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. 30; of the Federal Reserve System not earlier* December 29, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended December 28 member bank reserve balances increased $105,000,000, Additions to member bank reserves arose from decreases of $84,000,000 in Treasury deposits with Federal Reserve banks, $31,000,000 in money in circulation and $11,000,000 in nonmember deposits and other Federal. Reserve accounts, and increases of $54,000,000 in gold stock and $2,000,000 in Treasury currency, offset in part by a decrease of $46,000,000 in Reserve bank credit and an increase of $30,000,000 in Treasury cash. Excess reserves of member banks on December 28 were estimated to be approximately $3,070,000,000, an increase of #90,000,000 for the week. The principal changes in holdings of bills and securities were an increase of $30,000,000 in United States Treasury notes and a decrease of $30,000,000 in United States Treasury bills. Changes in member bank reserve balances and related items during the week and the year ended December 28, 1938, were as follows* Increase or decrease since Dec, 28, Dec. 21, Dec, 29, 1938 1938 1937 (In millions of dollars) Bills discounted 7 - 1 6 Bills bought 1 — 2 U, S. Government securities 2,564 —— Industrial advances (not including l4 million counitnents - December 28) 16 2 Other Reserve bank credit 23 - 45 + 19 Total Reserve bank credit 2,610 — 46 + 8 Gold stock 14,508 + 54 +1,748 Treasury currency 2,790 + 2 + 156 Member bank reserve balances 8,577 +105 +1,594 Money in circulation 6,912 - 31 + 341 Treasury cash 2,707 + 30 - 913 Treasury deposits with F. R, banks 941 — 84 + 801 Nonnenber deposits and other F, R, accounts 770 - 11 + 88 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Forn F R~283_a Released for publication Friday morning, December 30,1938?, not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since Dec. 28, Dec, 21, Dec. 29, 1938 1938 1937 A S S E T S Gold certificates on hand and due from U, S. Treasury 11,787,719 +24,999 +2,667,328 Redemption fund - F, R. notes 9,873 —- - 4o Other cash J & A 71 +19.508 “ 5,072 _ Total reserves 12,123,063 +44,507 +2,662,215 Bills discounted» Secured by U.S. Gov't obligations, direct or fully guaranteed 4,931 -1,037 - 4,409 Other bills discounted 2;o49 - 276 - 1.458 Total bills discounted 6,980 -1,313 - 5,867 Bills bought in open market 549 — - 2,278 Industrial advances 15,688 + 155 - 2,603 U. S. Government securities* Bonds 840,893 — +89,354 Treasury notes 1,156,947 +30,044 + 1,950 Treasury bills 566.175 -30,044 -91,304 Total U,S. Government securities 2,564,015 — — Total bills and securities 2,587,232 -1,158 -10,748 Due from foreign banks 172 —— - 7 F. R. notes of other banks 25,402 - 683 - 338 Uncollected items 687,215 -101,827 + 1,978 Bank premises 44,076 - 20 - 1,159 All other assets ÆûZr. +1*376 ......... . TOTAL ASSETS 15,511,492 - 57,805 +2,658,471 L I A B I L I T I E S F. R. notes in actual circulation 4,470,462 - 12,740 +187,077 Deposits: Member bank — reserve account 8,577,167 +105,188 +1,594,415 U. S, Treasurer - General account 941,004 - 83,789 +801,400 Foreign bank 207,703 + 12,423 + 35,069 Other deposits 296,843 - 21,774 + 56,860 Total deposits 10,022,717 + 12,o48 +2,407,744 Deferred availability items 664,149 - 57,269 - 17,690 Capital paid in 134,451 + 11 + 1,714 Surplus (Section 7) 147,739 — + 1,885 Surplus (Section 13 b) 27,683 — + 68 Reserve for contingencies 32,555 - 82 - 3,118 All other liabilities + 227 + 791 TOTAL LIABILITIES 15,511,492 - 57,805 +2,658,471 Ratio of total reserves to deposit and F. R, note liabilities combined 83*6% +•3% + 3.5% Contingent liability on bills purchased for foreign correspondents 76 — - 1,620 Comeitments to make industrial advances l4,l6l -687 + 1,381 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283—b ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BAMS ON DECEMBER 28, 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 11,787,719 658,041 5,056,486 547,114 771,590 366,525 276,587 2,241,897 322,267 246,952 311,048 206,195 783,017 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 325,471 33,645 100,917 24,865 16,345 16,328 10,900 46,658 16,485 6,668 12,452 11,723 28,485 Total reserves 12,123,063 692,014 5,158,629 573,215 788,745 334,075 288,070 2,289,184 339,595 254,226 334,009 218,109 813,192 Bills discounted* Secured by U.S.Gov*t obligations, direct or fully guaranteed 4,931 1,252 1,485 887 431 234 105 80 211 98 79 4 65 Other bills discounted 2,049 9 274 506 73 153 158 74 59 91 576 42 34 Total bills discounted 6,980 1,261 1,759 1,393 504 387 263 154 270 189 655 46 99 Bills bought in open market 549 4i 216 56 50 7Â 19 68 2 2 16 16 39 Industrial advances 15,688 2,004 3,884 3,121 619 1,481 825 415 21 966 268 736 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 1,156,947 87,073 367,938 100,515 116,335 54,291 47,163 124,714 48,187 25,636 51,101 42,531 91,463 Treasury bills 566,175 42,611 180,058 49,189 56,931 26,569 23,080 61,031 23,581 12,546 25,007 20,814 44,758 . u. .. .,.., Total U.S.Qov*1 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 2,587,232 196,277 821,281 227,331 258,993 122,213 105,629 277,026 107,084 57 »972 114,187 95,056 204,183 Due from foreign banks 172 13 64 17 16 8 6 21 3 2 5 5 12 F.R.notes of other banks 25,402 740 4,955 1,108 1,191 2,221 1,962 4,221 3,072 1,278 1,347 638 2,669 Uncollected items 687,215 66,045 160,788 47,504 86,009 59,248 29,464 88,725 31,063 17,089 36,777 25,622 38,881 Bank premises 44,076 2,950 9,791 4,699 6,017 2,621 2,076 4,490 2,295 1,536 3,091 1,267 3,243 All other assets 44,332 2,833 13,708 4,199 4,982 2,592 2,107 4,181 1,660 1,094 1,749 1,583 3,644 TOTAL ASSETS 15,511,492 960,872 6,169,216 858,073 1,145,953 572,978 429,314 2,667,848 484,772 333,197 481,165 342,280 1,065,824 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 28, 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 4,470,462 389,102 1,024-,109 323,486 433,370 210,893 153,090 999,663 184,202 137,377 171,439 82,374 361,357 Deposits: Member bank - reserve account 8,577,167 380,331 4,4o4-,557 369,108 460,405 232,642 177,812 1,272,542 210,721 118,091 227,954 176,482 546,522 U.S.Treasurer - General account 941,004 82,941 203,952 57,524 112,282 46,781 47,333 178,454 36,177 4- ' 28,080 35,931 68,124 Foreign bank 207,703 14,888 75,158 20,264 19,024 8,891 7,237 24,607 6,203 5,997 5,997 14,681 Other deposits 296,843 4,200 188,401 7,089 7,033 1,600 3,912 58,765 4,912 3,626 1,054 2,917 13,334 Total deposits 10,022,717 482,360 4,872,068 453,985 598,744 289,914 236,294 1,534,368 258,013 169,898 263,085 221,327 642,661 Deferred availability items 664,149 64-,979 150,061 47,423 80,792 56,991 26,793 88,034 31,812 16,677 36,356 27,510 36,721 Capital paid in 134,451 9,4-11 51,04l 12,213 13,478 5,004 4,495 13,442 3,946 4,211 3,956 10,351 Surplus (Section 7) 14-7,739 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 4,411 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Reserve for contingencies 32,555 1,448 8,210 2,000 3,176 1,401 1,603 7,007 1,215 1,784 935 1,776 2,000 All other liabilities 11,736 798 4,o4o 1,089 1,063 402 683 1,518 372 4o4 384 175 808 TOTAL LIABILITIES 15,511,492 960,872 6,169,216 058,073 1,145,953 572,978 429,314 2,667,048 484,772 333,197 481,165 342,280 1,065,824 Contingent liability on bills purchased fpr foreign correspondents 76 6 27 7 7 3 3 9 2 2 2 2 6 Cotomitments to make industrial advances l4,l6l 1,297 2,704 1,517 2,245 1,282 159 58 523 212 539 46 3,579 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- ..^counted 6,980 5,845 321 202 175 4o6 31 . L . _ r - Bills bought 549 — 179 106 264 — — --- — --- Industrial advances 15,688 1,784 579 596 387 1,290 3,891 4,423 2,738 --- U. S. Government securities 2,564,015 105,340 88,872 198,570 154,893 103,697 173,142 390,654 588,699 760,1^8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-d FEDERAL RESERVE NOTE STATEMENT ON DECEMBER 28, 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 4,800,507 4-10,197 1,138,224 341,988 453,767 222,967 166,211 1,030,904 201,116 142,681 181,321 90,280 420,851 Held by Federal Reserve bank 330,045 21,095 114,115 18,502 20,397 12,074 13,121 31,24l l6,9l4 5,304 9,882 7,906 59,494 In actual circulation 4,470,462 389,102 1,024,109 323,486 433,370 210,893 153,090 999,663 184,202 137,377 171,439 82,374 361,357 Collateral held by agent as se­ curity for notes issued to bank Qold certificates on hand and due from U. S. Treasury 4,888,000 420,000 1,155,000 345,000 457,000 230,000 169,000 1,050,000 207,000 143,500 185,000 92,500 434,000 Eligible paper 6,283 1,2.56 1,680 982 472 387 238 154 211 137 64l 44 81 Total collateral 4,894,283 421,256 1,156,680 345,982 457,472 230,387 169,238 1,050,154 207,211 143,637 185,641 92,544 434,081 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis