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. 16; of the Federal Reserve System not earlier. December 15, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended December l4 member bank reserve balances increased $68,000,000* Additions to member bank reserves arose from decreases of 030,000,000 in Treasury cash and $25,000,000 in nonmember deposits and other ¿■federal Reserve accounts, and increases of $9,000,000 in Reserve bank credit, $13>000,000 in gold stock, and 09,000,000 in Treasury currency, offset in part by increases of $l4,000,000 in money in. circulation and $6,000,000 in Treasury deposits with Federal Reserve banks* Excess reserves of member banks on December 1*4 were estimated to be approximately $3»480,000,000, an increase of $40,000,000 for the week* The principal changes in holdings of bills and securities were an increase of i|3,000,000 in United States Treasury notes and a decrease of $3>000,000 in United States Treasury bills. Changes in member bank reserve balances and related items during the week and the year ended December l4, 1938, were as follows: Increase or decrease since Dec, l4, Dec 7, Dec. 15. . JL22& 1938 1937 ______ (In millions of dollars) Bills discounted 7 9 Bills bought 1 -------- 2 U, S, Government securities 2,564 -------- Industrial advances (not including 15 million commitments - December l4) 16 + 1 «M* 2 Other Reserve bank credit 13 + 8 17 Total Reserve bank credit 2,600 + 9 31 Gold stock 14,380 + 13 +1*,615 Treasury currency 2,784 + 9 + 159 Member bank reserve balances 9,034 + 68 +2 j,150 Money in circulation 6,858 + l4 + . 262 Treasury cash 2,651 - 30 969 - Treasury deposits with F, R, banks 413 + 6 + 181 Nonmember deposits and other F. R. accounts 809 - 25 + 120 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Fora FR-283-a Released for publication Friday morning, December 16, 1938; not earlier» ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Increase or decrease since Dec, 14, Dec. 7, Dec. 15, 1938 1938 1937 A S S E T S Gold certificates on hand and due from U, S, Treasury 11,713,718 +51,997 +2,591,811 Redemption fund - F. R. notes 9,592 - 415 + 672 Other cash ___22.9*729 ~6,0l4 +26,549 Total reserves 12,063,039 +45,568 +2,619,032 Bills discountedt Secured by U, S, Gov’t obligations, direct or fully guaranteed 4,462 + 807 - 7,542 Other bills discounted ... ¿¿22 + 147 .. -.1*222 Total bills discounted 6,997 + 954 - 8,775 Bills bought in open market 549 + 2 - 2,276 Industrial advances 15,573 + 88 ~ 2,859 U. S. Government securitiest Bonds 787,327 +15,788 Treasury notes 1,167,565 +3,000 +32,568 Treasury bills .609 »122, -3,000 -48.356 Total U,S, Government securities 2,564,015 — Total bills and securities 2,587,13? +l,o44 -13,910 Due from foreign banks 172 - 2 9 F. R. notes of other banks 25,038 +3,465 + 1,680 Uncollected items 790,067 +169,288 +16,033 Bank premises 44,106 - 11 - 1,178 All other assets 56,183 +4,447 +20.117 TOTAL ASSETS 15,565,739 +223,799 +2,641,765 L I A B I L I T I E S F. R. notes in actual circulation 4,432,967 + 10,518 + 139,660 Deposits» Member bank — reserve account 9,033,512 + 67,244 +2,149,105 U. S. Treasurer — General account 412,790 + 5,413 + 181,250 Foreign bank 185,705 - 25,013 - 30,733 Other deposits 365,162 . - ..„.221 + 162,579 Total deposits 9,997,169 + 47,289 +2,462,201 Deferred availability items 777,496 +161,777 + 32,814 Capital paid in 134,157 + 108 + 1,607 Surplus (Section 7) 147,739 + 1,885 Surplus (Section 13 b) 27,683 + 68 Reserve for contingencies 32,672 + 1 - 3,025 All other liabilities 15.856 +4,106 + 6.555 TOTAL LIABILITIES 15,565,739 +223,799 +2,641,765 Ratio of total reserves to deposit and F, R. note liabilities combined 83.6$ -- +3.3$ Contingent liability on bills purchased for foreign correspondents 76 - 1,709 Commitments to make industrial advances 14,949 - 198 + 1.994 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Fora FR—283-b ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS Oil DECEMBER 14-, 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 11,713,718 665,533 5,123,695 529,903 738,368 356,588 261,961 2,182,639 3l4,4ll 253,895 302,357 198,207 786,161 Redemption fund - F.R. notes 9,592 346 1,300 1,319 844 575 603 682 861 612 520 202 1,728 Other cash 339,729 35,337 98,485 24,863 19,145 17,644 12,119 49,855 18,681 6,733 13,535 13,651 29,681 Total reserves 12,063,039 701,216 5,223,480 556,085 758,357 374,807 274,683 2,233,176 333,953 261,24o 316,412 212,060 817,570 Bills discounted! Secured by U.S.Gov’t obligations, direct or fully guaranteed 4,462 277 2,393 707 l4l 77 98 15 348 108 94 14 190 Other bills discounted 2,535 — 384 618 269 90 185 100 109 l4l 538 48 3 Total bills discounted 6,997 277 2,777 1,325 4io 167 283 115 457 249 682 62 193 Bills bought in open market 549 4l 216 56 50 24 19 68 2 2 16 16 39 Industrial advances 15,573 2,117 3,583 3,132 619 1,490 823 415 44 985 269 744 1,352 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 1,167,565 87,873 371,314 101,437 117,403 54,790 47,595 125,859 48,62.9 25,872 51,570 42,922 92,301 Treasury bills 609,123 45,843 193,717 52,921 61,249 28,584 24,831 65,660 25,370 13,497 26,904 22,393 48,154 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 2,587,134 195,406 821,998 227,274 258,899 122,002 105,647 276,987 107,294 58,051 114,215 95,080 204,281 Due from foreign banks 172 13 64 17 16 8 6 21 3 2 5 5 12 F,R.notes of other banks 25,038 803 5,417 1,006 1,419 1,210 2,033 2,923 2,791 1,779 1,020 724 3,913 Uncollected items 790,067 73,300 205,809 63,119 95,481 61,725 28,453 104,858 34,272 18,191 38,956 27,293 38,610 Bank premises 44,106 2,950 9,791 4,699 6,029 2,627 2,080 4,490 2,297 1,536 3,091 1,264 3,252 All other assets 56,183 3,4l4 16,336 8,679 5,778 2,971 2,398 5,068 1,992 1,282 2,123 1,862 4,280 TOTAL ASSETS 15,565,739 977,102 6,282,895 860,879 1,12.5,979 565,350 415,300 2,627,523 482,602 342,081 475,822 338,288 1,071,918 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-C ASSETS AMD LIABILITIES OF THE FEDERAL RESERVE BAMS ON DECKER l4, 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.Gy. Dallas San Fran. F.R.notes in actual circulation 4,432,967 387,110 l*j020,878 321,767 427,153 209,260 150,410 989,873 182,585 137,120 170,264 81,058 355,489 Deposits* Member bank — reserve account 9,033,512 434,711 4,616,129 383,107 501,502 235,791 173,735 1,351,629 212,465 124,224 228,738 178,291 593,190 U.S.Treasurer — General account 412,790 18,487 55,465 28,805 38,866 31,348 38,518 53,361 28,742 42,934 18,604 30,218 27,442 Foreign bank 185,705 13,374 66,638 18,204 17,089 7,987 6,501 22,105 5,573 4,272 5,387 5,387 13,188 0th£r deposits 365,162 26,077 211,578 9,433 14,678 3,430 4,895 61,812 6,598 5,075 1*847 2,244 17,495 Total deposits 9,997,169 492,649 4,949,810 439,549 572,135 278,556 223,649 1,488,907 253,378 176,505 254,576 216,l4o 651,315 Deferred availability items 777,496 72,890 189,168 62,701 93,711 62,344 28,124 102,967 35,897 19,074 40,699 29,904 40,017 Capital paid in 134,157 9,412 50,905 12,213 13,401 4,997 4,481 13,4o4 3,934 2,903 4,203 3,953 10,351 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 4,4ll 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 1,873 935 1,776 2,000 All other liabilities 15,856 819 4,237 4,772 1,073 419 677 1,521 381 452 390 295 820 TOTAL LIABILITIES 15,565,739 977,102 6,282,895 860,879 1,125,979 565,350 415,300 2,627,523 482,602 342,081 475,822 338,2881,071,918 Contingent liability on bills purchased for foreign correspondents 76 6 27 7 7 3 3 9 2 2 2 2 Commitments to ’make industrial advances 14,949 1,320 3,410 1,517 2,251 1,301 159 58 525 214 552 50 3., 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 . 6,997 5,553 564 246 155 461 18 Bills bought i 549 264 — 285 — - — — — — Industrial advances y15,573 1,432 555 805 429 1,209 3,715 4,800 2,628 U. S. Government securities 2,564,015 90,458 105,340 190,057 194,268 112,566 155,663 398,744 610,337 706,582 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283—d FEDERAL RESERVE NOTE STATEMENT ON DECEMBER l4, 1938 (in thousands of dollars) Total Boston New York Phila. Cleve. Rich, Atlanta Chicago St.Louis Minn* Kans.Cy. Dallas San Fran. Federal Reserve notesi Issued to F.R. bank by F.R.agent 4,759,331 4)6,371 1,130,634 340,529 448,025 222,129 163,702 1,015,797 200,306 14-1,197 180,356 89,088 421,197 Held by Federal Reserve bank 326,364 19,261 109,756 18,762 20,872 12,869 13,292 25,924 17,721 4,077 10,092 8,030 65,70£ In actual circ^^ion 4,432,967 387,110 1,020,878 321,767 427,153 209,260 150,410 989,873 182,585 137,120 170,264 81,058 355,489 Collateral held by agent as se­ curity for notes issued to bank» Gold certificates on hand and due from U. S. Treasury 4,835,000 410,000 1,145,000 345,000 451,000 2.25,000 169,000 1,030,000 207,000 143,500 185,000 90,500 434,000 Eligible paper 6,057 277 2,724 850 191 167 263 115 398 158 661 60 193 Total collateral, 4,841,057 410,277 1,147,724 345,850 451,191 225,167 169,263 1,030,115 207,398 143,658 185,661 90,560 434,193 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis