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, May 65 of the Federal Reserve System not earlier# May 5, 1938. CONDITION OF FEDERAL RESERVE BANKS During the week ended May 4 member bank reserve balances decreased $157,000,000« Reductions in member bank reserves arose from increases of $108,000,000 in Treasury deposits with Federal Reserve banks, $52,000,000 in money in circulation, $9,000,000 in nonmember deposits and other Federal Reserve accounts and $4,000,000 in Treasury cash, offset in part by increases of $10,000,000 in gold stock, $3,000,000 in Treasury currency and $3,000,000 in Reserve bank credit. Excess reserves of member banks on May A were estimated to be approximately $2,440,000,000, a decrease of $140,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended May Ar 1938, were as follows* Increase or decrease since May A April 27 May 5 1938 1938 1937 (in millions of dollars) Bills discounted 8 - - -9 Bills bought 1 ----- -3 U. S. Government securities 2,564 ----- +38 Industrial advances (not including 13 million commitments - May 4) 17 ----- —6 Other Reserve bank credit -1 +3 -8 Total Reserve bank credit 2,589 +3 +12 Gold stock 12,870 +10 +1,032 Treasury currency 2,693 +3 +1-46 Member bank reserve balances 7,504 -157 +622 Money in circulation 6,407 +52 -19 Treasury cash 2,196 +4 -817 Treasury deposits with F. R. banks 1,429 +108 +1,332 Nonmember deposits and other F.R. accounts 616 +9 +73 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, May 6, 1938? not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) May 4. 1938 Apr, 27a. 1928 May 5. 1937 A S S E T S Gold certificates on hand and due from U. S. Treasury • 10,641,412 10,641,911 8,842,902 Redemption fund - F. R. notes ... 8,386 9,360 10,079 Other cash .... ............ 434,876 451.582 279.497 11,084,674 11,102,853 9,132,478 Bills discounted« Secured by U.S.Gov’t obligations, direct or fully guaranteed .... 5,379 5,592 13,917 Other bills discounted ...... 2,813. 2,879 2.918 8,192 8,471 16,835 Bills bought in open market .... 550 550 3,739 Industrial advances 16,798 16,973 22,854 U. S. Government securities« 657,253 657,253 732,428 1,191,905 1,191,905 1,152,393 Treasury bills . . . . . . . . . . 714.857 .. 7l4t857 641,469 Total U.S. Government securities 2,564,015 2,564,015 2,526,290 Total bills and securities .... 2,589,555 2,590,009 2,569,718 Due from foreign banks......... 170 170 230 23,005 20,672 21,036 550,492 523,357 616,874 Bank premises 44,717 44,765 45,785 All other assets . . . . . . . . . . 45,214 __45,222 45,122 TOTAL ASSETS ........... 14,337,827 14,327,165 12,431,243 L I A B I L I T I E S F. R. notes in actual circulation • 4,147,997 4,120,373 4,207,722 Deposits: Member bank - reserve account ... 7,503,630 7,661,269 6,882,362 U. S. Treasurer - General account # 1,428,693 1,321,319 97,263 Foreign bank ..*... ...... 125,674 131,802 103,914 227.746 211.655 181,699 9,285,743 9,326,045 7,265,238 Deferred availability items .... 551,583 527,113 609,920 133,482 133,478 132,193 147,739 147,739 145,854 27,683 27,683 27,490 Reserve for contingencies ..... 32,915 32,915 35,993 All other liabilities ....... 10.685 11.819 ...6*832 TOTAL LIABILITIES ........ 14,337,827 14,327,165 12,431,243 Ratio of total reserves to deposit and F. R. note liabilities combined 82.5# 82.6# 79.6# Contingent liability on bills purchased for foreign correspondents .... 1,357 1,103 1,034 Commitments to make industrial advances 12,678 12,735 17,454 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-28>-b ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BAMS ON MAY 4, 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 10,641,412 584,019 4,542,585 530,811 723,180 296,921 242,069 2,002,520 296,989 205,331 289,126 196,180 731,681 Redemption fund - F. R. notes 8,386 311 927 653 832 804 1,035 293 56k! 889 338 1,329 / 4l? Other cash 434,876 41,069 101,342 : 30,052 41,905 30,996 18.556 63 ,591 16,399 9*354 29,788 l4,304 37,520 Total reserves 11,084,674 625,399 4,644,854 561,516 765,917 328,721 261,660 2,066,404 313*950 215,574 319,252 210,897 770,530 Bills discounted* Secured by U.S.Gov't obligations, direct or fully guaranteed 5,379 563 2,011 912 297 495 253 210 — - 50 122 168 298 Other bills discounted 2,813 155 254 563 190 332 502 — — 4o 68 191 197 321 Total bills discounted 8,192 718 2,265 1,475 487 827 755 210 4o 118 313 365 619 Bills bought in open market 550 4l 215 56 51 24 19 68 3 2 16 16 39 Industrial advances 16,798 2,447 4,464 3,090 897 1,729 119 677 159 549 466 9o4 1,297 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 77,275 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 1115416 277,239 119,220 88,375 124,627 97,283 218,654 Total bills and securities 2,589,555 188,168 752,799 215,149 247,312 142,559 112,309 278,194 -i_L> ,422 89,044 125,422 98,568 220,609 Due from foreign banks 170 12 65 17 16 7 6 21 2 2 5 5 12 F. R. notes of other banks 23,005 468 6,275 881 1,1-45 1,934 1,713 3 «09ii 2,034 1,271 1,520 481 2,185 Uncollected items 550,492 56,878 132,359 47,643 53,767 45,487 21,478 74 j 86 j 2*5 » 127 14,551 29,266 21,364 27,711 Bank premises 44,717 2,982 9,907 4,783 6,164 2,674 2yI05 4,548 2.3 ¿5 1,505 3,130 1,282 3,312 All other assets 45,214 2,778 13,34 5 4,236 4,920 2,782 1,980 4,359 1,859 1,630 1,962 1,622 3,941 TOTAL ASSETS 14,337,827 876,685 5,559,6o4 834,225 1,079,241 524,164 401,251 2,431,285 464,719 323,577 480,557 334,219 1,028,300 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FRr-283-c ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON MAY 4, 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.Cy. Dallas San Fran, F.R.notes in actual circulation 4,147,997 337,218 898,AAA 305,807 409,864 189,210 148,307 967,724 177,216 138,275 167,469 78,930 329,533 Deposits t Member bank — reserve account 7,503,630 396,532 3,*78,0A5 385,055 506,977 208,059 162,894 1,169,553 190,564 116,408 219,066 165,454 505,023 U.S.Treasurer - General account 1,428,693 47,604 706,040 45,217 58,028 53,794 48,595 161,048 50,946 38,697 48,530 49,193 121,001 Foreign bank 125,674 8,988 45,659 12,233 11,484 5,368 4,369 14,854 3,745 2,871 3,620 3,620 8,863 Other deposits 227,746 4,935 178,469 1,663 7,165 8,360 2,553 1,368 5,960 3*383 230 2,306 11.354 Total deposits 9,285,743 458,059 4,408,213 444,168 583,654 275,581 218,411 1,346,823 251,215 161,359 271,446 220,573 646,241 Deferred availability items 551,583 56,990 131,156 51,249 52,848 44,145 21,443 71,342 25,555 l4,408 31,335 23,480 27,632 Capital paid in 133,482 9,405 50,946 12,258 13,358 4,949 4,446 13,085 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 4,411 1,007 3,409 73O 1,429 545 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 1,922 934 1,776 2,000 All, other liabilities 10,685 791 2,948 866 1,010 505 ___685 .1,266 409 555 471 360 819 TOTAL LIABILITIES 14,337,827 876,685 5,559,6o4 834,225 1,079,241 524,164 401,251 2,431,285 464,719 323,577 480,557 334,219 1,028,300 Contingent liability on bills purchased for foreign correspondents 1,357 98 488 133 125 58 48 161 4i 31 39 39 96 Commitments to make industrial advances 12,678 1,430 3,865 124 1,509 1,503 179 508 4l 373 244 2,902 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Within 16 to 31 to 61 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 8,192 6,527 285 709 362 299 10 Bills bought 550 166 87 ----- 297 ----- - - _ — - — — Industrial advances 16,798 1,581 204 567 974 1,480 3,361 6,666 1,965 _ — U. S. Government securities 2,564,015 116,668 104,311 353,460 186,586 127,537 126,351 376,428 576,569 596,105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283—d FEDERAL RESERVE NOTE STATEMENT ON MAI A, 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 4,425,523 365,551 987,739 324,901 431,019 199,074 162,328 990,298 192,333 1*1,557 174,113 86,457 370,153 Held by Federal Reserve bank 277,526 28,333 89,295 19,09* 21,155 9,864 14,021 22,574 15,117 3,282 6,644 7,527 40,620 In actual circulation 4,147,997 337,218 898,444 305,807 409,864 189,210 148,307 967,724 177,216 138,275 167,469 78,930 329,533 Collateral held by agent as secu­ rity for notes issued to bank* Gold certificates on hand and due from U. S. Treasury 4,519,632 370,000 1,000,000 337,000 434,000 200,000 169,000 1/300,000 196,632 143,500 177,000 88,500 404,000 Eligible paper 7,271 684 2,190 1,143 329 767 552 210 - - 118 303 363 612 Total collateral *,526,903 370,684 1,002,190 338,143 43*,329 200,767 169,552 1^300,210 196,632 1*3,618 177,303 88,863 4o4,6l2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis