H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Fôrm FRí-283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, July 29; of the Federal Reservé System not earlier. July 28, 1938* CONDITION OF FEDERAL RESERVE BANKS During the week ended July 27 member bank reserve balances decreased $14,000,000* Reductions in member bank reserves arose from increases of #7,000,000 in Treasury cash, #8,000,000 in Treasury deposits with Federal Reserve banks and #29,000,000 in nonmember deposits and otherFederal Reserve accounts and a decrease of #2,000,000 in Reserve bank credit, offset in part by increases of #13,000,000 in gold stock and #2,000,000 in Treasury currency and a decrease of #17,000,000 in money in circulation* Excess reserves of member banks on July 27 were estimated to be approximately #3,040,000,000, un­ changed for the week. The principal changes in holdings of bills and securities were an increase of #17,000,000 in United States Treasury notes and a decrease of #17,000,000 in United States Treasury bills. Changes in member bank reserve balances and related items during the week and the year ended July 27, 1938, were as follows! Increase or decrease since July 27 July 20 July 2£ .122.8. 1937 (in millions of dollars) Bills discounted 7 -1 -8 Bills bought 1 -2 -------------- U. S. Government securities 2,564 +38 —. — Industrial advances (not including l4 million commitments — July 27) 16 —6 -------------- Other Reserve bank credit -5 -2 +1 Total Reserve bank credit 2,583 -2 +23 Gold stock 13,002 +13 +569 Treasury currency 2,719 +2 +145 Member bank reserve balances 8,188 -14 +1/12 Money in circulation 6,4l6 -17 Treasury cash 2,328 +7 -1,248 Treasury deposits with F. R. banks 732 +8 +5o4 Nonmember deposits and other F. R. accounts 64l +29 +78 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FB-28>*a Released for publication Friday morning, July 29,193#; not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) July 27. 1938 July 20. 1938 July 28. 193.7 A S S E T S Gold certificates on hand and due from U. S. Treasury .. * . . . . • 10,633,^00 10,633,423 8,833,899 Redemption fund — F. R. notes ... 9,098 9,996 9,936 Other cash 421.229 406,919 323,657 Total reserves 11,063,727 11,050,378 9,167,492 Bills discounted* Secured by U.S. Gov*t obligations, direct or fully guaranteed . . . • 4,179 4,467 10,316 Other bills discounted ...... .. 2*142 ...jyis 4.901 Total bills discounted ..*•** 7,322 7,585 15,217 Bills bought in open market .... 539 540 3,201 Industrial advances « • • . . . . • 16,308 16,214 21,596 U. S. Government securities* Bonds • 744,105 744,105 732,508 Treasury notes • • ........... 1,190,870 1,174,105 1,162,713 Treasury bills • • ........... 629.040 645.805 .... §20,969 Total U.S. Government securities • 2,564,015 2,564,015 -2,526,190 Total bills and securities . . . . 2,588,184 2,588,354 2,566,204 Due from foreign banks ....... 181 180 222 F. R. notes of other banks ..... 23,516 26,602 32,396 Uncollected items . . . . . . . . . 534, l4l 593,833 582,875 Bank premises . . . . . . . . . . . 44,559 44,581 45,572 All other assets ........... . . .„42.,m 47.486 44,769 TOTAL ASSETS ........... 14,303,421 14,351,414 12,439,530 L I A B I L I T I E S F. R. notes in actual circulation . 4,109,643 4,124,138 4,193,413 Deposits* Member bank — reserve account , . . 8,187,723 8,201,896 6,775,505 U. S. Treasurer — General account . 732,462 723,989 227,818 Foreign bank . . . . . . . . . . . 125,243 126,908 185,042 Other deposits .... ........ 226.518 120.372 ..2SL&2. TotaL deposits 9,302,883 9,279,311 7,308,737 Deferred availability items .... 539,276 597,151 589,461 Capital paid in • . ........... 133,785 133,760 132,407 Surplus (Section 7) . . . . . . . . 147,739 147,739 145,854 Surplus (Section 13 b)....... 27,683 27,683 27,490 Reserve for contingencies ..... 32,810 32,810 35,871 All other liabilities ••. .. .. 9.602 8.822 6.297 TOTAL LIABILITIES .... 14,303,421 14,351,414 12,439,530 Ratio of total reserves to deposit and F. R. note liabilities combined 82.5$ 82.4$ 79.7$ Contingent liability on bills purchased for foreign correspondents .... 879 975 3,212 Commitments to make industrial advances 13,731 13,432 15,726 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283"*b ASSETS AMD LIABILITIES OF THE FEDERAL RESERVE BANKS ON JULY 27-, 1938 (In thousands of dollars) A S S E T S Total Boston New York Phila. Cleve, Rich, Atlanta1 Chicago St,Louis Minn, Kans.Cy Dallas San Fran, Gold certificates on hand and due from U. S. Treasury 10,633,400 613,850 4,534,489 467.849 691,037 309,724 225.720 2,106,569 311,221 223,213 274,994 186,963 687,771 Redemption fund - F.R, notes 9,098 902 1,398 1,124 1,218 732 164 698 384 821 214 334 1,109 Other cash 421,229 43,711 112,185 28,028 30,671 23,380 17,895 57,537 18,684 10,808 21,595 17,107 39,628 Total reserves H,063,727 658,463 4,648,072 497,001 722,926 333,836 243,779 2,164,8o4 330,289 234,842 296,803 2o4,4o4 728,508 Bills discounted» Secured by U.S.Gov’t obligations, direct or fully guaranteed 4,179 24o 1,133 921 374 606 191 115 95 111 38 i4o 215 Other bills discounted 3,143 97 395 606 211 398 606 12 60 70 147 235 306 Total bills discounted 7,322 337 1,528 1,527 585 1,004 797 127 155 181 185 375 521 Bills bought in open market 53 9 4o 212 55 49 23 19 67 2 2 16 16 38 Industrial advances 16,308 2,390 4,190 2,950 768 1,487 120 523 135 1176 418 807 1,344 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 34,429 24,656 60,348 Treasury notes 1,190,870 91,127 362,343 107,183 111,591 59,090 51,645 129,505 53,139 34,105 55,098 39,462 96,582 Treasury bills 629,040 48,135 191,397 56,616 58,944 31,212 27,280 68,407 28,069 18,015 29,104 20,845 51,016 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 securities 2,588,184 198,970 786,077 235,303 2-41,664 129,738 112,132 279,548 114,703 74,789 119,250 86,161 209,849 Due from foreign banks 181 14 67 18 17 8 6 23 3 2 5 5 13 F. R. noites of other banks 23,516 1,23.4 5,115 1,577 1,070 1,281 1,472 2,669 2,269 1,055 1,547 443 3,804 Uncollected items 534,1-41 50,774 131,021 41,028 60,095 40,196 17,060 69,465 22,540 17,165 30,478 25,530 28,789 Bank premises 44,559 2,973 9,874 4,752 6,1-43 2,654 2,094 4,528 2,316 1,547 3,121 1,271 3,286 All othar assets 49,113 3,182 14,638 5,157 5,162 3,010 2,241 4,656 1,917 1,510 2,076 1,545 4,019 TOTAL ASSETS 14,303,421 915,590 5,594,864 784,836 1,037,077 510,723 378,784 2,525,693 474,037 330,910 453,280 319,359 978,268 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 27, 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 4,109,643 354,966 898,328 300,283 405,740 186,431 139,562 955,621 171,886 131,441 162,740 75,388 327,249 Deposits* Member bank — reserve account 8,187,723 434,720 3,907,142 369,336 473,419 222,106 161,959 1,334,264 229,890 123,185 223,713 167,564 540,425 U.S.Treasurer - General account 732,462 37,407 289,889 26,123 45,152 38,829 38,371 101,337 27,780 43,531 21,986 30,906 31,151 Foreign bank 125,243 9,021 44,930 12,279 11,527 5,388 4,385 14,910 3,759 2,882 3,633 3,633 8,896 Other deposits 257,455 3,784 204,620 2,654 99,,333355 22,,880011 44,,774433 11,,884455 66,,115566 33,,449922 447711 22,,448844 1155,,007700 Total deposits 9,302,883 4ö4,932 4,446,581410,392 539,433 269,124 209,458 1,452,356 267,585 173,090 249,803 204,587 595,542 Deferred availability items 539,276 51,340 128,677 41,002 5599,,114477 4400,,002266 1166,,771144 7722,,335511 2233,,885588 1166,,886611 3300,,441100 2288,,119988 3300,,669922 Capital paid in 133,785 9,415 50,959 12,228 13,389 L4.,c9X6s2O 44,.446£0n 13,250 3i,.9q1i9q ?2,.9Q1n1 44.,117777 3^.,q944i1 i1d0.,117744 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 3,409 730 1,429 545 1,001 1,142 1,270 2,121 Reserve for contingencies 32,810 1,448 8,210 2,000 3,176 1/01 1,603 7,146 1,215 1,901 934 1,776 2,000 All other liabilities 9,602 715 2,422 1,054 862 4o6 631 1,153 362 552 453 307 685 TOTAL LIABILITIES 14,303,421 915,590 5,594,864 784,836 1,037,077 510,723 378,784 2,525,693 474,037 330,910 453,280 319,359 978,268 Contingent liability on bills purchased for foreign correspondents 879 63 316 86 81 38 31 105 26 20 25 25 63 Commitments to make industrial advances 13,731 l,4l4 3,933 405 1,482 l,84o I83 22 586 237 442 91 3,096 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 7,322 5,478 529 418 613 280 A _ _ Bills bought 539 307 105 90 37 - - — — ----- ----- - — Industrial advances 16,308 1,728 47 380 626 2,44l 2,401 6,334 2,351 - — U,' S. Government securities 2,564,015 86,493 87,710 215,480 223,779 58,363 168,763 479,410 579,257 664,760 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-d FEDERAL RESERVE NOTE STATEMENT ON JULY 27, 1938 (In thousands of dollars) Total Boston New York Phila, Cleve, Rich, Atlanta Chicago St,Louis Minn, Kans»Cy, Dallas San Fran, Federal Reservè notes* Issued to F,R,baak by F.R,agent 4,433,662 379,422 998,768 319,612 430,056 197,796 155,121 996,709 185,100 137,551 173,596 83,485 376,446 Held by Federal Reserve bank 324-,019 24,4-56 100,440 19,329 24-,316 11,365 15,559 4ly088 13,214 6,110 10,848 8,097 49,197 la actual Cirelation 4,109,643 354,966 898,328 300,283 4o5,74o 186,431 139,562 955,621 171,886 131,441 162,746 75,388 327,249 Collateral held by agent as secu­ rity for notes issued to bank* 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 6,292 302 1,452 1,099 4l0 880 714 127 95 167 176 353 517 Total collateral 4,534,924 390,302 1,011,452 328,099 434,410 202,880 159,714 1,010,127 188,727 l4l,667 177,176 85,853 4o4,517 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis