H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form Fffr-283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Sept# 2$ of the Federal Reserve System not earlier. 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 Aug# 24 Sept, 1 1938 1938 1937 (in millions of dollars) Bills discounted 7 -17 — Bills bought 1 -2 U, S. Government securities 2,564 +38 — Industrial advances (not including 14 million commitments - August 31) 16 -5 Other Reserve bank credit -2 +6 -7 Total Reserve bank credit 2,585 +6 +6 Gold stock 13,135 +56 +568 Treasury currency 2,730 +3 +145 Member bank reserve balances 8,179 +23 +1,448 Money in circulation 6?503 +33 -29 Treasury cash 2,480 +63 -1,239 Treasury deposits with F, R, banks 720 -51 +564 Normember deposits and other F. R, accounts 568 -3 “25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 A S S E T S Gold certificates on hand and due from U, S. Treasury • * « , , « , « « 10,632,4.13 10,632,411 8,831,389 Redemption fund - F. R, notes «... 7,4-21 9,112 8,949 Other cash ««••• • .l8ii67S . 396*893. 294,237 Total reserves 11,025,509 11,038,416 9,134,575 Bills discounted* Secured by U, S. Gov*t obligations, direct or fully guaranteed . . , • • 4,041 3,699 12,915 10.811 Other bills discounted ......... JkiSl ___ Total bills discounted ^ 7,144 6,?4l 23,726 Bills bought in open market • • . . . 53 7 537 3,076 Industrial advances 15,899 15,852 20,785 U, S. Government securities* Bonds 744,105 744,105 738,073 Treasury notes 1,196,188 1,196,188 1,157,713 Treasury bills", . . . . . . . . . . 623.722 623.722 630.404 Total U.S. Government securities , 2,564,015 2,564,015 2,526,190 Total bills and securities , . . . 2,587,595 2,587,145 2,573,777 Due from foreign banks 184 184 221 F,R. notes of other banks ...... 25,617 24,955 27,785 Uncollected items 525,303 501,237 625,356 Bank premises 44,410 44,462 45,423 All other assets . . . . . . . . . . . 52.539 51.950 , ..45,115. TOTAL ASSETS............ 14,261,157 14,248,349 12,452,652 L I A B I L I T I E S F. R. notes in actual circulation . , 4,169,262 4,144,760 4,260,604 Deposits* Member bank - reserve account , . . , 8,178,851 8,156,037 6,731,214 U. S. Treasurer - General account , , 720,248 770,784 156,264 Foreign bank 125,940 119,166 189,657 Other deposits 187.322 195.662 146.887 Total deposits .....** < . 9,212,361 9,241,649 7,224,022 Deferred availability items , . . . , 527,766 509,855 620,482 Capital paid in 133,994 133,991 132,594 Surplus (Section 7) . . . . . . . . . 147,739 147,739 145,854 Surplus (Section 13 b) * , ...... 27,683 27,683 27,490 Reserve for contingencies ••*,., 32,776 32,775 35,839 All other liabilities • 9.576 9.897 5.767 TOTAL LIABILITIES ...... 14,261,157 14,248,349 12,452,652 Ratio of total reserves to deposit and F. R. note liabilities combined . . . 82*4$ 82.5% 79.5% Contingent liability on bills purchased for foreign correspondents , . . * , 470 6o4 1,873 Commitments to make industrial advances 13,543 13,684 15,404 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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, Cleve, Rich. Atlanta Chicago St,Louis Minn, Kans.Cyv Dallas San Fran, Gold certificates on hand and due from U. S. Treasury 10,632,413 609,731 4,547,738 458,533 717.306 325,521 228,554 2,044,545 304,733 221,160 292,183 184,411 697.998 Redemption fund — F.R. notes 7,421 762 927 890 1,015 437 458 4-03 333 708 173 299 1,016 Other cash 385,675 42,958 109,763 31,647 24,687 21,109 12,685 51,600 14,828 9,291 17,293 12,767 37,047 Total reserves 11,025,509 653,451 4,658,428 491,070 743,008 347,067 241,697 2,096,548 319,894 231,159 309,649 197,477 736,061 Bills discounted! Secured by U.S.Gov*t obligations, direct or fully guaranteed 4,041 30 1,746 379 568 272 93 170 145 108 51 206 273 Other bills discounted 3,103 34 446 600 I6l 309 577 — 75 44 179 418 260 Total bills discounted 7,144 6A 2,192 979 729 581 670 170 220 152 230 624 533 Bills bought in open market 537 40 210 55 49 23 19 67 2 2 16 16 38 Industrial advances 15,899 2,371 3,685 3,300 689 1,506 119 44i 135 1,120 427 846 1,260 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*196 278,831 114,411 73,430 118,631 84,963 207,946 Total bills and securities 2,507,595 198,678 786,234 235,105 241,729 129,334 112,004 279,509 114,768 74,704 119,304 86,449 209,777 Due from foreign banks 184 14 70 18 17 8 6 23 3 2 5 5 13 F. R. notes of other banks 25,617 2,000 4,773 1,854 1,557 1,293 1,433 3,485 1,636 1,349 1,611 434 4,192 Uncollected items 525,303 51,818 135,626 41,682 57,003 46,496 17,226 66,679 21,666 15,722 27,043 22,420 21,922 Bank premises 44,410 2,964 9,84l 4,741 6,092 2,647 2,090 4,516 2,308 1,543 3,115 1,276 3,277 All other assets 52,539 3,465 15,669 5,265 5,461 3,165 2,457 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283~e ASSETS AllD LIABILITIES OF THE FEDERAL RESERVE BANKS ON AUGUST 31, 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 4,169,262 357,678 918,386 303,889 407,392 200,957 139,981 958,460 171,743 132,596 165,744 76,250 336,186 Deposits* Member bank — reserve account 8,178,851 439,040 3,936,262 355,676 495,609 229,939 157,628 1,294,433 218,864 120,677 227,444 163,426 539,853 U.S.Treasurer - General account 720,248 25,808 320,440 32,587 41,889 28,885 39,802 73,306 28,576 42,208 27,340 2.8,460 30,947 Foreign bank 125,940 8,609 49,299 11,718 11,000 5,141 4,185 14,228 3,587 2,750 3,467 3,467 8,489 Other deposits 187,322 4,791 131,677 2,318 10,468 3,254 5,44o Jkggg 5,867 3,269 834 2,514 14,998 . . . Total deposits 9,212,361 478,248 4,4-37,678 402,299 558,966 267,219 207,055 1,333,859 256,894 168,904 259,085 197,867 594,287 Deferred availability items 527,766 52,063 133,137 40,516 55,823 46,679 16,795 68,078 23,043 15,132 27,871 24,497 24,132 Capital paid in 133,994 9,408 50,944 12,215 13,390 4,991 4,473 13,275 3,918 2,908 4,190 3,940 10,342 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 4,411 1,007 3,409 730 1/29 545 1,001 1,142 1,270 2,121 Reserve for contingencies 32,776 1,448 8,210 2,000 3,176 1,401 1,603 7,118 1,215 1,894 '935 1,776 2,000 All other liabilities- 9,576 771 2,599 939 790 390 650 1,183 360 532 372 276 714 TOTAL LIABILITIES 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 34 169 46 43 20 16 56 14 11 14 14 33 Commitments to make industrial advances 13,543 1,360 3,846 339 1,;513 1,796 178 19 580 2.37 360 51 3,264 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 7,144 5,546 262 837 339 159 1 — — — Bills bought , 53 7 117 212 208 — — —- — - Industrial advances 15,899 1,3U 162 591 624 2,188 2,907 5,449 2,667 — U. S.Government securities 2,564,015 103,830 110,650 186,757 176,385 88,885 168,763 479,410 584,575 664,760 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283—d FEDERAL RESERVE NOTE STATEMENT ON AUGUST 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.agent 4,449,156 380,04-9 1,001,355 322,4-98 429,784 211,157 156,900 986,017 184,835 137,298 17-4,778 82,618 381,867 Held by Federal Reserve bank 279,894 22,371 82,969 18,609 22,392 10,200 16,919 27,557 13,092 4,702 9,034 6,368 45,681 In actual circulation 4,169,262 357,678 918,386 303,889 407,392 200,957 139,981 958,460 171,74-3 132,596 165,744 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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis