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STATEMENT FOB THE PRESS Released f o r p u b l i c a t i o n Friday morning, March IS; not e a r l i e r . St. 5303 Federal Reserve Board March 17, 1927. CONDITION OF FEDERAL RESERVE BANKS Largely as a r e s u l t of the T r e a s u r y ' s f i n a n c i a l o p e r a t i o n s , the c o n s o l i dated statement of c o n d i t i o n of the Federal reserve "banks on March 16, made public by the Federal Reserve Board, shows d e c l i n e s f o r the week of $35,400,000 i n holdings of discounted b i l l s and of $45,800,000 i n acceptances purchased i n open market, and i n c r e a s e s of $74,200,000 i n member bank reserve deposits and of $l68,400,000 i n Government s e c u r i t i e s , holdings of which i n cluded $177,000,000 of temporary c e r t i f i c a t e s i s s u e d by the Treasury to the Federal reserve banks pending the c o l l e c t i o n of the q u a r t e r l y i n s t a l l m e n t of taxes. Total b i l l and s e c u r i t y holdings i n c r e a s e d $37,200,000 during the week and cash r e s e r v e s $11,600,000, and Federal r e s e r v e note c i r c u l a t i o n declined $12,700,000. The New York r e s e r v e bank shows a decrease of $63,oOO,000 i n i t s discount holdings, Chicago a decrease of $18,500,000, Boston $10,100,000, San Francisco $5,500,000, and Richmond $3,400,000, while the Cleveland bank r e p o r t s an i n crease i n discounts of $7,000,000, A t l a n t a an i n c r e a s e of $2,900,000, and St. Louis and Kansas City i n c r e a s e s of $2,400,000 each. The New York bank a l s o shows a decline of $33.700,000 i n open-market acceptance holdings, and Boston a decline of $4,300,000. Total holdings of Treasury n o t e s were $12,900,000 and of United S t a t e s bonds $7,000,000 below the previous week's t o t a l s , while holdings of Treasury c e r t i f i c a t e s increased $194,300,000. Of the i n c r e a s e i n the l a t t e r item, $111,000,000 r e p r e s e n t s temporary c e r t i f i c a t e s i s s u e d by the Treasury t o the New York bank and $66,500,000 t o seven other r e s e r v e banks, pending the c o l l e c t i o n of the q u a r t e r l y i n s t a l l m e n t of t a x e s . All of the Federal reserve banks report a smaller volume of Federal r e serve notes i n c i r c u l a t i o n than a week ago, except A t l a n t a which shows an i n crease of $3,200,000, the p r i n c i p a l decreases being: Cleveland $3,700,000, San Francisco $2,600,000, and Chicago $2,500,000. 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 r e serve banks during the week and the year ending March 16, 1927, 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 $11,600,000 11,100,000 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 . . . . B i l l s bought i n open market 37,200,000 85,400,000 54,600,000 20,300,000 . . 45,800,000 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 . . 16s,400,000 7,000,000 18,900,000 194,300,000 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' r e s e r v e d e p o s i t s Government d e p o s i t s . . . C. + + during Year + + — - — $220,200,000 212,500,000 74,900,000 150,100,000 85,000,000 65,100,000 38,300,000 + 122,800,000 5,500,000 i4.ooo.ooo 142,300,000 12,700,000 + 47,000,000 62,300,000 74,200,000 12,400,000 + + 58,400,000 65,000,000 4,300,000 + — - - Released f o r p u b l i c a t i o n Friday morning, March 18, 192%; not e a r l i e r . St. 5303a- EESOURCES AND LIABILITIES OF THE TWELVE FEDERAL EE SERVE BAMS COMBINED ( i n thousands of d o l l a r s ) Mar. 16,1927 Mar. 9.1927 Mar. 17.1926 RESOURCES Gold with Federal r e s e r v e a g e n t s Gold redemption fund with U.S. Treasury 1,629,080 1(6,481 1,573,277 47,442 1,432,402 58,431 Gold held 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 settlement fund with F. R. Board . . Gold and gold c e r t i f i c a t e s h e l d by hanks . 1,735,561 524,085 764,095 1,620,719 1,490,833 599,876 792,066 688,599 631,833 3,023,741 161,144 3,012,661 2,811,265 160,619 153,392 3,184,885 67,896 3,173,280 68,354 2,964,657 66,786 175,457 155,065 240,074 175,865 260,479 220,136 330,522 218,870 415,939 254,685 480,615 . . . . . 58,364 61,394 355,582 65,413 80,251 161,265 63,831 75,418 213,328 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 loans on gold 475,340 2,000 305,929 2,000 352,577 3,610 7,700 Total gold r e s e r v e s Reserves other than gold . Total r e s e r v e s ITon-re serve 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 . . . . . . . . . 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 — — 257,138 Total 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 Uncollected items Bank premises XI1 other resources 1,026,732 659 844,454 58,464 H,54I 989,553 65s 616,499 58,460 12,730 1,101,640 712 831,669 59,406 14,134 TOTAL RESOURCES 5,194,631 4,919,734 5,039,004 1,706,227 1,718,893 1,659,210 2,295,305 2,830 4,818 20,079 2,221,149 15,189 4,650 19,767 2,230,282 7,089 5,971 21,305 2,323,032 797,302 127,692 228,775 11,603 2,260,755 572,160 127,700 228,775 11,451 2,264,647 761,108 120,394 220,310 13,335 TOTAL LIABILITIES 5,194,631 4,919,734 5,039,004 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 . . . . 79.0 79.7^ 75.6% 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 145,533 96,480 78,975 L I A B I L I T I E S 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 - reserve account Government Foreign bank Other deposits . . . . Total d e p o s i t s 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 C. RE S O U R C E S RESOURCES AHD LIABILITIES OF THE FEDERAL BE SERVE BAMS OH MARCH l 6 , 1927 ( I n thousands of d o l l a r s ) Boston Hew York F h i l a . Cleve. Rich. A t l a n t a Chicago St.Louis Gold with Federal Reserve Agents 110,347 Gold redemption fund with U.S.Treas. 6,479 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 Reserves other than gold Total r e s e r v e s ' :Ton-re serve cash 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 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. 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 i n d s e c u r i t i e s Duo from f o r e i g n banks Uncollected items Bank premises All o t h e r r e s o u r c e s TOTAL RESOURCES Minn. Kans.Cy. Dallas San Fran. 73,177 157,852 197,385 978 2.185 7.168 31,707 l.llo 60,4-50 1.492 467,708 131,505 189,459 74,155 160,037 204,553 33,023 61,942 69,712 38,298 188,343 1,735,561 62,795 506,429 26,348 4,490 27,822 127,260 4.440 58,805 15,842 15.912 14,332 7,110 195,033 1,036,932 213,841 302,997 104,993 192,299 390,618 64,777 83,384 105,332 71,325 262,210 3,023,741 116,826 21.751 lQ.lfil 216,784 1,069,718 217,974 315,322 115,126 203,690 414,732 83,938 19,073 4.111 58,331 55,207 24.1.64 7,979 12.786 54,795 27,5^1 1,891 12.325 5,177 10.111 6,086 11."Ml 4.085 66,290 3.422 Total 453,722 123,903 185,769 8,986 7,60g 5,690 Gold s e t t l e m e n t fund with F.R.Board 43,818 Gold and gold c e r t i f . h e l d by hanks 34,389 Total gold r e s e r v e s St. 5303b 27,905 7.715 5,186 37,048 186,430 1,689,080 1.250 1.913 46^481_ 24,231 8.796 7,746 40,606 33,2ol 2^223 524,085 764,095 l6l,l4L 87,469 110,518 79,071 270,493 3,184,885 3,994 9,790 4,095 1,201 2,337 2,493 3,720 67,896 18,405 8,312 35,532 17,588 14,034 16,025 5,818 3,804 26,193 11,788 14,002 27,039 35,625 26,358 6,081 7.110 647 2.865 2,641 6.788 1,492 2.119 21,631 18.625 175,457 155.065 26,717 27,916 49,566 42,672 37,981 19,820 22,454 9,014 61,983 31,135 13,191 8,843 3,512 7,951 9,429 11,527 3,611 9,193 40,256 23,256 330,522 218,870 33,613 13,625 30,843 11,284 1,130 1,169 12,977 911 4,859 4,654 7,027 153,986 12,007 3,191 9,977 30,748 1,577 826 4,968 28 21,944 3,739 379 1,553 48,552 4,i4o 7,772 21,914 2,012 5,092 10,134 3,346 4,246 6,277 12,750 2,578 12,087 17,886 13,246 20,658 58,364 61,394 155.582 15,276 170,872 43,916 7,371 1,960 33,826 21,425 30,598 22,869 35,420 475,340 - — 17,572 2,000 — - - 74,235 - - - - - 2,000 69,909 263,110 66,810 104,351 36,205 44,087 167,353 55,860 32,882 51,554 35,673 98,932 1,026,732 72,540 • 3,946 81 659 214,475 80,325 81,260 69,671 36,487 112,842 16,276 1,714 7,118 2,149 2,895 7,972 208 1,000 801 2,049 1,920 359 39,993 3,957 947 13,006 2,774 2,122 47,183 4,459 540 31,235 1,752 397 45,432 3,452 1.117 659 844,454 58,464 11.541 371,239 1,585,231 368,922 514,228 229,596 291,954 714,788 188,790 139,460 216,596 150,621 423,206 5,194,631 s t . 5303c BE SOURCES AND LIABILITIES OF THE FEDERAL RESERVE BAMS OH MARCH l6, 1927( i n thousands of d o l l a r s ) L I A B I L I T I E S Now York E h i l a . Cleve. Rich. 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 Fran. Total Boston 413,986 114,145 202,707 71,858 171,593 218,984 44,244 64,415 67,841 4 0 , 7 9 3 170,408 1,706,227 125,253 F.R.notes i n actual c i r c u l a t i o n Do p o s i t s : 865,630 141,997 198,116 71,300 6 s , 6 o 4 336,749 87,252 50,788 91,003 61,760 177,677 2 , 2 9 5 , 3 0 5 144,429 Member "bank - r e s e r v e account 2,830 268 202 50 132 247 241 50 211 192 437 623 177 Government 4,818 376 936 515 569 279 220 741 231 l6l 199 188 403 Foreign "bank 20.079 10,601 690 1,209 260 201 974 651 522 346 120. 3.827 67S Other d o p o s i t 8 145,687 877,369 143,252 200,026 72,086 69,266 338,514 88,345 51,663 9 1 , 9 8 5 62,691 182,148 2 , 3 2 3 , 0 3 2 Total deposits 797,302 73,443 191,318 76,963 72,713 66,540 35,978 105,919 40,154 11,879 42,996 34,209 45,190 Deferred a v a i l a b i l i t y items 8 , 8 8 4 127,692 8,888 38,164 12,915 13,860 6,178 5,029 16,986 5,288 3,017 4,208 4,275 Capital paid i n 16,121 228,775 17,606 61,614 21,267 23,746 12,198 9,632 31,881 9 , 9 3 9 7,527 9,029 8,215 Surplus 11.603 455 362 2,780 3 8 0 1,176 736 4 5 6 2.504 820 A5A 537 4]8_ A l l other l i a b i l i t i e s 371,239 1,585,231 368,922 514,228 229,596 291,954 714,788 188,790 139,460 216,596 150,621 423,206 5,194,631 TOT-XL LIABILITIES 79.0 76.7 82.8 84.7 78.3 8so.o 0.0 84.6 74.4 74.4 63.3 75-4 69.1 76.4 Reserve r a t i o ( p e r c e n t ) 80.0 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 10,919 F . R . n o t e s on hand ( n o t e s r e e ' 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 ) 2 8 , 3 8 1 117,965 48,758 F, R. n o Ut Ce sS irceue '• dU . -Lfrom Comptroller XI. 11U X v r n F. R. n o t e s h e l d by F. R. Agent c_T f 247,234 , C - ^ T 93,600 261,814 2 , ct9 2 1 , r\-77 182 824,031 191,603 274,002 113,137 257,589 422,843 70,502 -86,636 106,627 65,164 , w y <- ( t , w u 0.0. I J I > J 7 ? ~ ~~ r' ' . \ . 292,080 28,700 39,340 2 5 , l l 4 60,280 156,900 2 3 , 1 0 0 1 7 , 4 4 2 26,170 17,747 48,500 828,973 F. R. n o t e s i s s u e d t o F. R. Bank 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. 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 Gold redemption fund Gold fund - F. R. Board E l i g i b l e paper 153,634 531,951 162,903 234,662 88,023 197,309 265,9^3 Total c o l l a t e r a l 164,980 B i l l s discounted B i l l s bought i n open market C e rfort iFRASER f i c a t e s of i n d e b t e d n e s s Digitized 35,300 11,047 64,000 54,633 40,315 5,387 5,095 10,191 145,573 31,955 16,165 25,716 46,959 3,158 4,779 12,616 FEDERAL RESERVE NOTE 'ACCOUNTS OF FEDERAL RESERVE AGENTS 6,624 42,906 385,982 13,976 15,432 7,570 5,969 20,091 v 6,260 4,368 1 47,402 69,194 80,457 47,417 213,314 2,092,209 235,104 3 , 7 8 0 36,469 1 5 , 4 2 2 7,750 13,507 22,618 9,226 11,989 5,708 6,430 2,385 1,657 943 5,430 201,000 114,677 165,000 31,000 136,000 195,000 22,300 46,000 60,860 86,633 39,787 60,423 2 7 , 2 0 4 41,559 92,698 2 1 , 5 7 4 3/1,127 20,679 4oo,64o 18,308 30,000 96,137 3,740 14,964 15,000 l 4 i , 4 6 6 1,192,303 532,184 12,6o4 63,263 545,355 163,690 246,192 100,381 199,411 290,083 53,281 71,577 86,969 49,652 249,693 2,221,264 MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS 991 days t o 0v onths Total 16 t o 30 days 31 t o 60 days 6l to 90 days g6 ^months Jhs° ® r 6 mmonths Within 15 days 330,522 2 ,989 •6,451 21,640 24,948 33,445 241,049 218,870 2,990 15,563 52,369 58,439 89,509 355,582 17 ,976 159,310 146 6% 177,500
@FedFRASER