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Released f o r p u b l i c a t i o n F r i d a y morning, Mar. 30; not e a r l i e r . STATEMENT FOR THE PRESS St. 5730 F e d e r a l Reserve Board, March 29, 1928. CONDI TIGS' OF FEDERAL RESERVE BiLJKS 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 F e d e r a l r e s e r v e "banks on March 23, made p u o l i c by the Federal Reserve Board, shows i n c r e a s e s of $47,100,000 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 , $13,^00,000 i n "bills "bought i n open market, ^oOO,000 i n U. S. s e c u r i t i e s , $34,900,000 i n member "bank r e s e r v e d e p o s i t s and $ l , b 0 0 , 0 0 0 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 , while cash r e s e r v e s d e c l i n e d $15,300,000. T o t a l "bills and s e c u r i t i e s were $6l,$00,000 above the amount h e l d on March 21. ^he 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 during t h e week "by F e d e r a l r e s e r v e "banks were i n c r e a s e s of $71,600,000 and $12,600,000 at New York and Boston, r e s p e c t i v e l y , and d e c r e a s e s of $14,500,000 at San F r a n c i s c o , $9,800,000 a t Chicago, $4,900,000 at St. Louis and $3,900,000 a t Cleveland. The System's h o l d i n g s of M i l s "bought i n open market i n c r e a s e d $13,400,000 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 $10,^00,000, while h o l d i n g s of United S t a t e s bonds were $1,oOO,000 and of Treasury n o t e s $8,200,000 below t h e p r e v i o u s week* s totals. 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 was $l,o00,000 l a r g e r than a week ago, t h e p r i n c i p a l changes b e i n g i n c r e a s e s of $2,900,000 r e p o r t e d by the Cleveland bank, $2,100,000 by P h i l a d e l p h i a and $1,900,000 by Chicago and d e c r e a s e s of $1,400,000 r e p o r t e d by Now York and $1,100,000 each by Kansas C i t y and D a l l a s . A summary of changes i n t h e 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 t h e r e s e r v e banks d u r i n g the week and the year ending March 28, 1928, f o l l o w s : Increase or decrease Week T o tal r e s e r v e s Gold r e s e r v e s during Year - $15,300,000 - 15,800,000 - $252,200,000 - 261,900.000 T o t a l b i l l s and s e c u r i t i e s ' +' 6 l , 6 0 0 , 0 0 0 B i l l s discounted, t o t a l + 47,100,000 Secured by U.S.Govt, o b l i g a t i o n s . + 36,700,000 Other b i l l s d i s c o u n t e d . . . . . . + 10,500,000 + 208,000,000 + 63,100,000 +* 62,900,000 + 5,100,000 B i l l s bought i n open market + 13,400,000 + 108,700,000 U. S. Government s e c u r i t i e s , t o t a l . B onds 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 . . . + + 600,000 1,600,000 8,200,000 10,400,000 + + - 32,700,000 12,500,000 75,200,000 30,000,000 Federal reserve notes i n c i r c u l a t i o n . + 1,600,000 - 144,300,000 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 + 44,500,000 + 34,900,000 + 9,900,000 + + - 76,700,000 82,700,000 7,100,000 C. . . . . . . . . . Released for- p u b l i c a t i o n F r i d a y morning, March 30, 1928; not e a r l i e r . St. 5730a ^SOURCES AND LIABILITIES OF THE TWSIV3 FSIEBAL H5SERVE BANKS 'COMBINED ( i n thousands of d o l l a r s ) Mar. 28.1928 Mar. 21.1922 Mar. 30.1927 HE S O U R C E S 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 1,331,263 50,652 1,393,893 48,560 1,381,915 1,442,453 52,021 1,665,516 714,989 684,551 648,757 620,488 735,895 T o tal gold r e s e r v e s . . Reserves o t h e r t h a n gold 2,759,963 170,544 2,775,771 3,021,899 l6o,794 Total reserves (Ton-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 2,930,507 67,786 2,945,831 68,045 Gold h e l d e x c l u s i v e l y a g a i n s t F.P..notes Gold s e t t l e m e n t f u n d with F. E. Board . Gold and gold c e r t i f i c a t e s h e l d by banks 322,034 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 ta 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 . . . Due from f o r e i g n banks . . . . . . . . . U ncol l e 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 663,059 . . . . . . . 170,060 285,371 1,613,495 3,182,693 63,759 259,086 202,062 191,607 196,937 524,096 346,103 476,978 332,728 456,023 55,711 57,330 *171,767 *156,164 196,516 385,832 990 385,261 353,102 500 2,500 1,257,021 1,195,467 1,049,034 569 660 602,896 163,612 166,509 570 595,975 59,266 9,826 *676,209 59,264 237,409 68,206 88,380 9,222 58,485 13,057 4,920,951 *4,954,607 4,970,584 1,567,052 *1,565,424 1,711,337 2,357,143 24,757 5,007 17,308 2,404,215 560,358 2,322,237 2,274,464 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 T o tal d e p o s i t s . . . . . . . . Deferred a v a i l a b i l i t y i t e m s C a p i t a l paid i n Surplus All o t h e r 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. 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 f o r foreign correspondents . . . . . . Digitized for C.FRASER 14,863 4,502 18,102 31,869 5,546 15,622 2,327,501 233,319 13,857 2,359,704 646,319 136,642 233,319 13,199 4,920,951 *4,954,607 4,970,584 136,150 73. i 243,009 562,660 127,602 228,775 12,709 75-1^ 78.8# 243,975 147,698 ^Revised f i g u r e s . RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BALTICS OH MARCH 28, 192s ( i n thousands of d o l l a r s ) T o t a l Boston Hew York Phi l a . Cleve. Rich. A t l a n t a Chicago Hold with F e d e r a l Reserve Agents 1,331,263 80,254 248,722 102,548 161,549 47,003 135,451 226,50s Gold redemption f u n d with U . S . T r e a s . 5 0 , 6 5 2 11,918 1,446 2,082 4,i4o 8,954 5.869 3,465 Gold h e l d e x c l u s i v e l y against" 5\ E. n o t e s 1,381,915 86,123 260,64o 111,502 165,014 48,449 137.533 230,648 G-old s e t t l e m e n t f u n d with F.R.Board 714,989 36,286 290,510 42,270 52,4io 24,965 6,896 137,907 C-cId and gold c e r t i f . h e l d by banks663,059 23,869 432,332 25,110 45,423 10,067 9,853 53,176 T o t a l gold r e s e r v e s 2,759,963 146,278 983,532 178,882 262,847 83,481 154,282 421,731 Reserves o t h e r t h a n gold 170,544 15,550 34,725 8,488 14,019 11,450 16,085 21,297 Total r e s e r v e s 2,930,507 161,828 1,018,257 187,370 276,866 94,931 170,367 443,028 Hon-reserve c a s h 67,786 5,499 4,918 4,819 7,060 21,393 2,329 5.786 B i l l s discounted: .Secured by U. S. C-ovt. o b l i g a t i o n s 322,034 24,279 113.422 29,484 29,945 2,422 51,959 6,498 Ooher b i l l s d i s c o u n t e d 202,062 34,293 40,596 13,396 23,051 19,11% 20,930 22,001 Total b i l l s discounted 524,096 58,572 154,018 42,880 52,996 25,612 23.352 73,960 3 i 1 1 s bought i n open market 346,103 49,243 104,034 24,408 30,905 12,851 15.223 39,033 U, S. Government s e c u r i t i e s : Bonds 1,384 55.711 707 47 19,927 585 1.153 505 Treasury notes 163,612 8,202 26,847 14,683 33.586 2,700 4,957 17,259 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 166,509 12,300 41,783 18,538 13,765 4,203 3.720 24,560 St. 5730b RE S O U R C E S T T o t a l J. 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 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 Uncollected items Bank p r e m i s e s All other resources TOTAL RESOURCES 385,832 qqo 21,209 — 1,257,021 129,024 570 595,975 59,266 9.826 37 59,356 3,824 86 70,014 — 33,806 47,856 8,056 8.724 39,^21 18,433 47,299 174,739 68 21 24,130 71,130 2,829 8,720 1.485 1,253 53,359 17,837 4,852 53,497 34,021 6,802 30,530 165,199 20,101 33,353 8,747 30,752 3.885 94,320 7,796 10,541 12,149. 12,026 69,880 76,048 14,559 59,378 229,304 69,919 241,453 84,439 4,129 79.933 102,116 1,443 2,356 12,924 10,84l 2,533 1,309 3,842 13,244 4,868 6,961 11,829 11,694 7,125 14,648 8,015 4,519 6,970 6,079 11,890 7,763 11,118 7,815 7,661 8 , 8 98 54 18,336 13,530 29,788 17,568 30,771 24,374 31,920 23,765 6,372 — — 328,066 101,094 131,757 46,519 218 46 51 25 154,175 50,997 56.723 49,260 16,543 6,865 3 , i 4 s 1,756 4o6 1,121 1,743 117 61,746 St. Loui s Minn. Kans.Cy. D a l l a s San Fran, 35,424 52,1*40 50,107 29,021 162,536 1,219 2,663 1.509 3,997 3,390 59,925 21 28,397 3,891 725 990 35,644 13 — 54,294 18 10,896 34,058 2,202 4,308 540 970 3,652 4,402 807 42,893 6,062 3,508 4,315 48,955 12,860 26,236 — — 41,549 107,111 17 35 21,938 34,915 1,806 3,374 578 772 4,920,951 359,654 l , 5 ^ , 3 9 5 343,709 478,301 200,075 250,950 706,02s 181,527 131,101 197,690 139,459 392,062 RKS0QSGES AND"LIABIL1TU5S OF THE FEDERAL RESERVE BAMS ON MARCH 28, 1928 St. 5730c L I A B I L I T I E S ( i n thousands of d o l l a r s ) To t a l Boston New York P h i l a . 01eve. Rich. A t l a n t a Chicago S t . L o u i s Minn. ICans.Cy. Dallas San Fran. 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 1,56.7.052 113,161 341,906 126,110 192,035 60,266 141,451 238,153 52,115 55,654 56,936 34,755 148,460 Deposits:* Member bank - r e s e r v e account 2,357,143 150,186 943,494 132,836 185,833 69,072 67,643 339,488 81,486 52,598 93,055 65,993 175,459 Government v. 24,757 3,012 2,432 1,263 3,560 2,845 3,348 378 1,100 1,524 1,475 2,359 1,461 F o r e i g n "bank 5,007 338 1,774 428 468 230 I89 626 194 121 162 158 319 , Other d e p o s i t s 17,308 98_ 8,380 67 1,203 87 75 1,317 346 277 728 28 4,702 Total d e p o s i t s 2,4o4,2i5 i r , 6 j 4 956,080 134,594 191,064 72,234 71,255 341,809 83,126 54,520 95,420 68,538 181,941 Deferred a v a i l a b i l i t y items 566,358 58,5-db 133,556 46,967 55,352 48,123 22,577 71,997 29,685 9,988 31,429 22,910 35,243 C a p i t a l paid i n 136,150 9,586 42,468 13,700 14,223 6,251 5,166 18,581 5,340 3,024 4,245 4,311 9,255 Surplus 233,319 17,893 63,007 21,662 24,021 12,324 9,996 32,778 10,397 7,039 9,046 8,527 16,629 All other l i a b i l i t i e s 854 13,857 3,378 676 1,606 _877 505 2,710 864 876 564 418 529 TOTAL LIABILITIES 4,920,951 359,654 1,540,395 343,709 478,301 200,075 250,950 706,028 181,527 131,101 197,690 139,459 392,062 Reserve r a t i o (per c e n t ) 78.4 73.8 59.3 78.4 71.9 72.3 71.6 80.1 76.4 62.4 7?.6 67.0 71.9 72.3 71.6 80.1 76.4 62.4 72.6 67.7 73.1 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 c o r r e s p o n d e n t s 243,009 13,280 68,008 23,155 25,348 12,430 10,237 33,879 10,481 6,581 8,774 8,531 17,305 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 cirdulation)33/,203 21,210 119,833 31,638 29,826 20,221 31,169 43,126 8,064 5,528 7,848 8,685 60,060 FEDERAL RESERVE NOTE ACCOUNTS-OF FEDERAL RESERVE AGENTS n o t e s r e e ' d from Comptroller2,823,560 226,541 747,099 177,848 262,841 106,691 234,8-20 439,979 78,349 79,806 103,544 64,822 301,220 F.R. n o t e s h e l d by F. R. Agent 869,300 86,170 285,360 20,100 40,980 26,204 62,200 158,700 18,170 18,624 38,710 21,382 92,700 F . R . n o t e s i s s u e d t o F.R.Bank 1,954,260 140,371 461,739 157,748 221,861 80,487 172,620 281,279 60,179 61,182 64,834 43,44o 208,520 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 gold c e r t i f i c a t e s 4i4,i4o 35,300 205,150 42,6oo 31,020 20,000 8,600 14,167 17,303 4o,ooo Gold redemption f u n d 99,152 16,954 18,572 9,771 13,949 6,483 8,951 1,508 1,324 973 4,247 2,718 13,702 Gold fund - F. R. Board 817,971 28,000 25,000 92,777 105,000 9,500 106,500 225,000 25,500 37,000 45,860 9,000 108,834 E l i g i b l e paper 839,382 107,815 241,559 60,989 82,618 35,708 37,482 112,849 29,237 16,866 23,237 16,573 74,449 T o ta l c o l l a t e r a l 2,170,645 188,069 490,281 163,537 244,167 82,711 172,933 339,357 64,661 69,006 73,344 45,594 236,985 MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS 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 Total Within 15 dm 1.6 t c 30 days 524,096 346,103 442,928 167,981 509 7(.9/6- 166,509 29 31 t o 60 days 32,801 58,788 - 6l t o 90 days 20,294 35,457 1,892 51 &ays t o o months 5,698 5,901 - Q v e r £ months 3,546 164,108
@FedFRASER