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, 255 of the Federal Reserve System not earlier, March 2-4, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended March 23 member bank reserve balances increased $5,000,000. Additions to member bank reserves arose from decreases of $3,000,000 in money in circulation, $5,000,000 in Treasury cash and $14,000,000 in nonmember deposits and other Federal Reserve accounts, and increases of $3,000,000 in gold stock and $£,000,000 in Treasury currency, offset in part by a decrease of $16,000,000 in Reserve bank credit and an increase of $6,000,000 in Treasury deposits with Federal Reserve banks. Excess reserves of member banks on March 23 were estimated to be approximately $1,560,000,000, an increase of $100,000,000 for the week. Inactive gold included in the gold stock and in Treasury cash amounted to $1,183,000,000, a decrease of 05,000,000 for the week. Principal changes in holdings of bills and securities were increases of $8,000,000 in United States Treasury bonds and $2,000,000 in United States Treasury notes, and a decrease of $10,000,000 in United States Treasury bills. Changes in member bank reserve balances and related items during the week and the year ended March 23, 1938, were as follows* Increase or decrease since Mar. 23 Mar, 16 Mar. 24 1938 1938 1937 (in millions of dollars) Bills discounted 10 +2 +2 Bills bought 1 -2 — U. S. Government securities 2,564 +134 « _ Industrial advances (not including 13 million commitments - March 23) 17 — -6 Other Reserve bank credit 1 -17 +2 Total Reserve bank credit 2,592 -16 +129 Gold stock 12,781 +3 +1,240 Treasury currency 2,674 +2 +137 Member bank reserve balances 7,333 +5 +755 Money in circulation 6,325 -3 -50 Treasury cash 3,545 -5 +822 Treasury deposits with F. R, banks 270 +6 -9 Nonmember deposits and other F, R, accounts 575 -l4 -11 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, March 25, 1938; not earlier* ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Mar 21^. 1928 Mar. 16. 1938 Mar. 24,1937 A S S E T S Gold certificates on hand and due from U, S. Treasury . , . . 9,197,203 9,188,602 8,844,385 Redemption fund - F.R. notes • . 9,874 9,600 12,095 477.843 478.179 270,407 9,684,920 9,676,381 9,126,887 Bills discounted« Secured by U.S.Gov’t obligations, direct or fully guaranteed • • 6,415 5,193 6,175 Other bills discounted • , , . 3 »108 2.956 1.517 Total bills discounted ...» 9,523 8,149 7,692 Bills bought in open market , • 542 542 3,310 Industrial advances •••••• 17,314 17,259 22,666 U. S. Government securities * 732,320 723,595 631,784 1,165,691 1,164,191 1,231,343 Treasury bills • . . ...... 666,004 676.229 567.100 Total U.S. Government securities 2,564,015 2,564,015 2,430,227 Total bills and securities . . 2,591,394 2,589,965 2,463,895 Due from foreign banks . , . . . 177 177 232 F. R. notes of other banks * . . 19,889 20,613 19,810 Uncollected items . ...... 531,219 742,758 618,002 44,852 44,865 45,973 40.698 ..42*130 .... 42*222 TOTAL ASSETS ........ 12,914,581 13,115,457 12,317,732 L I A B I L I T I E S F. R. notes in actual circulation 4,119,858 4,124,888 4,166,726 Deposits * Member bank — reserve account . 7,333,050 7,328,137 6,578,279 U.S, Treasurer - General account 269,586 263,623 278,659 Foreign bank: . ........... 113,661 103,356 102,999 Other deposits 198,646 222.136 _ 221,221 7,914,943 7,917,252 7,183,160 Deferred availability items . • 530,381 724,619 619,573 Capital paid in ........... 133,306 133,297 132,236 147,739 147,739 145,854 27,683 27,683 27,490 Reserve for contingencies ... 32,950 32,950 36,176 All other liabilities • . . . . 7.721 7.029 6.517 TOTAL LIABILITIES .... 12,914,581 13,115,457 12,317,732 Ratio of total reserves to deposit and F.R. note liabilities combined 80.5% 80.4$ 80.4$ Contingent liability on bills pur­ chased for foreign correspondents 222 630 Commitments to make industriel advances 12,904 12,911 19,135 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form Fft-283-b ASSETS AMD LIABILITIES OF THE FEDERAL RESERVE BANKS ON MARCH 23, 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 9,197,203 4-85,358 3,891,432 460,754 620,922 272,043 227,180 1,672,038 265.465 177,508 257,562 168,832 698,109 Redemption fund — F.R. notes f 9,874 471 1,714 924 607 581 1,246 610 631 733 4o4 457 1,496 Other cash 477,843 48,669 117,364 36,269 44,159 27,851 19,360 73,689 15,450 10,032 29,677 13,441 41,882 Total reserves 9,684,920 534,498 4,010,510 497,947 665,688 300,475 247,786 1,746,337 281,546 188,273 287,643 182,730 741,487 Bills discounted* Secured by U.S.Gov’t obligations, direct or fully guaranteed 6,415 857 2,340 1,274 476 478 424 90 85 _ _ 138 38 215 Other bills discounted 3,108 89 288 656 230 270 593 11 4o 77 354 254 246 Total bills discounted 9,523 946 2,628 1,930 706 748 1,017 101 125 77 492 292 46l Bills bought in open market 542 4l 207 56 51 24 19 68 3 2 16 16 39 Industrial advances 17,314 2,607 4,325 3,290 970 1,791 122 686 154 556 467 913 1,373 U. S. Government securities* Bonds 732,320 53,764 211,227 60,439 72,271 38,929 30,693 80,655 32,697 23,776 37,730 28,495 61,644 Treasury notes 1,165,691 85,580 336,228 96,205 115,o4o 61,965 48,855 128,384 52,045 37,847 60,059 45,357 •98,126 Treasury bills 666,004 48,895 192,099 54,966 65,727 35,403 27,913 73,351 29,736 21,623 34,314 25,915 56,062 Total U.S. GovVt 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 2,591,394 191,893 746,714 216,886 254,765 138,860 108,619 283,245 114,760 83,881 133,078 100,988 217,705 Due from foreign banks 177 12 72 17 16 7 6 21 2 2 5 5 . 12 F. R. notes of other banks 19,889 383 3,502 910 1,295 1,503 2,075 2,578 1,933 932 1,908 539 2,331 Uncollected items 531,219 52,768 124,596 40,874 47,961 46,680 23,447 69,557 26,321 l4,4l8 26,935 23,716 33,946 Bank premises 44,852 2,991 9,940 4,805 6,190 2,687 2,109 4,569 2,333 1,497 3 ¿42 1,269 3,320 All other assets 42,130 2,634 12,344 4,070 4,645 2,567 1,673 3,962 1,652 1,454 1,955 1,571 3,603 TOTAL ASSETS 12,914,581 785,179 4,907,678 765,509 980,560 492,779 385,715 2,110,269 428,547 290,457 454,666 310,818 1,002,404 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 Oil MARCH 23, 1938 (In thousands of dollars) L I A B I L I T I E S Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn, Kans.Cy, Dallas San Fran. F.R.notes in actual circulation -4,119,858 297,776 902,189 308,450 413,136 195,526 150,733 962,982 177,113 136,424 164,958 79,729 330,842 Deposits* Member bank - reserve account 7,333,050 381,740 3,455,631 357,243 458,460 214,165 178,759 988,688 194,275 120,161 238,022 175,583 570,323 U.S.Treasurer — General account 269,586 15,349 118,176 13,168 15,624 12,011 12,029 28S836 7,697 4,181 9,426 12,049 21,040 Foreign bank 113,661 8,1-48 41,495 11,090 10,4n 4,866 3,590 13 j 466 3,395 2 5 602 3 3 282 3,282 8,034 Other deposits 198,646 4,336 149,379 1,213 4,458 6,398 2,615 2,047 8,009 3s44l ' 425 2,870 13,455 Total deposits 7,914,943 409,573 3,764,681 382,714 488,953 237,440 196,993 1,033,037 213*376 130,385 251,155 193,784 612,852 Deferred availability items 530,381 53,533 119,932 41,561 46,069 44,747 25,054 69,160 27,460 14,219 2.8,351 26,200 34,095 Capital paid in 133,306 9,405 50,943 12,278 13,157 4,950 4,452 13j095 31-896 2,902 4,l44 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 4,411 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 7,721 670 2,036 629 738 342 524 922 275 369 229 543 #T T t TOTAL LIABILITIES 12,914,581 785,179 4,907,678 765,509 980,560 492,779 385,715 2,110,269 428,547 290,457 454,666 310,818 1,002,404 Contingent liability on bills purchased for foreign correspondents 222 16 73 22 20 10 14 27 7 5 6 6 16 Commitments to make industrial advances 12,904 1,483 4,261 121 1,510 1,547 281 48 5 4l 89 268 2,818 -------------- MATURITI 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 mouths to 1 Year to 2 Years to 5 years 5 Years Bills -discounted 9,523 7,817 558 454 247 417 30 1 g ^ ir Bills bought 542 - — _ - 449 93 - - — .. ------ ------ ------ Industrial advances 17,314 1,898 72 346 610 1,656 3,285 6,758 2,689 ----- U.S. Government securities 2,564,015 56,383 63,623 173,474 287,477 263,752 123,851 349,714 574,647 671,094 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form Fft-283-d FEDERAL RESERVE KOTE STATEMENT ON MARCH 23, 1938 (in thousands of dollars) Total Boston New York Phila, Cleve. Rich. Atlanta Chicago St.Louis Minn« Kans.Gy. Dallas San Fran. Federal Reserve notés* Issued to F.R.bank. "by F.E.agent 4,441,195 331,916 1,005,441 329,201 439,779 204,428 168,735 988,336 189,922 l4o,128 174,959 89,926 378,424 Held by Federal Reserve bank 321,337 34,l4o 103,252 20,751 26,643 8,902 18,002 25,354 12,809 3,704 10,001 10,197 47,582 In actual circulation 4,119,858 297,776 902,189 308,450 413,136 195,526 150,733 962,982 177,113 136,424 164,958 79,729 330,842 Collateral held by agent as secu­ rity for notes issued to bank* Gold certificates on hand and due from U. S. Treasury 4,509,632 341,000 1,015,000 337,000 445,000 207,000 162,000 1,000,000 193,632 136,500 177,000 91,500 4o4,000 Eligible paper 8,349 900 2,607 1,472 498 688 708 101 85 77 480 280 453 U. S. Gov*t securities 15,000 -- -- -- -- -- 10,000 -- -- 5,000 ------- -- Total collateral 4,532,981 341,900 1,017,607 338,472 445,498 207,688 172,708 1,000,101 193,717 141,577 177,480 91,780 4o4,453 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis