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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
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@FedFRASER