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Released f o r p u b l i c a t i o n Friday morning, Jan. 20; not e a r l i e r . STATEMENT FOfi' THE PRESS St. 5646 Federal Reserve Board, January 19, 1928. CONDITION OF FEDERAL RESERVE BANKS The consolidated statement of condition of the Federal reserve banks on January 18, made public by the Federal Reserve Board, shows f u r t h e r d e c l i n e s f o r the week of $$6,800,000 i n b i l l , and se c ur i t y holdings, of $4l,600,000 i n member bank reserve d e p o s i t s , and of $55>800,000 i n Federal reserve note c i r c u l a t i o n , and an increase of $8,000,000 i n cash r e s e r v e s . A l l c l a s s e s of b i l l and s e c u r i t y holdings were below the preceding week's t o t a l s - Government secur i t i e s by $45,900,000, discounted b i l l s by $27,100,000, and acceptances p u r chased i n the open market by $23,500,000. Most of the Federal reserve banks r e p o r t l a r g e r holdings of discounts than a week ago, the p r i n c i p a l i n c r e a s e s being $25,800,000 at the San Francisco bank, $4,900,000 a t Richmond, $4,200,000 a t St. Louis, and $4,000,000 at Kansas City. These i n c r e a s e s i n discount holdings were, however, more than o f f s e t by a t o t a l Recline of $71,800,000 reported by four of the banks, p r i n c i p a l l y New York Which showed a decrease of $6],900,000. Declines of $l6l,700,000 and §27,400,000 i n the System's holdings of U. S. bonds and Treasury c e r t i f i c a t e s , Respectively, were l a r g e l y o f f s e t by an increase of $143,300,000 i n holdings of t r e a s u r y n o t e s . Holdings of acceptances purchased i n the open market declined $23,500,000. All of the Federal reserve banks again r e p o r t a smaller volume of Federal reserve notes i n c i r c u l a t i o n , the p r i n c i p a l decreases b e i n g as f o l l o w s : Chicago $10,900,000, Cleveland $9,000,000, Boston $8,000,000, P h i l a d e l p h i a $6,900,000, New York $5,600,000, and A t l a n t a $4,200,000. 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 18, 1928, f o l l o w s : Increase or decrease during Week Year Total r e s e r v e s Gold r e s e r v e s + $8,300,000 300,000 - $119,900,000 - ,128,300,000 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 - Hr 212,300,000 96,800,000 27,100,000 12,600,000 14,500,000 + - 4,000,000 83,200,000 B i l l s bought i n open market - 23,500,000 + 31,700,000 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 . . . - 45,900,000 -161,700,000 +143,300,000 - 27,400,000 + + + + 186,600,000 9,600,000 i46,ioo,ooo 31,000,000 - 55,800,000 - 86,100,000 Federal reserve notes i n c i r c u l a t i o n Total d e p o s i t s Members' reserve deposits . . . . . . Government d e p o s i t s . - 45,800,000 - 4l,o00,000 - 2,000,000 87,200,000 153,800,000 188,300,000 21,100,000 cieleased f o r p u b l i c a t i o n Friday morning, January % , 1928; not e a r l i e r . St. 56146a RESOURCES ARB LIABILITIES - OF THE TWELVE E6SEBAL RESERVE BAMS COMBINED ( I n thousands of d o l l a r s ) Jan. 18.1928 RESOURCES Gold with Federal reserve agents . . . . Gqld redemption f u n d with U.S.Treasury . 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.notes Gold settlement 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 1,530,476 1,524,657 551,153 672,044 1,575,725 572,502 659,672 51,06s 53,955 1,584,431 Total gold r e s e r v e s Reserves o t h e r than gold 2,807,62s 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 discounted 2,975,562 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 indebtedness 167,934 . . . . . 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 Total 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 Uncollected items Bank premises . All other r e s o u r c e s J a n . 11.1928 J a n . 19.1927 94,118 3 28*7781 127,278 f ^2,059 369,035 65,033 243,857 190,478 499,368 500 1,280,962 568 1,575,495 52,633 1,628,128 503,513 804,294 2,807,599 159,324 2,935,935 159,566 2,967,223 3,095,501 93,146 «a>0 297,376l4i,% 81,174 201,611 214,448 439,141 ' 392,567 416,059 337,360 226,765 55,463 97,774 159,505 312,742 100,581 217,917 545,263 760 1,377,731 ' 566 670,056 2,500 1,068,661 58,122 l4,SSS 657 722,746 58,231 12,053 5,126,261 . 5,121,732 5,039,023 F. R. notes 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 . . . . . . 1,623,735 1,679,624 1,709,919 2,431,764 2,473,358 2,243,429 36,238 5,699 32,429 Total d e p o s i t s . Deferred a v a i l a b i l i t y items Capital p a i d i n Surplus . . . . . . . . . . All other l i a b i l i t i e s . . . 2,471,643 TOTAL RTSSOTTRCES 705,805 58,724 11,122 L I A B I L I T I E S TOTAL LIABILITIES 654,526 17,134 4,825 22,126 2,517,443 609,065 133,775 233,319 9,813 132,585 233,319 9,696 2,317,795 646,976 125,480 228,775 10,078 5,126,861 5,181,732 5,039,023 15,160 5,65s 19,061 Ratio of t o t a l r e s e r v e s t o deposit and F. R. note l i a b i l i t i e s combined . . . 72,7% 70.7% 76.9$ Contingent l i a b i l i t y on b i l l s purchased f o r f o r e i g n correspondents 232,291 233,812 90,382 RESOURCES RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS OH JANUARY 18, 1928. (In thousands of d o l l a r s ) Total Boston New York R i i l a . Gold, with Federal Reserve Agents 1,530,476 109,059 374,538 102,882 Sold redemption fund with U.S.Treas. 53,955 4,929 13,150 6,847 Gold h e l d e x c l u s i v e l y against F. R. notes 1,584,431 113,988 387,688 109,729 Sold settlement fund with F.R.Board 551,153 24,369 262,620 32,518 Qeld and gold c e r t i f . h e l d by banks 672.044 40,499 421,810 25.513 Total s o l d r e s e r v e s Beserves other than gold Cleve. 178,053 5,101 s t . 5646b Rich. Atlanta Chicago St.Louis 37,756 133,038 247,181 41,392 2,807 1,822 6,647 2,678 Minn. Kans.Cy. 46,907 55,256 2,6O4 2, 183,154 40,563 134,860 253,828 44,070 49,511 58,196 28,163 ISO,681 36,480 9,955 5,263 83,170 14,134 13,531 a, 945 14,727 32,44i 42.814 2,807,628 178,856 1,072,118 167,760 262,448 167,934 15.031 33.231 11,508 14.198 11,032 7.898 10,329 15.250 61,550 148,021 58,736 395,734 21,061 13,078 5,237 7.270 71,282 68,279 14,936 M15 87,411 7,018 7,695 50,585 243,584 10,033 10,424 Total r e s e r v e s 2,975,562 193,887 1,105,349 179,268 276,646 71,879 163,271 416,795 86,218 73,194 94,429 60,618 Son-reserve cash , 94,118 10,772 30,188 2,076 8,009 9,162 4,810 10,291 5,316 1,732 3,204 3,357 B i l l s discounted: J 64,778 28,332 39,538 10,605 8,362 46,674 Secured by U.S.Govt, o b l i g a t i o n s 28%,781 12,756 2,622 7,994 < 174 9,205 Other b i l l s discounted 127,278 8,432 20,124 8,776 11,552 16,818 21,339 17.457 8,180 1,532 7,321 f , 2 4 9 Total b i l l s discounted 059 21,188 84,902 37,108 51,090 27,423 29,701 64,131 16,174 4,154 16,526 ^ 5 , 4 2 3 B i l l s bought i n open market, 369,035 49,301 78,620 34,598 27,273 38,391 6,644 59,932 9,229 16,756 10,340 22,556 U. S. Government s e c u r i t i e s : /V? , i y 3 IH' r Bonds 65,033/ 1,637 5,745 i,lo4 1,565 J 1,432 267 21,090 7,620 4,746 10,794 8,285 Treasury n o t e s 243,85T 16,379 48,021 20,675 4o,23r 4,744 5,807 30,601 17,231 10,243 12,968 12,028 • C e r t i f i c a t e s of indebtedness 190,478 13,758 47,346 19,918 16,045 4,805 6,206 27,388 10,508 6,783 12,593 9.656 Total U.S. Govt, s e c u r i t i e s 499,368 31,774 101,112 41,697 57,649 10,981 12,280 79,079 35,359 21,772 36,355 29,969 Other s e c u r i t i e s 500 " — — — _ 500 Total b i l l s and s e c u r i t i e s Bue from f o r e i g n banks U n c o l l e c t e d items Bank premises "ill other resources TOTAL RESOURCES 30,462 254,008 5,201 49,741 4,498 54,239 15,395 948 24,921 15,472 4i,34I 1,280,962 102,263 : 264,634 113,403 136,012 76,795 48,625 203,142 60,762 43,182 63,221 57,948 110,975 568 37 216 46 51 25 21 6s 21 18 13 17 35 705,805 69,279 185,653 62,766 63,766 54,890 28,058 83,658 35,262 12,758 40,368 28,512 4o,835 58,724 3,824 16,498 1,749 6,865 2,889 2,825 8,615 3,790 2,202 4,308 1,785 3,374 11,122 97 2,935 178 1,011 397 1,683 1,314 1,221 723 4i6 518 629 5,126,861 380,159 1,605,473 359,486 492,360 216,037 249,293 723,883 192,092 134,302 205,964 152,755 415,057 iffi-SOufrCE 5" IHD^IABI LI TIBS OF THE SSHlEAIi RESERVE BANKS ON JANUARY 18, 1928. St. 5646c ( i n thousands of d o l l a r s ) T o t a l Boston New York E h i l a . Cleve. Rich.Atlanta 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 1,623,785 129,145 343,726 121,1406 201,024 70,685 136,484 237,Woi 54,453 58,225 63,769 42,973 159,494 Deposits: Member bank: - r e s e r v e account 2,431,764 155,111 974,016 142,588 188,187 73,949 69,201 353,159 85,083 51,992 90,968 67,070 180,440 Government 15,160 613 1,688 1,989 1,346 236 1,263 1,915 511 1,090 223 3,087 1,199 Foreign bank 5,658 363 2,183 46o 503 247 203 673 208 131 174 169 344 Other d e p o s i t s 19.061 PQ6 10.525 77 991 238 130 896 282 846 210. 31. 4.4Q3 Total d e p o s i t s 2,471,643 156,293 988,412 145,114 191,027 74,670 70,797 356,643 86,172 53,495 92,211 68,535 188,274 Deferred a v a i l a b i l i t y items 654,526 67,085 161,496 57,767 61,007 51,331 26,531 76,951 35,086 11,723 36,232 28,116 41,201 Japital paid i n 133,775 9,403 4i,46o 13,245 14,122 6,227 5,172 17,971 5,34l 3,025 4,252 4,261 9,296 Surplus 233,319 17.893 63,007 21,662 24,021 12,324 9,996 32,778 10,397 7,039 9,046 8,527 16,629 A l l other l i a b i l i t i e s 9,813 340 2,372 292 1,159 800 313 2,139 643 163 135 454 343 TOTAL LIABILITIES 5,126,861 380,159 1,605,473 359,^6 492,360 216,037 249,293 723,883 192,092 134,302 205,964 152,755 415,057 .tieserve r a t i o (per c e n t ) 72.7 67.9 82.7 67.3 70.6 49.5 78.8 70.2 61.3 65.5 60.5 54.4 73.0 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 232,291 17,472 65,024 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 ( n o t e s r e c ' 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 ) 5 0 1 , 6 6 3 46,331 160,931 47,476 41,342 21,860 30,523 54,438 7,574 5,124 9,304 9,531 67,229 FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS F.R. notes r e c ' d f r o m Comptroller 2,971,203 241,346 786,137 203,982 282,346 118,144 229,027 471,939 78,717 82,613 110,893 72,036 294,023 F.R. notes h e l d by F. R. Agent 845,755 65,870 276,480 35,100 39%980 25,599 62,020 180,100 16,690 19,264 37,820 19,532 67,300 F.R.notes i s s u e d t o F.R.Bank 2,125,448 175,476 509,657 168,882 242,366 92,545 167,007 291,839 62,027 63,349 73,073 52,504 226,723 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 t o F.R.Bank: Gold and gold c e r t i f i c a t e s 411,341 35,300 205,150 40,000 31,021 20,000 8,400 14,167 17,303 40,000 Gold redemption f u n d 97,197 10,759 19,388 11,105 13,053 5,735 6,838 2,181 3,492 740 4,396 2,932 16,578 Gold f u n d - F.R. Board 1,021,938 63,000 150,000 91,777 125,000 6,000 121,601 245,000 29,500 32,000 50,860 1,000 106,200 E l i g i b l e paper 150.455 69.385 76.309 58.433 36.121 123.885 25.293 20.697 26.770 27.723 69.582 755,142 70,489 Total c o l l a t e r a l 2,285,618 179,548 524,993 172,267 254,362 96,189 169,159 371,066 66,685 67,604 82,026 53,958 247,761 MATURITY DISTRIBUTION OF BILLS AMD CERTIFICATES OF INDEBTEDNESS L I A B I L I T I E S B i l l s discounted B i l l s bought i n open market G®T"fci£lCaies of i n d e b t e d n e s s Total Within 15 days l 6 t o 30 days 412,059 369,035 190,478 347,115 149,752 93 15,342 73,298 31 tti 6& days 6l t o 90 d a y s 91 d.ays to o months 14,264 28,255 -6,381 67,676 3,294 75,015 90,84i 68,206 Over 6 months 702 31,338
@FedFRASER