H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Forra FR-283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, June 10; of the Federal Reserve System not earlier, June 9, 1938* CONDITION OF FEDERAL RESERVE BANKS During the week ended June 8 member bank reserve balances increased |103,000,000. Additions to member bank reserves arose from decreases of $>32,000,000 in money in circulation and $88,000,000 in Treasury deposits with Federal Reserve banks, and an increase of $22,000,000 in gold stock, offset in part by a decrease of $11,000,000 in Reserve bank credit and increases of $23,000,000 in Treasury cash and $7,000,000 in nonmember deposits and other Federal Reserve accounts* Excess reserves on June 8 were estimated to be approximately $2,710,000,000, 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 June 8, 1938, were as follows» Increase or decrease since June 8 June 1 June 9 1938 1928 1937 (In millions of dollars) Bills discounted 9 +1 -5 Bills bought 1 -5 -------------- U. S, Government securities 2,564 — — +38 Industrial advances (not including 13 million commitments - June 8) 17 -5 _ — Other Reserve bank credit -8 -11 -12 Total Reserve bank credit 2,582 -11 +9 Gold stock 12,9*0 +22 +822 Treasury currency 2,703 — — +156 Member bank reserve balances 7,848 +103 +919 Money in circulation 6,437 -32 +2 Treasury cash 2,277 +23 -977 Treasury deposits with F. R. banks 1,005 -88 +920 Nonmember deposits and other F, R, accounts 660 +7 +126 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-2o3-u Released for publication Friday morning, June 10,1938; not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) June 8. 1938 June 1.1938 June 9. 1937 A S S E T S Gold certificates on hand and due from U. S. Treasury 10,637,*00 10,638,900 8,838,405 Redemption fund - F. R. notes ...... 9,619 8,186 9,971 Other cash 397.797 389,350 Total reserves . . . . . . . . . . . . . 11,0*4,816 11,036,*36 9,154,114 Bills discounted» Secured by U.S.Gov’t obligations, direct or fully guaranteed ...... 5,*42 5,*79 11,006 Other bills discounted ... . . .. . .126 .... 2,222 3.289 Total bills discounted ........... 8,568 8,*1* 1*,295 Bills bought in open market ....... 53 6 53* 5,818 Industrial advances .............. . 16,732 16,818 22,196 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 71*,857 6*1,*69 Total U.S. Government securities ... 2,564,015 2,56*,015 2,526,290 Total bills and securities ........ 2,589,851 2,589,781 2,568,599 Due from foreign banks ........... . 18* 186 226 F. R. notes of other banks . ........ 20,816 18,7*2 22,025 Uncollected items . . .............. 513,229 582,086 595,266 Bank premises 4*,6*1 *4,6*1 *5,687 All other assets ....... ...... 49,267 *8,070 *9.199 TOTAL ASSETS ............ 1*,262,80* 1*, 319,9*2 12/35,116 L I A B I L I T I E S F. R. notes in actual circulation . . . . *,135,785 *,157,156 *,200,965 Deposits» Member bank - reserve account . . . . . 7,8*7,605 7,7**,9*9 6,928,977 U. S. Treasurer - General account . . . 1,00*,68* 1,092,819 8*,6*2 Foreign bank . . . . . . . . . . . . . 131,989 130,200 139,671 Other deposits .. .............. 267.1*1 262.79* 139,*70 Total deposits . ........ . 9,251,*19 9,230,762 7,292,760 Deferred availability items ....... 521,177 578,995 591,267 Capital paid in .............. ■ 133,558 133,582 132,196 Surplus (Section 7)............ . 1*7,739 147,739 1*5,85* Surplus (Section 13 b ) ......... . . 27,683 27,683 27/90 Reserve for contingencies ........ . . 32,880 32,880 35,9*0 All other liabilities . ........ . . . 12.563 11.145 8,64* TOTAL LIABILITIES .............. 1*,262,80* 14,319,942 12/35,116 Ratio of total reserves to deposit and F. R. note liabilities combined . . . . 82.5$ 82,4$ 79.6$ Contingent liability on bills purchased for foreign correspondents ...... 1,703 1,530 2,532 Commitments to make industrial advances . 