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STATEMENT FOR TEE PRESS Released, f o r p u b l i c a t i o n Friday morning, June 1; not e a r l i e r . St. 5797 Federal Reserve Board, May 31, 1928. CONDITION 05* TEimkL BESKHVE BANKS The consolidated statement of- condition. o£ the Federal reserve banks on 29, made public by the Federal Reserve Board, shows decreases f o r the week of $26,600,000 i n holdings of b i l l s bou^at i n open market, of $11,100,000 i n Government s e c u r i t i e s , of $37,900,000 i n crash reserved and of $12,300,000 i n member bank reserve d e p o s i t s , and i n c r e a s e s of $96,300*000 i n holdings of die-* counted b i l l s and of $13,900,000 i n Federal reserve note c i r c u l a t i o n . Total b i l l s and s e c u r i t i e s were $58,800,000 above the amount held on May 23. All of the Federal reserve banks except Minneapolis report l a r g e r h o l d i n g , of discounted b i l l s , the principal i n c r e a s e s being $31,700,000 at the Federal Reserve Bank of Chicago, $25,000,000 at Philadelphia, $14,100,000 at New York and $9,500,000 at Boston. The System1 s holdings of b i l l s bought i n open market declined $26,600,000 and of Treasury notes $19,800,000, While holdings of United States bonds increased $3,900,000 and of c e r t i f i c a t e s of indebtedness $4,800,000# Federal reserve note c i r c u l a t i o n increased $13,900*000 during the week, the principal changes being i n c r e a s e s of $5,200,000 each at Philadelphia and Chicago, $3,bOO,000 at Boston and $2,400,000 at New York, and a decrease of $2,000,000 at 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 reserve banks during the week and the year ending May 29, 1928, f o l l o w s : Increase or decrease Week Total reserves Gold reserves Year $37,900,000 27,400,000 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, o b l i g a t i o n s Other b i l l s discounted . . . . during - $396,300,000 386,200,000 58,800,000 96,300,000 59,9QO,ooo 36,400,000 + + + + 378,500,000 447,300,000 371,700,000 75,600,000 B i l l s bought i n open market . , . 26,600,000 + 75,000,000 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 11,100,000 3,900,000 19,800,000 + ; 4,800,000 + - 143,100,000 56,400,000 55,600,000 31,100,000 - 147,100,000 W + Federal reserve notes i n c i r c u l a t i o n Total d e p o s i t s Members' reserve deposits Government d e p o s i t s . . . + + + * I • « + .13,900,000 * + 8,900,000 12,300,000 1,300,000 - - + - 41,000,000 49,200,000 3,000,000 Released, f o r p u b l i c a t i o n Friday morning, June 1, lp28; not e a r l i e r . St. 5797a BE SOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED ( i n thousands of d o l l a r s ) May 29.1928 May 23,1928 June 1,1927 RESOURCES Sold with Federal reserve agents Gold redemption fund with U.S.Treasury . . . 1,122,150 64,051 1,130,353 68,114 1,610,437 54,626 Gold h e l d e x c l u s i v e l y against F.R.notes . 1,186,201 1,198,467 1,665,063 Gold settlement fund 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 . . 783.200 637,466 814,59 5 6 21,230 601,472 726,503 . . . . . . . . . 2,606,867 150,626 2,634,292 l6l,093 2,993,038 l6o,747 Total r e s e r v e s . . . Non-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 ' 2,757,493 59,782 2,795,385 67,627 3,153,785 53,222 634,48 2 309,309 574,589 272,883 262,819 233,688 943,791 847,472 496,507 B i l l s bought i n open market . . . TJ. 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 . . . . . . . 303,983 330,562 228,993 60,462 65,370 93,594 56,528 85,160 88,793 116,862 120,953 124,682 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 . . 219,426 1,090 230,481 990 362,497 1,800 1,468,295 572 630,675 60,013 9,487 1,409,505 ^ 571 656,931 60,0l4 9>439 1,089,797 59»548 660 702,734 58,882 13,898 4,986,317 4,999,4-72 5,132,526 F. R. notes i n actual c i r c u l a t i o n . . . . . Deposits: Member bank - reserve account . . . . . . Government . Foreign bank • Other d e p o s i t s 1,593,319 1,579,383 2,357,323 22,847 7,326 20,111 2,369,648 21,505 5,923 19,459 1,740,432 . . 2,308,140 25,895 4,687 27,857 Total d e p o s i t s . . . . . Deferred a v a i l a b i l i t y items . . . . . . . . Capital t>aid i n Surplus A l l other l i a b i l i t i e s . . . . . . . . . . . 2,4o7,6o7 594,069 139,599 233,319 lg,UoU 2,4l6,535 612,621 139,626 233,319 17,9^^ 2,366,579 653,689 129,036 222,775 14,01$ 4,986,317 4,999,472 5,132,526 Total gold r e s e r v e s Reserves other than g o l d Total b i l l s discounted Total b i l l s and s e c u r i t i e s Gold h e l d abroad Dae from f o r e i g n banks Uncollected items Bank; premises . . . All other resources . . . . . . . . . . . TOTAL RESOURCES L I A B I L I T I E S TOTAL LIABILITIES Ratio 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 f o r f o r e i g n correspondents . 68.9$ 70.0% . 'Jo.Sjb 266,659 26q,955 159,777 RESOURCES MD LIABILITIES OF THE FEDERAL ( i n thousands Total Boston New York F h i l a . Gold with Federal Reserve Agents 1 , 1 2 2 , 1 5 0 73,215 175,986 83,223 Gold redemption fund with U.S.Treas. 64,051 6,893 19,426 5,832 Gold h e l d e x c l u s i v e l y against F. R. n o t e s 1 , 1 8 6 , 2 0 1 80,108 195,%12 89,055 Gold s e t t l e m e n t fund with F.R.Boaxd 783,200 52,236 301,221 44,860 Gold and g o l d c e r t i f . h e l d "by hanks 637,466 23,659 400,2l6 25,639 RESOURCES RESERVE BANKS ON MAT 29, 1928. of d o l l a r s ) Cleve. Rich. Atlanta Chicago St.Louis 152,693 28,079 92,425 215,475 20,574 3,446 2,433 4,577 7,193 4,799 Minn. Kans.Cy. D a l l a s San Fran, 39,586' 4 l , 7 8 2 18,094 181,018 3,369 2,566 1,385 2,132 156,139 74,910 37,675 30,512 12,577 20,250 St. 5797b 97,002 222,668 7,408 149,094 10,596 50,527 25,373 27,323 12,182 42,955 l6,94l 5,573 44,348 37,397 6,863 19,479 183,150 20,625 38,6o8 14,391 29,895 88,608 54,495 251,653 Total g o l d r e s e r v e s Reserves other than g o l d 2 , 6 0 6 , 8 6 7 156,003 150.626 14,774 896,849 159,554 268,724 6 , 6 6 4 12,728 31,805 63,339 115,006 422,289 11,723 15,695 16,115 64,878 13,661 65,469 2,728 Total r e s e r v e s 2,757,493 170,777 4,349 59,782 928,654 166,218 281,452 2,081 19,524 4,093 75,062 130,701 438,404 4,276 4,662 7,771 78,539 3,657 68,197 1,321 95,630 i,so4 Non-reserve cash B i l l s discounted: Secured "by U.S.Govt, o b l i g a t i o n s Other "bills discounted 7,022 7,955 9,756 62,450 261,409 3,464 2,780 634,482 309,309 43,354 35,692 246,180 75,715 61,809 18,671 51,055 20,883 18,002 28,579 15,084 104,274 41,275 23,443 26,079 23,782 7,222 3,612 8,491 14,927 4,530 6,802 48,402 15,928 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 indebtedness 943,791 303,988 79,046 41,355 321,895 59,506 80,480 33,254 71,938 27,621 46,581 l4,o4o 56,359 127,717 21,616 34,085 49,861 834 10,834 20,972 23,418 13,750 11,332 15,224 64,330 21,731 817 46 6,488 4,864 4,221 25,894 687 7,446 13,254 624 25,209 .7,649 1,192 17 2,244 72 2,594 2,516 21,712 383 13,098 7,125 9,500 4,574 3,090 3,246 10,737 946 6,139 7,896 2,221 5,844 162 9,697 7,222 Total U.8.Govt, s e c u r i t i e s 219,426 1,090 7,351 34,979 21,387 100 33,482 3,453 5,182 35,193 16,625 10,910 17,822 15,961 17,081 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 Due $rom f o r e i g n banks Uncollected items Bank, premises All other resources 1 ' ; i TOTAL RESOURCES c I 60,462 65,370 93,59% - - 1 , 4 6 8 , 2 9 5 127,752 572 " 37 630,675 64,422 60,013 3,824 9,487 56 - - 4I6,380 135,221 133,o4i 219 171,666 16,563 1,813 47 51,486 1,751 184 51 61,550 6,865 1,398 - 64,074 25 48,94o 3,379 395 — — 83,157 196,995 21 68 21,541 79,622 2,832 8,720 1,385 96s - - 990 67,320 43,706 21 29,425 3,891 64i 13 12,047 2,202 968 - 54,990 18 33,474 4,308 542 - - 42,517 103,142 17 21,912 1,844 459 35 t 34,590 3,83k 678 4 , 9 8 6 , 3 1 7 371,217 1,554,819 356,988 488,450 196,151 244,299 732,548 183,494 128,454 190,766 131,979 ^ 7 , ' 1 5 2 RESOURCES MO LIABILITIES 0? THE JTEEERAL SS&SRVE 3JL3KS 03 MAI 29, 1928. s t . p797c (Inr thousands of d o l l a r s ) Total Boston Hew York Phi l a . Cleve. Rich. Atlanta Chicago St. Louis Minn, Kans.Cy. Dallas San Fran. F.B. notes i n actual c i r c u l a t i o n 1,593,319 129,063 339,236 131,162 193,825 55.335 138,168 252,55s 54,247 55,414 55,91s 30,994 157,399 Deposits: Member 'bank - reserve account 2,357,323 149,844 932,742 132,217 190,231 69,642 68,067 346,835 81,335 49,613 88,357 63,930 178,510 Government 22,84? 910 4,716 385 2,325 3,716 1,967 1,833 1,066 1,371 1,251 1,442 1,865 Foreign bank 7,326 46i 2,915 584 264 166 639 258 854 313 221 215 436 Other d e p o s i t s 20,111 100 8,96s 861 129 74 87 I89 3,059 257 48 5,822 517 Total d e p o s i t s 2,407,607 151,315 949,341 139,315 194,056. 73,745 70,379 352,581 83,227 51,034 90,346 65,635 186,633 Deferred a v a i l a b i l i t y items 594,069 61,884 154,244 49,649 60,217 47,417 19,652 73,368 29,21s 10,954 30,507 21,977 34,982 Capital paid I n 139,599 9,87s 44,086 i 4 , i o 6 14,285 6,254 5,204 18,148 5,324 3,028 4,217 4,328 10,741 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 A l l other l i a b i l i t i e s 18,4o4 ; i , 1 8 4 4,905 1,094 2,046 1,076 900 3,115 1,081 985 732 518 768 TOTAL LIABILITIES 4,986,317 371,217 1,554,819 356,988 488,450 196,151 244,299 732,548 183,494 128,454 190,766 131,979 407,152 Beserve r a t i o (per c e n t ) 68.9 60.9 72.1 61.5 72.6 58.2 62.7 72.4 57.1 64.1 65.4 64.6 76.0 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 266,659 20,022 74,985 25,361 27,763 13,615 11,212 37,107 11,479 7,208 9,610 9,343 18,954 F.R.notes on hand ( n o t e s r e e ' d from F*E,Agent l e s s notes i n c i r c u l a t i o n ) 3 5 7 , 9 4 8 21,189 114,379 24,661 26,631 18,423 23,836 43,325 10,272 7,299 8,281 6,569 47,583 FEDERAL RESERVE HOTE ACCOUNTS OF FEDERAL RESERVE AGENTS y . E . notes rec*d from Comptroller 2,787,272 231,902 733,335 177,323 255.886 98,312 231,954 419,713 83,439 82,132 93,619 59,895 309,262 1".R. notes h e l d by F.R. Agent 336,005 31,650 284,720 21,500 35,430 25,054 64,950 123,330 13,920 19,419 34,420 22,332 104,280 P.R.notes i s s u e d to F.R.Bank 1,951,267 150,252 453,615 155,823 220,456 73,758 167,004,296,383 64,519 62,713 64,199 37,563 204,982 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 M3 F.R.notes i s s u e d to F.R.Bank: L I A B I L I T I E S Gold and gold c e r t i f i c a t e s Gold redemption fund Gold fund - F.R.Board E l i g i b l e paper Total c o l l a t e r a l 354.606( 35,300 93,6211 9 , 9 1 5 673,923 23,000/ 1,194,364^120,W 2,316,53^ 1 9 3 , 6 ^ 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 M m i e l g a l warrants 943,791 303,988 • 93,594 100 *153,161 50,000 21,375 20,000 17,325 10,246 12,693 6,704 4,225 2,475 5,000 72,977 90,000 63,200 213,000 358,934 93,356 98,363 53,944 534,920 176,579 251,056 82,023 170,227 377,131 MATURITY DISTRIBUTION OF B I L L S 0 1 ? Within 15 days l o to 30 days 806,549 97,597 4,122 35,865 73,528 10,997 100 31 to 60 days 53,093 95,842 8,300 14,167 12,303 40,000 1,774 2,419 3,922 2,791 18,632 10,500 23,000 37,860 3,000 122,386 49,911 31,739 36,977 26,518 84,763 70,485 71,325 78,759 44,612 265,731 IHDEET —i V W ZD MUNICIPAL WARRA1TTS 91 days to 6l to 90 days Over 6 months 6 months 18,428 28,907 949 30,204 6,817 73,475 f
@FedFRASER