H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FRr-283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, July 1; of the Federal Reserve System not earlier. June 30, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended June 29 member bank reserve balances increased $119,000,000. Additions to member bank reserves arose from decreases of $65,000,000 in Treasury deposits with Federal Reserve banks and $80,000,000 in nonmember deposits and other Federal Reserve accounts and increases of $5,000,000 in gold stock and $2,000,000 in Treasury currency, offset in part by increases of $26,000,000 in money in circulation and $6,000,000 in Treasury cash. Excess reserves of member banks on June 29 were estimated to be approximately $2,900,000,000, an increase of $120,000,000 for the week. Principal changes in holdings of bills and securities were an increase of $23,000,000 in United States Treasury notes and a decrease of $23,000,000 in United States Treasury bills* Changes in member bank reserve balances and related items during the week and the year ended June 29, 1938, wore as follows* Increase or decrease since June 29 June 22 June 30 1938 .1938 . -JL217, (in millions of dollars) Bills discounted 10 — Bills bought 1 -3 ------------- U, S. Government securities 2,564 +38 -------------- Industrial advances (not including l4 million commitments - June 29) 17 -5 -------------- Other Reserve bank credit -1 -1 -1 Total Reserve bank credit 2,590 +28 Gold stock 12,962 +5 +644 Treasury currency 2,712 +2 +162 Member bank reserve balances 8,o4l +119 +1,141 Money in circulation 6,428 +26 -19 Treasury cash 2,299 +6 -1,146 Treasury deposits with F. R, banks 864 -65 +771 Nonmember deposits and other F.R.accounts 632 -80 +87 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FRr-283—a .Released for publication Friday morning, July 1, 1938; not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) June 29. 1938 JtSne 22. 1938 June 30. 1937 A S S E T S Gold certificates on hand and due from U, S. Treasury 10,635,929 10,635,912 8,835,907 Redemption fund - F. R. notes • . . • 9,387 9,900 10,471 Other cash ...... 4)6,121 411.562 .2.12*309 Total reserves ........ . . . • 11,051,839 11,057,374 9,158,687 Bills discounted! Secured by U. S. Gov't obligations, direct or fully guaranteed • . . 6,111 6,054 7,042 Other bills discounted ...••• . 3.5.180 3,454 2.887 Total bills discounted •••«.. 9,691 9,508 9,929 Bills bought in open market . . . . . 537 53 7 3,801 Industrial advances...... . . . . 16,590 16,535 22,152 U, S. Government securities: Bonds...... .............. 744,105 744,105 732,508 Treasury notes ••••.. ...... 1,165,105 1,141,819 1,170,713 Treasury bills . . ............ 65-4,805 678.091 622,969 Total U. S. Government securities 2,564,015 2,564,015 2,526,190 Total bills and securities . . . . 2,590,833 2,590,595 2,562,072 Due from foreign banks .....•• 183 I83 219 F. R. notes of other banks • . . . . 19,505 22,473 23,933 Uncollected items . . . . . . . . . . 520,057 549,768 664,235 Bank premises . . . . . . . . . . . 44,6l6 44,621 45,615 All other assets . . . . . . . . . . 44,953. 42,560 41.720 TOTAL ASSETS ........ 14,271,986 14,307,574 12,496,481 L I A B I L I T I E S F. R. notes in actual circulation • . 4,124,442 4,108,568 4,206,477 Deposits I Member bank - reserve account ... 8,040,951 7,921,888 6,900,288 U.S.Treasurer - General account , . 863,897 928,590 92,813 Foreign bank ...... ...... 138,612 149,500 157,400 Other deposits . . . . . . . . . . 227.441 295.508 127.671 Total deposits . . . . . . . . 9,270,901 9,295,486 7,278,172 Deferred availability items ..... 521,301 549,504 664,852 Capital paid in . . . . . . . . . . 133,570 133,569 132,302 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 ....... ..12,504 12,179 ..-5*428 TOTAL LIABILITIES ...... 14,271,986 14,307,574 12,496,481 Ratio of total reserves to deposit and F. R. note liabilities combined . . 82.5% 82.5% 79.7% Contingent liability on bills purchased for foreign correspondents ..... 1,506 1,686 4,015 Commitments to make industrial advances 13,649 13,600 16,331 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

F«rm FR—283-b ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON JUNE 29, 1938 (in millions 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 10,635,929 595,370 4,467,058 512,785 701.163 296,809 215,548 2,196,452 320,202 208,227 254,728 181,571 686,016 Redemption fund - F,R, notes 9,387 1,008 980 1,299 1,481 628 365 441 479 853 268 362 1,223 Other cash 406,523 39,075 97,882 25,346 31,812 23,565 25,303 56,898 18,565 10,311 26,680 16,92.3 34,163 Total reserves 11,051,839 635,453 4,565,920 539,430 734,456 321,002 241,216 2,253,791 339,246 219,391 281,676 198,856 721,402 Bills discounted* Secured by U.S. Gov’t obligations, direct or fully guaranteed 6,111 596 3,155 743 242 649 237 25 50 32 44 50 288 Other bills discounted 3,580 170 525 598 202 402 -756 60 94 182 329 262 MM Ml Total bills discounted 9,691 766 3,680 1,341 444 1,051 993 25 110 126 226 379 550 Bills bought in open market 537 40 211 55 49 23 19 66 2 2 16 16 38 Industrial advances 16,590 2,381 4,267 2,947 851 1,537 121 559 137 1,185 433 827 1,345 U. S. Government securities* Bonds 744,105 53,679 216,454 61,097 71,357 40,623 32,335 80,458 34,599 25,646 36,169 28,232 63,456 Treasury notes 1,165,105 84,047 338,922 95,666 111,727 63,608 50,628 125,979 54,174 40,159 56,631 44,206 99,358 Treasury bills 654,805 47,236 190,479 53,765 62,793 35,748 28,453 70,802 30,447 22,570 31,827 24,845 55,840 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 2,590,833 188,149 754,013 214,871 247,221 142,590 112,549 277,889 119,469 89,688 125,302 98,505 2,20,587 Due from foreign banks I83 14 68 19 17 8 6 23 2 5 5 13 3 F. R. notes of other banks 19,505 431 3,401 871 855 1,738 2,352 2,867 1,394 1,348 1,178 559 2,511 Uncollected items 520,057 56,159 126,367 37,113 58,594 44,249 18,091 67,303 21,955 16,247 26,833 18,804 28,342 Bank premises 44,616 2,973 9,890 4,762 6,138 2,661 2,097 4,538 2,317 1,542 3,126 1,277 3,295 AU other asse'ts 44,953 2,661 12,£65 4,906 4,766 2,944 2,030 4,111 1,770 1,596 1,956 1,564 3,784 TOTAL ASSETS 1-4,271*986 885,840 5,472,524 801,972 1,052,047 515,192 378,341 2,610,522 486,154 329,8l4 440,076 319,570 979,934 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 29, 1938 (in thousands of dollars) U 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 4,124,442 355,038 901,498 302,065 404,520 190,375 1-40,449 956,763 173,643 133,002 162,63^ 75,852 328,603 Deposits* Member bank ~ reserve account 8,o4o,951 390,927 3,822,759 363,194 461,248 204,549 155,6o4 1,344,232 242,420 122,627 218,101 164,117 546,173 U.S.Treasurer - General account 863,897 44,820 275,269 45,827 72,741 53,392 41,925 176,051 24,605 43,702 16,54-2 40,430 28,593 Foreign bank 138,612 9,919 50,309 13,500 12,674 5,924 4,821 16,393 4,133 3,168 3,995 3,995 9,781 Other deposits 227,441 4,103 177,840 1,617 9,386 2,945 4^902 1^826 6,819 2,773 775 1,875 12,572 Total deposits 9,270,901 449,769 4,326,185 429,138 556,049 266,810 207,2.52 1,538,502 277,977 172,270 239,413 210,417 597,119 Deferred availability items 521,301 56,474 122,224 36,837 58,398 42,732 17,496 69,634 23,730 14,974 27,583 21,991 29,228 Capital paid in 133,570 9,405 50,937 12,245 13,377 4,954 4,449 13,153 3,904 2,907 4,159 3,938 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 4,4n 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Reserve for contingencies 32,846 1,448 8,210 2,000 3,177 l-,4oi 1,603 7,174 1,2.15 1,908 934 1,776 2,000 All other liabilities 13,504 932 3,783 1,810 1,196 547 736 1,480 473 599 598 434 916 TOTAL LIABILITIES for foreign correspondents 1,506 108 541 147 138 65 53 179 45 35 44 44 107 Commitments to make industrial advances 13,649 l,4l4 4,027 118 1,542 1,856 183 24 569 237 443 91 3,145 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 ïears 5 Years Bills discounted 9,691 7,807 471 477 355 575 6 Bills bought 537 110 69 229 129 — - — - ----- ----- - - Industrial advances 16,590 1,239 171 286 934 2,146 2,927 6,636 2,251 ----- U, S. Government securities 2,564,015 106,776 112,2.46 174,203 215,480 88,885 168,763 453 *645 579,257 664,760 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FHr“283~d FEDERAL RESERVE NOTE STATEMENT ON JUNE 29, 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 4,418,328 381,012 996,800 318,226 427,393 200,480 155,864 982,643 186,538 }38,l60 172,048 84,636 374,528 Held by Federal Reserve bank 293,886 25,974 95,302 16,161 22,873 10,105 15,415 25,880 12,895 5,158 9,4l4 8,784 45,925 In actual circulation 4,124,442 355,038 901,498 302,065 404,520 190,375 l4o,449 956,763 173,643 133,002 162,634 75,852 328,603 Collateral held by agent as secu­ rity for notes issued to bank* □old certificates on hand and due from U. S. Treasury 4,533,632 390,000 1,010,000 337,000 432,000 202,000 159,000 1,000,000 192,632 l4l,500 177,000 88,500 404,000 Eligible paper 7,810 - - 3,506 989 269 942 763 25 50 126 217 379 544 Total collateral 4,541,442 390,000 1,013,506 337,989 432,269 202,942 159,763 1,000,025 192,682 l4l,626 177,217 88,879 4o4,544 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis