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. 18; of the Federal Reserve System not earlier, March 17, 193& CONDITION OF FEDERAL RESERVE BANKS During the week ended March 16 member bank reserve balances increased $17,000,000, Additions to member banks reserve, arose from decreases of #6,000,000 in money in circulation, $12,000,000 in Treasury cash and $56,000,000 in nonmember deposits and other Federal Reserve accounts and increases of $14,000,000 in Reserve bank credit, $10,000,000 in gold stock and $2,000,000 in Treasury currency, offset in part by an increase of $83,000,000 in Treasury de­ posits with the Federal Reserve banks. Excess reserves of member banks on March 16 were estimated to be approximately $1,460,000,000, a decrease of $10,000,000 for the week. Inactive gold included in the gold stock and in Treasury cash amounted to $1,188,000,000, unchanged for the week. The principal changes in holdings of bills and securities were an increase of $21,000,000 in United States Treasury bonds and a decrease of $21,000,000 in United States Treasury notes. Changes in member bank reserve balances and related items during the week and the year ended March 16, 1938, were as follows i Increase or decrease since Mar. 16 Mar, 9 Mar. 17 1938 1938 1937 (in millions of dollars) Bills discounted 8 +4 --------- Bills bought 1 -2 U. S, Government securities 2,564 +134 Industrial advances (not including 13 million commitments - March 16) 17 -6 MMM Other Reserve bank credit 18 +l4 +29 Total Reserve bank credit 2,608 +14 +158 Gold stock 12,778 +10 +1,263 Treasury currency 2,672 +2 +134 Member bank reserve balances 7,328 +17 +498 Money in circulation 6,328 -6 -57 Treasury cash 3,550 -12 +853 Treasury deposits with F. R, banks 264 +83 +177 Honmember deposits and other F. R. accounts 589 -56 +85 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-*283-a Released for publication Friday morning, March 18,1938? not earlier ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Mar. 16. 1938 Mar. 9. 1938 Mar. 17. 1937 A S S E T S Gold certificates on hand and due from U. S. Treasury . « ...... 9,188,602 9,178,601 8,844,-417 Redemption fund - F. R. notes . . 9,600 9,104 12,523 Other cash 478.179 471.610 265.865 Total reserves . . . . . . . . . 9,676,381 9,659,315 9,122,805 Bills discounted» Secured by U.S. Gov’t obligations, direct or fully guaranteed . . . 5,193 5,366 3,170 Other bills discounted ..... 2.956 , ■J.,.0.52 _______ 1*164 Total bills discounted ..... 8,149 8,419 4,334 Bills bought in open market . . . 542 542 3,079 Industrial advances . . ...... 17,259 17,357 22,653 U. S. Government securities* Bonds 723,595 702,683 589,725 Treasury notes •• ........ . 1,164,191 1,185,103 1,261,343 Treasury bills .... ...... 676.229 676.229 579.159 Total U.S. Government securities 2,564,015 2,564,015 2,430,227 Total bills and securities . . . 2,589,965 2,590,333 2,460,293 Due from foreign banks . ...... 177 178 230 F. R. notes of other banks .... 20,613 17,644 20,740 Uncollected items . . ........ 742,758 500,039 804,811 Bank premises . ........... . 44,865 44,861 45,987 All other assets ............ 40.698 49.250 40.858 TOTAL ASSETS ........ 13,115,457 12,861,620 12,495,724 L I A B I L I T I E S F. R. notes in actual circulation 4,124,888 4,134,017 4,172,763 Deposits* Member bank - reserve account . . 7,328,137 7,310,761 6,829,578 U.S. Treasurer - General account 263,623 180,851 86,538 Foreign bank . . . . . . . . . . 103,356 117,260 88,588 Other deposits ........... . 222.136 272.052 154.860 Total deposits ............ 7,917,252 7,880,924 7,159,564 Deferred availability items * . . 724,619 496,700 815,722 Capital paid in .. ......... 133,297 133,265 132,242 Surplus (Section 7) ......... 147,739 147,739 :i45,S54 Surplus (Section 13 b) ..... . 27,683 27,683 27,490 Reserve for contingencies . . . 32,950 32,985 36,166 All other liabilities ...... 7.029 ... 8,10.7 .5,921 TOTAL LIABILITIES .... 13,115,457 12,861,620 12,495,724 Ratio of total reserves to deposit and F.R, note liabilities combined 80.4$ 80.4$ 80.5$ Contingent liability on bills pur­ chased for foreign correspondents 630 640 --------- Commitments to make industrial advances 12,911 *12,995 19,178 *Re vised* 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 MARCH 16. 1938 (in thousands of dollars) A S S E T S 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 9,188,602 492,810 3,777,331 466,545 646,291 279,613 232,810 1,700,527 279,256 181,533 258,804 177,698 695,384 Redemption fund - F.R. notes 9,600 500 1,835 977 657 847 1,265 6 58 642 338 412 462 1,007 Other cash 478,179 49,855 117,567 37,489 43,793 27,528 19,003 74,066 14,272 10,094 29,075 13,479 41,958 Total reserves 9,676,381 543,165 3,896,733 505,011 690,741 307,988 253,078 1,775,251 294,170 191,965 288,291 191,639 738,349 Bills discounted! Secured by U.S.Gov*t obligations, direct or fully guaranteed 5,193 64l 1,859 975 306 500 426 65 60 138 58 165 _ — Other bills discounted 2,956 85 354 588 166 208 542 12 4o 75 433 255 198 Total bills discounted 8,149 726 2,213 1,563 472 708 968 77 100 75 571 313 363 Bills bought in open market 542 4l 207 56 51 24 19 68 3 2 16 16 39 Industrial advances 17,259 2,668 4,332 3,293 995 1,696 122 682 154 562 467 913 1,375 U. S. Government securities* Bonds 723,595 53,125 208,711 59,718 71,411 38,464 30,327 79,693 32,307 23,493 37,281 28,154 60,911 Treasury notes 1,164,191 85,469 335,794 96,082 114,891 61,886 48,793 128,220 51,979 37,798 59,981 45,300 97,998 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 2,589,965 191,674 746,306 216,522 254,556 138,725 108,570 283,217 114,735 83,885 133,157 101,009 Due from foreign banks 177 12 72 17 16 7 6 21 2 2 5 5 12 F. R. notes of other banks 20,613 256 4,067 782 1,406 1,811 1,801 3,665 2,296 580 1,436 427 2,086 Uncollected items 742,758 67,729 188,986 54,561 76,794 56,428 28,728 105,132 29,739 16,557 36,569 2.9,902 51,633 Bank premises 44,865 2,992 9,940 4,805 6,190 2,687 2,112 4,569 2,333 1,497 3,142 1,269 3,329 All other assets 40,698 2,533 11,882 3,972 4,509 2,485 1,623 3,798 1,591 l,4ll 1,883 1,515 3,496 TOTAL ASSETS 13,115,457 808,361 4,857,986 785,670 1,034,212 510,131. 395,918 2,175,653 4M,866 295,897 464,483 325,7663£L6,5l4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283—c ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON MARCH 16, 193® (in thousands of dollars) LI A B I L I T I Total Boston New York Phila. Cleve. Rich, Atlanta Chicago St.Louis Minn, Kans.Cy. Dallas San Fran. F.R.notes in actual circulation 4-, 124,888 279,051 911,594 310,849 414,569 196,877 152,068 964,945 178,553 136,395 165,938 80,184 333,865 Deposits* Member bank - reserve account 7,328,137 413,652 3,350,924 362,04l 465,345 221,910 184,209 989,010 203,351 122,679 238,770 188,797 587,449 U.S.Treasurer - General account 263,623 7,4l4 87,561 12,384 34,967 13,462 11,119 56,956 11,720 5,824 9,002 6,699 6,515 Foreign bank 103,356 7,385 37,607 10,052 9,437 4,410 3,590 12,206 3,077 2,359 2,975 2,975 7,283 Other deposits 222,136 4,748 175,346 1,109 4,119 5,250 2,785 1,282 5,970 3,725 467 3,434 13,901 Total deposits 7,917,252 433,199 3,651,438 385,586 513,868 245,032 201,703 1,059,454 224,118 134,587 251,214 201,905 615,148 Deferred availability items 724,619 71,879 174,285 56,509 73,448 53,198 29,212 106,238 31,638 15,514 37,165 32,593 42,940 Capital paid in 133,297 9,4o4 50,943 12,276 13,157 4,948 4,^51 13,094 3,894 2,902 4,144 3,938 10,146 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 32,950 1,448 8,210 2,000 3,177 l,4oi 1,603 7,257 1,215 1,929 934 1,776 2,000 All other liabilities 7,029 606 1,829 573 663 302 525 849 236 4l6 333 208 489 TOTAL LIABILITIES 13,115,457 808,361 4,857,986 785,670 1,034,212 510,131 395,918 2,175,653 444,866 295,897 464,483 325,7661/3-6,514 Contingent liability on bills purchased for foreign correspondents 630 46 220 63 59 27 22 76 19 15 19 19 45 Commitments to make industrial advances 12,911 1,485 4,273 146 1,462 1,549 281 485 4l 97 268 2,824 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Within 16 to 31 to 6l 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 8,149 6,489 426 584 320 316 14 mm mm Bills bought 542 47 379 II6 ----- ----- ----- - — — - Industrial advances 17,259 1,577 4l6 330 463 1,830 3,308 5,142 4,193 ----- U. S. Government securities 2,564,015 86,903 56,482 158,638 183,218 369,693 123,851 348,214 574,647 662,369 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-d FEDERAL RESERVE NOTE STATEMENT ON MARCH 16, 1938 (In thousands of dollars) Total Eoston 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 4/39,952 313,950 1,009,311 332,045 441,830 207,050 169,252 987,906 190,372 l4o,439 175,765 90,812 381,220 Held by Federal Reserve bank 315,064 34,899 97,717 21,196 27,261 10,173 17,184 2,2,961 11,819 4,044 9,827 10,628 47,355 In actual circulation 4,124,888 279,051 911,594 310,849 4l4,$69 196,877 152,068 964,945 178,553 136,395 165,938 80,184 333,865 Collateral held by agent as securrity for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 4,532,632 341,000 1,025,000 337,000 445,000 209,000 162,000 1,000,000 196,632 142,500 177,000 93,500 404,000 Eligible paper 7,088 668 2,182 1,115 313 708 666 77 60 75 559 3U 354 U. S. Gov’t securities 10,000 -- - — - — — - -- 10,000 —— -- — — — — -- -- Total collateral 4,549,720 341,668 1,027,182 338,115 445,313 209,708 172,666 1,000,077 196,692 142,575 177,559 93,811 404,354 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis