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Form FR-283 STATEMENT FOR THE PRESS Released for publication Friday morning, Dec, 23; not earlier, Board of Governors of the Federal Reserve System December 22, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended December 21_member bank reserve balances decreased $562,000,000. Reductions in member bank reserves arose from increases of $612,000,000 in Treasury deposits with Federal Reserve banks, $85,000,000 in money in circulation and $26,000,000 in Treasury cash, offset in part by in creases of $56,000,000 in Reserve bank credit, 174,000,000 in gold stock and $4,000,000 in Treasury currency, and a decrease of $28,000,000 in nonmember deposits and other Federal Reserve accounts. Excess reserves of member banks on December 21 were estimated to be approximately $2,980,000,000, a decrease of $500,000,000 for the week. The principal changes in holdings of bills and securities were an increase of $54,000,000 in United States Treasury bonds and decreases of $41,000,000 in United States Treasury notes and $13,000,000 in United States Treasury bills. Changes in member bank reserve balances and related items during the week and the year ended December 21, 1938, were as follows! Increase or decrease since Bills discounted Bills bought U, S. Government securities Industrial advances (not including 15 million commitments - December 21) Other Reserve bank credit Total Reserve bank credit Gold stock Treasury currency Member bank reserve balances Money in circulation Treasury cash Treasury deposits with F. R, banks Nonmember deposits and other F.R. accounts Dec,» 22, 1937 Dec. 21, 1938 Dec, 14, 1938 8 1 2,564 + 1 — — 16 68 + 55 + 2,656 14,454 2,788 + 56 + 74 + 4 mm 2 +1 ,689 + 158 8,472 6,943 2,677 1,025 781 -562 +1 ,617 + 262 948 + 872 + 42 + 85 + 26 +612 - 28 ,_ 8 2 — 2 11 Form FR-283~a Released for publication Friday morning, December 23,1938; not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since Dec. 21, 1938 Dec. l4, 1938 Dec. 22, 1937 11,762,720 9,873 305,963 12,078,556 +4-9,002 + 281 ~33,766 +15,517 +2,642,330 39 ., +22,597 +2,664,888 5,968 2,325 + 1,506 - 210 - 5,731 - 2,097 8,293 549 15,533 + 1,296 — - 40 - 7,828 ~ 2,276 - 2,847 840,893 1,126,903 596,219 +53,566 -40,662 -12.904 +89,354 —28,094 *-61.260 Total Ur.S, Government securities 2,564,015 — Total bills and securities 2,588,390 +1,256 -12,951 — +1,047 -1,025 - 10 -13,227 - 9 + 4,456 +107,544 - 1,155 + 6.000 A S S E T S Gold certificates on hand and due from U, S. Treasury Redemption fund - F. R. notes Other cash Total reserves Bills discounted: Secured by U, S, Gov’t obligations, direct or fully guaranteed Other bills discounted Total bills discounted Bi].ls bought in onen market Industri'il advances U, S. Government securities: Bonds Treasury notes Treasury bills Due from foreign banks F. R. notes of other banks Uncollected items Bank premises All other assets TOTAL ASSETS 172 26,085 789,042 44,096 42.956 — 15,569,297 + 3,558 +2,768,773 4,483,202 +50,235 +136,819 8,471,979 1,024,793 195,280 318,617 10,010,669 721,418 -561,533 +612,003 + 9,575 - 46,545 + 13,500 - 56,078 +1,617,075 + 872,200 + 6,443 + 37.74-9 +2,533,467 + 96,272 L I A B I L I T I E S F. R. notes in actual circulation Deposits: Member bank — reserve account U. S. Treasurer — General account Foreign bank Other deposits Total de-posits Deferred availability items Capital paid in Surplus (Section 7) Surplus (Section 1.3 b) Reserve for contingencies All other liabilities TOTAL LIABILITIES 134,440 + 147,739 27,683 32,637 11,509 — — 35 -4,347 15,569,297 Ratio of total reserves to deposit and F.R, note liabilities combined Contingent liability on bills purchased for foreign correspondents 83.3$ Commitments to make industrial advances 14,848 76 283 + 1,821 + 1,885 + 68 - 3,036 + 1.477 +3,558 +2,768,773 -.3$ +3.7$ — - 1,604 -101 + 2,007 Form FRr-283—b ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON DECEMBER 21, 1938 (in thousands of dollars) ASSETS Total Boston New York Phila. Gold certificates on hand and due from U. S. Treasury 11,762,720 669,443 5,048,107 536,821 Redemption fund - F.R. notes 9,873 328 1,226 1,236 Other cash 305,963 33,024 90,608 22,818 Total reserves 12,078,556 702,795 5,139,941 560,875 Bills discounted« Secured by D.S.Gov,t obi ^ itions, direct or fully guaranteed1 5,968 Other bills discounted 2,325 Total bills discounted 1,517 Cleve. Rich* Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. 765,288 360,715 269,225 2,250,482 322,006 249,780 315,112 203,713 772,028 810 1,222 583 629 843 606 509 191 1,690 14,846 17,663 11,407 43,263 16,283 6,083 13,349 11,488 25,131 780,944 379,600 281,215 2,294,374 339,132 256,469 328,970 215,392 798,849 2,043 419 821 583 446 101 434 152 75 178 80 90 241 89 128 109 89 558 2,462 547 50 619 586 24 1,482 253 .19 825 170 330 237 647 16 268 14 43. 80 3 83 57 16 737 39 1,348 66,476 89,088 47,133 Bills bought in open market Industrial advances U. S. Government securities* Bonds Treasury notes Treasury bills 2,100 3,591 l,4o4 56 3,128 840,893 63,287 1,126,903 84,812 596,219 44,872 267,426 358,383 189,613 73,057 97,905 51,799 84,554 39,461 34,279 113,314 52,881 45,938 59,952 27,979 24,305 90,644 35,023 18,633 37,140 30,913 121,476 46,935 24,970 49,774 41,427 64,269 24,833 13,212. 26,334 21,918 Total U.S.GovH securities 2,564,015 192,971 815,422 222,761 257,820 120,321 104,522 276,389 106,791 : Total bills and securities 2,588,390 196,629 821,691 227,349 64 17 1,094 4,903 216,820 62,707 9,791 4,699 13,221 4,045 259,036 122,413 105,619 6 8 16 2,448 1,362 1,865 85,527 59,371 27,883 2,076 2,627 6,031 4,868 2,503 2,033 95,068 204,167 277,042 107,167 58,030 12 2 5 5 21 3 3,624 666 1,601 2,244 1,552 4,029 45,390 101,903 34j585 18,358 36,069 26,617 3,243 1,265 3,091 2,297 1,536 4,490 3,5-27 1,698 1,072 1,535 4,124 1,605 172 13 697 26,085 789,042 73,812 44,096 2,950 42,956 2,725 216 68 2 2 415 44 976 56,815 113,248 94,258 202,697 £ H•x TOTAL ASSETS 1,517 4l H Due from foreign banks F.R,notes of other banks Uncollected items Bank premises All other assets 8,293 549 15,533 15,569,297 979,621 6,206,431 860,786 1,137,784 568,387 421,280 2,685,983 487,033 337,019 485,613 340,5481,058,812 Form FR-28>-c ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON DECEMBER 21, 1938 (In thousands of dollars) L IA B IL IT IE S T o ta l Boston New York P h ila . C le ve . R ic h . A tla n ta Chicago S t .L o u is M inn, K a n s.C y. D a lla s San F ra n , F .R .n o te s i n a c tu a l c i r c u l a t i o n 4,483,202 389,697 1,031,017 324,606 434,545 210,273 153,958 1,000,115 184,452 138,524 172,294 82,792 D e p o s its I Member bank — re s e rv e account 8,471,979 397,752 4,306,773 353,018 467,586 225,371 165,712 1,280,664 207,106 116,503 225,366 170,467 U .S .T re a s u re r - G e n e ra l a ccou nt3,024,793 84,236 267,172 62,724 99,177 56,672 51,761 184,838 39,258 47,779 37,045 37,851 F o re ig n bank 70,049 19,146 17,974 8,4oi 6,838 23,249 5,861 4,493 5,666 5,666 195,280 l4,066 O the r d e p o s its 4,001 206,891 7,053 7,528 1,531 4,773 59,096 5,090 3,679 1,072 4,199 318,617 360,929 592,265 291,975 229,084 1,547,847 257,315 172,454 269,149 ;218,183 92,263 34,544 16,700 33,902 28,4l4 77,946 50,983 25,130 5,001 4,484 13,442 3,946 4,217 13,477 2,903 3,955 5,626 3,892 22,387 4,667 3,153 3,613 14,323 4,964 545 1,001 1,142 1,270 730 1,429 1,007 3,409 1,866 1,776 3,176 1,401 7,007 935 1,215 1,603 418 266 381 36I 665 349 1,045 1,493 639,516 Total deposits Deferred availability items Capital paid in Surplus (Section 7) Surplus (Section 13 b) Reserve for contingencies All other liabilities TOTAL LIABILITIES 10,010,669 500,055 4,850,885 44l,94l 201,684 61,164 721,418 65,412 9,411 1>4,440 51,04) 12,213 51,943 13,466 9,900 147,739 2,874 7,744 4,4ll 27,683 8,2.10 2,000 32,637 1,448 824 3,908 11,509 985 33,276 10,351 9,805 2,121 2,000 814 15,569,297 979,621 6,206,431 860,786 1,137,784 568,387 421,280 2,685,983 487,033 337,019 485,613 ;340,548 1,058,812 Contingent liability on bills purchased 76 for foreign correspondents Commitments t o make i n d u s t r i a l advances 555,661 56,280 13,871 13,704 14,848 6 27 7 7 3 3 9 2 2 1,297 3,365 1,517 2,245 1,297 159 58 524 213 2 2 6 544 50 3,579 MATURITY DISTRIBUTION OF BILLS AND SECURITIES B i l l s d isc o u n te d B i l l s bought I n d u s t r i a l advances U. S. Government s e c u r it ie s T o ta l W ith in 15 days 8,293 549 15,533 2,564,015 7,128 264 1,923 103,054 16 to 30 days 315 25 566 107,684 31 t o 60 days 270 260 280 186,238 61 to 90 days 91 days to 6 months 6 to months 1 Yea r 134 427 19 436 171,733 1,275 112,707 3,876 173,142 1 to Year 2 Years 4,567 390,654 2 Y e a rs to 5 Years O ve r 5 Ye a rs 2,610 558,655 760,148 Form PH—283-d FEDERAL RESERVE NOTE: STATEMENT ON DECMBER 21, 1938 (in thousands of dollars) Total Federal Reserve notes* Issued to F.R. bank by F.R.agent Held by Federal Reserve bank In actual, circulation Boston New York Phila. Cleve, Rich. Atlanta Chicago St,Louis Minn, Kans.Cy, Dallas San Fran, 4,798,827 412,224 l,l4o,5l4 338,399 453,777 222,278 165,723 1,02.5,653 201,657 142,850 181,333 89,797 424,616 315,625 22,527 109,497 13,793 19,232 12,005 11,765 25,538 17,205 4,332 9,039 7,005 63,687 4,483,202 389,697 1,031,017 324,606 434,545 210,273 153,953 1,000,115 184,452 138,524 172,294 82,792 360,929 Collateral held by agent as se curity for notes issued to banks Gold certificates on hand and due from U. S. Treasury Eligible paper Total collateral 4,880,000 420,000 1,155,000 345,000 455,000 225,000 169,000 1,050,000 207,000 143,500 185,000 91,500 55 7,554 1,517 2,384 944 515 587 232 170 271 171 625 434,000 4,887,554 421,517 1,157,384 345,944 455,515 225,587 169,232 1,050,170 207,271 143,671 185,625 434,083 91,555 83
@FedFRASER