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. 26; of the Federal Reserve System not earlier. August 25» 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended August 2-4 member bank reserve balances increased $71,000,000. Additions to member bank reserves arose from decreases of #>4,000,000 in nomember deposits and other Federal Reserve accounts, $31,000,000 in Treasury deposits with Federal Reserve banks, $15,000,000 in money in circu­ lation, and increases of $27,000,000 in gold stock and $3,000,000 in Treasury currency, offset in part by an increase of $31,000,000 in Treasury cash and a decrease of §8,000,000 in Reserve bank credit. Excess reserves of member banks on August 24 were estimated to be approximately $2,980,000,000, an increase of $50,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended August 24, 1938, were as follows i Increase or decrease since Aug. 2,4 Aug. 17 Aug. 25 _193iL 19^8 1937 (In millions of dollars) Bills discounted 7 “12 — Bills bought 1 -2 U. S, Government securities 2,564 +38 Industrial advances (not including l4 million commitments - August 24) 16 - -5 ~ Other Reserve bank credit -8 -8 -«4 Total Reserve bank credit 2,579 -8 +i4 Gold stock 13,079 +27 +538 Treasury currency 2,727 +3 +150 Member bank reserve balances 8,156 +71 +1,426 Money in circulation 6,470 -15 -25 Treasury cash 2,417 +31 -1,266 Treasury deposits with F. R. banks 771 “31 +610 Nomeiiber deposits and other F.R. taccounts 571 -34 -43 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, August 26,1938? not earlier# ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED . 24. 1938 Aug. 17,1938 Aus. 25.1937 A S S E T S Gold certificates on hand and due from U# S, Treasury 10,632,411 10,632,407 8,831,948 Redemption fund- F. R. notes' . . 9,112 9,112 9,423 Other cash • 196,822 390.598 308,865 __________ Total reserves...... . . . 11,038,416 11,032,117 9,150,236 Bills discounted: Secured by U.S.Gov't obligations, direct or fully guaranteed ... 3,699 3,724 11,312 Other bills discounted . 1iQ42 2.908 .......7,191 .. _____ Total bills discounted 6,?4l 6,632 18,703 Bills bought in open market # • 53 7 540 3,077 Industrial advances • . , • • 15,852 15,816 20,929 U, S. Government securities Bonds # # ........... 744,105 744,105 737,073 Treasury notes ... 1,196,188 1,196,188 1,157,713 Treasury bills ...... 623,722 .„.622x722 631.404 Total U. S. Government securities 2,564,015 2,564,015 2,526,190 Total bills and securities 2,587,145 2,587,003 2,568,899 Due fl’om foreign banks . . 184 180 220 F. R. notes of other banks 24,955 23,032 24,200 Uncollected items „ • • . 501,237 589,565 580,791 Bank premises ........ 44,462 44,486 45,479 All other assets ...... 51.950 51.280 44.726 TOTAL ASSETS .......... 14,248,349 14,327,663 12,414,551 L I A B I L I T I E S F. R. notes in actual circulation • . 4,1-44,760 4,150,214 4,234,680 Deposits* Member bank - reserve account . . . . 8,156,037 8,085,198 6,729,546 U. S. Treasurer - General account # . 770,784 802,104 160,885 Foreign bank . . . . . . . . . . . . 119,166 115,867 200,205 Other deposits......... . . . . 195.662 . 222*198 156,059 Total deposits . . . . . . . . 9,241,649 9,236,367 7,246,695 Deferred availability items . . . . . 509,855 589,541 584,978 Capital paid i n ............ 133,991 133,953 132,531 Surplus (Section 7) . . . . . . . . . 147,739 147,739 145,854 Surplus (Section 13 b) . .. .. .. . 27,683 27,683 27,490 Reserve for contingencies ...»•• 32,775 32,774 35,838 All other liabilities ... ...... 9.897 9.392 6.4S5 TOTAL LIABILITIES 14,248,349 14,327,663 12,414,551 Ratio of total reserves to deposit and F, R. note liabilities combined . . . 82.5% 82.45S 79.7% Contingent liability on bills purchased for foreign correspondents • • • • • 6o4 697 1,932 Commitments to make industrial advances 13,684 13,740 15,179 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form ra-28>-b ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON AUGUST 24, 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. i due from U. S. Treasury 10,632,411 613,786 4,551,115 463,632 714,655 313,886 231,710 2,031,244 309,556 219,331 291,362 182,966 709,168 Redemption fund — F.R. notes 9,112 827 1,237 992 1,151 901 635 577 368 814 202 315 1,093 Other cash 396,893 41,507 113,890 31,386 25,104 22,4l4 14,527 51,503 15,565 9,621 18,7/0 13,476 39,130 Total reserves 11,038,416 656,120 4,666,242 496,010 740,910 337,201 246,872 2,083,324 325,489 229,766 310,334 196,757 749,391 Bills discounted* Secured by U.S.Gov*t obliga tions, direct or fully guaranteed 3,699 90 1,443 439 343 357 93 165 120 73 4l 257 278 Other bills discounted 3,042 4o 362 597 l4o 393 584 60 56 159 4o6 24 5 Total bills discounted 6,741 130 1,805 1,036 483 750 677 165 180 129 200 663 523 Bills bought in open market 53 7 4o 210 55 49 23 19 67 2 2 16 16 38 Industrial advances 15,852 2,373 3,687 3,302 735 1,476 115 44l 135 1,118 427 846 1,197 U. S. Government securities* Bonds 744,105 56,940 226,408 66,972 69,72? $6,921 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.0ov»t securities 2,564,015 196,203 780,147 230,771 240,262 127,224 111,196 278,831 ll4,4ll 73,430 118,631 34,963 207,946 Total bills and securities 2,587,145 198,746 785,849 235,164 241,529 129,473 112 ,007 279,504 114,728 74,679 119,274 86,488 209,704 Due from foreign banks 184 14 70 18 17 8 7 22 3 2 5 5 13 F. R, notes of other banks 24,955 1,893 4,565 1,573 1,239 1,446 2,341 2,573 1,724 1,572 1,705 512 3,812 Uncollected items 501,237 50,281 121,133 40,085 56,032 44,935 17,165 64,530 22,014 14,894 27,116 19,889 23,163 Bank premises 44,462 2,968 9,857 4,741 6,117 2,654 2,090 4,518 2,314 1,545 3,H5 1,266 3,277 All other assets 51,950 3,417 15,630 5,029 5,419 3,142 2,416 4,998 2,067 1,625 2,221 1,692 4,294 TOTAL ASSETS 14,248,349 913,439 5,603,346 782,620 1,051,263 518,859 382,898 2,439,469 468,339 324,083 463,770 306,609 993,654 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 24, 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 4,144,760 355,518 907,629 302,136 408,707 196,093 139,805 957,124 171,194 132,100 165,173 75,583 333,698 Deposits* Member bank - reserve account 8,156,037 443,468 3,907,583 351,668 502,l4l 224,664 166,237 1,276,142 225,821 117,64o 228,253 164,649 547,771 U.S.Treasurer - General account 770,784 26,515 361,242 42,031 29,822 31,429 37,449 78,869 27,707 43,359 26,937 26,596 38,828 Foreign bank 119,166 8,609 42,526 11,717 11,000 5,l4l 4,185 14,228 3,587 2,750 3,46? 3,467 8,489 Other deposits 195,662 4,711 143,094 2,263 10,420 2,051 5,178 1,617 5,914 3,970 725 2,184 13,535 Total deposits 9,241,649 483,303 4,454,445 407,679 553,383 263,285 213,049 1,370,856 263,029 167,719 259,382 :196,896 608,623 Deferred availability items 509,855 50,236 119,714 39,958 56,377 44,294 16,959 66,037 23,396 14,746 28,874 22,956 26,308 Capital paid in 133,991 9,408 50,956 12,215 13,388 4,988 4,473 13,267 3,918 2,908 4,190 3,938 10,342 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 4,4ll 1,007 3,409 73O 1,429 545 1,001 1*142 1,270 2,121 Reserve for contingencies 32,775 1,448 8,210 2,000 3,176 1,401 1,603 7,118 1,215 1,894 934 1,776 2,000 All other liabilities 9,897 752 2,705 755 902 425 653 1,251 375 56 2 462 298 757 TOTAL LIABILITIES 14,248,349 913,439 5,603,346 782,620 1,051,263 518,859 382,898 2,439,469 468,339 324,083 463,770 306,609 993,654 Contingent liability on bills purchased for foreign correspondents 6o4 43 217 59 55 2266 21 72 18 l4 18 18 43 Commitments to make industrial advances 13,684 1,360 3,853 3^0 1,532 1,811 180 19 585 237 437 51 3,279 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 6,741 4,980 418 824 373 145 1 — — Bills bought 53 7 137 — — 118 282 — — -- - — - - -- Industrial advances 15,852 1,241 132 584 762 2,075 3,044 5,411 2,603 - ~ UJ S. Government securities 2,564,015 83,330 131,150 207,279 159,113 85,635 168,763 479,410 584,575 664,760 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-d FEDERAL RESERVE NOTE STATEMENT ON AUGUST 24, 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.fcank by F.R.agent 4,44-3,342 379,630 1,002,640 321,274 430,178 204,856 157,641 984,927 184,952 138,221 175,450 82,650 380,923 Held by Federal Reserve bank 298,582 24,112 95,011 19,138 21,471 8,763 17,836 27,803 13,758 6,121 10,277 7,067 47,225 In actual circulation 4,144,760 355,518 907,629 302,136 408,707 196,093 139,805 957,124 171,194 132,100 165,173 75,583333,698 Collateral held by agent as secu­ rity for notes issued to banks Gold certificates on hand and due from U. S. Treasury 4,544,632 390,000 1,010,000 327,000 434,000 210,000 164,000 1,010,000 188,632 l4l,500 180,000 85,500 4c4,000 Eligible paper 5,727 90 1,775 546 383 631 534 165 120 106 191 663 523 Total collateral 4,550,359 390,090 1,011,775 327,546 434,383 210,631 164,534 1,010,165 183,752 l4l,606 180,191 86,163 4o4,523 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis