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, June 3j of the Federal Reserve System not earlier. June 2, 1938. CONDITION OF FEDERAL RESERVE BANKS During the week ended June 1 member bank reserve balances increased #29,000,000. Additions to member bank reserves arose from a decrease of •190,000,000 in Treasury deposits with Federal Reserve banks and increases of #10,000,000 in Reserve bank credit, $13,000,000 in gold stock and $2,000,000 in Treasury currency, offset in part by increases of $76,000,000 in money in circulation, $6,000,000 in Treasury cash and $5,000,000 in nonmember deposits and other Federal Reserve accounts. Excess reserves of member banks on June 1 were estimated to be approximately $2,640,000,000, an increase of $10,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended June 1, 1938, were as followsi Increase or decrease since June 1 May 25 June 2 1938 1938 1937 (In millions of dollars) Bills discounted 8 -1 -9 Bills bought 1 -5 _ - U.S. Government securities 2,564 +38 — — Industrial, advances(not including 13 million commitments - June l) 17 -5 _ — Other Reserve bank credit 3 +10 +2 Total Reserve bank credit 2,593 +10 +20 Gold stock 12,918 +13 +891 Treasury currency 2,703 +2 +155 Member bank reserve balances 7,7 45 +29 +891 Money in circulation 6,469 +76 -18 Treasury cash 2,254 +6 -928 Treasury deposits v&th F. R. banks 1,093 -90 +978 Nonmenber deposits and other F. R, accounts 653 +5 +142 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, June 3, 193&J not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) June 1. 1938 May 25.1938 June 2. 1937 A S S E T S Gold certificates on hand and due from U. S. Treasury...... . . • • • 10,638,900 10,639/17 8,838,401 Redemption fund - F. R. notes . . 8,186 8,881 11,341 Other cash . . . . . . . . . . . . 389,350 411.903 272.695 • • • 11,036/36 11,060,201 9,122/37 • Bills discounted» Secured by U.S.Gov’t obligations,direct or fully guaranteed ........ • 5/79 5,661 12,524 • • Other bills discounted ..... • • 2.935 3,007 4,961 • 8/l4 8,668 17,485 53* 534 6,261 Industrial advances ....... • • • 16,818 16,771 22,232 U. S. Government securities« 657,253 657,253 732,608 1,191,905 1,191,905 1,152,213 Treasury bills ............ * 714.857 714,857 64l,469 • • Total U.S. Government securities 2,564,015 2,564,015 2,526,290 • • • Total bills and securities ...... 2,589,781 2,589,988 2,572,268 Due from foreign banks ........ . . . 186 186 226 F. R. notes of other banks ......... 18,742 20,427 18,847 Uncollected items • ........... . . 582,086 527,851 646,056 Bank premises •••• ............ 44,64l 44,695 45,685 All other assets............... . 48.070 47,547 47,853. TOTAL ASSETS ............ 14,319,942 14,290,895 12,453,372 / L I A B I L I T I E S F. R. notes in actual circulation . . . 4,157,156 4,116,875 4,235,114 Deposits« Member bank - reserve account . . . . 7,744,949 7,716,352 6,853,710 U.S.Treasurer - General account . . . . 1,092,819 1,182,761 115,099 Foreign bank •••*. ........... 130,200 133,118 121,749 Other deposits 262.794 ..251*844 .111*705 Total deposits . . . . . . . . . . 9,230,762 9,286,075 7,224,263 Deferred availability items ...... 578,995 534,887 645,317 Capital paid in . . . . . . . . . . . . 133,582 133,575 132,198 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 35,940 All other liabilities . . . . . . . . . 11.145 11.181 7.196 TOTAL LIABILITIES ........ 14,319,942 14,290,895 12/53,372 Ratio of total reserves to deposit and F. R. note liabilities combined . . . . 82*4$ 82.5$ 79.6% Contingent liability on bills pur­ chased for foreign correspondents . . . 1,530 1,460 1,532 Commitments to make industrial advances 13,i4o 13,260 17,018 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-tB ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON JUNE 1, 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 10,638,900 567,238 4,659,5*4 521,l4l 715,347 300,391 216,522 2,019,367 305,884 190,065 266,089 178,785 698,527 Redemption fund - F.R.notes 8,186 91 1,330 1,501 605 354 429 571 510 868 290 38O 1,257 Other cash 389,350 37,448 83,485 23,658 36,336 29,603 19,570 54,633 18,492 9,166 28,701 14,493 33,765 Total reserves 11,036,436 604,777 4,744,359 546,300 752,288 330,348 236,521 2,074,571 324,886 200,099 295,080 193,658 733,549 Bills discounted* direct or fully guaranteed 5,479 633 1,777 940 433 4l0 320 190 70 120 14 204 368 Other bills discounted 2,935 191 334 580 178 312 469 10 10 62 235 268 286 Total bills discounted 8,4l4 824 2,111 1,520 611 722 789 200 80 182 249 472 654 Bills bought in open market 534 4o 209 55 49 23 19 66 3 2 15 15 38 Industrial advances 16,818 2,364 4,343 3,o4o 891 1,548 69 673 158 1,081 467 864 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 2,564,015 184,962 745,855 210,528 245,877 139,979 111,416 277,239 119,220 88,375 124,627 97,283 218,654 Total bills and securities 2,589,781 188,190 752,518 215,143 247,428 142,272 112,2.93 278,178 119,461 89,640 125,358 98,634 220,666 Due from foreign banks 186 14 71 19 17 8 7 23 2 2 5 5 13 F. R, notes of other banks 18,742 336 3,448 620 1,185 1,581 1,468 2,962 1,826 1,320 1,264 362 2,370 Uncollected items 582,086 57,290 147,144 44,715 62,473 48,452 19,612 78,452 25,110 15,556 30,788 23,528 28,966 Bank premises 44,64l 2,978 9,890 4,773 6,151 2,667 2,101 4,538 2,320 1,517 3,126 1,277 3,303 All other assets 48,070 2,984 13,977 4,467 5,178 3,117 2,187 4,473 1,997 1,724 2,084 1,740 4,142 TOTAL ASSETS 14,319,942 856,569 5,671,407 816,037 1,074,720 528,445 374,189 2,443,197 475,602 309,858 457,705 319,204 993,009 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 0» JUNE 1, 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 -4,157,156 356,298 911,857 302,633 408,152 187,550 144,166 964,906 176,565 135,136 163,930 77,669 328,294 Deposits» Member bank - reserve account 7,744-,9-49 363,367 3,708,633 373,046 485,791 212,177 160,137 1,217,668 209,546 108,115 215,337 162,808 52.8,324 U.S.Treasurer - General account 1/)92,819 4l,347 524,017 4-9,059 65,009 55,080 30,850 118,315 42,043 37,133 32,603 36,947 60,416 Foreign bank 130,200 9,378 46,709 12,765 11,983 5,601 4,559 15,500 3,907 2,996 3,777 3,777 9,248 Other deposits 262,794 4,832 213,320 1,088 9,728 5,170 3,371 2,106 6,127 2,801 201 2,022 12,028 Total deposits 9,230,762 418,924 4,,492,679 435,958 572,511 278,028 198,917 1,353,589 261,623 151,045 251,918 205,554 610,016 Deferred availability items 578,995 56,883 144,884 44,149 61,149 47,689 18,025 79,300 26,675 14,164 31,554 24,732 29,791 Capital paid in 133,582 9,405 50,961 12,260 13,368 4,950 4,445 13,147 3,903 2,903 4,147 3,944 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 4,4li 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 1,401 1,603 7,201 1,215 1,915 934 1,776 2,000 All other liabilities 11,145 837 3,129 1,160 1,033 454 677 1,238 409 541 467 367 833 TOTAL LIABILITIES 14,319,942 856,569 5,671,407 816,037 1,074,720 528,445 374,189 2,443,197 475,602 309,858 457,705 319,204 993,009 for foreign correspondents 1,530 110 549 150 l4l 66 54 182 46 35 44 44 109 Commitments to make industrial advances 13,140 1,388 4,028 117 1,499 1,688 176 — 557 277 368 92 2,950 — 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 S,4l4 6,677 599 369 169 594 6 — — — — — Bills bought 53 4 _ _ 117 164 253 - - ------ - - ------ Industrial advances 16,818 1,607 263 262 798 2,017 3,125 6,710 2,036 — — U. S. Government securities 2,564,015 183,017 186,171 208,287 174,203 136,884 126,351 376,428 580,569 592,105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283~d FEDERAL RESERVE NOTE STATEMENT ON JUNE 1, 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.bankby F.R.agent 4,4-25,573 383,321 997,895 315,610 430,444 195,563 157,872 991,109 190,360 139,338 172,939 84,747 366,375 Held by Federal Reserve bank 268,417 27,023 86,038 12,977 22,292 8,013 13,706 26,203 13,795 4,202 9,009 7,078 38,081 In actual circulation 4,157,156 356,298 911,857 302,633 408,152 187,550 144,166 964,906 176,565 135,136 163,930 77,669 328,294 Collateral held by agent as secu­ rity for notes issued to bank: Gold certificates on hand and due from U.S. Treasury 4,535,632 390,000 1,010,000 337,000 436,000 200,000 159,000 1,000,000 192,632 141,500 177,000 88,500 404,000 Eligible paper 7,047 784 2,002 1,186 45 5 649 157 200 71 182 240 471 650 Total collateral. 4,542,679 390,7S4 1,012,002 338,186 436,455 200,649 159,157 1,000,200 192,703 141,682 177,240 88,971 4o4,650 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis