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STATEMENT FOR THE PRESS Released for publication Friday morning, March 13; not earlier. Board of Governors of the Federal Reserve System March 12, 1935 CONDITION OF FED3RAL RESERVE BMiCS The daily average volume of Federal Reserve bank: credit outstanding during the week ended March 11, as reported by the Federal Reserve banks, was $2,^7^,000,000, a decrease of 000,000 compared with the preceding week and an increase of $11,000,000 compared with the corresponding week in 1935* On March 11 total Reserve bank credit amounted to $2,^+73$000,000, a decrease of $2,000,000 for the week. This decrease corresponds with decreases of $3,000,000 in money in circulation and $27,000,000 in member bank reserve balances and an increase of $3,000,000 in monetary gold stock, offset in j>art by increases of $11,000,000 in Treasury cash and deposits with Federal Reserve banks and $21,000,000 in nonmember deposits and other Federal Reserve accoxmts and a decrease of $3,000,000 in Treasury and national bank currency* Member bank reserve balances on March 11 were estimated to be approximately $3,010,000,000 in excess of legal requirements* Relatively small changes were reported in holdings of discounted and purchased bills and industrial advances. An increase of $0,000,000 in holdings of United States Treasury bills was offset by a decrease of $S,000,000 in holdings of Treasury notes. Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended March 11, 193&, ^otq as follows: Increase or decrease since Mar* 11 liar# M 1936 Mar. 13 (In millions of dollars) Bills discounted Bills bought U. S. Government securities Industrial advances (not including 26 million commitments - March 11) Other Reserve bank credit 5 5 2,^30 -1 30 3 -1 TOTAI* EES3SVS MM CS&DIT Monetary gold stock Treasury and n&fcioa&l baalr currency 2,^73 -2 Money in circulation Member bank reserve balances Treasury cash and deposits with F.R.banks Honmember deposits and other F.3.accounts -1 -1 -1 +10 +5 2f§&3 +5 ~3 +13 *l,6l9 -22 5»£>Uo 5»7S6 2,909 Sll -27 +11 +21 +38$ +1,19S -100 +126 (B-C01) Released for publication Friday morning, llarch 13;1936; not earlier, B-SOla ASSETS JU£D LIABILITIES OP THE 233LVE FEDERAL RESERVE m Z I S C01IBI1IED (In thousands of dollars) Mar, 11,1936 I.jar. 4,1936 Mar, 13,1935 A S S E T S Gold certificates on hand and due from U. S. Treasury Redemption fund - P. R, notes Other cash Total reserves 7,667,330 15.253 344.928 8,028,011 7.669,328 14,902 338.513 8,022,743 5,554,324 15,878 253,93? 5,824,135 Redemption fund - P. R. bant notes . . . Bills discounted: Secured by U.S.Gov't. obligations,direct and/or fully guaranteed . Other bills discounted Total bills discounted — 2,318 2,602 4,920 2,996 2,716 5.712 3»217 3.208 6,425 Bills bought in open market Industrial advances U. S. Government securities: Bonds Treasury notes Treasury bills Total U.S. Government securities . , 4,676 30,195 4,673 31.454 5,505 19.869 215,726 1,59^,648 619.913 2,430,287 216,069 1,602,759 612,011 2.430,839 390.186 l,4q4,675 545,500 2,430,361 181 181 2,470,259 2,472,859 2,462,160 647 18,334 509,419 47,265 42,006 649 18,999 523,547 47,863 4l,076 802 13,851 504,894 49,514 49,154 Il,ll6,54l 11,127,736 8,904,515 . . . ... 3.731.534 — 3,735,066 — ... . . . 5,786,173 391,113 64,391 272,512 5,813,244 379,299 49,275 272,189 Total deposits Deferred availability items Capital paid in Surplus (Section 7) . Surplus (Section 13 b) Resorve for contingencies . . . . . . . All other liabilities . 5,5l4,iS9 507.067 6,514,007 521,660 1^0,656 1%,501 Other securities . Total bills and securities Due from foreign banks . P. R. notes of other banks Uncollected items Bank premises All other assets . TOTAL ASSETS — 5 — L I A B I L I T I E S P. R. notes in actual circulation F. R, bank notes circulation - not Deposits: Member bank - reserve account . U.S.Treasurer - General account Foreign bank Other deposits TOTAL LIABILITIES Ratio of total reserves to doposit and P. R. no to liabilitioc combined . . . Contingent liability on bills purchased for foreign corrospondents Commitments to make industrial advances 130,638 145,501 26,513 34,107 26,992 Ilfll6,54l 78.4$ — 25,709 3,136,652 100 4,588,213 87,968 17.587 219,998 4,913,766 34,123 20,204 507,943 147,020 144,893 14,278 30,822 9.04l 11,127,736 S,904,515 26,519 78.3$ — 25,537 72.j$ 224 15.084 ASSETS M D LIABILITIES 0? THE FEDERAL HESERTO BASICS OH MA.ECH 11, 1936 (in thousands of dollars) 3-S01b A S S E T S Total Boston Hew York Phila. Cleve. fiich. Atlanta Chicago St.Louis Minn. ICans.Cy. Dallas San Fran. Gold certificates on hand and due from U. S. Treasury 7,667,830 524,823 3,172,126 399,325 526,001 257.985 184,600 1,431,263 202,214 173,270 192,502 140,827 412,329 Redemption fund - F. E. notes 15,253 2,755 1,226 680 1,071 690 2,423 357 1,154 469 1,210 576 2,642 Other cash 344,923 42,112 90,342 42,303 30,369 16,253 12,217 45,291 17,209 5,4l3 20,282 5,106 1^,531 Total reserves 3,028,011 Bills discounted: Secured by U*S.Govt, obligations, direct and/or fully guaranteed Other bills discounted Total bills discounted Bills bought in open market Industrial advances tj. S* Government securities: Bonds Treasury notes Treasury bills 569,695 3,263,69!+ 442,368 557,941 274,928 199,240 1,526,911 220,577 182,152 213,99^ 146,509 1+30,002 2,318 2,602 7S 33 1,545 2,043 4,920 111 4,676 30,195 2,76s 3,593 1,741 7,604 349 215,726 14,427 107,166 36,035 Totaltf.S*GrOvt.securities 2,430,287 157,673 Other securities Total bills and securities Due from foreign banks F.S.notes of other banks Uncollected items Bank premises All other assets TOTAL ASSETS 1,594,643 619,913 131 2,470,259 647 IS,334 509,419 47,865 42,006 — 160,906 50 316 50,294 3,113 132 43s 472 5,479 30 15 55 12 i53 4i 13 F j; 61 160 103 59 44o 1,594 45 67 163 370 74 13 6l 27 510 1,434 175 133 1,131 175 133 1,725 55,252 l6,s4s 19,070 492,235 120,336 143,333 136,896 39,936 50,117 190 3,S37 10,209 8,765 79,673 bS,4lO 23,034 26,329 734,333 177,120 213,025 116,716 100,209 — t \ 67 27 32 375 63 — — — 747,321 183,509 220,113 120,733 101,309 60 28 255 63 23 4,866 1,006 2,196 665 1,135 124,544 37.050 43,933 43,O4S 19,631 4,926 2,284 10,823 6,525 2,919 3,854 1,003 1,314 1,405 31,93S 530 2,063 15 61 30 24 104 327 1,130 16,560 17,435 51,200 :136,077 26,216 17,240 45,319 123,293 326,164 123,200 ; 75,617 116,344 35,000 :199,331 23,04G 179,231 — 10,732 84,263 23,205 — — 323,331 :123,615 78 2,287 67,165 4,323 331 13,000 46,974 15,643 4 l,6s6 23,5S5 2,%2 179 10,333 79,640 131 77,223 113,464 3 673 13,469 1,531 47s — — 37,033 ;200,332 19 19 45 402 1,325 1,777 29,536 21,760 30,239 3,360 1,524- 3,520 306 224 792 11,116,541 784,556 *i- ,133,441 672,435 336,132 443,720 325,997 ]l,930,431 ;372,293 275,529 367,054 258,039 666,309 ASSETS AND LIABILITIES OP THE FEDERAL RESERVE BARKS ON MARCH 11, 1936 (In thousands of dollars) B-SOlc L I A B I L I T I E S Total Boston New York Phila, Cleve, Rich. Atlanta F.R.notes in actual circulation 3,731,534 337,953 733,244 277,293 362,270 176,356 160,756 Deposits; Member bank - reserve account 5,736,173 357,444 2,623,765 31^,673 375,747 200,111 122,917 U.S.Treasurer - General account 2,195 3,626 2,633 391,113 9,093 1,332 225,202 Foreign bank 6,063 2,899 2,306 6,123 64,391 M76 22,5^7 Other deposits 2,44l 272,512 7.100 214,490 3,223 4,905 Total deposits 6,514,189 371,615 :5,I46,oo4 324,192 393,344 209,359 132,761 Deferred availability items 121,61s 37,373 47,110 42,573 19,193 507,067 49,336 Capital paid in 130,63s 9,399 4,234 .50,923 12,324 12,442 4,595 Surplus (Section 7) 145,501 9,902 5,6l6 5,136 50,825 13,406 14,371 Surplus (Section 13b) 2,374 7,744 4,231 1,007 3,448 754 26,513 Reserve for contingencies 34,107 3,349 3,000 3,lll 1,257 2,508 1,413 All other liabilities 26,992 2,064 14,234 616 2,527 446 170 TOTAL LIABILITIES Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. 858,833 161,776 111,482 142,675 74,916 283,930 376,894 l62,S34 131,923 177,792 134,362 307,211 2,929 2,813 4,523 5,011 3,343 1,911 1,911 1,377 1,5^2 4,547 9,890 12,355 SS4 2,732 4,646 7,737 955,733 175,361 141,494 185,110 149,592 329,124 68,438 24,916 13,534 29,065 23,249 30,607 12,043 3,942 3,021 3,791 10,147 3,757 4,655 3,149 3,613 3,783 9,645 21,350 546 1,142 1,252 1,121 1,003 1,391 843 1,349 S92 1,403 1,329 7,573 664 5,120 336 127 3©3 335 11,116,541 734,556 4,103,441 672,435 336,182 443,720 325,997 1,930,481 372,29s 275,529 367,054 253,039 556,809 Ratio of total reserves to deposit and F.R.note liabilities combined Commitments to make industrial advances 73.4 25,709 80.3 3,296 83.1 9,386 73.5 73.3 316 1,634 71.2 67.9 2,323 3S7 84.1 65.4 106 72.O 1,936 65,3 105 731 65.3 537 70.1 4,402 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Total Bills discounted Bills bought Industrial advances U.S.Government securities Other securities 4,920 4,676 30,195 2,430,287 131 Within 15 days 4,026 2,071 1,562 43,850 31 to 60 days 6l to 90 days 91 days to 6 months 354 469 869 55 76 8 455 7,164 52 1,741 365,277 1,850,080 16 to 30 days 236 r ? 116,4io 1,3*2 405 47,506 Over 6 months 25,680 181 FEDERAL RESERVE TOTE STATEMENT 01T MARCH 11, 1936 (In thousands of dollars) B-SOld Total Boston Federal Eeserve notes: Issued to F.a.bank by r.s.agent ^,003,275 356,692 Held by Federal Reserve bank 276,7*+! 18,739 In actual circulation 3.731.53^ 337.953 Hew York Phila, Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. 337,030 290,959 375»in isU.701 130,51+7 391+,1+oS 163,973 llU,C65 152,157 CO,^77 322,357 103,736 13,666 7S3,2^ 277.293 12,3*+1 S,3*+5 19,791 ..35*573 7.197 3,333 9.^32 5.5^1 33,377 362,270 176,356 160,756 353,333 161,776 111,1+32 1^2,675 7^,916 233,930 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. Gov't securities Total collateral 3.931. «&3 3,211 123,000 366,617 905,706 291,000 375,U*+0 136,000 1*+5,6S5 900,000 1^7,632 116,000 133.000 21,500 283.263 35 — 2,120 — U05 — 27 — 30 55 37,000 33 — 3 23,000 53 — 157 20,000 153 — SO >+3,000 ^,053,05^ 366,702 907,S26 291,1105 375.^67 136,030 132,7^0 900,033 170,61+0 116,053 153.157 31,653 326,3^3
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