H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form Ffir-283 STATEMENT FOR THE PRESS Released lor publication Board of Governors Friday morning, Feb. 4; of the Federal Reserve System not earlier. February 3, 1938* CONDITION OF FEDERAL RESERVE BANKS During the week ended February 2 member bank reserve balances decreased #47,000,000. Reductions in member bank reserves arose from increases of #29,000,000 in money in circulation, #26,000,000 in Treasury deposits with Federal Reserve banks and #6,000,000 in Treasury cash other than inactive gold, offset in part by a decrease of #11,000,000 in nonmember deposits and other Federal Reserve accounts and an increase of #3,000,000 in Treasury currency. Excess reserves of member banks on February 2 were estimated to be approximately #1,390,000,000, a decrease of $50,000,000 for the week. Inactive gold included in the gold stock and Treasury cash amounted to #1,223,000,000 on February 2, unchanged for the week. Changes in member bank reserve balances and related items during the week and the year ended February 2, 1938, were as follows t Increase or decrease since Feb. 2 Jan, 2.6 Feb. : 1938 1938 1937 (In millions of dollars) Bills discounted 11 +8 Bills bought 1 — -2 U. Si Government securities 2,564 — +1>V Industrial advances (not including 13 million commitments - February 2) 18 — -6 Other Reserve bank credit * — Total Reserve bank credit 2,594 — +131 Gold stock 12,755 — +1,391 Treasury currency 2,657 +3 +126 Member bank reserve balances 7,249 -A7 +491 Money in circulation 6,323 +29 -25 Treasury cash 3,648 +6 +1,119 Treasury deposits with R. banks 143 +26 -33 Nonmember deposits and other F.R. accounts 643 -11 +96 *Less than #500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form Fft~28>a Released for publication Friday morning, Feb* 4, 1938; not earlier* ASSETS AND LIABILITIES OF IKE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Feb, 2, 1938 Jan. 26, 1938 Feb, 3» 1937 A S S E TS Gold certificates on hand and due U. S. Treasury 9,116,097 9,117,895 8,848,389 Redemption fund- . F. B. 10,612 9,443 12,746 Other cash . . . . .. 430,902 440,664 289,04l Total reserves 9,557,611 9,568,002 9,150,176 Bills discounted! Secured by U.S. Gov *t obligations, direct or fully guaranteed . . . . 7,545 7,632 2,359 Other bills discounted . . . . . .. 3,675 3,838 442 Total bills discounted 11,220 11,470 2,801 Bills bought in open market 548 548 3,081 Industrial advances 17,788 17,929 23,649 U. S. Government securities! Bonds . 727,573 727,573 492,182 Treasury notes 1,172,213 1,172,213 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 . . .. 2,593,571 2,593,962 2,459,758 Due from foreign banks 171. 171 226 F. R. notes of other banks 21,522 24,584 24,497 Uncollected items 533,885 503,242 584,725 Bank premises 44,971 45,011 46,140 All other assets 4l,962 40,84q 40,369 TOTAL ASSETS 12,793,693 12,775,812 12,305,891 L I A B I L I T I ES F. R. notes in actual circulation . . 4,137,756 4,119,084 4,158,067 Deposits! Member bank - reserve account . . .. 7,249,296 7,295,871 6,757,714 U.S. Treasurer - General, account . # 142,671 117,322 175,745 Foreign bank . 151,864 157,748 76,265 Other deposits 231,389 235,604 209,520 Total deposits . . . .. 7,775,220 7,806,545 7,219,244 Deferred availability items . . .. * 534,050 503,674 581,348 Capital paid in . . . . . . . . . .. 133,087 133,069 132,321 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 . * 5,139 4,999 5,632 TOTAL LIABILITIES . . .. 12,793,693 12,775,812 12,305,891 Ratio of tot$1 reserves to deposit and F. R. note liabilities combined . . 80.2% 80.2$ 80.4$ Contingent liability on bills purchased for foreign correspondents . . . .. 1,379 1,592 Commitments to make industrial advances 13,369 13,388 19,999 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-b ASSETS A1JD LIABILITIES OF THE FEDERAL RESERVE BANKS ON FEBRUARY 2, 1938 (in thousands of dollars) A SS E T S Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. K!a ns.Cy. Dallas San Fran, Gold certificates on hand and due from U.S.Treasury 9,116,097 488,546 3,756,357 478,692 621,978 276,075 218,793 1,724,068 275,906 179,072 265,4o4 173,900 655,306 Redemption fund - F.R.notes 10,612 641 1,588 1,295 962 989 1,446 462 740 375 497 504 1,113 Other cash 430,902 46,078 90,877 33,077 37,299 28,968 20,871 61,108 16,168 10,992 26,915 14,448 44,101 Total reserves 9,557,611 535,265 3,848,822 513,064 660,239 306,032 241,110 1,785,638 292,814 190,439 292,816 190,852 700,520 Bills discountedt Secured by U.S.Gov't obligations, direct or fully guaranteed 7,545 519 2,772 1,750 399 295 994400 95 224477 79 252 17 180 Other bills discounted 3,675 113 341 874 310 192 640 50 2 159 733 120 l4i Total bills discounted 11,220 632 3,113 2,624 709 487 1,580 145 249 238 985 137 321 Bills bought in open market 548 4l 214 56 50 24 19 68 3 2 16 16 39 Industrial advances 17,788 2,742 4,282 3,555 999 1,728 125 688 202 578 475 935 1,479 U. S. Government securities: Bonds 727,573 5533,,441155 209,858 60,047 71,802 38,677 30,494 80,132 3322,,448855 23,622 3377,,448866 28,310 61,245 Treasury notes 1,172,213 86,060 338,108 96,744 115,685 62,311 4$,128 129,102 52,337 38,058 60,395 45,611 98,674 Treasury bills 664,229 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 2,564,015 188,239 739,554 211,610 253,038 136,297 107,461 " 282,390 114,478 83,246 132,103 99,767 215,832 Total bills and securities 2,593,571 191,654 747,163 217,845 254,796 138,536 109,185 283,291 114,932 84,064 133,579 100,855 217,671 Due from foreign banks 171 13 65 17 16 7 6 21 2 2 5 5 12 F. R. notes of other banks 21,522 326 5,423 710 1,274 2,061 1,890 3,422 986 682 898 541 3,309 Uncollected items 533,885 54,048 129,321 41,772 55,834 45,185 21,187 67,409 23,917 14,092 30,571 23,65L 26,898 Bank premises 44,971 2,996 9,956 4,845 6,203 2,694 2,115 4,579 2,336 1,486 3,148 1,275 3,338 All other assets 41,962 2,628 12,322 3,934 4,659 2,569 1,661 3,960 1,627 1,488 1,935 1,571 3,608 TOTAL ASSETS 12,793,693 786„930 4,753,072 782,187 983,021 497,084 377,154 2,148,320 436,614 292,253 462,952 318,750 955,356 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FK-283-c ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS OK FEBRUARY 2, 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 4,137,756 275,703 917,680 310,813 416,964 198,158 155,743 966,026 178,906 135,421 165,472 82,267 334,603 Depositsi Member bank — reserve account 7,249,296 414,657 3,323,310 376,852 450,017 221,201 176,544 1,002,934 206,532 118,702 234,601 188,000 535,946 U.S.Treasurer - General account 142,671 3,752 23,042 2,579 12,744 7,835 2,045 44,352 5,329 7,478 17,428 5,254 10,833 Foreign bank 151,864 10,735 56,293 14,611 13,717 6,411 5,218 17,743 4,473 3,429 4,324 4,324 10,586 Other deposits 231,389 3,288 188,747 1,099 3,654 3,619 3,379 1,019 5,458 3,830 316 3,007 13,973 Total deposits 7,775,220 432,432 3,591,392 395,l4l 480,132 239,066 187,186 1,066,048 221,792 133,439 256,669 200,585 571,338 Deferred availability items 534,050 54,649 123,531 43,687 53,869 44,979 21,414 71,617 25,444 14,083 30,808 24,911 25,058 Capital paid in 133,087 9,398 50,973 12,280 13,154 4,916 4,432 13,016 3,878 2,896 4,119 3,921 10,104 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 1,401 1,603 7,312 1,215 1,943 934 1,776 2,000 All other liabilities 5,139 526 1,599 389 395 191 420 485 167 317 195 128 327 TOTAL LIABILITIES 12,793,693 786,930 4,753,072 782,187 983,021 497,084 377,154 2,148,320 436,614 292,253 462,952 318,750 955,356 Contingent liability on bills purchased for foreign correspondents 1,379 100 494 135 127 59 48 164 42 32 4o 4o 98 Commitments to make industrial advances 13,369 1,509 4,575 138 1,490 1,614 332 430 42 99 269 2,871 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Within 16 to 31 to 6l 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 11,220 9,118 458 589 664 379 12 Bills bought 548 281 150 47 70 Industrial advances 17,788 1,250 270 619 496 1,738 3,549 5,31-4 4,552 U.S.Government securities 2,564,015 33,725 38,857 243,626 129,204 403,950 133,569 303,105 603,739 674,240 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form Fft-2S3-d FEDERAL RESERVE NOTE STATEMENT ON FEBRUARY 2, 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 I Issued to F,R.bank by F*Reagent 4,474,787 312,220 1,021,589 333,913 448,955 209,637 176,065 991,396 192,096 139,160 174,166 92,850 382,740 Held by Federal Reserve bank 337,031 36,517 103,909 23,100 31,991 11,479 20,322 25,370 13,190 3,739 8,694 10,583 48,137 In actual circulation 4,137,756 275,703 917,680 310,813 416,964 198,158 155,743 966,026 178,906 135,421 165,472 82,267 334,603 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 4,536,632 341,000 1,035,000 337,000 452,000 203,000 161,000 995,000 196,632 136,500 182,000 93,500 404,000 Eligible paper 9,907 570 3,034 2,051 4l5 484 1,353 135 247 202 965 135 316 U* S. Gov*t securities 33,000 - - - ~ - - - - 8,000 20,000 - - - - 5,000 Total collateral 4,579,539 341,570 1,038,034 339,051 452,415 211,484 182,353 995,135 196,879 l4l,702 182,965 93,635 4o4,3l6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis