H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FEK283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Oct. 7; of the Federal Reserve System not earlier* October 6, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended October 5 member bank reserve balances increased $124,000,000# Additions to member bank reserves arose from decreases of $94,000,000 in Treasury deposits with Federal Reserve banks and $7,000,000 in Treasury cash and increases of $98,000,000 in gold stock and $3,000,000 in Treasury currency, offset in part by a decrease of $4,000,000 in reserve bank credit and increases of $66,000,000 in money in circulation and $9,000,000 in nonmember deposits and other Federal Reserve accounts. Excess reserves of member banks on October 5 were estimated to be approximately $3,020,000,000, an increase of $130,000,000 for the week. The principal changes in holdings of bills and securities were an increase of $3,000,000 in United States Treasury bills and decreases of $2,000,000 in United States Treasury bonds and $1,000,000 in United States Treasury notes* Changes in member bank reserve balances and related items during the week and the year ended October 5, 1938, were as follows* Increase or decrease since Oct. 5, Sept. 28, Oct* 6, 1938. _JL228_ 122L. (in millions of dollars) Bills discounted 7 - 2 - 16 Bills bought 1 — 2 U. S. Government securities 2.564 — + 38 Industrial advances (not including 14 müliôn commitments — October 5) 15 - 1 5 Other Reserve bank credit 6 - 2 5 Total Reserve bank credit 2,593 - 4 + 10 Gold stock 13,812 + 98 +1,047 Treasury currency 2,741 + 3 + 145 Member bank reserve balances 8,321 +124 +1,318 Money in circulation 6,64o + 66 + 71 Treasury cash 2,809 - 7 - 801 Treasury deposits with F. R, banks 770 -94 + 694 Nonmember deposits and other F.R.accounts 607 + 9 - 79 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, October 7,193»; not earlier, ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since Oct, 5, Sept. 28, Oct, 6, 1938 . 19.38 1937 A S S E T S Gold certificates on hand and due from U. S. Treasury 10,967,213 +103,991 +1,839,824 Redemption fund - F, R. notes 9,138 - 473 - 1,284 Other cash 367.418 -15.103 +66,609 Total reserves 11,343,769 +88,415 +1,905,149 Bills discounted1 Secured by U. S. Gov*t obligations, direct or fully guaranteed 3,897 - 2,111 - 8,430 Other bills discounted + 415 - 7,281 Total bills discounted 7,345 - 1,696 -15,711 Bills bought in open market - 2,272 Industrial advances 15,455 - 222 - 4,225 U. S. Government securities! Bonds 787,327 - 2,000 +49,254 Treasury notes 1,164,565 - 1,500 + 6,852 Treasury bills 612,123 .+^*500 -18,281 Total U.S, Government securities 2,564,015 — +37,825 Total bills and securities 2,587,356 - 1,918 +15,617 Due from foreign banks 180 - 10 F. R. notes of other banks 23,569 - 2,925 — 4,603 Uncollected items 632,117 +71,538 - 1,008 Bank premises 44,304 - 44 - 1,152 All other assets .... 47 + 246 . +-8*222 TOTAL ASSETS 14,679,148 +155,312 +1,922,732 L I A B I L I T I E S F, R. notes in actual circulation 4,262,860 +43,376 - 21,479 Depositst Member bank - reserve account 8,320,636 +123,148 +1,317,603 U. S. Treasurer - General account 770,086 - 94,395 +693,903 Foreign bank 195,056 + 11,831 - 92,255 Other deposits 150.924 - 2.762 + 16,859 Total deposits 9,436,702 + 37,822 +1,936,110 Deferred availability items 626,685 + 74,059 + 4,311 Capital paid in 133,985 13 + 1,358 Surplus (Section 7) 147,739 + 1,885 Surplus (Section 13 b) 27,682 - 1 + 192 Reserve for contingencies 32,741 ~ 3,063 All other liabilities 10,754 + 69 + 3,418 TOTAL LIABILITIES 14,679,148 +155,312 +1,922,732 Ratio of total reserves to deposit and F.R. note liabilities combined 82.8$ +.2$ +2.7% Contingent liability on bills purchased for foreign correspondents 157 — - 1,208 Commitments to make industrial advances 13,599 + 2 - i,i4o 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 OCTOBER 5, 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 10,967,213 690,539 4,573,924 512,588 728,971 358,695 254,213 2,027,4o4 335,915 255,079 314,62.9 202,347 712,909 Redemption fund - F.R, notes 9,138 618 1,328 727 767 815 304 645 950 678 104 268 1,934 Other cash 367,418 41,057 107,494 30,907 23,739 22,100 11,567 51,306 14,015 8,107 15,856> 9,785 31,485 Total reserves 11,343,769 732,214 4,682,746 544,222 753,477 381,610 266,084 2,079,355 350,880,263,864 330,589 212,400 746,328 Bills discounted* Secured by U.S.Gov't obligations. direct or fully guaranteed 3,897 180 1,582 529 467 109 113 165 175 77 63 io4 333 Other bills discounted 3,448 26 1,143 591 238 24 5 475 49 25 51 242 201 16-2 Total bills discounted 7,345 206 2,725 1,120 705 354 588 214 200 128 305 305 495 Bills bought in open market 541 4l 212 55 50 23 19 67 2 2 16 16 38 Industrial advances 15,455 2,398 3,648 3,188 651 1,462 117 .433 44 1,096 415 824 1,279 U. S. Government securitiesi Bonds 787,327 59,255 250,391 68,403 79,168 36,947 32,096 84,870 32,792 17,446 34,774 28,943 62,242 Treasury notes 1,164,565 87,-647 370,360 101,177 117,101 54,649 47,473 125,535 48,504 25,805 51,438 42,812 92,064 Treasury bills 612,123 46,069 194,671 53,181 61,551 28,725 24,953 65,984 25,495 13,564 27,036 22,503 48,391 Total U.S.Gov’t securities 2,564,015 192,971 815,422 222,761 257,820 120,321 104,522 276,389 106,791 56,815 113,248 94,258 202,697 Total bills and securities 2,587,356 195,516 822,007 227,124 259,226 122,160 105,246 2.77,103 107,037 58,04l 113,984 95,403 204,509 Due from foreign banks 180 13 68 18 17 8 6 22 3 2 5 5 13 F.R. notes of other banks 23,569 1,754 2,225 955 1,106 2,196 1,790 3,248 2,111 1,084 2,000 402 4,698 UncoUected items 632,117 67,14-3 177,953 47,828 61,l47 50,611 21,715 76,821 29,882 18,264 31,461 22,828 26,464 Bank premises 44,304 2,959 9,824 4,731 6,067 2,641 2,087 4,507 2,306 1,540 3,103 1,270 3,269 All other assets 47,853 3,098 14,877 4,523 5,314 2,795 2,160 4,525 1,772 1,256 1,912 1,709 3,912 TOTAL ASSETS 14,679¿l48j/X)2,697 5,709,700 829,401 1,086,354 562,021 399,088 2,445,581 493,991 344,051 483,054 334,017 989,193 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 OCTOBER 5, 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 -4,262,860 366,4.38 965,-440 304,747 410,383 204,440 l44,44l 963,384 178,135 135»64o 166,94l 79,844 343,027 Deposits t Member bank - reserve account 8,320,636 434,951 4,118,315 382,755 469,435 226,018 164,255 1,257,356 221,992 121,151 230,182 170,289 523,937 U.S.Treasurer — General account 770,086 96,938 174,314 39,156 81,832 55,839 38,979 76,308 40,675 52,861 37,216 38,945 37,023 Foreign bank 195,056 13,963 70,748 19,005 17,841 8,339 6,787 23,078 5,818 4,460 5,624 5,624 13,769 Other deposits 150,924 4,691 89,161 3,067 11,388 2,531 9,796 1,735 5,525 2,563 869 2,568 17,030 Total deposits 9,436,702 550,543 4,452,538 443,983 580,496 292,727 219,817 1,358,477 274,010 181,035 273,891 217,426 591,759 Deferred availability items 626,685 61,352 169,724 47,690 62,637 49,670 21,692 78,223 31,084 17,836 31,937 25,553 29,287 Capital paid in 133,985 9,407 50,908 12,214 13,395 4j991 4,469 13,277 3,920 2,916 4,197 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 1 3b) 27,682 2,874 7,744 4,4ll 1,007 3,408 730 1,429 545 1,001 1,142 1,270 2,121 Reserve for contingencies 32,741 1,448 8,210 2,000 3,176 l,4oi 1,603 7,090 1,215 1,887 935 1,776 2,000 All other liabilities 10,754 735 3,193 890 937 420 710 1,314 415 583 398 309 850 TOTAL LIABILITIES 14,679,148 ip02£97 5,709,700 829,401 1,086,354 562,021 399,088 2,445,581 493,991 344,051 483,054 334,017 989,193 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 13,599 1,342 3,614 283 1,476 1,768 175 16 634 228 475 51 3,537 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Within l6 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 Tears 5 Years Bills discounted 7,345 5,818 369 722 261 170 5 Bills bought 541 94 166- 281 — — «... Industrial advances 15,455 1,131 453 573 847 1,617 3,416 4,912 2,506 U. S. Government securities 2,564,015 101,409 70,178 204,078 177,688 142,336 155,663 398,744 607,337 706,582 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FRr-283-d FEDERAL RESERVE NOTE STATEMENT ON OCTOBER 5, 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 4,545,148 387,064 1,067,642 320,859 430,62.5 215,540 156,669 985,016 190,652 139,465 176,356 87,171 388,089 Held by Federal Reserve bank 282,288 20,626 102,202 16,112 20,242 11,100 12,228 21,632 12,517 3,825 9,4-15 7,327 45,062 In actual circulation 4,262,860 366,4.38 965,440 304,747 410,383 204,440 l44,44l 963,384 178,135 135,640 166,941 79,844 343,027 Collateral held by agent as secu­ rity for notes issued to bank* Gold certificates on hand and due from U. S. Treasury 4,639,000 400,000 1,082,000 327,000 433,000 220,000 161,000 1,010,000 192,000 l4l,500 180,000 88,500 404,000 Eligible paper 6,526 180 2,705 735 525 316 456 2l4 200 113 294 295 493 Total collateral 4,645,526 400,180 1,084,705 327,735 433,525 220,316 161,456 1,010,214 192,200 l4l,6l3 180,294 88,795 4o4,493 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis