H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form MF283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, lay 20; of the Federal Reserve System not earlier. May 19, 1938* CONDITION OF FEDERAL RESERVE BANKS During the week ended May 18 member bank reserve balances increased $62,000,000. Additions to member bank reserves arose from a decrease of ¡178,000,000 in Treasury deposits with Federal Reserve banks and increases of #12,000,000 in gold stock and ¡$2,000,000 in Treasury currency, offset in part by increases of $6,000,000 in money in circulation, $11,000,000 in Treasury cash and $12,000,000 in nonmember deposits and other Federal Reserve accounts. Excess reserves of member banks on May 18 were estimated to be approximately §2,560,000,000, an increase of ¡£80,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended May 18, 1938, were as followst Increase or decrease since May 18 May 11 May 19 1938 1938 1937 (in millions of dollars) Bills discounted 8 -7 tmm Bills bought 1 - -3 - U, S. Government securities 2,564 — +38 - Industrial advances (not including 13 million commitments - May 18) 17 +1 —6 Other Reserve bank credit * — — Total Reserve bank credit 2,589 » — +24 Gold stock 12,892 +12 +985 Treasury currency 2,697 +2 +150 Member bank reserve balances 7,622 +62 +704 Money in circulation 6,402 +6 +3 Treasury cash 2,226 +11 -853 Treasury deposits with F, R, bonks 1,283 -78 +1,166 Nonmember deposits and other F, R, accounts 644- +12 +138 *Less than f>500,000, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-U Released for publication Friday morning, May 33,1938; not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) May 18. 1938 May 11. 1938 May 19. 1937 ASSETS Geld certificates on hand and due from U. S. Treasury . . . 10,639,916 10,640,912 8,838,913 Redemption fund - F. R. notes 8,9*8 8,886 11,583 Otxier cash *1*.2** *27.070 289.155 Total reserves 11,063,108 11,076,868 9,139,651 Bills discounted! Secured by U.S. Gov't obligations, direct or fully guaranteed 4,932 5,321 11,624 Other bills discounted * . 2.844 3.658 Total bills discounted 7,835 8,165 15,282 Bills bought in open market 534 550 *,*75 Industrial advances • • . . 16,899 16,421 22,523 U. S. Government securities« Bonds...... ........ 657,253 657,253 732,608 Treasury notes ...... 1,191,905 1,191,905 1,152,213 Treasury bills •••*.. 71*.857 714.857 6*1,*69 Total U.S. Government securities 2,56*,015 2,564,015 2,526,290 Total bills and securities 2,589,283 2,589,151 2,568,570 Due from foreign banks . . 186 170 228 F. R, notes of other banks 21,109 19,973 21,*02 Uncollected items .... 597,351 527,996 701,718 Bank premises **,730 44,730 *5,788 All other assets ..... *6,7*6 46.396 *6,*6* TOTAL ASSETS ........ 1*,362,513 14,305,28* 12,523,821 L I A B I L I T I E S F. R. notes in actual circulation *,123,513 4,132,337 *,18*,*25 Deposits* Member bank - reserve account . . 7,622,253 7,560,482 6,918,227 U. S. Treasurer - General account 1,283,396 1,361,133 116,777 Foreign bank . . . . . . . . . . 137,609 133,908 126,110 Other deposits . . . . . . . . . 236.2*5 _ig2*222 Total deposits . . . . . 9,288,*91 9,291,768 7,285,0*7 Deferred availability items 597,7*2 527,933 705,826 Capital paid in ...... 133,575 133,523 132,199 Surplus (Section 7) . . . . 1*7,739 1*7,739 1*5,85* Surplus (Section 3.3 b) . . . 27,683 27,683 27,*90 Reserve for contingencies . 32,880 32,915 35,939 All other liabilities . . . 10,890 11.386 7,0*1 TOTAL LIABILITIES 1*,362,513 14,305,2.84 12,523,821 Ratio of total reserves to deposit and F. R. note liabilities combined 82.5% 82.5% 79.7% Contingent liability on bills pur­ chased for foreign correspondents • 1,357 1,357 1,532 Commitments to make industrial advances 13,144- 12,700 17,311 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 OK MAI 18, 1938 (in thousands of dollars) A S S E T S Total Boston New lork Phila. Cleve* Rich* Atlanta Chicago St.Louis Minn. Kans.Cy, Dallas San Fran* Gold certificates on hand and due from U. S. Treasury 10,639,916 584,762 4,565,333 537,699 719,278 297,176 228,688 2,037,655 291,080 193,183 279,112 187,742 718,208 Redemption fund - F.R. notes 8,948 259 1,717 579 761 437 1,002 717 547 884 327 1,314 Other cash 414,244 39,452 92,278 26,077 39,749 30,699 19,997 57,872 19,368 9,369 29,257 15,479 34,647 Total reserves 11,063,108 624.473 4,659,328 564,355 759,788 328,312 249,687 2,096,244 310,995 203,436 308,696 203,625 754,169 Bills discounted* Secured by U.S.Gov't obligations, direct or fully guaranteed 4,932 546 1,702 1,005 438 174 248 225 ----- 4o 13 178 363 Other bills discounted 2,903 177 434 575 193 351 445 — — 4o 62 202 136 288 Total bills discounted 7,835 723 2,136 1,580 631 525 693 225 4o 102 215 314 651 Bills bought in open market 534 4l 199 56 51 24 19 68 3 2 16 16 39 Industrial advances 16,899 2,380 4,4 35 3,078 912 1,448 71 677 158 1,062 469 887 1,322 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 2,564,015 184,962 745,855 210,528 245,877 139,979 111,4-16 277,239 119,220 88,375 124,627 97,283 218,654 Total bills and securities 2,589,283 188,106 752,625 215,242 247,471 141,976 112,199 278,209 119,421 89,541 125,327 98,500 220,666 Due from foreign banks 186 12 81 17 16 7 6 21 2 2 5 5 12 F. R. notes of other banks 21,109 480 3,660 941 1,135 1,242 1,875 3,368 2,608 1,200 1,727 299 2,574 Uncollected items 597,351 58,391 149,616 47,534 59,505 46,886 22,453 79,886 27,888 15,251 32,113 25,522 32,306 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 46,746 2,874 13,629 4,335 5,051 3,047 2,115 4,342 1,922 1,677 2,049 1,682 4,023 TOTAL ASSETS 14,362,513 877,318 5,588,846 837,207 1,079,130 524,1*4 390,440 2,466,618 465,161 312,625 473,047 330,9151,017,062 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 18, 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 4,123,513 3*3,382 889,521 302,753 *08,655 188,712 145,301 962,955 175,797 136,465 165,042 77,998 326,932 Deposits* Member bank — reserve account 7,622,253 386,773 3,552,533 393,5*7 *99,*16 211,271 160,252 1,21*,257 192,8*9 109,901 218,34* 161,685 521,*25 U.S.Treasurer - General account 1,283,396 49,158 628,28* *8,252 58,669 51,092 *2,*65 1*3,8*2 *6,777 36,821 *2,057 **,78* 91,195 Foreign bank 137,609 9,839 50,016 13,392 12,572 5,876 *,783 16,261 *,099 3,1*3 3,963 3,963 9,702 Other deposits 2*5,233 *,*17 199,960 1 , 20 * 7,913 5,858 2,628 1,688 5,500 2,259 268 2.093 11 ,**5 Total deposits 9,288,*91 *50,187 *,*30,793 *56,395 578,570 27*,097 210,128 1,376,0*8 2*9,225 152,12* 26*,632 212,525 633,767 , Deferred availability items 597,7*2 59,305 1*6,538 *5,036 58,993 46,159 21 9*0 82,209 29,*11 1*,502 33,035 29,150 31,*6* Capital paid in 133,575 9,*05 50,961 12,258 13,367 *,950 *,**5 13,1*1 3,903 2,903 *,1*7 3,9*6 10,1*9 , Surplus (Section 7) 1*7,739 9,900 51,9*3 13,*66 1*,323 *,96* 5,626 22,387 *,667 3,153 3,613 3,892 9,805 Surplus (Section 13 b) 27,683 2,87* 7,7** *,*11 1,007 3,409 730 1,*29 5*5 1,001 1 1*2 1,270 2,121 Reserve for contingencies 32,880 1,448 8,210 2,000 3,177 1,401 1,603 7,201 1,215 1,915 93* 1,776 2,000 All other liabilities 10,890 817 3,136 888 1,038 452 667 1,248 398 562 502 358 82* TOTAL LIABILITIES 1*,362,513 877,318 5,588,846 837,207 1,079,130 524,l4* 390,440 2,466,618 465,161 312,625 *73,0*7 330,915 1,017,062 Contingent liability on bills purchased for foreign correspondents 1,357 98 *88 133 125 58 *8 161 *1 31 39 39 96 Commitments to make industrial advances 13,1*4 1,361 3,879 123 1,553 1,700 178 508 277 368 24* 2,953 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 7,835 6,198 *10 607 242 373 Bills bought 534 87 117 104 226 Industrial advances 16,899 1,526 275 4o6 937 1,813 3,068 6,421 2,*53 U. S. Government securities 2,56*,015 10*,311 217,598 237,770 193,239 135,644 126,351 376,428 577,569 595,105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-d FEDERAL RESERVE NOTE STATEMENT ON MAI 18, 1938 (In thousands of dollars) Total Boston New lork 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 4,411,710 370,772 980,579 320,112 432,725 198,438 4-60,515 987,5*6 189,9*8 140,924 173,788 85,362 371,001 Held by Federal Reserve bank 288,197 27,390 91,058 17,359 24,070 9,726 15,21* 24,591 14,151 *,*59 8,746 7,36* **,069 In actual circulation 4,123,513 3*3,382 889,521 302,753 *08,655 188,712 1*5,301 962,955 175,797 136,465 165,0*2 77,998 326,932 Collateral held by agent as secu­ rity for notes issued to bank: Gold certificates on hand and due from U. S. Treasury *>535,632 390,000 1,000,000 337,000 *36,000 203,000 l6*,000 1,000,000 192,632 1*3,500 177,000 88,500 404,000 Eligible paper 6,865 693 2,024 1,243 478 450 485 225 102 205 313 647 Total collateral *,5*2,*97 390,693 1,002,02* 338,2*3 *36,*78 203,*50 16*,*85 1,000,225 192,632 1*3,602 177,205 88,813 *0*,6*7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis