H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Fora FR-283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Sept. 23; of the Federal Reserve System not earlier# September 22, 1938 CONDITION OF FEDERAL RESERVE BANKS Daring the week ended September 2X< member bank reserve balances decreased |4ll,000,000. Reductions in member bank reserves arose from increases of f571,000,000 in Treasury deposits with Federal Reserve banks, $7-4,000,000 in Treasury cash and $2,000,000 in money in circulation, offset in part by increases of $167,000,000 in gold stock and $2,000,000 in Treasury currency and a decrease of $67,000,000 in nonmember deposits and other Federal Reserve accounts. Excess reserves of member banks on September 21 were estimated to be approximately $2,740,000,000, a decrease of $390,000,000 for the week. The principal changes in holdings of bills and securities were an increase of $45,000,000 in United States Treasury bonds and decreases of $31,000,000 in United States Treasury notes and $14,000,000 in United States Treasury bills. Changes in member bank reserve balances and related items during the week and the year ended September 21, 1938, were as follows t Increase or decrease since Sept. 21, Sept. l4, Sept. 22, 1938 1938 . J,9J7_ (In millions of dollars) Bills discounted 8 +1 -16 Bills bought 1 — -2 U. S. Government securities 2,564 — +38 Industrial advances (not including l4 million commitments - September 21) 16 -5 Other Reserve bank credit 7 -2 + 4 Total Reserve bank credit 2,596 +18 Gold stock 13,588 +167 +894 Treasury currency 2,735 +2 +142 Member bank reserve balances 8,014 -4il +1,037 Money in circulation 6,552 +2 +23 Treasury cash 2,833 +74 -704 Treasury deposits with F. R, banks 917 +571 +724 Nonmember deposits and other F. R. accounts 603 -67 -25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Forrn FR-283-a Released for publication Friday morning, September 23,1938? not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since Sept, 21, Sept. l4, Sept. 22, 1938 - . .193.8 .. , 1937,... A S S E T S Gold certificates on hand and due from U, S. Treasury 10,719,741 +90,008 +1,589,851 Redemption fund - F.R. notes 8,690 — 74-2 + 27 Other cash 383.339 + 3«92? +74*9.23 Total reserves 11,111,770 +93,193 +1,664,801 Bills discounted! Secured by U. S. Gov’t obligations, direct or fully guaranteed 5,506 + 1,680 - 7,850 Other bills discounted _____2,706 — 4-22 . ~ 8,133 Total bills discounted 8,212 + 1,258 -15,983 Bills bought in open market 540 — ■ - 2,486 Industrial advances 15,683 - 164 - 4,918 U. S. Government securities? Bonds • 788,655 +44,550 +50,582 Treasury notes 1,165,205 “30,983 + 7,492 Treasury bills 610.155 -13.567 -20.249 Total U. S. Government securities 2,564,015 — +37,825 Total bills and securities 2,588,450 + 1,094 + 14,438 Due from foreign banks 181 — - 9 F. R. notes of other banks 27,031 ~ 26l - 388 Uncollected items 610,821 -128,923 - 82,507 Bank premises 44,405 - 2 -1,012 All other assets 46.715 -10.287 +9.423 TOTAL ASSETS 14,429,373 -45,186 +1,604,746 L I A B I L I T I E S F, R. notes in actual circulation 4,201,169 + 340 - 51,987 Deposits* Member bani: — reserve account 8,013,536 —4ll,800 +1,036,350 U, S. Treasurer - General account 917,078 +570,773 + 723,588 Foreign bank 195,499 + 28,839 — 41,833 Other deposits 146.010 —103.318 ...+ 21,276 Total deposits 9,272,123 + 84,494 +1,739,381 Deferred availability items 603,701 —127,247 - 8^6,324 Capital paid in 133,998 + 7 + 1,393 Surplus (Section 7) 147,739 — + 1,885 Surplus (Section 13 b) 27,683 — + 193 Reserve for contingencies 32,74l — 34 - 3,062 All other liabilities 10.219 -2.7A6 + 3.267 TOTAL LIABILITIES 14,429,373 - 45,186 +1,604,746 Ratio of total reserves to deposit and F. R, note liabilities combined 82,5% +»2% +2,3% Contingent liability on bills purchased for foreign correspondents 234 —50 - 1,309 Comnitnents to make industrial advances 13,553 + 7 2 - 1,417 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FH-233-b ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANES 01? SEPTEMBER 21, 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 10,719,741 666,108 4,384,035 489,025 742,255 347,415 254,368 2,023,564 328,489 242,990 306,574 200,413 734,505 redemption fund — F.R.notes 8,690 689 1,648 838 888 338 407 281 985 696 150 281 939 Other cash 383,339 45,973 111,820 31,81-4 2.4,184 21., 371 H i c*\i 0 i cv i ■sr! 50,097 15*284 7,960 16.723 11,085 34,004 Total reserves 11,,111,770 712,770 4,497,503 52*,677 767,327 369,624 267,799 2,073,942 344,753 251,646 3->3,447 211,779 769,493 Bills discounted! Secured by U.S0Gov*t obligations, direct or fully guaranteed 5,506 105 2,837 518 665 247 93 185 2 54 88 58 143 313 Other bills discounted 2,706 34 410 564 155 253 505 20 81 15 197 312 160 Total bills discounted 8,212 139 3,247 1,032 820 500 c \ CO 205 335 103 255 4 55 473 Bills bought in open market 540 4o 213 55 49 23 19 67 2 2 16 16 33 Industrial advances 15,683 2,370 3,678 3,271 662 1,468 113 437 44 1,105 420 830 1,230 U. S. Government securities: Bonds 788,655 60,349 239,963 70,982 73,901 39,133 34,202 85,764 35,192 22,586 36'v43? 26,13? 63,961 .treasury notes 1,165,205 89,164 354,533 104,373 109,186 57,816 50,533 126,714 51,993 33,^70 53.912 38,611 94,500 Treasury bills 610,155 46,690 185,651 54,916 57,175 30*275 26.461 66j353 27,226 17,47-4 28,230 20.219 49,435 Total U.S.GovH securities 2,,564,015 196,203 780,147 230,771 240,262 127,224 111,196 278,831 1x4,4u 73*430 118,631 84,963 207;946 Total bills and securities 2,588,450 198,752 737,285 235,179 241,793 :129,215 111,931 279,540 114,792 74,640 119,322 36,264 209,737 Due from foreign banks 131 14 67 13 17 8 7 22 3 2 5 5 13 F. R. notes of other banks 27,031 1,632 5,205 1,452 1,076 1,834 1,711 3,982 1,567 1,552 2,096 348 4,576 Uncollected items 610,821 57,264 146,635 47,659 66,659 54,683 22,425 31,252 27,931 13,941 29,392 24,045 33,385 Bank premises 44,405 2,964 9,84l 4,741 6,092 2,647 2y087 4,516 2,310 1,545 3,109 1.276 3,277 All other assets 46,715 3,067 13,950 4,572 4,936 2,871 2,213 4,432 1,838 1.470 1,964 1>535 3-367 TOTAL ASSETS 1•4,429,373 976,463 5,460,486 815,293 1,037,900 :560,882 408,173 2,447,686 493,249 349,796 479,835 325,252 1,024,353 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FRr*283-c ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BAMS Oil SEPTEMBER 21, 1938 (in thousands of dollars) 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 4,201,169 358,088 938,660 304,410 4-11,24-5 197,960 1-41,542 959,608 173,867 134,145 164,924 77,752 338,968 Deposits* Member bank - reserve account 8,013,536 411,541 3,923,201 354,221 453,378 224,390 159,046 1,233,573 224,239 118,702 219,768 165,4l6 526,061 U.S.Treasurer - General account 917,078 106,898 176,036 56,435 97,390 59,357 60,734 104,022 43,408 61,730 47,282 35,022 68,764 Foreign bank 195,499 14,057 70,357 19,132 17,961 8,395 6,833 23,232 5,857 4,490 5,662 5,662 13,861 Other deposits 146,010 4,828 88,712 2,358 10,540 2,867 4,634 2,233 5,902 3,394 1,349 2,466 16,727 Total deposits 9,272,123 537,324 4,258,306 432,146 579,269 295,009 231,247 1,363,060 279,406 188,316 274,061 208,566 625,413 Deferred availability items 603,701 56,711 141,766 45,791 64,603 52,722 22,284 79,576 29,242 17,789 30,543 27,756 34,918 Capital paid in 133,998 9,407 50,937 12,214 13,389 4,990 4,469 13,277 3,921 2,907 4,197 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 32,741 1,448 8,210 2,000 3,176 1,401 1,603 7,090 1,215 1,887 935 1,776 2,000 All other liabilities 10,219 711 2,920 860 888 427 672 1,259 386 598 420 294 784 TOTAL LIABILITIES 14,429,373 976,463 5,460,486 815,2981,087,900 560,882 408,173 2,447,686 493,249 349,796 479,835 325,252 1,024,353 for foreign correspondents 2.34 17 84 23 21 10 8 28 7 5 7 • 7 17 Commitments to make industrial advances 13,553 1,3*3 3,723 284 1,497 1,777 178 17 639 236 352 51 3/56 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Within 16 to 31 to 6l days 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 8,212 6,858 533 428 265 125 3 ~ -.ir - — — Bills bought 540 111 313 116 — --- Industrial advances 15,683 1,250 158 757 653 1,757 3,4 o 4 5,172 2,532 --- U. S. Government securities 2,564,015 105,370 101,409 174,113 191,473 121,356 155,663 401,744 604,827 708,060 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283*-d FEDERAL RESERVE NOTE STATEMENT OH SEPTEMBER 21, 1938 (In thousands of dollars) Total Boston New York Philo. Cleve. Rich. Atlanta Chicago St,Louis Minn. Kans.Cy, Dallas San Fran. Federal Reserve notes* Issued to F.R.bank by F.R.agent 4,514,135 381,246 1,046,261 324,663 434,238 208,285 158,566 985,773 187,754 138,830 176,095 86,697 385,727 Held by Federal Reserve bank 312,966 23,158 107,601 20,253 22,993 10,325 17,024 26,165 13,887 4,685 11,171 8,945 46,759 In actual circulation 4,201,169 358,088 938,660 304,410 411,245 197,960 l4l,542 959,608 173,867 134,145 164,924 77,752 338,968 Collateral held by agent as secu­ rity for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 4,604,000 390,000 1,062,000 327,000 436,000 215,000 161,000 1,010,000 190,000 l4l,500 180,000 .87,500 404,000 Eligible paper 7,373 105 3,227 672 699 452 A65 205 279 103 244 449 473 Total collatei-al 4,611,373 390,105 1,065,227 327,672 436,699 215,452 161,465 1,010,205 190,279 l4l,603 130,244 87,949 4o4,473 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis