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STATEMENT FOB 1'HE PRESS Released, f o r p u b l i c a t i o n Friday morning, Jan. J; not e a r l i e r . St.5217 Federal Reserve Board January 6 , 1927- 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 Federal r e s e r v e banks on January 5, made p u b l i c by the Federal Reserve Board, shows a d e c l i n e f o r the week of $69i700,000 i n h o l d i n g s of b i l l s and s e c u r i t i e s and of $ 4 4 , 3 0 0 , 0 0 0 i n Federal reserve note c i r c u l a t i o n , t o g e t h e r w i t h i n c r e a s e s of $$4,000,000 i n cash r e s e r v e s , $7,800,000 i n n o n - r e s e r v e cash, and $87,800,000 i n member bank r e s e r v e d e p o s i t s . Discount h o l d i n g s d e c l i n e d $77,400,000 during the week and Government s e c u r i t i e s $ 3 , 3 0 0 , 0 0 0 , w h i l e h o l d i n g s of acceptances purchased i n open market i n c r e a s e d $ 1 0 , 0 0 0 , 0 0 0 . Since December 24, the peak of the holiday expansion i n b i l l and s e c u r i t y h o l d i n g s and currency demand, b i l l s and s e c u r i t i e s have d e c l i n e d $154,000,000 and Federal r e s e r v e note c i r c u l a t i o n $ 1 2 2 , 0 0 0 , 0 0 0 , w h i l e cash r e s e r v e s have i n c r e a s e d $113,000,000 and non-re serve cash $ 2 9 , 0 0 0 , 0 0 0 . Most of the Federal r e s e r v e banks report 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 than a week ago, the p r i n c i p a l d e c l i n e s being: Cleveland $ 2 3 , 0 0 0 , 0 0 0 , Boston $ 2 8 , 1 0 0 , 0 0 0 , Chicago $ 1 6 , 7 0 0 , 0 0 0 , P h i l a d e l p h i a $ 8 , 6 0 0 , 0 0 0 , and St. Louis $ 6 , 2 0 0 , 0 0 0 . Discount h o l d i n g s of the Kansas City and San Francisco banks i n creased .,$3,400,000 and $ 3 , 3 0 0 , 0 0 0 , r e s p e c t i v e l y , Open-market acceptance h o l d i n g s i n c r e a s e d $19,800,000 at the New York bank and d e c l i n e d $ 3 , 9 0 0 , 0 0 0 at Boston and $ 2 , 6 0 0 , 0 0 0 at Chicago. The System's h o l d i n g s of Treasury c e r t i f i c a t e s d e c l i n e d $ 1 7 , 3 0 0 , 0 0 0 , w h i l e h o l d i n g s of Treasury n o t e s i n c r e a s e d $7,400,000 and of United S t a t e s bonds $ 6 , 6 0 0 , 0 0 0 . A l l of the Federal r e s e r v e banks report a smaller volume of Federal reserve n o t e s i n c i r c u l a t i o n than a week ago, the p r i n c i p a l d e c r e a s e s b e i n g as f o l l o w s : Cleveland $ 1 2 , 3 0 0 , 0 0 0 , P h i l a d e l p h i a $ 1 1 , 5 0 0 , 0 0 0 , Chicago $ 5 , 1 0 0 , 0 0 0 , Richmond $ 4 , 4 0 0 , 0 0 0 , and A t l a n t a $ 3 , 3 0 0 , 0 0 0 . A f t e r c l o s i n g the books on December 31 and paying the accrued 6 per cent dividend, the r e s e r v e banks paid $818,000 to the Government as a f r a n c h i s e tax and t r a n s f e r r e d $ 8 , 4 6 5 , 0 0 0 t o surplus account. 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 5, 1927, 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 + + 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. 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 . . . . . . . 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 r . . 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 . . . . Federal r e s e r v e n o t e s i n c i r c u l a t i o n . . 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 W. . . . . . . - $54,000,000 Year + $116,200,000 4o,600,000 + 69,700,000 + 77,4oo,ooo + 111,400,000 21,400,000 + 40,000,000 3,200,000 43,200,000 + 44,100,000 - 22,800,000 54,600,000 + 10,000,000 + + - 3,300,000 6,600,000 7,400,000 17,300,000 - 44,300,000 + 35,100,000 63,600,000 87,800,000 32,100,000 + + •80,200,000 73,800,000 11,100,000 — + + - — -» — + - 55,500,000 4,600,000 92,200,000 41,300,000 Released f o r p u b l i c a t i o n Friday morning, January 7, 1927; not e a r l i e r . S t . 5217a RESOURCES A3® LIABILITIES OF THE TWELVE FEDERAL RESERVE BA T.S CABINED ( I n thousands of d o l l a r s ) Jan, 5,1927 Dec. 29,1926 Jan. 6, 1926 RESOURCES Gold with Federal r e s e r v e agents . . . . . Gold redemption fund w i t h Ut S. Treasury . 1,419,755 b7,927 1,369.124 65,712 1,424,473 __^526 Gold held e x c l u s i v e l y against F . R . n o t e s 1,467,632 1,434,836 1,462,999 037,605 729,950 658,330 721,645 636,643 622,37s 2,855,443 142,61b 2,814,811 2,744,020 129,404 138,046 2,998 , 259 76,180 d,944,215 2,882,000 08,348 74",481 363,338 327,543 363,726 229 , 743 710,931 Gold settlement fund w i t h F. R. Board , i "old and cold c e r t i f i c a t e s held by btnks Total gold r e s e r v e s Reserves ctner tnan gold ; Total r e s e r v e s Non-reserve c a s n B i l l s discounted: Sec. by U. S. Government o b l i g a t i o n s Otiisr b i l l s discounted . Total b i l l s discounted B i l l s bougnt 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 360,532 272,950 633,482 ' 388,837 378,798 593,469 344,783 54,108 93,659 166,106 47,525 86,279 183,400 58 , 689 185,906 124,824 313,873 3,621 317,204 369,419 2,596 3,205 7,502 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 Pr All other resources 1,339,813 1,409,529 657 814,912 53,131 12,302 651 728,043 60, 273 13,074 1,318,378 642 787,184 59,239 16,860 TOTAL RESOURCES 5,300,254 5,224,133 5,138,850 F. R. notes i n actual c i r c u l a t i o n Deposits: Member bank - r s s e r v e account . Government Foreign bank . Other d e p o s i t s . . . 1,812,698 1,857,015 1,777,628 2,351,953 6,451 25,308 <5,657 2,264,144 38,579 25,882 17,133 2,275,123 17,516 8,097 <5,482 " Total d e p o s i t s 2,409,369 2,345,738 2,329,218 714,682 125,011 228,775 9,719 5,300,254 650,096 124,824 220,310 26,150 683,994 117,287 220,310 10,413 5,224,133 5,138,850 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 Foreign l o a n s on gold . . . . L I A B I L I T I E S Deferred a v a i l a b i l i t y items Capital paid i n Surplus All otner l i a b i l i t i e s . . . . : . . . „ 5^ TOTAL LIABILITIES Ratio 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 71.0# 70.1% 70.2% Contingent l i a b i l i t y on b i l l s purchased for f o r e i g n coirespondents 60,718 55-657 79,063 C. RESOURCES LIABILITIES OF THE FEDERAL RESERVE BANKS ON JANUARY 5 ( I n tnoueand. of d o l l a r s ) B E S O U B C E S 1927 q* —s™ s s u S B S S S M Gold held e x c l u s i veiy a g a i n s t " 1£11S^1S5S 1 : ~:S t 2 s~Sr : = ' ; , s . = , ; ;"S5S5E « i s , a s a g : g , ; : g . - • » S" — 7 ^-L-—L — 15 »:g SS S S l ' S ' S S % £ : tS g , » » 5:3 SS £S 55 1:5 ™:S % i S = = J i a - g.S.ttff" "" ":' EEE-::. TOTAL RESOURCES a -Q17, 5 '12 % ' I S S . % B « : « » s . « s :| g a : : g g & # # # = •*.«« »»««. *M ».j« ,,%Z -1 -:S ^ 1# 1# # ^ %# I f " g •d'U0U I - - 1,621 3,621 «oo,iH9 1 , 6 U I , 2 6 7 3 6 s , 4 7 0 5 0 4 , a i 6 238,696 225,756 719,684 1SS.751 144,703 221,396 156,669 4 3 0 , 2 2 7 5,300,254 RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON JANUARY 5, I927. St. 5217c (In thousands of dollars) Boston New York Phila. Clave. Rich. At tanta Chicago St.Louis Minn. Kane.Cy. Dallas San Fran. Total F.R. notes i n actual c i r c u l a t i o n 154,316 405,808 125,100 213,333 81,845 163,953 245,440 47,719 68,753 71,856 48,267 186,308 1,512,698 Deposits: Member bank - reserve account 142,600 956,111 142,362 176,635 72,8 35 73,554 336,832 8 3,879 50,484 89,854 59,922 166,8^2 2,351,953 Government 76 628 385 1,140 224 98 1,846 270 420 678 365 321 6,451 2,140 Forsign bank 4,867 2,675 3,013 1,492 1,126 3,557 1,211 901 1,093 985 1,943 25,30s Other d e p o s i t s 91 16,755 131 1,130 88 78 £4 1 334 249 J)0 31 5,839 25.657 'Total d e p o s i t s 144,907 978,118 145,796 151,921 74,689 74,856 343,376 85,694 52,054 91,720 61,303 174,935 2,409,369 Deferred a v a i l a b i l i t y items 74,475 157,141 63,372 70,563 63,158 31,090 £0,112 39,344 12,359 44,103 34,176 43,959 714,682 Capital paid in 5,500 36,569 12,660 13,b21 6,095 5,020 10,71o 5,295 3,058 4,196 4,305 8,656 125,011 Surplus 17,bCb bl, fol4 21.267 ^3,7^0 12,198 9 , 6 3 2 31,881 9,939 7,527 9,029 8,215 16,121 226,775 All other l i a b i l i t i e s 315 2,017 255 1,032 711 4u5 2,159 760 922 492 406 248 9 f 7I9 TOTAL LIABILITIES 400,419 1,641,267 366,470 504,216 238, 696 235,75 6 719,664 1 86,751 144,703 2 a , 3 9 6 156,669 430,227 5,300,254 Reserve ratio (per cent) 71.2 75.4 70.4 67.5 74.3 74.7 65-5 62.4 73.9 61.9 66.1 71.2 71.0 Contingent l i a b i l i t y on b i l l s purchased f o r foreign correspondents 4,230 19,735 5,363 6,040 2,992 2,255 7,734 2,427 1,806 2,202 1,976 3,595 60,715 F.R.notes on hand (notes rec'd from F.R. Agent l e s s notes i n c i r c u l a t i o n ) 37,700 111,094 51,620 48,699 20,175 33,640 57,031 5,044 4,929 16,739 7,520 45,245 439,436 FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS F. R. notes rec'd from Comptroller 2b2, (16 798,962 202,420 295,672 125,599 255,543 450,411 72,023 88,644 115,005 71,954 284,053 3,021,052 aS2 080 F. R. notes held by F. R. Agent 70,700 > 25,700 33,640 23,579 57,950 147,940 19,260 14.9bd 26.410 16.197 52.500 770.915 F.R,notes issued to F. R. Bank 192,016 516,902 176,720 262,032 102,020 197,593 302,471 52,763 73,682 88,595 55,757 231,553 2,252,134 C o l l a t e r a l neld as s e c u r i t y f o r F.R.notes issued t o F.R. Bank: Gold and gold c e r t i f i c a t e s -35,300 168,698 5,780 28,805 15,213 7,450 13,507 1 8 , 3 4 3 ' 10,000 306,096 Gold redemption fund 16,529 23,259 12,243 13,699 6,170 7,683 2,779 1,018 1,351 3,808 3,759 i s , 143 111,071 59,000 Gold fund - F. R. Board 91,000 92,877 140,000 35,000 115,000 180,645 11,300 4 6 , 0 0 0 59,360 16,000 156,406 1,002,588 E l i g i b l e paper 84,976 -250x48]_ 73,281 103,851 37,554 61,408 167.255 15.284 16.910 32.754 22,146 50,391 996,817 195,805 Total c o l l a t e r a l 563,474 179,001 266,330 107,529 199,304 350,679 55,052 77,758 95,922 60,245 265,440 2,4i6,572 MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS AND MUNICIPAL WARRANTS 91 days to Within 15 days 16 to 30 djys 31 to 60 days 61 to 90 days Over 6 months Total 6 months B i l l s discounted 517,727 30,510 47,635 27,090 9,803 717 633,482 B i l l s bought i n open market 170,212 75,150 98,299 36,144 6,032 388,837 Cort if i c j . t e s of indebtedness 7,-60 107,945 166,106 50,301 Municipal warrants 111 10 121 n. L I A B I L I T I E S
@FedFRASER