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, April 1; of the Federal Reserve System not earlier, March 31, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended March 30 member bank reserve balances decreased $2].,000,000. Reductions in member bank reserves arose from increases of $4,000,000 in money in circulation, $6,000,000 in Treasury cash, $22,000,000 in Treasury deposits with Federal Reserve banks and $3,000,000 in nonmember deposits and otherFederal Reserve accounts and a decrease of $5,000,000 in Reserve bank credit, offset in part by increases of $13,000,000 in gold stock and $6,000,000 in Treasury currency. Excess reserves of member banks on March 30 were estimated to be approximately $1,560,000,000, unchanged for the week. Inactive gold included in the gold stock and in Treasury cash amounted to $1,183,000,000 on March 30, unchanged for the week. Changes in member bank reserve balances and related items during the week and the year ended March 30, 1938, were as follows* Increase or decrease since Mar. 30 Mar, 23 Mar. 31 1928, -1228-.. JL232L. (In millions of dollars) Bills discounted 12 +2 —, Bills bought 1 -2 — U. S. Government securities 2,564 +134 Industrial advances (not including 13 million commitments - March 30) 17 -5 Other Reserve bank credit -7 -8 +3 Total Reserve bank credit 2,587 —5 +129 Gold stock 12,794 +13 +1,220 Treasury currency 2,680 +6 +139 Member bank reserve balances 7,312 -21 +673 Money in circulation 6,329 +4 -48 Treasury cash 3,551 +6 +798 Treasury deposits with F. R. banks 292 +22 -19 Nonnenber deposits and other F. R. accounts 578 +3 +84 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Earn. FR-28>-a Released for publication Friday morning, April 1, 1938; not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Mar, 10^1918 Mar. 23. 1938 Mar. 31. 1937 A S S E T S Gold certificates on hand and due from U. S, Treasury . . . • 9,212,708 9,197,203 8,844,400 Redemption fund - F. R. notés • 9,874 9,874 11,375 Other cash ........ . . . . • 473.506 477.843 285.028 9,696,088 9,684,920 9,140,803 Bills discounted« Secured by U.S.Gov’t obligations, direct or fully guaranteed . • 8,174 6,415 10,860 Other bills discounted . . . . ___JU.866 ...2*108 1.147 Total bills discounted ...» 12,o4o 9,523 12,007 Bills bought in open market . . 550 542 3,347 Industrial advances ...... • 17,177 17,314 22,338 U. S. Government securities« 733,320 732,320 636,890 1,165,691 1,165,691 1,218,843 Treasury bills • ......... 665,004 666,004 574.494 Total U.S. Government securities 2,564,015 2,564,015 2,430,227 Total bills and securities • • 2,593,782 2,591,394 2,467,919 Due from foreign banks ..... 170 177 227 F. R, notes of other banks . • • 20,138 19,889 19,185 Uncollected items 502,834 531,219 622,090 Bank premises . . . . . . . . . 44,837 44,852 45,880 All other assets ........ . . 42.940 42,130 41,291 TOTAL ASSETS ........ 12,900,789 12,914,581 12,339,497 L I A B I L I T I E S F. R. notes in actual circulation 4,121,705 4,119,858 4,174,231 Deposits» Member bank - reserve account . 7,311,529 7,333,050 6,639,080 U.S.Treasurer — General account 292,237 269,586 310,950 117,228 113,661 71,405 198.121 198.646 164.149 Total deposits ......... 7,919,115 7,914,943 7,185,584 Deferred availability items . • 510,023 530,381 631,997 Capital paid in . . . . . . . . 133,302 133,306 132,235 147,739 147,739 145,854 27,683 27,683 27,490 Reserve for contingencies . . . 32,950 32,950 36,176 All other liabilities ..... 8.272 7,721 . -5*920 TOTAL LIABILITIES . . . 12,900,789 12,914,581 12,339,497 Ratio of total reserves to deposit and F.R. note liabilities combined 80.5% 80.5% 80.5$ Contingent liability on bills pur­ chased for foreign correspondents 82 222 Commitments to make industrial advances 13,110 12,904 18,611 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 30, 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 9,212,708 481,498 3,984,256 469,743 625,070 269,618 220,985 1,628.067 261,672 176.747 251,932 164,996 678,124 Redemption fund - F.R, notes 9,874 471 1,714 924 607 581 1,246 610 631 733 4o4 457 1,496 Other cash 473,506 48,057 113,153 35,226 43,699 28,781 19,235 73,261 15,698 10,026 30,272 13,847 42,251 Total reserves 9,696,088 530,026 4,099,123 505,893 669,376 298,980 241,466 1,701,938 278,001 187,506 282,608 179,300 721,871 Bills discounted* Secured by U.S.Gov't obliga" ;ions, direct or fully guaranteed 8,174 807 2,484 1,427 738 713 439 950 111 288 37 180 - - Other bills discounted 3,866 220 264 713 23I 258 1,187 26 40 61 334 254 278 Total bills discounted 12,040 1,027 2,748 2,l40 969 971 1,626 976 151 61 622 291 458 Bills bought in open market 550 4l 215 56 51 24 19 68 3 2 16 16 39 Industrial advances 17,177 2,609 4,320 3,275 944 1,790 122 682 154 555 467 912 1,347 U. S. Government securities» Bonds 733,320 53,837 211,516 60,521 72,370 38,982 30,734 80,765 32,742 23,809 37,782 28,534 61,728 Treasury notes 1,165,691 85,581 336,227 96,205 115,040 61,965 48,856 128,384 52,045 37,846 60,059 45,357 98,126 Treasury bills 665,004 48,821 191,811 54,884 65,628 35,350 27,871 73,241 29,691 21,591 34,262 25,876 55,978 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 2,593,782 191,916 746,837 217,081 255,002 139,082 109,228 284,116 114,786 83,864 133,208 100,986 2.17,676 Due from foreign banks 170 12 65 17 16 7 6 21 2 2 5 5 12 F. R. notes of other banks 20,138 550 4,047 782 1,066 2,176 1,872 3,095 1,236 1,252 1,036 445 2,581 Uncollected items 502,834 53,076 129,871 40,564 45,184 41,473 19,283 64,606 22,490 13,711 26,039 20,258 2.6,279 Bank premises 44,837 2,987 9,940 4,794 6,177 2,680 2,108 4,569 2,330 1,497 3,142 1,293 3,320 All other assets 42,940 2,678 12,669 4,110 4,707 2,633 1,701 4,001 1,676 1,488 2,052 1,557 3,668 TOTAL ASSETS 12,900,789 781,245 5,002,552 773,241 981,528 487,031 375,664 2p62,3A6 420,521 289,320 448,090 303,844 975,407 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 30, 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 -4,121,705 300,459 910,304 309,893 410,370 194,582 149,666 962,252 177,011 136,046 164,240 78,800 328,082 Deposits» Member bank - reserve account 7,311,529 375,224 3/+75,091 369,967 463,997 213,875 181,4ll 942,861 191,124 119,908 238,105 178,813 561,153 U.S.Treasurer - General account 292,237 15,110 173,556 5,603 14,833 12,478 6,616 29,348 7,230 4,645 5,219 6,584 11,015 Foreign bank 117,228 8,449 42,005 11,501 10,797 5,046 4,107 13,965 3,521 2,699 3,403 3,403 8,332 Other deposits 198,121 4,573 152,541 1,230 3,899 4,820 2,118 1,350 7,408 3,094 366 2,691 1.4,031 Total deposits 7,919,115 403,3563^43,193 388,301 493,526 236,219 194,252 987,524 209,283 130,346 247,093 191,491 594,531 Deferred availability items 510,023 53,171 127,773 42,320 45,211 41,133 18,791 67,426 23,610 13,471 26,496 22,423 28,198 Capital paid in 133,302 9,4o6 50,944 12,278 13,149 4,949 4,452 13,095 3,896 2,902 4,l46 3,93190,l46 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 3,8929,805 Surplus (Section 13 b) 27,683 2,874 7,744 4,411 1,007 3,409 730 1,429 545 1,001 1,142 1,2702,121 Reserve for contingencies 32,950 1,448 8,210 2,000 3,177 1,401 1,603 7,257 1,215 1,929 934 1,7762,000 All other liabilities 8,272 631 2,441 572 765 374 544 976 294 472 426 253 524 TOTAL LIABILITIES 12,900,789 781,245 5P02,552 773,241 981,528 487,031 375,664 2,062,346 420,521 289,320 448,090 303,844 975,407 Contingent liability on bills purchased for foreign correspondents 82 7 22 9 9 4 3 11 3 2 3 Commitments to make industrial advances 13,110 1,483 4,251 121 1,509 1,540 279 - - 485 4l 302 268 2,829 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 12,040 10,289 525 445 299 443 39 M — •-» *»• mm Bills bought 550 - — 220 255 75 — — -- -- -- --. Industrial advances 17,177 1,777 64 343 64o 1,717 3,312 6,723 2,601 — — U.. S. Government securities 2,564,015 56,482 72,472 183,568 292,688 238,499 123,851 349,714 574,647 672,094 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-d. FEDERAL RESERVE NOTE STATEMENT ON MARCH 30, 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 4,4-36,672 337,012 1,005,153 326,424 438,321 204,289 167,285 987,241 189,673 139,908 174,693 89,855 376,818 Held by Federal Reserve bank 314,967 36,553 94,849 16,531 27,951 9,707 17,619 24,989 12,662 3,862 10,453 11,055 48,736 In actual circulation 4,121,705 300,459 910,304 309,893 410,370 194,582 149,666 962,252 177,011 136,046 164,240 78,800 328,082 Collateral held by agent as secur* rity for notes issued to bank* Gold certificates on hand and due from U. S. Treasury 4,501,632 341,000 1,015,000 337,000 441,000 205,000 162,000 1,000,000 191,632 136,500 177,000 91,500 404,000 Eligible paper 10,74l 975 2,690 1,657 760 912 1,269 976 111 6l 611 273 446 U. S. Gov't securities 15,000 -- - - - - - - 10,000 - -- 5,000 - - ---- -- Total collateral 4,527,373 341,975 1,017,690 338,657 441,760 205,912 173,269 1,000,976 191,743 l4l,56l 177,611 91,773 4o4,446 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis