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, April 29$ of the Federal Reserve System not earlier* April 28, 1938, CONDITION OF FEDERAL RESERVE BAMS During the week ended April 27 member bank reserve balances increased $114,000,000. Additions to member bank reserves arose from decreases of $6,000,000 in money in circulation, $107,000,000 in Treasury deposits with Federal Reserve banks and $5,000,000 in nonmember deposits and other Federal Reserve accounts and increases of $3,000,000 in Reserve bank credit, $19,000,000 in gold stock, and $2,000,000 in Treasury currency offset in part by an increase of $28,000,000 in Treasury cash* Excess reserves of member banks on April 27 were estimated to be approximately $2,580,000,000, an increase of $90,000,000 for the week. Principal changes in holdings of bills and securities were a decrease of $21,000,000 in United States Treasury bonds and increases of $13,000,000 in Treasury notes and $8,000,000 in Treasury bills* Changes in member bank reserve balances and related items during the week and 4the year ended April 27, 1938, were as follows* Increase or decrease since April 27 April 20 April 28 1938 ...... 1238„. 1937 (In millions of dollars) Bills discounted 8 -2 -3 Bills bought 1 ----- “3 U. S. Government securities 2,564 *■* *•" +38 Industrial advances (not including 13 million commitments — April 27) 17 - - —6 Other Reserve bank credit -4 +4 -10 Total Reserve bank credit 2,586 +3 +15 Gold stock 12,860 +19 +1,078 Treasury currency 2,690 +2 +149 Member bank reserve balances 7,661 +114 +727 Money in circulation 6,355 —6 -26 Treasury cash 2,192 +28 -764 Treasury deposits with F, R. banks 1,321 -107 +1,226 Nonmember deposits and other F. R. accounts 607 -5 +79 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-a Released for publication Friday morning, April 29, 1938; not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) 1928 Apr. 20. 1938 Apr. 28.1937 A S S E T S Gold certificates on hand and due from U. S, Treasury • • « 10,641,911 10,642,413 8,$43,402 Redemption fund -' F. R, notes 9,360 8,860 9,595 Other cash . 451.582 452.812 ._289*126 Total reserves » ......... . 11,102,853 11,104,085 9,142,133 Bills discounted* Secured by U.S. Gov’t obligations direct or fully guaranteed 5,592 6,472 9,366 Other bills discounted * • 2.879 3.068 ...1*622 Total bills discounted 8,471 9,540 10,999 Bills bought in open market 550 550 3,743 Industrial advances . . • . 16,973 17,056 23,180 U, S. Government securities« Bonds . . . . . . . . . . . 657,253 677,831 734,728 Treasury notes ...... 1,191,905 1,179,171 1,156,393 Treasury,bills ...... 714.857 707,013 . 635,119 Total U.S. Government securities 2,564,015 2,564,015 2,526,240 Total bills and securities 2,590,009 2,591,161 2,564,162 Due from foreign banks . . 170 170 230 F. R. notes of other banks 20,672 19,952 21,033 Uncollected items .... 523,357 578,264 626,231 Bank premises ••*... 44,765 44,804 45,861 All other assets ..... 44.400 45,495 TOTAL ASSETS ........... 14,327,165 14,382,836 12,445,145 L I A B I L I T I E S F, R. notes in actual circulation . . 4,120,373 4,120,798 4,176,990 Deposits t Member bank *• reserve account .... 7,661,269 7,547,076 6,933,816 U. S. Treasurer - General account . . 1,321,319 1,427,718 94,747 Foreign bank . ....... .... 131,802 135,486 96,017 Other deposits ........ ..... 211.655 213.212 173.966 Total deposits . . . . . . . . . . 9,326,045 9,323,492 7,298,546 Deferred availability items . . . . • 527,113 586,356 619,975 Capital paid m . . . . . . . . . . . 133,478 133,489 132,183 Surplus (Section 7) . . . . . . . . . 147,739 147,739 145,854 Surplus (Section 13 b). . . ..... 27,683 27,683 27,490 Reserve for contingencies ...... 32,915 32,915 36,142 All other liabilities ......... . 11.819 10.364 ...7.tm TOTAL LIABILITIES 14,327,165 14,382,836 12,445,145 Ratio of total reserves to deposit and F. R. note liabilities combined . 82.6# 82.6# 79.7% Contingent liability on bills purchased for foreign correspondents ..... 1,103 1,103 784 Commitments to make industrial advances 12,735 12,825 17,528 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 APRIL 27, 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 10,641,911 557,899 4,608,344 543,162 704,062 290,851 238,647 1,990,518 305,493 195,947 277,700 197,741 731,547 Redemption fund - F.R. notes 9,360 374 1,256 759 950 723 1,126 445 594 909 36O 430 1,434 Other cash 451,582 42,239 108,771 31,557 41,910 31,460 18,483 67,549 15,893 9,912 30,578 13,960 39,270 Total reserves 11,102,853 600,512 4,718,371 575,478 746,922 323,034 258,256 2,058,512 321,980 206,768 308,638 212,131 772,251 Bills discounted» Secured by U.S.Gov*t obligations, direct or fully guaranteed 5,592 572 2,082 979 376 452 253 210 60 70 122 168 248 Other bills discounted 2,879 181 248 633 195 332 493 - - 4o 37 208 178 334 Total bills discounted 8,471 753 2,330 1,612 571 784 746 210 100 107 330 346 582 Bills bought in open market 550 41 215 56 51 24 19 68 3 2 16 16 39 Industrial advances 16,973 2,495 4,518 3,1*2 890 1,735 119 682 160 549 456 904 1,323 U. S.Government securities* Bonds 657,253 47,412 191,191 53,966 63,027 35,882 28,560 71,067 30,561 22,654 31,947 24,937 56,049 Treasury notes 1,191,905 85,982 346,716 97,866 114,299 65,070 51,793 128,877 55,420 41,081 57,934 45,223 101,644 Treasury bills 714,857 51,568 207,948 58,696 68,551 39,027 31,063 77,295 33,239 .24,640 34,746 27,123 60,961 Total U.S. Gov't securities 2,564,015 184,962 745,855 210,528 245,877 139,979 111,416 277,239 119,220 88,375 124,627 97,283 218,654 Total bills and securities 2,590,009 188,251 752,918 215,338 247,389 142,522 112,300 278,199 119,483 89,033 125,429 98,549 220,598 Due from foreign banks 170 12 65 17 16 7 6 21 2 2 5 5 12 F. R. notes of other banks 20,672 608 4,291 992 1,203 2,444 2,017 3,337 981 1,056 1,132 515 2,096 Uncollected items 523,357 52,943 128,325 42,984 50,360 44,509 19,244 68,258 23,925 14,454 28,033 21,596 28,726 Bank premises 44,765 2,987 9,923 4,783 6,164 2,674 2,106 4,558 2,328 1,506 3,136 1,288 , 3,312 All other assets 45,339 2,754 13,294 4,686 4,876 2,777 1,953 4,109 1,828 1,610 1,978 1,589 3,885 TOTAL ASSETS 1-4,327,165 848,067 5,627,187 844,278 1,056,930 517,967 395,882 2,4l6,994 470,527 314,429 468,351 335,673 1,030,880 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 APRIL 27, 1938 (in thousands of dollars) L I ABI L I T I E S Total- Boston New York Phila, Cleve. Rich. Atlanta Chicago St,Louis Minn, Kans.Cy. Dallas San Fran, F.R.notes in actual circulation 4,120,373 328,443 894,169 306,571 409,366 189,250 148,108 963,352 176,267 136,729 165,639 77,905 324,574 Deposits* Member bank — reserve account 7,661,26.9 387,417 3,636,511 401,489 498,821 207,276 167,461 1,154,320 201,792 105,384 221,875 169,475 509,448 U.S.Treasurer - General account 1^21,319 37,167 646,803 43,873 45,760 48,423 39,928 165,568 46,613 41,712 38,001 46,177 121,294 Foreign bank 131,802 9,502 47,206 12,934 12,142 5,675 4,619 15,705 3,959 3,036 3,827 3,827 9,370 Other deposits 211,655 6,537 156,217 1,833 7,516 8,753 3,305 2,017 6,222 3,219 523 3,010 12,503 Total deposits 9,326,045 440,623 4,486,737 460,129 564,239 270,127 215,313 1,337,610 258,586 153,351 264,226 222,489 652,615 Deferred availability items 527,113 54,544 124,381 43,871 50,420 43,34) 19,358 70,583 24,919 14,803 28,110 24,001 28,783 Capital paid in 133,478 9,405 50,946 12,258 13,357 4,949 4,446 13,082 3,897 2,904 4,147 3,938 •10,149 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 32,915 1,448 8,210 2,000 3,177 1,401 1,603 7,229 1,215 1,922 93* 1,776 2,000 AH other liabilities 11,819 830 3,057 1,572 l,04l 527 698 1,322 431 566 540 402 833 TOTAL LIABILITIES 14,327,165 848,067 5,627,187 844,278 1,056,930 517,967 395,882 2,416,994 470,527 314,429 468,351 335,673 1,030,880 Contingent liability on bills pur­ chased for foreign correspondents 1,103 79 396 108 102 48 39 113311 33 25 32 32 78 Commitments to make industrial advances 12,735 1,436 3,944 121 1,547 1,504 181 - - 509 4l 295 244 2,913 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Within 16 to 31 to 6l to 91 days to 6 months 1 Year 2 Years Over Total 15 days 30 days 60 days 90 days 6 months to 1 Year to 2 Years to 5 Years 5 Years Bills discounted 8,471 6,836 288 508 573 253 13 — — — — — — Bills bought 550 223 95 75 157 — — — — mm mm — — — — Industrial advances 16,973 1,665 96 470 541 1,912 3,577 6,6l8 2,094 — — U, S. Government securities 2,564,015 93,734 115,354 338,218 217,672 123,584 126,351 376,428 576,569 596,105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-d FEDERAL RESERVE NOTE STATEMENT OH APRIL 27, 1938 (In thousands of dollars) Total Boston New Xork Phila* Cleve, Rich, Atlanta Chicago St,Louis Minn* Kans.Cy, Dallas San Fran. Federal Reserve notes* Iqsued to F,R,bank by F.R.agent 4,434,356 360,293 999,991 323,682 433,666 200,663 164,276 989,04ö 188,128 l4l,738 174,287 86,714 371,878 Held by Federal Reserve bank 313,983 31,850 105,822 17,111 24,300 11,413 16,168 25,688 11,861 5,009 8,648 8,809 47,304 In actual circulation 4,120,373 328,443 894,169 306,571 409,366 189,250 148,108 963,352 176,267 136,729 165,639 77,905 324,574 Collateral held by agent as seci*rity for notes issued to bank* Gold certificates on hand and due from U'. S. Treasury 4,541,632 370,000 1,015,000 337,000 438,000 205,000 169,000 1,000,000 191,632 143,500 177,000 91,500 404,000 Eligible paper 7,463 694 2,271 1,235 4ll 724 515 210 60 107 320 3*3 573 Total collateral 4,549,095 370,694 1,017,271 338,235 438,411 205,724 169,515 1,000,210 191,692 l43,607 177,320 91,843 404,573 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis