The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Beleased f o r p u b l i c a t i o n F r i d a y morning, Mar. 9 ; not e a r l i e r . STATEMENT FOB THE PaiESS S t . 5712 F e d e r a l Beserve Board, March S, 1928. CONDITION 0? FEDEHAL EE SERVE 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 March 7, niade p u b l i c by t h e F e d e r a l Be serve Board, shows d e c r e a s e s of $10,500,000 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 $5,300,000 i n b i l l s bought i n open market, of $4,900,000 i n United S t a t e s s e c u r i t i e s , and of $13,100,000 i n member bank r e s e r v e d e p o s i t s , and i n c r e a s e s of $3,100,000 i n F e d e r a l r e s e r v e n o t e c i r c u l a t i o n and $1,400,000 i n cash 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 were ! $20,600,000 below the amount h e l d on February 29 ^ 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 an i n c r e a s e of $41,100,000 a t t h e F e d e r a l Beserve Bank of New York, and d e c r e a s e s of $17,400,000 a t P h i l a d e l p h i a , $12,400,000 a t Cleveland, and $9»500,000 a t Boston. The System'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 $5,300,000, 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 $5>900,000, and of Treasury n o t e s $400>000, while h o l d i n g s of United S t a t e s bonds were $1,400,000 above the p r e v i o u s w e e k ' s t o t a l . F e d e r a l r e s e r v e n o t e c i r c u l a t i o n was $3,100,000 l a r g e r t h a n a week ago, the 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 $3,400,000 a t A t l a n t a , $2,900,000 a t San F r a n c i s c o , and $2,200,000 a t Chicago, and d e c r e a s e s of $2,200,000 a t New York, $1,700,000 a t P h i l a d e l p h i a , and $1,500,000 a t Cleveland. 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 the r e s e r v e fianks d u r i n g t h e week and t h e year ending March 7, 1928, f o l l o w s : Increase or decrease during Year Week + $1,400,000 „ $157,600,000 200,400,000 - 10,500,000 - 16,600,000 + 6,200,000 - 20,600,000 + + + + 234,800,000 66,200,000 49,700,000 16,500,000 B i l l s bought i n open market . . . - + 73,800,000 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 i n d e b t e d n e s s . . - + 95,800,000 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.Gov't, 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 . . . . + 3,800,000 + 4,900,000 1,400,000 400,000 — + 8,400,000 125,400,000 5,900,000 - 21,200,000 Federal reserve notes in c i r c u l a t i o n + 3,100,000 - 127,500,000 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 - 14,900,000 - 13,100,000 - 2,900,000 - 5,300,000 + + + 150,000,000 i4o,3oo,ooo 9,800,000 Released, f o r publication Friday morning, March 9, 1923; not e a r l i e r . St. 5712a EE SOURCES AND LIABILITIES OF THE TWELVE FEIERAL RESERVE BASICS COMBINED (In thousands of dollars) Mar. 7.1928 Feb. 29.1928 Mar. 9,1927 RESOURCES Gold with Federal reserve agents . . . . Gold redemption fund with U.S. Treasury Gold held exclusively against F.R.notes Gold settlement fund with F. R. Board . Gold and gold c e r t i f i c a t e s held "by banks Total gold reserves Reserves other than gold . . 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.i Sj Government 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 . . . . Dae from foreign banks Uncollected items . Bank premises . . All other resources . . . . . . . . . . TOTAL RESOURCES L I A B I L I T I E S F. R. notes in actual c i r c u l a t i o n . . . Deposits: Member bank - reserve account . . . . Government Foreign bank Other deposits Total deuosits 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 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 f o r e i g n correspondents C. 1,345,440 49,778 1,395*218 767,300 649«700 2,812,218 163,442 2,975,660 70,084 1,388,957 45,952 1,434,909 752,529 2,808,370 165,931 2,974,301 70,296 1,573,277 47,442 1,620,719 599,876 792,066 3,012,661 160,619 3,173,280 68,554 289,784 192,324 482,108 338,495 *306,408 *186,160 492,568 343,759 240,074 175,865 415,939 264,685 57,047 205.633 l4o,Q32 402,712 1,000 1,224,315 569 609,762 59,078 11,548 4,951,016 55,610 206,036 145,956 407,602 65,413 80,251 161,265 306,929 1,000 2,000 1,244,929 567 989,553 658 616,499 58,460 12,730 620,932 614,520 59,064 11,168 4,974,845 4,919,734 1,591,370 1,588,238 1,718,893 2,361,464 25,037 6,116 2,374,515 27,917 6,o44 17,129 2,425,605 579,520 136,592 233,319 11,571 2,221,149 15,189 4,650 19,767 2,260,755 572,160 127,700 228,775 11,451 4,974,845 4,919,734 18,121 2,410,738 566,760 136,605 233,319 12,224 4,951,016 74.4$ 74.1$ 238,817 238,553 •Revised f i g u r e s . 79.7# 96,480 EESOUECES EE SOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON MARCH 71 9 i q p g , T, , n Gold and g o M c e r t i f . t o t a l gold r e s e r v e s Reserves other t h a n g o l d 93,352 6^700 26:5m 192,'324 22*957 Total t i l l s discounted • B i l l s bought i n open market tl< Sk Government s e c u r i t i e s : Bonds Tre as^iry 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 482,108 45,738 332,495 42,183 57,047 708 205,633 11,246 140,032 9,84s 402,712 21,799 1.000 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 1.395,as 2,812,218 162,762 1 6 3 , ^ 2 15,201 2,975,660 177,963 70,084 6,585 Total reserves i o n r e s e r v e cash 313 i 3 di scounted: Secured by UVS&Govt, o b l i g a t i o n s Other "bills d i s e o u n t e d TOTAL RESOURCES * a;L 1,224,315 109,720 , 569 37 609,762 58,923 59.078 3.824 11,548 83 x r " St. Rich. A t l a n t a Chicago S t . L o u i s I'm! 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 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 n c o l l e c t e d items Bank premises All o t h e r r e s o u r c e s To (( ITnr> thousands 4-TnM-,~ ^ ^ of djo l l^a r s ) x Boston New York P h i l a . Cleve. 310,527 99,444 164,215 48,990 26,132 ^.'ooi 9,712 1,018,245 171,636 260,448 84,834 31,767 8,772 13.853 10,793 1,050,012 180,408 274,301 95,627 21,626 2,377 5,077 6,966 13 5712b Minn. Kans.Cy. D a l l a s San Fran. i;ffi '^,260 i4o,ooi 10,371 8.795 159,167 15.13' 28,688 54,327 53,672 32,085 138,828 25,797 23,919 37,739 20,796 41,505 231,089 150,083 5^,746 435,918 20,163 174,306 456,081 4,245 7,958 U.6i4 5,187 7.052 8.408 2Q.5Q1 66,099 83,433 98,463 61,289 209,924 14,4s 4,66i 7.14] 10,021 11.41? 80,592 88,094 105,610 71,310 221,356 4,214 1,245 2,270 3,155 4,366 6,886 4,257 4o,263 10,268 236 gj.'ffg 17,489 22,610 20,694 14,508 1,355 124,388 42,361 53,620 24,375 26,867 60,957 24,776 1,591 93,24o 32,306 30,154 14,726 10,247 4l,508 10,762 10,131 3,384 535 754 1,153 80 7,125 4,519 38,678 17,892 37,201 3,890 5,05s 19,977 22,911 16,916 11.856 16,386 11.784 3,405 4.788 20,107 7.878 8,691 • 4,925 75,918 34,863 49,739 8,448 9,926 62,995 31,919 18,135 391359 l l ' M ^ 1.000 2,184 5,660 1,490 59,789 6,360 7,844 3,442 66,149 12,290 i4,io6 26,842 A.-252_ 10,890 7,819 53 10,786 10,197 22,167 9,093 7.001 10.Q64 30,769 25,017 33,184 293,546 109,530 133,513 47,549 47,o4o 165,460 67,457 30,857 50,903 42,565 126,175 217 46 51 25 a 68 21 13 18 17 35 150,962 52,238 52,432 49,490 25,972 73,543 30,050 12,100 40,732 28,288 35,032 16,522 1,756 6,865 3.061 2,829 8,646 3,891 2,202 4,308 1,800 3,374 3.141 281 1.177 4oi 1,431 1,359 773 l.ooq 520. —— ^ JCXJ 5816 1 0 557( lt.951,016 357,135 1.536.036 346,636 473,4i6 203,119 255.844 713,115 186,998 135,520 204,361 11(7.692 391,154 RESOURCES AHD U T I L I T I E S 0Z THE FEDERAL-RESERVE BASKS OH MARCH 7, 1928. St. 5712c ( i n thousands of d o l l a r s ) T o t a l Boston New York P h i l a . Cleve. Rich. A t l a n t a Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R.notes in actual circulation 1,591,370 120,933 346,519 123,569 195.829 62,788 143,426 238,772 52,886 56,950 59,186 37,175 153,337 Deposits: Member "bank - r e s e r v e account 2,361,464 147,517 934,620 136,924 185,586 71,855 70,535 347,110 83,953 54,397 92,759 68,483 167,725 Government 25,037 2,160 7,515 i , 4 l l 1,950 978 1,774 2,352 1,679 84s 1,210 1,619 1,541 Foreign 6,116 323 409 447 219 3,027 116 181 598 185 155 305 Other d e p o s i t s 18,121 31 8,983 102 951 115 176 1.145 353 686 393—5,071 Total deposits 2,410,738 150,081 954,145 138,846 188,934 73,167 72,666 351,205 86,170 56,525 95,141 69,547 174,311 Deferred a v a i l a b i l i t y items 566,760 58,202 127,006 48,355 4s,980 47,714 24,169 68,775 31,419 11,150 36,227 27,765 36,998 Capital paid i n 136,605 9,468 42,367 13,641 14,217 6,249 5,166 19,104 5,340 3,027 4,246 4,304 9,476 Surplus 233,319 17,893 63,007 21,662 24,021 12,324 9,996 32,778 10,397 7,039 9,o46 8,527 16,629 All other l i a b i l i t i e s 12 558 2,982 563 1,43 5 87 7 421 2,481 786 403 829 515 374 TOTAL LIABILITIES'. 4,951,016 357,135 1,536,026 346,636 473,416 203,119 255,844 713,115 186,998 135,520 204,361 147,692 391,154 Reserve r a t i o {per c e n t ) 74.4 65.7 80.7 68.7 68.4 66.8 80.7 71-3 70.3 58.0 77.6 67.6 77.3 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 233,553 17,9H 67,082 22,688 24,837 12,180 10,030 33,196 10,269 6,44s 8,597 8,359 16,956 F-R^notes on hand ( n o t e s r e e ' d from r.B.Agent l e s s n o t e s i n c i r c u l a t i on)39 7,750 25,232 124,049 36,153 33,246 21,298 30,788 43,151 6,449 5,035 7,905 8,177 56.367FEDERAL RESERVE NOTE. ACCOUNTS OF FEDERAL RESERVE AGENTS F.R. n o t e s r e e ' d from Comptroller 2,866,160 232,935 755,928 187,017 271,055 110,290 235,804 449,623 76,545 81,024 106,101 66,734 293,104 F.R. n o t e s h e l d by F. R. Agent 877,040 8b.770 285,360 27,295 41.980 26.204 61,590 167,700 17.210 19.039 39.010 21.382 83.500 F . 3 , n o t e s i s s u e d t o F.R. Bank 1,989,120 146,165 470,56s 159,722 229,075 84,086 174,214 281,923 59,335 61,985 67,091 45,352 209,604 C o l l a t e r a l held as security for 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,s4i 35,300 205,150 42,6oo 31,021 20,000 9,300' 14,167 17,303 4o,ooo Gold redemption f u n d 90,736 13,34s 18,737 10,941 12,462 2,481 7,054 1,629 1,920 1,191 2,804 3,630 14,539 Gold f u n d - F.R.Board 839,863 38,000 75,000 80,782 105,000 i4,ooo 111,000 225,000 14,500 37,000 4s,860 10,000 80,721 E l i g i b l e paper 792,4o4 87,921 199,o44 68,608 82,971 38,705 36,386 102,333 34,990 11,499 19,903 17,181 92,803 Total c o l l a t e r a l 2,137,844 174,569 497,931 160,391 243,033 86,207 174,44o 328,962 60,710 63,857 71,567 48,114 228,063 MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS 91 days t o Total Withi'n 15 days Over 6 months l 6 t o 30 days 31 to 60 days 6 l to 90 days 6 months B i l l s discounted 482,108 405,499 IS,266 31,045 2,289 4,530 20,479 B i l l s bought i n open market 338,495 124,030 91,920 92,079 3,236 27,230 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 i4o,o32 14,630 41*820 83,582 C. L I A B I L I T I E S jk