H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FR-2&3 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Jan* 7; of the Federal Reserve System not earlier. January 6, 1938. CONDITION OF FEDERAL RESERVE BANKS During the week ended January 5 member bank reserve balances increased $88,000,000. Additions to member bank reserves arose from decreases of $61,000,000 in money in circulation, $13,000,000 in Treasury deposits with Federal Reserve banks and $16,000,000 in nonmember deposits and otherFederal Reserve accounts, and an increase of $5,000,000 in Treasury currency, offset in part by an increase of $7,000,000 in Treasury cash other than inactive gold. Excess reserves of member banks on January 5 were estimated to be approximately $1,270,000,000, an increase of $110,000,000 for the week. Inactive gold included in the gold stock and in Treasury cash amounted to $1,223,000,000 on January 5> a decrease of $5,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended January 5, 1938, were as follows} Increase or decrease since Jan. 5 Dec. 29 Jan. 6 1938 1937 1937 (In millions of dollars) Bills discounted 11 -2 +8 Bills bought 1 ~2 -2 U, S. Government securities 2,56 A — +134 Industrial advances (not including 13 million commitments - January 5) 18 — -6 Other Reserve bank credit 9 +5 +5 Total Reserve bank credit 2,603 +1 +139 Gold stock 12,755 -5 +1,484 Treasury currency 2,639 +5 +108 Member bank reserve balances 7,071 +88 +444 Money in circulation 6,510 -61 +37 Treasury cash 3,622 +2 +1,227 Treasury deposits with F. R. banks 127 -13 -105 Nonmember deposits and other F. R. accounts 666 -16 +127 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a' Released for publication Friday morning, Jan. 7, 1938; not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Jan. 5, 1938 Dec. 29. 1937 Jan. 6, 1937 A S S E TS Gold certificates on hand and due from U. S. Treasury 9,119,892 9,130,391 8,851,383 Redemption fund - F. R. notes . . .. 9,436 9,913 12,533 Other cash 362.631 330.544 278.370 Total reserves 9,491,959 9,460,848 9,142,286 Bills discounted: Secured by U.S.Gov't obligations, direct or fully guaranteed 7,096 9,340 2,191 Other bills discounted 3.984 3,507 850 Total bills discounted 11,OS) 12,847 3,04l Bills bought in open market $40 2,827 3,089 Industrial advances 17,894 18,291 24,328 U. S. Government securities! Bonds 751,539 751,539 490,643 Treasury notes 1,154,997 1,154,997 1,340,963 Treasury bills 657.479 657,479 598.621 Total U. S. Government securities . 2,564,015 2,564,015 2,430,227 Total bills and securities 2,593,529 2,597,980 2,460,685 Due from foreign banks 179 179 220 F. R. notes of other banks 27,441 25,740 34,381 Uncollected items 637,442 685,237 660,987 Bank premises 4-5,021 45,235 46,146 All other assets 37,361 37.802 37.727 TOTAL ASSETS 12,832,932 12,853,021 12,382,432 L I A B I L I T I ES F. R. notes in actual circulation . . 4,257,846 4,283,385 4,242,336 Deposits 1 Member bank - reserve account . . .. 7,071,249 6,982,752 6,627,004 U. S. Treasurer - General account . . 126,896 139,604 232,287 Foreign bank .. 175,313 172,634 95,601 Other deposits 228.428 239,983 182.021 Total deposits . 7,601,886 7,534,973 7,136,913 Deferred availability items • . . . . 628,339 6a,839 657,442 Capital paid in , 132,927 132,737 131,704 Surplus (Section 7) 147,739 145,854 145,854 Surplus (Section 13 b) 27,683 27,615 27,190 Reserve for contingencies . . . . .. 33,052 35,673 36,248 All other liabilities 3,460 10,945 4.745 TOTAL LIABILITIES 12,832,932 12,853,021 12,382,432 Ratio of total reserves to deposit and F. R. note liatL lities combined . . . 80.0% 80.1% 80.3% Contingent liability on bills purchased for foreign correspondents . . . .. 1,466 1,696 Commitments to make industrial advances 12,792 12,780 20,640 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a' ASSETS At® LIABILITIES OF THE FEDERAL RESERVE BANKS ON JANUARY 5, 1938 (In thousands of dollars) A S S E TS 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 9,119,892 495,296 3,596,835 498,689 656,643 285,724 224,919 1,764,778 280,4l4 185,550 262,4821 87,454 681,108 Redemption fund — F. R. notes 9,436 804 1,124 501 659 921 1,535 695 792 446 543 236 1,180 Other cash 362,631 35,552 84,64l 28,445 29,855 25,004 18,441 44,226 16,355 9,090 24,125 l4,l4l 32,756 Total reserves 9,491,959 531,652 3,682,600 527,635 687,157 311,649 244,895 1,809,699 297,561 195,086 287,150 201,831 715,044 Bills discounted* Secured by U.S.Gov't obligations, direct or fully guaranteed 7,096 491 2,806 1,638 428 340 851 150 71 _ _ 144 17 160 Other bills discounted 3,984 95 385 1,249 189 165 624 76 1 172 904 26 98 Total bills discounted 11,080 586 3,191 2,887 617 505 1,475 226 72 172 1,048 43 258 Bills bought in open market 540 4l 212 55 50 23 19 65 3 2 16 16 38 Industrial advances 17,894 2,709 44,,338822 3,552 867 11,,776666 128 700 235 631 458 945 11,,552211 U. S. Government securitiest Bonds 751,539 55,174 216,771 62,025 74,168 39,950 31,498 82,771 33,555 24,400 38,721 29,243 63,263 Treasury notes 1,154,997 84,796 333,142 95,323 113,985 61,397 48,407 127,207 51,568 37,500 59,507 44,941 97,224 Treasury bills 657,479 48,269 189,641 54,262 64,885 34,950 27,556 72,412 29,355 21,346 33,875 25,583 55,345 Total U.S.Govt, securities 2,564,015 188,239 739,554 211,610 253,038 136,297 107,461 282,390 114,478 83,246 132,103 99,767 215,832 Total bills and securities 2,593,529 191,575 747,339 218,104 254,572 138,591 109,083 283,381 114,788 84,051 133,625 100,771 217,649 Due from foreign banks 179 13 68 18 17 8 6 21 3 2 5 5 13 F. R. notes of other banks 27,44l 4ll 6,582 987 1,616 2,332 2,605 4,108 1,695 1,377 1,566 948 3,214 Uncollected items 637,442 65,085 148,643 55,246 57,522 55,811 25,330 84,4s4 29,418 16,560 35,848 28,505 35,050 Bank premises 45,021 3,001 9,973 4,826 6,215 2,700 2,119 4,589 2,341 1,477 3,153 1,281 3,346 All other assets 37,361 2,317 10,972 3,626 4,183 2,321 1,462 3,437 1,422 1,330 1,701 1,360 3,230 TOTAL ASSETS 12,832,932 794,054 4,606,177 810,442 1,011,282 513,412 385,500 2,189,659 447,228 299,883 463,048 334,701 977,546 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a' ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON JANUARY 5, 1938 (In thousands of dollars) L I A B I L I T I ES Total Boston New York Phila. Cleve. Rich, Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R.notes in actual circulation 4,257,846 283,225 951,772 316,391 4-31,564 207,285 161,551 988,572 181,196 137,652 167,911 86,318 344,409 Deposits t Member bank - reserve account 7,071,249 401,739 3,126,502 387,265 461,422 226,414 175,350 991,500 207,290 126,499 236,164 191,966 539,138 U.S.Treasurer - General account 126,896 4,527 16,766 2,210 11,982 858 3,774 57,565 6,213 2,76l 7,282 6,534 6,424 Foreign bank 175,313 12,665 64,455 17,002 15,961 7,460 6,072 20,124 5,205 3,990 5,031 5,031 12,317 Other deposits 228,428 3,904 184,706 l,64l 3,550 3,703 1,693 1,056 5,675 3,180 564 2,900 16,456 Total deposits 7,601,886 422,835 3,392,429 407,518 492,915 238,435 186,889 1,070,245 224,383 136,430 249,04l 206,431 574,335 Deferred availability items 628,339 64,021 142,345 54,022 54,905 52,826 24,325 86,381 31,236 16,526 36,178 30,993 34,581 Capital paid in 132,927 9,387 51,079 12,258 13,125 4,897 4,402 12,987 3,869 2,892 4,093 3,892 10,046 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 54 5 1,001 1,142 1,270 2,121 Reserve for contingencies 33,052 1,448 8,210 2,000 3,176 1,401 1,603 7,340 1,215 1,949 934 1,776 2,000 All other liabilities 3,460 364 655 376 267 195 374 318 117 280 136 129 249 TOTAL LIABILITIES 12,832,932 794,054 4,606,177 810,442 1,011,282 513,412 385,500 2,189,659 447,228 299,883 463,048 334,701 977,546 Contingent liability on bills purchased for foreign correspondents 1,466 124 382 166 156 73 59 197 51 39 49 49 121 Commitments to make industrial advances 12,792 1,670 4,703 173 727 1,612 345 - - 176 51 109 269 2,957 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 11,080 8,966 314 681 437 661 21 Bills bought 540 138 262 140 Industrial advances 17,894 1,201 538 319 624 1,261 3,606 5,293 5,052 U. S. Government securities 2,564,015 27,720 32,746 72,582 259,626 379,612 213,895 283,389 593,739 700,706 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a' FEDERAL RESERVE NOTE STATEMENT ON JANUART 5, 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 4,623,282 320,351 1,069,532 338,610 461,749 222,593 182,040 1,024,284 196,261 142,746 178,424 96,268 390,424 Held by Federal Reserve bank 365,436 37,126 117,760 22,219 30,185 15,308 20,489 35,712 15,065 5,094 10,513 9,950 46,015 In actual circulation 4,257,846 283,225 951,772 316,391 431,564 207,285 161,551 988,572 181,196 137,652 167,911 86,318 344,409 Collateral held by agent as security for notes issued to bank! Gold certificates on hand and due from U. S. Treasury 4,685,632 341,000 1,080,000 347,000 467,000 223,000 166,000 1,035,000 200,632 140,500 182,000 99,500 404,000 Eligible paper 9*538 520 3,146 1,876 512 505 1,245 226 72 106 1,029 43 258 20,000 5,000 U. S. Gov*t securities 25,000 Total collateral 4,720,170 3^1,520 1,083,146 348,876 467,512 223,505 187,24-5 1,035,226 200,704 145,606 183,029 99,543 404,258 0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis