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Form FR—283 STATEMENT FOR THE PRESS Released for publication Friday morning, Mar, 255 not earlier, Board of Governors of the Federal Reserve System March 2-4, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended March 23 member bank reserve balances increased $5,000,000. Additions to member bank reserves arose from decreases of $3,000,000 in money in circulation, $5,000,000 in Treasury cash and $14,000,000 in nonmember deposits and other Federal Reserve accounts, and increases of $3,000,000 in gold stock and $£,000,000 in Treasury currency, offset in part by a decrease of $16,000,000 in Reserve bank credit and an increase of $6,000,000 in Treasury deposits with Federal Reserve banks. Excess reserves of member banks on March 23 were estimated to be approximately $1,560,000,000, an increase of $100,000,000 for the week. Inactive gold included in the gold stock and in Treasury cash amounted to $1,183,000,000, a decrease of 05,000,000 for the week. Principal changes in holdings of bills and securities were increases of $8,000,000 in United States Treasury bonds and $2,000,000 in United States Treasury notes, and a decrease of $10,000,000 in United States Treasury bills. Changes in member bank reserve balances and related items during the week and the year ended March 23, 1938, were as follows* Increase or decrease since Mar. 23 1938 Mar, 16 1938 Mar. 24 1937 (in millions of dollars) Bills discounted Bills bought U. S. Government securities Industrial advances (not including 13 million commitments - March 23) 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 10 1 2,564 +2 — « _ +2 -2 +134 17 1 — -17 -6 +2 2,592 12,781 2,674 -16 +3 +2 +129 +1,240 +137 7,333 6,325 3,545 270 575 +5 -3 -5 +6 -l4 +755 -50 +822 -9 -11 Form FR-283-a Released for publication Friday morning, March 25, 1938; not earlier* ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Mar 21^.1928 Mar. 16. 1938 Mar. 24,1937 9,197,203 9,874 477.843 9,684,920 9 ,188,602 9,600 478.179 9,676,381 8,844,385 12,095 270,407 9,126,887 6,415 3 »108 9,523 542 17,314 5,193 2.956 8,149 542 17,259 6,175 1.517 7,692 3,310 22,666 732,320 1,165,691 666,004 2,564,015 723,595 1,164,191 676.229 2,564,015 631,784 1,231,343 567.100 2,430,227 2,591,394 177 19,889 531,219 44,852 ..42*130 2,589,965 177 20,613 742,758 44,865 40.698 2,463,895 232 19,810 618,002 45,973 ....42*222 12,914,581 13,115,457 12,317,732 4,119,858 4,124,888 4,166,726 7,333,050 269,586 113,661 198,646 7,914,943 7,328,137 263,623 103,356 222.136 7,917,252 6,578,279 278,659 102,999 _ 221,221 7,183,160 530,381 133,306 147,739 27,683 32,950 7.721 724,619 133,297 147,739 27,683 32,950 7.029 619,573 132,236 145,854 27,490 36,176 6.517 12,914,581 13,115,457 12,317,732 ASSETS Gold certificates on hand and due from U, S. Treasury . , . . Redemption fund - F.R. notes • . Bills discounted« 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 * Treasury bills • . . ...... Total U.S. Government securities Total bills and securities . . Due from foreign banks . , . . . F. R. notes of other banks * . . Uncollected items . . . . . . . TOTAL ASSETS ........ LIABILITIES F. R. notes in actual circulation Deposits * Member bank — reserve account . U.S, Treasurer - General account Foreign bank: . ........... Other deposits Deferred availability items . • Capital paid in ........... Reserve for contingencies . . . All other liabilities • . . . . TOTAL LIABILITIES . . . . Ratio of total reserves to deposit and F.R. note liabilities combined Contingent liability on bills pur chased for foreign correspondents 80.5% 222 630 Commitments to make industriel advances 12,904 12,911 80.4$ 80.4$ 19,135 Form Fft-283-b ASSETS AMD LIABILITIES OF THE FEDERAL RESERVE BANKS ON MARCH 23, 1938 (in thousands of dollars) ASSETS Total Boston New York Phila. Gold certificates on hand and due from U. S. Treasury 9,197,203 4-85,358 3,891,432 460,754 Redemption fund — F.R. notes f 9,874 1,714 924 471 Other cash 477,843 48,669 117,364 36,269 Total reserves 9,684,920 534,498 4,010,510 497,947 Bills discounted* Secured by U.S.Gov’t obligations, direct or fully guaranteed 6,415 2,340 1,274 857 Other bills discounted 3,108 288 656 89 Total bills discounted 9,523 946 2,628 1,930 542 4l Bills bought in open market 56 207 4,325 3,290 Industrial advances 17,314 2,607 U. S. Government securities* 732,320 53,764 211,227 60,439 Bonds 1,165,691 85,580 336,228 96,205 Treasury notes 666,004 48,895 192,099 54,966 Treasury bills Cleve. Rich. Atlanta Chicago St.Louis Minn* Kans,Cy. Dallas San Fran. 620,922 272,043 227,180 1,672,038 265.465 177,508 257,562 168,832 581 1,246 607 610 4o4 631 457 733 44,159 27,851 19,360 73,689 15,450 10,032 29,677 13,441 698,109 1,496 41,882 665,688 300,475 247,786 1,746,337 281,546 188,273 287,643 182,730 741,487 _ _ 77 138 354 38 254 215 246 77 2 556 492 16 467 292 16 913 46l 39 1,373 72,271 38,929 30,693 115 ,o4o 61,965 48,855 65,727 35,403 27,913 80,655 32,697 23,776 37,730 28,495 128,384 52,045 37,847 60,059 45,357 73,351 29,736 21,623 34,314 25,915 61,644 •98,126 56,062 476 230 478 270 424 593 90 11 85 4o 706 51 970 748 24 1,791 1,017 19 122 101 68 686 125 3 154 Total U.S. GovVt securities 2,564,015 188,239 739,554 211,610 253,038 136,297 107,461 282,390 114,478 83,246 132,103 99,767 215,832 Total bills and securities 2,591,394 191,893 177 12 Due from foreign banks F. R. notes of other banks 19,889 383 Uncollected items 531,219 52,768 44,852 2,991 Bank premises All other assets 42,130 2,634 746,714 216,886 72 17 3,502 910 124,596 40,874 9,940 4,805 12,344 4,070 254,765 138,860 108,619 16 6 7 1,295 1,503 2,075 47,961 46,680 23,447 6,190 2,687 2,109 4,645 2,567 1,673 283,245 114,760 83,881 133,078 100,988 21 2 2 5 5 2,578 1,933 932 1,908 539 69,557 26,321 l4,4l8 26,935 23,716 4,569 2,333 1,497 3 ¿42 1,269 3,962 1,652 1,454 1,955 1,571 217,705 . 12 2,331 33,946 3,320 3,603 TOTAL ASSETS 12,914,581 785,179 4,907,678 765,509 980,560 492,779 385,715 2,110,269 428,547 290,457 454,666 310,818 1,002,404 Form FR-283—c ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS Oil MARCH 23, 1938 (In thousands of dollars) LIABILITIES Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn, Kans.Cy, Dallas San Fran. F.R.notes in actual circulation -4,119,858 297,776 902,189 Deposits* Member bank - reserve account 7,333,050 381,740 3,455,631 U.S.Treasurer — General account 269,586 15,349 118,176 113,661 8,1-48 Foreign bank 41,495 198,646 4,336 149,379 Other deposits 308,450 413,136 195,526 150,733 962,982 177,113 136,424 164,958 79,729 330,842 357,243 13,168 11,090 1,213 458,460 214,165 178,759 15,624 12,011 12,029 10,4n 4,866 3,590 4,458 6,398 2,615 988,688 194,275 120,161 238,022 175,583 28S836 7,697 4,181 9,426 12,049 13 j466 3,395 2 5602 33282 3,282 2,047 8,009 3s44l ' 425 2,870 570,323 21,040 8,034 13,455 Total deposits Deferred availability items Capital paid in Surplus (Section 7) Surplus (Section 13 b) Reserve for contingencies All other liabilities 382,714 41,561 12,278 13,466 4,411 2,000 629 488,953 237,440 196,993 1,033,037 213*376 130,385 251,155 193,784 69,160 27,460 14,219 2.8,351 26,200 46,069 44,747 25,054 13,157 4,950 4,452 13j095 31-896 2,902 4,l44 3,938 22,387 4,667 3,153 3,613 3,892 14,323 4,964 5,626 730 1,007 3,409 545 1,001 1,142 1,270 1,429 7,257 1,215 1,929 934 1,776 3,177 l,4oi 1,603 524 922 342 369 229 738 275 612,852 34,095 10,146 9,805 2,121 2,000 543 TOTAL LIABILITIES 7,914,943 409,573 3,764,681 530,381 53,533 119,932 133,306 9,405 50,943 147,739 9,900 51,943 7,744 27,683 2,874 32,950 1,-448 8,210 7,721 670 2,036 12,914,581 785,179 4,907,678 765,509 Contingent liability on bills purchased for foreign correspondents 222 Commitments to make industrial 12,904 advances #T T t 980,560 492,779 385,715 2,110,269 428,547 290,457 454,666 310,818 1,002,404 16 73 22 20 10 14 1,483 4,261 121 1,510 1,547 281 7 5 6 6 485 4l 89 268 27 -------------- 16 2,818 MATURITI DISTRIBUTION OF BILLS AND SECURITIES Total Bills -discounted Bills bought Industrial advances U.S. Government securities 9,523 542 17,314 2,564,015 Within 15 days 7,817 - — 1,898 56,383 16 to 30 days 558 _ - 72 63,623 31 to 60 days 6l to 90 days 454 247 449 93 346 610 173,474 287,477 91 days to 6 months 6 mouths to 1 Year 417 - - 1,656 263,752 30 — .. 3,285 123,851 1 Year to 2 Years 2 Years to 5 years 1g ^ ------ 6,758 349,714 Over 5 Years ir ------ 2,689 574,647 ------ ----- 671,094 Form Fft-283-d FEDERAL RESERVE KOTE STATEMENT ON MARCH 23, 1938 (in thousands of dollars) Total Boston New York Phila, Federal Reserve notés* Issued to F.R.bank. "by F.E.agent 4,441,195 331,916 1,005,441 329,201 Held by Federal Reserve bank 321,337 34,l4o 103,252 20,751 Cleve. Rich. Atlanta Chicago St.Louis Minn« Kans.Gy. Dallas San Fran. 439,779 204,428 168,735 988,336 189,922 l4o,128 174,959 89,926 378,424 26,643 8,902 18,002 25,354 12,809 3,704 10,001 10,197 47,582 902,189 308,450 413,136 195,526 150,733 962,982 177,113 136,424 164,958 79,729 330,842 Gold certificates on hand and due from U. S. Treasury 4,509,632 341,000 1,015,000 337,000 Eligible paper 8,349 900 2,607 1,472 U. S. Gov*t securities 15,000 ---- 445,000 207,000 162,000 1,000,000 193,632 136,500 177,000 91,500 4o4,000 498 688 708 101 85 77 480 280 453 --10,000 --5,000 -- ------ 4,532,981 341,900 1,017,607 338,472 445,498 207,688 172,708 1,000,101 193,717 141,577 177,480 91,780 4o4,453 In actual circulation 4,119,858 297,776 Collateral held by agent as secu rity for notes issued to bank* Total collateral
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