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 27; of the Federal Reserve System not earlier. May 26, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended May 25 member bank reserve balances increased #9*4,000,000. Additions to member bank reserves arose from decreases of $9,000,000 in money in circulation and #100,000,000 in Treasury deposits with Federal Reserve banks and increases of $13,000,000 in gold stock and $4,000,000 in Treasury currency, offset in part by increases of 022,000,000 in Treasury cash and 04,000,000 in nonmember deposits and other Federal Reserve accounts and a decrease of $6,000,000 in Reserve bank credit. Excess reserves of member banks on May 25 were estimated to be approximately ¡$2,630,000,000, an increase of $70,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended May 25, 1938, were as follows: Increase or decrease since May 25 May 18 May 26 1938 1938 1937 (in millions of dollars) Bills discounted 9 +1 -7 Bills bought 1 — -5 tJ. S. Government securities 2,564 — +38 Industrial advances (not including 13 million commitments - May 25) 17 - - -5 Other Reserve bunk credit SI t -7 +6 Total Reserve bank credit 2,583 -6 +26 Gold stock 12,905 +13 +928 Treasury currency 2,701 +4 +155 Member bank reserve balances 7,716 +94 +772 Money in circulation 6,393 -9 “6 Treasury cash 2,2-48 +22 -892 Treasury deposits with F. R. banks 1,183 -100 +1,103 Nonmember deposits and other F, R. accounts 648 +4 +131 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-2o3~a Released for publication Friday morning, May 27,1938; not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars), May 25. 1938 May 18. 1938 May 26. 1937 A S S E T S Gold certificates on hand and due from U. S. Treasury . . . . . . . » • 10,639,417 10,639,916 8,838,4l4 Redemption fund - F. R. notes .... 8,881 8,948 11,341 Other cash . « « * # • . . » « « . « • 411.9Q1 414.244 296.310 Total reserves . . . . . . . . . . . 11,060,201 11,063,108 9,146,065 Bills discounted* Secured by U. S. Gov’t obligations, direct or fully guaranteed ..... 5,661 4,932 12,326 Other bills discounted ...... . 3.007 ___2*902 _ .i*m Total bills discounted • «.«.•• 8,668 7,835 15,698 Bills bought in open market . . . . . 534 534 6,260 Industrial advances 16,7a 16,899 22,407 U. S. Government securities* Bonds ................. ...» 657,253 657,253 732,608 Treasury notes .............. 1,191,905 1,191,905 1,152,213 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 • . . . • 2,589,988 2,589,2$3 2,570,655 Due from foreign banks • « .. . « • • 186 186 228 F. R. notes of other banks ...... 20,427 21,109 21,615 Uncollected items • • ....... 527,851 597,351 604,558 Bank premises • 44,695 44,730 45,776 All other assets .............. . 47.547 46,746 47,202 TOTAL ASSETS . . ........ 14,290,895 14,362,513 12,436,099 L I A B I L I T I E S F. R. notes in actual circulation « . 4,116,875 4,123,513 4,184,042 Deposits* Member bank - reserve account ...» 7,716,352 7,622,253 6,943,597 U. S.Treasurer — General account . . 1,182,761 1,283,396 80,486 Foreign bank .............. . 133,118 137,609 124,o4l Other deposits •• . . . . . . . . . . „ 2£hM4 .24^222 ..126,72^ Total deposits . . . . . . . . . . 9,286,075 9,288,491 7,284,849 Deferred availability items ..... 534,887 597,742 618,046 Capital paid in«*»« ....... 133,575 133,575 132,202 Surplus (Section 7) . . . . . . . . . 147,739 147,739 145,854 Surplus (Section 13 b) • • « . . « • « 27,683 27,683 27,490 Reserve for contingencies ........ 32,880 32,880 35,939 All other liabilities • •.... .. __jgum 10.890 7.677 TOTAL LIABILITIES ........... 14,290,895 14,362,513 12,436,099 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 . • l,46o 1,357 1,532 Commitments to make industrial advances 13,260 13,144 17,188 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 MAY 25, 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 fron U. S. Treasury 10,639,417 580,571 4,602,745 534,673 710,189 295,802 219,341 2,031,865 311,581 183,366 272,242 185,077 711,965 Redemption fund - F.R.notes 8,881 228 1,600 532 719 704 980 680 53 9 881 322 399 1,297 Other cash 411,903 38,979 93,972 24,714 38,445 30,837 20,389 56,794 19,773 9,072 29,4o4 34,892 34,632 Total reserves 11,060,201 619,778 4,698,317 559,919 749,353 327,343 240,710 2,089,339 331,893 193,319 301,968 200,368 747,894 Bills discounted* Secured by U.S.Gov*t obligations, direct or fully guaranteed 5,661 646 1,890 1,087 408 429 305 190 70 58 13 187 378 Other bills discounted 3,007 195 402 593 193 331 459 - — 10 62 232 247 283 Total bills discounted 8,668 84l 2,292 1,680 601 760 764 190 80 120 245 434 661 Bills bought in open market 534 4i 199 56 51 24 19 68 3 2 16 16 39 Industrial advances 16,771 2,346 4,365 3,060 907 1,434 69 677 158 1,082 468 885 1,320 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^.19,220 88,375 124,627 97,283 218,654 Total bills and securities 2,589,988 188,190 752,711 215,324 247,436 142,197 112,268 278,174 119,461 89,579 125,356 98,618 220,674 Due fron foreign banks 186 12 81 17 16 7 6 21 2 2 5 5 12 F. R. notes of other banks 20,427 439 4,019 865 1,209 1,813 2,286 3,024 2,212 1,055 1,018 476 2,011 Uncollected items 527,851 50,380 149,658 41,919 53,048 43,477 18,676 66,858 21,721 13,824 24,215 21,331 22,744 Bank premises 44,695 2,982 9,907 4,773 6,151 2,674 2,102 4,548 2,324 1,519 3,130 1,282 3,303 All other assets 47,547 2,929 13,921 4,375 5,107 3,125 2,l40 4,428 1,950 1,703 2,090 1,697 4,082 TOTAL ASSETS 14,290,895 864,710 5,628,614 827,192 1,062,320 520,636 378,188 2,446,392 479,563 301,001 457,782 323,777 1,000,720 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283—c (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 4,116,875 352,597 887,376 301,975 4o8,456 187,339 143,677 960,323 174,472 135,275 163,192 76,962 325,231 Deposits* Member bank — reserve account 7,716,352 379,328 3,640,920 385,522 486,039 209,060 158,626 1,223,520 215 -, 972 103,781 218,529 165,561 529,494 U.S.Treasurer — General account; 1,182,761 43,081 579,809 48,750 61,829 53,931 36,891 129,961 45,3^8 36,502 40,081 73,510 Foreign bank 133,118 9,590 47,742 13,053 12,254 5,727 4,662 15,850 3,996 3,003 3,862 3,862 9,457 Other deposits 253,844 4,847 204,112 1,546 8,572 6,027 2,749 2,163 5,:'83 2,676 248 2,363 12,953 Total deposits 9,286,075 436,846 4,472,643 448,871 568, 694 274,745 202,928 1,371,494 270,954 142,478 259,l4i 211,867 625,4l4 Deferred availability items 534,88? 50,805 146,591 4-5,309 52,231 43,348 18,495 69,101 23,330 13,725 25,080 23,681 25,l4l Capital paid in 133,575 9,405 50,960 12,258 13,368 4,950 4,44 5 13,141 3,9^3 2,903 4,147 3,946 10,149 Surplus (Section 7) 147,739 9,900 51,943 13,466 14,323 4,964 5,626 22,337 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 1,429 545 1,001 1,142 1,270 2,121 Reserve for contingencies 32,880 1,448 8,210 2,000 3,177 l,4oi 1,603 7,201 1,215 1,915 934 1,776 2,000 All other liabilities 11,181 835 3,147 902 1,064 480 6s4 1,316 427 551 533 383 859 TOTAL LIABILITIES 14,290,895 864,710 5,628,6l4 827,192 1/362,320 520,636 378,188 2,446,392 479,563 301,001 457,782 323,777 1,000,720 ir chased for foreign correspondents 1,460 105 524 143 134 63 51 174 44 34 42 42 104 Commitments to make industrial advances 13,260 1,348 4,160 128 1.,553 1,690 178 508 277 368 92 2,958 --------------- MATURITY DISTRIBUTION OF BILI,S AMD SECÜR:ITIES 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 8,668 6,986 359 613 184 517 9 _ _ Bills bought 534 75 117 104 238 -- — — - - -------------- Industrial advances 16,771 1,472 274 367 923 1,853 3,105 6,733 2,o44 U. S. Government securities 2,564,015 95,524 252,711 232,997 173,696 133,634 126,351 376,428 580,569 592,105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-d FEDERAL RESERVE MOTE STATEMENT ON MAY 25, 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 4,412,650 382,076 980,194 317,829 432,919 196,675 159,279 987,378 189,907 139,976 173,177 84,816 368,42.4 Held by Federal Reserve bank 295,775 29,479 92,818 15,854 24,463 9,336 15,602 27,055 15,435 4,701 9,985 7,854 43,193 In actual circulation 4,116,875 352,597 887,376 301,975 408,456 187,339 143,677 960,323 174,472 135,275 163,192 76,962 325,231 Collateral held by agent as secu­ rity for notes issued to bank* Gold certificates on hand and due from U. S. Treasury 4,527,632 390,000 1,000,000 337,000 436,000 200,000 164,000 1,000,000 192,632 138,500 177,000 88,500 404,000 Eligible paper 7,707 801 2,177 1,343 445 686 552 190 71 1204 33 235654 U. S. Gov't securities 5,000 --- -- -- ------- -- — — -- 5,000 — — Total collateral 4,540,339 390,801 1,002,177 338,343 436,445 200,686 164,552 1,000,190 192,703 143,620 177,235 88,933 4o4,654 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis