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, Dec, 9j of the Federal Reserve System not earlier, December 8, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended December 7 member bank reserve balances increased #90,000,000. Additions to member bank reserves arose from decreases of 077,000,000 in Treasury deposits -with Federal Reserve banks and $8,000,000 in Treasury cash and increases of §55,000,000 in gold stock and $7,000,000 in Reserve bank credit, offset in part by qxi increase of $56,000,000 in money in circulation. Excess reserves of member banks on December 7 ’"ere estimated to be approximately $3,440,000,000, an increase of $60,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended December 7, 1938, were as follows* Increase or decrease since Dec. 7, Nov, 301, Dec 1938 1938 1937 (In millions of dollars) Bills discounted 6 - 1 11 Bills bought 1 — - 2 U. S. Government securities 2,564 — Industrial advances (not including 15 million commitments - December 7) 15 - 1 - 3 Other Reserve bank credit 5 + 8 4 Total Reserve bank oredit 2,591 + 7 21 Gold stock 1-4,367 + 55 + 1,603 Treasury currency 2,775 + 1 + 152 Member bank reserve balances 8,966 + 90 + 2,130 Money in circulation 6,844 + 56 253 Treasury cash 2,681 - 8 - 941 Treasury deposits with F.R, banks 407 - 77 + 165 Nonmember deposits and other F.R. accounts 834 + 1 + 126 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form Ffr-233—a Released for publication Friday morning, December 9,1938; not earlier* ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED Increase or decrease since Dec. 7, Nov. 30, Dec, 8, 1938 1938 1937 A S S E T S Gold certificates on hand and due from U. S. Treasury 11,661,721 +60,004 +2,539,814 Redemption fund - F. R. notes 10,007 - 808 + 319 Other cash 345*743 -12,197 +34,461 Total resei'ves 12,017,471 +46,999 +2,574,594 Bills discounted* Secured by U.S.Gov’t obligations, direct or fully guaranteed 3,655 - 946 - 8,555 Other bills discounted 2,388 - 92 - 2.792 Total bills discounted 6,043 — 1,038 - 11,347 Bills bought in open market 547 - 2,278 Industrial advances 15,485 - 336 - 2,965 U. S. Government securities* Bonds 787,327 + 49,254 Treasury notes 1,164,565 - 3,898 Treasury bills 612,123 - 45.356 Total U.S, Government securities 2,564,015 — — Total bills and securities 2,586,090 - 1,374 - 16,590 Due from foreign banks 174 - 7 F. R. notes of other banks a,573 - 2,069 - 4,741 Uncollected items 620,779 + 4,762 + 51,739 Bank premises 44,117 - 2 - 1,152 All other assets 51.736 + 660 5i5.ll TOTAL ASSETS 15,34-1,940 +48,976 +2,609,356 L I A B I L I T I E S F. R* notes in actual circulation 4,422,449 +37,567 + 127,564 Deposits * Member bank — reserve account 8,966,268 +89,787 +2,129,986 U. S. Treasurer - General account 407,377 -76,605 + 165,534 Fbreign bank 210,718 + 2,621 - 15,220 Other deposits 517 - 651 +145.817 Total deposits 9,949,880 +15,152 +2,426,117 Deferred availability items 615,719 — 3,106 + 55,506 Capital paid in 134,049 + 17 + 1,515 Surplus (Section 7) 147,739 + 1,885 Surplus (Section 13 b) 27,683 + 68 Reserve for contingencies 32,671 - 1 - 3,062 . .222 All other liabilities 11,750 51 r TOTAL LIABILITIES 15,34-1,940 +48,976 +2,609,356 Ratio of total reserves to deposit and F. R. note liabilities combined 83.6# + 3.7$ Contingent liability on bills purchased for foreign correspondent s 76 -164 - 1,607 Commitments to make industrial advances 15,147 +819 + 2,010 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-b ASSETS AMD LIABILITIES OF THE FEDERAL RESERVE BA1IKS ON DECEMBER 7, 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 11,661,721 661,673 5,109,042 514,203 732,811 350,364 265,275 2,171,231 325,394 253,698 313,667 199,644 764,719 Redemption fund - F.R.notes 10,007 389 1,484 1,319 9C4 575 629 736 875 618 533 202 1,743 Other cash 3-45,743 36,708 99,100 24,847 20,588 19,963 13,118 43,027 19,274 7,135 15,046 13,055 28,882. Total reserves 12,017,471 698,770 5,209,626 540,369 754,303 370,902 279,02.2 2,219,994 345,543 261,451 329,246 212,901 795,344 Bills discounted» Secured by U.S.Gov't obligations, direct or fully guaranteed 3,655 177 1,368 767 206 158 203 48 2.86 108 110 l4 210 Other bills discounted 2,388 — 300 601 273 65 227 119 64 147 533 55 4 Total bills discounted 6,043 177 1,668 1,368 479 223 430 167 350 255 643 69 214 Bills bought in open market 547 41 214 56 50 24 19 68 2 2 16 16 39 Industrial advances 15,485 2,167 3,587 3,171 616 1,344 797 415 44 987 270 763 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 I113,248 94,258 202,697 Total bills and securities 2,586,090 195,356 820,891 227,356 258,965 121,912 }05,768 277,039 107,187 58,059 *14,177 95,106 204,274 Due from foreign banks 174 13 66 17 16 8 6 21 3 2 5 5 12 F.R.notes of other banks 21,573 650 4,950 886 1,181 1,556 1,711 2,538 1,890 1,353 1,006 44l 3,411 Uncollected items 620,779 60,64s 174,192 45,864 64,147 50,484 21,645 75,734 27,155 15,865 28,803 23,187 33,055 Bank’ premises 44,117 2,950 9,791 4,710 6,029 2,627 2,080 4,490 2,297 1,536 3,091 1,264 3,252 All other assets 51,736 3,359 15,988 5,021 5,696 2,901 2,388 4,997 1,966 1,2.62 2,072 1,862 4,224 TOTAL ASSETS 15,341,940 961,746 6,235,504 824,223 1,090,337 550,390 412,620 2,584,813 486,04l 339,528 478,400 334,766 1,043,572 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 DECEMBER 7, 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.Oy. Dallas San Fran. F.R.notes in actual circulation 4-,4-22,449 387,298 1,014,943 319,173 424,425 210,298 149,856 988,013 182,191 137,415 170,547 81,328 356,962 Deposits t Member bank — reserve account 8,966,268 425,403 4,580,040 367,926 503,305 236,219 176,920 1,341,830 223,262 122,802 235,214 176,458 576,889 U.S.Treasurer - General account 407,377 23,738 55,467 2.8,394 33,639 25,961 39,379 48,866 29,559 44,175 24,i4l 32,121 21,937 Foreign bank ,210,718 14,827 78,715 20,181 18,946 8,855 7,208 24,506 6,178 4,737 5,972 5,972 14,621 Other deposits 365,517 27,484 217,281 7,970 13,444 4,284 4,645 59,015 5,618 5,062 1,138 2,342 17,234 Total deposits 9,949,880 491,452 4,931 503 424,471 569,334 275,319 228,152 1,474,217 264,617 176,776 266,465 216,893 630,681 Deferred availability items 615,719 58,562 166,444 47,277 63,655 49,590 21,500 76,966 28,517 15,960 31,120 25,356 30,772 Capital paid in 134,049 9,412 50,906 12,213 13,395 4,997 4,474 13,320 3,926 2,904 4,201 3,953 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 3,392 9,805 Surplus (Section 13 b) 27,683 2,874 7,744 4,411 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Reserve for contingencies 32,671 1,448 8,210 2,000 3,176 l,4oi 1,602 7,035 1,215 1,873 935 1,776 2,000 All other liabilities 11,750 800 3,811 1,212 1,022 412 680 1,446 363 446 377 298 883 TOTAL LIABILITIES 15',34l,94o 961,746 6,235,504 S¡24,223 1,090,337 550,390 412,620 2,584,813 486,04l 339,528 478,400 334,766 1,043,572 Contingent liability on bills purchased for foreign correspondents 76 6 27 7 7 3 3 9 2 2. 2 2 6 Commitments to make industrial advances 15,147 1,320 3,411 1,479 2,218 1,482 159 58 525 216 562 50 3,667 MATURITY DISTRIBUTION OF BILIA 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 6,043 4,687 352 415 l66 4o4 19 Bills bought 547 — 2.64 129 154 — — — --------- Industrial advances 15,485 1,626 582 753 321 1,277 3,707 4,796 2,423 -------- U.S. Government securities 2,564,015 77,890 99,078 181,032 209,378 128,311 155,663 398,744 607,337 706,582 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form iTt—283—d FEDERAL RESERVE NOTE STATEMENT ON DECEMBER 7, 1933 (In thousands of dollars) Total Boston Hew York Phila, Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Gy. Dallas San Fran. Federal Reserve notes: Issued to F.R. bank by F.R.agent 4,730,059 403,306 1,123,063 337,183 446,978 221,582 162,152 1,009,590 200,523 142,164 180,160 88,677 4l4,6Sl Held by Federal Reserve bank 307,610 16,008 108,120 18,010 22,553 11,284 12,296 21,577 18,332 4,749 9,613 7,349 57,719 In actual, circulation A,422,449 387,298 1,014,943 319,173 424,425 210,298 149,856 988,013 182,191 137,415 170,547 81,328 356,962 Collateral held by agent as se­ curity for notes issued to bank* Gold certificates on hand and due from U. S. Treasury 4,792,000 ¿10,000 1,135,000 340,000 448,000 225,000 164,000 1,020,000 207,000 143,500 185,000 90,500 424,000 Eligible paper 5,156 177 l,6l4 908 260 223 4l0 167 336 157 623 67 214 Total collateral 4,797,156 410,177 1,136,614 340,908 448,260 2.25,223 164,4l0 1,020,167 2.07,336 143,657 185,623 90,567 424,214 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis