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Released f o r p u b l i c a t i o n Friday morning, Mar. 16; not e a r l i e r . STATEMENT FOB THE PRESS st. 5720 Federal Reserve Board, March 15, 1928. CONDITION OF FEDERAL EESERVE 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 March 14, made p u b l i c by the Federal Reserve Board, shows decreases of % ' 8 0 0 ' 0 0 0 i n h o l d i n g s of discounted b i l l s , of $1,800,000 i n U. S. s e c u r i t i e s , of $17,300,000 i n Federal reserve note c i r c u l a t i o n , and $18,900,000 i n Cash r e s e r v e s , and i n c r e a s e s of $4,800,000 i n holdings of b i l l s bought i n open market and of i?l,000,000 i n member bank reserve d e p o s i t s . Total b i l l s and s e c u r i t i e s were $6,800,000 below the amount held on March 7. The p r i n c i p a l changes i n holdings of discounted b i l l s were decreases of S i ' ^ 0 0 ' 0 0 0 a t t h e F e d e r a l Reserve Bank of New York, $9,900,000 a t Chicago, and $4,100,000 a t A t l a n t a , and an i n c r e a s e of $9,000,000 at P h i l a d e l p h i a , The System's h o l d i n g s of b i l l s bought i n open market i n c r e a s e d $4,800,000, of c e r t i f i c a t e s of indebtedness $8,600,000, and of U. S. bonds $1,800,000, while holdings of Treasury notes were $12,200,000 belov; the previous week's t o t a l . All of the Federal reserve banks except P h i l a d e l p h i a r e p o r t e d r e d u c t i o n s i n the amount of Federal r e s e r v e 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 being $3,900,000 at Hew York, $3,600,000 a t Chicago, and $3,100,000 a t San Francisco. 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 r e s e r v e banks during the week and the year ending March l 4 , 1928, f o l l o w s : Increase or decrease 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.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 . . . 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 indebtedness . . 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' r e s e r v e d e p o s i t s Government d e p o s i t s — — + Year •— — $228,200,000 235.300,000 6,800,000 9,800,000 4,500,000 5,300,000 + + + + 109,800,000 32,000,000 4,800,000 + 124,500,000 — 74,500,000 190,800,000 141,800,000 + 1,800,000 1,800,000 12,200,000 8,600,000 - 132,000,000 206,900,000 - 17,300,000 - 132,100,000 - + - - . . . . $18,900,000. 23,800,000 during + - 7,800,000 1,000,000 6,100,000 + + + 4+ 400,000 79,900,000 67,100,000 16,100,000 Released for publication Friday morning, MaTeh l 6 , 1928; not e a r l i e r . St. 5720a RESOURCES AND LIABILITIES OF THE TWELVE ZE238BAL RESERVE SINKS COMBINED ( i n thousands of dollars) RE S 0 UR CE S Sold v/ith Federal reserve agents . . . . Golo. redemption fund with U. S. Treasury Mar. 14.1928 Mar. 7.1328 Mar. 16.1Q27 1,369,178 58,576 1,427,754 735,014 625,649 2,788,417 168,300 1,345,440 49,778 1,395,218 767,300 649,700 2,812,218 163,442 1.735,561 524,085 76^.095 3,023,741 l6l,l44 Total reserves . Non-reserve cash . . . . B i l l s discounted: Sec. by U. S. Government obligations . Other b i l l s discounted . 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 notes . C e r t i f i c a t e s of indebtedness . . . . . 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 . . 2.956.717 70,013 2,975,660 70,084 3,184,885 67,896 285,255 187,041 472,296 343,326 289,784 192,324 482,108 338,495 175,457 155,065 330,522 58.807 193.421 148,659 400,887 1,000 57,047 205,633 140,032 402,712 1,000 58.364 61,394 355,582 475,340 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 1.217,509 570 744,469 59,265 12,159. 5,060,702 1,224,315 569 609,762 59.078 11,548 4,951,016 1,026,732 1.574.114 1,591,370 1,706,227 2,362,424 18,975 4,305 17.222 2,402,926 701,004 136,456 233.319 12,883 5,060,702 2,361,464 25,037 6,116 18,121 2,410,738 566,760 136,605 233,319 12,224 2,295,305 2,830 4,818 20,079 2,323,032 797,302 127,692 228,775 11,603 5,194,631 Gold held e x c l u s i v e l y against F.R.notes Gold settlement fund with F. R. Board . Sold and gold c e r t i f i c a t e s held "by banks Total gold reserves . . Reserves other than gold . . 1,689,080 46,481 218,870 2,000 844, 58,464 ll,54l 5,194,631 L I A B I L I T I E S F. R. notes i n actual c i r c u l a t i o n Deposits: Member bank — reserve account . Government . . . . . . . . . . . - Foreign bank . Other deposit9 . . . . . . . . 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 . . . . . 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 . . . Contingent l i a b i l i t y on b i l l s purchased for foreign correspondents . . . . . C. 74,3$ 239,660 4,951,016 74.4$ ' 238,553 79.0# 145,583 RESOURCES HE SOURCES AND LIABILITIES OF THE FEDERAL RESERVE BAMS' ON MARCH l 4 , 1928 ( i n thousands of dollars) Total Boston New York Phila. Cleve. St. 5720b Rich. Atlanta Chicago St.Louis TO Minn. Kans.Cy. Dallas San Fran. *>% »>&&>!» Gold held e x c l u s i v e l y against ?. s . notes 1,1+27,75"+ 92,633 313,787 109,167 164,951 aa? Total gold reserves •Reserves other than gold 47,912 144,477 229,911 30,135 % g-a m 53,933 54,264 31,796 154 788 ^ 2.788,1)17 159.783 1.002,411 165,068 261,070 168,300 15,4 7 6 34,843 g . l 4 l 14,854 80.062 160,879 441,798 10.635 15.030 an:*)? 65,123 ]4.K,S 77,013 4 46! 96,4o6 6 o , l 4 9 a s 655 m nr, » ' « , Tntal reserves 2,956,717 175.259 1,037,254 173,209 275,924 HOI reserve cash 70.013 6,422 22,i74 2,369 5.597 31 j a discounted; . S e e d e d hy U.S.Govt, obligations 285,255 22,933 82,837 35,081 31,300 Other b i l l s discounted 187,04l 25,249 28,199 16.281 19.888 90,697 175,918 462,395 6,347 4,347 7.360 79.948 4,373 81,474 103,763 1.408 2,15s 70,220 230 656 3,406 4*052 1 ^ 1 b i l l s discounted B i l l s bought i n open market Ue 'S= Government s e c u r i t i e s : 472,296 343,326 indebtedness 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 b i l l s and s e c u r i t i e s Dee from f o r e i g n banks Uncollected items Banic premises >Yli other resources TOTAL RESOURCES 48,182 46,953 111,036 100,815 % S 4oo,88 7 1,000 21,509 1,217,509 116,644 570 37 744,469 71,436 59,265 3,824 12,159 89 5,060,702 373,711 75.923 _r: 51,362 51,188 6,730 21.115 2,605 35,908 10,123 20 ] 209 15.150 15.646 27,845 22,8i4 51,058 30,596 28,691 14,929 9,803 39,91% 25,769 9,671 ^ l l S & ! S i i M I 3%,593 - 49,427 - 8,349 - 9,770 63,109 287,774 116,551 129,3o6 51,123 218 46 $1 25 204,3l4 61,844 68,717 58,377 16,543 1,756 6,865 3,l47 3,551 294 . 1,194 409 1,571,828 356,069 487,654 I 42,387 154,081 21 68 210,125 256,388 53Q 52 PIP 1.21R ?u'tM 1,868 11,062 3,754 66,358 10,648 12,098 13,677 25!531 9 ' 1 \ M 31,729 17,990 1.000 67,169 4 505 6%l 31,506 21 13 34,239 13,736 3,891 2,202 775 1,301 1 1 frjl 31,014 24,613 32,861 2 54,174 42,044 124,750 1,800 564 ' ic 42,815 3 374 748 724,503 190,416 131,640 204,210 147,728 406,430 29,491 90,545 2,829 8,726 1,395 482 1.386 1,328 18 39,278 4,308 511 *17 29,677 c. k RiCSOURCES AND LIABILITIES OF THE FEDERAL RESERVE BAMS ON MARCH. l 4 , 192S» ...... St. 5720c (In thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F . E , n o t e s i n actual c i r c u l a t i o n -1,574,114 119,223 342,66s 125,495 194,174 62,151 i42,ooi 235,17s 52,585 56,011 58,396 35,958 150,274 Deposits: Me.r^er bank - reserve account 2,362,424 155,337 919,622 136,429 184,436 69,964 69,538 348,290 84,931 51,734 94,440 67,792 179,911 Government 18,975 28 12,990 34o 647 417 901 371 979 448 421 661 772 • Foreign 4,305 323 1,216 409 4 4 % 219 181 598 185 116 155 151 305 Other deposits 17,222 91 8,370 168 1,165 84 1,108 267 270 351 900 31 4.613 Total d e p o s i t s 2,402,926 155,779 942,198 137,346 186,695 70,755 70,704 350,367 86,362 52,568 95,916 68,635 185,601 Deferred a v a i l a b i l i t y items 701,004 70,71s 178,242 57,308 67,033 57,782 28,089 84,532 34,905 12,144 36,080 Cap.itl! p a i d i n 44,270 136,456 9,46s 42,381 13,690 14,224 6,251 5,166 19,118" 5,3k) 3,027 4,249 29,901 Surplus 4,301 9,241 233,319 17,893 63,007 21,662 24,021 12,324 9,996 3 2,778 10,397 7,039 9,o46 8,527 16,629 Ai.; o t h e r l i a b i l i t i e s 12,883 630 3,332 568 1.507 -862 432 2,530 827 851 4o6 4is TOTAL LIABILITIES 5,ObO,7°2 373,711 1,571,828 356,069 437,654 210,125 256,388 724,503 190,416 131,640 204,210 147,728 406,430 Re - urve r a t i o (per cent) 74.3 63.7 80.7 65.9 72.4 68.2 82.7 79-0 57-5 75-0 67.2 67.1 68.7 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 239,660 17,9H 68,189 22,688 24,837 12,180 10,030 33,196 10,269 6,448 8,597 8,359 16,956 F . E . n o t e s on hand (notes rec 1 d from F^E.Agent l e a s notes i n c i r c u l a t i o n ) 396,684 24,776 L I AB I L If" I E s 123,547 32,331 30,966- 20,399 32,228 43,714 F.E.. n o t e s r e c ' d from Comptroller F.E. n o t e s h e l d by F. R. Agent F.R. n o t e s issued to F.R. Bank • w c l l a t e r a l held as s e c u r i t y f o r F„B.notes issued to F.E.Bank: Sold and gold c e r t i f i c a t e s Gold redemption fund Gold fund - F.R. Board E l i g i b l e paper Total c o l l a t e r a l 2 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 c. 2,850,263 230,769 879,465 86,770 1,970,798 143,999 4i4,s4o 35,300 88,454 865,884 778,352 11,182 38,000 95.135 2,147,530 179,617 Total 472,296 343,326 148,659 6,972 5,730 FEDERAL HESEEVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS 751,575 183,196 267,120 108,754 236,369 447,692 76,507 80,540 285,360 25,370 41,980 26,204 62.l40l68.8Q0 16,950 18.799 7,767 8,933 59,321 105,173 66,273 296,295 39.010 21,382 86.700 466,215 157,826 225,l4o 82,550 174,229 278,892 59,557 6l,74i 66,163 44891 209,595 205,150 18,663 75,ooo 42,6oo 12,119 11,528 86,707 105,000 71,890 78.537 31,020 20,000 9,300 14,167 17,303 40,000 3,946 6,4oo 1,629 1,002 707 3,876 3,168 14,234 11,000 116,200 225,000 16,500 37,000 47,860 10,000 97,617 192,576 38,961 31,756 90.821 34.809 12,270 22.922 16.992 91.683 491,389 170,716 237,665 84,927 174,356 317,450 61,611 64,i44 74,658 47,463 243,534 MATURITY DISTRIBUTION OF BILLS AND CEETIFIGATES OF INDEBTEDNESS 91 days to Within 15 days l 6 to 30 days 31 to 60 days 6l to 90 days 6 months 399,259 18,104 31,442 15,152 5,619 142,960 89,780 75,281 30,661 4,644 10,732 107,893 Over 6 months 2,720 30,034
@FedFRASER