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Released f o r p u b l i c a t i o n Friday morning, Jan. 13; not e a r l i e r . feTATEMEHT FOR THE PRESS st. 5634 Federal Reserve Board, January 12, 1928. C0KDITI01T OF FEDERAL RESERVE BASKS The consolidated statement of condition of the Federal reserve banks on January 11, made p u b l i c by the Federal Reserve Board, shows d e c l i n e s f o r the week of $31,700,000 i n holdings of discounted "bills, of $22,100,000 i n Government s e c u r i t i e s , $81,100,000 i n Federal reserve note c i r c u l a t i o n arid $12,400,000 i n mem-» ber hank reserve d e p o s i t s , and i n c r e a s e s of $78,000,000 i n cash r e s e r v e s arid $5,^00,000 i n acceptances purchased i n open market. Total h i l l s and s e c u r i t i e s were $153,600,000 below the amount h e l d a week ago. All of the Federal reserve banks except Boston and Chicago r e p o r t e d smaller holdings of discounted b i l l s , the p r i n c i p a l decreases being; Hew York $29,900,000, P h i l a d e l p h i a $17,100,000, Cleveland $3.4,700,000, and St. Louis and San Francisco $7,400,000 each. The System's holdings of acceptances purchased i n open market increased $5,400,000, v.hile holdings of United S t a t e s bonds decreased $66,600,000, of United S t a t e s Treasury notes$4,000,000, and of c e r t i f i c a t e s of indebtedness $11,600,000. Federal reserve note c i r c u l a t i o n was $81,100,000 l e s s than a week ago, a l l of the Federal reserve banks r e p o r t i n g a decrease i n c i r c u l a t i o n , the l a r g e s t d e c l i n e s being, $19,300,000 at Hew York, $14,900,000 a t Chicago, $11,900,000 at San Francisco, and $10,700,000 at Boston. A summary of changes i n the 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 the reserve banks during the week and the year ending January 11, 1928, f o l l o w s : Increase or decrease during Week Total r e s e r v e s Gold r e s e r v e s Year + $78,000,000 + 65,400,000 - $103,900,000 - 108,100,000 - 153,600,000 - 81,700,000 - 51,^00,000 - 30,300,000 + + - 234,600,000 51,300,000 43,300,000 9^,600,000 B i l l s bought i n open market + 5,^00,000 + 5^,^00,000 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 indebtedness . . . . . . - 82,100,000 66,600,000 4,000,000 11,600,000 + 234,200,000 + 173,300,000 + 7,000,000 + 53,500,000 Federal reserve notes i n c i r c u l a t i o n . . . . - 81,100,000 - 18,900,000 + 193,600,000 . . Total 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 discounted Total d e p o s i t s Members' reserve deposits Government d e p o s i t s . . 12,400,000 1,400,000 70,800,000 + 199,700,000 5,900,000 Released f o r publication Friday mbfning, Jauaiaty 13, 1928; not e a r l i e r 4 St. 5634a RESOURCES Am) LIABILITIES OF THE TWELVE FEDERAL R5SERVE BAi&S COM3123ED ( i n thousands of dollars) Jaft. 11.1928 Jan. 4.1928 Jan. 12.192% RESOURCES Gold with Federal reserve agents Gold redemption fund with U. S. Treasury . . 1,524,657 51,068 1,477,638 51,447 1,523,670 30,318 Gold held exclusively against F.R.notes Gold settlement fund with 7. ?.. Board . . Gold and gold c e r t i f i c a t e s held "by "banks . Total cold reserves Reserves other than gold 1,575,725 572,502 659^672 2,807,899 159,324 1,529,085 594,958 6l8,458 2,742,501 l46,719 1,573,988 555,673 786,382 2,9l6,043 155,054 Total reserves Non-reserve cash B i l l s discounted: Sec. by U.S. Government obligations Other b i l l s discounted 2,967,223 2,889,220 81,352 3,071,097 • 81,808 *3^,783 *172,096 254,077 236,401 . . . 9},l46 a Y7 297,-370" l4l,7fK Total b i l l s discounted B i l l s bought i n open market tJ. 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 indebtedness . . . . . . 439,l4l 392,567 520,879 387,131 490,478 338,142 226,765 100,581 217,917 293,322 104,583 229,%8 52,992 93,o06 164,453 f 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 545,263 760 627,1)03 880 311,051 3,500 1,377,731 1,536,293 566 ^ 566 670 0 S 6 0 , 0 6 7 58^122 * 57,972 %4,888 15,043 1,143,171 657 5,181,73^ 5,44o,5l3 5,073,371 Total b i l l s and s e c u r i t i e s . . . . Due from foreign banks Uncollected items Bank premises . . . All other resources . . TOTAL RESOURCES . . . . . . . . L I A B I L I T I E S 706,362 58,l6g 12,108 "7/ F. R. notes in actual c i r c u l a t i o n . . . . Deposits: Member bank - reserve account Government . . . . . Foreign bank Other deposits 1,679,624 1,760,710 1,750,464 2,473,358 17,134 4,825 22,126" 2,485,757 15,752 , 5,652 29,138 2,273,647 22,989 5,632 21,571 Total deposits . Deferred a v a i l a b i l i t y items Capital pai|L i n Surplus . All other l i a b i l i t i e s . . . 2,517,443\ 9,696 2,536,299 768,850 132,512 233,319 8,823 2,323,839 635,148 125,066 228 , 775 5.181,7^ 5.440,513 5,073,371 •TOTAL LIABILITIES . . . . 609,065 132/585 233,319 Ratio of t o t a l reserves to deposit and F. R. note l i a b i l i t i e s combined . . . 70.7% Contingent l i a b i l i t y on b i l l s purchased f o r foreign correspondents . . . . . . 233,812 C. 11 10,079 67.2$ 75*4$ 232,181 86,273 *Revised f i g u r e s . . . . n t r D , T C RESOURCES PSOWCES AND LIABILITIES OF THE FEDERAL HE SERVE BANKS OH JANUARY 11, 1928. (In thousands of dollars) Total Boston New York Phi l a . s w Gold held exclusively against F notes - 1,575,725 124,812 C-Oid settlement fund With F R.Board 572,502 11,795 -Did and gold c e r t i f . held by hanks 659,672 42,079 Total fiold reserves Reserves other than gold 2,807,899 178,686 159,324 15,008 330,240 248,975 407,8q4 i Cleve. s 103,258 1S3,337 36,877 47,707 24,172 42,24l 987,019 164,307 273,285 31,127 3-0,714 12,010 Rich. Atlanta Chicago St. Louis Minn. Kans.Cy. Dallas San Fran. »,•%, » ; a * : s ®onds >39,l4l 392,567 20,246 59,082 226,765^13,166 6l,544 156,076 400,302 78,674 9.813 13.564 20.347. l4.q63 85,632 38,300 1 0 0 , 5 % ^ 6,196 217,917 14,758 23,178 65,984 Total U.S. Govt, s e c u r i t i e s Other s e c u r i t i e s 545,263 34,120 760 127,462 - Total b i l l s and s e c u r i t i e s Due from foreign banks Uncollected items Bank premises All other resources 1,377,731 113,448 TOTAL RESOURCES C. 5 6 6 3 7 93,637 5,445 38,954 26,325 44,147 /gAs ?Sf£ 13,471 30, W // 4,756 9,640 1 2 , j ^ l , 9 l 4 20,851 17,103 5,151 4,207 63,377 % 78,529 43,450 70,099 4.6g6 94,018 7.067 48,369 29,915 56,861 287,028 10.029 Q.QQfi 66,890 3,272 7 , 5 ^ 7 1,287 1^665 4,567 2,525 6,772 9,724 11,167 36,960 . 211,297 55,657 25 20 68 21 55,598 29,342 74,686 32,461 2,889 2,823 8,615 3,790 395 1,720 1,321 744 74,785 101,085 208,744 1,670 3,243 40,957 16,069 1,715 12,426 5,605 29,598 43,962 60,271 11,821 10,563 82,981 ggp 361,933 124,533 l4o,2l9 2l6 46 51 171,297 56,713 57,944 15,898 1,749 6,865 5,605 263 1,349 " a 297,024 3,928 5,244 148,839 4l,6l7 53,623 22,561 28,420 6 4,939 11,925 Treasury notes C e r t i f i c a t e s of indebtedness 670,056^ 63,578 58,122 3,824 14,888 87 *-g; 39,233 l4i,151 250,568 48,788 49,791 62,676 33,127 10,352 7,03 2 89,113 16,972 15,169 24,048 16,093 11,959 7,893 60,621 12,914 5,139 7,2$i4 7,64l Total reserves 2,967,223 193,694 1,018,l46 175,021 285,295 71,357 169,640 420,649 Son-reserve caah 93,146 n , 4 l 7 28,745 1,588 5,752 10,078 5,268 10,739 B i l l s discounted: *V7 Secured by U.S.Govt, obligations 297,S^rJ 9,902 117,433 33,279 42,451 7,576 7,597 41,351 other b i l l s discounted l 4 l , ~ ^ r 10,544 3l,4o6 8,338 11.172 14,985 20,'823 25]588 Total b i l l s discounted B i l l s bought i n open market U. S. Government s e c u r i t i e s : St. 5634b 7^987 *481 21,870 6^589 2,952 12,554 3,006 28,459 17,067 9,099 23,226 14,679 9,554 19,241 16,288 21,277 6,l49 5,776 4,956 6,182 7,284 13,472 10,359 16,585 22,987 38,489 500 31,603 44,044 43,506 60,142 57,835 87,182 13 17 17 35 13,323 42,154 28,451 i&,5e$-vr 2,202 4,308 1,785 3,374 1,577 424 589 814 5,181,7% 386,085 I,6OI,84O 359,913 497,475 218,871 252,263 727,375 191,755 137,076 211,402 159,495 438,well RESOURCES AND LIABILITIES OF, THE, FEDERAL EE SERVE BANKS OH JANUARY 11, 1928. s t . 56314c ( i n thousands of d o l l a r s ) Total Boston Hew York Phi l a . Cleve. Rich. A t l a n t a Chicago St. Louis Minn. Kans.Cy. Dallas San Fran. F.R.notes i n a c t u a l c i r c u l a t i o n 1,679,624 137,186 354,371 128,351 210,058 73,458 140,700 24s,270 54,902 59,300 65,213 44,394 163,421 Deposits: Member bank - reserve account 2,473,358 157,475 985,678 142,476 189,993 72,874 70,053 354,855 85,272 53,959 92,524 69,275 198,924 Government 17,134 1,415 714 817 1,758 620 1,082 I,5O4 1,090 1,226 972 4,156 1,780 Foreign "bank 4,825 . / 363 1,350 46o 503 247 203 673 208 131 174 169 344 Other d e p o s i t s 22,136-k 225 13.046 iki 1.319 ?qU 225 1.171 425 212 536 120 4 . w ? 6 Total d e p o s i t s 2,5i7t445\i59,478 1,000,788 143,900 193,573 74,035 71,563 358,205 86,995 55,595 94,206 73,720 2 0 5 , # % Deferred a v a i l a b i l i t y items 609,065 ^61,784 l4i,008 52,502 54,617 52,029 24,527 68,016 33,485 11,324 38,213 28,272 43,288 Capital paid in 132,585 ^ 9,403 40,337 13,243 i4,o6s 6,252 5,171 17,954 5,34l 3,009 4,251 4,260 9,296 Surplus 233,319 17,893 63,007 21,662 24;02i 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 9,696 34l 2,329 255 1,138 773 306 2.152 635 809 473 322 163 TOTAL LIABILITIES 5,181,732 386,085 i,6oi,84o 359,913 497,475 218,871 252,263 727,375 191,755 137,076 211,k)2 159,495 438,182 Beserve r a t i o (per cent) 70.7 65.3 75-1 64.3 70.7 48.4 79.9 69.4 66.0 65.1 63.4 56.6 80.5 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 correspondents 233,81 2 17,472 66,545 22,132 24,228 11,881 9,784 32,382 10,017 6,290 8,387 8,154 16,540 F. R.notes on hand (notes r e c ' d from F.R.Agent l e s s notes i n c i r c u l a t i o n ) 4 ^ 4 , 2 7 8 50,248 153,467 43,130 35,620 22,565 31,156 55,396 7,574 5,853 11,752 10,646 66,871 FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS n o t e s r e c ' d from Comptroller 2,991,317 244,654 784,318 207,581 286,958 119,972 230,026 477,666 79,526 83,267 112,085 72,872 292,392 M . n o t e s held by F. R. Agent 817,415 57,220 276,480 36,100 41.280 23.949 58.170 174.000 17.050 18.1l4 35.120 17.832 62.100 F.R.notes issued to F.R.Bank 2,173,902 187,434 507,838 171,481 245,678 96,023 171,856 303,666 62,476 65,153 76,965 55,o4o 230,292 C o l l a t e r a l h e l d as s e c u r i t y f o r F.R.notes 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 408,950 35,300 205,150 140,000 29,830 18,800 8,400 14,167 17,303 40,000 Gold redemption fund 100,781 14,067 19,917 9,704 12,666 5,814 8,836 2,767 1,301 1,394 3,589 3,767 16,959 Gold fund - F. R. Board 1,014,926 69,000 90,000 88,777 125,000 112,000 245,000 36,500 32,000 56,860 10,000 149,789 E l i g i b l e paper , 808,940 79,328 223,352 79.124 76,106 62.322 32.444 128.142 18.595 19.677 21.579 26.198 42.073 Total c o l l a t e r a l 2,333,597 197,695 538,419 177,605 253,772 97,966 172,020 375,909 64,796 67,238 82,028 57,268 248,821 L I A B I L I T I E S 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 indebtedness 439,141 392,567 217,917 MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS Within 15 days 16 to 30 days 31 to oO days 6l to 90 days 372,923 172,388 15.272 14,383 80,578 27,294 79,449 16,186 57,376 105,220 91 days to 6 months 6,807 - 2,776 69,687 Over 6 months 1,548 27,738
@FedFRASER