13,373 13,1*0 16,956 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283~b ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BAMS ON JUNE 8, 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 10,637,400 591,268 4,465,733 565,850 729,342 298,184 232,281 2,103,109 2.92,884 206,087 271,4l6 176,452 704,794 Redemption fund — F.R,notes 9,619 1,091 1,330 1,434 605 85* 429 571 510 868 290 380 1,257 Other cash 397,797 38,935 93,776 24,472 35,740 27,075 19,556 56,344 18,701 9,429 27,457 13,781 32,531 Total reserves 11,044,816 631,294 4,560,839 591,756 765,687 326,113 252,266 2,160,024 312,095 216,384 299,163 190,613 738,582 Bills discounted* Secured by U.S,Gov’t obligai rfLons, direct or fully guaranteed 5,442 653 1,669 771 378 310 322 190 70 120 4l4 207 338 Other bills discounted 3,126 208 485 547 184 276 6l4 10 10 62 222 266 242 Total bills discounted 8,568 861 2,154 1,318 562 586 936 200 80 182 636 473 5S0 Bills bought in open market 536 40 211 55 49 23 19 66 3 2 15 15 , 38 Industrial advances 16,732 2,367 4,34l 2,950 889 1,548 115 672 137 1,074 46l 862 1,316 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 31,9*7 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 4l,o8l 57,934 45,223 101,644 Treasury bills 714,857 51,568 207,948 58,696 68,551 39,027 31,063 77,295 35,239 24,64) 34,746 27,123 60,961 2,564,05.5 184,962 745,855 210,528 245,877 139,979 111,416 277,239 119,220 88,375 124,627 97,283 218,654 Total bills and securities 2,589,851 188,230 752,561 214,851 247,377 142,136 112,466 278,177 119,440 89,633 125,739 98,633 220,588 Due from foreign banks 184 14 69 19 17 8 7 23 2 2 5 5 13 F. R. notes of other banks 20,816 440- 3,747 1,067 1,342 1,440 2,254 3,238 1,948 1,810 1,068 597 1,865 Uncollected items 513,229 52,285 121,074 41,263 54,868 44,608 21,157 63,134 23,800 l4,605 27,362 21,813 27,260 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 49,267 3,015 14,208 5,172 5,228 3,155 2,168 4,521 2,042 1,749 2,097 1,716 4,196 TOTAL ASSETS 14,262,804 878,256 5,462,388 858,901 1,080,670 520,127 392,439 2,513,655 461,647 325,700 458,560 314,654 995,807 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 JUNE 8, 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, L *,135,785 356,3*3 893,925 300,806 409,163 190,092 1^3,353 961,782 174,897 134,458 164,151 77,480 329,335 Deposits» Member bank — reserve account 7,8*7,605 399,512 3,580,222 *2*,690 503,*31 218,592 161,699 1,299,759 212,830 113,190 222,657 159,821 551,202 U.S.Treasurer - General accovu it 1,00*,68* 30,808 *79,37* 44,246 59,111 *2,918 *6,806 121,021 27,095 *8,1*3 29,700 36,512 38,950 Foreign bank 131,989 9,378 *8,*98 12,765 11,983 5,601 *,559 15,500 3,907 2,996 3,777 3,777 9,248 Other deposits 267,1*1 5,770 218,673 1,917 9,732 3,496 2,875 1,392 6,222 2,500 183 1,954 12,*27 Total deposits 9-, 251, *19 **5,*68 *,326,767 483,618 58*,257 270,607 215,939 1,437,672 250,05* 166,829 256,317 202,064 611,827 Deferred availability items 521,177 51,981 119,533 40,73* 5*,281 **,217 20,046 68,745 25,935 14,385 27,765 23,85* 29,701 Capital paid in 133,558 9,*05 50,937 12,260 13,375 *,9*9 *,*47 13,1*7 3,90* 2,903 4,1*7 3,934 10,150 Surplus (Section 7) 1*7,739 9,900 51,9*3 13,*66 1*,323 *,964 5,626 22,387 *,667 3,153 3,613 3,892 9,805 Surplus (Section 13 b) 27,683 2,87* 7,7*4 *,*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,**8 8,210 2,000 3,177 1,*01 1,603 7,201 1,215 1,915 934 1,776 2,000 AH other liabilities 12,563 837 3,329 1,606 1,087 *88 695 1,292 *30 1,056 491 384 868 TOTAL LIABILITIES 14,262,80* 878,256 5,462,388 858,901 1,080,670 520,127 392,*39 2,513,655 *61,6*7 325,700 *58,560 314,65* 995,807 for foreign correspondents 1,703 123 611 167 157 73 60 203 51 39 *9 *9 121 Commitments to make industrial advances 13,373 1,373 *,021 118 1,*88 1,86* 176 24 570 276 366 92 3,005 , 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 8,563 6,913 559 321 235 535 K — — Bills bought 536 127 4 2*7 158 ----- mm ----- - - ----- Industrial advances 16,732 1,5** 263 405 1,022 1,663 3,099 6,729 2,007 - - U. S.' Government securities 2,56*,015 26*,905 109,604 20*,75* 181,285 128,014 126,351 376,*28 580,569 592,105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-28>*d FEDERAL RESERVE NOTE STATEMENT ON JUNE 8, 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 4/3*,946 382,004 997,091 318,636 432,481 199,79* 158,652 987,773 188,967 139,595 173,9*8 85,323 370,682 Held by Federal Reserve bank 299,161 25,661 103,166 17,830 23,318 9,702 15,299 25,991 14,070 5,137 9,797 7,843 4l,347 In actual circulation 4,135,785 356,3*3 893,925 300,806 *09,163 190,092 1*3,353 961,782 17*,897 134,458 164,151 77,*80 329,335 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 *36,000 2q0,000 159,000 1,000,000 192,632 1*1,500 177,000 88,500 40*,000 Eligible paper 7,659 821 2,0*4 995 *07 546 719 200 71 182 626 472 576 Total collateral 4,543,291 390,821 1,012,0*4 337,995 436,407 200,546 159,719 1,000,200 192,703 l4l,682 177,626 88,972 *04,576 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis