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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, June 15; not e a r l i e r . STATEMENT FOB THE PRESS S t . 5813 F e d e r a l Reserve Board, June l 4 , 1928. CONDITION OF EEflSlUL RESERVE 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 the F e d e r a l r e s e r v e hanks on June 13, made p u b l i c by t h e Federal Reserve Board, shows h o l d i n g s of d i s counted h i l l s amounting t o $1,043,000,000 on i n c r e a s e f o r t h e week of $60,900,000. Holdings of United S t a t e s s e c u r i t i e s i n c r e a s e d $13,300,000, . member ban]? r e s e r v e d e p o s i t s . $7,600,000, and 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 $7,100,000. Cash r e s e r v e s decreased $27,400,000 and b i l l s bought i n open market $26,000,000. T o t a l b i l l s and s e c u r i t i e s amounted to $1,508,000,000 or $48,100,000 above t h e amount h e l d on June 6. 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 d u r i n g t h e week were i n c r e a s e s of $31,700,000 a t tho F e d e r a l r e s e r v e bank of New York, $18,800,000 at Chicago, $5,600,000 a t Cleveland, and $5,100,000 a t Boston, and a decrease of $3,900,000 a t San Francesco. 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 l i n e d $26,000,000, while h o l d i n g s 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 i n c r e a s e d $12,500,000, of United S t a t e s bonds $600,000, and of Treasury n o t e s $200,000. 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 i n c r e a s e d $7,100,000 d u r i n g t h e week, i n c r e a s e s of $13,700,000 a t the F e d e r a l Reserve Bank of San F r a n c i s c o , $5,200,000 a t P h i l a d e l p h i a , and $3,100,000 a t Cleveland, being p a t t l y o f f s e t by docreases of $6,300,000 a t New York, $3,000,000 a t A t l a n t a , and smaller d e c r e a s e s at t h e o t h e r F e d e r a l r e s e r v e banks. 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 t h e r e s e r v e banks during the week and the y e a r ending June 13, 1928, f o l l o w s : Increase or decrease Week T o t a l r ese r v e s Gold r e s e r v e s T o ta l b i l l s and s e c u r i t i e s - $27,400,000 - 28,500,000 . . . . . + 48,100,000 Secured by U.S.Govt, 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 + + 33,300,000 27,500,000 B i l l s bought in open market . . . . - B i l l s discounted, total U. S. Government securities, total 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 . . c. during Year - $451,400,000 - 436,200,000 + 415,700,000 + + 494,400,000 187,500,000 26,000,000 + 57,900,000 + 13.300,000 - 323,900,000* - 29,300,000 210,700,000* + 60,900,000 + 600,000 + 200,000 + 12,500,000 + 681,900,000 84,000,000 Federal reserve notes i n c i r c u l a t i o n + 7,100,000 - 92,900,000 Total deposits Members' reserve deposits . . . . Government deposits . . . . . . > + 12,300,000 + 7,600,000 + 700,000 - 37.500,000 28,700,000 + 11,500,000 •June 15, 1927 h o l d i n g s i n c l u d e d $185,000,000 of s p e c i a l temporary c e r t i f i c a t e s i s s u e d i n a n t i c i p a t i o n of t a x r e c e i p t s . Released, f o r p u b l i c a t i o n Friday morning, Juno 15. 1928; not e a r l i e r . St* 5813a- RESOURCES A2TO LIABILITIES OF THE TWELVE FEDERAL RESERVE BA2JKS COMBINED ( I n thousands of d o l l a r s ) June 11.1928 June 6.1428 June 1*5.1927 RESOURCES 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 . . . . 1,118,486 71»181 1,109.015 65,603 1.678,233 49,272 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 . Gold s e t t l e m e n t f u n d 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 . . 1,189.667 74l,018 649,721 1.174,618 1.727.505 652,563 757,7o3 2,580.406 2,608,948 3.016,645 153.593 152.461 168,713 Total reserves . . , Eon-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 • 2,733.999 65,139 3.185.358 60,5^6 684,513 358,345 2,761.409 63.042 . o51,184 330.8l4 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 i n d e b t e d n e s s . . . . . . 1,042,858 240,417 981.998 266,394 63,572 76.58^ 83.140 63.011 76.352 70.""9 360.942 182,504 . . 1"7.53U T o t a l U. S. Government s e c u r i t i e s 223.296 210,032 5^7*224 1.090 ^'090 1,300 1,507.661 1.459.51^ 1.091,970 - " T o tal gold r e s e r v e s Reserves o t h e r t h a n g o l d . . . . . Other s e c u r i t i e s T o tal b i l l s and s e c u r i t i e s . . . Gold h e l d abroad : : : : : : : : : : Bank premises . . . All other resources . . . . . . TOTAL RESOURCES 190,1.39 170.803 293,833 ^2,233 e p * % 60.080 10,010 9,157 ix'fink 3. 5.125,573 5.029.347 5.313.456 1,605.425 1.598,370 1,698,294 2,392.433 2 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 . . . . Member bank - r e s e r v e account % 5 ^ Y . Y . Y . Y . Y . Y . \ Other d e p o s i t s Total deposits . • Deferred a v a i l a b i l i t y items >1% I f 17,855 2,436,139 IrOfp 2,423,822 691,028 615.20^ 5.125.573 5.029.347 2 '^'che « >0(»„ 2,473»666 .K.^Y:Y:Y:Y:Y _H i H i H TOTAL LIABILITIES . v, . . . . 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. n o t e l i a b i l i t i e s combined . . . 67.6$ 295.525 bo.7> 5,313,456 . (0.*p ; BS309BGSS ASD LIABILITIiS OF IBS E E U M , I S 8 0U R CI S ( I n thousands Total Boston New York H i l l a . Sold with Federal Reserve Agents 1,118,486 69,525 175.925 78,960 Qeld redemption fund with U.S.Treas. 71.181 9,304 16,692 9,559 Gold h e l d e x c l u s i v e l y against P. R. notes 1,189,667 78,82) 192,617 88,519 Said settlement fund tithF.R.Board 741,018 50,324 254,500 58,152 ©Bid and gold c e r t i f . h e l d by banks 649,721 26,995 398,865 26,816 Total fiold r e s e r v e s a » a e r v e s other than gold BES23BW BAHKS OS JOSE 13, 1928. St. 5813b of d o l l a r s ) Cleve. Rich. A t l a n t a Chicago St.Louis Minn. Xans.Cy. Dallas San Fran* 151,571 25,855 81,823 215,358 1 8 , ^ 3 39,967 4l,287 17,330 202,442 4,212 2,955 4,540 8,271 4,950 4,560 2,388 1,390 2,360 155,783 52,527 40,179 28,810 18,64l 20,186 86,363 223,629 3,711 l4o,976 11,266 55,592 23,393 37,228 13,159 44,527 22,832 5,644 43,675 4o,6oO 7,442 18,720 204,802 20,997 40,530 14,349 29.228 2,580,4o6 156,148 153,593 16,339 845,982 173,487 248,489 31,145 7,209 13,820 67,637 101,340 420,197 l l , 0 4 l 16,138 17,121 73,780 l4,l47 73,003 2,881 91,717 7,130 54,066 274,560 7,747 8,875 Total r e s e r v e s 2,733,999 172,487 Ben-reserve cash 65,139 6,039 B i l l s discounted: Secured by U.S.Govt, o b l i g a t i o n s 684,513 44,748 Other b i l l s discounted 358,345 38,952 Total b i l l s discounted ,042,858 83,700 S i l l s bou^Jit i n opon market 240,417 36,448 U. S. Government s e c u r i t i e s : Bonds 815 63,572 Treasury n o t e s 76,584 1,918 C e r t i f i c a t e s of indebtedness 83,l4o K751 877,127 180,696 262,309 21,795 1,815 4,357 78,678 117,478 437,318 4,227 5,229 8,625 87,927 3,550 75,384 l,36o 98,847 1,980 61,813 283,435 3,077 3,085 287,395 109.629 45,976 18.086 64,726 26,269 15,313 28.858 17,318 113,342 47,503 26,661 27,304 22,900 5,798 2,592 8,086 14,683 3,693 7.3% 50,814 14,862 397,024 30,815 64,06a 90,995 30,220 24,098 44,171 10,402 64,821 140,003 19,074 24,670 50,204 497 8,390 18,122 22,769 11,179 11,043 15,499 65,676 19,393 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 s and s e c u r i t i e s Dae from f o r e i g n banks Uncollected items Batik premises H I o t h e r resources TOTAL RESOURCES G% 223,296 1,090 7,490 - 7,500 8,703 30,908 687 9.191 11.639 624 27,229 5,780 1,191 665 1,644 110 3,114 2,000 22,147 3,833 9,492 7,125 4,575 4,026 2,380 10,737 2,590 4,618 7,897 3,535 4,628 164 11,780 5,294 47,m 21.517 100 33,633 3,500 5,224 35,472 7,125 10,981 990 17,945 16,060 17,23s - - - - - — 507,661 127,638 474,950 115,899 148,726 52,073 89,119 200,145 57,826 38,483 51,893 42,602 102,307 572 748,112 60,080 10,010 218 201,881 16.563 2,166 25 56,166 3,432 390 21 69 24,026 97,210 2,832 8,720 1,376 921 21 33,561 3,890 559 13 15,158 2,202 1,148 18 39.365 4,308 . 5% 17 27,135 1,858 470 37 73,969 3,824 58 47 63,816 1,752 265 51 71,379 6,865 1,422 35 44,446 3.834 689 5,125,573 384,052 1,594,700 364,290 495,109 200,991 240,081 753,008 187,334 134,24s 196,957 136,972 437,831 L I A B I L I T I E S BE SOURCES AwD LIABILITIES OF THE FE1ERAL RESERVE BANKS ON JUlffi 13, 1528. (In thousands of d o l l a r s ) Total Boston No? York Phi l a . Cleve. Rich. Atlanta Chicago St.Louis F.R.notos i n actual c i r c u l a t i o n Deposits: Member "bank - reserve account Government Foreign hank Other d e p o s i t s Total d e p o s i t s Deferred a v a i l a b i l i t y items Capital paid i n Surplus A l l other l i a b i l i t i e s TOTAL LIABILITIES Reserve r a t i o (per c e n t ) 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 F.R.notes on hand ( n o t e s r e e ' d from F.R.Agent l e s s notes i n c i r c u l a t i o n ) 1,605,425 131,441 331,888 130,280 195,479 2,392,433 150,702 17,019 355 8,832 426 17,855 75 2,436,139 151,558 691,028 71,976 9,878 139,719 233,319 17,893 1,306 19,943 949,997 138,394 211 10,783 4,758 539 8,320 75 973,858 139,219 176,294 57,744 44,128 14,191 63,007 21,662 1,194 5,525 St. 5313c Minn. Kans.Cy. Dallas San Fran. 54,211 134,880 255,322 55,263 187,641 71,107 66,195 355,719 162 386 690 705 238 289 590 789 1,657 87 97 1,402 190,593 71,645 67,220 358,296 68,532 55,447 21,838 85,119 14,296 6,251 5,204 18,122 24,021 12,324 9,996 32,778 2,188 1,113 943 3,371 5,125,573 384,052 1,594,700 364,290 495,109 200,991 240,081 753,008 67.6 60.9 67.2 67.0 62.5 58.1 71.3 67.9 295,525 21,867 86,184 27,698 30,322 14,870 12,246 388,924 26,221 119,814 25,680 24,655 17,643 55,081 55,907 31,074 174,599 80,491 54,844 89,147 64,070 184,126 764 219 743 995 1,006 244 204 403 153 199 214 269 863 30 4,766 81,768 55.430 90,957 65,§94 190,301 33,430 12,662 36,083 27.232 44,671 4,211 4,326 10,746 3.035 5.331 9,046 8,527 16,629 10,397 7,039 1,001 885 1,145 519 753 187,334 134,248 196,957 136,972 437,831 64.1 64.2 6S.7 67.3 77.7 40,527 12.537 7,872 10,496 30,642 51,847 10,325 6,008 7.796 10,205 20,701 5.726 62,567 F3DSRAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS F.R.notes r e e ' d from Comptroller F.R.notes h e l d "by F. R. Agent 2,796,819 239,612 802,470 81,950 736,422 183,060 253,964 96,588 231,512 425,719 284,720 27.100 33.830 24.734 65.990 118.550 84,408 18.820 80,513 19.424 97,123 33.420 59,132 308,766 22.132 71.600 F.R.notes i s s u e d t o F.R.Bank C o l l a t e r a l h e l d as security f o r F.R.notes i s s u e d to F.R.Bank: 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 1,994,349 157,662 451,702 155,960 220,134 71,854 165,522 307,169 65,588 61,089 63.703 36,800 237,166 354,606 98,386 665,494 1,234,877 2,353,363 153,160 50,000 17,765 9,783 11,571 5,000 69,177 90,000 399,153 79,726 114.180 575,078 158,686 265,751 20,000 8,300 8,223 2,358 2,643 53,600 213,000 7,500 51,087 83.811 164.530 50.462 76.942 165,634 379,888 68,905 14,167 2,800 23,000 26.I&I 66,448 B i l l s discounted B i l l s thought i n open market Certificates" of indebtedness warrants 35,300 16,225 18,000 120,129 189,654 a,376 4,479 2,427 38,860 33.783 75,070 12,303 40,000 2,027 18,085 26.515 85.020 3,000 144,357 43,845 287,462 MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS Total Kithin 15 days 16 to 30 days 31 to 60 days 6 l to 90 days ^ ^ths° 1,042,858 903,671 94,246 28,267 35,772 64,655 53,566 55.029 29,611 21,772 19,806 4, 715 240,417 83,i4o 100 100 0ver 6 months 432 54,873
@FedFRASER