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Released f o r p u b l i c a t i o n Friday morning, Sept. 21; not e a r l i e r . SIATBJ!ENT FOR THE PES SS St. 5911 F e d e r a l Reserve Board, September 20, 1928. CONDITION OP ZEH3B.AL RESERVE BAHKS 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 "banks on September 19, made p u b l i c by the Federal Be servo Board, shows i n c r e a s e s f o r the week of $24,600,000 i n h o l d i n g s of di scoirntod b i l l s , of $26,000,000 i n b i l l s bought i n open market, of $3,400,000 i n Government s e c u r i t i e s , $11,900,000 i n member bank r e s e r v e d e p o s i t s , and $35,500,000 i n Government tioyoaito, and d e c r e a s e s of $3,700,000 i n ^ 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 and $2,700,000 i n cash r e s e r v e s . T o t a l b i l l s and s e c u r i t i e s were *56,5 n 0,000 above the amount h e l d on September 12. 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 were i n c r e a s e s of $39,900,000 at the Federal Reserve Bank of Hew York, $15,100,000 a t Chicago, and $5,200,000 a t A t l a n t a , and d e c r e a s e s of $l6,600,000 a t Cleveland, §11,400,000 a t San F r a n c i s c o , and $4,500,000 a t St. Louis. 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 $26,000,000 and 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 $3.700>000, while h o l d i n g s of United S t a t e s bonds and Treasury n o t e s remained p r a c t i c a l l y unchanged. 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 d e c l i n e d $8,700,000 d u r i n g t h e week, dec r e a s e s at s i x F e d e r a l r e s e r v e banks, i n c l u d i n g $4,900,000 a t New York, $4,500,000 a t Cleveland, and $2,600,000 at San F r a n c i s c o , b e i n g p a r t l y o f f s e t by an aggregate i n c r e a s e of $5,800,000 a t the s i x 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 t h e 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 d u r i n g t h e week and the year ending September 19, 1928, f o l l o w s : Increase or decrease Week during Year T o tal r e s e r v e s Gold r e s e r v e s - - $2,700,000 - $365,400,000 - 368,300,000 T o t a l 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 . . . . + 56,600,000 + 24,600,000 + 15,900,000 + 8,600,000 + + + + 442,700,000 679,300,000 455,000,000 224,200,000 + 26,000,000 + 18,500,000 B i l l s bought i n open market . . 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 i n d e b t e d n e s s . . Federal reserve notes i n c i r c u l a t i o n . T o tal 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 . . C. + 3,100,000 3,400,000 400,000 258,800,000 200,700,000 + 100,000 + 3,700,000 39,200,000 18,900,000 21,000,000 8,700,000 + 70,800,000 + 11,900,000 + 35,300,000 + + + 96,300,000 49,500,000 22,500,000 Released f o r p u b l i c a t i o n F r i d a y morning, buyt. 21,1928; not e a r l i e r . S t . 5911a EE.SOURCES AND LIABILITIES OF THE T'ELVu F3BE3AL BESEElffi 3 ASKS COMB DIED S o r t . 19,1928 Sept. 12,1928 Sept. a , 1927 R E S O U R C E S 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 w i t h U. S. Treasury 1,167,332 71 • 730 1,143,470 68,645 1,657>755 55»159 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 3 9 , 0 6 2 Gold s e t t l e m e n t f u n d w i t h F. R. Board . 720,346 Gold and gold c e r t i f i c a t e s h e l d "by "banks 666,482 1,212,115 678,301 732,530 1,712,914 6l4,774 606,508 2,625,890 2,628,946 2,99^,196 142,366 lHl,999 139,436 . . 2,768,256 2,770,945 3,133,632 llon-roserve 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 59 t q44 59.878 53,646 671,977 421,856 656,035 4l3,211 216,93° 197,629 1,093,833 237.189 1,069,246 211,160 4l4,565 218,660 53,005 87,976 83,746 53,362 87,886 80,096 253,741 127,138 102,664 224,727 4,580 221,344 2,020 483,5^3 820 1,560,329 1,503,770 1,117,588 573 818,337 6o,3l4 8,4-57 572 771,589 °0,305 9 '190 823 720,040 59»580 14,052 5,275,310 5,176,249 5,099»36l 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 . . . 1,679,521 1,088,2o7 1,700,522 Member bpnk - r e s e r v e account . . . . / Government . . . . . . . . . . . . . F o r e i g n bank Other d e p o s i t s 2,360,534 45,379 7,459 ^5»5^0 2,348,076 9.617 5,952 25,875 2,311,070 22,894 5,5 9 23 >217 2,458,952 2,388,120 2,3^2,700 T o t a l gold r e s e r v e s Reserves o t h e r t h a n gold . . . . . . . . Total reserves Total "bills 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 i n d e b t e d n e s s . . . . T o t a l U. S. Government s e c u r i t i e s 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 Bank p r e m i s e s All other resources TOTAL RESOURCES L I A B I L I T I E S T o t a l de-posits Deferred a v a i l a b i l i t y items TOTAL LIABILITIES 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 s l i a b i l i t i e s combined . . C. . IE MM 730,605 ^4,925 °^,030 5,275,310 5,176,249 5,099,36l 60.9^ 00.0,6 ll'i-73 RESOURC E S RESOURCES AImD LIABILITI jlS OF THE FEDERAL RESERVE BANKS Oil SEPTEiCBER 19, 1928; " ( i n thousands of d o l l a r s ) gt 5911b Total Boston New York P h i l a . CIeve. Gold with F e d e r a l Reserve Agents 1 , 1 6 7 , 3 3 2 124,358 175,217 82,473 l 4 l , 7 3 8 Gold redemption f u n d with U.S.Trees. 71,730 8,982 15,177 9.793 5,539 Gold h o l d e x c l u s i v e l y a g a i n s t R - not3s 1 , 2 3 9 , 0 6 2 133,340 190,394 92.266 147,277 Gold s e t t l e m e n t f u n d w i t h P.R.Board 720,346 69,790 1*40,597 37,300 9 6 , 1 6 2 Gold ?nd gold c e r t i f . h e l d "by "banks 666,482 29,463 436,714 25,594 4 i , 6 5 9 Rich. A t l a n t a Chicago S t . L o u i s 20,927 57,917 274,327 17,350 3,666 4,636 6,068 5,596 Minn. Kans.Cv. D e l i a s Sen Fran 45,108 51,169 19 547 157 201* 2,843 " 2 , 4 7 4 2,029 4^927 24,593 32,914 6,906 62,553 280,395 16,822 165,997 4,243 53,651 22,946 to,992 10,433 47,951 24,173 5,044 53,643 37,906 6,943 21,576 162,128 24 6 l 2 33 081 12,292 33[540 T o t a l gold r e s e r v e s R e s e r v e s o t h e r than g o l d 2,625,890 232,593 142,366 12,768 767,705 155,160 285,098 25,098 7,638 l 4 , 4 6 0 64,4l3 9,297 83,618 500,043 15,178 18,724 74,371 16,755 77,168 2,033 98,492 5,4l7 58,486 228,749 4,639 10,359 Total r e s e r v e s 2,768,256 245,361 TTon-re serve cash 59,0% 6,l42 B i l l s discoimted: Secured by U.S. Govt, o b l i g a t i o n s 671,977 2 3 , 4 4 l Other b i l l s d i s c o u n t e d 421,856 24,873 792,803 162,798 299,558 18,229 1,515 4,687 73,710 3,996 98,796 518,767 3,776 8,401 91,126 3,435 79,201 103,909 1,115 1,891 63,119 239,108 1,922 3,935 277,38 4 118,97b 8 2,023 22,197 40,946 29,405 13,477 33,881 23,683 62,350 25,301 37,820 10,997 6,525 15,454 12,241 13,212 12,702 57,993 29,635 Total b i l l s discounted B i l l s bought in open market 396,360 104,220 68,439 12,830 70,351 21,879 52,358 86,038 114,312 63,121 9,760 12,330 16,029 11 17,522 10,500 27,695 13,655 25,914 13,896 87,628 35,800 4,809 4,312 2,2l4 9,064 3,091 4,962 8,438 3,393 3,964 981 12,809 4,930 11,335 500 17,117 15,795 3,000 18,720 39,857 l4 17,699 2,202 864 58,467 18 47,584 4,308 429 58,605 142,148 17 35 33,333 46,189 1,907 3,835 552 633 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 T o t a l 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 Due f r o m f o r e i g n banks U n c o l l e c t e d items Bank p r e m i s e s All o t n e r r e s o u r c e s TOTAL RESOURCES 83,06l 31,251 1,093,833 237,189 4s,3l4 22,060 53,005 87,976 83,7% 1,548 2,84l 4,427 4,292 l6,006 32,183 1,126 9,723 11,340 1,460 28,226. 5,550 1,153 594 1,529 207 3,239 1,960 19,927 3,^2 10,687 224,727 4,580 8,8l6 52,481 1,050 22,189 30 35,236 - 3,276 - 5,456 34,306 i,56o,329 573 818,337 60,3l4 3,457 79,190 37 79>657 3,824 86 518,330 139,269 127,466 217 47 52 223,835 65,968 7 8 , 1 1 9 16,675 1,752 6,806 1,302 135 1,257 65,394 103,824 l 6 4 , 6 4 7 25 21 69 59,512 26,701 102,470 3,531 2,844 8,720 ^3 1,248 1,145 - - 63,132 21 37,220 3,910 323 5,275,310 4 l 4 , 2 9 7 l , 5 7 1 , 4 4 l 371,434 517,945 206,651 237,210 804,219 199,167 140,952 216,606 159,455 435,883 L I A B I L I T I E S 7.R,notes in actual circulation jaj - :V s : St. h^HC RESOURCES" MB" LIABILITIES' OF TEF FEDERAL- RESERVE BAHKS- C8L 5EETEMBER 19, 1928* ( i n t h o u s a n d s of d o l l a r s ) T o t a l Boston New York P h i l a . C l e v e . R i c h . A t l a n t a Chicago S t . L o u i s Minn. Xans.Cy. D a l l a s San F r a n . 1,679,521 150,024 339,228 130,599 200,173 56,446 6 1 , 1 4 3 to,300 1 7 1 , 0 5 2 5 9 , 3 3 3 125,325 288,541 5 7 , 3 5 7 Mfcduev bank - r e s e r v e a c c o u n t 2,360,534 147,767 907,199 1 3 7 , 5 8 7 1 9 7 , 5 2 7 69,180 6 3 , 0 7 3 Government 45,379 8,731 8,106 3,909 6,218 117 7,063 "Foreign "bank 7,459 473 321 265 2,935 599 655 Other d e p o s i t s 45,580 1,265 6,799 2,100 5.535 2.Qlm 1.223 Total deposits 2,453,952 158,236 925,039 1 4 4 , 1 9 5 2 0 9 , 9 3 5 71,667 7 1 , 6 2 4 Deferred a v a i l a b i l i t y items 730,605 76,456 186,226 53,689 6 6 , 7 2 8 55,830 2 3 , 3 8 7 Capital paid in 145,376 10,04l 49,307 i4,4i6 14,306 6,078 5,238 Surplus 233,319 17,393 63,007 21,662 24,021 12,324 9,996 411 o t h e r l i a b i l i t i e s 27,537 1,647 1.4l9 8,634 1.923 2.782 1.640 TOTAL LIABILITIES 5 , 2 7 5 , 3 1 0 4 1 4 , 2 9 7 1 , 5 7 1 , 4 4 1 3 7 1 , 4 8 4 5 1 7 , 9 4 5 206,651 237,210 j?3S~rv3 r a t i o ( p e r c e n t ) 6r -6a . 9n 79-6 62.7 59.2 73.0 56.3 550.2 0.2 3 o n ' i n g 3 n t l i a b i l i t y on b i l l s p u r chased f o r f o r e i g n correspondents 274,054 20,489 77,906 11,474 25,953 23,411 13,932 7 , P . n o t e s on hand ( n o t e s r e c ' d f r o m F . E . Ag-ant l e s s n o t e s i n c i r c u l a t i o n ) 4 0 3 , 0 3 3 28,971 122,087 2 8 , 6 7 4 28,027 1 7 , 3 6 3 3 0 , o 4 2 FEDERAL RESERVE NOTE ACCOUNTS F . R . n o t e s r e c ' d from Comptroller 2,848,579 237,445 714,155 1 8 9 , 2 7 3 264,230 1 0 2 , 6 2 5 222,647 F . R . n o t e s h e l d by F. R. Agents 766.025 58.450 252,840 3 0 , 0 0 0 3 6 , 0 3 0 25,929 67,280 F . R . n o t e s i s s u e d t o F.R.Bank 2,082,554 1 7 8 , 9 9 5 4 6 1 , 3 1 5 1 5 9 , 2 7 3 228,200 76,696 1 5 5 , 3 6 7 Collateral held as security f o r F . R . n o t e s i s s u e d t o F.R.Bank: "'old and g o l d c e r t i f i c a t e s 341,567 3 5 . 3 0 0 153,407 50,000 6 , 6 9 0 27,100 rold r e d e m p t i o n f u n d 88,586 11,058 16,810 11,296 1 1 , 7 3 8 4,237 6,817 "Sold f u n d - F . R . B o a r d 737,179 78,000 5,000 71,177 80,000 10,000 24,000 "Eligible p a p e r 1.277.362 70.354 442,720 95,047 90.243 58,236 98,2$8 Total c o l l a t e r a l 2,444,694 194,712 6 1 7 , 9 3 7 177,520 231,981 7 9 , 1 6 3 156,185 360,736 82,161 930 876 7.105 369,647 90,624 1,502 271 4.596 88,530 36,j5i Total 1.093,833 237,189 83,746 30 Within 15 days 924,738 93,229 2,308 l 6 t o 30 days 57,735 34,741 31 t o 60 days 92,395 289 65,474 1 8 3 , 0 3 1 170 2.006 227 6.797 99»70S 220 447 1.028 5.077 70,696 1 9 2 , 2 0 0 57,475 15,789 3,974 3,645 41,676 34,962 18,231 32,778 4.398 5,400 3,011 4,198 4,298 43,887 37,973 11,747 7,376 9,835 9,562 19,396 49,084 1 1 , 1 0 8 7,119 9,923 OF FEDERAL RESERVE AGENTS 454,795 8 5 , 5 3 5 7 8 , 6 9 4 102,246 8,502 62,133 10,852 7,039 9,o46 3,527 16,629 10,397 1.192 815 672 1.263 -1,132 804,219 199,167 l 4 0 , 9 5 2 216,606 1 5 9 , 4 5 5 435,883 78.8 62.5 69.5 64.6 56.9 65.8 70,949 3 2 5 , 9 8 5 117,170 17,070 15,129 31,180 22,147 337,625 68,1165 63,565 71,066 48,802 233,185 1,327 7, 600 750 14,167 273,000 130,207 4o4,534 MATURITY DISTRIBUTION OF BILLS, CERTIFICATES B i l l s discounted B i l l s b o u g h t 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 Municipal w a r r a n t s C. 54,4o4 895 12,303 92,800 35,000 3,244 14,059 2,941 4,309 4,000 108,142 28,000 46,860 9,000 25,760 4 1 , 2 5 4 3 9 , 6 4 9 1 2 2 , 5 1 8 63,106 8 0 , 4 5 6 70,868 9 2 , 4 2 3 5 9 , 1 9 6 2 7 9 , 7 1 9 OF INDEBTEDNESS AND MUNICIPAL WARRANTS 6 l to 90 dsvs 65,552 37,258 39,8b2 63,551 45,324 ^1 *° b months Over 6 months 8,213 337 33,202 30 2,912 5,806
@FedFRASER