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, Nov, 4; of the Federal Reserve System not earlier. November 3, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended November 2 member bank reserve balances decreased $54-,000,000. Reductions in member bank reserves arose from increases of $52,000,000 in money in circulation and $51,000,000 in nonmember deposits and other Federal Reserve accounts, offset in part by decreases of §16,000,000 in Treasury cash and $8,000,000 in Treasury deposits with Federal Reserve banks and increases of $20,000,000 in gold stock, $2,000,000 in Reserve bank credit and $3,000,000 in Treasury currency. Excess reserves of member banks on November 2 were estimated to be approximately $3,220,000,000, a decrease of $60^000,000 for the week* Changes in member bank reserve balances and related items during the week and the year ended November 2, 1938, were as follows» Increase or decrease since Nov, 2, Oct, 26,r NOV. 3, ._1928 1937 (In millions of dollars) Bills discounted 8 + 1 - 16 Bills bought 1 — 2 U* S. Government securities 2,564 __ + 38 Industrial advances (not including 13 million commitments - November 2) 15 4 Other Reserve bank credit ~6 + 1 + 7 Total Reserve bank credit 2,582 + 2 + 23 Gold stock 14,071 + 20 +1,267 Treasury currency 2,752 + 3 + 144 Member bank reserve balances 8,686 - 54 +1,797 Money in circulation 6,706 + 52 + l4l Treasury cash 2,751 - 16 - 911 Treasury deposits with F. R. banks 576 - 8 + 465 Nonmember deposits and other F,R. accounts 686 + 51 - 59 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FRr>£83~a Released for publication Friday morning, November •4,1938; not earlier* ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousand; of dollars) Increase or decrease since Nov. 2, Oct. 26, Nov* 3, 1938 193.8 1937 A S S E T S Gold certificates on hand and due from U. S* Treasury 11,287,700 + 34,989 +2,162,804 Redemption fund - F. R. notes 8,1-41 662 - 1,240 Other cash 368,202 - 10*582. + 60,057 Total reserves 12,664,0^3 +. .23 ¿'44 +2*221,621 Bills discounted* Secured by U, S. Gov*t obligations, direct or fully guaranteed 4,902 + 53 7 - 12,048 Other bills discounted ____ 2*176 + 306 .-_.~_4*122 Total bills discounted 8,078 + 843 - 16,241 Bills bought in open market - 2,291 Industrial advances 15,148 - 188 - 4,204 U. S, Government securities* Bonds 787,327 + 49,254 Treasury notes 1,164,565 — + 6,102 Treasury bills 612.123 ...-1.7,53.1. Total U.S. Government securities 2,564,015 — + 37,825 Total bills and securities 2,587,782 + 655 + 15,089 Due from foreign banks 180 + 7 F. R, notes of other banks 21,908 - 1,195 - 5,354 Uncollected items 621,464 +34,810 +39, M4 Bank premises 44,202 - 80 - 1,162 All other assets 48,917 + 350 + 8,187 TOTAL ASSETS 14,988,496 +58,284 +2,277,932 L I A B I L I T I E S F. R. notes in actual circulation 4,319,756 +35,379 + 35,597 Deposits* Member bank — reserve account 8,685,986 -54,097 +1,797,043 U. S. Treasurer - General account 575,944 - 8,209 + 465,118 Foreign bank 201,272 -11,222 - 52,664 Other deposits 224,845 _+6l»242 2*2.42 Total deposits 9,688,047 -10,281 +2,206,554 Deferred availability items 627,645 +33,767 + 32,205 Capital paid in 133,992 + 4 + 1,310 Surplus (Section 7) 147,739 + 1,885 Surplus (Section 13 b) 27,683 + 68 Reserve for contingencies 32,707 “ 3,035 All other liabilities 10.927 - 585 _±.. J.i2.48 TOTAL LIABILITIES 14,988,496 +58,284 +2,277,932 Ratio of total reserves to deposit and F. R, note liabilities combined 83.3% + •!% +3*0$ Contingent liability on bills purchased for foreign correspondents 324 - l4 -1,895 Commitments to make industrial advances 13,320 - 1,221 -1,083 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form Fft-283—b ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON NOVEMBER 2, 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 11,287,700 659,597 4,814,129 501,283 728,547 358,113 259,509 2,110,926 331,517 245,133 312,823 203,459 762,664 Redemption fund S,l4l 501 874 563 1,064 292 209 432 912 636 568 237 1,853 Other cash 368,202 38,832 105,648 32,422 23,270 22,431 12,698 49,784 16,562 8,539 15,149 12,343 30,524 Total reserves 11,664,043 698,930 4,920,651 534,268 752,881 380,836 272,4l6 2,161,142 348,991 254,308 328,540 216,039 795,041 Bills discounted* Secured by U.S.Gov,t obligations direct or fully guaranteed 4,902 145 2,291 865 286 84 153 155 180 154 n4 137 338 Other bills discounted 3,176 30 358 545 259 110 451 102 155 188 791 102 85 Total bills discounted 8,078 175 2,649 1,410 545 194 6o4 257 335 342 905 239 423 Bills bought in open market 541 4l 211 55 50 23 19 67 3 2 16 16 38 Industrial advances 15,148 2,242 3,628 3,050 639 1,455 149 415 43 1,042 401 781 1,303 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 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 2.2,503 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 1-06,791 56,815 113,248 94,258 202,697 Total bills and securities 2,587,782 195,429 821,910 227,276 259,054 121,993 105,294 277,128 107,172 58,201 114,570 95,294 204,461 Due from foreign banks 180 13 69 18 16 8 6 22 3 2 5 5 13 F.R.notes of other banks 21,908 759 4,612 833 1,147 1,866 1,530 2,785 2,013 1,517 1,633 421 2,792 Uncollected items 621,464 71,048 143,849 48,415 65,586 53,852 22,347 81,850 27,544 I6,4l4 33,375 24,205 32,979 Bank premises 44,202 2,954 9,808 4,720 6,o4l 2,634 2,083 4,499 2,301 1,539 3,097 1,266 3,260 All other assets 48,917 3,146 15,149 4,581 5,447 2,808 2,230 4,697 l,84o 1,278 1,955 1,791 3,995 TOTAL ASSETS 14,988,496 972,279 5,9l6,o4S 820,111 1,090,172 563,997 405,906 2,532,123 489,864 333,259 483,175 339,021 l,042,54l Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-c ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BAIIKS ON NOVEMBER 2, 1938 (In thousands of dollars) LI A B I L I T I E S Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St .Louis Minn. Kans. Cy. Dallas ¿an Fran. F.R. notes in actual circulation 4,319,756 378,155 984,961 308,306 411,978 208,755 148,330 969,836 181,502 133,7l4 167,793 80,481 345,945 Depositsi Member bank - reserve account 8,685,986 443,727 4,34lf321 382,135 469,487 232,184 169,602 1,336,640 220,773 114,139 230,311 178,558 567,109 U.S.Treasurer - General account 575,944 36,196 102,543 18,084 74,158 44,299 4l,601 67,368 36,397 51,316 33,976 34,038 35,968 Foreign bank 201,272 14,438 72,730 19,652 18,449 8,623 7,019 23,863 6,016 4,612 5,816 5,816 l4,238 Other deposits 2,228 6,037 3,154 1,079 2,757 19,734 Total deposits 9,688,047 498,964 4,670,286 428,913 576,502 Deferred availability items Capital paid in Surplus (Section 7) Surplus (Section 13 b) Reserve for contingencies 411 other liabilities TOTAL LIABILITIES \0 H 223,808 H $ O « 269,223 173,221 271,182 221,169 637,049 627,645 70,759 138,651 49,882 68,854 52,439 20,625 86,669 28,393 16,807 33,942 26,192 34,432 133,992 9,412 50,903 12,212 13,389 4,992 4,471 13,294 3,924 2,908 4,195 3,948 10,344 147,739 9,900 51,943 13,466 14,323 4,964 5,626 22,387 4,667 3,153 3,613 3,892 9,805 27,683 2,874 7,744 4,411 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 32,707 1,448 8,210 2,000 3,176 l,4oi 1,603 7,063 1,215 1,880 935 1,776 2,000 10,927 767 3,350 921 943 4o6 713 1,346 395 575 373 293 845 14,988,496 972,279 5,916,048 820,111 1,090,172 563,997 405,906 2,532,123 489,864 333,259 483,175 339,021 1,042,541 Contingent liability on bills purchased for foreign correspondents 324 23 116 32 30 14 11 39 10 8 9 9 23 Commitments to make industrial advances 13,320 1,342 3,540 254 1,473 1,657 172 13 587 227 523 50 3,482 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Within 16 to 31 to 6l 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 8,078 6,147 493 53 0 401 478 29 .. . - __ Bills bought 541 128 154 94 165 - — — — — " industrial advances 15,148 1,273 326 738 553 1,883 3,496 4,683 2,196 — U.S., Government securities 2,564,015 105,835 98,243 177,688 187,657 126,266 155,663 398,744 607,337 706,582 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-d FEDERAL RESERVE NOTE STATEMENT ON NOVEMBER 2, 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,bahk by F.R.agent 4,579,253 394,809 1,072,441 323,587 435,157 218,784 159,679 987,177 192,867 139/32 176,04l 86,998 392,281 Held by Federal Reserve bank 259,497 16,654 87,480 15,281 23,179 10,029 11,349 17,341 11,365 5,718 8,248 6,517 46,336 „actual circulation 4,319,756 378,155 984,961 308,306 411,978 208,755 148,330 969,836 181,502 133,714 167,793 80,481 345,945 Collateral held by agent as secu­ rity for notes issued to bank* 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 l4l,500 180,000 89,500 404,000 Eligible paper 7,182 145 2,543 1,030 34l 194 574 257 335 2l4 887 239 423 Total collateral 4,675,182 400,145 1,094,543 328,030 442,34-1 225,194 161,574 1,010,257 196,335 l4l,7l4 180,887 89,739 4o4,423 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis