H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FR-283 STATEMENT FDR THE PRESS Released for publication Board of Governors Friday morning, Aug, 12; of the Federal Reserve System not earlier. August 11, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended August 10 member bank reserves balances decreased #28,000,000* Reductions in member bank reserves arose from increases of $64,000,000 in Treasury deposits with Federal Reserve banks, and $10,000,000 in Treasury cash, offset in part by a decrease of $28,000,000 in nonmember deposits and other Federal Reserve accounts and increases of $8,000,000 in Reserve bank credit, $8,000,000 in gold stock and $2,000,000 in Treasury currency. Excess reserves of member banks on August 10 were estimated to be approximately $2,920,000,000, unchanged for the week. Changes in member bank reserve balances and related items during the week and the year ended August 10, 1938, were as follows: Increase or decrease since Aug, 10 Aug. 3 Aug. 11 1938 1938 1917 (in millions of dollars) Bills discounted 7 +1 -10 Bills bought 1 -2 - ~ U, S. Government securities 2,564 +38 « Industrial advances (not including 14 million commitments - August 10) 16 „ , , ,, -5 Other Reserve bank credit -5 +7 -10 Total Reserve bank credit 2,582 +8 +10 Gold stock 13,033 +8 +536 Treasury currency 2,723 +2 +150 Member bank reserve balances 8,046 -28 +1,365 Money in circulation 6,466 +1 -16 Treasury cash 2,367 +10 “1,273 Treasury deposits with F, R. banks 839 +64 +586 Nonmember deposits and other F. R. accounts 621 -2.8 +35 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, August 12, 1938$ not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Aue. 10.1938 Aug. 3, 1938 Aug. 11,1937 AS S E T S Gold certificates on hand and due from U. S. Treasury 10,632,907 10,632,904 8,832,398 Redemption fund -F. R. notes .... 8,680 9,437 10,784 ,.MiP71 ...322*212 . ..306*902 11,035,662 11,039,354 9,150,085 Bills discounted» Secured by U. S. Gov't obligations, direct or fully guaranteed • . • . * 3,775 3,339 11,674 Other bills discounted ....... 3,092 ...3.1.127 5.023 Total bills discounted ...... 6,874 6,466 16,697 Bills bought in open market . . . . . 540 539 3,072 Industrial advances • 15,965 15,647 21,043 U, S. Government securities* Bonds 744,105 744,105 732,508 1,196,188 1,196,188 1,157,713 623.722 623.722 .62L, 962 Total U.S. Government securities . 2,564,015 2,564,015 2,526,190 Total bills and securities * . . 2,587,394 2,586,667 2,567,002 Due from foreign banks • •••...• 180 181 227 F, R. notes of other banks •••... 23,587 22,948 25,686 Uncollected items 507,628 547,727 582,630 44,486 44,486 45,502 All other assets......... 50.684 49,585 .. .42^20 TOTAL ASSETS ........ 1-4,249,621 14,290,948 12,414,652 L I A B I L I T I E S F. R. notes in actual circulation • . •4,135,656 4,138,706 4,228,043 Deposits* Member bank - reserve account .... 8,045,525 8,074,340 6,681,124 U, S. Treasurer - General account . . 838,820 774,757 252,690 Foreign bank ...... ... .. .. 117,267 123,956 193,493 Other deposits 247.425 267.742 __I.22.1626 9,24-9,037 9,240,795 7,260,933 513,223 560,292 578,259 133,829 133,814 132,530 147,739 147,739 . 145,854 27,683 27,682 27,490 32,809 32,810 35,871 9.645 9.110 ....5*672 TOTAL LIABILITIES ..... 14,249,621 14,290,948 12,414,652 Ratio of total reserves to deposit and F, R. note liabilities combined ... 82,4$ 82.5% 79.6% Contingent liability on bills purchased for foreign correspondents » . . . . 704 727 2,780 Commitments to make industrial advances 13,767 13,809 15,304 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-b ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON AUGUST 10, 1938 (in thousands of dollars) A S S E T S Total Boston New York Phila. Cleve. Rich, Atlanta Chicago St,Louis Minn, Kans.Cy, Dallas San Fran, Gold certificates on hand and due from U.S.Treasury 10,632,907 624,882 4,526,180 465,860 691,997 316,696 236,487 2,057,685 318,452 226,921 281,875 182,904 702,968 Redemption fund - F.R. notes 8,680 827 1,237 1,059 1,151 402 635 577 368 814 202 315 1,093 Other cash 7 7 7 7 -^ - ^ --------- — Total reserves 11,035,662 666,808 4,639,798 496,990 716,802 338,266 251,654 2,111,354 334,192 236,979 300,095 198,703 744,021 Bills discounted* Sectored by U.S,Gov’t obligi itions, direct or fully guarantee id 3,775 145 1,276 564 284 502 122 205 135 111 28 190 213 Other bills discounted 3,099 60 329 659 181 417 633 25 60 49 113 308 265 Total bills discounted 6,874 205 1,605 1,223 465 919 755 230 195 160 l4i 498 478 Bills bought in open market 540 40 213 55 49 23 19 67 2 2 16 16 38 Industrial advances 15,965 2,381 3,699 3,244 740 1,481 115 448 135 1,119 4o6 850 1,347 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,Gov*t securities 2,564,015 196,203 780,147 230,771 240,262 127,224 111,196 278,831 n4,4ll 73,430 118,631 84,963 207,946 Total bills and securities 2,587,394 198,829 785,664 235,293 241,516 129,647 112,085 279,576 114,743 74,711 119,194 86,327 209,809 Due from foreign banks 180 l4 66 18 17 8 7 22 3 2 5 5 13 F. R. notes of other banks 23,587 1,360 3,995 1,637 997 1,963 2,083 3,356 1,331 2,177 1,264 391 3,033 Uncollected items 507,628 49,602 123,969 43,129 51,483 43,585 17,670 67,270 22,305 15,969 28,104 19,708 24,834 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 50,684 3,324 15,224 4,944 5,283 3,108 2,350 4,937 2,013 1,578 2,107_...1*.639_ 4,177 TOTAL ASSETS 14,249,621 922,905 5,578,573 786,763 1,022,215 519,231 387,943 2,471,033 476,901 332,961 453,884 308,039 989,173 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-C ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON AUGUST 10, 1938 (in thousands of dollars) L I A B I L I T I E S Total Boston New York Phila, Gleve, Rich, Atlanta Chicago St,Louis Minn, Kans.Cy, Dallas San Fran, F.R.notes in actual circulation -4,135,656 356,599 903,910 302,024 4o4,796 193,740 142,822 955,963 171,686 131,635 165,501 75,184 331,796 Deposits* Member bank - reserve account 8,045,525 436,442 3>798,756 357,402 472,231 226,803 169,504 1,283,045 234,931 126,309 224,271 165,390 550,441 U.S.Treasurer — General account 838,820 40,395 400,889 35,599 39,836 32,072 37,173 102,373 25,956 44,248 19,385 27,708 33 ,,186 Foreign bank 117,267 8,4o4 42,444 11,439 10,739 5,019 4,086 13,891 3,502 2,685 3,385 3,385 8,288 Other deposits 247,425 7,344 191*658 2,568 9,616 3,222 3,696 1,858 6,450 3,496 808 2,240 14,469 Total deposits 9,249j037 492,585 4,433,747 407,008 532,422 267,116 214,459 1,401,167 270,839 176,738 247,849 198,723 606,384 Deferred availability items 513,223 49,351 119,469 44,881 52,222 43,202 17,580 68,471 23,640 15,088 30,225 22,947 26,147 Capital paid in 133,829 9,407 50,966 12,216 13,392 4,977 4,469 13,269 3,926 2,907 4,188 3,940 10,172 Surplus (Section 7) 147,739 9 >900 51,943 13,466 14,323 4,964 5,6 26 22,387 4,667 3,153 3,613 3,892 9,805 Surplus (Section 13 b) 27,683 2,874 7,744 4,4n 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Reserve for contingencies 32,809 1,448 8,210 2,000 3,176 l,4oi 1,602 7,146 1,215 1,901 934 1,776 2,000 All other liabilities 9,645 74l 2,584 757 877 422 655 1,201 383 538 432 307 748 TOTAL LIABILITIES 14,249,621 922,905 5,578,573 786,763 1,022,215 519,231 387,943 2,471,033 476,901 332,961 453,884 308,039 989,173 Contingent liability on bills purchased for foreign correspondents 704 53 231 72 68 3 2 26 88 22 17 21 21 53 Commitments to make industrial advances 13,767 1,385 3,944 405 1,487 1,835 180 19 586 236 442 91 3,157 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Within 16 to 31 to 6l to 91 day? to 6 months 1 Year 2 Years Over Total 15 days 30 days 60 days 90 days 6 months to 1 Tear to 2 Years to 5 Years 5 Years Bills discounted 6,874 5,3 40 302 694 383 152 3 Bills bought 540 201 137 -- 202 - — ----- -- - — Industrial advances 15,965 1,046 249 6l4 569 2,298 3,038 5,511 2,640 - — U. S, Government securities 2,564,015 87,710 83,330 237,520 160,187 97,760 168,763 479,410 584,575 66Aj760 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-d FEDERAL RESERVE HOTE STATEMENT ON AUGUST 10, 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„agent 4,445,959 378,911 1,002,161 320,439 429,128 204,028 158,910 988,11-4 184,525 138,442 176,442 82,898 381,961 Held by Federal Reserve bank 310,303 22,312 98,251 18,415 24,332 10,288 16,088 32,151 12,839 6,807 10y94l 7,7l4 50,165 In actual circulation 4,135,656 356,599 903,910 302,024 4o4,796 193,740 142,822 955,963 171,686 131,635 165,501 75,184 331,796 Collateral held by agent as secu­ rity for notes issued to bank* Gold certificates on hand and due from U. S. Treasury 4,539,632 390,000 1,010,000 327,000 434,000 205,000 164,000 1,010,000 188,632 l4l,500 180,000 85,500 404,000 Eligible paper 5,694 165 1,575 710 326 788 533 210 135 l46 132 498 476 Total collateral 4,545,326 390,165 1,011,575 327,710 434,326 205,788 164,533 1,010,210 188,767 l4l,646 180,132 85,998 4o4,476 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis