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, July 8j of the Federal Reserve System not earlier. July 7* 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended July 6 member bank reserve balances increased §33*000,000. Additions to member bank reserves arose from decreases of $91**000,000 in Treasury deposits with Federal Reserve banks and $8,000,000 in nonmember deposits and other Federal Reserve accounts and increases of $13,000,000 in Reserve bank credit, 05*000,000 in gold stock and 03*000,000 in Treasury currency, offset in part by increases of $86*000,000 in money in circulation and Oil*000,000 in Treasury cash. Excess reserves of member banks on July 6 were estimated to bo approximately -'"2,990,000,000, an in­ crease of 090,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended July 6, 1938, were as follows: Increase or decrease since July 6 June 29 July 7 1938 1938 1937 (In millions of dollars) Bills discounted 8 - 2 - 5 Bills bought 1 tmmm - 3 U. S. Government securities 2*561; + 38 Industrial advances (net including 13 million commitments - July 6) 16 - i - 6 Other Reserve bank credit lh + 15 + 1 Total Reserve bank credit 2,603 + 13 + 25 Gold stock 12,967 + 5 +59l Treasury currency 2,715 + 3 +163 Member bank reserve balances 8,071* + 33 +1,2Ì47 Money in circulation 6,5lij + 86 - 10 Treasury cash 2,303 + h -1,208 Treasury deposits with F. R. banks 770 - 9k + 669 Nomomber deposits and other F.R.accounts 621* 8 + 81 - Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR.-283-a Released for publication Friday morning, July 8# 1938; not earlier. ASSETS AND LIABILITIES OF THE TvTELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) July 6, 1938 June 29« 1938 July 7, 1937 A S S E T S Gold certificates on hand and due from U. S. Treasury ^ . 10,631*,927 10,635,929 8,835,406 Redemption fund * F. R; notes . . . 9,881+ 9,387 10,399 374,414 406,523 277,661 11,019,225 11,051,839 9,123,466 Bills discounted:• Secured by U. S. Gov’t obligations^ direct or fully guaranteed • * . 14,701+ 6,111 9,623 Other bills discounted . . . . . . 3,251+ 3,580 3,395 7,958 9,691 13,018 Bills bought in open market • . . • 537 537 3,669 Industrial advances ... ........ 16,361 16,590 21,783 U. S. Government securities: 71+14,105 71)4,105 732,508 1,165,105 1,165,105 1,165,713 Treasury bills .... ....... . 654,805 654,805 627,969 Total TJ. S. Government securities 2,564,015 2,564,015 2,526,190 Total bills and securities 2,588,871 2,590,833 2,564,660 183 183 219 20,252 19,505 21,950 585,567 520,057 638,313 14+, 577 Ii4,6l6 45,601 1)4,837 1)4,953 41,977 H+,303,512 14,271,986 12,436,186 L I A B I L I T I E S F. R. notes in actual circulation . . 4,171;, 869 4,1214,1(42 4,252,417 Deposits: Member bank - reserve account . * i 8,073,675 8,040,951 6,826,707 U.S.Treasurer•- General account . * 770,193 863,897 100,937 Foreign bank . . . .........* . 1314,865 138,612 172,325 227,997 227,1)41 112,381 Total deposits . . . . . . . . 9,206,730 9,270,901 7,212,350 571,624 521,301 625,371 133,667 133,570 132,355 147,739 147,739 145,854 27,683 27,683 27,490 Reservo for contingencies i . . . . . 32,81*6 32,846 35,906 All other liabilities .......... 8,354 13,504 4,443 TOTAL LIABILITIES 14,303,512 14,271,986 12,436,186 Ratio of total reserves to deposit and F. R. note liabilities combined » • 82*3$ 82.59? 79.6$ Contingent liability on bills purchased / for foreign correspondents 1,368 1,506 4,138 Commitments to make industrial advances 13,468 13,649 16,110 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 JULY 6, 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 10,634,927 618,443 4,397,21+4 507,658 721,234 303,446 220,467 2,180,168 319,561 225,713 264,008 191,736 685,249 Redemption fund - F.R. notes 9,884 994 1,854 1,263 1,431 613 292 375 442 846 255 356 1,163 Other cash 374,414 .37,535 97,137 21,064 28,634 21,807 20,846 50,937 15,960 8,607 23,679 15*849 32,359 Total reserves 11,019,225 656,972 4,496,235 529,985 751,299 325,866 241,605 2,231,480 335,963 235,166 287,942 207,941 718,771 Bills discounted: Secured by U.S.Gov't obligations, direct or fully guaranteed 4,704 500 2,252 621 289 304 195 125 20 32 43 60 263 Other bills discounted 3,254 161 473 571 209 383 557 — 60 94 170 200 376 Total bills discounted 7,958 661 2,725 1,192 498 687 752 125 80 126 213 260 639 Bills bought in open market 537 40 210 55 49 23 19 67 2 2 16 16 38 Industrial advances 16,361 2,381 4,256 2,865 771 1,499 118 558 136 1,185 422 825 1,345 U. S. Government securities: Bonds 744,105 56,942 226,407 66,972 69,728 36,921 32,270 80,919 33,203 21,310 34,429 24,657 60,347 Treasury notes 1,165,105 89,155 354,504 ic4,864 109,176 57,812 50,528 126,703 51*989 33,367 53,906 38,608 94,493 Treasury bills 654,805 50,106 199,236 58,935 61,358 32,491 28,398 71,209 29,219 18,753 30,296 21,698 53,106 Total U.S.Gov’t securities 2,564,015 196,203 780,147 230,771 240,262 127,224 111,196 278,831 114,411 73,430 118,631 84,963 207,946 Total bills and securities 2,588,871 199,285 787,338 234,883 241,580 129,433 112,085 279,581 114,629 74,743 119,282 86,064 209,968 Due from foreign banks 183 14 70 18 17 8 6 22 3 2 5 5 13 F. R. notes of other banks 20,252 342 3,023 629 1,216 2,071 2,012 2,532 1,967 1,736 1,468 543 2,711 Uncollected items 585,567 53,563 143,427 39,619 63,260 53,335 21,895 75,624 26,780 17,080 31,369 24,870 34,745 Bank premises 44,577 2,973 9,874 4,762 6,138 2,66l 2,098 4,528 2,316 1,540 3,121 1,271 3,295 All other assets 44,837 2,888 13,466 4,470 4,781 2,798 2,078 4,223 1,731 1,407 1,850 1,400 3,745 TOTAL ASSETS 14,303,512 916,037 5,453*433 814,366 1,068,293 516,172 381,779 2,597,990 483,389 331,674 ¿+45,037 322,094 973,248 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-c ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BAMS ON JULY 6, 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 ¿1« 174* 869 360,011 913*591 303*062 400,024 192,226 141*556 966,801 174*398 13l+*658 161+, 543 77*118 338,601 Deposits: Member bank — reserve account 8,073*675 1427,129 3*783*408 387*328 4.74*309 210,530 161,888 1,355*111 239*952 121,527 220,357 163*592 528,544 U.S.Treasurer - General account 770,193 37*900 272,215 38,634 69*069 38,889 35*541 136,889 19*956 43*923 13*684 37*749 25*744 Foreign bank 134*865 9*713 48,395 13,220 12,411 5*800 4*721 16,053 1+,q47 3*103 3*912 3*912 9*578 Other deposits 227*997 4*134 177.994 1*683 9*973 3*126 4-* i43 1*713 6,829 2,559 530 2,652 12,661 Total deposits 9*206,730 478,876 4*282,012 440,865 565,762 258,345 206,293 1*509*766 270,784 171*112 238,483 207,905 576,527 Deferred availability items 571*624 52*879 136,871; 37*667 61,858 50,500 20,918 76,211 27,532 16,410 31*770 25*897 33*108 Capital paid in 133*667 9*408 50,955 12,245 13*369 4*955 4*449 13*202 3,908 2,907 4*163 3*942 10,164 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*411 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 1*401 1*603 7*171+ 1,215 1*908 934 1*776 2,000 All other liabilities 8*354 64i 2,104 650 773 372 6o4 1,020 340 525 389 294 642 TOTAL LIABILITIES 14*3.03,512 916*037! 5*453*433 014*366 1,068,293 516,172 381,779 2,597*990 483*389 331*674 41+5*037 322,C94 973*248 Contingent liability on bills purchased for foreign correspondents 1*368 98 491 134 126 59 48 163 41 31 40 1+0 97 Commitments to make industrial advances 13*468 1*417 3*957 130 1,483 1*857 183 21+ 611 238 381 91 3*096 MATURITY DISTRIBUTIOH OF BILLS AND SECURITIES Within l6 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 7*958 6,286 247 527 503 389 6 Bills bought 537 107 216 83 131 — — mm mm — wmmm Industrial advances 16,361 1*269 305 229 1,034 2,151+ 2,735 6,443 2,192 — U. S. Government securities 2,564,015 118,893 81,361 181,285 215,480 100,571 168,763 453*645 579*257 66i;,750 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-â FEDgRAL RESERVE NOTE STATEMENT ON JULY 6, 1938 (In thousands of dollars) Total Boston New York Phila* Clavo. Rich* Atlanta Chicago St.Louis Minn« Kans.Cy. Dallas San Fran« Federal Reserve notes: Issued to F.R.bank F.R.agent 4,458,193 381,071 1,005,11^4 316,216 429,929 200,209 155,743 1,006,080 187,578 139,316 174*326 83,822 378,759 by Held by Federal Reserve bank 283,324 21,060 91,553 13,154 21,905 7*983 l4,l87 39,279 13*180 4,658 9,783 6,704 39,878 In actual circulation 4,174*869 360,011 913,591 303*062 408,024 192,226 141,556 966,801 174,398 134,658 164,543 77,118 338,881 Collateral held by agent as secu­ rity for notes issued to bank: Gold certificates on hand and due from U« S* Treasury 4,543,632 390,000 1,010,000 337,000 432,000 202,000 159,000 1,010,000 192,632 141,500 177,000 88,500 40^,000 Eligible paper 6,986 631 2,577 830 323 578 698 125 20 106 2C4 260 634 Total collatoral 4,550,618 390,631 1,012,577 337,830 432,323 202,578 159*698 1,010,125 192,652 141,606 177,204 88,760 4a4*&54 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis