H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FR-283-6 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Feb, 18j of the Federal Reserve System not earlier* February 17, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended February 16 member bank reserve balances increased $11,000,000 Additions to member bank reserves arose from decreases of $4,000,000 f in money in circulation and #2-4,000,000 in Treasury cash and increases of $6,000,000 in Reserve bank credit and $25,000,000 in gold stock, offset in part by increases of $31,000,000 in Treasury deposits -with Federal Reserve banks and $19,000,000 in nonmember deposits and other Federal Reserve accounts* Excees reserves of member banks on February 16 were estimated to be approximately $1,360,000,000, a decrease of $50,000,000 for tbe week. Inactive gold included in the gold stock and in Treasury cash amounted to $1,214,000,000 on February 16, a decrease of $9,000,000 for the week. The principal changes in holdings of bills and securities were an increase of $5,000,000 in United States Treasury notes and a decrease of $5,000,000 in United States Treasury bonds. Changes in member bank reserve balances and related items during the week and the year ended February 16 1938, were as follows! 9 Increase or decrease since Feb. 16 Feb. 9 Feb. 17 1938 1938 1937 (In millions of dollars) Bills discounted 10 -1 +7 Bills bought 1 — -2 U. S. Government securities 22,,556644 — +134 Industrial advances (not including 13 million commitments ~ February 16) 18 — -5 Other Reserve bank credit 8 +8 -10 Total Reserve bank credit 2,600 +6 +122 Gold stock 12,781 +25 +1,378 Treasury currency 2,662 +1 +132 Member bank reserve balances 7,216 +11 Money in circulation 6,302 -49 Treasury cash 3,626 -2-4 +1,051 Treasury deposits with F.R. banks 187 +31 +25 Nonaember deposits and other F.R. accounts 712 +19 +156 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR~28>a Released for publication Friday morning, Feb, 18, 1938; not earlier* ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Feb, 16, 1938 Feb. 9, 1938 Feb, 17. 1937 A S S E TS Gold certificates on hand and due from U. S. Treasury 9,163,600 9,116,097 8,847,885 Redemption fund - F. R. notes , * 9,155 10,183 11,925 Other cash 441,200 437,550 284,440 Total reserves 9,613,955 9,563,830 9,144,250 Bills discounted! Secured by U. S. Govlt obligations, direct or fully guaranteed 6,300 7,450 2,699 Other bills discounted . . 3,620 3,765 346 Total bills discounted * 9,920 11,215 3,045 Bills bought in open market 5^8 548 3,071 Industrial advances • • • . 17,536 17,625 23,230 U. S. Government securities % Bonds « • • • • • • • » *, 714,683 719,573 507,482 Treasury notes 1,175,103 1,170,213 1,330,663 Treasury bills 674,229 674,229 592,082 2,564,015 2,564,015 2,430,227 Total U.S. Government securities 2,592,019 2,593,4)3 2,459,573 Total bills and securities • . * Due from foreign banks • • 171 171 238 F. R. notes of other banks 20,903 21,636 24,482 Uncollected items . • . • 687,258 479,937 745,150 Bank premises . . . . .. 44,950 44,940 46,152 All other assets . . . • • 43,834 42,804 44,092 TOTAL ASSETS 13,003,090 12,746,721 12,463,937 L I A B I L I T I ES F. R. notes in actual circulation . 4,119,686 4,125,104 4,160,199 Deposits s Member bank - reserve account . . • 7,215,592 7,204,708 6,767,740 U.S.Treasurer - General account . . 187,286 156,272 162,357 Foreign bank 152,080 153,380 110,585 301,712 280,341 189,496 Other deposits . . * . Total deposits * • 7,856,670 7,794,701 7,230,178 Deferred availability items . . . . 679,755 479,882 727,036 133,193 133,131 132,246 Capital paid in . . . . 147,739 147,739 145,854 Surplus (Section 7) . . . 27,683 27,683 27,190 Surplus (Section 13 b) . . . . .. . 32,985 33,019 36,200 Reserve for contingencies ' 5,379 5,462 5,034 All other liabilities . . TOTAL LIABILITIES 13,003,090 12,746,721 12,463,937 Ratio of total reserves to deposit and F. R. note liabilities combined , , 80,3$ 80.256 80.3$ Contingent liability on bills purchased for foreign correspondents • . . . 1,010 1,122 Commitments to make industrial advances 13,108 13149 19,678 f Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-6 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON FEBRUARY 16, 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- 9,163,600 485,226 3,773,079 479,570 618,238 277,976 222,198 1,732,441 279,191 178,547 267,868 177,915 671,351 Redemption fund - F.R. notes 9,155 583 1,221 1,140 858 567 1,366 337 713 362 454 487 1,067 Other cash 441,200 48,091 91,814 33,027 38,461 29,524 21,214 63,863 16,236 10,797 27,440 13,772 46,961 Total reserves 9,613,955 533,900 3,866,114 513,737 657,557 308,067 244,778 1,796,641 296,l4o 189,706 295,762 192,174 719,379 Bills discounted* Secured by U.S.Gov't obligations, direct or fully guaranteed 6,300 347 2,346 1,733 286 334 508 65 130 78 262 21 190 Other bills discounted 3,620 89 492 789 299 209 553 33 2 149 608 223 174 Total bills discounted 9,920 436 2,838 2,522 585 543 1,061 98 132 227 870 244 364 Bills bought in open market 548 41 214 56 50 24 19 68 3 2 16 16 39 Industrial advances 17,536 2,632 4,324 3,418 998 1,707 124 687 202 558 488 930 1,468 U. S. Government securities: Bonds 714,683 52,469 206,140 58,984 70 ,530 37,991 29,953 78,712 31,909 23,204 36,822 27,809 60,160 Treasury notes 1,175,103 86,272 338,942 96,981 115 ,970 62,465 49,250 129,421 52,466 38,152 60,543 45,723 98,918 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 2,592,019 191,348 746,930 217,606 254,671 138,571 108,665 283,243 114,815 84,033 133,477 100,957 217,703 Due from foreign banks 171 13 65 17 16 7 6 21 2 2 5 5 12 F. R. notes of other banks 20,903 238 3,824 791 1,401 1,904 2,308 2,127 1,953 996 1,096 433 3,832 Uncollected items 687,258 61,180 186,443 57,735 65,191 50,577 25,545 92,803 29,515 18,131 34,347 31,224 34,567 Bank premises 44,950 2,996 9,956 4,815 6,203 2,694 2,115 4,579 2,336 1,495 3,148 1,275 3,338 All other assets 43,834 2,756 12,815 4,254 4,821 2,660 1,735 4,135 1,700 1,538 2,067 1,6Q9 3,744 J _ _ _ _ _ _ __ TOTAL ASSETS 13,003,090 792,431 4,826,147 798,955 989,860 504,480 385,152 2,183,549 446,461 295,901 469,902 327,677 982,575 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-6 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON FEBRUARY 16, 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 -4,119,686 275,159 908,657 310,712 415,408 195,224 154,035 966,346 178,311 135,138 165,392 81,105 334,199 Deposits t Member bank — reserve account 7,215,592 469,467 3,249,4-95 372,341 447,729 224,(54-7 181,024 1,017,436 212,304 118,327 242,324 186,168 554,930 U.S.Treasurer - General account 187,286 7,257 58,610 10,918 11,867 9,019 4,603 43,019 4,125 8,643 12,505 6,927 9,793 Foreign bank 152,080 11,048 53,720 15,038 14,117 6,598 5,371 18,260 4,604 3,529 4,450 4,450 10,895 Other deposits 301,712 4-, 211 256,946 987 3,757 5,061 2,863 822 6,010 3,492 582 3,339 13,642 Total deposits 7,856,670 431,983 3,618,771 399,284 477,470 244,725 193,861 1,079,537 227,043 133,991 259,861 200,884 589,260 Deferred availability items 679,755 61,193 178,609 56,173 64,845 49,620 24,397 92,936 30,618 17,450 34,563 34,687 34,664 Capital paid in 133,193 9,403 50,959 12,277 13,155 4,930 4,448 13,026 3,894 2,898 4,l40 3,930 10,133 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 32,985 1,448 8,210 2,000 3,177 1,401 1,603 7,285 1,215 1,936 934 1,776 2,000 All other liabilities 5,379 471 1,254 632 475 207 452 603 168 334 257 133 393 TOTAL LIABILITIES 13,003,090 792,431 4,826,147 798,955 989,860 504,480 385,152 2,183,549 446,461 295,901 469,902 327,677 982,575 Contingent liability on bills purchased for foreign correspondents 1,010 81 291 110 103 48 39 113344 34 26 32 32 80 Commitments to make industrial advances 13,108 1,468 4,403 l4l 1,469 1,572 330 - - 435 4l 99 269 2,831 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 9,920 7,755 398 893 575 277 22 Bills bought 548 152 46 350 Industrial advances 17,536 1,670 174 687 383 1,749 3,439 5,178 4,256 U. S. Government securities 2,564,015 40,157 144,987 138,671 158,638 370,409 133,569 303,605 612,629 661,350 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form Fft-283-d FEDERAL RESERVE NOTE STATEMENT ON FEBRUARY 16, 1938 (In thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Federal Reserve notest Issued to F.R.bank by F.R.agent 4,458,159 312,226 1,017,086 335,524 444,720 206,524 173,241 990,081 192,158 140,011 174,829 91,774 379,985 Held by Federal Reserve bank 338,4-73 37,067 108,429 24,812 29,312 11,300 19,206 23,735 13,847 4,873 9,437 10,669 45,786 In actual circulation 4,119,686 275,159 908,657 310,712 415,408 195,224 154,035 966,346 178,311 135,138 165,392 81,105 334,199 Collateral held by agent as security for notes issued to banks Gold certificates on hand and due from U. S. Treasury 4,536,632 341,000 1,035,000 337,000 448,000 207,000 161,000 1,000,000 196,632 136,500 177,000 93,500 404,000 Eligible paper 8,665 394 2,769 1,983 296 54) 834 89 130 191 850 240 349 U. S. Gov't securities 25,000 20,000 5,000 Total collateral 4,570,297 341,394 1,037,769 338,983 448,296 207,540 181,834 1,000,089 196,762 141,691 177,850 93,740 404,349 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis