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. 19j of the Federal Reserve System not earlier, August 18, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended August 17 member bank reserve balances increased $39,000,000, Additions to member bank reserves arose from decreases of $37,000,000 in Treasury deposits with Federal Reserve banks and $16,000,000 in nonmember deposits and otha-Federal Reserve accounts and increases of $19,000,000 in gold stock and $5,000,000 in Reserve bank credit, offset in part by increases of $19,000,000 in money in circulation and $19,000,000 in Treasury cash. Excess reserves of member banks on August 17 were estimated to be approximately $2,930,000,000, an increase of $10,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended August 17, 1938, were as follows» Increase or decrease since Aug. 17 Aug. 10 Aug, 18 1938 .1918 ...1917.. (In millions of dollars) Bills discounted 7 -11 Bills bought 1 -- -2 U, S. Government securities 2,564 -- +38 Industrial advances (not including 1-4 million commitments - August 17) 16 — w* -5 Other Reserve bank credit * +5 +3 Total Reserve bank credit 2,587 +5 +22 Gold stock 13,052 +19 +525 Treasury currency 2,724 +1 +147 Member bank reserve balances 8,085 +39 +1,3-41 Money in circulation 6,485 +19 - 15 Treasury cash 2,386 +19 -1,286 Treasury deposits with F. R. banks 802 ~37 +646 Nonmember deposits and other F. R, accounts 605 -16 +7 *Less than $500,000, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FB—283—a Released for publication Friday morning, August 19,1938; not earlier# ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Aug. 17.1938 Aug. 10,1938 Aag« 18.1937 A S S E T S Qold certificates on hand and due from U* S. Treasury 10,632,407 10,632,907 8,831,946 Redemption fund - F. R. notes ..... 9,112 8,680 10,122 Other cash 390.598 *394.085 303,051 Total reserves . . . . . . . . . . . 11,032,117 *11,035,672 9,145,119 Bills discounted* Secured by U. S.Gov't obligations, direct or fully guaranteed • • • • • 3,724 3,775 13,755 Other bills discounted . 2,908 3,099 4.533 Total bills discounted 6,632 6,874 18,288 Bills bought in open market 540 540 3,073 Industrial advances . 15,816 15,965 21,007 U. S. Government securities* Bonds 744,105 744,105 732,508 Treasury notes ...... 1,196,188 1,196,188 1,157,713 Treasury bills ..• .•.•.•.• • • • • * * 623.,722 623,722 635,969 Total U.S. Government securities . . 2,564,015 2,564,015 2,526,190 Total bills and securities * * * 2,587,003 2,587,394 2,568,558 Due from foreign banks . . « • » 180 180 227 F. R. notes of other banks • • • 23,032 23,587 25,444 Uncollected items ..... 589,565 507,628 643,160 Bank premises ... .. .. 44,486 44,486 45,501 I I I All other assets ..... 51,280 *50,674 43,966 • « • TOTAL ASSETS ..... 14,327,663 14,249,621 12,471,975 L I A B I L I T I E S F. R. notes in actual circulation 4,150,214 4,135,656 4,238,391 Deposits* Member bank — reserve account , 8,085,198 8,045,525 6,743,874 • • U. S. Treasurer - General account • t 802,104 838,820 155,689 Foreign bank . . . . . . . . . 115,867 117,267 199,602 • • • Other deposits . .. .. . . . • # * _222il98 247.425 140.513 Total deposits ..... 9,236,367 9,249,037 7,239,678 • é • Deferred availability items ...... 589,541 513,223 646,593 Capital paid in ...... ..»••• 133,953 133,829 132,533 Surplus (Section 7). ........... . 147,739 147,739 145*854 Surplus (Section 13 b) . . . . . . . . 27,683 27,683 27,490 Reserve for contingencies ....... 32,774 32,809 35,838 All other liabilities ........ . . . 9.392 9.645 5.598 TOTAL LIABILITIES 14,327,663 14,249,621 12,471,975 Ratio of total reserves to deposit and F. R. note liabilities combined • • . 82.4% 82.4% 79.7% Contingent liability on bills purchased for foreign correspondents ...••• 697 704 2,478 Connitnents to make industrial advances 13,740 13,767 15,249 ^Revised, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-b ASSETS MD LIABILITIES OF THE FEDERAL RESERVE BANKS ON AUGUST 17, 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 10,632,407 609,772 4,543,941 461,532 697,970 313,979 235,889 2,026,714 307,759 229,674 291,772 185,914 727,491 Redemption fund - F.R. notes 9,112 827 1,237 992 1,151 901 635 577 368 8l4 202 315 1,093 Other cash 390,598 41,231 110,289 30,446 24,854 20,701 13,757 53,240 14,839 9,387 17,690 14,871 39,293 Total reserves 11,032,117 651,830 4,655,467 492,970 723,975 335,581 250,281 2,080,531 322,966 239,875 309,664 201,100 767,877 Bills discounted» Secured by U.S.Gov't obligations, direct or fully guaranteed 3,724 50 1,494 561 277 417 107 185 80 108 4l 196 208 Other bills discounted 2,908 60 294 610 l4l 401 536 15 60 57 167 330 237 Total bills discounted 6,632 110 1,788 1,171 418 818 643 200 i4o 165 208 526 445 Bills bought in open market 540 40 213 55 49 23 19 67 2 2 16 16 38 Industrial advances 15,816 2,381 3,690 3,243 736 1,478 115 448 135 1,119 427 847 1,197 U. S. Government securities» Bonds 744,105 56,940 226,4)8 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 34y257 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 S,564,015 196,203 780,147 2.30,771 240,262 127,224 111,196 278,831 114,411 73,430 118,631 84,963 207,946 Total bills and securities 2,587,003 198,734 785,838 235,240 241,465 129,543 111,973 279,546 114,688 74,716 119,282 86,352 209,626 Due from foreign banks 180 14 66 18 17 8 7 22 3 2 5 5 13 F. R. notes of other banks 23,032 1,567 4,225 1,618 l,44o 1,495 1,846 2,251 1,825 855 1,950 470 3,490 Uncollected items 589,565 57,310 149,134 46,234 63,732 49,213 21,403 75,409 26,860 18,066 29,400 24,848 27,956 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 AH other assets 51,280 3,379 15,369 5,002 5,356 3,114 2,392 4,934 2,039 1,597 2,182 1,675 4,241 TOTAL ASSETS 14,327,663 915,802 5,619,956 785,834 1,042,102 521,608 389,996 2,447,211 470,695 336,656 465,598 315,716 1,016,489 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 Oil AUGUST 17, 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 4,150,214 355,884 912,211 302,574 406,886 195,652 142,130 956,784 172,154 131,935 165,741 75,767 332,496 Deposits! Member bank - reserve account 8,085,198 439,666 3,846,859 354,290 483,017 226,202 168,306 1,261,777 224,368 125,314 226,325 166,974 562,100 U.S.Treasurer - General account 802,104 25,972 376,940 34,947 37,026 29,116 36,039 89,190 25,953 45,925 28,591 27,457 44,948 Foreign bank 115,867 8,4o4 4i,o44 11,439 10,739 5,019 4,086 13,891 3,502 2,685 3,385 3,385 8,288 Other deposits 233,198 5,113 179,635 2,020 10,589 2,298 5,122 1,738 6,455 3,213 883 2,566 13,566 Total deposits 9,236,367 479,155 4,444,478 402,696 541,371 262,635 213,553 1,366,596 260,278 177,137 259,184 200,382 628,902 Deferred availability items 589,541 56,394 141,912 47,733 61,103 48,161 21,232 78,444 27,560 18,086 30,347 28,406 30,163 Capital paid in 133,953 9,408 50,959 12,216 13,389 4,908 4,471 13,267 3,925 2,908 4,190 3,94o 10,292 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) 27,683 2,874 7,744 4,4li 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Reserve for contingencies 32,774 1,448 8,210 2,000 3,176 1,401 1,602 7,118 1,215 1,894 934 1,776 2,000 All other liabilities 9,392 739 2,499 738_____847 398 652 1,186 351 542 447 283 710 TOTAL LIABILITIES 14,327,663 915,802 5,619,956 785,834 1,042,102 521,608 389,996 2,447,211 470,695 336,656 465,598 315,716101.6,489 for foreign correspondents 697 53 224 72 68 32 26 88 22 17 21 21 53 Commitments to make industrial advances 13,740 1,366 3,878 400 1,483 1,811 180 19 585 237 433 51 3,297 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Within 16 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 6,632 5,031 325 743 411 121 1 _ — — _ — — Bills bought 540 125 117 23 275 - — — — — — — — — — Industrial advances 15,816 1,201 184 563 767 2,060 3,028 5,412 2,601 — — U. S. Government securities 2,564,015 88,950 103,830 213,650 172,432 87,645 168,763 479,410 584,575 66-4,760 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form Ffr-283-d FEDERAL RESERVE HOTE STATEMENT ON AUGUST 17, 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,M8,170 379,778 1,000,924 323,24-1 429,035 204,824 158,583 985,992 185,776 137,676 176,295 82,477 383,569 Held by Federal Reserve bank ,297,956 23,894 88,713 20,667 22,149 9,172 16,453 29,208 13,622 5,74l 10,554 6,710 51,073 In actual circulation 4,150,214 355,884 912,211 302,574 4o6,886 195,652 142,130 956,784 172,154 131,935 165,741 75,767 332,496 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 5,629 70 1,757 703 318 699 500 190 80 142 199 526 445 Total collateral 4,545,261 390,070 1,011,757 327,703 434,318 205,699 164,500 1,010,190 188,712 l4l,642 180,199 86,026 4o4,445 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis