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Released for publication Friday morning, July 20; not e a r l i e r . STATEMENT FOR THE PRESS St. 5850 Federal Reserve Board, July 19, 1928. CONDITION OF FEDERAL RESERVE BANKS The consolidated statement of condition of the Federal reserve "banks on July 18, made public "by the Federal Reserve Board, shows decreases f o r the week of $77,500,000 i n holdings of discounted M i l s , of $6,600,000 i n "bills bought in open market, of $8,too,000 i n Government s e c u r i t i e s , of $58,800,000 i n member bank deposits and of $21,300,000 i n Federal reserve note c i r c u l a t i o n and an i n crease of $11,600,000 i n cash reserves. Total b i l l s and s e c u r i t i e s were $92,500,000 below the amount held on July 11. A decrease of $145>300,000 i n holdings of discounted b i l l s reported by the Federal Reserve Bank of New York and of $10,200,000 by Cleveland were o f f s e t i n part by increases reporto& by 9 other Ftxjoral reserve banks, the p r i n c i p a l i n creases being, Chicago $15,900,000, St. Louis $13,500,000 and San Francisco $10,100,000. The System's holdings of b i l l s bought i n open market declined $6,600,000, of c e r t i f i c a t e s of indebtedness $5,300,000, and of U. S. bonds $4,900,000, while holdings of Treasury notes increased $1,800,000, All of the Federal reserve banks except Boston show a smaller volume of Federal reserve note c i r c u l a t i o n , the principal decreases f o r the week being, San Francisco $6,800,000, Cleveland $5,700,000 and Philadelphia $2,300,000. A summary of changes i n the principal assets and l i a b i l i t i e s of the reserve Thanks during the week and the year ending July 18, 1928, follows: Increase or decrease Week during Year Total reserves Gold reserves + $11,600,000 + 4,700,000 - $412,100,000 - 412,100,000 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, obligations . . Other b i l l s discounted . . . . . . . + 92,500,000 77,500,000 98,300,000 20,800,000 + + + + B i l l s bought i n opgn market - 6,600,000 4,300,000 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 + - 8,400,000 4,900,000 1,800,000 5,300,000 - 176,400,000 - 126,200,000 + 9,200,000 59.500,000 - 21,300,000 Federal reserve notes i n c i r c u l a t i o n Total deposits Members' reserve deposits . . Government deposits c . . - 58,400,000 - 58,800,000 + 1,500,000 426,900,000 60S, *400,000 398,600,000 209,900,000 - 57,500,000 4* 4- 2,800,000 6,000,000 2,100,000 He leased f o r publication Friday morning, July 20, 1928; not e a r l i e r . St. 5850a HE SOURCES AUD LIABILITIES OF THE TWELVE FEDERAL EE SERVE BANKS COMBINED . ( i n thousands of d o l l a r s ) EE S O U R C E S Gold with Federal reserve agents . . . . Gold redemption fund with U. S.Treasury Gold held 'exclusively against F.R.notes Gold settlement fund with F.E. 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 Eon-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.S. 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 Gold held abroad Due from f o r e i g n banks Uncollected items All other resources TOTAL RESOURCES . . . . . . . July 18.1928 July 11,1928 July 20.1927 1,130,963 73,465 1,204,428 661,912 733.252 1,161,160 67,361 1,228,521 666,960 699,395 1,704,936 549,380 757,363 2,599,592 159,244 2,758,836 65,096 2,594,876 152,361 2,747,237 63,113 3,011,679 159,290 3,170,969 63,333 615,027 396,730 1,011,757 181,035 713,372 375,896 1,089,268 187,642 216,443 186,879 403,322 185,379 56,024 89,505 63,813 60,968 87,720 69,077 217,765 490 182,181 80,310 123,27s 325,769 1,300 1,495,165 209,342 490 1,402,624 1,664,068 4o,s6s 573 740,451 60,063 8,431 571 687,818 60,056 8,563 975,770 2,682 48,718 694,843 59,296 l4,6n 5,036,0,74 5,062,523 5,030,222 1,618,863 1,640,150 1,676,411 2,306,632 13,735 10,057 18,618 2,349,042 672,160 143,116 233,319 19,574 2,365,396 12,230 9,476 20,339 2,407,441 619,630 143,221 233,319 18,762 5,036,074 5,062,523 2,300,585 15,855 4,701 25,137 2,346,278 636,487 129,795 228,775 12,476 5,030,222 — L I A B I L I T I E S F. R. notes i n actual c i r c u l a t i o n . . . Deposits: Member bank - reserve account . . . . Government . . . . . . . . . . . . . . Other deposits . . TOTAL LIABILITIES . . . . . . Ratio of t o t a l reserves t o deposit and F. R. note l i a b i l i t i e s combined . . . 69.5# 67.9# 78.8$ 305,186 310,888 151,583 Contingent l i a b i l i t y on b i l l s purchased !. BE SOURCES MD LIABILITIES OF THE FEDERAL RESEBVE BAMS GIT JULY 18, 1928# ( i n thousands of d o l l a r s ) Total Boston New York Phi la# Cleve. Rich. Atlanta Chicago St .Louis Minn. Kans.Cy. Gold with Federal tieserve Agents 1,130,963 102,636 175,563 75,691 133,188 25,190 68,969 214,940 24,402 45,920 43,745 Gold redompiion fund with U.S.Treas. 73,465 7,807 19,652 8,589 5,485 3,152 4,327 9,287 6,428 2,255 3,l42 Gold hold azclusivoly against F, S, nougj, 1,204,428 110,443 195,215 84,280 138,673 28,342 73,296 224,227 30,830 48,175 46,887 Gold settlement fond with F.H.Board 661,912 62,992 195,757 39,784 65,834 17,865 5,204 147,572 19,333 20,798 32,612 Gold and gold c e r t i f . held by hanks 733,252 27,0/6 500,098 27,507 4p,543 8,831 8,147 54,448 11,984 5,102 6,313 St# 5850b RESOURCES Total gold r e s e r v e s Reserves other than gold 2,599.53* 200 r 511 159,244 16,032 Tot p r e s e r v e s 2,758,836 216,543 Non-reserve cash 65,096 6,900 B i l l s discounted; Secured "by U.S.Govt, o b l i g a t i o n s 615,027 23,57 2 Other b i l l s discounted 396,730 38,599 Total h i l l s discounted 1,011,757 62,171 B i l l s bought i n open market 181,035 22,268 U. S. Government s e c u r i t i e s : Bonds 56,024 704 Treasury notes 2,487 89,505 C e r t i f i c a t e s of indebtedness 4,426 63,813 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 g and s e c u r i t i e s Dae from foreign, banks Uncollected items Bank premi se s A l l other resources 92,056 37 , P73 740,451 73,458 60,063 3,824 8,431 73 85,812 5,573 921,619 159,880 260,659 66,669 105,245 445,159 77,876 20,302 l,64l 4,766 4,174 5,101 8,862 3,747 76,506 1,339 91,385 60,549 276,746 1.994 2,388 3,882 70,733 23,o6o 53,950 36,970 20,389 32.931 19>063 121,616 56,512 32,796 23,557 37,262 4,g4l 5,284 304,323 93,793 36,063 19,710 90,920 16,509 53,320 6,185 75.575 154,412 60,819 13,147 12,466 147 10,225 12,744 27,941 11,169 54,393 267,031 6,156 9,715 12,34? 12,395 15,594 5,855 46,653 13,355 18,250 60,008 11,362 19.265 1,384 15,669 15,214 535 9,723 li,34o 505 27,843 5,550 1,153 862 1,529 32 3,289 1,940 21,017 5,879 8 , 832 7,125 4,519 4,312 2,23.4 11,140 3,091 4,327 7,819 3,936 3,514 4l 12,4I4 4,927 32,267 21,648 33,898 3,544 5,26l 35,728 7,125 11,045 490 18,558 15,269 17,382 - - - 372,653 135,151 141,327 218 47 52 202,916 59,269 71,180 16,564 6,806 1,752 1,180 211 1,243 5,036,074 392,891 1,535.452 357,951 486,033 - - - - - 63,049 93,983 202,606 68,091 34,504 21 21 25 69 13 51.638 24,251 96,603 32,896 15,561 3,436 2,833 8,720 2,202 3,901 401 1,297 962 1,035 552 <T\ - 74,075 2,431 CVi *5 C. 1,402,624 7,617 18,008 206,052 19,937 34,224 16,448 26,755 86,647 426,24? 62,147 18,598 18,912 15,729 205,811 98,512 55,038 11,631 3 TOTAL RESOURCES 209,342 490 891,070 151,571 245,050 30,549 8,309 15,6o9 Dallas San Fran. 16,238 204,481 1,770 1,571 - ** - 57,668 44,881 96,655 18 17 35 44,448 24,996 43,235 4,308 1,583 3,834 407 500 570 232,731 762,981 187,084 131,160 200,228 135.214 424,957 L I A B I L I T I E S EE SOURCES AND LIABILITIES OF 1' MB JHBiJKtUn7CTSERtfe,lBgHK"sOy JDLTr'IgV'' 1928'il St. 5850c (In thousands of dollars) Total Boston New York Fhila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. 1,618,863 139.135 340,243 128,125 191,623 52,212 130,338 271,337 57,683 55,516 55,432 29,898 167,321 P.R.notes i n actual c i r c u l a t i o n Deposits: Member bank — reserve account 2,306,632 Government 13,735 Foreign bank 10,057 Other deposits 18,618 Total de-posits 2,349,042 Deferred a v a i l a b i l i t y items 672,160 Capital paid i n 143,116 Surplus 233,319 All other l i a b i l i t i e s _ 19,574 TOTAL LIABILITIES 5,036,074 Beserve ratio: (per cent) 69.5 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 305,186 IWLaotes on hand (notes r e c ' d from P. R. Agent l e s s notes in c i r c u l a t i o n ) 415,409 P.JR.notes r e c ' d from Comptroller P.R.notes h e l d by P. R. Agent P.R.notes issued to F.R.3ank Collateral h e l d as security f o r P. R.notes issued to F.R,Bank: Gold and gold c e r t i f i c a t e s Gold redemption fund Gold fund - P.R.Board E l i g i b l e paper Total c o l l a t e r a l 894,417 136,853 183,547 3,170 982 1,019 3,084 923 1,010 1,368 S,gl4 12Q_ 153,634 909,485 138,922 186,944 71,007 169,458 53,862 67,116 9,895 47,564 14,178 14,271 17,893 63,007 21,662 24,021 1,327 5,695 1,202 2,058 392,891 1,535.452 357,951 486,033 74.0 73.7 59.9 68.9 23,188 28,038 68,302 422 1495 224 69,443 48,250 6,083 12,324 1,080 189,392 54.8 63,886 345,040 316 2,411 408 1,350 58 1,640 64,668 350,441 21,413 86,899 5,239 18,209 9,996 32,778 1,077 3,317 232,731 762,981 54.0 77,639 919 418 352 79,328 33,171 5,381 10,397 1,124 187,084 50,298 802 262 227 51,589 13,017 3,022 7,039 977 131,160 56.8 71.4 71.6 83,196 29,372 32,155 15,768 12,985 42,976 13,295 89,422 65,126 179,770 716 1,468 1,056 340 689 550 438 39 5.174 91,266 66,2a 187,101 39,629 25,825 42,513 4,204 4,318 10,752 8,527 16,629 9,046 425 64i 651 200,228 135,214 424,957 62.3 63.0 8,348 11,139 10,8a 9,099 130,672 28,566 31,627 15,762 26,991 45,896 12,1*03 7,671 FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS 78.1 21,952 6,21(0 72,444 2,831,152 231,723 796,880 64,550 745,355 184,391 256,280 90,303 224,389 437,633 87,126 81,506 100,l4l 56,5k) 335,765 274,440 27,700 33,030 22,329 67,060 120.400 17,0k) 18,319 35,6lO 20,k)2 9b,000 2,034,272 167,173 470,915 156,691 223,250 67,974 157,329 317,233 70,086 63,187 64,531 36,138 239,765 352,476 95,355 683,132 1.157.472 2,288,435 153,161 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 indebtedness C. 152,332 454 728 35,300 14,336 53,000 84,420 187,056 - 50,000 20,395 21,750 17,402 10,914 13,188 5,000 64,777 70,000 4,795 - - 7,900 I4,I67 2,885 5,519 1,940 1,502 3,753 1*0,860 41,700 a 3 , o o o 15,000 28,000 9,803 4o,ooo 2,435 16,686 4,000 147,795 94.758 106.935 58.679 88.657 166.750 60.952 22,952 38.955 29.594 78.602 501,781 170,449 240,123 83,869 157,626 381,690 85,354 68,872 82,700 45,832 283,083 326.a8 MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS Within 15 days 828,869 1,011,757 76,020 181,035 1105 63,813 16 to 30 days 31 to 60 days -10,9$ 29,072 68,759 44,012 6l to 90 days 59.333 24,602 9 < to 7,329 140,900 Over 6 months 66 22,508
@FedFRASER