H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FR-283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Mar* 11j of the Federal Reserve System not earlier* March 10, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended March 9 member bank reserve balances increased v96,000,000. Additions to member bank reserves arose from decreases of $9,000,000 in money in circulation, $17,000,000 in Treasury cash, #>4,000,000 in Treasury deposits vdth Federal Reserve banks and $32,000,000 in nonmember deposits and other Federal Reserve accounts, and increases of 131,000,000 in Reserve bank credit. Excess reserves of member banks on March 9 were estimated to be approximately $1,^70,000,000, an increase 'of $80,000,000 for the week* Inactive gold included in the gold stock and in Treasury cash amounted to $>1,188,000,000 on March 9, a decrease of #3,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended March 9, 193?, were as followst Increase or decrease since Mar. 9 Mar 2 Mar. 10 t 1938 1937 (in millions of dollars) Bills discounted 8 -2 +3 Bills bought 1 —- -2 U. S. Government securities 2,564 — +134 Industrial advances (not including 13 million commitments - March 9) 17 — -6 Other Reserve bank credit 4 +33 +11 Total Reserve bank credit 2,594 +31 +1A0 Gold stock 12,768 +1 +1,284 Treasury currency 2,670 +1 +133 Member bank reserve balances 7,311 +96 +562 Money in circulation 6,334 -9 -42 Treasury cash 3,562 -17 +890 Treasury deposits with F« R banks 181 -*4 ~5 # Nonmember deposits and other F R. accounts 645 -32 +153 # Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, Mar. 11, 1938, not earlier® ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Mar. 9, 1938 Mar, 1938 Mar. 10, 1937 A S S E TS Gold certificates on hand and due' fron U. S. Treasury . . . . . . .. 9,178,601 9,173,603 8,846,407 Redemption fund - F. R. notes . . . 9,10-4 9,308 11,198 Other cash . . . . . . . . . . . .. 471,610 455,851 263,025 Total reserves . . . . . . . .. 9,659,315 9,638,762 9,120,630 Bills discounted: Secured by U. S. Gov*t obligations, direct or fully guaranteed . . 5,366 6,471 3,919 Other bills discounted « . .. 3*053 3,163 1,005 Total bills discounted 8,4-19 9,634 4,924 Bills bought in open market 542 550 3,083 Industrial advances . . . . 17,357 17,453 23,037 U. S. Government securitiest Bonds . . • • • • . . . •• 702,683 702,683 533,682 Treasury notes • « . . .. 1,185,103 1,185,103 1,303,971 Treasury bills • • . . .. 676,229 676,229 592,574 Total U. S, Government securities 2,564,015 2,564,015 2,430,227 Total bills and securities 2,590,333 2,591,652 2,461,271 Due from foreign banks * . 178 169 225 F. R. notes of other banks 17,644 19,569 22,043 Uncollected itens . . . . 500,039 568,503 564,065 Bank premises • « • » .. 44,861 44,861 46,015 All other assets .*...• 49,250 46.646 50,043 TOTAL ASSETS 12,861,620 12,910,162 12,264,292 L I A B I L I T I ES F. R. notes in actual circulation * 4,134,017 4,144,684 4,169,467 Deposits! Member bank - reserve account . . . 7,310,761 7,215,012 6,749,105 U.S. Treasurer — General account . 180,851 184,501 186,331 Foreign bank . . . . 117,260 124,158 79,217 Other deposits • 272+052 296,461 159.198 Total deposits . . . . . .. 7,880,924 7,820,132 7,173,901 Deferred availability items • . . . 496,700 597,762 571,707 Capital paid in . 133,265 133,217 132,276 Surplus (Section 7) . . . . . . .. 147,739 147,739 145,854 Surplus (Section 13 b) . . . • # . . 27,683 27,683 27,490 Reserve for contingencies . . . . . 32,985 32,984 36,200 All other liabilities . . 8.307 5,961 7.397 TOTAL LIABILITIES . . .. 12,861,620 12,910,162 12,264,292 Ratio of total reserves to deposit and F. R. note liabilities combined . . 80.4% 80.6% 80.4% Contingent liability on bills purchased for foreign correspondents * . . • 640 64O Commitments to make industrial advances 12,985 13,031 19,496 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a ASSETS AMD LIABILITIES OF TEE' FEDERAL RESERVE EAKZS OH MARCH 9, 193S (In thousands of dollars) A S S E TS Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Eans.Cy. Dallas San Fran. Gold certificates on hand and due from U.S.Treasury 9,178,601 501,641 3,777,708 469,612 628,466 291,509 228,556 1,711,465 277,373 187,747 259,520 175,192 669,812 Redemption fund - F.R.notes 9,104 511 917 1,073 734 862 1,312 725 68 5 347 433 470 1,035 Other cash 471,610 50,225 120,165 37,726 43,287 27,882. 18,096 69,720 34,364 9,588 26,777 12,809 40,971 Total reserves 9,659,315 552,377 3,898,790 508,411 672,487 320,253 247,964 1,781,910.292,422 197,682 286,730 188,471 711,818 Bills discounted: Secured by U.S.Gov't obligations, direct or fully guaranteed 5,366 647 2,098 960 331144 350 426 65 55 164 47 240 Other bills discounted 3,053 84 326 676 161 207 554 16 40 76 466 254 193 fotal bills discounted 8,419 731 2,424 1,636 475 557 980 81 95 76 630 301 433 Bills bought in open market 542 4i 207 56 51 24 19 68 3 2 16 16 39 Industrial advances 17,357 2,660 4,312 33,,331199 990 11,,770055 124 682 201 574 468 922 l,4oo 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 27,341 59,150 Treasury notes 1,185,103 87,005 341,826 97,808 116,955 62,997 49,669 1^0,522 52,913 38,477 61,059 46,113 99,759 Treasury bills 676,229 49,645 195,049 55,810 66,736 35,947 28,341 74,477 30,192 21,955 34,841 26,313 56,923 Total U.S. Gov't 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 2,590,333 191,671 746,497 216,621 254,554 138,583 108,584 283,221 114,777 83,898 133,217 101,006 217,704 Due from foreign banks 178 12 73 17 16 6 21 2 2 5 5 12 F. R. notes of other banks 17,644 249 3,772 812 1,080 1,106 2,603 3,203 1,163 368 1,211 555 1,522 Uncollected items 500,039 49,350 119,366 36,728 44,945 44,358 22,590 63,697 24,158 13,888 25,677 23,810 31,472 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 49,250 3,087 14,111 5,637 5,254 2,904 1,929 4,, 618 1,897 1,664 2,241 1,771 4,137 TOTAL ASSETS 12,861,620 799,738 4,792,549 773,031 984,526 509,898 385,788 2,l4l,239 436,752 298,995 452,223 316,807 969,994 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON MARCH 9, 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 4,134,017 277,219 910,207 3X0,339 418,808 196,817 152,516 967,110 178,321 136,304 167,511 81,050 337,815 Deposits: Member bank - reserve account 7,310,761 427,915 3,291,151 376,407 460,612 241,199 186,544 1,017,075 207,586 130,014 238,273 186,977 547,008 U.S.Treasurer - General account 180,851 6,576 87,681 4,350 13,512 2,991 4,442 30,029 5,154 3,430 7,000 5,758 9,928 Foreign bank 117,260 8,403 42,452 11,437 10,737 5,019 4,085 13,888 3,501 2,684 3,384 3,384 8,286 Other deposits 272,052 4,759 227,187 909 4,042 4,660 3,036 954 6,345 3,661 709 3,062 12,728 Total deposits 7,880,924 447,653 3,648,471 393,103 488,903 253,869 198,107 1,061,946 222,586 139,789 249,366 199,181 577,950 Deferred availability items 496,700 50,64l 113,115 35,789 44,470 44,165 22,227 67,147 25,260 13,465 25,3.92 25,577 29,652 Capital paid in 133,265 9,4o4 50,942 12,277 13,154 4,949 4,445 13,085 3,894 2,903 4,l44 3,925 10,143 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 32,985 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 8,307 599 1,917 1,646 684 324 534 850 264 444 321 216 508 TOTAL LIABILITIES 12,861,620 799,738 4,792,549 773,031 984,526 509,898 385,788 2,l4l,239 436,752 298,995 452,223 316,887 969,994 Contingent liability on bills purchased for foreign correspondents 640 46 230 63 59 27 22 76 19 15 19 19 4 5 Commitments to make industrial advances 12,985 1,498 4,328 146 1,462 1,552 282 - - 485 4l 97 268 2,826 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Within 16 to 31 tc 61 to 91 days to 6 months 1 Year 2 Years Over Total 15 days 30 days 6Q days 90 days 6 months to 1 Year to 2 Years to 5 Years 5 Years Bills discounted 8,419 6,579 428 719 373 306 l4 Bills bought 542 47 297 198 Industrial advances 17,357 1,343 752 274 447 1,766 3,328 5,207 4,240 U.jS. Government securities 2,564,015 104,218 56,383 136,562 194,321 293,578 133,569 329,405 666,629 649,350 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FRr-283-d FEDERAL RESERVE NOTE STATEMENT ON MARCH 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 4,459,063 311,000 1,016,209 334,701 444,482 207,849 170,147 994,699 190,952 l4o,l37 176,364 91,426 381,047 Held by Federal Reserve bank 325,046 33,781 106,002 24,362 2,5,674 11,032 17,631 27,589 12,631 3,883 8,853 10,376 43,232 In actual circulation 4,134,017 277,219 910,207 310,339 418,808 196,817 152,516 967,110 178,321 136,304 167,511 81,050 337,815 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 1,035,000 337,000 445,000 209,000 156,000 1,000,000 196,632 142,500 177,000 93,500 404,000 Eligible paper 7,308 672 2,394 l,l4l 321 557 678 81 55 75 612 299 423 U. S. Gov't securities 20,000 -- -- -r - 20,000 Total collateral 4,563,940 341,672 1,037,394 338,l4l 445,321 209,557 176,678 1,000,081 196,687 142,575 177,612 93,799 404,423 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis