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Form FR-2S3 STATEMENT FOR THE PRESS Released for publication Friday morning, Mar. 1; not earlier. Board of Governors of the Federal Reserve System February 29, 1940 CONDITION OF THE FEDERAL RESERVE BANKS During the week ended February 28 member bank reserve balances increased $77,000,000. Additions to member bank reserves arose from decreases of $11,000,000 in money in circulation and $35,000,000 in Treasury deposits with Federal Reserve banks, and increases of $58,000,000 in gold stock, $14,000,000 in Reserve bank credit,and $3,000,000 in Treasury currency, offset in part by . increases of $16,000,000 in Treasury cash and $28,000,000 in nonmember deposits and other Federal Reserve accounts. Excess reserves of member banks on February 28 were estimated to be approximately $5,690,000,000, an increase of $60,000,000 for the week* Changes in member bank reserve balances and related items during the week and the year ended February 28, 1940, were as follows: Increase or decrease since Feb. 28, 1940 Feb. 21, 1940 Mar. 1, 1939 (in millions of dollars) Bills discounted 7 Bills bought U. S. Gov!t securities,direct and guaranteed 2,477 Industrial advances (not including 9 million commitments - February 28) 11 Other Reserve bank credit 43 + 1 + 13 Total Reserve bank credit Gold stock Treasury currency + + + 1 — 2,537 18,166 2,980 Member bank reserve balances 12,318 Money in circulation 7,439 Treasury cash 2,374 Treasury deposits with F. R. banks 561 Nonmember deposits and other F.R. accounts 992 ii + — - — - - + 3 1 87 4 39 14 58 3 49 +3 ,278 + 153 + 77 +3,376 + 700 342 607 + 255 11 16 35 + 28 - + Form FR-283~a Released for publication Friday morning, March 1,1940; not earlier, STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Increase or decrease since Feb. 21, Feb, 28, tlor. 1, 1940 1940 1939 ASSETS Gold certificates on hand and due from U. S. Treasury +3,638,902 + 54,499 15,793,621 Redemption fund - F. R# notes 144 + 9,574 330 Other cash 64,639 367,455 , 2,043 Total reserves Bills discounted* Secured by U. S. Gov*t obligations, direct and guaranteed Other bills discounted Total bills discounted Bills bought in open market Industrial advances U. S. Government securities, direct and guaranteed: Bonds Notes Bills Total U. S. Government securities, direct and guaranteed Total bills and securities Due from foreign banks F# R. notes of other banks Uncollected items Bank premises Other assets TOTAL ASSETS LIABILITIES F# R. notes in actual circulation Deposits t Member bank - reserve account U. S. Treasurer - General account Foreign bank Other deposits Total deposits Deferred availability items Other liabilities including accrued dividends TOTAL LIABILITIES CAPITAL ACCOUNTS Capital paid in Surplus (Section 7) Surplus (Section 13b) Other capital accounts TOTAL LIABILITIES AND CAPITAL ACCOUNTS Ratio of total reserves to deposit and F# R. note liabilities combined Commitments to make industrial advances 52,600 16,170,650 - 512 6,167 6,679 + — 1,344,045 1,133,225 — 2,477,-270 300,844 363,381 13,623,425 596,109 3,1^0 19,081,351 136,081 151,720 26,839 36,195 19,432,186 37.5?o 8,966 277 — + + - 2,981 553 3,882 — + - — - — — 86,745 - 88,199 - 1,579 2,459 30 828 + - + 58,313 - 2,101 + 77, m 34,584 + 19,463 8,516 + + 70,506 — 10,597 + + - + + + + — 92 + 58,313 328 96 +3,498,627 1,065 2,568 424 3,646 + +3,505,482 + — 502,731 +3 ,376,144 606,412 + 13-4,548 + 126,037 +3,030,317 — 34,517 + 6 122 2,524 4,731 994 13,609 - + — 503,152 82,241 507,656 +3,505,482 407 + 58,215 + + 1,442 4,423 — — 19,432,186 12,317,794 561,406 - 877 2,494,653 47 21,582 638,754 41,741 64,759 4,858,677 229 829 600 — + 10,704 +3,573,933 - 3.255 3,959 Form FB—283-b STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON FEBRUARY 28, 1940 (in thousands of dollars) ASSETS Total Boston New York Phila. Gold certificates on hand and due from U.S.Treasury 15,793,621 Redemption fund - F.R.notes 9,574 Other cash 367,455 864,532 7,922,859 648 1,540 30,420 90,691 832,614 631 28,619 Total reserves 895,600 8,015,090 861,864 1 , 0 0 3 , 4 5 1 430,300 316,630 2 , 4 4 7 , 1 7 0 444,357 258,058 3 6 2 , 5 7 4 16,170,650 Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. 975,698 407,893 295,254 2,395,122 427,316 248,029 342,977 230,227 783 1,149 664 661 934 768 377 302 9,368 50,899 16,377 19,220 14,723 26,819 21,639 20,593 — 851,100 1,117 38,087 245,252 890,304 23 449 60 604 13 575 21 267 35 235 76 687 — 200 25 133 24 193 2,596 2,050 664 3,401 588 288 270 763 200 158 418 217 472 Industrial advances U* S. Government securities j direct and guaranteed: Bonds 1,344,045 Notes 1,133,225 45 1,408 301 925 802 331 ~ 189 119 483 695 96,123 81,047 408,181 344,156 110,22.1 92,934 137,084 68,135 54,495 115,581 57,447 45,945 144,872 60,273 39,771 62,897 51,196 122,148 50,818 33,533 53,031 43,167 110,797 93,418 Total U.S. Gov't securities direct and guaranteed 2,477,270 177,170 752,337 203,155 252,665 125,582 100,440 267,020 111,091 73,304 115,928 94,363 204,215 Total bills and securities 178,623 756,983 18 3,299 159,076 9,876 19,014 207,220 253,554 126,795 101,512 2 4 2 1,222 2,839 3,376 77,3S7 51,466 24,792 5,523 2,532 2,027 7,140 3,813 2,589 268,114 111,291 73,651 116,465 95,063 * 6 1 1 1 2,767 1,081 1,571 1,079 519 88,709 25,447 16,33S 29,736 22,814 3,379 2,241 1,393 3,229 1,172 6,680 2,755 1,959 2,932 2,554 205,382 4 2,301 38,400 2,938 5,670 Total bills discounted Due from foreign banks F. R. notes of other banks Uncollected items Bank premises Other assets TOTAL ASSETS 6,679 10,704 2,494,653 47 21,582 638,754 41,741 64,759 3 540 59,740 2,880 4,310 5 988 44,849 4,551 5,343 1 — 190 2,406 i 45 CO 1 <i i Bills discounted! Secured by U.S. Gov*t obligations, direct and guaranteed 512 Other bills discounted 6,167 CIeve. 19,432,186 1,141,696 8,963,356 1,124,820 1,348,281 617,747 450,928 2,816,825 587,173 352,970 516,016 367,375 1,144,999 *Less than $500, Form KR-283-c STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON FEBRUARY 28, 1940 (in thousands of dollars) LIABILITIES Total F. R. notes in actual circulation 4,858,677 Depositst Member bank-reserve account 12,317,794 U.S.Treasurer-General account 561,406 Foreign bank 380,844 Other deposits 363,381 Total deposits 13,623,425 Deferred availability items 596,109 Other liabilities including accrued dividends 3»140 Boston New York Phila. 402,671 1,243,073 345,134 453,017 218,425 157,912 1,067,399 190,882 139,578 180,959 80,159 379,468 581,431 6,921,582 43,167 137,109 27,531 133,509 5,193 265,369 599,308 40,302 37,583 25,346 694,587 285,549 210,699 1,465,928 311,167 148,255 260,107 210,428 97,962 27,103 27,032 26,098 29,434 48,277 27,808 24,825 35,666 16,491 13,422 46,020 11,505 8,437 11,120- 11,505 3,208 9,760 6,413 11,041 3,942 7,610 399 2,485 628,753 32,289 28,054 22,615 657,322 7,457,569 57,102 140,346 702,539 44,160 789,571 333,790 256,556 1,613,118 359,535 190,137 297,725 253,852 91,201 25,843 13,973 26,715 22,059 72,341 50,217 23,611 711,711 28,541 758 355 291 Cleve. 370 Rich. Atlanta 105 111 Chicago St.Louis Minn. Kans. Cy« Dallas San Fran. 421 75 152 253 121 128 TOTAL LIABILITIES 19,081,351 1,117,386 8,841,746 1,092,188 1,315,299 602,537 438,190 2,772,139 576,335 343,340 505,652 356,191 1,119,848 CAPITAL ACC0.UNTS Capital paid in 136,081 51,148 11,907 13,583 4,104 2,958 4,374 4,094 10,709 9,343 13,993 5.246 4,622 Surplus (Section 7) 151,720 5,725 53,326 14,198 22,824 4,709 3,152 3,613 3,974 10,405 10,224 14,323 5.247 Surplus (Section 13b) 26,839 713 1,429 538 1,001 1,142 1,266 2,874 4,393 2,121 7,109 1,007 3,246 Other capital accounts 36,195 6,850 1,487 2,019 1,235 1,850 1,688 2,134 2,097 3,659 1,471 1,678 ¥ TOTAL LIABILITIES AND CAPITAL ACCOUNTS 19,432,186 1 , 1 4 1 , 6 9 6 8,963,356 1,12.4,820 1,348,281 617,747 450,928 2,816,825 587,173 352,970 516,016 367,375 1,144,999 Commitments to make industrial advances 8,966 356 1,752 425 1,015 763 74 20 151 61 492 — 3,857 356 763 MATURITY DISTRIBUTION OF BILLS AilD SECURITIES 2 Years to Over 16 to Within 61 to 91 days to 6 months 1 Year 31 to Total 15 days 60 days 90 days 6 months to ltYear to 2 Years 30 days 5 Years 5 Years Bills discounted 86 62 226 1,119 6,679 3,995 1,191 2,142 2,172 — Industrial advances 1,587 1,730 2,240 491 10,704 283 59 U. S. Government securities, 281,368 136,783 105 , 974 684,796 1,268,349 <direct and guaranteed 2,477,270 Form FR~283~d FEDERAL RESERVE NOTE STATEMENT ON FEBRUARY 28, 1940 (In thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago S t # L o u i s Minn. Kans.Cy. D a l l a s San Fran. Federal Reserve notes: Issued to F#R.bank by F.R.agent 5,180,520 421,107 1,336,700 364,772 479,202 232,4-15 170,664 1,113,977 201,627 144,312 190,692 87,889 437,16? Held by Federal Reserve bank 321,843 18,436 93,627 19,638 26,185 13,990 12,752 46,578 10,745 4,734 9,733 7,730 57,695 In actual circulation 4,858,677 402,671 1,243,073 345,134 453,017 218,425 157,912 1,067,399 190,882 139,578 180,959 80,159 379,468 Collateral held by agent as security for notes issued to banks Gold certificates on hand and due from U. S.Treasury 5,313,500 440,000 1,355,000 375,000 482,000 250,000 175,000 1,130,000 209,000 147,500 195,000 91,000 464,000 Eligible paper 723 45 237 95 — 52 — — — 36 258 — Total collateral 5,314,223 440,045 1,355,237 375,095 482,000 250,052 175,000 1,130,000 209,000 147,536 195,258 91,000 464,000
@FedFRASER