H.4.1 Factors Affecting Reserve Balances of Depository Institutions

■ Farm. PE-283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Nov. 18; of the Federal Reserve System not earlier. November 17, 1938 CONDITION OF FEDERAL RESERVE BANES During the week ended November 16 member bank reserve balances increased $181,000,000. Additions to member bank reserves arose from decreases of $32,000,000 in money in circulation, $3^,000,000 in Treasury deposits with Federal Reserve banks, $16,000,000 in Treasury cash, and $6,000,000 in nonmember deposits and other Federal Reserve accounts, and increases of $71,000,000 in gold stock and $21,000*000 in Reserve bank credit. Excess reserves of member banks on November 16 were estimated to be approximately $3,260,000,000, an increase of $130,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended November 16, 1938, were as follows» Increase or decrease since Nov. 16, Nov. 9, Nov, 17, 1938 1938 1937 (in millions of dollars) Bills discounted 7 - 1 - 12 Bills bought 1 — - 2 U. S. Government securities 2,564 + 9 Industrial advances (not including 1-4 million commitments - November 16) 15 - M* 4 Other Reserve bank credit 3 + 21 + 8 Total Reserve bank credit 2,590 + 21 Gold stock 14,162 + 71 + 1,373 Treasury currency 2,756 + 1 + 145 Member bank reserve balances 8,727 +181 + 1,805 Money in circulation 6,732 - 32 + 198 Treasury cash 2,721 - 16 - 912 Treasury deposits with F. R. banks 544 - 3^ + 409 Honmember deposits and other F. R. accounts 784 - 6 + 19 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—28>-a Released for publication Friday morning, November 18, 1938; not earlier# AS3ET3 AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since Nov. 16, Nov. 9, Nov# 17, 1938 1938 1937. A S S E T S Gold certificates on hand and due from U.S. Treasury 11,403,701 +86,003 +2,279,803 Redemption fund - F.R. notes 9,677 + 606 + 390 Other cash 369*332 +44,111 ,.+17j£2£ Total reserves 11,782,710 +104,143 +2,324,304 Bills discountedI Secured by U.S. GovTt obligations, direct or fully guaranteed 3,643 -1,037 - 10,771. Other bills discounted 2.904 . -.216 - 1.378 Total bills discounted 6,547 - 1,253 - 12,149 Bills bought in open market 545 - 2,286 Industrial advances 15,417 + 254 - 3,839 U. S. Government securities: Bonds 787,327 + 49,254 Treasury notes 1,164,565 - 3,898 Treasury bills 612,123 - 36,056 Total U.S. Government securities 2,564,015 ~ + 9,300 Total bills and securities 2,586,524 —999 - 8,974 Due from foreign banks 176 + 1 F. R. notes of other banks 28,212 +5,765 + 4,427 Uncollected items 803,547 +247,176 +66,590 Bank premises 44,203 - 1,162 All other assets 50.011 + 467 TOTAL ASSETS 15,295,383 +356,552 +2,392,727 L I A B I L I T I E S F. R, notes in actual circulation 4,345,816 -9,938 +96,198 Deposits: Member bank - reserve account 8,726,623 +180,457 +1,804,223 U, S. Treasurer - General account 543,576 -34,190 +408,411 Foreign bank 202,848 -15,185 - 63,379 Other deposits 322.597 +10 + 85.419 Total denor.its 9,795,644 +141,197 +2,234,674 Deferred availability items 800,702 +225,677 + 58,468 Capital paid in 3,34,003 + 1,498 Surplus (Section 7) 147,739 + 1,885 Surplus (Section 13 b) 27,683 + 68 Reserve for contingencies 32,672 ~ 35. -3,037 All other liabilities 11.124 ... -jM ...„.+£•223. TOTAL LIABILITIES 15,295,383 +356,552 +2,392,727 Ratio of total reserves to deposit and F. R. note liabilities combined 83.3$ -.1* +3.2$ Contingent liability on bills purchased for foreign correspondents 324 -2,162 Commitments to make industrial advances 14,345 +1,027 + 914 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—28>-b ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS OH NOVEMBER 16, 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 11,403,701 612,7274,871,505 522,91-4 715,004 359,718 271,793 2,185,166 330,090 243,120 309,782 199,944 781,938 Redemption fund 9,677 46l 1,710 502 1,011 1,292 188 359 900 630 556 228 l,84o Other cash 369,332 39,210 108,790 30,964 22,782 19,571 13,115 50,484 18,023 9,527 14,508 13,144 29,214 Total reserves 11,782,710 652,398 4,982,005 554,380 738,797 380,581 285,096 2,236,009 349,013 253,277 324,846 213,316 812,992 Bills discounted» Secured by U,S,GovIt obligations, direct or fully guaranteed 3,643 62 1,282 726 176 302 138 130 213 158 84 94 278 Other bills discounted 2,904 243 577 252 34s 109 85 1S7 967 83 53 Total bills discounted 6,547 62 1,525 1,303 428 302 486 239 298 345 1,051 177 331 Bills bought in open market 545 4l 216 55 50 23 19 67 2 2 16 16 38 Industrial advances 15,417 2,238 3,631 3,358 621 1,421 181 415 45 996 393 793 1,325 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 1?J#1 IiAGqyft 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 20(2,697 Total bills and securities 2,586,524 195,312 820,794 227,477 258,919 122,067 105,208 277,110 107,136 58,158 114,708 95,244 204,391 Due from foreign banks 176 13 64 18 17 8 6 22 3 2 5 5 13 F,R,notes of other banks 28,212 517 8,623 1,093 1,045 2,444 2,496 3,090 2,304 829 1,932 551 3,288 Uncollected items 803,547 79,574 207,263 59,946 90,747 64,923 30,079 106,701 34,863 20,242 39,297 31,022 38,890 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 All other assets 50,011 3,240 15,533 4,683 5,536 2,888 2,281 4,786 1,866 1,302 2,044 1,768 4,084 TOTAL ASSETS 15,295,383 934,008 6,044,090 852,317 1,101,102 575,545 427,249 2,632,217 497,486 335,349 485,929 343,173 1,066,918 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 NOVEMBER 16, 1938 (in thousands of dollars) L I A B I L I T I E S Total Boston New York Phila. Cleve. Ricb. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R,notes in actual circulation 4,345,816 378,922 987,086 311,137 415,124 211,641 148,489 977,499 182,103 135,112 168,768 80*733 349,202 Depositsi Member bank - reserve account 8,726,623 399,898 4,418,208 384,521 484,612 230,099 173,115 1,303,503 222,410 115,908 230,072 177,508 586,769 U.S.Treasurer - General account 543,576 33,714 72,429 33,457 47,364 38,602 50,804 87,234 33,180 47,997 30,391 32,930 35,474 Foreign bank 202,848 14,599 72,875 19,871 18,655 8,719 7,097 24,129 6,083 4,664 5,880 5,880 14,396 Other deposits 322,597 3,869 171,738 9,779 11,313 8,104 4,673 85,485 5,839 2,335 879 2,050 16,533 Total deposits 9,795,644 452,080 4,735,250 447,628 561,944 285,524 235,689 1,500,351 267,512 170,904 267,222 218,368 653,172 Deferred availability items 800,702 78,559 199,495 60,517 91,167 63,231 29,909 108,821 37,179 19,870 39,633 32,900 39,421 Capital paid in 134,003 9,4l2 50,904 12,213 13,390 4,983 4,4?l 13,311 3,924 2,904 4,196 3,948 10,347 Surplus (Section 7) 147,739 9,900 51,943 13,466 14,323 4,964 5,6 26 22,387 4,667 3,153 3,613 3,892 9,805 Surplus (Section 13 b) 27,683 2,874 7,744 4,4il 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Reserve for contingencies 32,672 1,448 8,210 2,000 3,176 1,401 1,603 7,035 1,215 1,873 935 1,776 2,000 All other liabilities 11,124 813 3,458 945 971 392 732 1,384 341 532 420 286 850 TOTAL LIABILITIES 15,295,383 934,008 6,044,090 852,317 1,101,102 575,545 427,249 2,632,217 497,486 335,349 485,929 343,173 1,066,918 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 14,345 1,327 3,496 1,385 1,473 1,582 172 13 584 218 576 50 3,469 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 6,547 4,755 23I 682 229 6l4 36 Bills bought 545 153 264 128 Industrial advances 15,417 1,523 330 790 660 1,584 3,602 4,812 2,116 U. S. dfovernment securities 2,564,015 98,243 95,330 184,098 183,592 134,426 155,663 398,744 607,337 706,582 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-d FEDERAL RESERVE NOTE STATEMENT ON NOVEMBER 16, 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 4,631,714 395,053 1,085,494 328,802. 437,370 222,411 160,701 998,844 200,037 139,93-4 177,624 88,779 396,665 Held by Federal Reserve bank 285,898 16,131 98,408 17,665 22,246 10,770 12,212 21,345 17,9>4 4,822 8,856 8,046 47,463 In actual circulation 4,345,816 378,922 987,086 311,137 415,124 211,641 148,489 977,499.182,103 135,112 168,768 80,733 349,202 Collateral held by agent as securrity for notes issued to bank* Gold certificates on hand and due from U. S. Treasury 4,686,000 400,000 1,092,000 330,000 442,000 225,000 164,000 1,010,000 207,000 l4l,500 180,000 90,500 404,000 Eligible paper 5,669 62 1,464 868 228 302 459 239 297 218 1,026 175 331 Total collateral 4,691,669 400,062 1,093,464 330,868 442,228 225,302 164,459 1,010,239 207,297 141,718 181,026 90,675 4o4,331 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis