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. 28; of the Federal Reserve System not earlier. January 27, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended January 26 member bank reserve balances increased $>7^000,000. Additions to member bank reserves arose from decreases of $52,000,000 in money in circulation, $18.,000,000 in Treasury deposits with Federal Reserve banks and #28,000,000 in nonmember deposits and other Federal Reserve accomts and an increase of $15,000,000 in Treasury currency, offset in part by an increase of $21,000,000 in Treasury cash other than inactive gold and a decrease of $16,000,000 in Reserve bank credit* Excess reserves of member banks on January 26 were estimated to be approximately $1,440,000,000, an increase of $70,000,000 for the week. Inactive gold included in the gold stock and Treasury cash amounted to $1,223,000,000 on January 26, unchanged for the week. Changes in member bank reserve balances and related items during the week and the year ended January 26, 1938, were as follows! Increase or decrease since Jan. 26 Jan. 19 Jan. 27 1938 1938 1937 (in millions of dollars) Bills discounted 11 +8 — Bills bought 1 — -2 U. S. Government securities 2,564 — +134 Industrial advances (not including 13 million commitments - January 26) 18 — --66 Other Reserve bank credit *• -17 -18 Total Reserve bank credit 2,594 -16 +116 Gold stock 12,755 — +1,410 Treasury currency 2,654 +15 +123 Member bank reserve balances 7,296 +77 +517 Money in circulation 6,294 -52 -24 Treasury cash 3,642 +21 +1,139 Treasury deposits with F. R. banks 117 -18 -63 Nonmember deposits and other F. R« accounts 654 -28 +80 *Less than #500,000* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR~28>a Released for publication Friday morning, Jan. 28, 1938; not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Jan. 26, 1938 Jon, 19,1938 Jan, 27, 1937 A S S E TS Gold certificates on hand and due from U. S. Treasury 9,117,895 9,118,394 8,849,914 Redemption fund - F. R. notes . . . . 9,443 9,393 12,729 Other cash 440,664 426,665 307,743 Total reserves . . . . . . . . .. 9,568,002 9,554,452 9,170,386 Bills discounted: Secured by U.S.Gov*t obligations,direct or fully guaranteed 7,632 6,979 2,344 Other bills discounted 3.838 3,811 513 Total bills discounted . . . . .. 11,470 10,790 2,857 Bills bought in open market . . . .. 548 548 3,081 Industrial advances . . .. 17,929 17,829 24,085 U. S. Government securities: Bonds 727,573 728,073 492,182 Treasury notes 1,172,213 1,171,713 1,345,963 Treasury bills 664,229 664,229 592,082 Total U.S.Government securities . 2,564,015 2,564,015 2,430,227 Total bills and securities . . . . 2,593,962 2,593,182 2,460,250 Due from foreign banks 171 171 226 F. R. notes of other banks 24,584 27,260 25,022 Uncollected items . 503,242 614,313 576,113 Bank premises . . . .. 45,011 45,033 46,l45 All other assets 4o,84o 39,625 41,592 TOTAL ASSETS . . 12,775,812 12,874,036 12,319,734 L I A B I L I T I ES F. R. notes in actual circulation . . 4,119,084 4,155,272 4,140,506 Deposits: Member bank - reserve account . . .. 7,295,871 7,21S,937 6,778,700 U. S. Treasurer - General account . . 117,322 135,018 180,253 Foreign bank ... 157,748 167,934- 74,947 Other deposits 235,604 250,047 239,763 Total deposits 7,806,545 7,771,936 7,273,663 Defarrod availability items . . . .. 503,67-4 597,884- 558,526 Capital paid in 133,069 133,0^1 132,105 Surplus (Section 7) . . .. 147,739 147,739 145,854 Surplus (Section 13 b) . 27,683 27,683 27,190 Reserve for contingencies . . . . .. 33,019 33,019 36,235 All other liabilities . . 4-, 999 7,462 5,655 TOTAL LIABILITIES 12,775,812 12,874,036 12,319,734- Ratio of total reserves to deposit and F. R. note liabilities combined . . . 80,2$ 80,1$ 80.3$ Contingent liability on bills purchased for foreign correspondents • . . . • 1,592 1,784 Commitments to make industrial advances 13,388 12,723 20,238 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-b ASSETS AND LIABILITIES OF IKE FEDERAL RESERVE BANKS OK JANUARY 26, 1938 (In thousands of dollars) A S S E TS Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran, Gold certificates on hand and due from U. S. Treasury 9,117,895 482,331 3,739,087 480,698 624,093 271,668 217,503 1,738,329 284,991 177,056 262,490 172,3406 67,309 Redemption fund - F.R.notes 9,443 669 1,710 342 1,007 767 1,466 505 751 380 512 209 1,125 Other cash 440,664 45,114 96,•816 33,125 37,600 29,4l4 21,640 62,060 17,633 11,438 26,484 15,148 44,192 Total reserves 9,568,002 528,114 3,837,613 514,165 662,700 301,849 24o,6C9 1,800,894 303,375 188,874 289,486 187,697 712,626 Bills discountedt Secured by U.S.Gov't obligations, direct or fully guaranteed 7,632 632 3,233 1,639 532 315 673 105 49 79 168 17 190 Other bills discounted 3,838 100 375 867 316 203 665 58 2 172 815 123 142 Total bills discounted 11,470 732 3,608 2,506 848 518 1,338 163 51 251 983 i4o 332 Bills bought in open market 548 4l 214 56 50 24 19 68 3 2 16 16 39 Industrial advances 17,929 2,741 4,378 3,557 1,005 1,730 125 694 204 585 455 936 11,,551199 U. S. Government securitiess Bonds 727,573 5533,,441155 209,858 6600,,004477 71,802 38,677 30,494 80,132 32,485 23,622 37,486 28,310 61,245 Treasury notes 1,172,213 86,060 338,108 96,744. 115,685 62,311 49,128 129,102 52,337 38,058 60,395 45,611 98,674 Treasury bills 664,22.9 48,764 191,588 54,819 65,551 35,309 27,839 73,156 29,656 21,566 34,222 25,846 55,913 Total U.S. Govt, securities 2,564,015 188,2.39 739,554 211,610 253,038 136,297 107,461 282,390 114,478 83,246 132,103 99,767 215,832 Total bills and securities 2,593,962 191,753 747,754 217,729 254,941 138,569 108,943 283,315 114,736 84,084 133,557 100,859 217,722 Due from foreign banks 171 13 65 17 16 7 6 21 2 2 5 5 12 F. R. notes of other banks 24,584 322 5,736 745 1,541 2,313 2,870 3,481 2,068 422 1,136 774 3,176 Uncollected items 503,242 49,668 126,777 37,895 46,774 43,194 21,317 64,387 22,920 12,904 28,569 23,934 24,903 Bonk premises 45,011 3,001 9,973 4,815 6,216 2,700 2,116 4,589 2,340 1,489 3,153 1,281 3,338 All other assets 4o,84o 2,504 11,835 4,263 4,520 2,511 1,594 3,790 1,550 1,433 1,896 1,471 3,473 TOTAL ASSETS 12,775,812 775,375 4,739,753 779,629 976,708 491,143 377,455 2,160,477 446,991 289,208 457,002 316,021 965,250 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form F&-283-C ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON JMUAHI 26, 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 4,119,084 272,992 908,951 309,388 419,613 198,610 155,338 964,495 177,512 134,315 164,181 81,887 331,802 Deposits: Member bank - reserve account 7,295,871 408,052 3,306,576 379,948 449,415 219,519 176,463 1,044,617 219,982 120,808 236,733 185,486 548,272 U.S.Treasurer - General account 117,322 4,710 32,766 3,234 11,469 5,495 2,4o3 23,215 4,148 4,379 13,501 3,760 8,242 Foreign bank 157,748 11,506 55,307 15,662 14,703 6,872 5,593 19,018 4,794 3,676 4,635 4,635 11,347 Other deposits 235,604 3,852 191,469 1,189 3,230 3,332 3,736 1,146 5,878 4,112 338 3,095 14,227 Total deposits 7,806,545 428,120 3,586,11,8 400,033 447788,,881177 235,218 188,195 1,087,996 234,802 132,975 255,207 196,976 582,088 Deferred availability items 503,674 50,170 124,807 37,247 46,223 42,440 21,121 63,335 24,201 12,601 28,375 26,154 27,000 Capital paid in 133,069 9,397 50,993 12,277 13,138 4,915 4,428 13,015 3,873 2,895 4,115 3,918 10,100 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 33,019 1,448 8,210 2,000 3,177 l,4oi 1,603 7,312 1,215 1,943 934 1,776 2,000 All other liabilities 4,999 474 987 807 410 186 4l4 508 171 325 235 148 334 TOTAL LIABILITIES 12,775,812 775,375 4,739,753 779,629 976,708 491,143 377,455 2,160,477 446,991 289,208 457,802 316,021 965,250 Contingent liability on bills purchased for foreign correspondents 1,592 128 449 175 164 77 62 212 53 4l 52 52 127 Commitments to make industrial advances 13,388 1,534 4,589 143 1,433 1,602 332 - - 431 42 101 269 2,912 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 11,470 8,952 635 579 797 494 13 Bills bought 546 186 298 64 Industrial advances 17,929 1,368 162 334 785 1,180 3,972 5,339 4,789 U.S. Government securities 2,564,015 30,630 37,720 234,085 120,256 426,671 133,569 303,105 603,739 674,240 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FRr2S3~d FEDERAL RESERVE NOTE STATEMENT OK JANUARY 26, 1938 (in thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St,Louis Minn. Kons.Cy. Dallas San Fran. Federal Reserve notes: Issued to F.R.bank by F.R. agent 4,489,070 311,127 1,022,750 336,309 449,799 212,544 177,101 995,039 192,747 138,413 174,989 93,793 384,4*9 Held by Federal Reserve bank 369,986 38,135 113,799 26,921 30,186 13,934 21,763 30,544 15,235 4,098 10,808 11,906 52,657 In actual circulation 4,119,084 272,992 908,951 309,388 419,613 198,610 155,338 964,495 177,512 134,315 164,18} 81,887 331,802 Collateral held by agent as security for notes issued to bank? Gold certificates on hand and due from U. S. Treasury 4,569,632 341,000 1,035,000 347,000 452,000 208,000 161,000 1,010,000 196,632 136,500 182,000 96,500 404,000 Eligible paper 10,159 670 3,529 1,936 554 515 1,111 153 49 23D 957 138 327 U. S. Gov»t securities 33,000 - 8,000 20,000 5,000 7 Total collateral 4,612,791 341,670 1,038,529 348,936 452,554 216,515 182,111 1,010,153 196,681 141,720 182,957 96,638 404,327 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis