H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FR-283-b STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Feb. 11; of the Federal Reserve System not earlier• February 10, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended February 9 member bank reserve balances decreased |44,000,000, Reductions in member bank reserves arose from of $2,000,000 in Treasury cash other than inactive gold, $13,000,000 in/depositPwith Federal Reserve banks and #50,000,000 in nonmember deposits and other Federal Reserve accounts, offset in part by an increase of $4,000,000 in Treasury currency and a decrease of $17,000,000 in money in circulation. Excess reserves of member banks on February 9 were estimated to be approximately $1,4-10,000,000, an increase of $20,000,000 for the week. Inactive gold included in the gold stock and in Treasury cash amounted to $1,223,000,000 on February 9, unchanged for the week. The principal changes in holdings of bills and securities were an increase of $10,000,000 in United States Treasury bills and decreases of $8,000,000 in United States Treasury bonds and $2,000,000 in United States Treasury notes* Changes in member bonk reserve balances and related items during' the week and the year ended February 9, 1938, were as follows I Increase or decrease since Feb. 9 Feb. 2 Feb. 10 1938 19^8, 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 - February 9) 18 —~ *6 Other Reserve bank credit * —— -18 Total Reserve bank credit 2,59-4 — +117 Gold stock 12,756 +1 +1,369 Treasury currency 2,661 +4 +130 Member bank reserve balances 7,205 -44 +434 Money in circulation 6,306 -17 -54 Treasury oash 3,650 +2 +1,087 Treasury deposits with F, R. banks 156 +13 +24 Nonmember deposits and other F. R. accounts 693 +50 +124 *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 rooming, Feb. 11, 1938; not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Feb. 9, 1938 Feb. 2, 1938 Feb. 10, 1937 A S S E TS Gold certificates on hand and due from U. S. Treasury 9,116,097 9,116,097 8,843,378 Redemption fund - F. R. notes . . .. 10,183 10,612 12,746 Other cash 437.550 430,902 277,090 Total reserves 9,563,830 9,557,611 9,138,214 Bills discounted! Secured by U. S. Gov't obligations, direct or fully guaranteed . . .. 7,450 7,545 2,142 Other bills discounted 3,765 3,675 44l Total bills discounted 11,215 11,220 2,583 Bills bought in open market 548 548 3,081 Industrial advances 17,625 17,788 23,582 U. S. Government securities! Bonds . .. 719,573 727,573 498,232 Treasury notes 1,170,213 1,172,213 1,339,913 Treasury bills . 674,229 664,229 592,082 Total U.S. Government securities . 2,564,015 2,564,015 2,430,227 Total bills and securities . . .. 2,593,403 2,593,571 2,459,473 Due from foreign banks 171 171 226 F. R. notes of other banks; 21,636 21,522 22,897 Uncollected items 479,937 *533,S£5 562,251 Bank premises 44,9^0 44, 971 46,152 All other assets . 42,804 41,962 41,465 TOTAL ASSETS 12,746,721 ^12,793,663 12,270,678 L I A B I L I T I ES F. R. notes in actual circulation . • 4,125,104 4,137,756 4,165,838 Deposits! Member bank - reserve account . . .. 7,204,708 7,249,296 6,770,854 U„ S, Treasurer - General account . . 156,272 142,671 132,152 Foreign bank 153,380 151,864 102,803 Other deposits 280,341 2.31,389 207.319 Total deposits 7,794,701 7,775,220 7,213,128 Deferred avril;\bility items . . . .. 479,882 *534,020 544,854 Capital paid in 133.131 133,087 132,239 Surplus (Section 7) 147,739 147,739 145,854 Surplus (Section 13 b) . . . . . .. . 27,633 27,683 27,190 Reserve for contingencies 33,019 33,019 36,235 All other liabilities 5,462 5,139 5,3^-0 TOTAL LIABILITIES 12,746,721 *12,793,663 12,270,678 Ratio of total reserves to deposit and 80.2$ 80.2% 80.3% F. R. note liabilities combined . . Contingent liability on bills purchased for foreign correspondents . . . .. 1,122 1,379 Commitments to make industrial advances 13,149 13,369 19,939 *Revised. 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 FEBRUARY 9, 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- 9,116,097 489,429 3,718,208 475,614 624,018 276,243 225,342 1.738,007 278,328 177,205 267,989 170,674 675,040 Redemption fund - F.R.notes 10,183 626 1,399 1,295 924 979 l,4oo 413 729 370 468 496 1,084 Other cash 437,550 46,713 97,792 33,683 37,923 2.9,364 22,380 60,998 16,626 10,266 26,471 13,801 41,533 Total reserves 9,563,830 536,768 3,817,399 510,592 662,865 306,586 249,122 1,799,418 295,683 187,84l 294,928 184,971 717,657 Bills discounted! Secured by U.S.Gov't obligations, direct or ftilly guaranteed 7,450 1,024 2,736 1,877 387 329 429 65 87 78 147 46 245 Other bills discounted 3,765 93 531 803 307 164 609 37 2 159 702 182 176 Total bills discounted 11,215 1,117 3,267 2,680 694 493 1,038 102 89 237 849 228 421 Bills bought in open market 548 4l 214 56 50 24 19 68 3 2 16 16 39 Industrial advances 17,625 22,,662277 44,,338811 33,,442255 998 11,,772277 124 688 202 570 475 933 11,,447755 U. S. Government securities J Bonds 719,573 52,828 207,550 59,387 71,013 38,251 30,158 79,251 32,128 23,363 37,074 27,999 60,571 Treasury notes 1,170,213 85,913 337,532 96,578 115,487 62,205 49,045 128,882 52,247 37,993 60,291 45,533 98,507 Treasury bills 674,229 49.498 194,472 55,645 66,538 35,841 28,258 74,257 30,103 21,890 34,738 26,235 56,754 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 2.593.403 192.024 747,4l6 217,771 254,780 138,541 108,642 283,248 114,772 84,055 133,443 100,944 217,767 Due from foreign banks 171 13 65 17 16 7 6 21 2 2 5 5 12 F. R. notes of other banks 21,636 335 5,004 795 1,344 1,393 2,l44 2,755 1,361 967 1,392 571 3,575 Uncollected items 479,937 48,724 112,891 37,240 46,860 41,805 20,507 61,967 22,318 12,730 25,233 21,700 27,962 Bank premises 44,340 2,996 9,956 4,815 6,203 2,694 2,114 4,579 2,336 1,486 3,148 1,275 3,338 All other assets 42,804 2,681 12,664 4,107 4,717 2,606 1,679 4,016 1,656 1,502 1,960 1,558 3,658 TOTAL ASSETS 12,746,721 783,541 4,705,395 775,337 976,785 493,632 384,214 2,156,004 438,128 288,583 460,109 311,024 973,969 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-28>-c ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS OK FEBRUARY 199, 38 (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. Kang.Cy. Dallas San Fran. F.R.notes in actual circulation 4,125,104 276,156 905,077 309,988 419,463 196,828 154,046 967,035 177,979 135,538 165,559 81,749 335,686 Deposits: Member bank — reserve account 7,204,708 411,397 3,242,435 376,427 446,678 223,567 181,232 1,013,929 210,601 120,462 239,153 183,191 555,636 U.S.Treasurer - General account 156,272 7,893 35,660 3,234 14,432 7,407 7,567 47,324 4,072 3,743 15,126 3,542 6,272 Foreign bank 153,380 11,048 55,021 15,038 14,117 6,598 5,371 18,260 4,603 3,529 4,450 4,450 10,895 Other deposits 280,341 3,727 239,479 977 3,551 3,100 2,9*^4 1,106 6,081 3,565 231 2,873 12,707 Total deposits 7,794,701 434,065 3,572,595 395,676 478,778 240,672 197,114 1,080,619 225,357 131,299 258,960 194,056 585,510 Deferred availability items 479,882 49,210 107,526 37,088 46,409 41,211 20,197 63,611 24,285 12,251 25,538 24,193 28,363 Capital paid in 133,131 9,400 50,961 12,281 13,154 4,917 4,448 13,023 3,889 2,899 4,127 3,930 10,102 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 4,4ll 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 5,462 488 1,339 427 474 230 450 588 191 499 236 158 382 TOTAL LIABILITIES 12,746,721 783,541 4,705,395 775,337 976,785 493,632 384,214 2,156,004 438,128 288,583 460,109 311,024 973,969 Contingent liability on bills purchased for foreign correspondents 1,122 81 403 110 103 48 39 134 34 26 32 32 80 Commitments to make industrial advances 13,149 1,491 4,442 136 1,483 1,576 330 - - 430 4l 99 269 2,852 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 11,215 9,072 512 652 563 395 21 Bills bought 548 299 64 185 Industrial advances 17,625 1,165 312 765 299 1,843 3,594 5,264 4,383 U.S.Government securities 2,564,015 42,920 40,367 242,901 136,812 394,362 133,569 303,105 603,739 666,240 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-b FEDERAL RESERVE NOTE STATEMENT ON FEBRUARY 9, 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 A,474,699 313,667 1,021,4-13 336,060 447,285 200,501 174,145 993,638 192,824 140,294 173,985 91,835 381,052 Held by Federal Reserve bank 349,595 37,511 116,336 26,072 27,822 11,673 20,099 26,603 14,845 4,756 8,426 10,086 45,366 In actual circulation 4,125,104 276,156 905,077 309,988 419,463 196,828 154,046 967,035 177,979 135,538 165,559 81,749 335,686 Collateral held by agent aa se~ curity for notes issued to bank* Gold certificates on hand and due from U. S. Treasury 4,537,632 341,000 1,035,000 337,000 452,000 209,000 161,000 995,000 196,632 136,500 177,000 93,500 4)4,000 Eligible paper 9,936 1,075 3,198 2,122 400 490 811 92 87 331 829 224 407 U. S. Gov't securities 25,000 20,000 5,000 Total collateral 4,572,568 342,075 1,038,198 339,122 452,4)0 209,490 181,811 995,092 196,719 141,701 177,829 93,724 404,407 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis