The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
STATE!.®?! FOR THE P2ESS S t . 5944 Federal Reserve Board, October 18, 1928. Released f o r p u b l i c a t i o n Friday morning, Oct. 19; not e a r l i e r . C(EDITION OF FSDEPJJj BliSSiVS BAVJKS 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 Federal r e s e r v e banks on October 17, made p u b l i c by the Federal Reserve Board, shows a decrease f o r the week of $ 5 7 , 5 0 0 , 0 0 0 i n h o l d i n g s of b i l l s discounted, n e a r l y o f f s e t by i n * c r e a s e s of $ 4 7 , 6 0 0 , 0 0 0 i n h o l d i n g s of b i l l s bought i n open market and of $ 4 , 7 0 0 , 0 0 0 i n Government s e c u r i t i e s . Member bank r e s e r v e d e p o s i t s i n c r e a s e d $45,700,000 and cash r e s e r v e s $l6,400',000, while Federal r e s e r v e note c i r c u l a t i o n d e c l i n e d $ 8 , 2 0 0 , 0 0 0 . Total b i l l s and s e c u r i t i e s were $ 4 , 6 0 0 , 0 0 0 below the amount h o l d on October 10. The p r i n c i p a l changes i n h o l d i n g s of discounted b i l l s wore d e c l i n e s of $ 3 9 , 7 0 0 , 0 0 0 a t t h e Federal Reserve 3"nk of "xTew York, $ 2 6 , 2 0 0 , 0 0 0 at P h i l n d e l ' p h i a , and $ 2 1 , 4 0 0 , 0 0 0 at B o s t o n , and i n c r e a s e s of $ 1 6 , 4 0 0 , 0 0 0 a t Chicago, $7,600,000 a t Kansas C i t y , $ 5 . 9 0 0 , 0 0 0 a t S t . Louis, and $ 5 , 7 0 0 , 0 0 0 a t Minneap o l i s . The System's h o l d i n g s of b i l l s bought i n open market i n c r e a s e d $47,600,000 and of Treasury n o t e s $ 3 8 , 1 0 0 , 0 0 0 , while h o l d i n g s of Treasury c e r t i f i c a t e s d e c l i n e d $ 3 3 , 2 0 0 , 0 0 0 and of United S t a t e s bonds $ 2 0 0 , 0 0 0 . Federal r e s e r v e n o t e s i n c i r c u l a t i o n , w h i c h show 3 n e t r e d u c t i o n of $ 8 , 2 0 0 , 0 0 0 f o r the week, d e c l i n e d $ 4 , 9 0 0 , 0 0 0 at the Federal Reserve Bank of Hew York, $ 4 , 3 0 0 , 0 0 0 at Cleveland, and $ 3 , 5 0 0 , 0 0 0 at P h i l a d e l p h i a and i n c r e a s e d $ 2 , 5 0 0 , 0 0 0 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 t h e r e serve banks during the week and the year ending October 17, 1928, f o l l o w s : Increase or Week decrease during Year Total r e s e r v e s Gold r e s e r v e s + $lo,400,000 + 11,4-00,000 - $342,600,000 - 339,^00,000 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 d i s c o u n t e d - 4,600,000 57,^00,000 39,^00,000 18,200,000 + 350,800,000 + 518,200,000 + + 345,200,000 173,100,000 B i l l s bought i n open market + 47,600,000 + 96,900,000 U. S. Government s e c u r i t i e s , t o t a l . . . Bonds Treasury n o t e s . C e r t i f i c a t e s of indebtedness . . . . + + - 4,700,000 200,000 38,100,000 33,200,000 - 269,000,000 - 202,000,000 - 400,000 66,700,000 Federal r e s e r v e n o t e s i n c i r c u l a t i o n . . - 8,200,000 + 300,000 Total d e p o s i t s . . . . . Members' r e s e r v e d e p o s i t s Government d e p o s i t s . + + + 49,400,000 45,700,000 3.000,000 - 34,000,000 24,800,000 2,600,000 . . . Released f o r p u b l i c a t i o n Friday morning, Odtober 19,1928; not e a r l i e r . St. 5944a RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED ( I n thousands of d o l l a r s ) Oct. 17.1928 Oct. 10.1928 Oct. 19.1927 RESOURCES Gold with Federal r e s e r v e a g e n t s . . . . Gold redemption fund with U.S.Treasury . 1,207,448 72,282 1,198,568 69,439 1,632,507 40,528 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 fund w i t h F. R. Board . Gold and g o l d c e r t i f i c a t e s h e l d "by "banks 1,279,730 677.753 678,629 1,268,007 682,992 673.726 1,673.035 637,092 665,378 Total g o l d r e s e r v e s 2,636,112 2,624,725 2,975,505 Reserves other than g o l d 133,275 128*213 136,475 2,769,387 2,752,938 3,111,980 56,192 50,266 59.695 569,984 365,826 609,355 384,047 224,821 192,776 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 "bills d i s c o u n t e d Total "bills d i s c o u n t e d B i l l s J)ought 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 i n d e b t e d n e s s . . . . . 935.810 379,409 993,402 331,768 417,597 282,503 53,071 124,339 53,955 53,271 86,281 87,l6o 255,075 124,710 120,608 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 231,365 5,280 226,712 4,580 500,393 620 Total "bills and s e c u r i t i e s . . . 1,551,864 1,556,462 1,201,113 574 975,181 60,493 10,473 574 716,985 60,368 9,135 563 851,251 59,774 12,695 5,424,164 5,146,728 5,297,071 . . . 1,717,050 1,725,212 1,716,785 ..." 2,358,874 6,210 6,945 23,085 2,313,195 3,194 5,266 24,l6l 2,383,711 §,808 12,383 24,196 Total d e p o s i t s . . . . . . . . Deferred a v a i l a b i l i t y i t e m s . . . . . . Capital p a i d i n Surplus . A l l other l i a b i l i t i e s . . 2,395,114 900,479 145,677 233,319 32,525 2,345,756 666,067 145,588 233,319 30,786 2,429,098 775,545 131,275 228,775 15,593 TOTAL LIABILITIES 5,424,164 5,l46,728 5,297,071 Due from f o r e i g n banks U n c o l l e c t e d items Bank premises A l l other r e s o u r c e s . . . TOTAL RESOURCES . . . . . . . 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 Deposits: *• ; Member bank - r e s e r v e account . i Government Foreign bank : Other d e p o s i t s 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 . . . 67.3$ 67.6$ 75*1$ 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 253,979 268,863 198,810 C. RESOURCES RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON OCTOBER 17, 1928. (In thousands of d o l l a r s ) St 5944b Total Boston New York F h i l a . Cleve. 17%,932 8 5 , 6 3 2 151,560 Gold w i t h Federal Reserve Agents 1 , 2 0 7 , 4 4 8 120,860 Goj.d redemption fund w i t h U . S . T r e a s . 72,282 9,189 --lg,57o 5,493 6,093 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 1 , 2 7 9 , 7 3 0 130,049 193,508 9 1 , 1 2 5 1 5 7 , 6 5 3 Gold s e t t l e m e n t fund w i t h F R.Board 677,753 6 6 , 9 7 3 177,895 46,857 57,487 -old and g o l d c e r t i f . h e l d bv hanks 678,629 34,167 440,429 28,867 4 5 . 3 8 5 Rich. A t l a n t a Chicago S t . L o u i s 35,319 66,617 254,014 28,076 2,514 4,775 7,463 6,533 Minn. Kans.Cy. D a l l a s San Fran. 4 5 , 5 3 3 47,726 24,928 172 251 3,435 2,303 2,280 3^628 37,833 27,573 7,682 71,392 261,477 1 2,337 155,504 4,287 5 8 , 8 5 3 34,609 19,985 8,583 48,968 21,426 5,229 50,029 27,352 6,392 2 7 , 2 0 8 175,879 28,911 34,953 7,103 31,652 Total gold_reserves Reserves other than g o l d 2 , 6 3 6 , 1 1 2 231,189 135,275 14,697 8 1 1 , 8 3 2 166,849 260,525 22,038 7,689 1 3 , 7 4 7 73,088 8,466 88,016 4 7 5 , 8 3 4 13,387 1 7 , 3 8 3 63,177 14,897 75,623 1,862 84,273 5,053 6 3 , 2 2 2 242,484 5,064 8,992 Total r e s e r v e s Non-reserve c a s h B i l l s discounted: 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 2 , 7 6 9 , 3 8 7 245,886 56,192 6,647 8 3 3 , 8 7 0 174,538 274,272 16,366 1,310 4,553 8 1 , 5 5 4 101,4o3 493,217 3,718 3,850 8,148 78,074 2,74s 77,485 1,087 89,326 1,751 68,286 251,476 2,167 3,847 569,984 365,826 18,859 16,834 193,806 104,503 63,867 16,329 4l,00S 32,609 17,377 26,454 22,319 53,374 92,984 32,820 27,300 23,831 l4,400 6,389 13,387 19,295 13,419 8,543 51,258 24,845 935,810 379,409 35,693 34,462 298,309 131,402 80,196 18,472 73,617 32,122 43,831 17,391 75,693 1 2 5 , 8 0 4 18,496 2 8 , 0 2 4 51,131 4,520 20,789 15,224 32,682 20,502 21,962 18,901 76,103 39,893 53,071 124,339 1,384 27,596 20,260 585 10,750 19 3,626 9,330 548 29,031 3,76l 1,153 1,242 53,955 702 3,588 2,351 773 1,466 19,927 8^47 5,542 7,125 11^868 1,476 4,519 4^862 1,120 8,505 5 ! 058 3,Q4i 8,563 4*831 2,343 4i 13,64O 2,492 Totql U.S. Govt, s e c u r i t i e s Other s e c u r i t i e s 231,365 5,280 6,64l - 49,2k) 1,750 20,665 30 33,340 - 3,168 - 5,111 - 33,716 20,469 10,501 500 l6,6o4 - 15,737 3,000 16,173 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 U n c o l l e c t e d items ? ? ? Premises A l l other resources 1,551,864 574 975,181 60,493 10,473 76,796 37 95,203 480,701 119,363 139,079 218 47 52 279,696 7 6 , 0 0 4 9 0 , 7 8 9 16,675 1,752 6,806 1,163 165 1,317 64,390 25 70,934 3,656 424 99,300 187,544 21 69 33,606 1 1 7 , 7 1 4 2,852 8,720 1,734 708 76,120 21 4L,766 3,931 2,339 47,014 L4 21,128 2,202 1,058 69,788 18 52,192 4,308 370 59,600 132,169 17 35 40,231 55,913 1,939 3,828 4P6 621 f o t a l 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 : Bon< s * 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 TOTAL RESOURCES 0. 3,824 168 5 , 4 2 4 , I 6 4 428,566 1 , 6 2 8 , 6 8 9 373,179 516,808 224,701 242,766- 816,120 204,999 1 4 9 , 9 8 8 217,753 172,646 447,889 RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON OCTOBER 17, 1928. S t , 5944c ( i n thousands of d o l l a r s ) Total Boston New York E h i l a , Cleve. Rich. A t l a n t a Chicago S t . L o u i s Minn. Kans.Cy. D a l l a s San Fran. 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 1 , 7 1 7 , 0 5 0 151,036 3 3 7 , 5 5 1 128,238 202,122 6 9 , 3 1 2 129,026 296,901 6 0 , 6 6 7 6 2 , 1 9 8 6 3 , 9 9 5 47, 351 1 6 8 , 6 4 8 Deposits: Member "bank - r e s e r v e account 2 , 3 5 8 , 8 7 4 155,589 905,153 135,879 187,223 6 9 , 1 3 9 64,956 351,050 8 1 , 2 6 7 5 6 , 7 2 1 92,586 70,625 188,686 Government 6,210 212 663 135 355 134 703 556 22 674 630 482 1,644 Foreign bank 6,945 395 3,164 500 548 269 221 732 226 142 190 184 374 Other d e p o s i t s 23.085 227 8,212; 378 1.378 452 261 2,534. 1,028 649 1,248 168 6,530 Total d e p o s i t s 2,395,114 156,423 9 1 7 , 2 1 2 136,892 1 8 9 , 5 0 4 6 9 , 9 9 4 6 6 , i 4 i 354,872 8 2 , 5 4 3 5 8 , 1 8 6 9^,654 71,459 1 9 7 , 2 3 4 D e f e r r e d a v a i l a b i l i t y items 900,479 9 1 , 3 2 s 250,989 69,528 8 3 , 8 1 2 65,376 3 0 , 4 3 1 108,314 4 4 , 4 7 2 1 8 , 2 7 1 44,796 4 o , 2 l l 5 2 , 9 5 1 Capital paid i n 145,677 1 0 , 0 9 2 4 9 , 1 4 6 14,578 1 4 , 3 2 5 6,102 5,239 18,361 5,^12 3,014 4,200 4,312 10,896 Surplus 233,319 1 7 , 8 9 3 63,007 21,662 24,021 1 2 , 3 2 4 9 , 9 9 6 32,778 10,397 7,039 9,046 8,527 16,629 A l l other l i a b i l i t i e s _ 32,525 1.794 10,779 2,281 3.084 1.593 1.933 4.894 1.508 1.280 1,062 786 1.511 TOTAL LIABILITIES 5 , 4 2 4 , 1 6 4 428,566 1 , 6 2 8 , 6 8 9 373,179 516,868 224,701 242,766 816,120 204,999 149,988 217,753 172,646 4 4 7 , 8 8 9 Reserve r a t i o (per c e n t ) 80.0 67.3 66.5 65.8 70.0 58.5 52.0 75.7 54.5 64.4 56.3 57.5 68.7 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 258,979 20,165 6 5 , 9 3 6 25,542 27,962 1 3 , 7 1 2 1 1 , 2 9 2 37,372 1 1 , 5 6 1 7,259 9,679 9 , 4 i o 19,089 F . R . n o t e s -%n hand ( n o t e s r e c ' d from F.R^Age&f | 0 s s n o t e s i n c i r c u l a t i o n ) 3 9 6 , 5 0 2 3 1 , 0 6 l 119,398 29,394 27,700 18,347 3 0 , 6 9 1 46,864 1 2 , 2 6 4 7,462 8,288 8,o46 56,987 FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AC-EFTS F . R . n o t e s r e c ' d from Comptroller 2 , 8 8 3 , 0 1 2 242,307 7 1 2 , 7 9 4 1 9 9 , 6 3 2 262,052 107,578 220,207 461,935 8 9 , 3 8 1 8 5 , 5 9 9 102,463 75,029 3 2 4 , 0 3 5 F . R . n o t e s h e l d "by F. R. Agents 769,460 6 0 , 2 1 0 255,840 4 2 , 0 0 0 32,230 19,919 6 0 , 4 9 0 118,170 1 6 , 4 5 0 1 5 , 9 3 9 3 0 , 1 8 0 1 9 , 6 3 2 9 8 , 4 0 0 F . R . n o t e s i s s u e d t o F.R.Bank 2 , 1 1 3 , 5 5 2 182,097 456,95% 157,632 229,822 87,659 159,717 343,765 7 2 , 9 3 1 6 9 , 6 6 0 72,283 55,397 225,635 Collateral held as security f o r i . x i . n o t e s i s s u e d t o R.R.Bank: Gold and g o l d c e r t i f i c a t e s 346,568 3 5 , 3 0 0 153,408 50,000 6 , 6 9 0 27,100 7,600 l 4 , i 6 7 17,303 35,000 Gold! Redemption fund 92,360 12,560 16,524 6,855 11,560 4,629 6,517 i,oi4 2,476 3,366 2,866 4,125 19,868 Gold fund - F.R.Board 768,520 7 3 , 0 0 0 5 , 0 0 0 78,777 9 0 , 0 0 0 24,000 33,000 253,000 1 8 , 0 0 0 2 8 , 0 0 0 4 4 , 8 6 0 3,500 117,383 E l i g i b l e paper 1 , 2 4 4 , 2 8 1 70,135 394,219 7 4 . 6 4 2 102,287 57,333 94,135 153,652 55,556 3 3 . 7 8 4 52,976 40,837 1 1 4 , 7 2 5 Total c o l l a t e r a l 2 , 4 5 1 , 7 2 9 190,995 5 6 9 , 1 5 1 1 6 0 , 2 7 4 253,847 9 2 , 6 5 2 160,752 407,666 8 3 , 6 3 2 79,317 100,702 65,765 286,976 MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS AND MUNICIPAL WARRANTS 91 days to Total Within 15 days 16 t o 30 days 31 t o 60 days 6 l to 90 days Over 6 months 6 months B i l l s discounted 935,810 800,659 37,457 56,490 27,942 12,705 557 B i l l s bought i n open market 132,637 379,409 37,781 96,808 105,813 6,370 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 4,126 53,955 11,058 26 1,266 37,479 Municipal warrants 30 30 c. L I A B I LI T I E S
@FedFRASER