H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form Fft~283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning. Mar. 4; of the Federal Reserve System not earlier* March 3, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended March 2 member bank reserve balances decre sed a $25,000,000. Reductions in member bank reserves arose from increases of §19,000,000 in money in circulation and $30,000,000 in Treasury deposits with Federal Reserve banks and decreases of $28,000,000 in Reserve bank credit and §17,000,000 in gold stock, offset in part by an increase of #4,000,000 in Treasury currency and decreases of $24,000,000 in nonmember deposits and other Federal Reserve accounts and $41,000,000 in Treasury cash. Excess reserves of member banks were estimated to be approximately $1,390,000,000, a decrease of $20,000,000 for the week* Inactive gold included in the gold stock and in Treasury cash amounted to $1,191,000,000 on March 2, a decrease of $23,000,000 for the week. The principal changes in holdings of bills and securities were a decrease of $12,000,000 in United States Treasury bonds, and increases of $10,000,000 in United States Treasury notes and $2,000,000 in United States Treasury bills. Changes in member bank reserve balances and related items during the week and the year ended March 2, 1938, were as follows! Increase or decrease since Mar, 2 Feb. 23 Mar. 3 1938 1938 1937 (In millions of dollars) Bills discounted 10 — +3 Bills bought 1 — -2 U. S. Government securities 22,,556644 +134 — Industrial advances (not including 13 million commitments - March 2) 17 -1 -6 Other Reserve bank credit -29 -27 -23 Total Reserve bank credit 2,563 -28 +106 Gold stock 12,767 -17 +1,324 Treasury currency 2,669 +4 +13^ Member bank reserve balances 7,215 -25 +555 Money in circulation 6,343 +19 -64 Treasury cash 3,579 -4i +959 Treasury deposits with F. R. banks 185 +30 -31 Nonmember deposits and other F.R. accounts 677 -24 +144 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form•Fft-283-a . Released for publication Friday morning, Mar. 4, 3.938; not earlier. ASSETS A1ID LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Mar. 3, 1938 Feb, 23, 1938 Mar. .3,1937 A S S E TS Gold certificates on hand and due from U. S. Treasury 9,173,603 9,167,600 8,8-47,402 Redemption fund - F. R. notes . . .. 9,308 9,155 11,449 Other cash 455,851 439.441 266,405 Total reserves 9,638,762 9,616,196 9,125,256 Bills discountedt Secured by U. S. Gov't obligations, direct or fully guaranteed 6,471 6,661 6,572 Other bills discounted -3,163 3,487 767 Total bills discounted 9,634 10,148 7,339 Bills bought in open market 550 550 3,083 Industrial advances . 17,453 17,517 23,106 U« S. Government securities I Bonds 702,683 714,683 533,682 Treasury notes 1,185,103 1,175,103 1,303,971 Treasury bills 676,229 674,229 592,574 Total U. S. Government securities . 2,564,015 2,564,015 2,430,227 Total bills and securities . . .. 2,591,652 2,592,230 2,463,755 Due from foreign banks 169 169 225 F. R. notes of other banks 19,569 16,155 22,180 Uncollected items 568,503 493,619 649,595 Bank premises 44,861 44,929 46,020 All other assets 46,646 44,634 48,248 TOTAL ASSETS 12,910,162 12,807,932 12,355,279 L I A B I L I T I ES F. R. notes in actual circulation . . 4,144,684 4,126,230 4,195,436 Depositsi Member bank - reserve account . . .. 7,215,012 7,240,498 6,660,138 U.S. Treasurer - General account . , 184,501 155,04l 216,471 Foreign bank 124.158 145,809 108,924 Other deposits 296^461 297,660 171,342 Total deposits 7,820,132 7,839,008 7,156,875 Deferred avd 3 ability items 597,762 495,425 656,079 Capital pa:d in . 133,217 133,217 132,281 Sarolus potion 7) 147,739 147,739 145,854 Surplus (Section 13 b) . . 27,683 27,682 27,190 Reserve for contingencies 32,984 32,985 36,200 All other liabilities 5,961 5,646 5,364 TOTAL LIABILITIES 12,910,162 12,807,932 12,355,279 Ratio of total reserves to deposit and F. R, note liabilities combined . . . 80.6$ 80.4$ 80.4$ Contingent liability :>n bills purchased for foreign correspondents 640 830 Commitments to make industrial advances 13,031 13,078 19,537 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form Fft~28>b .ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON MARCH 2, 1938 (In thousands of dollars) A S S E TS Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Xans.Cy. Dallas San Fran. Gold certificates on hand and due from U. S. Treasury 9,173,603 488,8653 ,8J9,4l9 478,090 616,210 285,698 230,428 1,692,108 273,865 186,009 262,266 175,011 665,634 Redemption fund - F.R.notes 9,308 547 1,064 1,072 789 702 1,338 776 697 354 442 478 1,049 Other cash 455,851 48.920 111.074 36.075 39,751 28,086 18,002 66,418 14,329 9,477 27,238 13,170 43,311 Total reserves 9,638,762 538,332 3,931,557 515,237 656,750 314,486 249,768 1,759,302 288,891 195,840 289,946 188,659 709,994 Bills discountedt Secured by U.S.Gov't obligations, direct or fully guaranteed 6,471 691 2,520 1,238 461 370 4o4 150 187 153 47 250 Other bills discounted 3,163 . 87 440 888 156 149 455 18 100 463 271 136 Total bills discounted 9,634 778 2,960 2,126 617 519 859 168 187 100 616 318 386 Bills bought in open market 550 41 215 56 51 24 19 68 3 2 16 16 39 Industrial advances 17,453 2,650 4,316 3,413 990 1,706 126 682 201 573 468 927 1,401 U. S. Government securities: Bonds 702,683 51,589 202,679 57,992 69,347 37,353 29,451 77,391 31,373 22,814 36,203 2277,,334411 59,150 Treasury notes 1,185,103 87,005 341,826 97,808 116,955 62,997 49,669 130,522 52,913 38,477 61,059 46,113 99,759 Treasury bills 676,229 49,645 195,049 55,310 66,736 35,947 28,341 74,477 30,192 21,955 34,841 26,313 56,923 M *otal U.S. Gov't securities 2,564,015 1:3 8,239 739,554 211,610 253,038 136,297 1:0 7,461 282,390 1:1 4,478 83,246 132,103 99,767 215,832 Total bills and securities 2,591,652 1:9 1,708 747,045 217,205 254,696 138,546 1:0 8,465 283,308 1:1 4,869 83,921 133,203 101,028 217,658 Due from foreign banks 169 12 64 17 15 7 6 21 3 2 5 5 12 F. R. notes of other banks 19,569 249 3,968 797 1,320 2,013 1,896 2,801 2,073 557 l,4l6 492 1,987 Uncollected items 568,503 56,147 133,584 45,406 58,638 47,609 19,747 81,204 26,527 13,489 32,480 22,792 30,880 Bank premises 44,861 2,992 9,940 4,805 6,190 2,687 2,112 4,569 2,333 1,493 3,142 1,269 3,329 All other assets 46,646 2,961 13,701 4,453 5,097 2,795 1,865 4,442 1,826 1,617 2,156 1,737 3,996 TOTAL ASSETS 12,910,162 792,401 4,839,859 787,920 982,706 508,143 383,859 2,135,647 436,522 296,919 462,348 315,982 967,356 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FRt-283-C ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON MARCH 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 4,144,684 277,527 918,258 311,083 417,063 197,631 153,621 970,012 179,059 136,462 167,407 81,350 335,211 Depositsl Member bank — reserve account 7,215,012 412,863 3,249,175 384,596 450,621 234,514 187,733 989,375 205,991 127,7^7 238,367 186,343 547,657 U.S.Treasurer - General account 184,501 8,033 98,379 2,488 9,186 496 2,962 32,756 3,352 3,408 8,344 4,058 11,039 Foreign bank 124,158 8,895 44,862 12,107 11,366 5,312 4,324 14,702 3,706 2,841 3,583 3,689 8,771 Other deposits 296,461 4,694 247,828 762 4,001 7,979 2,960 949 6,245 3,450 877 3,528 13,188 Total deposits 7,820,132 434,485 3,640,244 399,953 475,174 248,301 197,979 1,037,782 219,294 137,476 251,171 197,618 580,655 Deferred availability items 597,762 56,220 160,836 44,238 58,283 47,241 19,382 83,061 27,651 13,625 33,696 25,993 27,536 Capital paid in 133,217 9,4o4 50,944 12,277 13,154 4,952 4,446 13,026 3,893 2,903 4,143 3,925 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) 27,683 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 32,984 1,448 8,210 2,000 3,177 1,401 1,602 7,285 1,215 1,936 934 1,776 2,000 All other liabilities 5,961 543 1,680 492 525 244 473 665 198 363 242 158 378 TOTAL LIABILITIES 12,910,162 792,401 4,839,859 787,920 982,706 508,143 383,859 2,135,647 436,522 296,919 462,348 315,982 967,856 Contingent liability on bills purchased for foreign correspondents 6 40 46 230 63 59 27 22 76 19 15 19 19 45 Commitments to make industrial advances 13 ,£31 1,508 4,344 l4l 1,446 1,555 284 485 41 97 268 2,862 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 9,634 7,815 419 768 300 318 14 Bills bought 550 93 86 371 Industrial advances 17,453 1,590 470 402 354 1,865 3,324 5,204 4,244 U. S. Government securities 2,564,015 126,282 90,644 129,204 183,568 318,164 133,569 303,605 629,629 649,350 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FH-283-d FEDERAL RESERVE HOTS STATEMENT ON MARCH 2, 1938 (In thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dalla Ssan Fran. Federal Reserve notest Issued to F.R.bank by F.R.agent 4,458,426 312,365 1,016,366 336,990 443,644 207,676 170,704 994,658 190,682 140,268 174,852 90,936 379,285 Held by Federal Reserve bank 313,742 34,838 98,108 25,907 26,581 10,045 17,083 24,646 11,623 3,806 7,445 9,586 44,074 In actual circulation 4,144,684 277,527 918,258 311,083 417,063 197,631 153,621 970,012 179,059 136,462 167,407 81,350 335,211 Collateral held by agent as security for notes issued to bank! Gold certificates on hand and due from U, S. Treasury 4,532,632 341,000 1,035,000 337,000 448,000 208,000 156,000 1,000,000 196,632 136,500 177,000 93,500 404,000 Eligible paper 8,466 728 2,919 1,446 468 519 635 168 187 98 604 316 378 U.- S. Gov't securities 25,000 20,000 5,000 Total collateral 4,566,098 341,728 1,037,919 338,446 448,468 208,519 176,635 1,000,168 196,819 l4l,59S 177,604 93,816 404,378 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis