H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FKr-233 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Oct. 28; of the Federal Reserve System not earlier. October 27, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended October 26 member bank reserve balances increased $47,000,000. Additions to member bank reserves arose from decreases of $14,000,000 in money in circulation, $25,000,000 in Treasury deposits with Federal Reserve banks and $3>000,000 in Treasury cash and increases of $4-3,000,000 in gold stock and $3,000,000 in Treasury currency, offset in part by a decrease of $9,000,000 in Reserve bank credit and an increase of $32,000,000 in nonmember deposits and other Federal Reserve accounts* Excess reserves of member banks on October 26 were estimated to be approximately $3>280,000,000, an increase of $10,000,000 for the week* Changes in member bank reserve balances and related items during the week and the year ended October 26, 1938, were as follows» Increase or decrease since Oct. 26, Oct, 19, Oct. 27, 1938 . 122!_ 1937 (In millions of dollars) Bills discounted 7 + 1 16 Bills bought 1 2 U. S. Government securities 2,564 + 38 Industrial advances (not including 15 million commitments - October 26) 15 4 Other Reserve bank credit - 7 - 9 5 Total Reserve bank credit 2,580 - 9 + 10 Gold stock 14,051 + 43 + 1,250 Treasury currency 2,749 + 3 + 142 Member bank reserve balances 8,740 + 47 + 1,789 Money in circulation 6,6 54 — i4 + 135 Treasury cash 2,767 - 3 - 899 Treasury deposits with F. R, banks 584 ~ 25 + 490 Nonmember deposits and other F. R. accounts 635 + 32 - Il4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, October 28,1938$ net earlier. ASSETS MD LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Increase or decrease since Oct. 26, Oct. 19, Oct. 27, 1938 ...i m -19.27 A S S E T S Gold certificates on hand and due from U. S, Treasury 11,252,711 + 55,502 +2,126,320 Redemption fund - F. R. notes 8,803 - 862 - 618 Other cash 378,735 . t i i s +63.296 Total reserves 11,640,299 + 59,113 +2,188,998 Bills discountedi Secured by U. S, Gov’t obligations, direct or fully guaranteed -4,365 + 895 - 13,525 Other bills discounted 2.870 + 268 - 2.666 Total bills discounted 7,235 +1,163 - 16,191 Bills bought in open market 541 — - 2,289 Industrial advance9 15,336 - 110 - 4,114 U.S. Government securities* Bonds 787,327 — + 49,254 Treasury notes 1,164,565 + 6,102 Treasury bills — .,..-12^21 Total U.S.Government securities 2,564,015 — + 37,825 Total bills and securities 2,587,127 +1,053 + 15,231 Due from foreign banks 180 — + 7 F. R. notes of other banks 23,103 -1,272 - 5,423 Uncollected items 586,654 -131,648 - 35,687 Bank premises 44,282 - 23 - 1,153 All other assets 48.567 ___±331 + 7,760 TOTAL ASSETS 14,930,212 -71,942 +2,169,733 L I A B I L I T I E S F. R. notes in actual circulation 4,284,377 — 4,443 + 28,280 Deposits« Member bank — reserve account 8,740,083 +46,894 +1,789,353 U, S. Treasurer - General account 584,153 -24,949 + 490,107 Foreign bank 212,494 +15,122 “ 53>397 Other deposits .. 16JU228 •.+17x145 . - ..¿7*081 Total deposits 9,698,328 +54,212 +2,168,982 Deferred availability items 593,878 —122.172 - 30,656 Capital paid in 133,988 + 5 + 1,305 Surplus (Section 7) 147,739 — + 1,885 Surplus (Section 13 b) 27,683 — + 68 Reserve for contingencies 32,707 — - 3>061 All other liabilities .11*&2 + 456 ±-2*220 TOTAL LIABILITIES 14,930,212 - 71,942 +2,169,733 Ratio of total reserves to deposit and F.R. note liabilities combined 83*2% + #1$ + 3.056 Contingent liability on bills purchased for foreign correspondents 338 - 1,988 Commitments to make industrial advances 14,541 + 4 + 53 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 OH OCTOBER 26, 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 11,252,711 667,124 4,830,878 506,162 713,727 360,546 251,395 2,092,424 329,465 347,400 306,920 201,426 745,244 Redemption fund 8,803 544 1,028 563 1,120 578 232 493 916 643 580 237 1,869 Other cash 378,785 38,846 112,143 32,812 23,154 19,874 13,069 53,242 17*032 8.963 15.283 12.276 32.091 Total reserves 11,640,299 706,514 4,944,049 539,537 738,001 380,998 264,696 2,146,159 347,413 257,006 322,783 213,939 779,204 Bills discounted* Secured by U.S,Gov’t obligations, direct or fully guaranteed 4,365 162 1,832 611 305 94 178 180 255 142 104 154 348 Other bills discounted 2,870 15 296 556 210 155 470 96 8§ 111 619 158 99 Total bills discounted 7,235 177 2,128 1,167 515 249 648 276 3A0 253 723 312 447 Bills bought in open market 54l 4l 211 55 50 23 19 67 3 2 16 16 38 Industrial advances 15,336 2,294 3,636 3,102 64o 1,455 163 415 43 1,090 412 808 1,278 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 2,564,015 192,971 815,422 222,761 257,820 120,321 104,£22 276,389 106,791 56,815 113,248 94,258 202,697 195,483 821,397 227,085 259,025 122,048 105,352 277,147 107,177 58,160 114,399 95,394 204,460 Due from foreign banks 180 13 69 18 16 8 6 22 3 2 5 5 13 F.R.notes of other banks 23,103 975 5,04l 1,082 1,420 2,099 1,527 2,543 2,282 997 1,959 433 2,74 5 Uncollected items 586,654 58,003 138,741 45,074 66,238 50,649 20,843 77,381 27,963 16,597 30,925 23,469 30,771 Bank premises 44,282 2,959 9,824 4,720 6,067 2,641 2,083 4,508 2,306 1,541 3,103 1,270 3,260 All other assets 48,567 3,123 15,067 4,685 5,405 — 2i§2* 2,187 4,591 ... 3-JÄ2L 1,265 1,967 1,714 3,926 TOTAL ASSETS 14,930,212 967,070 5,934,188 822,201 1,076,172 561,277 396,694 2,512,351 488,947 335,568 475,l4l 336,224 1,024,379 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 26, 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 4,284^377 373,098 970,629 307,030 412,559 207,799 146,661 965,830 179,901 133,841 165,678 79,321 342,040 Deposits* Member bank - reserve account 8,740,083 446,792 4,409,051 386,338 463,163 224,722 167,992 1,331,899 224,518 119,149 231,126 180,643 554,690 U.S.Treasurer - General account 584,153 45,880 120,086 28,380 69,491 51,041 34,559 61,329 32,737 48,756 28,635 29,179 34,080 Foreign bank 212,494 15,263 76,608 20,775 19,503 9,115 7,420 25,227 6,360 4,876 6,l48 6,l48 15,051 Other deposits 1]L»8S0 2,571 6,221 2,516 5,536 2,753 697 3,664 Total deposits 9,698,328 511,698 4,706,120 437,884 564,037 287,449 216,192 1,420,971 269,151 175,534 266,606 219,634 623,052 Deferred availability itens 593,878 57,860 135,285 44,121 66,667 50,836 2.0,692 79,964 29,128 16,610 32,527 26,071 34,117 Capital paid in 133,988 9,412 50,904 12,212 13,388 4,992 4,471 13,294 3,920 2,907 4,195 3,947 10,346 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 l,4oi 1,603 7,0 63 1,215 1,880 935 1,776 2,000 All other liabilities 11,512 780 2i353 1,087 1.015 427 719 . .1*413 420 642 ___44£_ . ,.3.13_. 898 TOTAL LIABILITIES 14,930,212 967,070 5,934,188 822,201 1,076,172 561,277 396,694 2,512,351 488,947 335,568 475,141 336,224 1,024,379 Contingent liability on bills purchased for foreign correspondents 338 24 121 33 31 15 12 4o 10 8 10 10 24 Gomnitnents to make industrial advances 14,541 1,312 4,586 320 1,475 1,736 175 13 599 228 523 50 3,524 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 7,235 5,579 416 457 4o4 329 50 _ r T Bills bought 541 83 199 94 165 — — - --- — Industrial advances , 15,336 1,283 277 64o 766 1,924 3,397 4,752 2,297 U. S. Government securities 2,564,015 97,675 95,810 186,413 200,487 115,304 155,663 398,744 607,337 706,582 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283*-d FEDERAL RESERVE NOTE STATEMENT ON OCTOBER 26, 1938 (In thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St .Louis Minn. Kans.Cy. Dallas San Fran. 1 Federal Reserve notes: Issued to F.R.bank by F.R.agent 4,583,137 393,115 1,078,405 322,745 4-35,628 218,844 159,916 989,810 193,178 138,411 175,645 87,674 389,766 Held by Federal Reserve bank 298,760 20,017 107,776 15,725 23,069 11,045 13,255 23,980 13,277 4,570 9,967 8,353 47,726 jnactual circulation 4,284,377 373,098 970,629 307,020 412,559 207,799 l46,66l 965,830 179,901 133,841 165,678 79,321 342,o4o Collateral held by agent as secu­ rity for notes issued to banki Gold certificates on hand and due from U. S. Treasury 4,668,000 400,000 1,092,000 327,000 442,000 225,000 161,000 1,010,000 196,000 14-1,500 180,000 89,500 404,000 Eligible paper 6,412 162 2,048 762 361 249 598 276 339 178 681 312 446 Total collateral 4,674,412 400,162 1,094,048 327,762 442,361 225,249 161,598 1,010,276 196,339 l4l,$78 180,681 89,812 4o4,446 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis