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STATEMENT FOB THE PRESS Released, f o r p u b l i c a t i o n F r i d a y morning, Mar. 2; not e a r l i e r . St. 5699 F e d e r a l Reserve Board, March 1, 192S. COiiDITIOit 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 t h e F e d e r a l r e s e r v e banks on February 29» made p u b l i c by t h e F e d e r a l Reserve Board, shows i n c r e a s e s of $31,500,000 i n h o l d i n g s of d i s c o u n t e d b i l l s , of $0., 100,000 i n U. S. s e c u r i t i e s , and of $17,400,000 i n member bank r e s e r v e d e p o s i t s and d e c r e a s e s of $9,500,000 i n h o l d i n g s of b i l l s bought i n open market, of $3,700,000 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 of $10,000,000 i n cash 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 were $28,600,000 above the amount h e l d on February 21. The p r i n c i p a l changes i n 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 i n c r e a s e s of $11,900,000 a t t h e F e d e r a l Reserve Bank of Boston, $11,^00,000 a t Cleveland, $7,700,000 a t P h i l a d e l p h i a , and $7,200,000 at San F r a n c i s c o , and a decrease of $4,500,000 a t New York, The System 1 s h o l d i n g s of b i l l s bought i n open market d e c r e a s e d $9,500,000, and of Treasury n o t e s $1,700,000, while h o l d i n g s of United S t a t e s bonds were $200,000 and 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 $7,600,000 above t h e p r e v i o u s week's t o t a l . A l l the F e d e r a l r e s e r v e banks show reduced amounts of F e d e r a l 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 except Cleveland, P h i l a d e l p h i a , and Minneapolis, t h e p r i n c i p a l changes b e i n g an i n c r e a s e of $3,600,000 a t Cleveland and a decrease of $2,200,000 a t Richmond. 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 d u r i n g t h e week and t h e y e a r ending February 29, 1928, f o l l o w s : Increase or decrease Week Total reserves . Gold r e s e r v e s — 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 . . + + + - + $10,000,000 n,4oo,ooo 28,600,000 31,500,000 15,500,000 16,000,000 during Year - - + + + $169*600,000 173,200,000 208,300,000 57,900,000 57,900,000 - 9,500,000 + 54,700,000 + + 6,100,000 200,000 1,700,000 7,600,000 - 96,600,000 3,300,000 111,300,000 11,400,000 Federal reserve notes in circulation . - 3,700,000 - 128,700,000 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 . . . + + + 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 i n d e b t e d n e s s . . . C. - + + - 20,800,000 17,4OO,OOO 4,200,000 - + + + - 136,000,000 143,200,000 7,300,000 Released, f o r p u b l i c a t i o n F r i d a y morning, March 2, I928; not e a r l i e r . S t . 5&99a RESOURCES MD LIABILITIES OF THE T!®LVE FEDERAL RESERVE BANKS C0MBI1IED ( I n thousands of d o l l a r s ) Feb. 29.1928 Feb. 21.1928 Mar. 2,1927 RESOURCES Gold with 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 with F. R. Board . . Gold and gold c e r t i f i c a t e s h e l d by banks . Total g o l d r e s e r v e s . . Reserves o t h e r than g o l d 1,388,957 45,952 1,434,909 g 752,529 620,932 2,808,370 165,931 1,384,121 52,849 1,436,970 * 749,105 633,711 2,819,786 • 164,564 1,534,183 43,204 1,577,387 633,998 770,201 2,981,586 162,328 Total reserves ^ o n - r e s e r v e 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 2,974,301 70,296 2,984,350 71,496 3,l43,914 66,755 £ 306,40^" 186,163^^ 290,925 170,119 248,483 186,l6l 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 T o tal 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 . . . Due from f o r e i g n banks U ncolle cte d i t e m s Bank premises . . . . . . . . . . . . . . All o t h e r r e s o u r c e s TOTAL RESOURCES . 492,568 343,759 46l,044 353,227 434,644 289,023 58,888 55,610 206,036 145,956 407,602 1,000 1,244,929 567 6l4,520 59,064 11,168 4,974,845 55,387 207,741 ' 138,384 401,512 500 1,216,283 568 649,135 59,055 10,913 4,991,800 94,687 157,399 310,974 2,000 1,036,641 659 693,213 58,381 12,735 5,012,298 1,588,238 1,591>898 1,716,956 2,374,515 -27,917 6,044 17>129 2,357,083 23,681 5,324 18,765 2,231,271 3.?,265 4,929 18,116 2,425,605 2,404,853 2,289,581 579,520 136,592 613,456 136,474 639,342 126,788 4,974,845 4,991,800 5,012,298 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 . * Foreign bank . . . . . . . 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 i n . . . . . . . . . . . . . Surplus . . . . • All other • • TOTAL LIABILITIES R a t i o 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 $$rr f o r e i g n c o r r e s p o n d e n t s C. 233,319 11,571 233,319 11,800 74.1$ 74.1% 238,817 241,238 228,775 10,856 78.5^ 95,83% R E S O U R C E S RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BAMS ON FEBRUARY 29 ( I n thousands of d o l l a r s ) Total Gold with F e d e r a l Reserve Agents 1,388,957 Gold redemption f u n d w i t h U . S . T r e a s . 45,952 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 1,434,909 Gold s e t t l e m e n t f u n d with F.R.Board 752,529 Gold and g o l d c e r t i f . h e l d by banks 620.932 Total gold r e s e r v e s 2,808,370 Reserves other than gold 165,931 Boston 98,977 5,220 104,197 2Tew York 318,957 13,083 P h i l a . Cleve. 86,334 159,918 5,391 3,757 1928. 332,o4o 91,725 163,675 51,026 137,060 230,322 25,233 51,552 5^,042 32,884 161,153 335,484 34,576 52,675 1 8 , 6 i o 7,o49 142,115 23,279 21,162 38,105 23,445 32,065 54,868 78,107 152,290 427,305 10,595 16,251 20.398 Total reserves 2 , 9 7 4 , 3 0 1 170,530 1 , 0 8 8 , 8 0 4 160,220 275,682 Hon-reserve"cash 70,296 6 , 6 6 4 2l,4i7 2,437 4,939 B i l l s discounted: » Secured by U . S . G o v t , o b l i g a t i o n s 3 0 6 , 4 0 ^ 30,551 50,752 46,827 4 o , 7 L I Other b i l l s d i s c o u n t e d 1 8 6 , l 6 r 24,689 32,584 1 2 , 9 2 8 25,273 88,702 i 6 s , 5 4 l 448,303 7,172 4,500 8,010 3 7,495 3,986^ 42,998 2 2 , 2 2 0 22,92% 1 8 , 3 8 7 74,574 4,4i6 83,173 13,O4I 14,970 34,863 49,74o 8,448 io,oi4 55,610 206,03b 145,956 708 11,246 9,844 3,384 38,677 38,877 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 407,602 1.000 21,798 80,938 - http://fraser.stlouisfed.org/ Federal Reserve i Bank of St. Louis 4,910 1.153 3,890 3,405 59,755 37,284 TOTAL RESOURCES 14,317 755 37,200 11,785 96,505 585 64,780 5,549 60,257 78,263 17,892 16,386 83,336 31,918 1,756 256 6,865 1,136 54,270 25 50,089 3,o62 417 47,436 21 24,488 2,829 1,462 168,264 68 75,226 8,646 1,440 2,476 1,424 3,900 5,767 5,001 10,768 10,743 12,107 4,519 8,692 10,786 4,924 18,135 72,342 21 28,144 33,778 13 739 968 11,522 3,891 2,202 4 . 9 7 4 , 8 4 5 356,464 1 , 5 5 5 , 2 1 0 348,145 487,901 203,737 249,277 709,957 184,127 7,435 99,582 6,987 8,317" 29,581 64,646 222,799 10,256 11.502 106,569 74,902 1,216 2,I46 2,943 I.QQQ 260,779 131,902 143,783 215 46 51 164,584 51,528 55,445 2,895 11,745 2 6 , 9 0 s \ 61,385 28,011 10,5141 42,099 12,413 i' 63 20,357 7,125 5,071 23,421 16,916 4,880 21,002 7,877 55,24o 39,505 65,984 29,715 8,181 16,107 492,56s 343,759 16,516 8,471 28,059 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 : J°nds ' Treasury notes 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 1 , 2 4 4 , 9 2 9 116,543 567 37 6 i 4 , 5 2 0 58,790 59,o64 3,824 11.168 76 s6qq ^ . 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 Fran. 48,818 135,039 226,725 22,537 49,751 52,476 3 1 , 6 3 2 157,793 2,208 2,021 3,597 2,696 1 , 8 0 1 1,566 1 , 2 5 2 3,360 23,964 27.376 389,007 25.271 45.131 155,537 1 , 0 5 6 , 5 3 1 151,572 2 6 i , 4 8 l 14,993 32,273 8,648 14,201 T o t a l b i l l s and s e c u r i t i e s Doe from f o r e i g n banks Uncollected items Bank p r e m i s e s All other resources St 9,090 9,093 28,969 - 51,844 737 234,301 4,436 6l,070 1,910 3,84% 2,647 64,919 12,914 25,509 7,819 52 10,078 22,l67 10,964 24,816 . 33,183 , ' 6,919 4o,377 123,611 18 37,147 17 35 473 542 764 23,213 34,344 4,308 1 , 7 9 1 3,374 132,872 202,505 143,785 400,865 tteSOuztCtiS AID LIABILITIES OF THE FEDERAL RESERVE BANKS ON FEBRmiRY 29, 1928. A B I L I T I E S ( r n t h o u s a n d s of d o l l a r s ) T o t a l Boston New York P h i l a . C l e v e . R i c h . A t l a n t a Chicago S t . L o u i s F.R.notes in actual circulation 1 , 5 8 8 , 2 3 8 121,131 348,715 125,271 197,343 63,629 140,035 236,535 52,471 Deposits: Member b a n k - r e s e r v e a c c o u n t 2,374,515 146,636 938,064 135,883 192,966 70,6oi 69,441 342,971 82,757 Government 27,917 1,948 6,34o 1,249 2,320 1,963 1,709 4,159 1,691 F o r e i g n "bank 6,o44 344 2,749 436 477 234 193 638 197 Other d e p o s i t s 17,129 94 LI St. 5699c Minn. Kans.Cy. D a l l a s San F r a n . 56,167 59,204 37,330 150,1*07 92,312 68,349 180,955 2,094 784 2,432 124 165 161 326 9.009 94 734 106 196 1,003 287 198 687 70 4.651 Total deposits 2,425,605 149,022 956,162 137,662 196,497 72,904 71,539 343,771 84,932 55,130 95,258 69,364 188,364 Deferred a v a i l a b i l i t y items 579,520 58,44o 142,133 49,380 54,474 47,779 22,146 70,403 30,236 Capital paid in 34,264 23,901 35,675 136,592 9,468 42,337 13,641 14,217 6,249 5,159 19,116 5,353 10,689 Surplus 3,027 4,24s 4,304 9,473 233,319 17,893 63,007 21,662 24,021 12,324 9,996 32,778 10,397 ATI " f t t h e r l i a b i l i t i e s 7,039 9,046 8,527 16,629 11,571 510 2,856 529 1.349 852 402 2,354 820 J 2 1 .485 359 317 TOTAL LIABILITIES 4 , 9 7 4 , 8 4 5 356,464 1,555,210 348,145 437,901 203,737 249,277 709,957 184,127 132,872 202,505 143,785 400,865 .Reserve r a t i o ( p e r c e n t ) 7^.1 63.1 83.4 60.9 70.0 65.0 79-7 76.6 54.3 74.7 69.0 C o n t i n g e n t l i a b i l i t y on b i l l s p u r 70.2 69.2 c h a s e d f o r f o r e i g n c o r r e s p o n d e n t s 238,817 18,011 66,339 22,814 24,976 12,248 10,086 33,381 10,327 6,484 8,645 - . 3 . n o t e s on hand ( n o t e s r e e ' d f r o m 8,405 17,051 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 ) ^ , 935 27,363 124,798 34,663 32,537 23,07s 31,454 41,010 6,921 4,861 7,549 8,721 60,930 F . R . n o t e s r e e ' d f r o m C o m p t r o l l e r 2 , 8 7 0 , 4 5 3 229,264 F . R . n o t e s h e l d by F. R. Agent 878,280 80,770 F . R . n o t e s i s s u e d t o F.R.Bank 1,992,173 11*8,494 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 4i4,s4l 35,300 Gold redemption f u n d 96,068 15,677 Gold f u n d - F.R.Board 878,048 43,000 E l i g i b l e paper 801,275 94.745 Total c o l l a t e r a l 2 , 1 9 0 , 2 3 2 193,722 53,580 1,228 FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS 67,433 294,837 21.382 81. mm 473,513 159,934 229,930 86,707 171,489 277,545 59,392 61,028 66,753 46,051 211,337 1?:% K 42,6oo 31,021 20,000 9,300 14,167 9,407 12,318 3,797 8,339 1,725 1,737 1 . 5 8 4 3 , 6 i 6 17,303 4,329 76,927 105,000 i4,ooo 106,700 225,000 11,500 34,000 48,860 10,000 79.11U S S ' S 15.26s 483,712 165,448 252,973 90,867 171,663 330,047 62,641 64,14o 75,069 46,900 205,150 18,807 95,000 169.795 MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS Total B 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 i n d e b t e d n e s s a 492,563 343,759 145,956 Within 15 days 4207680 111,382 20,072 16 t o 30 days 17,933 92,357 31 t o 60 days 6 l t o 90 days 29,469 107,092 18,156 29,762 40,000 14,732 103,061 qo.p57 24s 050 91 days t o 6 months Over 6 months 4,215 2,115 83,525 42,359 3,l66 '
@FedFRASER