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Form FRr283 STATEMENT FOR THE PRESS Released for publication Friday morning, Feb. 25? not earlier* 3oard of Governors of the Federal Reserve System February 24, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended February 23 member bank reserve balances increased 000,000* Additions to member bank reserves arose from decreases of $6,000,000 in Treasury cash, $32,000,000 in Treasury deposits with Federal Reserve bonks said $11,000,000 in nonmember deposits and other Federal Reserve accounts and increases of ^3,000,000 in gold stock and 03,000,000 in Treasury currency, .offset in part by an increase of $22,000,000 in money in circulation and a decrease of 09,000,000 in Reserve bank credit® Excess reserves of member banks on February 23 were esti«* mated to be approximately $1,410,000,000, an increase of $50,000,000 for the week* Inactive gold included in the gold stock and in Treasury cash amounted to $1,214,000,000 on February 23, unchanged for the week. Changes in member bank reserve balances and related items during the week and the year ended February 23, 1938, were as follows! Increase or decrease since Feb. 23 1938 Feb. 16 1938 Feb. 24 1937 (in pillions of dollars) Bills discounted Bills bought U. S. Government securities Industrial advances (not including 13 million commitments - February 23) Other Reserve bank credit Total Reserve bonk credit Gold stock Treasury currency Member bank reserve balances Money in circulation Treasury cash Treasury deposits with F. R. banks Norm ember deposits and other F. R. accounts 10 1 2,564 18 -2 — +6 -2 +134 — — -10 -5 -1 2,591 12,784 2,665 -9 +3 +3 +131 +1,359 +133 7,240 6,324 3,620 155 701 +24 +22 -6 -32 -11 +535 -48 +1,018 -25 +144 — Form FR-283-a Released for publication Friday morning, Feb. 25,1938$ not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Feb. 23, 1938 Feb. 16. 1938 Feb, 24, 1937 ASSETS Gold certificates on hand and due from U. S. Treasury . . Redemption fund - F. R. notes . . . Other cash Total reserves . . . Bills discountedj Secured by U.S.Gov't obligations, direct or fully guaranteed . . . . Other bills discounted . . . . . . Total bills discounted Bills bought in open market . . . . Industrial advances U. S. Government securities! Bonds Treasury notes Treasury bills . Total U.S. Government securities . 9,167,600 9,155 439.441 9,616,196 9,163,600 9,155 441,200 9,613,955 8,84-7,384 11,475 270,622 9,129,481 6,661 3<487 10,l4S 550 17,517 6,300 3,620 9,920 548 17,536 3,406 701 4,107 3,083 23,350 73.4,683 1,175,103 674,229 2,564,015 714,683 1,175,103 674,229 2,564,015 524,282 1,313,371 592,574 2,430,227' 2,592,230 169 16,155 493,619 44,929 44,634 2,592,019 171 20,903 687,258 44,950 43,834 2,460,767 225 20,260 681,605 46,152 46,611 12,807,932 13,003,090 12,385,101 F. R. notes in actual circulation . Deposits I Member bank - reserve account . . . U.S. Treasurer - General account . Foreign bank Other deposits 4,126,230 4,119,686 4,167,930 7,240,498 155,041 145,809 297,660 7,215,592 187,286 152,080 301.712 6,705,293 179,882 122,746 179.263 Total deposits Deferred availability items . . . . Capital paid in .......... Surplus (Section 7) .. Surplus (Section 13 b) Reserve for contingencies All other liabilities . . . . . . . 7,839,008 495,425 133,217 147,739 27,682 32,985 5.646 7,856,670 679,755 133,193 147,739 27,683 32,985 5,379 7,187,184 682,698 132,249 145,854. 27,190 36,200 5,796 TOTAL LIABILITIES 12,807,932 13,003,090 Total bills and securities . . . . Due from foreign banks F. R. notes of other banks Uncollected items . . . . . . . . . Bank premises All other assets TOTAL ASSETS L I A B I L I T I E S Ratio of total reserves to deposit and F. R. note liabilities combined * . Contingent liability on bills purchased for foreign correspondents . . . . Commitments to make industrial advances 80.4% 80.3% 830 1,010 13,078 13,108 12,385,101 80.4% 19,523 Fom FR-283-b ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BARKS OR FEBRUARY 23, 1938 (in thousands of dollars) ASSETS Total Boston New York Phila. Gold certificates on hand and 9,167,600 488,102 3,806,930 481,420 due from U.S.Treasury9,155 583 1,221 1,140 Red emption fund - F. R. notes 439,441 46,148 98,697 34,599 Other cash Total reserves 9,616,196 534,833 3,906,848 517,159 Bills discounted* Secured by U„S.Gov't obligations, 6,661 direct or fully guaranteed Other bills discounted 3,487 Total bills discounted Bills bought in open market Industrial advances U.S. Government securities! Bonds Treasury notes Treasury bills Cleve. Rich. Atlanta Chicago St.Louis Minn, Kans.Cy. Dallas San Fran, 611,057 285,602 220,288 1,715,914 278,812 178,563 260,850 170,844 669,218 858 567 1,366 337 713 362 454 487 1,067 37,032 28,875 19,033 63,102 15,661 10,635 27,350 13,311 44,998 648,947 315,044 240,687 1,779,353 295,186 189,560 288,654 184,.642 715,283 486 100 2,552 437 1,593 763 325 275 345 193 392 569 50 28 211 2 3 149 487 540 47 275 170 156 10,148 586 2,989 2,356 600 538 961 78 152 41 2,635 217 4,319 56 3,415 50 993 24 1,706 19 123 68 687 1,027 16 487 322 16 929 326 550 17,517 213 2 202 2 578 39 1,443 714,683 52,469 1,175,103 86,272 674,229 49,498 206,140 58,984 338,942 96,981 194,472 55,645 70,530 37,991 29,953 115,970 62,465 49,250 66,538 35,841 28,258 78,712 31,909 23,204 36,822 27,809 60,160 129,421 52,466 38,152 60,543 45,723 98,918 74,257 30,103 a,890 34,738 26,235 56,754 Total U.S. Gov*t securities 2,564,015 188,239 739,554 211,610 253,038 136,297 107,461 83,246 132,103 : 282,390 114,478 : 99,767 215,832 Total bills and securities 2,592,230 191,501 747,079 217,437 108,564 254,681 138,565 : 283,223 114,895 : 169 13 16,155 243 493,619 48,342 44,929 2,996 44,634 2,812 17 62 3,296 640 116,098 36,037 9,956 4,805 13,l4l 4,291 6 16 7 1,042 1,304 1,766 46,944 44,377 23,562 2,113 6,203 2,694 4,897 2,688 1,751 Due from foreign banks F. R.notes of other banks Uncollected items Barik premises All other assets TOTAL ASSETS 12,807,932 780,740 't,796,480 780,386 83,978 133,633 101,034 217,640 21 2 5 12 3 5 346 1,916 2,203 972 1,187 1,240 66,498 22,254 14,178 25,572 26,245 23,512 4,579 2,336 1,495 3,148 1,275 3,329 4,219 1,722 1,558 2,104 1,646 3,805 962,730 504,679 378,449 i>,140,096 437,368 291,958 454,356 315,193 965,497 Form Fft-283-c ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON FEBRUARY 23, 1938 (In thousands of dollars) L I A B I L I T I E S Total Boston New York Phila. F.R.notes in actual circulation 4,126,230 276,706 909,597 311,333 Depositst Member bank - reserve account 7,240,498 414,300 3,281,871 376,255 U.S.Treasurer - General account 155,04l 2,756 66,831 7,572 Foreign bank 145,809 10,484 52,477 14,269 Other deposits 297,660 4,040 252,839 1,017 Total deposits Deferred availability items Capital paid in Surplus (Section 7) Surplus (Section 13 b) Reserve for contingencies All other liabilities TOTAL LIABILITIES 7,839,008 431,580 3,654,018 399,113 495,425 48,349 133,217 9,4o4 147,739 9,900 27,682 2,874 32,985 1,448 5,646 479 112,641 37,341 50,945 12,277 51,943 13,466 4,4li 7,744 2,000 8,210 445 1,382 12,807,932 780,740 4,796,450 780,386 Contingent liability on bills purchased for foreign correspondents 830 Commitments to make industrial advances 13,078 Cleve. Rich. Atlanta Chicago St.Louis 418,473 195,050 153,168 Minn. Kans.Cy. Dallas San Fran. 968,773 177,878 135,160 165,201 80,905 333,986 440,467 230,477 178,694 1,004,667 212,165 124,469 240,282 183,648 553,203 7,045 8,247 3,223 36,266 3,484 3,922 6,116 4,198 5,381 13,396 6,261 5,096 17,327 4,368 3,349 4,222 4,222 10,338 3,692 2,555 789 ' 5,878 3,608 3,186 " 7 ~ - ~ 4,908 ~7 - 7 ~v - 515 ^ 7 14,633 — 7 -" 7 ' ^ j ~ . - 464,600 249,893 189,568 1,059,049 225,895 135,348 251,135 195,254 583,555 Ln L^ LLmo 44,772 47,455 4,952 13,154 4,964 14,323 3,408 1,007 3,177 1,401 541 239 oo RLN 22,847 4,449 5,626 730 1,603 458 (^N Lnn 67,477 13,025 22,387 1,429 7,285 671 o^ n«n TO nan TI nn o-* ZAo 27,898 23,081 28,011 23,462 12,091 3,893 4,142 3,930 10,150 2,896 4,667 545 1,215 194 3,153 1,001 1,936 373 3,613 1,142 934 291 3,892 1,270 1,776 155 9,805 2,121 2,000 418 962,730 504,679 378,449 2,140,096 437,368 291,958 454,356 315,193 965,497 60 298 81 76 36 29 1,463 4,385 l4l 1,469 1,568 330 99 - - 25 19 24 24 59 485 4l 99 268 2,829 MATURITY DISTRIBUTION OF BILLS" AND SECURITIES Bills discounted Bills bought Industrial advances U. S. Government securities Total Within 15 days 16 to 30 days 31 to 60 days 61 to 90 days 91 days to 6 months 6 months to 1 Year 10,148 550 17,517 2,564,015 8,093 101 1,676 40,367 424 47 163 174,018 894 464 402 365 173,474 259 14 1,743 344,747 3,445 133,569 692 120,256 1 Year to 2 Years 5,168 303,605 2 Years to 5 Years Over 5 Years 4,265 612,629 661,350 Form Fft-2.83~d FEDERAL RESERVE NOTE STATEMENT OH FEBRUARY 23, 1938 (In thousands of dollars) Total Boston New York Phila. Federal Reserve notes I Issued to F.R.bank by F.R*agent 4,450,417 311,280 1,017,268 333,487 Held by Federal Reserve bank 324,187 34,574 107,671 22,154 In actual circulation 4,126,230 276,706 909,597 311,333 Cleve* Rich* Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran# 444,37L 205,002 171,332 25,898 9,952 18,164 993,159 192,065 139,540 173,927 90,845 378,l4l 24,386 14,187 4,380 8,726 9,9*0 44,155 418,473 195,050 153,168 968,773 177,873 135,160 165,201 80,905 333,986 Collateral held by agent as security for notes issued to bank! Gold certificates on hand and due from U. S. Treasury Eligible paper U. S. 0ov*t securities Total collateral 4,536,632 341,000 1,035,000 337,000 9,l44 539 ' 2,940 1,823 25,000 -- 448,000 207,000 161,000 1,000,000 196,632 136,500 177,000 93,500 404,000 335 535 734 68 211 116 l,0l4 317 512 ~ 20,000 5,000 - - 4,570,776 341,539 1,037,940 338,823 448,335 207,535 181,734 1,000,068 196,843 l4l,6l6 178,014 93,817 404,512
@FedFRASER