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, Jan, l4j of the Federal Reserve System not earlier. January 13, 1938.• CONDITION OF FEDERAL RESERVE BANKS During the week ended January 12>member bank reserve balances increased $122,000,000. Additions to member bank reserves arose from decreases of $115)000,000 in money in circulation, $12,000,000 in Treasury deposits with Federal Reserve banks and $3,000,000 in nonmember deposits and other Federal Reserve accounts, offset in part by a decrease of $4,000,000 in Reserve bank credit and an increase of $6,000,000 in Treasury cash other than inactive gold. Excess reserves of member banks on January 12 were estimated to be approximately $1,390,000,000, an increase of $120,000,000 for the week. Inactive gold included in the gold stock and Treasury cash amounted to $1,223,000,000 on January 12, unchanged for the week. The principal changes in holdings of bills and securities were an increase of $4,000,000 in United States Treasury notes and a decrease of $4,000,000 in United States Treasury bonds. Changes in member bank reserve balances and related items during the week and the year ended January 12, 1938, were as follows: Increase or decrease since Jan, 12 Jan. 5 Jan. 13 1938 1938 1937 (in millions of dollars) Bills discounted 11 — +9 Bills bought 1 — -2 U. S. Government securities 2,564 — +134 Industrial advances (not including 13 million commitments - January 12) 18 — -6 Other Reserve bank credit 6 -3 -10 Total Reserve bank credit 2,599 +12.3 Gold stock 12,755 +1,449 Treasury currency 2,640 +1 +112 Member bank reserve balances 7,193 +122 +453 Money in circulation 6,395 -115 +24 Treasury qash 3,628 +6 +1,189 Treasury deposits with -F R. banks 115 -12 -75 # Nonmember deposits and other F. R. accounts 663 -3 +94 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FRr-283-a Released for publication Friday morning, Jan. 1-4,1938; not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Jan. 12, 1938 Jan. 5, 1938 Jan. 13, 1937 A S S E TS Gold certificates on hand and due from U. S. Treasury . . . . . .. 9,119,891 9,119,892 8,84-9,882 Redemption fund - F. R. notes . . 8,324 9,436 13,330 Other cash . . 403,894 362,631 304,749 Total reserves 9,532,109 9,491,959 9,167,961 Bills discountedi or fully guaranteed . 7,420 7,096 1,487 Other bills discounted 3,695 3,984 861 Total bills discounted . 11,115 11,080 2,348 Bills bought in open market . 540 540 3,089 Industrial advances 17,883 17,894 24,221 U. S. Government securities: Bonds . . . .. 747,039 751,539 490,690 Treasury notes 1,159,497 1,154,997 1,343,963 Treasury bills 657,479 657,479 595,574 2,564,015 2,564,015 2,430,227 Total U.S.Government securities 2,593,553 2,593,529 2,459,885 Total bills and securities . . Due from foreign banks . . 179 179 2.20 F. R. notes of other banks 30,477 27,441 31,902 Uncollected items . . .. 574,127 637,442 671,914 Bank premises 45,034 45,021 46,146 All other assets 38,480 37,361 39,200 TOTAL ASSETS 12,813,959 12,832,932 12,417,228 L I A B I L I T I ES F. R. notes in actual circulation 4,190,134 4,257,846 4,176,758 Deposits: Member bank - reserve account . . 7,193,380 7,071,249 6,739,615 U.S.Treasurer - General account , 115,321 126,896 190,033 Foreign bank 174,704 175,313 92,638 Other deposits 226,333 228,428 215.592 Total deposits 7,709,738 7,601,886 7,237,878 Deferred availability items . . , 568,580 628,339 656,123 Capital paid in 133,071 132,927 131,792 Surplus (Section 7) 147,739 147,739 145,854 Surplus (Section 13 b) 27,683 27,683 27,190 Reserve for contingencies . . . . 33,052 33,052 36,268 All other liabilities . . . . .. 3,962 3,460 5,365 TOTAL LIABILITIES 12,813,959 12,832,932 12,417,228 Ratio of total reserves to deposit and 80.0% 80.3% F. R. note liabilities combined . . 80.1% Contingent liability on bills purchased for foreign correspondents . . .. 1,836 1,466 Commitments to make industrial advances 12,895 12,792 20,565 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FH-28<3»-b ASSETS AND LIABILITIES OF HIE FEDERAL RESERVE BANKS ON JANUARY 12, 1938 (In thousands of dollars) A SS 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 9,119,891 484,6l4 3,620,195 492,534 644,960 283,366 224,044 1,763,039 287,863 181,630 267,046 181,159 689,441 Redemption fund - F.R.notes 8,324 704 875 470 559 620 1,495 570 763 386 523 217 1,142 Other cash 403,894 40,409 93,891 30,145 32,819 27,032 20,528 51,756 17,802 10,629 25,504 15,626 37,75) Total reserves 9,532,109 525,727 3,714,961 523,149 678,338 311,018 246,067 1,815,365 306,428 192,645 293,073 197,002 728,33> Bills discounted» direct or fully guaranteed 7,420 681 3,338 1,574 576 350 386 150 69 134. 17 145 Other bills discounted 3,695 95 374 773 288 117 675 75 149 944 82 123 Total bills discounted 11,115 776 3,712 2,347 864 467 1,061 225 69 149 1,078 99 268 Bills bought in open market 540 4l 212 55 50 <3 19 65 3 2 16 16 38 Industrial advances 17,883 2,719 4,394 3,549 867 1,761 126 696 235 617 456 943 1,520 U. S. Government securitiesI Bonds 747,039 54,844 215,473 61,654 73,723 39,711 31,309 82,276 33.354 24,254 38,489 29,068 62,884 Treasury notes 1,159,497 85,126 334,440 95,694 114,430 61,636 48,596 127,702 51,769 37,646 59,739 45,116 97,603 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 2,593,553 191,775 747,872 217,561 254,819 138,548 108,667 283,376 114,785 84,014 133,653 100,825 217,658 Due from foreign banks 179 13 68 18 17 8 6 21 3 5 5 13 F. R„ notes of other banks 30,477 415 6,988 974 1,920 2,163 2,656 5,231 2,528 1,134 1,742 903 3,823 Uncollected items 574,127 58,565 138,409 41,835 53,907 48,332 23,721 77,368 27,280 15,806 30,613 24,806 33,485 Bank premises 4-5,034 3,001 9,973 4,826 6,216 2,700 2,119 4,589 2,341 1,489 3,153 1,281 3,346 All other assets 38,480 2,367 11,380 3,701 4,250 2,411 1,496 3,531 1,458 1,351 1,837 1,388 3,310 TOTAL ASS2TS 12,8135959 781,863 4,629,651 792,064 999,467 505,180 384,732 2,189,481 454,823 296,441 464,076 326,210 989,971 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

.Form .FR-283 ASSETS AND.LIABILITIES OF THE FEDERAL RESERVE BANKS ON JANUARY 12, 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-,190,134 278,688 925,905 314,268 427,650 203,851 158,315 .976,844 179,053 135,890 166,295 84,033 339,342 Deposits t Member bank - reserve account 7,193,380 399,571 3,181,445 383,649 459,432 226,594 178,355 1,029,799 219,872 124,317 243,244 192,181 554,921 U.S.Treasurer - General account 115,321 3,665 24,831 2,667 7,746 1,116 3,655 38,551 6,328 4,227 8,604 3,923 10,008 Foreign bank 174,704 12,665 63,845 17,002 15,961 7,460 6,072 20,124 5,205 3,990 5,031 5,031 12,318 Other deposits 226,333 4,542 182,147 984 3,822 4,236 2,014 I,O49 5,366 3,166 650 3,043 15,314 Total deposits 7,709,738 420,443 3,452,268 404,302 486,961 239,406 190,096 1,089,523 236,771 135,700 257,529 204,178 592,561 Deferred availability items 568,580 58,742 131,696 40,905 52,881 47,086 23,551 78,552 28,562 15,527 30,296 27,021 33,761 Capital paid in 133,071 9,392 51,102 12,259 13,131 4,901 4,416 13,004 3,871 2,895 4,099 3,910 10,091 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 33,052 1,448 8,210 2,000 3,176 l,4oi 1,603 7,340 1,215 1,949 934 1,776 2,000 All other liabilities 3,962 376 783 453 338 162 395 402 139 326 168 130 290 TOTAL LIABILITIES 12,813,959 781,863 4,629,651 792,064 999,467 505,180 384,732 2,189,481 454,823 296,441 464,076 326,210 989,971 Contingent liability on bills purchased for foreign correspondents 1,836 96 995 129 121 57 46 153 4o 30 38 38 93 Commitments to make industrial advances 12,895 1,699 4,6 55 173 896 1,609 332 - - 176 52 101 269 2,933 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 11,115 8,701 430 742 636 586 20 Bills bought 540 185 215 140 - — - — — — — ~ Industrial advances 17,883 1,156 467 324 803 1,098 3,625 5,332 5,078 — Ml U.S. Government securities 2,564,015 33,296 30,630 78,087 260,101 390,961 193,106 285,889 595,739 696,206 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

.Form .FR-283 FEDERAL RESERVE NOTE STATEMENT ON JANUARY 12, 1938 (In thousands of dollars) Total Boston New York Phila. CIeve. Rich, Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Federal Reserve notest Issued to F.R.bank by F.R.agent A,587,496 314,074 1,065,4-98 34l,4l2 457,170 218,587 179,910 1,014,446 195,511 141,757 176,012 95,365 387,754 Held by Federal Reserve bank 397,362 35,386 139,593 27,144 29,520 14,736 21,595 37,602 16,458 5,867 9,717 11,332 48,412 In actual circulation 4,190,134 278,688 925,905 314,268 -4??-.,650 203,851 158,315 976,844 179,053 135,890 166,295 84,033 339,342 Collateral held by agent as security for notes issued to banks Gold certificates on hand and due from U. S. Treasury 4,671,132 341,000 1,080,000 347,000 459,500 219,000 166,000 1,035,000 200,632 140,500 182,000 96,500 404,000 Eligible paper 9,998 710 3,667 1,846 652 467 832 225 69 104 1,059 99 268 U.S. Gov't securities 25,000 20,000 -- 5,000 Total collateral 4,706,130 341,710 1,083,667 348,846 460,152 219,467 186,832 1,035,225 200,701 145,604 183,059 96,599 4o4,268 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis