H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Forra FR~283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Sept. 30; of the Federal Reserve System not earlier, September 29, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended September 28 member bank reserve balances increased #183,000,000# Additions to member bank reserves arose from decreases of $>53,000,000 in Treasury deposits with Federal Reserve banks, $17,000,000 in Treasury cash and $>5,000,000 in nonmember deposits and other Federal Reserve accounts and increases of $126,000,000 in gold stock and $3,000,000 in Treasury currency, offset in part by an increase of $22,000,000 in money in circulation* Excess reserves of member banks on September 28 were estimated to be approximately $2,890,000,000, an increase of $150,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended September 28, 1938, were as follows! Increase or decrease since Sept . 28, Sept. 21, Sept. 29. 1938 1937 (In millions of dollars) Bills discounted 9 + 1 - 15 Bills bought 1 — - 2 U. S. Government securities 2,564 — + 38 Industrial advances (not including 14 million commitments - September 28) 16 — - 5 Other Reserve bank credit 8 + 1 + 9 Total Reserve bank credit 2,597 + 1 + 24 Gold stock 13,714 +126 +980 Treasury currency 2,738 + 3 +142 Member bank reserve balances 8,197 +I83 +1,164 Money in circulation 6,574 + 22 + 54 Treasury cash 2,816 - 17 - 759 Treasury deposits with F. R. banks 864 - 53 + 724 Nonmember deposits and other F. R. accounts 598 - 5 - 37 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, September 30,1938$ not earlier, ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since Sept. 28, Sept, 21y Sept. 29, 1938 1938 1937 A S S E T S Gold certificates on hand and due from U. S. Treasury 10,863,222 +143,481 +1,735,830 Redemption fund - F. R, notes 9,611 + 921 - 811 Other cash 382.521 - 818 +66.378 Total reserves 11,255,354 +143,554 +1,801,397 Bills discounted* Secured by U. S. Gov’t obligations, direct or fully guaranteed 6,008 + 502 - 5,943 Other bills discounted ........ + 327 - 8.606 Total bills discounted 9,o4l + 829 -14,549 Bills bought in open market 54-1 + 1 - 2,485 Industrial advances 15,677 ~ 6 - 4,921 U, S, Government securities: Bonds 789,327 + 672 +51,254 Treasury notes 1,166,065 + 860 + 8,352 Treasury bills 608.623 .-1x522 -21,781 Total U.S. Government securities 2,564,015 — +37,825 Total bills and securities 2,589,274 + 824 +15,870 Due from foreign banks 180 - 1 - 10 F, R. notes of other banks 26,494 - 537 - 876 Uncollected items 560,579 -50,242 -76,480 Bank premises 44,348 - 57 - 1,166 All other assets 47.607 + 892 + 9.655 TOTAL ASSETS 14,523,836 +94,463 +1,748,390 L I A B I L I T I E S F. R. notes in actual circulation 4,219,484 +18,315 -26,784 Deposits 1 Member bank - reserve account 8,197,488 +183,952 +1,164,655 U. S. Treasurer - General account 864,481 -52,597 +724,208 Foreign bank 183,225 -*12,274 - 60,153 Other deposits 153.686 + 7.676 + 28,074 Total deposits 9,398,880 +126,757 +1,856,784 Deferred availability items 552,626 - 51,075 - 85,138 Capital paid in 133,998 + 1,394 Surplus (Section 7) 147,739 + 1,885 Surplus (Section 13 b) 27,683 + 193 Reserve for contingencies 32,741 - 3,062 All other liabilities 10.685 + 466 + 3.118 TOTAL LIABILITIES 14,523,836 + 94,463 +1,748,390 Ratio of total reserves to deposit and F. R. note liabilities combined 82,6$ +•1 +2.4$ Contingent liability on bills purchased for foreign correspondents 157 -77 -1,181 Commitments to make industrial advances 13,597 +44 -1,283 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-b ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON SEPTEMBER 28, 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 certifcates on hand and due from U. S. Treasury 10,863,222 655,4D4 4,541,843 486,922 745,866 354,969 252,244 2,032,823 323,500 237,029 307,730 198,259 726,633 Redemption fund - F.R. n< is 9,611 667 1,515 727 847 815 335 714 967 688 118 268 1,950 Other cash 382,521 41,825 109,667 31,103 24,927 19,514 12,493 54,813 15,808 8,938 16,597 11,879 34,957 Total reserves 11,255,354 697',896 4,653,025 518,752 771,640 375,298 265,072 2,088,350 340,275 246,655 324,445 210,4o6 763,540 Bills discounted* Secured by U,S.Gov’t ob! ;ations, direct or fully guaran' ¡d 6,008 120 3,512 524 652 152 63 135 254 77 57 109 353 Other bills discounted 3,033 26 731 582 177 277 488 34 31 28 210 281 168 Total bills discounted 9,04l 146 4,243 1,106 829 429 551 169 285 105 267 390 521 Bills bought in open market 54l 4o 214 55 49 23 19 67 2 2 16 16 38 Industrial advances 15,677 2,365 3,678 3,269 671 1,467 118 437 44 1,098 420 830 1,280 U.S. Government securities* 3onds 789,327 60,400 240,167 71,043 73,964 39,165 34,231 85,838 35,222 22,605 36,520 26,156 64,016 Treasury notes 1,166,065 89,231 354,796 104,949 109,267 57,860 50,570 126,806 52,031 33,395 53,952 38,639 94,569 Treasury bills 608,623 46,572 185,184 54,779 57,031 30,199 26,395 66,187 27,158 17,430 28,159 20,168 49,361 Total U.S.Qov’t securities! 2,564,015 196,203 780,147 230,771 240,262 127,224 111,196 278,831 ll4,4n 73,430 118,631 84,963 207,946 Total bills and securities 2,589,274 198,754 788,282 235,201 241,811 129,143 111,884 279,504 114,742 74,635 119,334 86,199 209,785 Due from foreign banks 180 14 66 18 17 8 7 22 3 2 5 5 13 F. R. notes of other banks 26,494 2,726 4,429 985 1,368 1,480 1,143 2,828 2,147 1,984 2,169 521 4,714 Uncollected items 560,579 64,260 125,537 43,504 65,523 46,662 19,781 73,697 25,311 15,802 28,953 20,867 30,682 Bank premises 44,348 2,959 9,84l 4,731 6,067 2,64l 2,087 4,516 2,310 1,542 3,109 1,276 3,269 All other assets 47,607 3,105 14,327 4,624 4,990 2,950 2,224 4,559 1,862 1,493 2,009 1,537 3,9Z7 TOTAL ASSETS 14,523,836 969,714 5,595,507 807,815 1,091,416 558,182 402,198 2,453,476 486,650 342,113 480,024 320,811 1,015,930 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—233*-c ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON SEPTEMBER 28, 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 4,219,484 362,661 952,692 305,433 409,879 200,443 141,372 958,538 174,734 133,177 164,948 77,781 337,826 Deposits* Member bank — reserve account 8,197,4-88 407,924- 4,058,800 354,499 472,037 223,953 158,714 1,254,517 222,043 117,773 223,859 168,845 534,524 U.S.Treasurer - General account 864,481 103,620 185,810 51,881 84,992 62,268 52,429 95,447 40,855 58,666 42,893 31,485 54,135 Foreign bank 183*225 13,149 66,165 17,897 16,801 7,853 6,392 21,732 5,478 4,200 5,296 5,296 12,966 Other deposits 153,686 4,778 88,608 2,831 10,517 2,826 10,724 2,049 5,769 2,6531 ,516 2,593 18,822 Total deposits 9,398,880 529,471 4,399,383 427,108 584,347 296,900 228,259 1,373,745 274,145 183,292 273,564 208,219 620,447 Deferred availability items 552,626 53,216 12L,479 42,304 64,389 45,618 19,434 75,685 27,001 16,lo4 31,181 23,617 32,598 Capital paid in 133,998 9,4-07 50,936 12,214 13,388 4,991 4,469 13,277 3,921 2,908 4,196 3,947 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 10,685 737 3,120 879 907 456 705 1,325 422 591 445 309 789 TOTAL LIABILITIES 14,523,836 969,714 5,595,507 807,815 1,091,416 558,182 402,198 2,453,476 486,650 342,113 480,024 320,811 1,015,930 Contingent liability on bills purchased for foreign correspondents 157 11 56 15 14 7 5 19 5 4 5 5 11 Commitments to make industrial advances 13,597 1,343 3,684 284 1,488 1,771 177 17 636 237 352 51 3,557 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 9,04l 7,610 450 427 405 146 3 .-.ft-» .. T Bills bought 541 94 166 281 — — — --- --- Industrial advances 15,677 1,303 108 743 663 1,83.3 3,381 5,133 2,533 ““ U. S/ Government securities 2,564,015 106,500 79,757 191,385 186,413 128,134 155,663 398,744 608,687 708,732 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283—d FEDERAL RESERVE NOTE STATEMENT ON SEPTEMBER 28, 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 4,515,397 385,659 1,050,114 322,603 4-32,384 212,4-56 154,245 984,271 188,44o 138,113 175,601 85,757 385,754 Held by Federal Reserve bank 295,913 22,998 97,422 17,170 22,505 12,013 12,873 25,733 13,706 4,936 10,653 7,976 47,928 I?.,.actual circulation 4,219,484 362,661 952,692 305,433 409,879 200,443 l4l,372 958,538 174,734 133,177 164,948 77,781 337,826 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 8,267 120 4,222 721 699 381 4l9 169 279 92 256 390 519 ti Total collateral 4,612,267 390,120 1,066*222 327,721 436,699 215,381 161,419 1,010,169 190,279 l4l,592 180,256 87,890 4o4,519 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis