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STATEMENT PGR THE PRESS Released f o r publication. F r i d a y morning, J a n . not e a r l i e r . St. 5627 F e d e r a l Reserve Board, J a n u a r y 5» 1928. fa; CONDITION OF FEDERAL RESERVE BANKS The c o n s o l i d a t e d statement of c o n d i t i o n of the F e d e r a l r e s e r v e hanks on J a n u a r y 4, made p u b l i c hy t h e F e d e r a l Reserve Board, shows a d e c l i n e f o r the week of $62,500,000 i n b i l l and s e c u r i t y h o l d i n g s and of $52,500,000 i n 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 and i n c r e a s e s of $63,000,000 i n t o t a l d e p o s i t s , and of • $27,000,000 i n cash r e s e r v e s . Smaller 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 7 of the r e s e r v e b a n k s , t h e l a r g e s t d e c r e a s e s , $84,700,000 and $21,100,000, b e i n g r e p o r t e d by the F e d e r a l r e s e r v e b a n k s of New York and Boston, r e s p e c t i v e l y . The San F r a n Cisco F e d e r a l Reserve Bank r e p o r t e d an i n c r e a s e i n d i s c o u n t s of $20,900,000 and t h e P h i l a d e l p h i a , Chicago, Minneapolis, and D a l l a s banks i n c r e a s e s r a n g i n g from $1,100,000 a t M i n n e a p o l i s t o $2,800,000 &t P h i l a d e l p h i a . 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 $1,600,000, of U n i t e d S t a t e s bonds # 5 , 6 0 0 , 0 0 0 , and of United S t a t e s Treasury n o t e s $42,100,000, 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 $23,>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 was $52,500,000 l e s s t h a n a week ago, a l l 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 i n g a d e c r e a s e i n c i r c u l a t i o n , t h e l a r g e s t d e c l i n e s b e i n g $13,100,000 a t C l e v e l a n d , $9,700,000 a t P h i l a d e l p h i a , and $8,600,000 a t Chicago. 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 the week and the y e a r ending J a n u a r y 4, 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 during Week Total reserves . . Gold r e s e r v e s Year + $27,000,000 3,400,000 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 - 62,500,000 SS,300,000 60,900,000 27,400,000 + - , - $109,000,000 - 112,900,000 196,500,000 112,600,000 9,600,000 103,000,000 B i l l s bought i n open market + 1,600,000 - 1,700,000 U. S. Government s e c u r i t i e s , t o t a l . . . 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 . . . . . + + - 24,300,000 5,600,000 42,100,000 23,^00,000 + + + + 313,500,000 239,200,000 10,900,000 63,400,000 Federal reserve notes in c i r c u l a t i o n . . » - 52,500,000 - 52,000,000 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 . . . . . . . . . . + + - 63,000,000 53,900,000 900,000 + + + 126,900,000 133.800,000 9,300,000 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 morr.ing, January 6, 1928; not e a r l i e r . St. 5627a HESOUl'.OB3 AST) LIABILITIES ' OF THE T'.7ELVE FEDERAL RESERVE BA2JKS COMBINED ( I n thousands of d o l l a r s ) HE S O U R C E S J a n . 4. 1A28 Dec. 28.1927 J a n . "5.192,7 1,419,755 67,927 1,487,682 Gold v/ith 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 .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 v/ith F. H. Board . Gcfld and gold c e r t i f i c a t e s h e l d by banks 1,477,638 51,447 1,469,255 54,681 1,529,085 618,458 594,958 1,523,936 595i110 620,054 Total g o l d r e s e r v e s Reserves o t h e r t h a n gold . . ; 2,742,501 146,719 2,739,100 123^096 2,855,443 142,816 Total reserves i 4 * Uon-resai've cash « . i . 4 . i . . . . * B i l l s discounted: Sec * by UtS4 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 . . . 2,889,220 81,352 2,862,196 69,647 2,998,259 76,180 kit-r&yi- r..J-360,532 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 637,805 729,956 272>950 520,879 387,131 609,209 385,527 633,482 388,837 293,322 104,583 229,498 287,746 62,531 252,849 54,108 93,659 166,106 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 >27,403 603,126 313,873 T o t a l b i l l s and s e c u r i t i e s . . Dae from f o r e i g n banks U ncolle cte d i t e m s Bank premises All other resources 1,536,293 566 800,067 57,972 15,043 1,598,842 568 728,018 60,185 14,383 1,339,813 657 814,912 58,131 12,302 5.440,513 5,333,839 5,300,254 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 1,760,710 1,813,198 1,812,69s 2,4-85,757 15,752 5,652 29,138 2,431,845 16,680 4,423 20,328 Total deposits Deferred a v a i l a b i l i t y items Capital paid i n Surplus All other l i a b i l i t i e s . 2,536,299 763,850 132,512 233,319 8,823 2,473,276 666,322 132,460 228,775 19,808 2,351,953 6,451 25,308 25,657 2,409,369 714,682 125,011 228,775 9,719 5,440,513 5,333,839 5,300,254 TOTAL RESOURCES 980 L I A B I L I T I E S . TOTAL LIABILITIES Ratio of t o t a l r e s e r v e s to 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 67.2^ 66.8$ 232,181 226,904 71. ( 60,71s RESOURCES IffiSOOaCEiSLAiiS USABILITIES Total Boston Gold with Federal Reserve Agents 1 , 4 7 7 , 6 3 8 130,712 Gold redemption fund with U . S . T r e a s . 51,447 4,698 Go]^d h e l d e x c l u s i v e l y a g a i n s t F> notes 1 , 5 2 9 , 0 8 5 135.410 Total r e s e r v e s Eon-reserve cash B i l l s discounted: Secured "by U.S.Govt, o b l i g a t i o n s Other h i l l s d i s c o u n t e d /?a,o1£, Total M i 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 : Bond s Treasury n o t e s v e r t i n c a n e s 01 l n a e o t e a n e s s 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 Total h i l 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 A l l other r e s o u r c e s TOTAL RESOURCES 4, 1923. St. $62# Sew York 280,067 16.591 Phi l a . Cleve. 76,266 178,724 7.974 3.692 Rich. Atlanta Chicago, o t . i i o u i s .J.nn. Zans.Cy. D a l l a s San Fran. 33,421 142,733 247,76? 4 l , 3 l 3 5 0 , l 6 l 6 l j 4 6 31,448 203,680 3.742 1.675 3.804 2.083 1.866 1.772 1.867 1.681 296,658 268,392 84,2^0 1 8 2 , 4 l 6 37,163 36,199 24.283 25,794 39.793 2 , 7 4 2 , 5 0 1 192,914 146.719 l4,6S3 945,424 1 4 4 , 7 2 2 248,003 29.778 9 . 3 % 13.347 2 , 8 8 9 , 2 2 0 207,597 975.202 154,080 S o l d s e t t l e m e n t fund With F.R.Board 594,958 Gold and g o l d c e r t i f . h e l d hy hanks 618.458 Total %o!d r e s e r v e s Reserves other than g o l d OF THE FEDERAL BE SERVE BASKS- ON JAHUARY ( i n thousands of d o l l a r s ) 18,960 38.544 380.374 261,350 251,571 43,396 17,133 10.488 8,053 107,435 8.267 56.253 18,586 12.4% 64,784 8.026 160,728 415,259 71,251 93,870 54,928 276,177 17.276 74,44i I3.64l 4.200 5.94? 72,810 173,059 432,535 88,082 75>451 99,812 l44,l<)8 1 2.331 52,027 63,118 33,315 205,363 14,323 23,620 14,187 42,276 4.901 7.132 7.4?6 9,43? 10,273 22,598 l,44o 7,070 8,429 4,955 9,674 4,769 1,370 2,960 3,36l 35^73JT 8,981 10,8oQ 126,853 51,918 47,226 11,446 54,052 14,233 7.934 17.383 11,893 19,099 43,0^4 20.679 10.232 9,087 1,810 -1.542 6.297 6,659 2,530 1.270 520,879 387.131 0(, / 19,841 5 0 .1 8 4 178,771 96,44o 58,672 68,285 25,317 30,992 2,393 63,723 63,117 19.319 5,083 293.3fieyi5.327 1 0 k , ^ T 5,001 clcj^ 0 JLy, 4JLH" 627,403 880 35,742 1,536,293 .105,767 566 37 860,067 94,118 57.972 15,043 3,824 84 21,543 *4%") 45,777 3 66,736 17,432 357©2S / 6,224 39.822 8,199 1 1 , 0 ^ 1 , 3 8 1 189,837 - iV,VJ'd lb.iw 4.54f 45,663 62,241 12,452 - - — 13.579 260 b.845 12.701 9.7^2 15.007 87,958 38,163 23,900 620 40,092 31,700 246,076 44,791 60,636 57,769 — 52 25 63.7k) 2.745 392 20 67 34,146s 94,251 8,609 2,823 15.898 6,337 1,749 239 5 . 4 4 0 , 5 1 3 421,700 1 , 7 1 7 . 5 2 3 379.983 80,814 6,865 1.309 509.529 231,687 12,956 3 . 8 0 0 35,851 16,919 7,588 22,269 1 3 , 8 9 4 3,352 10.5S5 47,224 214,79S 47 4^tfUjrV^7 25.12b 83.5% 76,169 4,453 a. 5,938 48,999 18,869 11,678 22,972 18,112 26,007 10,833 8,706 5,377 4,419 3.846 4 , 4 6 2 1,479 b,lb2 465,048 146,259 152,069 213 232,227 3,655 64,4lO 284,832 81,352 4i,924 ?3 T 518 1.779 264,328 — 62,565 a 42,220 ; 3,790 739 15 14,889 2,202 1.067 761,269 202,186 139.785 1J35 — — 18 47,939 17 35,949 1,78£ 50o — 95.821 34 43,283 3,374 811 216,118 163,797 432,608 BE SOURCES AH) LIABILITIES Of THE FEDERAL RSSoKVE BANKS OH JANUARY 4, 1928. s t . 5627c ( i n t h o u s a n d s of d o l l a r s ) T o t a l B o s t o n . New York F h i l a . Cleve. 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 . F,lhnotes in actual circulation 1,760,710 147,858 374,185 136,746 212,846 76,880 142,796 263,128 56,371 60,961 66,794 46,837 175,308 Deposits: LiCuiLsr "bank - r e s e r v e a c c o u n t 2,485,757 152,047 1,020,508 139,003 180,569 74,405 73,798 357,295 86,623 52,196 92,501 67,869 182,943 Government 15,752 1,479 629 396 1 , 2 5 4 825 1,434 905 505 2,117 934 997 3,917 F o r e i g n "bank 5,652 347 444 2,305 241 491 190 639 199 139 171 162 324 Other d e p o s i t s 29,138 18,193 1,735 1 , 0 9 0 _2ZI 206 113 1.128 346 1.046 128 4.4% si 295Total deposits 2,536,299 160,146 1,041,635 141,578 183,4o4 75,677 75,535 360,027 88,022 54,798 94,652 69,156 191,669 J3efni-re<V a v a i l a b i l i t y i t e m s 768,850 86,175 196,293 66,519 74,219 59,778 30,535 85,398 4 1 , 4 5 4 13,185 40,978 34,713 39,603 C„>i. L'.j. p a i d i n 132,512 9,412 4o,333 13,243 13,979 6,252 5,178 17,965 5,34l 3,009 4,235 4,263 9,302 &.irpj u s 233,319 17,893 63,007 21,662 24,021 12,324 9,996 32,778 10,397 7,039 9,046 8,527 16,629 111 o' - :.or l i a b i l i t i e s 8 , 8 2 3 - 216 2,070 235 1,060 776 288 1,973 601 793 413 301 97 TOTAL- LIABILITIES 5,44o,5l3 421,700 1,717,523 379,983 509,529 231,087 264,328 761,269 202,186 139,785 216,118 163,797 432,608 Ectivrve r a t i o ( p e r c e n t ) 67.2 67.4 68.9 55.4 66.0 47.7 79.3 69.4 61.0 65.2 61.8 77.6 55-5 Corti it l i a b i l i t y on M i l s p u r chased f o r foreign correspondents 232,181 17,158 66,777 21,963 24,250 11,896 9,380 31.571 9,837 6,863 8,465 8,007 i6,oi4 $ . , 9 . n o t e s on h a n d ( n o t e s r e c ' d f r o m F,ll.A.~ent l e s s n o t e s i n c i r c u l a t i o n ) 457,780 4 7 , 0 4 l 137,134 37,520 4i,3k) 19,920 33,056 52,304 7,217 5,382 10,869 9,081 56,916 FEDERAL RESERVE HOTS ACCOUNTS OF FEDERAL RESERVE AGE "TS F.R n o t e s r o c * ! f r o m C o m p t r o l l e r 3,020,347 246,999 787,800 210,366 293,516 120,749 232,523 482,832 80,638 83,867 112,983 73,750 294,324 Jt? ,ji n o t e s h e l d by F. E. Agent 801,857 52,100 276,431 36,100 39,330 23,949 56,671 167,400 17,050 17,524 35,320 17,832 62,100 F,.fL r o t e s i s s u e d t o F.R. Bank 2 , 2 1 8 , 4 9 0 194,899 511,319 174,266 254,186 96,800 175,852 315,432 63,588 66,343 77,663 55,918 232,224 Qr\ l a t e r a l h e l d a s s e c u r i t y f o r F - B . n o t e s i s s u e d t o F.R.Bank: Gold and g o l d c e r t i f i c a t e s 407,951 35,300 4o,ooo 29,831 18,800 205,150 7,400 14,167 17.303 4o,ooo Gold r e d e m p t i o n f u n d 16,412 105,359 19,917 1 2 , 4 8 9 1 3 . 7 2 4 3 , 5 9 0 5,633 2,767 2,413 1,994 4,486 4,645 17.289 Gold f u n d - F.* R. Board 964,328 79.000 55,000 63,777 125,000 118,300 245,000 31,500 3 4 , 0 0 0 56,860 9,500 146,391 E l i g i b l e paper 873.849 70.025 249,858 99.209 86,349 6 8 , 8 1 4 33,276 126,659 24,305 20,028 20.4615 26.056 48.805 Total c o l l a t e r a l 2,351,487 200,737 529,925 175,475 265,073 102,235 176,009 374,426 65,61s 70,189 81,811 5 7 , 5 0 4 252,485 MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS AND MUNICIPAL WARRANTS 91 days t o Total W i t h i n 15 days l 6 t o 30 d a y s 31 t o 60 days o l t o 90 days Over 6 months 6 months B i l l s discounted 449,939 520,879 18,059 27,010 6,450 17.995 1,456 182,427 B i l l s bought i n open market 387,131 102,636 73.568 2p,34l 2,099 l,60o 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 229,493 35,473 114,569 11,857 65,993 Municipal warrants 100 120 20 L I A B I L I T I E S
@FedFRASER