H.4.1 Factors Affecting Reserve Balances of Depository Institutions

form FFH283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, June 24} of the Federal Reserve System not earlier. June 23, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended June 22 member bank reserve balances increased $18,000,000* Additions to member bank reserves arose from decreases of $18,000,000 in money in circulation and $6,000,000 in Treasury deposits with Federal Reserve banks and increases of $7,000,000 in gold stock and #3,000,000 in Treasury currency, offset in part by increases of $4,000,000 in Treasury cash and $7,000,000 in nonmember deposits and other Federal Reserve accounts and a decrease of $7,000,000 in Reserve bank credit. Excess reserves of member banks on June 22 were estimated to be approximately $2,780,000,000,an increase of $50,000,000 for the week. Principal changes in holdings of bills and securities were an increase of $10,000,000 in United States Treasury notes and a decrease of $10,000,000 in United States Treasury bills. Changes in member bank reserve balances and related items during the week and the year ended June 22, 1938, were as follows» Increase or decrease since June 22 June 15 June 2' _„1928_ 1938 1937 (in millions of dollars) Bills discounted 10 +1 -3 Bills bought 1 -3 U. S. Government securities 2,564 +38 M* mm Industrial advances (not including 14 million commitments — June 22) 17 -5 -------------- Other Reserve bank credit * -7 +3 Total Reserve bank credit 2,591 -7 +29 Gold stock 12,957 +7 +687 Treasury currency 2,710 +3 +I60 Member bank reserve balances 7,922 +18 +1,068 Money in circulation 6,402 -18 +8 Treasury cash 2,293 +4 “1,103 Treasury deposits with F. R. banks 929 -6 +778 Nonmember deposits and other F, R. accounts 712 +7 +125 *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, June 24,193®? not earlier ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) June 22. 1938 June 15. 1938 June 23.1937 A S S E T S Gold certificates on hand and due from U. S. Treasury . . . . . . . . . 10,635,912 10,637,401 8,836,904 Redemption fund - F. R. notes ..... 9,900 9,164 10,241 Other cash 411.562 , ,401.tl26 322.491 Total reserves . . . . . . . . . 11,057,374 11,047,891 9,169,636 Bills discounted* Secured by U. S. Gov’t obligations, direct or fully guaranteed .... 6,054 5,992 9,844 Other bills discounted ...*••* ... 3.4o4 . Total bills discounted ....... 9,508 9,396 13,303 Bills bought in open market ...... 537 537 4,273 Industrial advances 16,535 16,635 22,012 U, S. Government securities* Bonds 744,105 744,105 732,558 Treasury notes . • ............ 1,141,819 1,132,053 1,168,213 Treasury bills . . . . . . . . . . . 678.091 687.857 625,469 Total U. S. Government securities • 2,564,015 2,564,015 2,526,240 Total bills and securities ..... 2,590,595 2,590,583 2,565,828 Due from foreign banks ..........* 183 183 219 F. R. notes of other banks ........ 22,473 22,109 23,108 Uncollected items 549,768 682,909 630,603 Bank premises 44,621 44,657 45,697 All other assets ... ........... 42.560 41,525 ....40*722 TOTAL ASSETS...... 14,307,574 14,429,857 12,475,824 L I A B I L I T I E S F. R. notes in actual circulation ... 4,108,568 4,123,102 4,162,832 Deposits» Member bank - reserve account .... 7,921,888 7,904,250 6,854,411 U.S.Treasurer - General account . . . 928,590 934,887 150,928 Foreign bank ................. . 149,500 139,487 166,963 Other deposits ...... ....... 295 *.508 ..228*579 . ,116*55.2 Total deposits . . . . . .. . 9,295,486 9,277,203 7,328,855 Deferred availability items ...... 549,504 675,937 634,198 Capital paid in.. . . . . . . . . . . 133,569 133,551 132,205 Surplus (Section 7) . . . . . . . . . . 147,739 147,739 145,854 Surplus (Section 13 b) . . . .. . .. 27,683 27,683 27,490 Reserve for contingencies ....... 32,846 32,846 35,906 All other liabilities . . . . . . . . . 12.179 .. .,„11*226 8.484 TOTAL LIABILITIES ......... 14,307,574 14,429,857 12,475,824 Ratio of total reserves to deposit and F. R. note liabilities combined ... 82.5$ 82.4$ 79.8$ Contingent liability on bills purchased for foreign correspondents . . . . . 1,686 1,840 4,044 Commitments to make industrial advances 13,600 13,638 16,733 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ä>im FR—283-b ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON JUNE 22, 1938 (ln 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 10,635,912 583,044 4,436,961 526,903 712,359 306,190 215,755 2,181,852 325,687 212,780 261,599 182,260 690,522 Redemption fund - F.R, notes 9,900 1,033 1,085 1,337 1,516 842 382 484 489 857 274 368 1,233 Other cash 411,562 39,841 98,646 27,218 33,193 25,521 24,264 57,814 18,750 9,855 26,559 15,923 33,978 Total reserves 11>057,374 623,918 4,536,692 555,458 747,068 332,553 240,401 2,240,150 344,926 223,492 288,432 198,551 725,733 Bills discountedi Secured by U.S,Gov’t obligations, direct or fully guaranteed 6,054 595 2,772 721 552 359 262 200 20 45 4 5 195 288 Other bills discounted 3,454 174 525 546 203 340 680 10 79 195 417 285 Total bills discounted 9,508 769 3,297 1,267 755 699 942 200 30 124 240 612 573 Bills bought in open market 53 7 4o 211 55 49 23 19 66 3 2 15 16 38 Industrial advances 16,535 2,457 4,271 2,947 852 1,537 120 563 137 1,066 436 828 1,321 U. S.Government securities* Bonds 744,105 53,678 216,454 61,098 71,357 40,622 32,335 80,458 34,600 25,647 H CO 28,232 63,456 Treasury notes 1,141,819 82,368 332,148 93,753 109,494 62,337 49,616 123,461 53,091 39,356 55,500 43,323 97,372 Treasury bills 678,091 48,916 197,253 55,677 65,026 37,020 29,465 73,320 31,529 23,372 32,959 25,728 57,826 Total U.S,Govft 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 2,590,595 188,228 753,634 214,797 247,533 142,238 112,497 278,068 119,390 89,567 125,318 98,739 220,586 Due from foreign banks I83 14 68 19 17 8 6 23 3 2 5 5 13 F, R. notes of other banks 22,473 610 3,720 1,121 1,545 1,796 2,246 3,490 2,348 1,041 1,908 48 5 2,163 Uncollected items 549,768 57,868 135,871 42,295 56,201 44,781 17,959 71,372 22,940 16,337 29,296 21,585 33,263 Bank premises 44,621 2,978 9,890 4,762 6,138 2,667 2,097 4,538 2,320 1,533 3,126 1,277 3,295 All other assets 42,560 2,565 12,385 3,980 4,625 2,804 1,959 3,949 1,754 1,538 1,843 1,507 3,651 TOTAL ASSETS 14,307,574 876,181 5,452,260 822,432 1,063,127 526,847 377,165 2,601,590 493,681 333,510 449,928 322,149 988,704 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form Fîfr-283-c ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON JUNE 22, 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-,108,568 353,666 888,820 300,439 405,468 188,000 l4l,447 957,648 173,464 133,786 162,480 76,474 326,876 Deposits* Member bank — reserve account 7,921,888 383*502 3,708,180 378,365 471,329 2l4,4l4 154,186 1,326,248 247,003 118,587 217,804 161,217 541,053 U.S,Treasurer - General account 928,590 4-3,028 299,932 52,654 75,224 56,497 41,057 179,186 27,074 49,492 24,606 42,611 37,229 Foreign bank 149,500 4-0,755 53,753 14,638 13,742 6,423 5,228 17,775 4,481 3/36 4,332 4,332 10,605 Other deposits 295,508 4,119 246,523 1,497 9,427 2,698 3,607 1,575 6,556 2,940 180 1,918 14,468 Total deposits 9,295,486 44i,4o4 4,308,388 447,154 569,722 280,032 204,078 1,524,784 285,114 174,455 246,922 210,078 603,355 Deferred availability items 549,504 56,597 132,637 41,750 54,907 43,584 18,511 73,587 24,327 15,687 30,120 24,306 33,491 Capital paid in 133,569 9,405 50,937 12,245 13,377 4,954 4,449 13,153 3,904 2,907 4,159 3,937 10,142 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 73O 1,429 545 1,001 1,142 1,270 2,121 Reserve for contingencies 32,846 1,448 8,210 2,000 3,177 1,401 1,603 7,174 1,215 1,908 934 1,776 2,000 All other liabilities 12,179 887 3,581 967 1,146 503 721 1,428 445 613 558 4l6 914 TOTAL LIABILITIES 14,307,574 876,181 5,452,260 822,432 1,063,127 526,847 377,165 2,601,590 493,681 333,510 449,928 322,149 988,704 Contingent liability ûn bills purchased for foreign correspondents 1,686 121 605 165 155 72 59 201 51 39 49 49 12P Commitments to make industrial advances 13,600 1,415 3,965 118 1,536 1,859 186 24 569 277 443 91 3,117 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 9,508 7,556 477 477 403 589 6 Bills bought 537 4 107 298 128 ----- - - - - — ~ — — Industrial advances 16,535 1,290 160 316 920 2,101 2,939 6,679 2,130 -- U. S. Government securities 2,564,015 117,172 128,8931 173,696 192,780 108,335 168,763 430,359 579,257 664,760 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-d FEDERAL RESERVE NOTE STATEMENT ON JUNE 22, 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 4,4l6,044 381,300 995,24-2 317,565 429,542 198,243 157,014 981,650 187,472 139,007 173,012 84,100 371,897 Held by Federal Reserve bank 307,476 27,634 106,422 17,126 24,074 10,243 15,567 24,002 14,008 5,221 10,532 7,626 45,021 In actual circulation 4,108,568 353,666 888,820 300,439 405,468 188,000 l4l,447 957,648 173,464 133,786 162,480 76,474 326,876 Collateral held by agent as secu­ rity for notes issued to bank* Gold certificates on hand and due from U. S. Treasury 4,531,632 390,000 1,010,000 337,000 432,000 200,000 159,000 1,000,000 192,632 l4l,500 177,000 88,500 404,000 Eligible paper 8,505 739 3,l45 94l 580 64o 712 200 20 124 226 612 566 Total collateral 4,540,137 390,739 1,013,145 337,941 432,580 200,640 159,712 1,000,200 192,652 l4l,624 177,226 89,112 4o4,566 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis