H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form îKr-283 STATEMENT BOR THE PRESS Released for publication Board of Governors Friday morning, Nov. 11; of the Federal Reserve System not earlier* November 10, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended November 9 member bank reserve balances decreased $140,000,000. Reductions in member bank reserves arose from increases of #58,000,000 in money in circulation, $10-4,000,000 in nonmember deposits and other Federal Reserve accounts and $2,000,000 in Treasury deposits with Federal Reserve banks and a decrease of $13,000,000 in Reserve bank credit offset in part by a decrease of $14,000,000 in Treasury cash and increases of $20,000,000 in gold stock and $3,000,000 in Treasury currency. Excess reserves of member banks on November 9 were estimated to be approximately $3,130,000,000, a decrease of $90,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended November 9, 1938, were as follows» Increase or decrease since Nov. 9, Nov* 2, Nov. 10, 1938 1938 1937 (in millions of dollars) Bills discounted 8 — - 13 Bills bought 1 — - 2 U. S. Government securities 2,56-4 — + 2 7 Industrial advances (not including 13 million commitments - November 9) 15 — - 4 Other Reserve bank credit -18 - 12 - 14- Total Reserve bank credit 2,569 “ 13 7 Gold stock 14,091 + 20 + 1,302 Treasury currency 2,755 + 3 + l44 Member bank reserve balances 8,546 - l4o + 1,667 Money in circulation 6,764- + 58 + 200 Treasury cash 2,737 - 14 — 911 Treasury deposits with F.R. banks 578 + 2 + 439 Nonmember deposits and other F, R. accounts 790 + io4 + 44 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, November 11^1938$ not earlier* ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since Nov, 9, Nov, 2, Nov. 10, 1938 1937 ..W S U A S S E T S Gold certificates on hand and due from U. S. Treasury 11,317,698 +29,998 +2,192,807 Redemption fund - F. R, notes 9,071 + 930 - 310 Othor cash 351.798 —l6.4o4; +45.790 Total reserves 11,678,567 +14,524 +2,238,287 Bills discounted? Secured by U.S. Gov’t obligations, direct or fully guaranteed 4,680 -222 -10,031 Other bills discounted - 56 3.12Q Total bills discounted 7,800 -278 -13,176 Bills bought in open market 54-5 + A - 2,287 Industrial advances 15,163 + 15 - 4,169 U, S. Government securities: Bonds 787,327 +49,254 Treasury notes 1,164,565 + 6,102 Treasury bills 612.123 .-27,931 Total U. S. Government securities 2,564,015 — +27,425 Total bills and securities 2,587,523 -259 + 7,793 Due from foreign banks 176 •M* 4 + 3 F. R. notes of other banks 22,447 +539 - 2,980 Uncollected items 556,371 -65,093 -82,476 Bank premises 44,203 + 1 - 1,162 All other assets 49.544 + 627 + 7.824 TOTAL ASSETS 14,938,831 -49,665 +2,167,289 L I A B I L I T I E S F. R. notes in actual circulation 4,355,754 +35,998 +78,335 Deposits 1 Member bank — reserve account 8,546,166 -139,820 +1,666,763 U. S. Treasurer - General account 577,766 + .1,822 + 438,529 Foreign bank 218,033 +16,761 - 54,709 Other deposits 312.482 +87*637 + 102,603 Total deposits 9,654,447 -33,600 +2,153,186 Deferred availability items 575,025 —52,620 - 67,746 Capital paid in 134,003 + 11 + 1,462 Surplus (Section 7) 147,739 — + 1,885 Surplus (Section 13 b) 27,683 — + 68 Reserve for contingencies 32,707 — - 3,035 All other liabilities 11^73. + 546 + 3*134 TOTAL LIABILITIES 14,938,831 —49,665 +2,167,289 Ratio of total reserves to deposit and F. R. note liabilities combined 83*4$ + *1% +3*3$ Contingent liability on bills purchased for foreign correspondents 324 — -2,262 Commitments to make industrial advances 13,318 -2 - 204 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283—b ASSETS MD LIABILITIES OF THE FEDERAL RESERVE BANKS Oil NOVEMBER 9, 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 11,317,698 655,619 4,754,358 520,984 720,336 362,024 271,047 2,133,294 334,381 245,761 317,652 209,358 792,884 Redemption fund 9,071 501 874 502 1,064 1,292 209 432 912 636 568 228 1,853 Other cash 351,798 37,909 102,893 29,270 24,087 18,749 11,413 47,253 17,232 9,199 13,335 12,954 27,504 Total reserves 11,678,567 694,029 4,058,125 550,756 745,487 382,065 282,669 2,180,979 352,525 255,596 331,555 222,‘540 822,241 Bills discounted* Secured by U.S.Gov*t obligations, direct or fully guaranteed 4,680 32 2,278 857 266 99 153 110 208 128 134 137 278 Other bills discounted 3,120 — 322 529 254 110 412 101 155 187 882 107 61 Total bills discounted 7,800 32 2,600 1,386 520 209 565 211 363 315 1,016 244 339 Bills bought in open market 545 41 216 55 50 23 19 67 2 2 16 16 38 Industrial advances 15,163 2,242 3,632 3,048 639 1,460 152 415 43 1,037 396 799 1,300 U. S. Government securities* Bonds 787,327 59,255 250,391 68,403 79,168 36,947 32,096 34,870 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 4S,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 2,587,523 195,286 821,870 227,250 259,029 122,013 105,258 277,082 107,199 58,169 114,676 95,317 204,374 Due from foreign banks 176 13 64 18 17 8 6 22 3 2 5 5 13 F.R.notes of other banks 22,447 481 3,472 6l4 1,296 2,612 1,688 2,618 3,068 1,826 1,362 409 3,001 Uncollected items 556,371 54,114 126,559 38,414 59,364 53,734 £4,948 79,347 25,069 16,857 28,992 23,366 25,607 Bank premises 44,203 2,954 9,808 4,720 6,o4l 2,634 2,083 4,499 2,301 1,539 3,097 1,267 3,260 411 other assets 49,544 3,195 15,451 4,629 5,487 2,885 2,268 4,692 1,848 1,300 1,965 1,792 4,032 TOTAL ASSETS 14,938,831 950,072 5,835,349 826,401 1,076,721 565,951 418,920 2,549,239 492,013 335,289 481,652 344,696 1^62,528 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 NOVEMBER 9, 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 4,355,754 378,622 991,040 312,394 416,779 209,965 149,361 978,245 181,785 134,945 169,157 81,163 352,398 Deposits t Member bank - reserve account 8,546,166 437,245 4,252,888 379,291 479,396 232,470 177,770 1,248,795 226,704 118,202 229,558 177,485 586,362 U.S.Treasurer - General account 577,766 40,899 101,027 31,428 58,545 37,615 41,687 78,108 33,230 49,874 32,938 37,318 35,097 Foreign bank 218,033 15,699 78,266 21,368 20,060 9,376 7,632 25,948 6,542 5,015 6,323 6,323 15,481 Other deposits 312,482 4,584 161,571 8,437 11,5-34 2,483 5,512 85,529 5,508 2,202 891 2,802 21,429 Total deposits 9,654,447 498,427 4,593,752 440,524 569,535 281,944 232,601 1,438,380 271,984 175,293 269,710 223,928 658,369 Deferred availability items 575,025 48,568 128,241 4o,4l9 57,514 58.838 23,895 87,033 27,478 15,537 32,502 28,409 26,591 Capital paid in 134,003 9,412 50,903 12,213 13,390 4^998 4,471 13,296 3,924 2,906 4,195 3,948 10,347 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 4,4n 1,007 3,409 730 1,4-29 545 1,001 1,142 1,270 2,121 Reserve for contingencies 32,707 1,448 8,210 ,0002 3,176 1,401 1,603 7,063 1,215 1,880 935 1,776 2,000 All other liabilities 11,473 821 3,516 974 997 432 733 1,406 415 574 398 310 897 TOTAL LIABILITIES 14,938,831 950,072 5,835,349 826,401 1,076,721 565,951 418,920 2,549,239 492,013 335,289 481,652 344,696 1,062,528 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 13,318 1,341 3,505 250 1,470 1,646 172 13 587 226 576 50 3,482 MATURITY DISTRIBUTION OF BILLS Al© 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 7,800 5,353 967 530 367 554 29 n -r T Bills bought 545 198 _ _ 264 83 — — — --- Industrial advances 15,163 1,338 308 947 463 1,806 3,463 4,689 2,149 --- U.S.^Government securities 2,564,015 95,810 110,523 174,968 175,847 138,541 155,663 398,744 607,337 706,582 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Fona FR-283-d FEDERAL RESERVE NOTE STATEMENT OK NOVEMBER 9, 1938 (ln thousands of dollars) Total Boston New York Phila, Cleve, Rieh, Atlanta Chicago St,Louis Minn. Kans.Cy, Dallas San Fran, Federal Reserve notes* Issued to F.R,bank by F.R.agent 4,6l6,9o4 392,203 1,079,355 325,391 438,856 219,108 160,245 999,00-4 201,351 133,713 178,379 88,621 395,678 Held by Federal Reserve bank 261,150 13,581 88,315 12,997 22,077 9,14-3 10,984 20,759 19,566 3,760 9',222 7,458 43,280 In actual circulation 4,355,754 378,622 991,o4o 312,394 416,779 209,965 149,261 978,245 181,785 134,945 169,157 81,163 352,398 Collateral held by agent as securrity for notes issued to banki Gold certificates on hand and due from U.S.Treasury 4,683,000 400,000 1,092,000 327,000 442,000 225,000 164,000 1,010,000 207,000 l4l,500 180,000 90,500 404,000 Eligible paper 6,936 32 2,495 1,001 320 209 538 211 363 188 998' sAl 340 Total collateral 4,689,936 400,032 1,094,495 328,001 442,320 225,209 164,53" 1,010,211 207,363 14-1,688 180,998 90,7-41 4o4,34o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis