H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FR-283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Oct, l4; of the Federal Reserve System not earlier# October 13, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended October 12 member bank reserve balances increased $79,000,000. Additions to member bank reserves arose from a decrease of $67,000,000 in Treasury deposits with Federal Reserve banks and increases of $57,000,000 in gold stock, $12,000,000 in Reserve bank credit and $3,000,000 in Treasury currency, offset in part by increases of $27,000,000 in money in circu­ lation, $29,000,000 in nonmember deposits and other Federal Reserve accounts and $3,000,000 in Treasury cash. Excess reserves of member banks on October 12 were estimated to be approximately $3,050,000,000, an increase of $30,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended October 12, 1938, were as follows» Increase or decrease since Oct. 12, Oct, 5, Oct. 13, 1918 _ ..1218 ... 12!?-. (In millions of dollars) Bills discounted 9 + 2 l4 Bills bought 1 — 2 U. S. Government securities 2,564 — + 38 Industrial advances (not including 1-4 million commitments - October 12) 16 + 1 — 4 Other Reserve bank credit 16 + 10 + 30 Total Reserve bank credit 2,605 + 12 + 47 Gold stock 13,869 + 57 + 1,085 Treasury currency 2,744 + 3 + 143 Member bank reserve balanc®g 8,400 + 79 + 1,481 Money in circulation 6,667 + .27 + 82 Treasury cash 2,812 + 3 - 822 Treasury deposits with F. R. banks 70 3 - 67 + 620 Nonmember deposits and other F. R. accounts 636 + 29 86 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-2o>-a Released for publication Friday morning, October 14,1938; not earlier, ASSETS AM) LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since Oct. 12, Oct, 5, Oct. 13, 1938 1938 1937.. . A S S E T S Gold certificates on hand and due from U. S, Treasury 11,020,211 +52,998 +1,893,322 Redemption fund - F. R. notes 9,669 + 531 + 23 Other cash 363,211 .-4,202 ___+69,446 Total reserves 11,393,091 +49,322 +1,963,791 Bills discounted! Secured by U. S. Gov’t obligations, direct or fully guaranteed 6,106 + 2,209 - 7,162 Other bills discounted 3.193. -1-2^ 6*220 Total bills discounted 9,299 + 1,954 -14,152 Bills bought in open market 541 — 2,289 Industrial advances 15,507 + 52 - 4,115 U, S. Government securities: Bonds 787,327 — +49,254 Treasury notes 1,164,565 + 6,852 Treasury bills 612.123 ......... Total U.S. Government securities 2,564,015 — +37,825 Total bills and securities 2,589,362 + 2,006 +17,269 Due from foreign banks 180 + 7 F, R, notes of other banks 22,532 -1,037 -5,282 Uncollected items 617,394 -14,723 -40,221 Bank premises 44,305 + 1 “1,151 All other assets 48.849 + 996 +8.000 TOTAL ASSETS 14,715,713 +36,565 +1,941,413 L I A B I L I T I E S F, R, notes in actual circulation 4,281,103 +18,243 -10,416 Deposits t Member bank - reserve account 8,400,218 +79,582 +1,481,316 U.S. Treasurer - General account 703,407 -66,679 + 620,176 Foreign bank 199,462 + 4,406 - 83,552 Other deposits ■■-■,1761.287 +25,363. ....+.. l,tM 2 Total deposits 9,479,374 +42,672 +2,019,482 Deferred availability items 601,672 -25,013 - 70,418 Capital paid in 133,954 - 31 + 1,298 Surplus (Section 7) 147,739 — + 1,885 Surplus (Section 13 b) 27,683 + 1 + 193 Reserve for contingencies 32,741 — - 3,062 All other liabilities 11,447 . . +. 693 ..+... 2.,4£1 TOTAL LIABILITIES 14,715,713 +36,565 +1,941,413 Ratio of total reserves to deposit and F,R, note liabilities combined 82,8% — +2,6# Contingent liability on bills purchased for foreign correspondents 157 — -1,354 Commitments to make industrial, advances 13,696 + 97 - 958 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Fona FR—283-b ASSETS AIJD LIABILITIES OF THE FEDERAL RESERVE BANKS ON OCTOBER 12, 1938 (in thousands of dollars) A S S E T S Total Boston Hew York Phila, Cleve. Rich* Atlanta Chicago St,Louis Minn. Kans.Cy. Dallas San Fran, Gold certificates on hand and due from U.S.Treasury 11,020,211 696,473 4,602,928 514,312 716,848 369,919 254,644 2,019,578 342,256 254,249 314,285 205,659 729,060 Redemption fund - F.R.notes 9,669 615 1,316 653 762 966 301 638 948 677 603 256 1,934 Other cash 363,211 38,430 109,269 29,391 22,568 19,682 11,449 51,649 15,533 8,508 l4,24p 11,478 31,014 Total reserves 11,393,091 735,518 4,713,513 544,356 740,178 390,567 266,394 2,071,865 358,737 263,434 329,128 217,393 762,008 Bills discounted* Securôd by U.S,Gov’t obligations, direct or fully guaranteed 6,106 167 3,750 498 386 109 118 250 200 122 79 104 323 Other bills discounted 3,19$ 25 788 598 238 227 475 69 25 78 292 228 150 Total bills discounted 9,299 192 4,538 1,096 624 336 593 319 225 200 371 332 473 ------—‘ ... .......- ------— Bills bought in open market 541 41 212 55 50 23 19 67 2 2 16 16 38 Industrial advances 15,507 2,297 3,637 3,191 650 1,462 186 433 43 1,092 4l4 823 1,279 U. S, Government securities* 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 ,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 2,564,015 192,971 815,422 222,761 257,820 120,321 164,522 276,389 106,791 56,815 113,248 94,258 202,697 Total bills and securities 2,589,362 195,501 823,809 227,103 259,144 122,142 105,320 277,208 107,061 58,109 114,049 95,429 204,487 Due from foreign banks 180 13 68 18 17 8 6 22 3 2 5 5 13 F.R. notes of other banks 22,532 2,265 5,008 755 1,210 1,376 1,647 2,923 2,410 849 1,986 384 1,719 Uncollected items 617,394 56,011 135,445 35,196 68,064 56,839 23,197 82,034 44,464 19,234 38,868 24,996 33,046 Bank premises 44,305 2,959 9,824 4,731 6,067 2,64l 2,087 4,507 2,306 1,541 3,103 1,270 3,269 All other assets 48,849 3,l4o 15,198 4,824 5,383 2,843 2,204 4,612 1,794 1,256 1,926 1,725 3,944 TOTAL ASSETS 14,715,713 995,407 5,702,865 816,983 1,080,063 576,4l6 400,855 2,443,171 516,775 344,425 489,065 341,202 1,008,486 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-C ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BAMS ON OCTOBER 12, 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.Cv. Dallas San Fran, F.R.notes in actual circulation 4,281,103 370,523 969,200 307,262 412,835 206,798 146,078 964,272 179,168 134,506 166,377 79,?46 344,338 Deposits* Member bank - reserve account 8,400,218 434,959 4,161,874 385,319 459,808 231,382 170,268 1,256,129 224,112 121,030 234,179 178,386 542,772 U.S.Treasurer - General account 703,407 91,916 168,215 32,018 76,241 55,0^7 34,698 64,337 37,762 48,544 27,489 36,612 30,518 Foreign bank 199,462 14,376 71,479 19,567 18,369 8,585 6,9.88 23,760 5,990 4,592 5,790 5,790 14,176 Other deposits 176,287 4,894 79,718 2.619 11.448 2.466 7.5l4 8.766 19y 96l 9,231 7.578 3f204___ Total deposits 9,479,374 546,145 4,481,286 439,523 565,866 297,490 219,468 1,352,992 287,825 183,397 275,036 223,992 606,354 Deferred availability items 601,672 54,354 130,266 36,926 68,494 56,928 22,160 80,299 39,006 17,009 37,319 26,261 32,650 Capital paid in 133,954 9,407 50,902 12,214 13,380 4,991 4,469 13,277 3,919 2,907 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 13 b) 27,683 2,874 7,744 4,4ii 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 ¿76 1,401 1,603 7,090 1,215 1,887 935 1?776 2,000 All other liabilities — :n3fr.. 7ss __ JisM. ___ 982 721 1.425 '"556 .Wl TOTAL LIABILITIES 14,715,713 995,407 5,702,865 816,983 1,080,063 576,416 400,855 2,443,171 516,775 344,425 489,065 341,202 1,008,486 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 13,696 1,341 3,612 333 1,483 1,764 175 15 634 228 538 51 3,522 advances 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 Years 5 Years Bills discounted 9,299 7,663 596 546 278 211 5 Bills bought 541 165 83 199 94 _ *•— — Industrial advances 15,507 1,110 356 547 891 1,801 3,510 5,015 2,277 — U. S. Government securities 2,564,015 128,887 97,675 206,333 179,228 83,566 155,663 398,744 607,337 706,582 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form Fft-283-d FEDERAL RESERVE NOTE STATEMENT ON OCTOBER 12, 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 4,575,270 388,883 1,073,214 324,014 436,417 219,326 158,757 987,552 193,448 138,762 175,756 87,261 391,880 Held by Federal Reserve bank 294,167 18,360 104,0l4 16,752 23,582 12,528 12,679 23,280 14,280 4,256 9,379 7,515 47,542 In actual circulation 4,281,103 370,523 969,200 307,262 412,835 206,798 146,078 964,272 179,168 134,506 166,377 79,746 344,338 Collateral held by agent as secu­ rity for notes issued to bank l Gold certificates on hand and due from U. S. Treasury 4,648,000 4q0,000 1,082,000 327,000 438,000 220,000 161,0001,010,000 196,000 l4l,500 180,000 88,500 404,000 Eligible paper 8,446 167 4,518 681 444 299 473 319 225 156 360 332 472 Total collateral 4,656,446 400,167 1,086,518 327,681 438,444 220,299 161,4731/310,319 196,225 l4l,656 loti,360 88,832 4o4,472 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis