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STATEMENT FOB THE PRESS Released f o r p u b l i c a t i o n Friday morning, June 22; not e a r l i e r . St. $82$ Federal Reserve Board, June 21, 1928. CONDITION OF ISDERAL RESERVE BANKS The consolidated statement of condition of the Federal reserve hanks on June 20, made public hy the Federal Reserve Board, shows decreases f o r the week of $52,000,000 i n holdings of discounted b i l l s , of $16,500,000 i n b i l l s bought i n open market, of $400,000 i n Government s e c u r i t i e s , of $60,300,000 in member bank reserve deposits, and of $6/100,000 in Federal reserve note c i r c u l a t i o n , and an increase of $3,300,000 i n cash r e s e r v e s . Total b i l l s and s e c u r i t i e s were $69,500,000 below the amount held on June 13« The p r i n c i p a l changes i n holdings of discounted b i l l s during the week were decreases of $38,000,000 at the Federal Reserve Bank of San Francisco, $19,500,000 a t New York, $12,400,000 at Cleveland and £12,100,000 at Chicago, and an increase of $20,600,000 at Philadelphia. The System's holdings of b i l l s bought i n open market declined $16,500,000 and of U. S. bonds $71,600,000, while holdings of Treasury notes increased $1,700,000 and of c e r t i f i c a t e s of indebtedness $5,500,000. Holdings of Treasury c e r t i f i c a t e s on June 20 i n cluded a $19,000,000 temporary c e r t i f i c a t e issued by the Treasury to the New York bank pending the c o l l e c t i o n of the quarterly installment of taxes. • Federal reserve note c i r c u l a t i o n declined $6,100,000 during the week, the p r i n c i p a l changes being decreases of $5,100,000 at the Federal Reserve Bank of Cleveland and $3,700,000 at Philadelphia, and an increase of $2,100,000 at San Francisco. 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 r e serve banks-during the week and the year ending June 20, 1928, follows: Increase or decrease Week Total reserves Gold reserves . . . . . . . . . . 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 B i l l s bought i n open market . . . XJ. 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 . . Federal reserve notes i n c i r c u l a t i o n Total deposits Members' reserve deposits Government deposits . . . + $3,300,000 + 500,000 - 69,500,000 - 52,000,000 - 31,300,000 20,700,000 - 16,500,000 Year + + + $456,500,000 447,300,000 445,600,000 552,100,000 418,200,000 133,900,000 4- 40,700,000 - + 400,000 - 7,600,000 + 1,700,000 + 5,500,000 - 6,100,000 - 70,000,000 - 60,300,000 - 13,500,000 during - - - 4- + - 146,500,000 104,000,000 4,900,000 37,500,000 90,000,000 1,400,000 25,100,000 23,400,000 C. 1 Released, f o r p u b l i c a t i o n Friday morning, June 22, 1928; not e a r l i e r . St. 5824a RESOURCES AND LIABILITIES OF BOB T1ELVE FEDERAL RESERVE BANKS COMBINED ( i n thousands of d o l l a r s ) RESOURCES Gold with Federal reserve agents . . . . Gold redemption fund with U. S. Treasury June 20.1928 June 15.1928 June 22.1927 1,135,840 62,534 1,118,486 71,181 1,619,569 43,618 Gold held e x c l u s i v e l y 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 h e l d by hanks 1,198,374 1,189,667 1,663.187 591,047 774,027 Total gold r e s e r v e s Reserves other than gold 2,580,917 2,580,406 156,354 153,593 3,028,261 165,466 Total r e s e r v e s . . ^on-reserve cash . . . . . . . . . . . #• p 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 discounted . 2,737,271 64,107 2,733,999 65,139 3,193,727 59,844 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 h e l d abroad « « . • • • • • • • • Due from f o r e i g n banks . . . . Uncollected items . . . . . . Bank premises All other resources TOTAL RESOURCES 653,196 684,513 358,345 234,997 203,687 990,827 223,882 1,042,858 240,417 438,684 183,217 55,928 63,572 159,944 83,186 337,631 78,260 88,680 83,l40 222,868 223,296 1,090 369,341 1,300 1,507,661 572 748,112 60,080 10,010 992,542 to,333 14,118 683,052 59,136 13,724 5 , 0 3 7 , ( 8 9 ^ 5,125,573 5,056,476 1,599,372 1,605,425 1,689,347 2,332,162 2,392,433 2,307,056 26,831 20,388 17,855 5,163 25,728 2 , 3 6 6, ,l 1b 6£ 2^ ^ 2,436,139 691,028 678,(74 139,719 l4o,309 233,319 233,319 19,943 20,353 5,037,§89 5,125,573 2,364,778 629,142 129,375 228,775 15,059 5,056,476 530 1,438,167 57 729,581 60,089 7,902 . 76,584 126,211 L I A B I L I T I E S R. notes i n a c t u a l c i r c u l a t i o n . , Deposits: i Member bank - r e s e r v e account . . . Government ! Foreign bank Other deposits . • 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 All other l i a b i l i t i e s . . . . TOTAL LIABILITIES . 3,478 10,134 17,019 8,832 Ratio of t o t a l r e s e r v e s to deposit and F. R. note l i a b i l i t i e s combined . . . 69.056 67.656 78.8# 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 . . . . . . 297,824 295,525 146,954 C. BBS mm EE SOURCE S ° " D LIJBIUTII:S ZMKS ON JOSE SO, 1928. i:g? Gold h e l d e x c l u s i v e l y against F, a. notes 1.19s,374 73,164 190,971 84,592 687,'772 jj'ffs 44s:^4 Ik'.lx, Gold and gold c e r t l f . h e l d t y ' b S Total fiold r e s e r v e s Reserves other than gold t o t a l reserves % 2,580,917 152,361 156,354 15.728 334.670 152,145 31,005 7.673 2,737,271 168,089 6 M o ? 5 > s r s S s . k « 990,827 223,882 I I 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 89,322 33.493 sal 222,868 590 7,516 - 136,614 26,796 to.TO 1?:W6 251.907 % " S * S ' ' 92,330 9 ^ 222,505 22,87s 1 18,031 242 ft'xl pf'1% 86,539 6.844 58,202 7.014 313 313 865,675 159.818 267,722 72.640 121,894 441,796 82,814 75,612 93,383 65,236 322 ^ ^ ^ 377,560 28.900 84,629 26.335 ^ >•»> *•*» %:6% 251630 31:230 %:958 47:152 78,620 23,787 4?,703 9.920 59,584 127,93 2 54,286 16,974 22.109 415 J a .;•! 1:S 47,659 a,553 33,788 . *•«* 1.00 10.079 14 3.510 5.173 35,525 7.125 10,994 17,978 320. 36,557 13 52,592 40,790 I S * g " I " - 5 21 I f 349 661 T m 487,351 11 I I H 5,037,^89 379,112 1,554,137 355.786 24,535 lit i F ~ " £ L I I 7,643 ,'S 61,826 * 5 1%:% >:g c.pyi 592 ^ E:p44 17.430 974 ^:l?4 15.815 81,731 185,566 21 69 43,311 ^ 5 72.702 2.910 454,119 132,617 136,195 61,133 218 47, 51 25 TOT&L RESOURCES ' ? £ ' 68,305 14.509 1,438,16? 130,331 ^572 37 * g 44,208 ^ Total h i l l s and s e c u r i t i e s Due from f o r e i g n hanks I S jgafe 61.035 105,402 4:4.336 11.605 16.492 17.460 other i , i U s \ S s ^ e f 11£atl0 ° S 337^631 33 ^02 lll'.ill Tqtal b i l l s discounted B i l l s touefrt i n open market U. S.-Government s e c u r i t i e s ; S st. 18 27 664 19H9 jgj •;.» 14,780 17,267 17 64,710 ^ vJ T J 196,607 238,249 743,709 186,153 132,109 193,029 135,95s 435,439 L I A B I L I T I E S RB-SQURCES, AND, LIABILITIES OF THE FEDERAL RESERVE BANKS ON JUNE 20, 1928. ( I n thousands of d o l l a r s ) Total Boston New York R i i l a . Cleve. Rich. A t l a n t a Chicago St.Louis St. 5824c Minn. Kans.Cy. Dallas San Fran. F.R.notes i n actual circulation 1,599,372 132,550 332,481 126,588 190,381 53,213 134,013 256,455 55,453 55,187 55,6o4 30,771 176,676 Deposits: Member "bank - reserve account 2,332,162 147,297 ,349 185,616 67,233 64,636 345,400 80,595 51,224 87,660 64,339 183,644 104 3,478 Government 54 182 228 337 251 297 696 314 177 382 456 10,134 . 658 Foreign "bank 3,832 834 913 %8 369 1,220 3 77 237 316 307 623 20,388 f 470 Other d e p o s i t s 8,581 44s 1,566 698 246 1,334 656 290 882 56 5,161 Total d e p o s i t s 2,366,162/148,529 933,919 134,882 188,392 69,075 65,305 348,136 81,856 52,065 89,035 65,084 189,88lL Deferred a v a i l a b i l i t y items 678,174 68,966 174,278 57,159 68,072 54,595 22,786 84,798 31,935 13,789 34,394 26,74o 40,6^2 Capital paid in 140,309 9,878 44,680 14,191 14,295 6,24I 5,207 18,163 5,343 3,030 4,207 4,326 10,748 Surplus 233,319 17,893 63,007 21,662 24,021 12,324 9,996 32,778 10,397 7,039 9,046 8,527 16,629 All other l i a b i l i t i e s 20,353 1,296 5,772 1,304 2,190 1.159 - 9 4 2 3 , 3 7 9 1,169 999 743 510 890 TOTAL LIABILITIES 5,037,$89 379,112 1,554,137 355,786 487,351 196,607 238,249 743,709 186,153 132,109 193,029 135,958 435, Reserve r a t i o (per cent) 69. o N 59.8 68.4 6l.l 70.7 59-4 61.2 73.1 60.3 70.5 64.6 68.1 88. Contingent l i a b i l i t y on M i l s p u r chased f o r f o r e i g n correspondents 297,824 22,352 83,843 28,312 30,994 15.199 12,517 41,425 12,815 8,047 10,729 10,431 21,160 J . R . n o t e s on hand (notes r e c ' d from F.R.Agent l e s s notes i n circulation)399»373 25,434 122,29s 28,374 31,887 17,364 30,985 51,435 9,829 5,273 8,082 5,447 62,965 FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS F . R . n o t e s r e c ' d from Comptroller 2,810,515 236,934 735,179 183,662 260,098 95,071 230,388 422,740 84,622 79,684 96,706 58,550 326,881 F . R . n o t e s h e l d by F. R. Agent 811,770 78,950 280,400 28,700 37,830 24,494 65,390 114,850 19,340 19.224 33.020 22,332 87.240 F.R.notes i s s u e d t o F.R.Bank 1.998,745 157,984 454,779 154,962 222,268 70,577 164,998 307,890 65,282 6o,46o 63,686 36,218 239,641 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 F.R.notes i s s u e d t o F.R.Bank: Gold and gold c e r t i f i c a t e s 354,626 35,300 153,161 12,303 4o,ooo 50,000 20,395 21,000 8,300 14.167 Gold redemption fund 17,656 11,785 11,706 2,963 6,698 2,320 1,498 1,971 4,oio 2,446 17,735 94,335 13,547 Gold fund - F.R.Board 686,879 18,000 5,000 67,177 70,000 61,000 213,000 7,500 23,000 36,860 2,000 183,342 E l i g i b l e paper 1,159,342 122,795 375,897 91,096 101,868 54,130 76,477 149,912 54,566 25.030 34,448 25,969 47.154 Total c o l l a t e r a l 2,295,182 189,642 551,714 170,058 233,574 77,488 165,175 365,232 71,864 64.168 75,318 42,718 288,231 MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS AND MUNICIPAL WARRANTS 91 days to Over 6 months Within 15 days 16 to 30 days 31 to 60 days 6l to 90 days Total 6 months B i l l s discounted 990,827 845,383 39,389 55,103 31,916 18,757 279 B i l l s bought i n open market 223,882 98,312 49,300 48,376 22,887 ,5,007 C e r t i f i c a t e s of indebtedness 88,680 19,294 26,133 43,253 Municipal warrants 100 -* — 100
@FedFRASER