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STATEMENT FOR THE PRESS Released, f o r p u b l i c a t i o n Friday morning, May IS; not e a r l i e r . St. 5787 Federal Reserve Board, May 17, 1928. CONDITION OF FEDERAL RES^RVE BANKS The consolidated statement of condition of the Federal Reserve banks on May l o , made public by the Federal Reserve Board, shows decreases f o r the week of $17,800,000 i n holdings of b i l l s bought i n open market, of $1$,100,000 i n Government s e c u r i t i e s , of $8,100,000 i n Federal reserve note c i r c u l a t i o n , of $44,000,000 i n member bonk r e s e r v e d e p o s i t s , and of $46,300,000 i n cash r e serves, and an i n c r e a s e of $30,300,000 i n holdings of discounted b i l l s . Total b i l l s and s e c u r i t i e s wore $2,600,000 below the amount h e l d on L'ay 9. 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 i n c r e a s e s of $8,000,000 at the Federal Reserve Bank of P h i l a d e l p h i a , $7,400,000 at San Francisco, $7,100,000 at Chicago, and $6,700,000 at New York, jmd decreases of $8,100,000 and $2,500,000 at Cleveland and A t l a n t a , r e s p e c t i v e l y , fhe System's holdings of b i l l s bought i n open market decreased $17,800,000, of c e r t i f i c a t e s of indebtedness $12,100,000, of Treasury notes $1,600,000, and of United States bonds $1,500,000. Federal reserve note c i r c u l a t i o n decreased $8,100,000 during the week, the p r i n c i p a l changes being decreases of $4,200,000 at Cleveland, $3,100,000 at Chicago, $1,500,000 at A t l a n t a , and $1,100,000 at San Francisco, and an increase of $2,200,000 at New York. 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 l 6 , 1928, follows: Increase or decrease Week during Year Total r e s e r v e s Gold r e s e r v e s • - $46,300,000 - 49,200,000 - $421,500,000 - 416,100,000 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. o b l i g a t i o n s Other "bills discounted . . . . 2,600,000 + 30,300,000 + 463,4oo,ooo B i l l s bought i n open market . . + 3^9,200,000 + 4l,100,000 - 10,800,000 + 299,400,000 + 49,800,000 - + 121,800,000 17,300,000 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 . . . . - 15,100,000 1,500,000 1,600,000 - 12,100,000 Federal reserve notes i n c i r c u l a t i o n . . 8,100,000 - 128,300,000 40,000,000 44,000,000 + + 80,800,000 87,100,000 Total d e p o s i t s . . . . . . Members' reserve d e p o s i t s Government d e p o s i t s . . c. - + 4,4oo,ooo + + + 6,700,000 21,300,000 9,600,000 5,000,000 100,000 Released f o r p u b l i c a t i o n Friday morning, May IS, 1928; not e a r l i e r . St. 5787a 23SOURCES AND LIABILITIES 05* THE T'VHLVS F^IEBAL 3ES .;EVB BAETKS COMBINED ( i n thousands of d o l l a r s ) RESOURCES C-old with Federal reserve agents . . . . Gold redemption fund with U.S. Treasury Gold h e l d e x c l u s i v e l y a&ainst 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 May 16.1928 May 9,1928 May 18,1927 1,153,806 71,783 1,163,937 64,544 1,637,863 50,294 1,225,589 1,228,481 1,688,157 816,081 628,496 740,217 796,154 619,066 645,490 2,690,052 3,056,870 157,847 166,281 Total s o l d r e s e r v e s Reserves other than gold 2,640,809 Total r e s e r v e s Hon-re serve 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 discounted . . . . . . . . 2,801,637 2,847,899 64,189 64,619 3,223,151 63,724 548,566 258,846 507,508 249,203 807,412 347,292 777,141 365,104 458,235 54,544 100,417 107,359 101,977 119,413 56,002 75,871 90,789 102,391 277,392 990 269,051 1,420,627 954,579 59,548 160,828 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 TJ«;. 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 Dae from f o r e i g n banks . Uncollected items Bank premises All other r e s o u r c e s . . 262,320 990 l,4is,0l4 269,633 209,032 225,493 1,800 660 59,551 9,482 570 638,073 59,437 9,880 5,120,041 5,O4I,IO5 13,520 5,116,276 . . . 1,583,095 1,591,228 1,711,385 . . . 2,382,156 2,426,184 21,100 5,708 21,144 2,295,042 2,474,136 2,353,390 587,401 138,055 680,228 128,878 228,775 570 706,598 TOTAL RESOURCES 742,211 58,883 L I A B I L I T I E S F. R. notes i n a c t u a l 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 Total d e p o s i t s Deferred a v a i l a b i l i t y items Surplus All other l i a b i l i t i e s . . . . . . . . . TOTAL LIABILITIES 25,508 5,997 20,492 2,434,153 712,847 139,201 233,319 17,426 5,120,041 233,319 16,966 5,041,105 25,373 5,188 27,787 13,620 5,116,276 Ratio of t o t a l r e s e r v e s t o deposit and F. R. note l i a b i l i t i e s combined . . . 69.7# 70.156 79.3$ 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 264,566 265,137 161,137 http://fraser.stlouisfed.org/ C. Federal Reserve Bank of St. Louis RE S O U R C E S Pud SOURCES AH.D LIABILITIES OF THE FEDERAL RESERVE BANKS ON MAY l 6 , 1^28. ( 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. C-old vrith F e d e r a l Reserve Agents 1,153,806 77,924 176,147 88,620 152,721 Gold redemption f u n d m.th U. S.Treas. 71,783 8,644 1 7,280 1 2,19 4 3,933 Go j d h e l d e x c l u s i v e l y a g a i n s t P. R. n o t e s 1,225,589 86,568 193,427 100,814 156,654 Gold s e t t l e m e n t f u n d v.ith F.R.Board 796,154 58,430 327,51s 45,748 66,168 Gold and gold c e r t i f . h e l d by "banks 619 ,066 24,908 381,971 24,485 37,081 Total gold r e s e r v e s 2,640,809 169,906 902,916 171,047 259,903 Reserves o t h e r than gold 160,828 15,338 33,627 7,308 14,928 Total reserves 2,801,637 185,244 936,543 178,355 274,831 S o n - r e s e r v e cash 64,189 21,084 5,205 2,189 5,164 B i l l s discounted: Secured by U.S.Govt, o b l i g a t i o n s 548,566 28,003 237,939 38,790 39,060 Other b i l l s d i s c o u n t e d 258,846 29,559 58,890 16,407 20,379 T o tal b i l l s d i s c o u n t e d 807,412 57,562 296,829 55,197 59,439 B i l l s bought i n ore 11 market 40,023 347,292 69,884 38,984 34,173 1. S. Govern ient s e c u r i t i e s : loads 54,544 1,481 707 535 505 treasury notes 100,417 2,863 12,733 10,073 23,250 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 6,785 107,359 32,636 13,531 7,969 T o t a l U.S.Govt, s e c u r i t i e s 262,320 10,355 46,900 24,189 36,724 Other s e c u r i t i 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 Uncollected items B?n> premises ;M1 o t h e r r e s o u r c e s . 1 , B';SOURCES c. 990 - 1,418,014 107,940 570 766,593 37 74,654 3,824 65 - - - 413,613 118,370 217 47 211,858 62,355 16,563 1,756 St Rich. A t l a n t a Chicago St.Louis Minn, ^ans.Cy, Dallas San Fran. 3 0 , l 4 o 100,961 215,598 32,893 40,282 42,087 19,260 177,173 2,063 3,991 9,365 4,460 3,209 32,203 104,952 224,963 37,353 43,491 45,010 7,924 20,536 11,946 135,386 24,627 10,318 51,133 11,860 60,713 127,716 411,482 73,84o 11,622 15,825 19,24I 13,587 19,355 4,887 68,233 87,967 2,770 7,136 6,344 72,335 143,541 430,723 4,623 4,473. 8,009 87,427 3,902 71,003 1,356 95,103 1,890 14,236 23,015 15,027 31,209 88,810 23,969 18,689 16,633 5,204 3,797 42,251 16,754 46,236 112,779 35,322 1,472 9,001 20,502 9,805 12,201 22,006 1,153 991 2,346 44 19,927 3,401 2,626 5,719 13,591 7,125 11,333 4,475 4,490 6,071 39,237 22,988 - 22,519 47,682 — —* - 2,033 189 20,770 179,384 38,908 14,253 3o,74o 36,613 23,031 58,054 249,032 8,376 10,570 66,930 259,602 2,906 3,383 3,419 3,725 49,584 14,062 14,489 7,144 14,855 63,646 25,950 4,519 4,498 3,396 10,640 3,421 7,820 4,199 38 12,831 7,552 12,413 20,461 990 6,4oo - 6,052 18,071 - 20,421 — 130,341 63,495 74,826 199,698 59,732 42,906 56,956 40,070 110,017 51 76,083 25 55,931 3,372 392 21 68 25,143 103,169 2,832 8,720 21 35,439 3,391 637 13 18 14,697 38,198 2,202 4,308 1,419 871 909 553 5.120,041 376,969 1,601,916 363,261 494,576 200,173 252,260 751,25s 191,099 133,086 197,026 59,551 9,482 578710 6,865 1,241 17 26,336 453 35 42,735 3,377 715 138,553 419,864 i,s4i 35SOURCES AID LIABILITIES OF THE FEDERAL RESERVE BANKS ON MAY l 6 , 1928. St. 5787c ( i n thousands of d o l l a r s ) T o t a l Boston New York F 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 c i r c u l a t i o n 1 , 5 8 3 , 0 9 5 124,177 340,ill 127,744 191,972 56,63s 141,039 243,989 53,447 56,808 56,759 32,017 158,394 Deposits: Member bank - r e s e r v e account 2,382,156 148,921 943,584 138,064 187,401 66,390 69,180 356,596 82,726 51,521 89,473 65,303 182,992 Government 25,508 848 11,674 1,059 S19 1,094 2,347 2,747 879 740 1,321 1,036 944 Foreign tank 5,997 461 1,586 524 639 313 25s 854 264 166 221 215 436 Other d e p o s i t s 20,492 302 9,716 265 1,099 128 143 1,163 309 271 582 50 5,964 Total d e p o s i t s 2,434,153 151,032 966,560 139,972 189,958 67,925 71*928 361,360 84,178 52,698 91,602 66,6o4 190,336 Deferred a v a i l a b i l i t y i t e m s 712,847 72,899 183,804 58,729 72,429 55,97s 23,289 92,072 36,786 12,497 34,689 26,615 43,060 Capital paid in 139,201 9,878 43,727 14.106 14,285 6,254 5,224 18,118 5,323 4,230 4,326 10,700 Surplus "233,319 17,893 63,007 21,662 24,021 12,324 9,996 32,778 10,397 3,030 7,039 9,046 8,527 16,629 All o t h e r l i a b i l i t i e s 17,426 1,090 4,707 1,048 1,911 1,054 784 2,941 968 1,014 700 464 745 TOTAL LIABILITIES 5,120,041 376,969 1,601,916 363,261 494,576 200,173 252,260 751,25s 191,099 133,086 197,026 138,553 419,864 Reserve r a t i o ( p e r c e n t ) 71.7 °9-7 67.3 71.7 58.1 67.4 7i.? fiVR 54.]_ 66.6 72.0 5S.1 67.4 71.2 63.5 fik64.8« 64.1 67.9 74.4 Contingent l i a b i l i t y on b i l l s p u r L I A B I L I T I E S 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 264,566 F . R . n o t e s on hand ( n o t e s r e c ' d from F.R.Agent l e s s n o t e s i n c i r c u l a t i o n ) 3 7 5 , 9 8 3 F.R. n o t e s r e c ' d from Comptroller F.R. n o t e s h e l d by F.R. Agent F . R . n o t e s 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 s e c u r i t y f o r F . R . n o t e s 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 Gold redemption f u n d Gold f u n d - F.R.Board E l i g i b l e paper Total c o l l a t e r a l 19,851 23,684 2,805,503 230,611 846,425 82,750 1,959,078 147,861 35.4,606 35,300 99,623 14,624 699,577, 28,000 1,124,63* 3L5. 74,529 27,076 28,011 7,146 6,501 9,528 153,161 17,986 5,000 353,015 10,643 77,977 85,648 50,000 12,721 90,000 92,226 20,000 4,265 6,261 2,59s 4,500 74,700 213,000 21,375 53,776 68.587 160.30£ 8,300 14,167 1,093 23,500 36,332 3,115 3,227 29,415 36,303 23,000 860 38,<5 9,264 18,792 6,712 48,983 61,061 306,057 22,332 98,680 38,729 207,377 12,303 40,000 3,957 19,133 3,000 H S , o 4 o 21,958 89.472 2,27S,43j 1 7 5 5 2 9 , 1 6 2 174,268 244,947 83,916 169,54s 375,906 69,225' 69,697 78,390 41,218 266,645 Total 11,116 36,790 11,381 18,981 27,961 49,335 10,751 8,745 FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS 744,074 178,720 257,213 100,873 233,510 427,254. 83,378 82,828 99,924 2°4,720—23,900 37,230 25,254 64,510 133,930 19.180 19,519 34,420 459,354 154,820 219,983 75,619 169,000 293,324 64,19s 63,309 65,504 lo 119,243 I i 4 O u4 0 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 i n d e b t e d n e s s . 25,144 27,526 13,499 807,412 347,292 MATTTRTT'Y DISTRIBUTION BT SmPTTiTTmTmT OF nT? BILLS t j t t t c AND Arm CERTIFICATES mp-Dm-nrvrn A m - n n . OF INDEBTEDNESS MATURITY Within 15 days 16 t o 30 days 684,518 35.11S 63,291 1,288 121,261 6,327 31 to 60 days 45,179 110,583 6 l to 90 days 26,l4l 44,981 91 days t o 6 months 15,597 7,176 3,000 Over 6 months 859 96,744
@FedFRASER