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, lay 13; of the Federal Reserve System not earlier. May 12, 1938« CONDITION OF FEDERAL RESERVE BANKS During the vreek ended May 11 member bank reserve balances increased $56,000,000, Additions to member bank reserves arose from decreases of $11,000,000 in money in circulation and #68,000,000 in Treasury deposits with Federal Reserve banks and increases of $10,000,000 in gold stock and $2,000,000 in Treasury currency, offset in part by increases of $19,000,000 in Treasury cash and 016,000,000 in nonnember deposits said other Federal Reserve accounts. Excess reserves of member banks on May 11 were estimated to be approximately $2,480,000,000, an increase of $40,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended May 11, .1938, Tie re as follows» Increase or decrease since May 11 May 4 May 12 1938 1938 1937 (In millions of dollars) Bills discounted 8 -8 » - Bills bought 1 ««4 - - U, S. Government securities 2,564 +38 _ — Industrial advances (not including 13 million commitments - May 11) 16 -1 -7 Other Reserve bank credit # +1 -6 Total Reserve bank credit 2,589 +13 «■* Gold stock 12,880 +10 +998 Treasury currency 2,695 +2 +150 Member bank reserve balances 7,560 +56 +617 Money in circulation 6,396 -11 -9 Treasury cash 2,215 +19 —84l Treasury deposits tdth F. R. banks 1,361 -68 +1,255 Nowaember deposits and other F. R. accounts 632 +16 +I38 *Less than $500,000# Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, May 13,1938; not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) May 11. 1938 May 4. 1938 May 12. 1937 A S S E T S Gold certificates on hand and due from U. S. Treasury ... 10,640,912 10,641,412 8,839,408 Redemption fund - F. R. notes 8,886 8,386 11,713 Other cash * « • # . . . . » « 427.070 434.876 288.280 Total reserves , 11,076,868 11,084,674 9,139,401 Bills discounted: Secured by U.S;Gov’t obligations, direct or fully guaranteed . . . 5,321 5,379 12,949 Other bills discounted . i 4 » • 2.844 2,813 2.705 Total bills discounted . . . » • 8,165 8,192 15,654 Bills bought in open market ... 550 550 4,534 Industrial advances ••••*.. 16,421 16,798 22,779 U.S. Government securities: 657,253 657,253 732,428 Treasury notes . * » 1 . . . * . 1,191,905 1,191,905 1,152,393 Treasury bills * . . . . . . . * 714.857 714.857 641.469 Total U.S. Government securities 2,564,015 2,564,015 2,526,290 Total bills and securities . . . 2,589,151 2,589,555 2,569,257 Due from foreign banks ...... 170 170 230 F. R* notes of other banks .... 19,973 23,005 21,542 527,996 550,492 666,762 44,730 44,717 45,787 All other assets ........... . „ JâsM 45,214 45.956 TOTAL ASSETS ........ 14,305,284 14,337,827 12,488,935 L I A B I L I T I E S F. R. notes in actual circulation 4,132,337 4,147,997 4,193,868 Deposits: Member bank - reserve account . . 7,560,482 7,503,630 6,942,727 U. S. Treasurer - General account 1,361,133 1,428,693 106,177 Foreign bank ... ......... 133,908 125,674 104,979 Other deposits ............ 236,245 227,746 131.566 9,291,768 9,285,743 7,285,449 Deferred availability items . . . 527,933 551,583 660,697 133,523 133,482 132,193 147,739 147,739 145,854 27,683 27,683 27,490 Reserve for contingencies .... 32,915 32,915 35,974 All other liabilities ...... .ll*j£6 10.685 7,4l0 . TOTAL LIABILITIES . . , . . 14,305,284 14,337,827 12,488,935 Ratio of total reserves to deposit and F. R. note liabilities combined 82 .5# 82.5% 79.6# Contingent liability on bills pur­ chased for foreign correspondents 1,357 1,357 1,532 Comitments to malte industrial advances 12,700 12,678 17,183 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-b ASSETS AMD LIABILITIES OF THE FEDERAL RESERVE BANKS Oil MAY 11, 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 10,640,912 587,521 4,526,529 543,064 719,755 309,345 239,112 2,025,965 295,864 193,307 288,307 186,116 726,027 Redemption fund - F.R* notes 8,886 311 927 653 832 804 1,035 793 562 889 338 413 1,329 Other cash 407,070 40,970 98,499 27,763 39,500 30,997 19,479 60,640 18,136 9,443 29,227 15,903 36,513 Total reserves 11,076,868 628,802 4,625,955 571,480 760,087 341,146 259,626 2,087,398 314,562 203,639 317,872 202,432 763,869 Bills discounted* Secured by U.S.Gov’t obligations, direct or fully guaranteed 5,321 572 2,335 895 413 135 238 210 «H» 50 43 167 263 Other bills discounted 2,844 157 403 563 192 334 475 - 40 62 173 152 293 Total bills discounted 8,165 729 2,738 1,458 605 469 713 210 4o 112 216 319 556 Bills bought in open market 550 4l 215 56 51 24 19 68 3 2 16 16 39 Industrial advances 16,421 2,377 4,446 3,080 918 1,477 73 677 159 551 465 901 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 60,551 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 2,589,151 188,109 753,254 215,122 247,451 141,949 112,221 278,194 119,422 89,o4o 125,324 98,519 220,546 Due from foreign banks 170 12 65 17 16 7 6 21 2 2 5 5 12 F. R. notes of other banks 19,973 479 4,025 846 l,*6l 1,351 2,065 2,746 1,659 844 1,451 536 2,510 Uncollected items 527,996 51,439 133,382 41,211 52,434 44,383 18,964 70,456 24,915 l4,l48 28,283 21,748 26,633 Bank premises 44,730 2,982 9,907 4,783 6,164 2,674 2,105 4,548 2,325 1,518 3,130 1,282 3,312 All other assets 46,396 2,830 13,602 4,504 4,980 3,043 2,059 1,886 1,639 1,979 3,992 10TAL ASSETS 14,305,284 874,653 5,540,190 837,963 1,072,593 534,553 397,046 2,447,620 464,771 310,830 478,044 326,147 1,020,874 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 MAY 11, 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 4,132,337 3^5,229 888,495 304,674 409,1*9 190,291 1*5,734 963,481 175,675 137,165 166,168 78,168 328,108 Deposits* Member bank — reserve account 7,560,482 390,716 3,483,916 395,519 499,747 220,080 165,697 1,199,381 193,437 113,646 223,789 158,908 515,646 U.S.Treasurer - General account 1,361,133 48,206 677,597 49,358 60,031 51,956 46,318 150,370 49,296 31,791 45,282 48,639 102,289 Foreign bank 133,908 9,628 48,194 13,104 12,302 5,750 4,680 15,913 4,012 3,075 3,878 3,878 9,494 Other deposits 236,245 4,693 189,105 1,173 7,070 8,564 2,657 l,44l 5,64q 2,345 218 1,852 11,487 Total deposits 9,291,768 453,243 4,398,812 459,254 579,150 286,350 219,352 1,367*105 252,385 150,857 273,167 213,277 638,916 Deferred availability items 527,933 51,742 130,890 40,862 51,354 42,703 18,870 71,557 25,956 13,251 28,380 23,448 28,920 Capital paid in 133,523 9,405 50,961 12,258 13,370 4,950 4,445 13,100 3,897 2,904 4,147 3,937 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 3,409 730 1,429 545 1,001 1,1-42 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 11,386 812 3,135 1,138 1,063 485 686 1,332 431 577 493 379 855 TOTAL LIABILITIES 14,305,284 874,653 5,540,190 837,963 1,072,593 534,553 397,046 2,447,620 464,771 310,830 478,044 326,i47 1,020,874 Contingent liability on bills purchased for foreign correspondents 1,357 98 488 133 125 58 48 161 4l 31 39 39 96 Commitments to make industrial advances 12,700 1,367 3,886 123 1,538 1,503 178 508 40 373 244 2,940 MATURITI 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 Tears Bills discounted 8,165 6,572 330 702 268 286 7 Bills bought 550 178 75 297 — . — — — _ Industrial advances 16,421 1,419 234 522 960 1,657 3,173 6,-6o4 1,852 ■J. S. Government securities 2,564,015 115,354 85,874 357,781 191,294 138,259 126,351 376,428 577,569 595,105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283—d FEDERAL RESERVE NOTE STATEMENT ON MY 11, 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 4/25,484 372,899 981,571 322/51 432,050 201,239 161,376 991,088 191,725 l4l,336 173,907 85,850 369,992 Held by Federal Reserve bank 293,147 27,670 93,076 17,777 22,901 10,948 15,642 27,607 16,050 4,171 7,739 7,682 41,884 In actual circulation 4,132,337 3*5,229 888/ 95 304,674 409,149 190,291 145,73* 963 /81 175,675 137,165 166,168 78,168 328,108 Collateral held by agent as secur* rlty for notes issued to bank* Gold certificates on hand and due from U.S.Treasury *,539,632 390,000 1,000,000 337,000 436,000 203,000 164,000 1,000,000 196,632 143,500 177,000 88,500 404,000 Eligible paper 7,208 699 2,626 1,121 452 409 504 210 - - 112 206 317 552 Total collateral 4,546,840 390,699 1,002,626 338,121 436 /52 203,409 164,504 ip00,210 196,632 143,612 177,206 88,817 4o4,552 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis