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 22; of the Federal Reserve System not earlier. July 21, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended July 20 member bank .reserve balances decreased #71 ,000,000« Redactions in member bank reserves arose from increases of $96,000,000 in Treasury deposits with Federal Reserve banks and #6,000,000 in Treasury cash and a decrease of #11,000,000 in Reserve bank credit, offset in part by decreases of #11,000,000 in money in circulation and #21,000,000 in non— member deposits and otherFederal Reserve accounts and an increase of #10,000,000 in gold stock. Excess reserves of member banks on July 20 were estimated to be approximately #3,040,000,000, a decrease of #110,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended July 20, 1938, were as follows* Increase or decrease since July 20 July 13 July 21 1938 1938 1937 (in millions of dollars) Bills discounted 8 -1 -4 Bills bought 1 -- -2 U. S. Government securities 2,564- -- +38 Industrial advances (not including 13 million commitments - July 20) 16 -- -6 Other Reserve bank credit -3 -9 —3 Total Reserve bank credit 2,585 -11 +21 Gold stock 12,989 +10 +585 Treasury currency 2,717 +1 +164 Member bank reserve balances 8,202 -71 +1,344 Money in circulation 6,433 -11 ~3 Treasury cash 2,321 +6 -1,206 Treasury deposits with F. R. banks 724- +96 +540 Nonmember deposits and other F, R, accounts 612 -21 +96 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

'Form FR-283-a Released for publication Friday morning, July 22,1938; not earlier, ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) July 20. 1938 July 13. 1938 July 21. 1937 A S S E T S Gold certificates on hand and due from U. S, Treasury ...... 10,633,423 10,634,922 8,833,905 Redemption fund - F. R. notes . . 9,996 9,884 9,976 Other cash ..... ........ 406.959 401.129 ... 3.l8-t?28 Total reserves ........... . 11,050,378 11,045,935 9,162,809 Bills discounted* Secured by U. S. Gov’t obligations, direct or fully guaranteed 4,467 6,005 8,619 Other bills discounted . . ....3.1II8 ___ 2*261 __ Total bills discounted . , 7,585 9,266 12,172 Bills bought in open market , 540 540 3,280 Industrial advances . . - . 16,214 16,274 21,665 U. S. Government securities* Bonds 744,105 744,105 732,508 Treasury notes ...... 1,174,105 1,174,105 1,162,713 Treasury bills ••*... 645.805 645.805 630.969 Total U.S. Government securities 2,564,015 2,564,015 2,526,190 Total bills and securities 2,588,354 2,590,095 2,563,307 Due from foreign banks . . 180 180 222 F. R. notes of other banks 26,602 25,552 28,917 Uncollected items .... 593,833 644,090 645,445 Bank premises 44,581 44,578 45,582 All other assets ..... 47.486 46.027 . 43,588 TOTAL ASSETS ...... 14,351,414 14,396,457 12,489,870 L I A B I L I T I E S F. R. notes in actual circulation 4,124,138 4,134,161 4,197,871 Deposits* Member bank - reserve account . 8,201,896 8,273,069 6,858,300 U.S. Treasurer - Genèràl account 723,989 627,928 183,743 Foreign bank ...... 126,908 12.8,957 l6l,864 Other deposits ..... 226.518 242.816 95.966 Total deposits ..... 9,279,311 9,272,770 7,299,873 Deferred availability items 597,151 638,000 645,176 Capital paid in ..... . 133,760 133,706 132,514 Surplus (Section 7) . . . . 147,739 147,739 145,854 Surplus (Section 13 b) . . 27,683 27,683 27,490 Reserve for contingencies « 32,810 32,845 35,872 All other liabilities . . . 8.822 9.553 5,220 TOTAL LIABILITIES 14,351,414 14,396,457 12,489,870 Ratio of total reserves to deposit and F. R. note liabilities combined 82.4$ 82.4$ 79.7% Contingent liability on bills purchased for foreign correspondents .... 975 1,097 3,587 Commitments to make industrial advances 13,432 13,500 15,859 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 JULY 20, 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 10,633,423 625,400 4,500,356 478,702 688,673 301,180 226,170 2,092,169 320,182 223,862 278,334 189,651 708,744 Redemption fund - F. R. notes 9,996 931 1,586 1,148 1,324 1,060 241 755 4l4 833 234 339 1,131 Other cash 406,959 42,436 110,708 25,868 28,981 23,398 18,94l 56,204 16,696 9,367 21,351 16,138 36,871 Total reserves 11,050,378 668,767 4,612,650 505,718 718,978 325,638 245,352 2,149,128 337,292 234,062 299,919 206,128 746,746 Bills discounted« Secured by U.S.Gov't obligations, direct or fully guara ed 4,467 225 2,004 660 359 381 221 110 4o 111 38 105 213 Other bills discounted 3,118 109 415 594 220 382 567 A 60 71 149 224 ....J21_.. Total bills discounted 7,585 334 2,419 1,254 579 76 3 788 ll4 100 182 187 329 536 Bills bought in open market 540 40 213 55 49 23 19 67 2 2 16 16 38 Industrial advances 16,214 2,391 4,192 2,858 759 1,490 117 523 135 1,176 418 811 1,344 U. S. Government securit: ; t 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 53 125 60,515 32,044 28,007 70,230 28,817 18,495 29,880 21,400 ...52,376... Total U.S.Gov’t securities>, 2,564,015 196,203 780,147 230,771 240,262 127,224 111,196 278,831 ll4,4ll 73,430 118,631 84,963 207,946 Total bills and i 2,588,354 198,968 786,971 234,938 241,649 129,500 112,120 279,535 114,648 74,790 119,252 86,U9 209,864 Due from foreign banks 180 l4 66 18 17 8 7 22 3 2 5 5 13 F. R. notes of other banks 26,602 877 6,308 1,626 1,030 1,746 1,631 3,835 1,526 1,616 1,206 544 4,657 Uncollected items 593,833 59,401 144,966 45,731 64,404 47,380 19,874 75,729 26,448 17.532 37,311 2.4,013 31,044 Bank premises 44,581 2,973 9,874 4,762 6,138 2,661 2,095 4,528 2,316 1,547 3? 121 1,271 3,295 All other assets 47,486 3,074 14,209 4,734 5,056 2,912 2,189 4,.517 1,803 1,473 2,019 1,504 3,936 TOTAL ASSETS l4,351,4l4 934,074 5,575,044 797,527 1,037,272 509,845 383,268 2,517,294 484,096 331,022 462,833 319,584 999,555 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 JULY 20, 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 4,124,138 355,607 898,978 301,125 4o5,4l6 188,520 140,154 958,769 172,608 132,377 164,368 75,952 330,264 Deposits* Member bank — reserve account 8,201,896 442,442 3,94-9,118 367,501 469,926 214,620 157,270 1,317,399 228,341 119,745 220,581 166,641 548,312 U.S.Treasurer - General account 723,989 39,584 247,434 34,337 45,801 36,956 44,489 101,675 28,785 45,778 27,298 33,023 38,829 Foreign bank 126,908 9,240 44,642 12,577 11,807 5,519 4,492 15,273 3,850 2,952 3,722 3,722 9,112 Other deposits 226,518 3,946 173,068 4,005 9,357 2,8.33 4,074 1,519 6,744 3 ¿002 532 Total deposits 9,279,311 495,212 4,4i4,262 418,420 536,891 259,978 210,325 1,435,866 267,720 171,477 252,133 206,247 610,780 Deferred availability items 597,151 58,951 l4o,6o3 45,195 62,263 46,229 19,764 77,388 33,087 17,682 36,o4o 36,216 33,733 Capital paid in 133,760 9,415 50,958 12,245 13,389 4,962 4,461 13,213 3,919 2,910 4,177 3,939 10,172 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 4,4ii 1,007 3,409 730 1,429 54 5 1,001 1*142 1,270 2,121 Reserve for contingencies 32,810 1,448 8,210 2,000 3,176 1,401 1,603 7,146 1,215 1,901 934 1,776 2,000 All other liabilities 8,822 667 2,346 665 807 382 605 1,096 335 521 426 292 680 TOTAL LIABILITIES 14,351,414 934,074 5,575,044 797,527 1,037,272 509,845 383,268 2,517,294 484,096 331,022 462,833 319,584 999,555 Contingent liability on bills purchased for foreign correspondents 975 70 350 96 90 42 34 116 29 23 28 28 69 Commitments to make industrial advances 13,432 1,415 3,939 125 1,486 1,842 I83 22 605 238 374 91 3,112 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Within 16 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 7,585 5,662 612 417 570 320 4 , M — •mm — Bills bought 540 239 168 23 110 - — -------------- -------------- -------------- -------------- Industrial advances l6,2l4 1,885 58 367 611 2,423 2,278 6,401 2,191 U. S, Government securities 2,564,015 81,361 92,335 192,780 229,401 92,713 168,763 462,645 579,257 664,760 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Forra FR—283—d FEDERAL RESERVE NOTE STATEMENT ON JULY 20, 1938 (in thousands of dollars) Total Boston New York Phila. Cleve. Rich, Atlanta Chicago St,Louis Minn. Kans.Cy, Dallas San Fran, Federal Reserve notesl Issued to F.R.bank by F.R.agent 4,455,659 381,694 1,001,525 316,998 430,241 199,021 154,839 1,001,821 186,189 138,336 173,708 83,2-49 388,038 Held by Federal Reserve bank 331,521 26,087 102,547 15,873 24,825 10,501 14,685 4-3,052 13,581 5,959 9,34-0 7,297 57,77-4 In actual circulation 4,124,138 355,607 898,978 301,125 4o5,4l6 188,520 140,154 958,769 172,608 132,377 164,368 75,952 330,264 Collateral held by agent as secu­ rity for notes issued to banks Gold certificates on hand and due from U. S. Treasury 4,528,632 390,000 1,010,000 327,000 434,000 202,000 159,000 1,010,000 188,632 l4l,500 177,000 85,500 404,000 Eligible paper 6,615 299 2,333 876 4o4 639 706 ll4 40 165 178 329 532 Total collateral 4,535,247 390,299 1,012,333 327,876 434,4o4 202,639 159,706 1,010,114 188,672 l4l,665 177,178 85,829 4o4,532 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis