H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FR—283 STATEMENT FOR THE PRESS Released for publication Board of Governors Saturday morning, Nov, 265 of the Federal Reserve System not earlier, November 25, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended November 23 member bank reserve' balances increased #91,000,000. Additions to member bank reserves arose from decreases of #70,000,000 in Treasury deposits with Federal Reserve banks, #-4,000,000 in Treasury cash, and increases of #78,000,000 in gold stock and #11,000,000 in Treasury currency, offset in part by increases of #31>000,000 in money in circu­ lation and #37,000,000 in nonmember deposits and other Federal Reserve accounts and a decrease of #3,000,000 in Reserve bank credit. Excess reserves of member banks on November 23 were estimated to be approximately #3,350,000,000, an in­ crease of #90,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended November 23, 1938, were as follows1 Increase or decrease since Nov. 23, Nov,, 16, Nov,1 24-, 1938 1938 1937 (in millions of dollars) . . Bills discounted 7 - 9 Bills bought 1 — « 2 U. S, Government securities 2,56-4 — Industrial advances (not including l4 million commitments - November 23) 15 — 4 Other Reserve bank credit 1 ***• 2 + 7 t a Total Reserve bank credit 2,587 3 9 Gold stock l4,24o 4*78 +1,466 Treasury currency 2,767 4-11 + 148 Member bank reserve balances 8,818 •f91 +1,869 Money in circulation 6,76$ 209 31 Treasury cash 2,717 - 4 909 Treasury deposits with F, R, banks 47-4 - 70 + 361 Nonmember deposits and other F.R. accounts 821 + 37 + 75 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FRr-283-a Released for publication Saturday morning, November 26,1938; not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Increase or decrease since Nov. 23, Nov. 16, Nov. 24, 1938 1938 1937 A S S E T S Gold certificates on hand and due from U. S. Treasury 11,4-92,201 + 88,500 +2,369,799 Redemption fund - F. R. notes 10,338 + 66l + 398 Other cash 362,857 - 6,475 . .....+41*674 Total reserves 11,865,396 + 82,686 +2,413,871 Bills discounted 1 Secured by U.S.Gov't obligations, direct or fully guaranteed 3,757 + ll4 - 7,84) Other bills disco Tinted 2,8-46 - 58 - 1,420 Total bills discounted 6,603 + 56 - 9,260 Bills bought in open market 545 - 2,283 Industrial advances 15,199 - 218 - 3,390 U. S. Government securities: Bonds 787,327 + 49,254 Treasury notes 1,16-4,565 - 3,898 Treasury bills 612,123 ~ 45,356 Total U.S. Government securities 2,564,015 — --------- Total bills and securities 2,586,362 - 162 - 14,933 Due from foreign banks 176 - 2 F. R, notes of other banks 23,737 -4,475 - 2,155 Uncollected items 644,074 -159,473 + 54,356 Bank premises 44,193 - 10 - 1,151 All other assets 50,682 + 671 + 6,832 TOTAL ASSETS 15,214,620 - 80,763 +2,456,818 L I A B I L I T I E S F. R, notes in actual circulation 4,362,465 + 16,649 + 97,636 Deposits( Member bank - reserve account 8,818,335 + 91,712 +1,869,408 U. S. Treasurer - General account 474,316 - 69,260 +361,014 Foreign bank 212,081 + 9,233 - 57,987 Other deposits 350.438 + 27,841 +135,696 Total deposits 9,855,170 + 59,526 +2,308,131 Deferred availability items 643,275 -157,427 + 47,847 Capital paid in + 10 + 1,508 134,013 Surplus (Section 7) + 1,885 147,739 Surplus (Section 13 b) + 68 27,683 Reserve for contingencies 32,672 - 3,037 All other liabilities 1 1 ^ + 479 + 2,780 TOTAL LIABILITIES 15,214,620 - 80,763 +2,456,818 Ratio of total reserves to deposit and F. R. note liabilities combined 83.5# + +3.5% , 2% Contingent liability on bills purchased for foreign correspondents 32.4 ~ 1,845 Comirdtments to make industrial advances 14,335 ~ 10 + 1,019 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 ON NOVEMBER 23, 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 11,492,201 613,516 5,02-4,526 511,373 708,882 356,498 261,486 2,184,317 323,430 239,749 305,510 192,438 7^0,4-76 Redemption fund — F.R* notes 10,338 430 1,653 1,385 965 909 651 318 887 624 545 210 1,761 Other cash 362,857 38,798 103,380 28,832 23,204 21,178 12,102 51,106 20,856 8,334 14,521 12,548 27,998 Total reserves 11,865,396 652,744 5,129,559 541,590 733,051 378,585 274,239 2,235,741 345,173 248,707 320,576 205,196 800,235 Bills discounted* Secured by U.S.Govlt obligations. direct or fully guaranteed 3,757 132 1,692 705 200 117 168 105 160 129 105 84 160 Other bills discounted 2,846 100 357 550 257 66 297 119 50 202 753 69 26 Total bills discounted 6,603 232 2,049 1,255 457 183 465 224 210 331 858 153 186 Bills bought in open market 545 4l 216 55 50 23 19 67 2 2 16 16 38 Industrial advances 15,199 2,171 3,602 3,255 620 1,421 172 4l5 4 5 991 392 791 1,324 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 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 2,586,362 195,415 821,289 227,326 258,947 121,948 105,178 277,095 107,048 58,139 Il4,5l4 95,218 204,245 Due from foreign banks 176 13 64 18 17 8 6 22 3 2 5 5 13 F.R. notes of other banks 23,737 729 5,625 841 1,512 1,861 1,981 2,873 1,555 1,195 2,053 521 2,991 Uncollected items 644,074 62,263 169,920 47,782 75,512 50,598 23,395 80,138 28,862 17,095 31,718 25,575 31,216 Bank premises 44,193 2,954 9,808 4,720 6,04l 2,634 2,081 4,499 2,301 1,539 3,097 1,267 3,252 All other assets 50,682 3,290 15,758 4,745 5,604 2,898 2,299 4,889 1,892 1,315 2,066 1,788 4,138 TOTAL ASSETS 15,214,620 917,408 6,152,023 827,022 1,080,684 558,532 409,179 2,605,257 486,834 327,992 474,029 329,570 1,046,090 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form Fft-28>-c ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON NOVEMBER 23, 1938 (In thousands of dollars) L I A B I L I T IBS Total Boston New York Phila, Cleve« Rich, Atlanta Chicago St,Louis Minn* Kans.Cy, Dallas San Fran, F.R.notes in actual circulation 4,362,465 380,735 993,616 315,665 419,505 209,953 147,544 980,723 180,584 136,176 167,428 80,287 350,249 Deposits* Member bank - reserve account 8,818,335 401,612 4,534,073 369,957 478,107 232,068 172,894 1,308,124 220,632 115,280 235,521 177,600 572,467 U.S.Treasurer - General account -474,316 29,306 58,702 30,610 48,197 35,731 41*679 77,843 32,992 42,263 21,243 24,157 31,593 Foreign bank 212,081 15,220 76,584 20,715 19,447 9,090 7,398 25,155 6,342 4,862 6,130 6,130 15,008 Other deposits 350,438 3,04-3 202,069 8,610 31,438 7,809 4,24q 85,525 5,4l4 2,514- 851 2,393 16,532 Total deposits 9,855,170 449,181 4,871,-428 429,892 557,189 284,698 226,211 1,496,647 265,380 164,919 263,745 210,280 635,600 Deferred availability items 643,275 63,065 164,482 48,362 71,069 48,715 22,314 82,238 30,155 17,427 32,5>4 27,816 35,098 Capital paid in 134,013 9,412 50,901 12*213 13,391 4,982 4,471 13,319 3,924 2,904 4,200 3,948 10,348 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 4,4li 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 l,4oi 1,603 7,035 1,215 1,073 935 1,776 2,000 All other liabilities 11,603 . 793 3,699 1,013 1,024 4l0 680 1,479 364 539 432 301 869 TOTAL LIABILITIES 15,214,620 917,408 6,152,023 827,022 1,0.80,684 558,532 409,179 2,605,257 486,834 327,992 474,029 329,570 1,046,090 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 14,335 1,326 3,490 1,472 1,472 1,565 172 10 530 217 562 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 6,603 4,994 240 562 211 558 38 Bills bought 545 23 94 170 258 — — —— Industrial advances 15,199 1,434 316 1,118 327 1,405 3,651 4,753 2,115 U, S. Government securities 2,564,015 110,523 75,890 200,487 180,923 127,866 155,663 398,744 607,337 706,582 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-d FEDERAL RESERVE NOTE STATEMENT ON NOVEMBER 23, 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 4,650,264 397,912 1,092,080 329,210 442,335 221,126 161,038 1,002,026 199,575 l4o,637 177,929 88,933 397,463 Held by Federal Reserve bank 287,799 17,177 98,464 13,$45 22,830 11,173 13,494 21,303 18,991 4,461 10,501 8,646 47,214 if ... -,__r ______ . . . . _ ............ IS circulation 4,362,465 380,735 993,616 315,665 419,505 209,953 147,544 980,723 180,584 136,176 167,428 80,287 350,249 Cojfclateral held by agent as secvtrtty for notes issued to bank* Gold certificates on hand and due from U. S. Treasury 4,712,000 410,000 1,100,000 335,000 445*000 225,000 164,000 1,010,000 207,000 l4l,500 180,000 90,500 404,000 Eligible paper 5,700 232 1,979 820 257 183 444 224 210 189 825 151 186 Total coj-lateyal 4,717,700 410,232 1,101,979 335,820 445,257 225,183 164,444 1,010,224 207,210 l4l,689 180,825 90,651 4o4,l86 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis