "banks except Hew York show i n c r e a s 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 f o r t h e week, t h e p r i n c i p a l changes "by F e d e r a l r e s e r v e banks b e i n g i n c r e a s e s of $7,200,000 a t Boston, $6,300,000 a t Chicago, $3,800,000 a t A t l a n t a , and $3,300,000 a t San F r a n c i s c o , and a d e c r e a s e of $ 4 , 0 0 0 , 0 0 0 a t Hew York. 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 5, 1928, f o l l o w s : I n c r e a s e or d e c r e a s e d u r i n g Week Year Total reserves Gold r e s e r v e s + $14,700,000 + 17,100,000 - $216,100,000 - 209,100,000 T o t a l b i l l s and s e c u r i t i e s . . . . . 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 + + + 14,900,000 21,900,000 7,700,000 29,600,000 + + + + 292,100,000 568,300,000 371,300,000 197,000,000 B i l l s bought i n open market - 4,600,000 + 97,200,000 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 of i n d e b t e d n e s s - 2,500,000 + 100,000 + 2,200,000 - 4,700,000 + - 377,400,000 212,700,000 61,900,000 226,500,000 Federal reserve notes in c i r c u l a t i o n + 24,300,000 + 40,100,000 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 , + 24,600,000 + 21,400,000 + 1,700,000 + + 8,400,000 14,700,000 24,100,000 a . . . . . . 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,Docodbor 7,1928; n o t e a r l i e r . S t . 6001a RESOURCES j # flfJfULITISS OF THE T W m F E m m i B..HKS COHBEIED ( I n thousands of d o l l a r s ) R E S O U R C E S Gold w i t h F e d e r a l r e s e r v e .agents . * . , Gold redemption f u n d w i t h U . S . T r e a s u r y t Gold h e l d e x c l u s i v e l y a g a i n s t ' I T . R . n o t e s Gold s e t t l e m e n t f u n d w i t h jp. P.. Board . Gold and g o l d c e r t i f i c a t e s h e l d by "banks T o t a l gold, r e s e r v e s Reserves o t h e r t h a n g o l d . . . . Total reserves . . . . . . . . Uon-reserve cash . . . . . . . . B i l l s discounted: Sec. by UiS.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 . . . . , 1,150,080 T o t a l U.S. Government s e c u r i t i e s Other s e c u r i t i e s . . Nov. 28,1928 Dec. 7.1927 1,148,031 75-335 1,530,667 46,190 1,223,366 781,011 1,576,857 586,044 663,834 2,826,735 119,532 2,600,471 121,943 2,737,132 2,722,414 2,953,275 53,028 50,366 53,728 665,864 673,540 73,150 1,223,230 768,422 525,94s 2,617,600 346,318 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 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 . . . . T o t a l b i l l s and s e c u r i t i e s Due f r o m f o r e i g n banks Uncollected, i t e m s Bank p r e m i s e s All other resources . . . Dec. 5,192S 1,012,182 477,770 53.499 117,958 55.325 226,782 595,094 126,540 294,613 316,700 149,294 990,240 482,343 443,907 53,442 115,798 6O,O42 266,243 379,998 56,105 • 281,853 229,282 4,390 604,201 1,721,124 1.706,255 726 6>/ 725 747,2§6" 707,919 60,601 60,595 10,699 9,918 1,429,021 566 647,516 60,067 4,390 915 5 . 3 30 , 5 ^ 5,258,192 14,176 5,158,349 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 . . . . . . , F o r e i g n bank Other d e p o s i t s . . . , 1,789,845 1,765,585 1,749,795 2,382,329 25,876 6,023 21,444 2,360,973 2,397,062 1,771 5Mo 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 . . . 2,435,672 605,663 TOTAL RESOURCES It 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 . . Contingent l i a b i l i t y on b i l l s p u r c h a s e d f o r foreign correspondents c. 146,801 233,319 7 / 39,266-"" 5,330,596) 24,199 6,295 19,609 2,411,076 663,280 146,436 233,319 38,496 5.258,192 64.g$ 65.2$ 279,483 268,794 23,010 2,427,253 602,517 131,738 228,775 18,271 5,158,349 10.1% 187,587 RESOURCES AND LIABILITIES OF THE FEDERAL ( i n thousands T o t a l Boston Mew York P h i l a . Goli w i t h f e d e r a l Reserve Agents •1,150,OSO 121,268 169,462 101,556 Sold redemption f u n d with U . S . T r e a s . 73,150 ^,239 20,120 7,358 RBSOURCES 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 i , 2 2 3 , 2 3 o 125,507 Gold s e t t l e m e n t f u n d with F.R.Board 768,422 43,863 Gold and g o l d c e r t i f . h e l d by hanks 625,94g 38,850 2,6i7,6oo Total gold reserves R e s e r v e s o t h e r than gold Total reserves 208,220 119,532 16,329 • 2,737»132 224,549 E o n - r e s e r v e cash B i l l s discounted: Secured U.S.Govt, o b l i g a t i o n s o t h e r bSISs d i s c o u n t e d T o t a l i 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 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 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 b i l l s and s e c u r i t i e s Due f r o m f o r e i g n banks U n c o l l e c t e d items M c presorts All o t h e r » RESOURCES C• 53,028 8,059 665,864 346,318 25,762 26,544 1,012,182 52,3o6 477,770 46,465 53,499 689 RESERVE BANKS GET DECEMBER 5, ig2S S t . 6001b of d o l l a r s ) Cleve. Rich. A t l a n t a Chicago St.Louis Minn. Kans.Cy. D a l l a s San Fran. 119,050 47,815 78,011 213,590 30,771 4-9,724 37,751 23,752 157,330 7,393 2,66o 4,553 8,920 6,010 1.517 4,24-2 2.026 4.082 I8g,582 108,914 126,443 226,648 61,737 72,24o 390,109 26,993 46,467 50,475 82,594 222,510 36,781 29,575 17,620 l4o,245 29,924 10,643 5,398 51.584 9,129 51,241 25,689 5,112 4i,gg3 46,080 5,985 25,778 161,412 28,927 7.127 45,874 28.751 806,339 197,644 2*4-5,150 90,693 105,612 4i4,i39 75,334 S2,o42 94,058 61,832 236,037 19,4l2 4,271 11,084 6,180 825,751 201,915 256,234 96,873 15,818 860 3,990 4,173 11,159 11,377 116,771 425,516 3,052 5,964 15.138 2,034 5,4-71 5,452 11,625 90,97 2 84,076 99,529 67,284 247,662 2,972 1,019 1,689 2,129 3,303 61,619 12,026 17,979 126,585 20,199 6,001 18,835 12,227 4o,l-58 26,957 2 i , 5 4 i 4l,799 64,431 16,069 2,632 25,211 7,708 31,735 329,891 76,273 88,576 33,567 59,778 191,016 36,268 8,633 44,o46 19,935 71,893 146,274 17,816 53,886 27,010 29,645 42,615 10,214 20,788 7,634 24,806 50,617 271,733 58,158 52,740 23,533 1,384 117,958 55,325 2,892 3,295 32,155 16,753 585 10,135 10,352 ' 54s 28,338 4,4oo 1,063 1,209 357 3,502 1,213 19,927 5,925 4,519 4,527 1.660 902 1,075 9,413 7,048 7,125 ll,44l 2,210 4,185 2,4l0 4$ 12,893 3.700 226,782 ^ 4,390 6,876 5 0 , 2 9 2 ^ 21,072 33,286 3,424 5,072 32,900 20,776 10,706 9,732 l6,00S 16,638 526,657(115,316 175,7^8 375 / 46 51 2o6,S2§ / 64,233 64,126 16,675 1,752 6,806 1,225 I89 1,407 64,001 25 58,570 3,703 1,518 94,495 266,531 20 68 27,362 83,079 67,258 40,662 13 6l,4l2 18 1 , 7 2 1 , 1 2 4 105,647 726/ 37 7 4 7 , 2 5 ^ 74,44i % 1,152 21 7,755 64,249 139,148 17 35 35,596 15,960 43,177 30,723 43,163 60,601 3,824 2,867 8,720 3,954 2,202 4,308 1,962 3,828 10,699 162 2,543 842 513 717 423 505 655 5,330,56^ 416,719 1,593,32^ 384,311 508,3b2 228,863 247,110 790,720 201,286 l44,64g 210,556 166,869 437,794 1' . RESOURCES AMD LIABILITIES OF THE FEHERIL RESERVE BANKS Off DECEMBER 5, -19-28 • tit. oOOlc ( I n thousands of d o l l a r s ) To t a l Boston New York P h i l a . Cleve. 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. I*.R. n o t e s f a a c t u a l c i r c u l a t i o n 1,789,345 161,510 339,816 146,025 212,756 83,o4g 135,103 302,727 61,723 64,317 66,700 48,396 167,724 Deposits: Member "bgak - r e s e r v e account 2,352,329 150,110 932,318 138,019 187,869 69,930 66,039 349,584 83,026 53,748 91,284 71,365 189,037 Government 25,876 2,883 3,o46 3,538 2,15s l,84i 2,981 2,79s 1,06s 1,056 511 2,317 1,679 F o r e i g n "bank 6,023 4l6 2,039 527 577 283 233 771 239 150 200 394 Other d e p o s i t s 21,W+ lis 9,530 209 1,842 130 156 960 758 282 325 7,090 Total deposits 2,435,672 153,527 946,933 142,293 192,446 72,184 69,409 354,113 85,091 55,236 92,320 73,920 198,200 D e f e r r e d a v a i l a b i l i t y items 685,663 71,351 180,799 57,053 60,875 53,368 24,949 76,550 36,901 13,648 37,033 30,757 42,379 Capital paid in 146,801 10,152 50,078414,522 14,421 6,103 5,231 18,473 5,4o4 3,009 4,217 4,321 10,270 Surplus 233,3191117,893 63,007) 21,662 24,021 12,324 9,996 32,778 10,397 7,039 9,046 8,527 16,629 All other l i a b i l i t i e s 39,2W 2,286 I2,69r 2,756 3,843 1,836 2,422 6,079 1,770 l,4oo i,24o 94s 1,992 TOTAL LIABILITIES r r 5.330,5^ 4i6,719 1,593,32^ 384,311 508,362 228,863 247,110 790,720 %l,286 144,6%" 210,556 166,869 437,794 ^-70 62.4 cV 1 > 64.8 r\, ~ 62.0 70.3 62.6 ~ /-- 64.ori 71.3 Reserve r a t i o ( p e r c e n t ) 64.2° \ 70.0" 63.2 57.1 55.0" 67.7' Contingent l i a b i l i t y on b i l l s p u r chased f o r e i g n correspondents 279,488 19,75s 90,337 25,027 27,398 13,436 11,065 36,6iS 11,32s 7,113 9,484 9,220 18,704 F.$t . n o t e s hand ( n o t e s r e e ' d from F.R,Agent l e s s n o t e s i n circulation)391,474 36,355 107,15S 25,931 34,457 17,166 31,468 44,349 11,422 9,624 9,288 8,066 56,190 L I A B I L I T I E S F . R . n o t e s r e e ' d from Comptroller F . R . n o t e s h e l d by F.R. Agents F . R . n o t e s i s s u e d to F.R.Bank Collateral held as security for F . R . n o t e s i s s u e d to F.R.Bank: Gold and gold c e r t i f i c a t e s Sold redemption f u n d G.old f u n d - F . R. Board E l i g i b l e paper T o tal c o l l a t e r a l B i l l s disc@@$ted l i l t s b o u # # 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 . n FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS 2,965,449 242,115 784,130 44,250 2,181,319 197,865 741,794 225,356 280,843 123,793 222,031 454,646 90,715 85,330 106,34s 70,864 321,114 294,820 53,400 33,630 23,579 55,460 107,570 17,570 11,889 30,360 i4,4o2 97,200 446,974 171,956 247,213 100,2i4 166,571 347,076 73,145 73,941 75,988 56,462 223,914 341,208 io4,o47 704,825 1,444,684 2,594,764 i4s,4os 50,000 6,690 16,054 8,579 14,050 7,125 5,000 92,977 55,000 34,000 451,30s 83,241 140,898 56,166 620,770 184,797 259,948 103,981 35,300 17,96s 68,000 98,750 220,01s 26,750 7,600 14,167 17,293 35,ooo 8,261 2,590 1,171 3,557 2,391 4,459 17,342 43,000 211,000 22,000 32,000 35,360 2,000 104,488 89,332 233,425 46,469 27,180 51,231 44,692 121,942 167,393 447,015 77,240 76,96% 88,982 279,272 MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS AND MUNICIPAL WARRANTS 91 days to Total Within 15 days 16 t o 30 days 31 to 60 days 6 l to 90 days Over 6 months 6 months 1,012,182 866,112 40,413 54,820 30,928 19,04l s6s 477,770 55,325 190 149,250 13,546 98,639 155 151,971 35 73,340 4,570 39,125 2,654
@FedFRASER