H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FR-283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Aug. 5 5 of the Federal Reserve System not earlier. August 4, 1938, CONDITION OF FEDERAL RESERVE BANKS During the week ended August 3 member bank reserve balances decreased $114,000,000, Reductions in member bank reserves arose from increases of $49,000,000 in money in circulation, $29,000,000 in Treasury cash, $43,000,000 in Treasury deposits with Federal Reserve banks and $8,000,000 in nonmember deposits and other Federal Reserve accounts and a decrease of $9,000,000 in Reserve bank credit, offset in part by increases of $23,000,000 in gold stock and $2,000,000 in Treasury currency. Excess reserves of member banks on August 3 were estimated to be approximately $2,920,000,000, a decrease of $120,000,000 for the week. The principal changes in holdings of bills and securities were an increase of $5,000,000 in United States Treasury notes and a decrease of $5,000,000 in United States Treasury bills* Changes in member bank reserve balances and related items during the week and the year ended August 3, 1938, were as follows« Increase or decrease since Aug. 3 July 27 Aug, 4 1938 .. 1928.. ..1917, (In millions of dollars) Bills discounted 6 -1 -9 Bills bought 1 ---------- -2 U. S. Government securities 2,564 - - +38 Industrial advances (not including l4 million commitments - August 3) 16 ----------■ -5 Other Reserve bank credit -12 —7 -8 Total Reserve bank credit 2,574 —9 +13 Gold stock 13,025 +23 +563 Treasury currency 2,721 +2 +149 Member bank reserve balances 8,074 ~ll4 +1,438 Money in circulation 6,465 +49 -3 Treasury cash 2,357 +29 -1,248 Treasury deposits with F. R. banks 775 +43 +466 Nonmember deposits and other F. R. accounts 64-9 +8 +71 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form- FR—283-a Released for publication Friday morning, August 5, 1938; not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Aug. 3. 1938 July 27. 1938 Aug. 4. 1937 ASS E T S Gold certificates on hand and due from U. S. Treasury ....... 10,632,904 10,633,400 8,833,399 Redemption fund - F. R. notes . . 9,437 9,098 9,784 Other cash ........ . 397.012 421.229 312.308 11,039,354 11,063,727 9,155,491 Total reserves Bills discounted* Secured by U. S. Gov't obligations, direct or fully guaranteed 3,339 *4,162 10,026 Other bills discounted . « 2t.l2Z *3 «160- PjZE Total bills discounted . . 6,-466 7,322 15,403 3,078 Bills bought in open market 539 539 Industrial advances .... 15,647 16,308 21,082 U. S. Government securities* 732,508- 744,105 Bonds . . . . . . . . . . . 744,105 Treasury notes ...... 1,196,188 1,190,070 1,157,713 629.040 635.969 Treasury bills ...... 623.722 Total U.S. Government securities 2,564,015 2,564,015 2,526,190 2,586,667 2,588,184 2,565,753 Total bills and securities Due from foreign banks • • 181 181 222 F. R* notes of other banks 22,948 23,516 28,198 534,l4l 601,649 Uncollected items . . • • 547,727 45,500 Bank premises ...... 44,486 44,559 49.113 42.692 All other assets ...... 49.581 14,290,948 14,303,421 12,439,505 TOTAL ASSETS L I A B I L I T I E S F. R. notes in actual circulation . 4,138,706 4,109,643 4,222,016 Deposits* Member bank - reserve account ... 8,074,340 8,187,723 6,635,764 U. S. Treasurer - General account . 774,757 732,462 308,778 Foreign bank . .............. 123,956 125,243 195,093 Other deposits . . . . . . . . . . 267.742 257,451 124.926 Total deposits . . . . . . . . . 9,240,795 9,302,883 7,264,561 Deferred availability items .... 560,292 539,276 606,265 Capital paid in . ............ 133,8l4- 133,785 132,442 Surplus (Section 7) . . . . . . . . 147,739 147,739 145,854 Surplus (Section 13 b) ...... . 27,682 27,683 27,490 Reserve for contingencies ..... 32,810 32,810 35,873 All other liabilities ....... 9.110 9^602 5.004 TOTAL LIABILITIES ........ 14,290,948 14,303,421 12,439,505 Ratio of total reserves to deposit and F. R. note liabilities combined . . • . 82.5$ 82.5$ 79.7$ Contingent liability on bills purchased for foreign correspondents . ...... 727 879 2,917 Commitments to make industrial advances 13,809 13,731 15,366 Digitized for FRASER ■^Revised. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283—b ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON AUGUST 3, 1938 (In thousands of dollars) A S S E T S Total Boston New York Phxla. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran, Gold certificates on hand and due from U.S. Treasury 10,632,904 626,916 4,537,899 473,244 682,174 313,873 235,333 2,076,214 312,097 219,470 276,607 182,522 696,555 Redemption fund - F. R. notes 9,437 867 1,398 1,059 1,218 733 664 644 384 821 214 326 1,109 Other cash 397,013 4l,506 108,257 28,635 28,829 21,031 14,926 54,091 16,216 9,744 18,673 16,008 39,097 Total reserves 11,039,354 669,289 4,647,554 502,938 712,221 335,637 250,923 2,130,949 328,697 230,035 295,494 198,856 736,761 Bills discounted! Secured by U.S. Gov’t obligations, direct or fully guaranteed 3,339 120 801 773 304 402 187 115 95 111 29 164 238 Other bills discounted 3,127 88 327 64o 200 415 643 — — 60 64 122 279 289 Total bills discounted 6,466 208 1,128 1,413 504 817 830 115 155 175 151 443 527 Bills bought in open market 539 40 212 55 49 23 19 67 2 2 16 16 38 Industrial advances 15,647 2,381 3,695 2,904 74l 1,481 119 448 135 1,126 417 852 1,348 U. S. Government securities» Bonds 744,105 56,940 226,408 66,972 69,727 36,921 32,270 80,920 33,204 21,310 34,428 24,657 60,348 Treasury notes 1,196,188 91,535 363,960 107,662 112,089 59,355 51,876 130,083 53,375 34,257 55,345 39,638 97,013 Treasury bills 623,722 47,728 189,779 56,137 58,446 30,948 27,050 67,828 27,832 17,863 28,858 20,668 50,585 Total U.S.Govft securities 2,564,015 196,203 780,147 230,771 240,262 127,22-4 111,196 278,831 11-4,-411 73/30118,631 84,963 207,946 Total bills and securities 2,586,667 198,832 785,182 235,143 241,556 129,545 112,164 279,461 114,703 74,733 119,215 86,274 209,859 Due from foreign banks 181 l4 67 18 17 8 6 23 3 2 5 5 13 F. R. notes of other banks 22,948 1,186 3,883 l,>4l 1,388 1,381 1,035 2,826 1,884 1,687 1,762 375 4,200 Uncollected items 547,727 56,860 126,799 41,499 60,852 45,613 21,168 74,192 24,048 17,203 29,239 19,876 30,378 Bank premises 44,486 2,968 9,857 4,752 6,117 2,654 2,094 4,518 2,314 1,545 3,115 1,266 3,286 All other assets 49,585 3,255 14,873 4,885 5,204 3,024 2,297 4,767 1,962 1,542 2,076 1,593 4,107 TOTAL ASSETS 14,290,948 932,4o4 5,588,215 790,576 1,027,355 517,862 389,687 2,496,736 473,611 326,747 450,906 308,245 988,6o4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form Fft-283“c ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON AUGUST 3, 1938 (in thousands of dollars) L I A B I L I T I E S Total Boston New York Phila* Cleve. Rich, Atlanta Chicago St,Louis Minn, Kans.Cy, Dallas San Fran. F.R,notes in actual circulation 4,138,706 356,406 907,784 301,245 405,288 191,305 142,395 957,265 172,779 132,199 164,234 76,243 331,563 Deposits* Member bank — reserve account 8,074,340 444,684 3,835,461 367,278 474,128 227,057 161,261 1,302,851 224,292 118,292 214,703 167,390 536,943 U*S.Treasurer - General account 774,757 37,392 344,209 32,183 33,600 31,860 43,285 95,S4o 25,546 43,647 21,668 25,576 39,951 Foreign bank 123,956 9,021 43,643 12,279 11,527 5,388 4,385 .14,910 3,759 2,882 3,633 3,633 8,896 Other deposits 267,742 3,885 214,703 2,451 9,540 3,495 4,063 1,654 6,257 3,943 1,007 2,6o4 l4,l4o Total deposits 9,240,795 494,982 4,438,016 414,191 528,795 267,800 212,994 1,415,255 259,854 168,764 24l,011 199,203 599,930 Deferred availability items 560,292 56,655 121,160 42,336 60,547 43,620 21,240 78,857 30,268 16,283 35,393 21,621 32,312 Capital paid in 133,814 9,413 50,966 12,220 13,391 4,972 4,467 13,266 3,924 2,906 4,179 3,941 10,169 Surplus (Section 7) 147,739 9,900 ,51,943 13,466 14,323 4,964 5,626 22,387 4,667 3,153 3,613 3,892 9,805 Surplus (Section 13 b) 27,682 2,873 7,744 4,4u 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Reserve for contingencies 32,810 1,448 8,210 2,000 3,176 1,401 1,603 7,146 1,215 1,901 934 1,776 2,000 All other liabilities 9,110 727 2,392 707 828 391 632 1A3-1. 359 540 4oo 299 704 TOTAL LIABILITIES 14,290,948 932,4o4 5,588,215 790,576 1,027,355 517,862 389,687 2,496,736 473,611 326,747 450,906 308,245 988,6o4 Contingent liability on bills purchased for foreign correspondents 727 53 254 72 68 32 26 88 22 17 21 21 53 Commitments to make industrial advances 13,809 1,407 3,945 405 1,487 1,839 181 21 586 237 442 91 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Within l6 to 31 to 61 to 91 days to 6 months 1 Year 2 Years Over Total 15 days 30 days 60 days 90 days 6 months to 1 Year to 2 Years to 5 Years 5 Years Bills discounted 6,466 4,916 255 426 628 236 5 . . ^ Bills bought 539 105 125 70 239 Ml ----- ----- - - Industrial advances 15,647 1,123 193 469 730 2,185 3,127 5,494 2,326 U. S. Government securities 2,564,015 92,335 88,950 215,480 193,257 76,485 168,763 479,410 584,575 664,760 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-d FEDERAL RESERVE NOTE STATEMENT ON AUGUST 3, 1938 (in thousands of dollars) Total Boston New York Phila. Cleve. Rich, Atlanta Chicago St,Louis Minn, Kans.Cy. Dallas San Fran, Fcdcr^-l Rcserve notss I Issued to F,R.bank by F.R.agent 4/31,040 380,865 1,002,098 317,388 428,386 200,040 157,732 989,543 184,112 137,774 173,039 82,731 377,332 Held by Federal Reserve bank 292,334 24/59 94,314 16,143 23,098 8,735 15,337 32,278 11,333 5,575 8,805 6,488 45,769 In actual circulation 4,138,706 356,4o6 907,784 301,245 405,288 191,305 142,395 957,265 172,779 132,199 164,234 76,243 331,563 Collateral held by agent as secu­ rity for notes issued to banks Gold certificates on hand and due from U. S. Treasury 4,528,632 390,000 1,010,000 327,000 434,000 202,000 159,000 1,010,000 188,632 l4l,500 177,000 85,500 404,000 Eligible paper 5,449 173 1,068 965 354 673 737 115 95 161 142 443 523 Total collateral 4,534,081 390,173 1,011,068 327,965 434,354 202,673 159,737 1,010,115 188,727 l4l,66l 177,142 85,943 4o4,523 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis