H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FR—283 STATEMENT FOR THE PRESS Released for publication Board of Qovernors Friday morning, Oct* 21; of the Federal Reserve System not earlier* October 20, 1938* CONDITION OF FEDERAL RESERVE BANKS During the week ended October ¿9 member bank reserve balances increased $293,000,000, Additions to member bank reserves arose from decreases of ■$42,000,000 in Treasury cash, $94,000,000 in Treasury deposits with Federal Reserve banks and $33,000.000 in nomember deposits and other Federal Reserve accounts and increases of $139,000,000 in gold stock and <$2,000,000 in Treasury currency, offset in part by a decrease of #16,000,000 in Reserve bank credit. Excess re­ serves of member banks on October 19 were estimated to be approximately $3,270,000,000, an increase of $220,000,000 for the week* Changes in member bank reserve balances and related items during the week and the year ended October 19, 1938, were as follows« Increase or decrease since Oct, 19, Oct, 12, Oct, 20, ...,.,123.8 ...1238. - -J22Z-- (In millions of dollars) Bills discounted 6 ~ 3 - 12 Bins bought 1 2 U. S. Government securities 2,564 + 38 Industrial advances (not including 15 million commitments - October 19) 15 - 1 - 4 Other Reserve bank credit 2 - l4 + 4 Total Reserve bank credit 2,589 - 16 + 24 OQld stock 14,008 +139 +1,215 Treasury currency 2,746 + 2 + l4i Member bank reserve balances 8,693 +293 +1,754 Money in circulation 6,668 + 1 + 122 Treasury cash 2,770 - 42 - 884 Treasury deposits with F, R, banks 609 • 94 + 527 Nonmember deposits and other F, R, accounts 603 - 33 - i4o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, October 21,1938; not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since Oct. 19, Oct. 12, Oct. 20, 1938 1938 1937 A S S E T S Gold certificates on hand and due from U. S. Treasury 11,197,209 +176,998 +2,070,820 Redemption fund — F. R. notes 9,665 - 4 + 227 Other cash 374,312 +11.101 +70,409 Total reserves 11,581,186 +188,095 +2,141,456 Bills discountedt Secured by U. S. Gov’t obligations, direct or fully guaranteed 3,470 -2,636 - 9,723 Other bills discounted 2,602 - 591 - 2,689 Total bills discounted 6,072 -3,227 -12,412 Bills bought in open market 541 - 2,289 Industrial advances 15,4-46 — 6l - 4,032 U. S, Government securities» Bonds 787,327 — +49,254 Treasury notes 1,164,565 + 6,852 Treasury bills 612,123 -18,281 Total U.S.Government securities 2,564,015 — +37,825 Total bills and securities 2,586,074 -3,288 +19,092 Due from foreign banks 180 + 7 F. R. notes of other banks 24,375 +1,843 - 4,056 Uncollected items 718,302 +100,908 +4,04l Bank premises 44,305 -1,150 All other assets ...A7iZ32 -1,117 + 8.053 TOTAL ASSETS 15,002,154 +286,441 +2,167,443 L I A B I L I T I E S F. R. notes in actual circulation 4,288,820 + 7,717 +18,597 Deposits* Member bank - reserve account 8,693,189 +292,971 +1,754,387 U.S.Treasurer - General account 609,102 -94,305 +527,545 Foreign bank 197,372 - 2,090 - 79,072 Other deposits .. 144_,4_53_ -rilA834.. - 57.677 Total deposits 9,644,116 +164,742 +2,145,183 Deferred availability items 716,050 +114,378 + 9 Capital paid in 133,983 + 29 + 1,304 Surplus (Section 7) 147,739 + 1,885 Surplus (Section 13 b) 27,683 + 68 Reserve for contingencies 32,707 - 34 - 3,062 All other liabilities 11,056 _~_J.91 ♦ 3/59 TOTAL LIABILITIES 15,002,154 +286,441 +2,167,443 Ratio of total reserves to deposit and F.R. note liabilities combined 83.1% + *3% + 2.9% Contingent liability on bills purchased for foreign correspondents 338 + 181 - 1,517 Commitments to vxake industrial advances 14,537 + 84l - 17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Fona FR-283-b ASSETS AND LIABILITIES OF THE FEDERAL RESERVE' BANKS ON OCTOBER 19, 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 11,197,209 Redemption fund - F.R.notes 9,665 615 1,316 652 763 966 301 638 948 677 603 256 1,930 Other cash 374,312 38,632 112,391 32,422 23,172 21,425 12,859 51,269 15,437 8,264 16,288 10,912 31,241 Total reserves 11,681,186 756,912 4,884,247 543,217 733,348 377,493 261,435 2,114,429 355,675 249,102 327,276 214,643 763,409 Bills discounted! Secured by U.S.Gov’t obligations, direct or fully guaranteed 3,470 72 1,072 561 350 109 208 225 205 132 104 94 338 Other bills discounted 2,602 15 235 544 228 215 452 86 50 90 384 170 133 Total bills discounted 6,072 87 1,307 1,105 578 324 660 311 255 222 488 264 471 Bills bought in open market 541 41 212 55 50 23 19 67 2 2 16 16 38 Industrial advances 15,446 2,294 3,633 3,157 650 1,461 178 433 43 1,088 412 819 1,278 U. S. Government securities* Bonds 787,327 59,255 250,391 68,403 79,168 36,947 32,096 •> to g 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,Govtt securities 2,564,015 192,971 815,422 222,761 257,820 120,321 104,522 276,589 106,791 56,815 113,248 94,258 202,697 Total bills and securities 2,586,074 195,393 820,574 227,078 259,098 122,129 105,379 277,200 107,091 58,127 114,164 95,357 204,484 Due from foreign banks 180 13 68 18 17 8 6 22 3 2 5 5 13 F.R, notes of other banks 24,375 1,468 4,835 1,237 1,324 2,207 2,094 3,796 1,862 1,369 1,235 561 2,387 Uncollected items 718,302 70,957 192,337 53,030 74,585 59,454 26,922 90,191 31,649 20,682 36,014 28,987 33,494 Bank premises 44,305 2,959 9,824 4,731 6,067 2,641 2,087 4,507 2,306 1,541 3,103 1,270 3,269 All other assets 47,732 3,080 14,806 4,507 5,323 2,776 2,169 4,528 1,771 1,249 1,936 1,692 3,895 TOTAL ASSETS 15,002,154 1,030,782 5,926,691 833,818 1,079,762 566,708 400,092 2,494,673 500,357 332,072 483,733 342,515 1,010,951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Fona FRr-283—c ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON OCTOBER 19, 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 4,288,820 371,616 972,616 306,249 411,694 208,861 147,106 966,271 180,470 134,622 166,075 79,832 >43,408 Deposits* Member bank — reserve account 8,693,189 461,769 -4,397,508 391,831 470,123 220,208 164,971 1,293,751 230,843 116,164 229,855 172,098 544,068 U.S.Treasurer — General account 609,102 83,534 86,420 27,704 66,813 54,086 37,753 73,590 33,495 43,293 34,413 36,504 31,497 Foreign bank 197,372 14,205 70,909 19,334 18,151 8,483 6,905 23,478 5,919 4,538 5,721 5,721 14,008 Other deposits 144,453 5,013 87,936 2,563 8,959 2,381 5,867 1,508 6,077 2,566 802 3,069 17,712 Total deposits 9,644,116 564,521 4,642,773 441,432 564,046 285,158 215,496 1,392,327 276,334 166,561 270,791 217,392 607,285 Deferred availability itens 716,050 70,249 189,251 53,130 71,169 57,512 24,353 90,551 32,807 21,254 36,553 34,107 35,114 Capital paid in 133,983 9,411 50,903 12,214 13,388 4,991 4,470 13,293 3,920 2,907 4,195 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 32,707 1,448 8,210 2,000 3,176 1,401 1,603 7,063 1,215 1,880 935 1,776 2,000 All other liabilities 11,056 763 3,251 916 959 412 708 1,352 399 694 429 299 874 TOTAL LIABILITIES 15,002,154 1,030,782 5,926,691 833,818 1079,762 566,708 400,092 2,494,673 500,357 332,072 483,733 342,515 1,010,951 for foreign correspondents 338 24 121 33 31 15 12 4o 10 8 10 10 24 Commitments to make industrial advances 14,537 1,33? 4,595 265 1,475 1,737 175 15 624 227 529 51 3,512 MATURITY DISTRIBUTION OF BILLS AI© SECURITIES Within 16 to 31 to 61 to 91 days to 6 months 1 Year 2 Years to Over Total 15 days _3Q days 60 days 90 days 6 months to 1 Year to 2 Years 5 Years 5 Years Bills discounted 6,072 4,535 346 496 435 239 21 — — 1-T Bills bought 541 165 197 85 94 — — — — Industrial advances 15,446 1,361 226 718 702 1,941 3,424 4,798 2,276 — U, S.Goverrment securities 2,564,015 70,178 105,835 193,573 188,358 137,745 155,663 398,744 607,337 706,582 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—28>-d FEDERAL RESERVE NOTE STATEMENT ON OCTOBER 19, 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 4,580,026 390,346 1,080,932 322,233 433,605 219,623 159,o44 988,903 192,319 139,169 175,680 88,188 389,984 Held by Federal Reserve bank 291,206 18,730 108,316 15,984 21,911 10,762. 11,938 22,632 11,849 4,547 9,605 8,356 46,576 In actual circulation 4,288,820 371,616 972,616 306,249 411,694 208,861 147,106 966,271 180,470 134,622 166,075 79,832 343,408 Collateral held by agent as secu­ rity for notes issued to bank* Gold certificates on hand and due from U.S. Treasury 4,663,000 400,000 1,092,000 327,000 438,000 225,000 161,000 1,010,000 196,000 141,500 180,000 88,500 404,000 Eligible paper 5,308 72 1,277 729 403 324 580 311 25 A 165 473 250 470 Total collateral 4,668,308 400,072 1,093,277 327,729 438,403 225,324 161,580 1,010,311 196,254 l4l,665 180,473 88,750 404,470 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis