H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FR—283 STATEMENT TOR THE PRESS Released for publication Board of Governors Friday morning, Sept. 9j of the Federal Reserve System not earlier, September 8, 193® CONDITION OF FEDERAL RESERVE BAMS During the week ended September 7 member bank reserve balances increased $90,000,000. Additions to member bank reserves arose flx>m a decrease of #159,000,000 in Treasury deposits with Federal Reserve banks and increases of $102,000,000 in gold stock and $7,000,000 in Reserve bank credit, offset in part by increases of $76,000,000 in money in circulation, $99,000,000 in Treasury cash and $3,000,000 in nonmember deposits and other Federal Reserve accounts« Ebccess reserves of member banks on September 7 were estimated to be approximately $3,030,000,000^ an increase of $90,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended September 7, 1938, were as follows 1 Increase or decrease since Sept. 7 Aug. 31 Sept* 8 .....Ì22JL ...JL22JL (in millions of dollars) Bills discounted 7 -17 Bills bought 1 -2 — U. S. Government securities 2,564 ***• +38 Industrial advances (not including l4 million commitments — September 7) 16 -5 Other Reserve bank credit 5 +7 +6 Total Reserve bank credit 2,592 +7 +20 Gold stock 13,237 +102 +633 Treasury currency 2,729 -1 +142 Member bank reserve balances 8,269 +90 +1,559 Money in circulation 6,579 +76 -18 Treasury cash 2,579 +99 -1,177 Treasury deposits with F. R. banks 561 -159 +■431 Nonmember deposits and other F.R, accounts 571 +3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, September 9,1938; not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Sept. 7. 1938 Aug. 31. 1938 Sept. 8. 1937 A S S E T S Gold certificates on hand and due from U. S. Treasury ....... • 10,630,919 10,632,413 8,830,890 Redemption fund - F. R. notes . . • 8,921 7,421 8,964 Other cash 355.870 385.675 271.248 • 10,995,710 11,025,509 9,111,102 Bills discounted» Secured by U.S.Govft obligations, direct or fully guaranteed ... 3,640 4,041 12,187 • Other bills discounted . * . . . • _______ lA ___ 2*1Q2 11.372 Total bills discounted . . . . • 7,068 7,144 23,559 Bills bought in open market ... • 537 537 3,076 Industrial advances ....... 15,824 15,899 20,709 • U. S. Government securities» 744,105 744,105 738,073 1,196,188 1,196,188 1,157,7L3 Treasury bills ............ * 622*222 623.722 630.4o4 .. Total U.S.Government securities • 2,564,015 2,564,015 2,526,190 Total bills and securities 2,587,444 2,587,595 2,573,534 Due from foreign banks ..... • 184 184 221 25,701 25,617 23,057 534,057 525,303 569,257 44,4o4 44,410 45,425 All other assets...... . • ¿1.221 52,535. .45^31 TOTAL ASSETS...... . 14,240,791 14,261,157 12,369,527 L I A B I L I T I E S F. R. notes in actual circulation . 4,212,348 4,169,262 4,295,483 Deposits* Member bank - reserve account . . • 8,269,124 8,178,851 6,709,993 U.S.Treasurer - General account . • 561,364 720,248 130,390 136,737 125,940 200,427 Other deposits...... . • 179.803 187.322 113.616 9,147,028 9,212,361 7,154,426 Deferred availability items ... • 529,345 527,766 570,618 Capital paa.d m • 133,998 133,994 132,588 147,739 147,739 145,854 27,683 27,683 27,490 Reserve for contingencies .... • 32,776 32,776 35,838 All other liabilities ...... • 9.874 ^576 ...7,230 ....... TOTAL LIABILITIES .... • 14,240,791 14,261,157 12,369,527 Ratio of total reserves to deposit and F. R. note liabilities combined . . 82.3% 82.4$ 79.6% Contingent liability on bills purchased for foreign correspondents . . . 385 470 1,727 Commitments to make industrial advances 13,539 13,543 15,236 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—28>-b ASSETS AMD LIABILITIES OF THE FEDERAL RESERVE BAMS ON SEPTEMBER 7, 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 10,630,919 638,751 4,489,652 460,384 720,783 331,244 236,492 2,026,684 307,713 235,272 307,689 108,127 688,128 Redemption fund - F.R. notes 8,921 762 927 890 1,015 1,437 458 403 833 708 173 299 1,016 Other cash 355,870 39,891 108,066 30,839 23,044 19,077 10,295 45,266 12,531 7,990 14,962 10,646 33,263 Total reserves 10,995,710 679,4o4 4,598,645 492,113 744,842 351,758 247,245 2,072,353 321,077 243,970 322,824 199,072 722,407 Bills discounted* Secured by U#S,Govlt obligations, direct or fully guaranteed 3,640 30 1,359 387 542 212 93 170 225 93 52 204 273 Other bills discounted 3,428 34 94 5 549 159 300 535 —- 80 19 l4l 419 247 Total bills discounted 7,068 64 2,304 936 701 512 628 170 305 112 193 623 520 Bills bought in open market 537 4o 210 55 49 23 19 67 2 2 16 16 38 Industrial advances 15,824 2,405 3,680 3,253 664 1,496 118 437 134 1,119 422 837 1,259 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.GovH 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 2,587,444 198,712 786,341 235,015 241,676 129,255 111,961 279,505 114,852 74,663 119,262 86,439 209,763 Due from foreign banks 184 14 70 18 17 8 7 22 3 2 5 A> 13. F. R. notes of other banks 25,701 1,294 6,997 1,229 876 1,558 1,427 3,440 2,131 954 1,151 506 4,138 Uncollected items 534,057 47,841 119,490 37,165 61,279 47,729 21,477 71,303 29,869 17,040 29,809 23,419 27,636 Bank premises 44,4o4 2,964 9,84l 4,7-41 6,092 2,647 2,090 4,516 2,308 1,543 3,109 1,276 3,277 All other assets 53,291 3,523 15,981 5,220 5,568 3,203 2,469 5,152 2,127 1,663 2,237. 1,734 4.4l4 TOTAL ASSETS l4,240,791 933,752 5,537,365 775,501 1,060,350 536,158 386,676 2,436,291 472,367 339*835 478,397 312,451 971,648 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 SEPTEMBER 7, 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 ■4,212,24-8 360,682 929,180 305,224 411,357 202,563 141,370 964,4o5 172,837 134,951 l67,l4l 78,012 344,626 Deposits« Member bank - reserve account 8,269,124 459,802 3,995,969 355,033 492,927 239,060 161,741 1,285,048 223,824 126,056 239,661 164,480 525,523 U.S.Treasurer — General account 561,364 26,965 205,122 27,363 39,471 24,023 39,741 52,115 25,014 46,530 24,665 27,968 22,387 Foreign bank 136,737 9,762 49,824 13,288 12,474 5,830 4,746 16,135 4,068 3,119 3,932 3,932 9,627 Other deposits 179,803 122,082 2^895 11,127 2,629 5,674 1,819 6,077 2,823 1*249 2,331 16,054 Total deposits 9,147,028 501,572 4,372,997 398,579 555,999 271,542 211,902 1,355,117 258,983 178,528 269,507 198,711 573,591 Deferred availability items 529,345 47,096 113,613 38,748 60,269 46,873 20,310 71,322 29,823 16,842 31,483 24,556 28,410 Capital paid in 133,998 9,4o8 50,944 12,215 13,387 4,993 4,471 13,276 3,918 2,908 4,190 3,944 10,344 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 4,411 1,007 3,409 730 1,429 545 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 9,874 772 2,734 858 832 413 664 1,237 379 558 386 290 751 TOTAL LIABILITIES l4,240,791 933,752 5,537,365 775,501 1,060,350 536,158 386,676 2,436,291 472,367 339,835 478,397 312,451 971,648 Contingent liability on bills purchased for foreign correspondents 385 17 238 22 21 10 8 27 7 5 7 7 16 CommitEents to make industrial advances 13,539 1,352 3,771 338 1,509 1,788 17® 19 580 236 360 51 3,357 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Within 16 to 31 to 6l 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 7,068 5,337 605 66 5 374 87 Ult , , Bills bought 537 212 325 — *— <— — Industrial advances 15,824 1,262 395 565 505 2,068 3,036 5,364 2,629 U. S. Government securities 2,564,015 131,150 105,370 157,187 192,785 80,015 168,763 479,410 584,575 664,760 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FfH283—d FEDERAL RESERVE NOTE STATEMENT ON SEPTEMBER 7, 1938 (in thousands of dollars) Total Boston New York Phila. Cleve, Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Federal Reserve notesl Issued to F.R.bank by F.R.agent 4,4-91,457 381,823 1,013,656 325,729 429,557 212,317 159,352 989,359 187,411 139,857 176,439 86,924 389,033 Held by Federal Reserve bank 279,109 21,l4l 84,476 20,505 18,200 9,754 17,982 24,954 14,574 4,906 9,298 8,912 44,407 In actual circulation 4,212,348 360,682 929,180 305,224 411,357 202,563 l4l,370 964,405 172,837 134,951 167,l4l 78,012 344,626 Collateral held by agent as secu­ rity for notes issued to bank* Gold certificates on hand and due from U. S. Treasury 4,558,632 390,000 1,020,000 327,000 434,000 215,000 161,000 1,010,000 188,632 141,500 180,000 87,500 404,000 Eligible paper 6,174 30 2,284 496 580 445 486 170 245 112 184 623 519 Total collateral 4,564,806 390,030 1,022,284 327,496 434,580 215,445 161,486 1,010,170 188,877 l4l,6l2 180,184 88,123 4o4,5l9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis