H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form. FR-283-b STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Sept* l6j of the Federal Reserve System not earlier* September 15, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended September l4 member bank reserve balances increased $156,OOOjOOO Additions to member bank reserves arose from decreases of # #215,000,000 in Treasury deposits with Federal Reserve banks and $29,000,000 in money in circulation, and increases of $184,000,000 in gold stock and $4,000,000 each in Reserve bank credit and Treasury currency, offset in part by increases of $180 ,000,000 in Treasury cash and $99,000,000 in nonmember deposits and other Federal Reserve accounts. Excess reserves of member banks on September l4 were estimated to be approximately $3,130,000,000, an increase of $100,000,000 for the week® Changes in member bank reserve balances and related items during the week and the year ended September l4, 1938, were as follows: Increase or decrease since Sept. l4 Sept. 7 Sept. 15 1938 1938 1937 (in millions of dollars) Bills discounted 7 —. ~i6 Bills bought 1 — —2 U, S. Government securities 2,564 — +38 Industrial advances (not including 13 million commitments - September 14) 16 — -5 Other Reserve bank credit 9 +4 -16 Total Reserve bank credit 2,596 +>4 -2 Gold stock 13,421 +184 +770 Treasury currency 2,733 +143 Member bank reserve balances 8,425 +156 +1,560 Money in circulation 6,550 -29 Treasury cash 2,759 +180 -736 Treasury deposits with F. R. banks -215 —2 Nonmember deposits and other F. R. accounts 670 +99 +91 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form ,FR~28>-a Released for publication Friday morning September 16,1938? not earlier, 9 ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Increase or decrease since Sept. 14, Sept. 7, Sept. 15, 1938 1938 1937 A S S E TS Gold certificates on hand and due from U. S. Treasury- 10,629,733 - 1,186 +1,499,843 Redemption fund - F. R, notes 9,4 2 + 511 + 24O 3 Other cash 379,412 +23,542 +83,092 Total reserves 11,018,577 +22,867 +1,583,175 Bills discountedi Secured by U, S. Gov't obligations, direct or fully guaranteed 3,826 + 186 - 9,325 Other bills discounted 3,128 - 300 - 6,919 Total bills discounted 6,954 - 114 -16,244 Bills bought in open market 540 + 3 - 2,527 Industrial advances 15,847 + 23 - 4,756 U. S. Government securitiest Bonds 744,105 + 6,032 Treasury notes 1,196,188 +38,475 Treasury bills 623,722 - 6.682 Total U, S. Government securities 2,564,015 — +37,825 Total bills and securities 2,587,356 - 88 +14,298 Due from foreign banks 181 - 3 50 F. R» notes of other banks 27,292 + 1,591 - 1,851 Uncollected items 739,744 +205,687 -119,800 Bank premises 44,407 + 3 - 1,021 All other assets 57.002 t 3,711 ./••• + 20.298 I TOTAL ASSETS 14,474,559 +233,768 " +1,495,049 L I A B I L I T I ES F. R. notes in actual circulation 4,200,829 -11,519 - 70,484 Deposits: Member bank - reserve account 8,425,336 +156,212 +1,560,604 U« S« Treasurer - General account 346,305 -215,059 - 1,381 Foreign bank: 166,660 + 29,923 - 33,177 Other deposits 249.328 + 69.525 +136.350 Total deposits 9,187,629 + 4),601 +1,662,396 Deferred availability items 730,948 +201,603 -103,586 Capital paid in 133,991 - 7 + 1,401 Surplus (Section 7) 147,739 — + 1,885 Surplus (Section 13 b) 27,683 — + 193 Reserve for contingencies 32,775 - 1 - 3,028 'All other liabilities 12.965 + 3,091 + 6,272 TOTAL LIABILITIES 14,474,559 +233,768 +1,495,049 Ratio of total reserves to deposit and % F, R* note liabilities combined 82.3$ - +2.3$ Contingent liability on bills purchased 284 ~ 101 - 1,295 for foreign correspondents 13,481 - 58 - 1,540 Commitments to make industrial advances Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form. FR-283-b ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BAI3KS OK SEPTE.SER l4, 1938 (in thousands of dollars) A S S E TS 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 10,629,733 642,061 4,488,235 457,511 713,317 321,745 227,511 2,027,216 321,4l6 228,170 303,675 190,969 707,907 # # Redemption fund - F.R.notes 9.432 729 1,805 838 957 1,161 435 , 348 1,000 702 162 292 1,003 Other cash 379,412 44,398 111.201 30 837 23.560 19.183 13.177 49.950 14.529 8.509 1 5»?'il 12.930 35.887 f Total reserves 11,018,577 687,188 4, 601,241 4-89,186 737,834 342,089 241,123 2,077,514 336,945 237,381 319,0882 04,191 744,797 Bills discounted! Secured by U S«Gov!t obligations, # direct or fully guaranteed 3,826 30 1,547 410 422 322 93 210 225 93 59 142 273 Other bills discounted 3,128 34 789 543 159 230 488 20 68 15 155 3S7 ?4n Total bills discounted 6,954 64 2,336 953 581 552 581 230 293 108 214 529 513 Bills bought in open market 540 40 213 55 49 23 19 67 2 2 16 16 38 Industrial advances 15,847 2,410 3,675 3,268 664 11,,447755 118 437 44 1,120 421 835 11,,338800 U» S. Government securities? Bonds 774444,,110055 5566,,994400 226,408 66,972 69,727 36,921 32,270 80,920 3333,,220044 21,310 3344,,442233 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 3-7,863 28,858 20.668 Total U # S # Govlt securities 2,564,015 196,203 780,147 230,771 240,262 127,224 111,196 278,831 ll4,4ll 73,430 118,631 84,963 207,946 Total bills and securities 2,587,356 198,717 786,371 235,04-7 241,556 129,274 111,914 279,565 114,750 74,660 119,282 86,343 209,877 Due from foreign banks 181 l4 67 18 17 8 7 22 3 2 5 5 13 F. R. notes of other banks 27,292 1,314 5,203 ru 1,438 1,846 1,646 3,349 1,856 1,659 1,830 661 4,856 Uncollected items 739,744 69,349 178,294 55,386 85,139 69,466 25,265 96,791 34,531 21,098 37,717 28,833 37,875 Bank premises 44,407 2,964 9,84l 4,741 6,092 2,647 2,091 4,516 2,308 1,545 3,109 1,276 3,277 All other assets 57,002 3,575 16,375 7,996 5,615 2,529 5,270 2.153 1.694 2.301 1,756 M 6l TOTAL ASSETS 14,474,559 963,121 5,597,392 794,008 1,077,691 548,607 384,575 2,467,027 492,546 338,039 483,332 323,065 1/505,156 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form. FR-283-b ASSETS AND LIABILITIES OF TEE FEDERAL RESERVE BANKS ON SEPTEMBER l4, 1938 (In thousands of dollars) L I A B I L I T I ES Total Boston New York Phila. Cleve. Rich, Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R.notes in actual circulation 4,200,829 358,482 934,336 305,904 411,469 198,540 1^0,588 961,302 173,124 133,840 165,501 77,116 340,627 Deposits» Member bank - reserve account 8,425,336 447,310 4,131,175 353,793 486,741 227,362 158,5591,310,500 234,597 125,751 236,347 169,097 544,104 U.S.Treasurer - General account 346,305 26,182 28,245 25,122 31,963 25,316 34,734 28,801 26,945 40,473 26,607 26,841 25,076 Foreign bank 166,660 12,043 59,444 16,392 15,388 7,192 5,854 19,904 5,018 3,847 4,851 4,851 11,876 Other deposits 249,328 25,035 152,713 4,778 15,385 5,699 6,449 4,405 6,495 4,030 2,238 2,496 19,605 Total deposits 9,187,629 510,570 4,371,577 400,085 549,477 265,569 205,596 1,363,610 273,055 174,101 270,043 203,285 600,661 Deferred availability items 730,948 69,639 169,742 52,372 83,966 69,310 25,283 96,600 35,622 20,554 37,496 31,474 38,890 Capital paid in 133,991 9,408 50,937 12,214 13,388 4,989 4,471 13,277 3,920 2,907 4,190 3,946 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 4,4ll 1,007 3,409 730 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 1,602 7,118 1,215 1,894 935 1,776 2,000 All other liabilities 12,965 800 2,903 3,556 885 425 679 1,304 398 589 412 306 708 TOTAL LIABILITIES 14,474,559 963,121 5,597,392 794,008 1,077,691 548,607 384,575 2/67,027 492,546 338,039 483,332 323,065 1/K)5,156 Contingent liability on bills purchased for foreign correspondents 284 20 102 28 26 12 10 34 9 7 8 8 20 Commitments to make industrial advances 13,481 1,346 3,738 291 1,509 1,778 178 19 580 236 360 51 3,395 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Within 16 to 31 to 61 to 91 days to 6 months 1 Year 2 Years to Over Total 15 days 30 days 60 days 90 days 6 months to 1 Year to 2 Years 5 Years 5 Years Bills discounted 6,954 5,477 537 593 225 119 Bills bought 540 94 248 198 Industrial advances 15,847 1,104 355 576 473 2,133 3,373 5,267 2,566 — U. S. Government securities 2,564,015 110,650 106,500 170,432 198,040 80,885 168,763 479,410 584,575 664,760 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR~283-d FEDERAL RESERVE NOTE STATEMENT ON SEPTEMBER l4, 1938 (In thousands of dollars) Total Boston New York Phila. Cleve. Rich, Atlanta Chicago St Louis Minn* Kans.Cy* Dallas San Fran. # Federal Reserve notest Issued to F.R bank by F R.agent 4,507,813 382,372 1,031,019 323,92.6 433,217 209,599 158,792 988,720 186,318 139,622 176,444 86,497 391,287 # # Held by Federal Reserve bank 306,984 23,890 96,683 18,022 21,748 11,059 18,204 27,418 13,194 5,782 10,943 9,381 50,660 In actual circulation 4,200,829 358,482 934,336 305,904 411,469 198,540 140,588 961,302 173,124 133,840 165,501 77,116 340,627 Collateral held by agent as secur* rity for notes issued to bank* Gold certificates on hand and due from U. S Treasury 4,585,000 390,000 1,045,000 327,000 434,000 215,000 161,000 ipi0,000 190,000 l4l,500 180,000 87,500 404,000 # Eligible paper 6,062 30 2,316 538 460 495 448 230 233 108 203 489 512 Total collateral 4,591,062 390,030 1,047,316 327,538 434,460 215,495 161,4481,010,230 190,233 l4l,603 180,203 87,989 4o4,512 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis