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. 21; of the Federal Reserve System not earlier* January 20, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended January 19 member bank reserve balances increased 126,000,000. Additions to member bank reserves arose from decreases of #49,000,000 in money in circulation and $7,000,000 in Treasury cash other than inactive gold, and an increase of $11,000,000 in Reserve bank credit, offset in part by increases of #20,000,000 in Treasury deposits with Federal Reserve banks and $19,000,000 in nonmember deposits and other Federal Reserve accounts* Excess reserves of member banks on January 19 were estimated to be approximately $1,370,000,000 , a decrease of $20,000,000 for the week. Inactive gold included in the gold stock and Treasury cash amounted to $1,223,000,000 on January 19, unchanged for the week. The principal changes in holdings of bills and securities were a decrease of $19,000,000 in United States Treasury bonds and increases of $12,000,000 in United States Treasury notes and $7,000,000 in Treasury bills. Changes in member bank reserve balances and related items during the week and the year ended January 19, 1938, were as followst Increase or decrease since Jan. 19 Jon. 12 Jan. 20 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 19) 18 — <-6 Other Reserve bank credit 17 +11 +9 Total Reserve bank credit 2,610 +11 +142. Gold stock 12,755 — +1,438 Treasury currency 2,639 -1 +106 Member bank reserve balances 7,219 +26 +464 Money in circulation 6,346 -49 +7 Treasury cash 3,621 -7 +1,158 Treasury deposits with F.R. banks 135 +20 -53 Nonmember deposits and other F. R. accounts 682 +19 +109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-28>a Released for publication Friday morning, Jan. 21, 1938; not earlier* ASSETS AMD LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Jan, 19, 1938 Jan. 12, 1938 Jan. 20,1937 A S S E TS Gold certificates on hand and due from U. S. Treasury 9,118,394 9,119,891 8,849,893 Redemption fund - F. R. notes . . .. 9,393 8,324 12,729 Other cash 4-26,66$ 403,894 314,574 Total reserves 9,554,452 9,532,109 9,177,196 Bills discountedt Secured by U.S.Gov't obligations, direct or fully guaranteed 6,979 7,420 1,506 Other bills discounted 3,813. 3,695 875 Total bills discounted 10,790 11,115 2,381 Bills bought in open market 548 540 3,084 Industrial advances 17,829 17,883 24,131 U. S. Government securities; Bonds 728,073 747,039 492,045 Treasury notes 1,171,713 1,159,497 1,345,963 Treasury bills 664,229 657,479 592,219 Total U.S. Government securities . 2,564,015 2,564,015 2,430,227 Total bills and securities . . . . 2,593,182 2,593,553 2,459,823 Due from foreign banks 171 179 223 F. R. notes of other banks 27,260 30,477 29,821 Uncollected items 614,313 574,127 665,840 Bank premises 45,033 45,034 46,146 All other assets 39,625 38,480 4o,l44 TOTAL ASSETS 12,874,036 12,813,959 12,419,193 L I A B I L I T I ES F. R. notes in actual circulation . . 4,155,272. 4,190,134 4,159,036 Deposits: Member bank - reserve account . . .. 7,218,937 7,193,380 6,754,890 U.S.Treasurer - General account . . . 135,018 115,321 188,259 Foreign bank 167,934 174,704 94,900 Other deposits 250,047 226,333 217,540 Total deposits 7,771,936 7,709,738 7,255,589 Deferred availability items . . . .. 597,884 568,580 658,189 Capital paid in 133,04l 133,071 131,972 Surplus (Section 7) 147,739 147,739 145,854 Surplus (Section 13 b) 27,683 27,683 27,190 Reserve for contingencies . . . . .. 33,019 33,052 36,232 All other liabilities 7,462 3,962 5,131 TOTAL LIABILITIES 12,874,036 12,813,959 12,419,193 Ratio of total reserves to deposit and F. R. note liabilities combined . . . 80.1% 80.1% 80.4% Contingent liability on bills purchased for foreign correspondents . . . .. 1,784 1,836 Commitments to make industrial advances 12,723 12,895 20,332 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 JANUARY 19, 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 9,118,394 487,155 3,676,775 457,430 639,127 276,197 219,862 1,756,308 280,182 177,201 264,349 176,889 676,919 Redemption fund - F. R. notes 9,393 669 1,710 4o6 507 1,119 1,493 505 751 380 512 216 1,125 Other cash 426,665 43,385 94,180 32,380 36,601 28,426 20,585 58,980 17,258 10,890 26,653 15,463 4l,S64 Total reserves 9,554,452 531,209 3,772,665 520,216 676,235 305,742 24l,94o 1,815,793 298,191 188,471 291,514 192,568 719,908 Bills discounted: direct or fully guaranteed 6,979 442 3,282 1,427 491 328 386 150 54 104 138 17 160 Other bills discounted 3,811 90 385 853 317 185 642 73 3 163 854 117 129 Total bills discounted 10,790 532 3,667 2,280 808 513 1,028 223 57 267 992 134 289 Bills bought in open market 548 41 215 56 51 23 19 68 . 2 2 16 16 39 Industrial advances 17,829 2,724 4,381 3,561 856 1,745 125 695 235 590 461 937 1,519 U. S. Government securities: Bonds 728,073 53,452 210,002 60,088 71,852 38,703 3300,,551144 80,187 32,507 23,639 37,512 28,330 61,287 Treasury notes 1,171,713 86,023 337,964 96,703 115,635 62,285 49,108 129,047 52,315 38,041 60,369 45,591 98,632 Treasury bills 664,229 48,764 191,588 54,819 65,551 35,309 27,839 73,156 29,656 a, 566 34,222 25,846 55,913 Total U.S. Govt, securities 2,564,015 188,239 739,554 211,610 253,038 136,297 :1 07,461 282,390 :1 14,478 83,246 132,103 99,767 215,832 Total bills and securities 2,593,182 191,536 747,817 2.17,507 254,753 138,578 :1 08,633 283,376 :1 14,772 84,105 133,572 100,854 217,679 Due from foreign banks 171 13 64 17 16 7 6 21 3 2 5 5 12 F. R. notes of other banks 27,260 317 6,768 885 1,473 2,266 2,311 3,724 2,136 1,559 1,553 767 3,501 Uncollected items 614,313 59,838 152,552 44,710 59,222 51,346 28,127 81,154 29,678 14,766 31,460 29,728 31',732 Bank premises 45,033 3,001 9,973 4,826 6,215 2,700 2,119 4,589 2,341 1,489 3,153 1,281 3,346 All other assets 39,625 2,458 11,531 3,816 4,421 2,451 1,581 3,713 1,517 1,410 1,856 1,450 3,421 TOTAL ASSETS 12,874,036 788,372 4,701,370 791,977 1,002,335 503,090 384,717 2,192,370 443,638 291,802 463,113 326,653 979,599 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 JANUARY 19, 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 4,155,272 275,082 920,159 311,179 420,778 202,181 157,914 970,462 178,351 135,036 165,308 83,003 335,819 Deposits: Member bank — reserve account 7,218,937 4)7,427 3,228,324 377,679 457,414 222,868 175,439 1,034,644 210,065 122,603 242,978 188,458 551,038 U. S.Treasurer - General account 135,018 6,356 37,454 6,806 11,791 2,626 1,724 37,826 6,477 2,836 5,770 5,284 10,068 Foreign bank 167,934 12,103 59,605 16,474 15,465 7,460 6,072 20,004 5,043 3,866 4,875 5,031 11,936 Other deposits 250,047 4,705 196,555 1,764 5,415 3,700 4,387 3,276 7,082 3,338 1,331 3,059 15,435 Total deposits 7,771,936 430,591 3,521,938 402,723 490,085 236,654 187,622 1,095,750 228,667 132,643 254,954 201,832 588,477 Deferred availability items 597,884 58,591 138,759 43,045 59,476 49,411 26,408 81,575 31,185 14,829 32,850 30,745 31,010 Capital paid in 133,041 9,394 51,003 12,276 13,132 4,911 4,425 13,010 3,877 2,895 4,110 3,915 10,093 Surplus (Section 7) 147,739 9,900 51,943 13,466 14,32.3 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 33,019 1,448 8,210 2,000 3,177 1,401 1,603 7,312 1,215 1,943 934 1,776 2,000 All other liabilities 7,462 492 1,614 2,877 357 159 389 445 131 302 202 220 274 TOTAL LIABILITIES 12,874,036 788,372 4,701,370 791,977 1,002,335 503,090 384,717 2,192,370 448,638 291,802 463,113 326,653 979,599 Contingent liability on bills purchased for foreign correspondents 1,784 128 691 175 164 57 46 212 53 4l 52 38 127 Commitments to make industrial advances 12,723 1,534 4,620 143 833 1,603 332 - - 326 43 101 269 2,919 MATURITY DISTRIBUTION OF BILLS AMD SECURITIES mthin 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 10,790 8,215 714 578 774 492 17 Bills bought 548 91 259 198 Industrial advances 17,829 1,415 87 415 742 1,175 3,762 5,315 4,918 U. S.Government securities 2,564,015 32,746 33,725 217,424 121,791 413,111 164,134 303,105 603,239 674,740 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-b FEDERAL RESERVE NOTE STATEMENT ON JANUARY 19, 1938 (In thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Eans.Cy. Dallas San Fran. Federal Reserve notesl Issued to F.R.bank by F.R.agent 4,516,887 312,438 1,027,614 338,727 452,096 214,550 178,306 1,003,886 194,395 139,251 174,832 94,515 386,277 Held by Federal Reserve bank 361,615 37,356 107,4-55 27,548 31,318 12,369 20,392 33,424 16,044 4,215 9,524 11,512 50,458 In actual circulation 4,155,272 275,082 920,159 311,179 420,778 202,181 157,9l4 970,462 178,351 135,036 165,308 83,003 335,819 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 4,606,632 341,000 1,050,000 347,000 455,000 208,000 166,000 1,020,000 200,632 136,500 182,000 96,500 404,000 Eligible paper 9,472 470 3,598 1,710 5l4 510 801 214 55 221 964 132 283 U. S. Gov't securities 33,000 - - 8,000 20,000 -- -- 5,000 - - Total collateral 4,649,104 341,470 1,053,598 348,710 455,514 216,510 186,801 1,020,214 200,687 l4l,721 182,964 96,632 404,283 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis