H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FRr283 STATEMENT FOR THE PRESS Released for publication 3oard of Governors Friday morning, Feb. 25? of the Federal Reserve System not e rlier* February 24, 1938 a CONDITION OF FEDERAL RESERVE BANKS During the week ended February 23 member bank reserve balances increased 000,000* Additions to member bank reserves arose from decreases of $6,000,000 in Treasury cash, $32,000,000 in Treasury deposits with Federal Reserve bonks said $11,000,000 in nonmember deposits and other Federal Reserve accounts and increases of ^3,000,000 in gold stock and 03,000,000 in Treasury currency, .offset in part by an increase of $22,000,000 in money in circulation and a decrease of 09,000,000 in Reserve bank credit® Excess reserves of member banks on February 23 were esti«* mated to be approximately $1,410,000,000, an increase of $50,000,000 for the week* Inactive gold included in the gold stock and in Treasury cash amounted to $1,214,000,000 on February 23, unchanged for the week. Changes in member bank reserve balances and related items during the week and the year ended February 23, 1938, were as follows! Increase or decrease since Feb. 23 Feb. 16 Feb. 24 1938 1938 1937 (in pillions of dollars) Bills discounted 10 — +6 Bills bought 1 — -2 U. S. Government securities 2,564 — +134 Industrial advances (not including 13 million commitments - February 23) 18 — -5 Other Reserve bank credit -2 -10 -1 Total Reserve bonk credit 2,591 -9 +131 Gold stock 12,784 +3 +1,359 Treasury currency 2,665 +3 +133 Member bank reserve balances 7,240 +24 +535 Money in circulation 6,324 +22 -48 Treasury cash 3,620 -6 +1,018 Treasury deposits with F. R. banks 155 -32 -25 Norm ember deposits and other F. R. accounts 701 -11 +144 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, Feb. 25,1938$ not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Feb. 23, 1938 Feb. 16. 1938 Feb, 24, 1937 A S S E TS Gold certificates on hand and due from U. S. Treasury . . 9,167,600 9,163,600 8,84-7,384 Redemption fund - F. R. notes . . . 9,155 9,155 11,475 Other cash 439.441 441,200 270,622 Total reserves . . . 9,616,196 9,613,955 9,129,481 Bills discountedj Secured by U.S.Gov't obligations, direct or fully guaranteed . . .. 6,661 6,300 3,406 Other bills discounted . . . . .. 3<487 3,620 701 Total bills discounted 10,l4S 9,920 4,107 Bills bought in open market . . .. 550 548 3,083 Industrial advances 17,517 17,536 23,350 U. S. Government securities! Bonds 73.4,683 714,683 524,282 Treasury notes 1,175,103 1,175,103 1,313,371 Treasury bills . 674,229 674,229 592,574 Total U.S. Government securities . 2,564,015 2,564,015 2,430,227' Total bills and securities . . . . 2,592,230 2,592,019 2,460,767 Due from foreign banks 169 171 225 F. R. notes of other banks 16,155 20,903 20,260 Uncollected items . . . . . . . .. 493,619 687,258 681,605 Bank premises 44,929 44,950 46,152 All other assets 44,634 43,834 46,611 TOTAL ASSETS 12,807,932 13,003,090 12,385,101 L I A B I L I T I ES F. R. notes in actual circulation . 4,126,230 4,119,686 4,167,930 Deposits I Member bank - reserve account . . . 7,240,498 7,215,592 6,705,293 U.S. Treasurer - General account . 155,041 187,286 179,882 Foreign bank 145,809 152,080 122,746 Other deposits 297,660 301.712 179.263 Total deposits 7,839,008 7,856,670 7,187,184 Deferred availability items . . .. 495,425 679,755 682,698 Capital paid in . . . . . . . . .. 133,217 133,193 132,249 Surplus (Section 7) . . 147,739 147,739 145,854. Surplus (Section 13 b) 27,682 27,683 27,190 Reserve for contingencies 32,985 32,985 36,200 All other liabilities . . . . . .. 5.646 5,379 5,796 TOTAL LIABILITIES 12,807,932 13,003,090 12,385,101 Ratio of total reserves to deposit and F. R. note liabilities combined * . 80.4% 80.3% 80.4% Contingent liability on bills purchased for foreign correspondents . . .. 830 1,010 Commitments to make industrial advances 13,078 13,108 19,523 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Fom FR-283-b ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BARKS OR FEBRUARY 23, 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- 9,167,600 488,102 3,806,930 481,420 611,057 285,602 220,288 1,715,914 278,812 178,563 260,850 170,844 669,218 Red emption fund - F. R. notes 9,155 583 1,221 1,140 858 567 1,366 337 713 362 454 487 1,067 Other cash 439,441 46,148 98,697 34,599 37,032 28,875 19,033 63,102 15,661 10,635 27,350 13,311 44,998 Total reserves 9,616,196 534,833 3,906,848 517,159 648,947 315,044 240,687 1,779,353 295,186 189,560 288,654 184,.642 715,283 Bills discounted* Secured by U„S.Gov't obligations, direct or fully guaranteed 6,661 486 2,552 1,593 325 345 392 50 211 3 487 47 170 Other bills discounted 3,487 100 437 763 275 193 569 28 2 149 540 275 156 Total bills discounted 10,148 586 2,989 2,356 600 538 961 78 213 152 1,027 322 326 Bills bought in open market 550 41 217 56 50 24 19 68 2 2 16 16 39 Industrial advances 17,517 2,635 4,319 3,415 993 1,706 123 687 202 578 487 929 1,443 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 a,890 34,738 26,235 56,754 Total U.S. Gov*t securities 2,564,015 188,239 739,554 211,610 253,038 136,297 107,461 282,390 1:1 4,478 83,246 1:3 2,103 99,767 215,832 Total bills and securities 2,592,230 191,501 747,079 217,437 254,681 1:3 8,565 108,564 283,223 1:1 4,895 83,978 133,633 101,034 217,640 Due from foreign banks 169 13 62 17 16 7 6 21 3 2 5 5 12 F. R.notes of other banks 16,155 243 3,296 640 1,042 1,304 1,766 2,203 972 1,187 1,240 346 1,916 Uncollected items 493,619 48,342 116,098 36,037 46,944 44,377 23,562 66,498 22,254 14,178 25,572 26,245 23,512 Barik premises 44,929 2,996 9,956 4,805 6,203 2,694 2,113 4,579 2,336 1,495 3,148 1,275 3,329 All other assets 44,634 2,812 13,l4l 4,291 4,897 2,688 1,751 4,219 1,722 1,558 2,104 1,646 3,805 TOTAL ASSETS 12,807,932 780,740 't ,796,480 780,386 962,730 504,679 378,449 i> ,140,096 437,368 291,958 454,356 315,193 965,497 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form Fft-283-c ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON FEBRUARY 23, 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 4,126,230 276,706 909,597 311,333 418,473 195,050 153,168 968,773 177,878 135,160 165,201 80,905 333,986 Depositst Member bank - reserve account 7,240,498 414,300 3,281,871 376,255 440,467 230,477 178,694 1,004,667 212,165 124,469 240,282 183,648 553,203 U.S.Treasurer - General account 155,04l 2,756 66,831 7,572 7,045 8,247 3,223 36,266 3,484 3,922 6,116 4,198 5,381 Foreign bank 145,809 10,484 52,477 14,269 13,396 6,261 5,096 17,327 4,368 3,349 4,222 4,222 10,338 Other deposits 297,660 4,040 252,839 1,017 3", 76 ~9 2- ~ 4,908 2,~55 75 - 789' 5,878 3,6-0 87 ~v - 515 3,18^6 7 14,6—3 37 -" 7 ' ^ j ~ . - Total deposits 7,839,008 431,580 3,654,018 399,113 464,600 249,893 189,568 1,059,049 225,895 135,348 251,135 195,254 583,555 Deferred availability items 495,425 48,349 112,641 37,341 4Ln7 ,L4^5 5 4LL4m,o7 72 2oo2 ,R8L4N7 6(^7N, L4n7n7 2o^3 ,n0«8n1 1TO2 ,n0a9n1 2TI7 ,898 28,n0n1 1 o2-3*, Z4A6o2 Capital paid in 133,217 9,4o4 50,945 12,277 13,154 4,952 4,449 13,025 3,893 2,896 4,142 3,930 10,150 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) 27,682 2,874 7,744 4,4li 1,007 3,408 730 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 5,646 479 1,382 445 541 239 458 671 194 373 291 155 418 TOTAL LIABILITIES 12,807,932 780,740 4,796,450 780,386 962,730 504,679 378,449 2,140,096 437,368 291,958 454,356 315,193 965,497 Contingent liability on bills purchased for foreign correspondents 830 60 298 81 76 36 29 99 25 19 24 24 59 Commitments to make industrial advances 13,078 1,463 4,385 l4l 1,469 1,568 330 - - 485 4l 99 268 2,829 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 10,148 8,093 424 894 464 259 14 Bills bought 550 101 47 402 Industrial advances 17,517 1,676 163 692 365 1,743 3,445 5,168 4,265 U. S. Government securities 2,564,015 40,367 174,018 120,256 173,474 344,747 133,569 303,605 612,629 661,350 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form Fft-2.83~d FEDERAL RESERVE NOTE STATEMENT OH FEBRUARY 23, 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.R*agent 4,450,417 311,280 1,017,268 333,487 444,37L 205,002 171,332 993,159 192,065 139,540 173,927 90,845 378,l4l Held by Federal Reserve bank 324,187 34,574 107,671 22,154 25,898 9,952 18,164 24,386 14,187 4,380 8,726 9,9*0 44,155 In actual circulation 4,126,230 276,706 909,597 311,333 418,473 195,050 153,168 968,773 177,873 135,160 165,201 80,90 5333,986 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 1,035,000 337,000 448,000 207,000 161,000 1,000,000 196,632 136,500 177,000 93,500 404,000 Eligible paper 9,l44 539 ' 2,940 1,823 335 535 734 68 211 116 l,0l4 317 512 U. S. 0ov*t securities 25,000 -- ~ 20,000 5,000 - - Total collateral 4,570,776 341,539 1,037,940 338,823 448,335 207,535 181,734 1,000,068 196,843 l4l,6l6 178,014 93,817 404,512 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis