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, 23; of the Federal Reserve System not earlier, December 22, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended December 21_member bank reserve balances decreased $562,000,000. Reductions in member bank reserves arose from increases of $612,000,000 in Treasury deposits with Federal Reserve banks, $85,000,000 in money in circulation and $26,000,000 in Treasury cash, offset in part by in­ creases of $56,000,000 in Reserve bank credit, 174,000,000 in gold stock and $4,000,000 in Treasury currency, and a decrease of $28,000,000 in nonmember deposits and other Federal Reserve accounts. Excess reserves of member banks on December 21 were estimated to be approximately $2,980,000,000, a decrease of $500,000,000 for the week. The principal changes in holdings of bills and securities were an increase of $54,000,000 in United States Treasury bonds and decreases of $41,000,000 in United States Treasury notes and $13,000,000 in United States Treasury bills. Changes in member bank reserve balances and related items during the week and the year ended December 21, 1938, were as follows! Increase or decrease since Dec. 21, Dec, 14, Dec,» 22, 1938 1938 1937 Bills discounted 8 + 1 , _ 8 Bills bought 1 — - 2 U, S. Government securities 2,564 — — Industrial advances (not including 15 million commitments - December 21) 16 - 2 Other Reserve bank credit 68 + 55 + 11 Total Reserve bank credit 2,656 + 56 mm 2 Gold stock 14,454 + 74 +1,689 Treasury currency 2,788 + 4 + 158 Member bank reserve balances 8,472 -562 +1,617 Money in circulation 6,943 + 85 + 262 Treasury cash 2,677 + 26 948 Treasury deposits with F. R, banks 1,025 +612 + 872 Nonmember deposits and other F.R. accounts 781 - 28 + 42 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283~a Released for publication Friday morning, December 23,1938; not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since Dec. 21, Dec. l4, Dec. 22, 1938 1938 1937 A S S E T S Gold certificates on hand and due from U, S. Treasury 11,762,720 +4-9,002 +2,642,330 Redemption fund - F. R. notes 9,873 + 281 - 39 Other cash 305,963 ~33,766 ., +22,597 Total reserves 12,078,556 +15,517 +2,664,888 Bills discounted: Secured by U, S, Gov’t obligations, direct or fully guaranteed 5,968 + 1,506 - 5,731 Other bills discounted 2,325 - 210 - 2,097 Total bills discounted 8,293 + 1,296 - 7,828 Bi].ls bought in onen market 549 — ~ 2,276 Industri'il advances 15,533 - 40 - 2,847 U, S. Government securities: Bonds 840,893 +53,566 +89,354 Treasury notes 1,126,903 -40,662 —28,094 Treasury bills 596,219 -12.904 *-61.260 Total Ur.S, Government securities 2,564,015 — — Total bills and securities 2,588,390 +1,256 -12,951 Due from foreign banks 172 — - 9 F. R. notes of other banks 26,085 +1,047 + 4,456 Uncollected items 789,042 -1,025 +107,544 Bank premises 44,096 - 10 - 1,155 All other assets 42.956 -13,227 + 6.000 TOTAL ASSETS 15,569,297 + 3,558 +2,768,773 L I A B I L I T I E S F. R. notes in actual circulation 4,483,202 +50,235 +136,819 Deposits: Member bank — reserve account 8,471,979 -561,533 +1,617,075 U. S. Treasurer — General account 1,024,793 +612,003 + 872,200 Foreign bank 195,280 + 9,575 + 6,443 Other deposits 318,617 - 46,545 + 37.74-9 Total de-posits 10,010,669 + 13,500 +2,533,467 Deferred availability items 721,418 - 56,078 + 96,272 Capital paid in 134,440 + 283 + 1,821 Surplus (Section 7) 147,739 — + 1,885 Surplus (Section 1.3 b) 27,683 — + 68 Reserve for contingencies 32,637 - 35 - 3,036 All other liabilities 11,509 -4,347 + 1.477 TOTAL LIABILITIES 15,569,297 +3,558 +2,768,773 Ratio of total reserves to deposit and F.R, note liabilities combined 83.3$ -.3$ +3.7$ Contingent liability on bills purchased for foreign correspondents 76 — - 1,604 Commitments to make industrial advances 14,848 -101 + 2,007 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FRr-283—b ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON DECEMBER 21, 1938 (in thousands of dollars) ASSETS 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 11,762,720 669,443 5,048,107 536,821 765,288 360,715 269,225 2,250,482 322,006 249,780 315,112 203,713 772,028 Redemption fund - F.R. notes 9,873 328 1,226 1,236 810 1,222 583 629 843 606 509 191 1,690 Other cash 305,963 33,024 90,608 22,818 14,846 17,663 11,407 43,263 16,283 6,083 13,349 11,488 25,131 Total reserves 12,078,556 702,795 5,139,941 560,875 780,944 379,600 281,215 2,294,374 339,132 256,469 328,970 215,392 798,849 Bills discounted« Secured by D.S.Gov,t obi ^ itions, direct or fully guaranteed1 5,968 1,517 2,043 821 446 434 75 80 241 128 89 14 80 Other bills discounted 2,325 419 583 101 152 178 90 89 109 558 43. 3 Total bills discounted 8,293 1,517 2,462 l,4o4 547 586 253 170 330 237 647 57 83 Bills bought in open market 549 4l 216 56 50 24 .19 68 2 2 16 16 39 Industrial advances 15,533 2,100 3,591 3,128 619 1,482 825 415 44 976 268 737 1,348 U. S. Government securities* Bonds 840,893 63,287 267,426 73,057 84,554 39,461 34,279 90,644 35,023 18,633 37,140 30,913 66,476 Treasury notes 1,126,903 84,812 358,383 97,905 113,314 52,881 45,938 121,476 46,935 24,970 49,774 41,427 89,088 Treasury bills 596,219 44,872 189,613 51,799 59,952 27,979 24,305 64,269 24,833 13,212. 26,334 21,918 47,133 Total U.S.GovH 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 2,588,390 196,629 821,691 227,349 259,036 122,413 105,619 277,042 107,167 58,030 H •x H £ 95,068 204,167 Due from foreign banks 172 13 64 17 16 8 6 21 3 2 5 5 12 F.R,notes of other banks 26,085 697 4,903 1,094 1,362 1,865 2,448 4,029 2,244 1,552 1,601 666 3,624 Uncollected items 789,042 73,812 216,820 62,707 85,527 59,371 27,883 101,903 34j585 18,358 36,069 26,617 45,390 Bank premises 44,096 2,950 9,791 4,699 6,031 2,627 2,076 4,490 2,297 1,536 3,091 1,265 3,243 All other assets 42,956 2,725 13,221 4,045 4,868 2,503 2,033 4,124 1,605 1,072 1,698 1,535 3,5-27 TOTAL ASSETS 15,569,297 979,621 6,206,431 860,786 1,137,784 568,387 421,280 2,685,983 487,033 337,019 485,613 340,5481,058,812 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-28>-c ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON DECEMBER 21, 1938 (In thousands of dollars) LIABILITIES Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn, Kans.Cy. Dallas San Fran, F.R.notes in actual circulation 4,483,202 389,697 1,031,017 324,606 434,545 210,273 153,958 1,000,115 184,452 138,524 172,294 82,792 360,929 Deposits I Member bank — reserve account 8,471,979 397,752 4,306,773 353,018 467,586 225,371 165,712 1,280,664 207,106 116,503 225,366 170,467 555,661 U.S.Treasurer - General account3,024,793 84,236 267,172 62,724 99,177 56,672 51,761 184,838 39,258 47,779 37,045 37,851 56,280 Foreign bank 195,280 l4,066 70,049 19,146 17,974 8,4oi 6,838 23,249 5,861 4,493 5,666 5,666 13,871 Other deposits 318,617 4,001 206,891 7,053 7,528 1,531 4,773 59,096 5,090 3,679 1,072 4,199 13,704 Total deposits 10,010,669 500,055 4,850,885 44l,94l 592,265 291,975 229,084 1,547,847 257,315 172,454 269,149 ;218,183 639,516 Deferred availability items 721,418 65,412 201,684 61,164 77,946 50,983 25,130 92,263 34,544 16,700 33,902 28,4l4 33,276 Capital paid in 1>4,440 9,411 51,04) 12,213 13,477 5,001 4,484 13,442 3,946 2,903 4,217 3,955 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 54 5 1,001 1,142 1,270 2,121 Reserve for contingencies 32,637 1,448 8,2.10 2,000 3,176 1,401 1,603 7,007 1,215 1,866 935 1,776 2,000 All other liabilities 11,509 824 3,908 985 1,045 381 665 1,493 349 418 36I 266 814 TOTAL LIABILITIES 15,569,297 979,621 6,206,431 860,786 1,137,784 568,387 421,280 2,685,983 487,033 337,019 485,613 ;340,548 1,058,812 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 14,848 1,297 3,365 1,517 2,245 1,297 159 58 524 213 544 50 3,579 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 B ills discounted 8,293 7,128 315 270 134 427 19 B ills bought 549 264 25 260 Industrial advances 15,533 1,923 566 280 436 1,275 3,876 4,567 2,610 U. S. Government securities 2,564,015 103,054 107,684 186,238 171,733 112,707 173,142 390,654 558,655 760,148 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form PH—283-d FEDERAL RESERVE NOTE: STATEMENT ON DECMBER 21, 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 4,798,827 412,224 l,l4o,5l4 338,399 453,777 222,278 165,723 1,02.5,653 201,657 142,850 181,333 89,797 424,616 Held by Federal Reserve bank 315,625 22,527 109,497 13,793 19,232 12,005 11,765 25,538 17,205 4,332 9,039 7,005 63,687 In actual, circulation 4,483,202 389,697 1,031,017 324,606 434,545 210,273 153,953 1,000,115 184,452 138,524 172,294 82,792 360,929 Collateral held by agent as se­ curity for notes issued to banks Gold certificates on hand and due from U. S. Treasury 4,880,000 420,000 1,155,000 345,000 455,000 225,000 169,000 1,050,000 207,000 143,500 185,000 91,500 434,000 Eligible paper 7,554 1,517 2,384 944 515 587 232 170 271 171 625 55 83 Total collateral 4,887,554 421,517 1,157,384 345,944 455,515 225,587 169,232 1,050,170 207,271 143,671 185,625 91,555 434,083 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis