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STATEMENT I'OH THE PRESS ' Released f o r p u b l i c a t i o n Friday morning, March 1; not e a r l i e r . St. 6llO Federal Reserve Board, February 28, 1929. CQSTDITICBJ OF FEDER&.L RESERVE BABICS The consolidated statement of condition o f . t h e Federal Reserve banks on February 27, made public by the Federal Reserve Board, shows Ah increase of $87,500,000 i n holdings of discounted b i l l s , and decreases of $21,600,000 in b i l l s bought in open market, and $6,200,000 in United S t a t e s s e c u r i t i e s . Member bank reserve deposits increased $4s,:600,000, Government deposits $6,000,000, Federal reserve note c i r c u l a t i o n $2,400,000 and cash reserves $4,300,000. Total b i l l s and s e c u r i t i e s were $59,800,000 above the amount held on February 20. Holdings of discounted b i l l s increased $46,700,000 a t the Federal Reserve Bank of Hew York, $13,600,000 a t San Francisco, $16,900,000 a t Chicago, $10,500,000 a t Boston, l?J ,000,000 a t Minneapolis and $87,500,000 a t a l l Federal reserve banks. The System's holdings of b i l l s bought in open market declined $21,600,000, of Treasury notes $4,400,000 and of Treasury c e r t i f i c a t e s $1,800,000, while holdings of U. S. bonds were unchanged. Federal reserve note c i r c u l a t i o n isras $2,400,000 l a r g e r than a week ago, i n creases of $6,900,000 a t Cleveland, $1,600,000 a t Chicago, and $1,500,000 at P h i l a delphia being l a r g e l y o f f s e t by decreases of $5,700,000 a t New York, $1,500,000 a t Boston, and $1,000,000 a t Kichmond. A summary of 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, t o gether with changes during the week and the year ending February 27, 1929, follows; Increase or decrease since Feb. 27,1929 Feb. 20.1929 Feb. 29,1928 (in thousands of d o l l a r s ) Total reserves . . . 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.Govt, o b l i g a t i o n s . Other b i l l s discounted B i l l s bought i n open market . . . . 2,844,164 2,686,846 1,463,032 952,482 . 608,752 343,730 334,075 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 . . 166,4oo 51,593 Federal reserve notes i n c i r c u l a t i o n „ 1,653,971 Total deposits Members' reserve d e p o s i t s Government d e p o s i t s . . . . 2,367,250 21,156 90,738 24,069 2,412,972 . . . . + 4,303 + 5,736 + 59,752 + 87,502 + 90,481 - 2,979 - 21,561 - 6,189 + l - 4,4o6 1,784 - + + + + - - 459,914 302,344 157,570 9,684 4,017 115,298 121,887 + + 51,951 - + 5,969 218,10j| 241,202 + 2,376 + 4s,606 130,137 121,524 65,733 12,633 7,265 6,761 Released f o r p u b l i c a t i o n F r i d a y morning, March 1, 1929; n o t e a r l i e r . St. 6ll0a RESOURCES JED LIABILITIES OF THE TT7ELVE FEDERAL RESERVE BASFKS COMBINED ( i n thousands of d o l l a r s ) Feb. 27,1929 Feb. 20.1929 Feb. 29.1928 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 a g e n t s . . . . . Gold redemption f u n d \?ith U. S. Treasury . 1,167,630 67,836 1,235 > 6 6 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 w i t h F. R. 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 . 796,139 1,207,199 60,476 1,267,675 1,388,957 45,952 1,434,909 764,092 649,343 620,932 Total gold r e s e r v e s 655,241 2,686,846 2,681,110 2,808,370 Reserves o t h e r t h a n g o l d Total reserves ^T,318 2,844,164 158,751 2,839,861 78,118 77,396 165,931 2,974,301 70,296 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 d i s c o u n t e d . . Total b i l l s discounted B i l l s bought i n onen 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 518,271 952,482 864,980 334,075 355,636 51,593 51,592 95,144 25,853 90,73s 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 T o t a l b i l l s and s e c u r i t i e s 608,752 343,730 24,069 166,4oo . . 10,075 . . . . Due from f o r e i g n banks . . . . . Uncollected items Bank p r e m i s e s All other resources . . . . . 1,463,032 729 713,637 58,660 . 8,246 TOTAL RESOURCES 346,709 172,589 10,075 1,403.280 M 58,656 719 7,934 752,529 306,408 186,160 492,56s 343,759 55,610 206,036 145,956 407,602 1,000 1,244,929 567 614,520 59,064 11,168 5,166,586 5,107,100 4,974,845 1,653,971 2,367,250 21,156 5,606 18,960 1,651,595 1,588,238 2,318,644 15,187 6,475 20,715 2,374,515 2,412,972 2,361,021 L I A B I L I T I E S 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 . . . . . . . . . . . . . . Other d e p o s i t s 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 , 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 for foreign correspondents C. * 27,917 6,o44 17,129 2,425,605 675,013 151,266 254,398 18,966 671,503 254,398 18,387 579,520 136,592 233,319 11,571 5,166,586 5,107,100 4,974,845 150,196 69.9# 70.8# 74.1# 306,46i 306,830 238,817 RESOURCES AiTD LIABILITIES OF THE FEDERAL RESERVE BAiTKS CM FEBRUARY ( i n thousands of d o l l a r s ) Total Boston Hew York P h i l a . Cleve. Rich. Atlanta Gold with Federal Reserve Agents 1,167,630 61,565 24l,98l 91,532 137,867 51,683 91,623 Gold redemption fund with U.S.Treas. 67,836 6,44p 13,558 8,129 5,916 2,474 4,4l4 RESOURCES * 2J, 1929 Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. 202,651 27,901 47,448 52,571 20,826 139,932 10,434 3,637 1,872 4,488 2,263 4,205 Gold h e l d e x c l u s i v e l y a g a i n s t F. a . notes 1,235>66 68,005 255,539 99,711 143,783 54,157 96,037 213,085 Gold settlement fund with F.R.Board 79°,139 65,889 334,5^5 20,086 80,453 14,573 20,087 122,034 Gold and gold c e r t i f . held by banks 655,241 24,125 411,873 38,859 44,899 14,262 7,382 53,864 Total gold reserves 2,686,846 153,019 1,001,957 158,656 269,135 82,992 l23,506 358,983 Reserves other than gold 157,318 17,502 4l,213 7,175 9,057 8,794 9,380 15,866 Total reserves 2,844,164 175,521 1,043,170 165,831 278,192 91,786 132,886 4o4,849 Hon-reserve cash 78,118 6,290 32,081 2,433 4,679 5,631 3,759 7,826 B i l l s discounted: Secured by U.S.Govt, o b l i g a t i o n s other b i l l s discounted rpntAfl t i l l s discounted. B i l l s "bo-v-ht in 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 tal 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 resources TOTAL RESOURCES 608,752 343,730 952,482 334,075 51,593 90,738 24,069 166,400 40,838 23,654 64 >92 43,707 689 2,630 21078 5,397 10,075 1,463,032 113,596 729 713,637 58,660 8,246 5,166,586 54 69,976 3,702 55 172,139 50,250 222,389 62,560 3l,96i 94,521 66,632 22,543 St. 6ll0b 31,538 28,233 11,250 49,326 16,7*85 21,577 4,96l 75,864 3,225 4,320 1,151 71,021 87,806 79,089 53,185 21,835 17>91 118,198 Zl,4l8 13,846 24,S4o 21,325 34,998 87,932 16,469 2,6o4 77,825 43,160 52,489 206,130 37,887 16,450 32 > 1 8 14,218 19,05s 37,422 9,671 12,805 1,152 903 57,059 42,847 4,997 104,903 6,3l6 111,219 1,895 23,089 144,137 22,992 10,553 56,634 7,085 63,719 3>48 22,823 28,216 195,176 14,920 210,096 4,605 12,578 60,690 15,331 5,398 29,168 29,305 17,976 89,85s 9,892 18,855 46,854 13,974 64 7,125 4,519 7,755 7,813 2,219 902 11,253 4,385 12,57s 1,321 407 706 592 1,106 790 19,168 9,496 9,763 10,738 13,963 29,896 2,462 6,000 1,825 1,500 750 3o4,337 135,868 i 4 o , l 3 9 59,84o 75,372 271,124 66,726 40,576 50,460 53,569 151,425 219 70 75 34 29 100 29 IS 24 24 53 195,618 60,776 70,934 51,017 23,935 88,350 31,230 13,203 4l,285 26,580 4o,733 16,087 1,752 6,535 3,575 2,744 8,527 3,862 2,110 4,i4o 1,922 3,704 1,384 9,332 4,6oo 15,316 585 9,871 8,34s 18,804 548 28,024 1,324 22 19,937 5,238 3 >03 4oo 2,397 3,825 27,572 — 823 347 1,224 4g2 1,663 — - 952 488 866 379 539 418 369,194 1,592,335 367,077 501,778 212,375 240,388 781,728 194,461 137,013 209>02 149,801 4 l l , 0 3 4 L I A B I L I T I E S EE SOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON FEBRUARY 27, 1929 (In thousands of dollars) Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.Louis St. blioe Minn. Kans,Cyi Dallas San Fran. F.R.not#s in actual c i r c u l a t i o n 1,653,971 127,438 308,057 l4o,995 208,374 74,620 130,580 278,561 60,049 61,655 66,588 38,617 158,437 Deposits: 2,367,250 141,879 959,853 128,758 182,058 67,676 67,195 353,413 82,316 52,105 90,903 69,524 171,570 Member "bank - reserve account 21,156 4o6 2,022 1,087 1,304 l,54o 1,865 4,626 2,130 1,125 Government 779 1,491 2,781 206 206 448 5,606 46i 287 243 853 249 156 1,263 598 636 Foreign tank 18,960 82 254 7,766 218 615 91 86 l,39S 245 27 7,921 257 Other deposits 2,412,972 142,828 970,904 130,661 184,613 69,594 69,389 360,290 84,94o 53,643 92,142 71,248 1 8 2 , 7 2 0 . Total deposits 675,013 68,066 183,386 55,782 65,946 48,498 23,179 84,4o3 31,860 10,620 36,665 26,184 40,424 Deferred a v a i l a b i l i t y items 151,266 10,265 53,877 14,732 14,609 6,176 5,282 18,379 5,494 3i08D 4,286 4,446 io,64o Capital paid in 254,398 19,619 71,282 24,101 26,345 12,399 10,554 36,442 10,820 7,082 9,086 8,690 17,97s Surplus 616 18,966 978 4,829 806 1,891 1,088 i,4o4 3,653 1,298 All other l i a b i l i t i e s 835 S5S 5,166,586 369,194 1,592,335 367,077 501,778 212,375 240,388 781,728 194,461 137,013 209,4o2 i4g^aoi 4ll,034 TOTAL LIABILITIES 81.6 61.0 70.S 63.6 66.5 63.4 60.6 68.6 70.1 $g.o 69.9 64.9 Reserve r a t i o (per cent) 61.6 Contingent l i a b i l i t y on "bills pur306,46l 22,705 92,601 29,456 31,297 i 4 , n 4 11,966 42,036 12,273 7,671 10,125 10,125 22,092 chased f o r foreign correspondents F.R.notes on hand "(notes r e c ' d from F.R,Agent l e s s notes in circulation) 402,383 22,599 126,.OI4 38,487 29,196 17,381 30,833 30,634 11,007 7,000 9,200 10,373 69,659 FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS 2,895,166 228,412 768,356 212,882 270,700 112,762 222,643 424,515 84,486 84,054 105,388 62,472 318,496 F.R.notes r e c ' d from Comptroller 838,812 78,375 334,285 33,400 33,130 20,761 61,230 115,320 13,430 15,399 29,600 13,482 90,400 F,R.notes held "by F. R. Agent 2,056354 150,037 "434,071 179,482 237,570 92,001 161,413 309,195 71,056 68,65575,788 48,990 228,096 F.R.notes issued to F.R.Bank C o l l a t e r a l held as security for F.R.notes issued to F.R.Bank: Gold and gold c e r t i f i c a t e s 362,645 35,300 171,880 50,000 6,690 27,350 14,758 35,000 7,500 14,167 Gold redemption fund 94,768 13,265 15,101 12,005 12,867 5,993 7,273 1,651 3,4oi 2,281 3,211 3,068 14,652 710,217 13,000 55,000 79,577 75,000 39,000 57,000 201,000 17,000 31,000 49,360 3,000 90,280 Gold fund - JV R. Board 1,24Q,4Q9 Eligible paper 243,275. 47,460 . 109,634 .. • . .70,819 . . 28,932 38,705 36,695 135,384 . - - 108,123 267,374 101,693 52,315 Total c o l l a t e r a l 2,408,039 169,688 509,355 193,275 247,501 103,99s 162,442 445,926 75,361 76,380 91,275" 57,521 275,316 MATURITY DISTRIBUTION OF. BILLS AND CERTIFICATES OF INDEBTEHJESS 91 days to rer 6 months Total Within 15 days l6 to 30 days 31 to 60 days 6l to 90 days months 952,482 2,866 41,273 6.3S1 B i l l s discounted 789,566 42,589 69,807 B i l l s bought in open market 134,661 104,774 334,075 3,663 13,419 77,558 C e r t i f i c a t e s of indebtedness 24,069 188 1,737 639 21,505
@FedFRASER