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Form Fffr-283 STATEMENT FOR THE PRESS Released for publication Friday morning, Sept# 2$ not earlier. Board of Governors of the Federal Reserve System September 1, 1938* CONDITION OF FEDERAL RESERVE BANKS During the week ended August 31 member bank reserve balances increased $23,000,000# Additions to member bank reserves arose from decreases of $51,000,000 in Treasury deposits with Federal. Reserve banks and $3 ,000,000 in nonmember deposits and other Federal Reserve accounts and increases of $56,000,000 in gold stocky $6,000,000 in Reserve bank credit and $3,000,000 in Treasury currency, offset in part by increases of $63,000,000 in Treasury caslj and $33,000,000 in money in circulation. Excess reserves of member banks on August 31 were estimated to be approximately $2,940,000,000, a decrease of $40,000,000 for the week# Changes in member bank reserve balances and related items during the week and the year ended August 31 , 1938, were as follows! Increase or decrease since Aug. 31 1938 Aug# 24 1938 Sept, 1 1937 (in millions of dollars) Bills discounted 7 Bills bought 1 U, S. Government securities 2,564 Industrial advances (not including 14 million commitments - August 31 ) 16 Other Reserve bank credit -2 Total Reserve bank credit Gold stock Treasury currency Member bank reserve balances Money in circulation Treasury cash Treasury deposits with F, R, banks Normember deposits and other F. R, accounts -17 -2 +38 — — +6 -5 -7 2,585 13,135 2,730 +6 +56 +3 +6 +568 +145 8,179 6?503 2,480 720 568 +23 +33 +63 -51 -3 +1,448 -29 -1,239 +564 “25 Fortn FR-283-a Released for publication Friday morning, September 2,1938; not earlier, ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS GGUBINED (in thousands of dollars) Aug. 31. 1938 Aug# 24* 193.8 Sept, 1,122.7 ASSETS 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 ^ Bills bought in open market • • . . . Industrial advances U, S. Government securities* Bonds Treasury notes Treasury bills", . . . . . . . . . . Total U.S. Government securities , Total bills and securities , . . . Due from foreign banks F,R. notes of other banks . . . . . . Uncollected items Bank premises All other assets . . . . . . . . . . . TOTAL ASSETS............ 10,632,4.13 7,4-21 .l8ii67S 11,025,509 10,632,411 9,112 .396*893. 11,038,416 8,831,389 8,949 294,237 9,134,575 4,041 ......... JkiSl 7,144 537 15,899 3,699 6,?4l 537 15,852 12,915 10.811 23,726 3,076 20,785 744,105 1,196,188 623.722 2,564,015 744,105 1,196,188 623.722 2,564,015 738,073 1,157,713 630.404 2,526,190 2,587,595 184 25,617 525,303 44,410 52.539 2,587,145 184 24,955 501,237 44,462 51.950 2,573,777 221 27,785 625,356 45,423 , ..45,115. 14,261,157 14,248,349 12,452,652 4,169,262 4,144,760 4,260,604 8,178,851 720,248 125,940 187.322 9,212,361 527,766 133,994 147,739 27,683 32,776 9.576 8,156,037 770,784 119,166 195.662 9,241,649 509,855 133,991 147,739 27,683 32,775 9.897 6,731,214 156,264 189,657 146.887 7,224,022 620,482 132,594 145,854 27,490 35,839 5.767 14,261,157 14,248,349 12,452,652 ___ LIABILITIES F. R. notes in actual circulation . , Deposits* Member bank - reserve account , . . , U. S. Treasurer - General account , , Foreign bank Other deposits Total deposits . . . . . * * < . Deferred availability items , . . . , Capital paid in Surplus (Section 7) . . . . . . . . . Surplus (Section 13 b) * , . . . . . . Reserve for contingencies • • * , . , All other liabilities • TOTAL LIABILITIES ...... Ratio of total reserves to deposit and F. R. note liabilities combined . . . Contingent liability on bills purchased for foreign correspondents , . . * , 82*4$ 470 6o4 1,873 Commitments to make industrial advances 13,543 13,684 15,404 82.5% 79.5% Form FR-28>-b ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BAMS ON AUGUST 31, 1938 (In thousands of dollars) A S S E T S Total Boston New York Phila, Gold certificates on hand and due from U. S. Treasury 10,632,413 609,731 4,547,738 458,533 Redemption fund — F.R. notes 7,421 762 890 927 Other cash 42,958 385,675 109,763 31,647 Total reserves 11,025,509 653,451 4,658,428 491,070 Bills discounted! Secured by U.S.Gov*t obligations, direct or fully guaranteed 4,041 1,746 30 379 Other bills discounted 446 600 34 3,103 Total bills discounted Bills bought in open market Industrial advances U. S.Government securities* Bonds Treasury notes Treasury bills 7,144 537 15,899 6A 40 2,371 2,192 210 3,685 979 55 3,300 Cleve, Rich. Atlanta Chicago St,Louis Minn, Kans.Cyv Dallas San Fran, 717.306 325,521 228,554 2,044,545 304,733 221,160 292,183 184,411 697.998 458 708 437 299 1,016 1,015 4-03 173 333 51,600 14,828 9,291 17,293 12,767 37,047 24,687 21,109 12,685 743,008 347,067 241,697 2,096,548 319,894 231,159 309,649 197,477 736,061 568 I6l 272 309 93 577 170 — 145 75 108 44 51 179 206 418 273 260 729 49 689 581 23 1,506 670 19 119 170 67 44i 220 2 135 152 2 1,120 230 16 427 624 16 846 533 38 1,260 744,105 56,940 1,196,188 91,535 623,722 47,728 226,408 66,972 363,960 107,662 189,779 56,137 69,727 36,921 32,270 112,089 59,355 51,876 58,446 30,948 27,050 80,920 33,204 21,310 34,428 24,657 60,348 130,083 53,375 34,257 55,345 39,638 97,013 67,828 27,832 17,863 28,858 20,668 50,585 Total U.S,Gov*t securities 2,564,015 196,203 780,147 230,771 240,262 127,224 111*196 278,831 114,411 73,430 118,631 84,963 207,946 Total bills and securities Due from foreign banks F. R. notes of other banks Uncollected items Bank premises All other assets 2,507,595 198,678 184 14 25,617 2,000 525,303 51,818 44,410 2,964 52,539 3,465 786,234 235,105 18 70 1,854 4,773 135,626 41,682 9,84l 4,741 15,669 5,265 241,729 129,334 112,004 8 6 17 1,557 1,293 1,433 57,003 46,496 17,226 6,092 2,647 2,090 5,461 3,165 2,457 279,509 114,768 74,704 119,304 86,449 209,777 2 5 5 23 3 13 434 4,192 3,485 1,636 1,349 1,611 66,679 21,666 15,722 27,043 22,420 21,922 4,516 2,308 1,543 3,115 1,276 3,277 5,029 2,110 l,64l 2,225 1,707 4,345 TOTAL ASSETS 1-4,261,157 912,390 5,610,64-1 779,735 1,054,867 530,010 376,913 2,455,789 462,385 326,120 462,952 309,768 979,587 Form FR—283~e ASSETS AllD LIABILITIES OF THE FEDERAL RESERVE BANKS ON AUGUST 31, 1938 (In thousands of dollars) LIABILITIES Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Total Boston New York Phila. F.R.notes in actual circulation 4,169,262 357,678 918,386 303,889 Deposits* Member bank — reserve account 8,178,851 439,040 3,936,262 355,676 U.S.Treasurer - General account 720,248 25,808 320,440 32,587 Foreign bank 125,940 8,609 49,299 11,718 Other deposits 187,322 4,791 131,677 2,318 Total deposits 9,212,361 478,248 4,4-37,678 402,299 Deferred availability items 527,766 52,063 133,137 40,516 Capital paid in 133,994 9,408 50,944 12,215 Surplus (Section 7) 51,943 13,466 147,739 9,900 Surplus (Section 13 b) 27,683 2,874 7,744 4,411 Reserve for contingencies 32,776 1,448 8,210 2,000 All other liabilities9,576 771 2,599 939 TOTAL LIABILITIES 407,392 200,957 139,981 958,460 171,743 132,596 165,744 76,250 336,186 495,609 229,939 157,628 1,294,433 218,864 120,677 227,444 73,306 28,576 42,208 27,340 41,889 28,885 39,802 14,228 3,587 2,750 3,467 5,141 4,185 11,000 834 10,468 3,254 5 ,44o Jkggg 5,867 3,269 558,966 267,219 207,055 1,333,859 256,894 168,904 259,085 68,078 23,043 15,132 27,871 55,823 46,679 16,795 13,390 4,991 4,473 13,275 3,918 2,908 4,190 22,387 4,667 3,153 3,613 14,323 4,964 5,626 730 1,007 3,409 1/29 545 1,001 1,142 3,176 1,401 1,603 7,118 1,215 1,894 '935 372 790 390 650 360 532 1,183 . . . 163,426 539,853 2.8,460 30,947 3,467 8,489 2,514 14,998 197,867 594,287 24,497 24,132 3,940 10,342 3,892 9,805 1,270 2,121 1,776 2,000 276 714 14,261,157 912,390 5,610,641 779,735 1,054,867 530,010 376,913 2,455,789 462,385 326,120 462,952 309,768 979,587 Contingent liability on bi11s purchased for foreign correspondents 470 Commitments to make industrial advances 13,543 34 169 46 43 20 16 56 14 11 14 14 33 1,360 3 ,846 339 1 ,;513 1,796 178 19 580 2.37 360 51 3,264 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Total Bills discounted Bills bought Industrial advances U. S.Government securities 7,144 , 537 15,899 2,564,015 Within 15 days 16 to 30 days 5,546 262 117 162 1,3U 103,830 110,650 — 31 to 60 days 61 to 90 days 837 212 591 186,757 339 208 624 176,385 91 days to 6 months 6 months to 1 Year 159 — 2,188 88,885 1 — 2,907 168,763 1 Year to 2 Years — —5,449 479,410 2 Years to 5 Years — Over 5 Years — - 2,667 584,575 — 664,760 Form FR—283—d FEDERAL RESERVE NOTE STATEMENT ON AUGUST 31 , 1938 (in thousands of dollars) Total Boston New York Phila* Cleve, Rich. Atlanta Chicago St,Louis Minn, Kans,Cy, Dallas San Fran, Federal Reserve notes! Issued to F.R.bank by F.R.agent4,449,156 380,04-9 1,001,355 322,4-98 429,784 211,157 156,900 Held by Federal Reserve bank 279,894 22,371 82,969 18,609 22,392 10,200 16,919 In actual circulation 4,169,262 357,678 986,017 184,835 137,298 17-4,778 82,618 381,867 27,557 13,092 4,702 9,034 6,368 45,681 918,386 303,889 407,392 200,957 139,981 958,460 171,74-3 132,596 165,744 76,250 336,186 Collateral held by agent as secu rity for notes issued to bank: Gold certificates on hand and due from U, S. Treasury 4,544,632 390,000 1,010,000 327,000 434,000 215,000 159,000 1,010,000 188,632 l4l,500 180,000 85,500 404,000 Eligible paper 6,166 30 2,162 488 608 514 528 170 160 143 221 609 533 Total collateral 4,550,798 390,030 1 , 012,162 327,488 434,608 215,514 159,528 1,010,170 188,792 l4l,643 180,221 86,109 4o4,533
@FedFRASER