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, July 15» of the Federal Reserve System not earlier July 14* 1938 CONDITIO! OF FEDERAL RESERVE BAMS During the week ended July 13 member bank reserve balances increased $199*000,000. Additions to member bank reserves arose from decreases of $70,000,000 in money in circulation and $11)2,000,000 in Treasury deposits with Federal Reserve banks and an increase of §12,000,000 in gold stock, offset in part by increases of §12,000,000 in Treasury cash and $9*000,000 in nonmember deposits and other Federal Reserve accounts and a docrease of v7*000,000 in Reserve bank credit* Excoss reserves of member banks on July 13 wore estimated to be approximately $3*150,000,000, an increase of $160,000,000 for the week. Principal changes in holdings of bills and securities were an increase of $9*000,000 in United States Treasury notes and a decrease of $9*000,000 in United States Treasury bills. Changes in member bank reserve balances and related items during the week and the year ended July 13, 1938 were as follows: Increase or decreasi since July 13 July 6 July Ik 1938 1938 1937 (in millions of dollars) Bills discounted 9 + 1 - 6 Bills bought 1 MM - 3 U. S. Government securities 2,5 6b —» + 38 Industrial advances (not including lij. million commitments - July 13) 16 - 6 Other Reserve bank credit 6 “ 8 - 12 Total Reserve bank crcdit 2*596 - 7 + 11 Gold stock 12,979 +12 + 556 Treasury currency 2,716 + 1 + 165 Member bank reserve balances 8,273 +199 +1*345 Money in circulation 6 M - 70 - 13 Treasury cash 2,315 + 12 -1*235 Treasury deposits with F. R, banks 628 -li|2 + 538 No member deposits and other F.R, accounts 633 + 9 + 100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, July 15, 1938 not earlier. ASSETS AM) LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) July 13, 1938 July 6, 1938 July 14,1937 A S S E T S Gold certificates on hand and due from U. S. Treasury • . • . . i . . • 10,634,922 10,634,927 8,835,407 Redemption fund - F* R. notes .... 9,8814 9,884 9,549 Other cash «....«. ....... 401,129 374,414 307,824 11,01*5,935 11,019,225 9,152,780 Bills discounted: Securod by U.S.Gov’t obligations,direct or fully guaranteed . . . . . . . . 6,005 4,7o4 11,718 Other bills discounted . . . . . . . . 3,261 3,254 3,328 9,26& 7,958 15,046 54o 537 3,596 Industrial advances • 16,274 16,361 21,759 IT. S. Government securities: 7144,105 71*4,105 732,508 1,174,105 1,165,105 1,165,713 645,805 654,805 627,969 Total U.S.Government securities . 2,564,015 2,564,015 2,526,190 Total bills and secxirities . . • 2,590,095 2,588,871 2,566,591 180 183 219 25,552 20,252 26,890 61(4,090 585,567 759,714 44,578 1*4,577 45,601 l£,9i,5 46,027 44,837 TOTAL ASSETS ........... 14,396,457 14,303,512 12,594,740 L I A B I L I T I E S F.R. notes in actual circulation . . * 4,134,161 4,174,869 4,213,898 Deposits: Member bank - reserve account .... 8,273,069 8,073,675 6,927,951 U.S.treasurer - General acoount . • 627,928 770,193 90,232 128,957 134,865 159,009 2lj2,8l6 227,997 115,621 9,272,770 9,206,730 7,292,813 Deforrod availability items . ; . ; 638,000 571,624 741,434 Capital paid in... ; * * • . . . * « 133,706 133,667 132,459 147,739 147,739 145,854 27,683 27,683 27,490 32,845 32,81*6 35,906 9,553 8r354 4,886 TOTAL LIABILITIES ........ 114,396,457 14,303,512 12,594,740 Ratio of total reserves to deposit and F. E. note liabilities combined ... 82.4$ 82.3$ 79*5$ Contingent liability on bills purchased for foreign correspondents 1,097 1,368 4,150 Commitments to make industrial advances 13,500 13,468 16,171 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 13, 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 10,634,922 630,242 4,458,423 492,977 692,736 298,648 229,145 2,129,485 312,805 224,669 275,231 194,098 696,463 Redemption fund - F.B* notes 9,884 994 1,854 1,263 1,431 613 292 375 442 846 255 356 1,163 Other cash 401,129 41,050 108,833 22,994 28,682 22,906 20,381 54,4d 17,012 9,311 22,334 16,817 36,408 Total reserves 11,045,935 672,286 4,569,110 517,234 722,849 322,167 249,818 2,184,261 330,259 234,826 297,820 211,271 734,034 Bills discounted: Secured by U.S.Gov^ obligations* direct or fully guaranteed 6*005 245 2,433 681 284 579 212 1,150 20 58 35 105 203 Other bills discounted 3,261 109 440 617 219 394 582 11 60 91 167 202 369 Total bills discounted 9,266 354 2,873 1,29.8 503 973 794 1,161 80 149 202 307 572 Bills bought in open market 54Ö .40 213 f>5 49 23 19 67 2 S 16 IL 3G Industrial advances 16,274 2,416 4,198 2,855 705 1,496 117 528 135 1,103 420 016 1,345 U. S. Government securities: Bonds 744,105 56,941 226,407 66,972 69,727 36,922 32,271 80,919 33,203 21,310 34,428 24,657 60,348 Treasury notes 1,174,105 89,844 357,242 105,674 110,020 58,258 50,918 127,682 52,391 33,625 54,323 38,906 95,222 Treasury bills 645,805 49,418 196,498 58,125 60,515 32,044 28,007 70,230 28,817 18,495 29,880 21,400 52,376 Total U#S*Govft securities 2,564,015 196,203 780,147 230,771 240,262 127,224 111,196 270,831 114,411 73,430 110,631 04,963 207,946 Total bills and securities 2,590,095 199,013 787,431 234,979 241,579 129,716 112,126 280,587 114,620 74,764 119,269 06,102 209,901 Due from foreign banks 180 14 66 18 17 8 7 22 3 2 5 5 13 F« R# notes of other banks 25,552 688 5,426 1,518 1,382 1,781 1,873 3,432 2,045 1,469 1,732 544 3,662 Uncollected items 644,090 64,447 160,892 49,608 68,227 52,500 21,959 86,236 28,659 18,514 35,010 25,241 32,797 Bank premises 44,578 2,973 9,874 4,762 6,130 2,661 2,098 4,528 2,316 l,54i 3,121 1,271 3,295 All other assets 46,027 2,963 13,888 4,624 4,074 2,871 2,111 4,329 1,790 1,433 1,904 1,432 3,800 TOTAL ASSETS 1I4,396,457 942,304 5,546,687 812,743 1,045,066 5H,7o4 389,992 2,563,395 479,700 332,549 450,861 325,866 987,510 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-c ASSETS AID LIABILITIES OF THE FEDERAL RESERVE BANKS ON JULY 13 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 iSt.Louis Minn. 'Kans.Cy. Dallas San Fran* 4,134,161 356,751 899,523 302,016 408,027 189,969 140,499 960,644 172,930 :132,915 163,038 75,996 331,85-3 Deposits: Member bank - reserve account 8,273,069 455,191 3,921,663 385,450 474,934 211,445 164,781 1,353,990 234,954 :125,022 227,332 170,153 548,154 TJ«S*Treasurer - General accour t 627,928 28,401 211,032 28,100 40,388 36,392 41,068 99,743 21,418 42,425 16,863 35,033 27,065 Foreign bank 128,957 9,241 46,691 12,577 11,807 5,519 4,492 15,272 3,850 2,952 3,722 3,722 9,H2 Other deposits 21)2,816 4,019 191,680 2,561 10,119 3,336 4,303 1,755 6,637 3,043 657 2,453 12,253 Total deposits 9,272,770 496,852 4,371,066 428,688 537,248 256,692 ;214,644 1,470,760 266,859 173,442 248,574 211,361 596,584 Deferred availability items 638,000 63,762 154,970 49,225 67,081 49,921 21,814 86,698 29,213 16,710 36,988 27,324 34,294 Capital paid in 133,706 9,412 50,956 12,246 13,380 4,957 4,455 13,209 3,909 2,908 4,165 3,938 10,171 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- 4,4ll 1,007 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Reserve for contingencies 32,84-5 1,448 8,210 2,000 3,176 i,4oi 1,603 7,174 1,215 1,908 934 1,776 2,000 All other liabilities 9*553 1,385 2,275 691 824 391 621 1,094 362 512 407 309 682 TOTAL LIABILITIES 14,396,457 942,3B4 5,546,687 812,743 i,c45,o66 511,704 309,992 2,563,395 479,700 332,549 458,861 325,866 987,510 Cqntingent liability on bills purchased for foreign correspondents 1 j 097 79 394 107 101 47 38 131 33 25 32 32 78 Commitments to make industrial advances 13*500 1,416 3,955 129 1,494 1,849 183 22 611 237 381 91 3,132 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 9,266 7,369 418 536 528 410 5 — — — Bills bought 540 69 275 86 110 — — — — ~ Indus'trial advances 16,274 1,233 277 283 1,150 1,979 2,644 6,492 2,216 — U., S. G 0ver rmie nt s e c ur it i e s 2 564,015 92,271 86,493 171,040 236,036 102,750 168,763 462,645 579,257 664,760 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-d FEDERAL RESERVE NOTE STATEMENT ON JULY 13# 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 4,472,61*8 300,891 1,004,776 318,965 431,133 200,421 155/751 1,005/174 106,826 138,853 173*959 03,248 392,651 Hold by Foderai Reserve bank 338,407 24,ll*0 105,253 16,949 23,106 10,452 15,252 44,530 13,896 5,930 10,921 7,252 60,798 In actual circulation 4.134,161 356,751 899,523 302,016 408,027 109,969 140,499 960,644 172,930 132,915 163,038 75,996 331,853 Collateral held by agent as secu­ rity for notes issued•to bank: Gold certificates on hand and dus from U. S. Treasury 4,542,632 390,000 1,010,000 337,000 434,000 202,000 159,000 1,010,000 192,632 l4l,500 177,000 85,500 404,000 Eligible paper 8,267 319 2,779 901 328 863 712 l,l6l 20 130 193 292 569 Total collateral 4,550,899 390,519 1,012,779 537,901 454,528 202,865 159,712 1,011,161 192,652 141,630 177,193 85,792 404,569 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis