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 8j of the Federal Reserve System not earlier. April 7, 1938. CONDITION OF FEDERAL RESERVE BANKS During the week ended April 6 member bank reserve balances decreased $16,000,000. Reductions in member bank reserves arose from increases of 165,000,000 in money in circulation, $3,000,000 in Treasury cash and $15,000,000 in nonmember deposits and other Federal Reserve accounts, offset in part by in­ creases of $9,000,000 in Reserve bank credit, $9,000,000 in gold stock and $2,000,000 in Treasury currency and a decrease of $48,000,000 in Treasury deposits with Federal Reserve banks. Excess reserves of member banks on April 6 were estimated to be approximately $1,580,000,000, an increase of $20,000,000 for the week. Inactive gold included in the gold stock and in Treasury cash amounted to $1,183,000,000 on April 6, unchanged for the week. Principal changes in holdings of bills and securities were an increase of $46,000,000 in United States Treasury bonds and a decrease of $46,000,000 in United States Treasury bills. Changes in member bank reserve balances and related items during the week and the year ended April 6, 1938, were as follows* Increase or decrease since Apr, 6 Mar, 30 Apr. 7 1938 1938 1937 (in millions of dollars) Bills discounted 11 -1 +3 Bills bought 1 -2 — U. S. Government securities 2,564 *—• +105 Industrial advances (not including 13 million commitments - April 6) 17 — -6 Other Reserve bank credit 3 +10 +3 Total Reserve bank credit 2,596 +9 +103 Gold stock 12,803 +9 +1,211 Treasury currency 2,682 +2 +143 Member bank reserve balances 7,296 -16 +612 Money in circulation 6,394 +65 +7 Treasury cash 3,554 +3 +780 Treasury deposits with F. R. banks 244 -48 -31 Nonmember deposits and other F, R, accounts 593 +15 +88 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR~263~a Released for publication Friday morning, April 8,1938; not earlier, ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS 00MBISED (in thousands of dollars) Apr, 6. 1938 Mar. 30. 1938 Apr. 7. 1937 A SS ET S Gold certificates on hand and due from U. S. Treasury . • . 9,222,003 9,2.12,708 8,843,905 Redemption fund - F. R. notes 9,1*0 9,874 11,149 Other cash 444.855 _473. ,506 273,758 Total reserves 9,675,998 9,696,088 9,128,812 Bills discounted* Secured by U.S.Gov’t obligations, direct or fully guaranteed . 7,741 8,174 6,650 Other bills discounted ... 3,599 3.866 1.500 Total bills discounted 11,340 12,040 8,150 Bills bought in open market 550 550 3,436 Industrial advances .... 16,952 17,177 22,566 U. S. Government securities* Bonds , o . « t # 779,539 733,320 662,084 Treasury notes • • 1,165,691 1,165,691 1,190,343 Treasury bills « • 618.785 665.004 606.619 Total U,S. Government securities 2,564,015 2,564,015 2,459,046 Total bills and securities 2,592,857 2,593,782 2,493,198 Due from foreign banks . . 169 170 227 F. R. notes of other banks 19,683 20,138 21,008 Uncollected items , • • . 520,270 502,834 600,029 Bank premises 44,795 44,837 45,870 All other assets ...... 45.831 42.940 44,129 TOTAL ASSETS ...... 12,899,603 12,900,789 12,333,273 L I A B I L I T I E S F. R. notes in actual circulation 4,158,154 4,121,705 4,178,661 Deposits* Member bank — reserve account . 7,296,340 7,311,529 6,683,964 U, S.Treasurer — General account 244,166 292,237 274,867 Foreign bank 122,005 117,228 93,463 Other deposits ........ 212.038 198.121 153.102 Total deposits 7,874,549 7,919,115 7,205,396 Deferred availability items 517,044 510,023 600,749 Capital paid in •*.... 133 ? 2.98 133,302 132,176 Surplus (Section 7) . . . . 147,739 147,739 145,854 Surplus (Section 13 b) , . . 27,683 27,683 27,490 Reserve for contingencies , 32,950 32,950 36,177 All other liabilities • . . 8.186 8.272 6.770 TOTAL LIABILITIES . 12,899,603 12,900,789 12,333,273 Ratio of total reserves to deposit and F. R. note liabilities combined 80.4$ 80.5$ 80,2$ Contingent liability on bills pur­ chased for foreign correspondents 330 82 Commitments to make industrial advances 12,920 13,110 19,370 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 APRIL 6, 1938 (In thousands of dollars) A S S E T S Total Boston New York Phila. Gleve. Rich. Atlanta Chicago Sit. Louis Minn. Kans*Cy. Dallas San Fran. Gold certificates on hand and due from U.S. Treasury 9,222,003 503,917 3,900,810 487,890 646,410 273,277 224,328 1,648,047 258,956 170,878 254,855 167,881 684,754 Redemption fund - F. R, notes 9,140 412 1,417 822 504 554 1,152 505 605 914 368 438 1,449 Other cash 444,855 46,904 107,493 30,094 43,426 27,798 16,767 69,435 14,195 9,139 28,628 12,965 38,011 Total reserves 9,675,998 551,233 4,009,720 518,806 690,340 301,629 242,247 1,717,987 273,756 3.80,931 283,851 181,284 724,214 Bills discounted! Secured by U.S.Gov't obligations, direct or fully guaranteed 7,741 622 2,482 1,743 742 493 417 550 111 -- 359 37 185 Other bills discounted 3,599 l4o 452 730 225 239 808 27 40 50 347 272 2.69 Total bills discounted 11,340 762 2,934 2,473 967 732 1,225 577 151 50 706 309 454 Bills bought in open market 550 4l 215 56 51 24 19 68 3 2 16 16 39 Industrial advances 16,952 2,607 4,306 3,227 850 1,743 121 682 160 547 461 911 1,337 TJ«S. Government securities: Bonds 779,539 56,234 226,763 64,007 74,754 42,558 33,874 84,289 36,246 26,869 37,891 29,577 66,477 Treasury notes 1,165,691 84,091 339,091 95,713 111,785 63,639 50,654 126,043 54,202 40,178 56,659 44,228 99,408 Treasury bills 618,785 44,637 180,001 50,808 59,338 33»782 26,888 66,907 28,772 21,328 30,077 23,478 52,769 Total U.S. Gov’t securities 2,564,015 184,962 745,855 210,528 245,877 139,979 111,416 277,239 119,220 88,375 124,627 97,283 218,654 Total bills and securities 2,592,857 188,372 753,310 216,284 247,745 142,478 112,781 278,566 119,534 88,974 125,810 98,519 220,484 Due from foreign banks 169 12 65 17 15 7 6 21 2 2 5 5 12 Fa R. notes of other banks 19,683 490 2,855 760 955 1,487 1,917 3,264 2,159 966 1,685 529 2,616 Uncollected items 520,270 51,599 127,366 41,019 51,079 42,639 20,981 71,514 23,859 13,589 27,204 21,396 28,025 Bank premises 44,795 2,987 9,923 4,794 6,177 2,680 2,108 4,558 2,329 1,495 3,136 1,288 3,320 All other assets 45,831 2,824 13,564 4,345 4,978 2,811 1,949 4,221 1,882 1,637 1,980 1,647 3,993 TOTAL ASSETS 12,899,603 797,517 4,916,803 786.025 1,001,289 493,731 381,989 2,080,131 423,521 287,594 443,671 304,668 982,664 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Fbrm FR-283-c ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON APRIL 6, 1938 (In thousands of dollars) L I A B I L I T I E S Boston New York Phila. Cleve. Rich* Atlanta Chicago St.Louis Minn# Kans.Cy* Dallas San Fran. 309,769 917,692 310,136 412,403 94,599 150,463 966,999 178,380 137,733 166,449 79,878 333,653 Depositsi Member bank - resérve account 7,296,340 393,986 3,358,788 385,203 481,179 30,054 190,246 967,952 195,267 118,587 232,313 179,473 563,292 U.S.Treasurer — General account 244,166 3,739 186,975 4,389 6,697 2,998 1,302 14,771 3,307 2,970 1,520 5,443 10,055 Foreign bank 122,005 8,715 44,421 11,862 11,135 5,205 4,236 l4,403 3,631 2,784 3,510 3,510 8,593 Other deposits 212,038 5,165 163,780 l,4l6 7,183 4,201 2,357 1,227 7,196 3,247 222 2,517 13,527 Total deposits 7,874,549 411,605 3,753,964 402,870 506,194 242,458 198,l4l 998,353 209,401 127,588 237,565 190,943 595,467 Deferred availability items 517,044 51,900 124,177 39,982 50,279 41,601 20,419 69,677 25,135 12,753 29,479 22,731 28,911 Capital paid in 133,298 9,405 50,945 12,278 13,1*9 4,949 4,451 13,095 3,897 2,902 4,l46 3,934 10,147 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 4,4n 1,007 3,*09 730 1,429 545 1,001 1,1-42 1,270 2,121 Reserve for contingencies 32,950 1,448 8,210 2,000 3,177 1,401 1^03 7,257 1,215 1,929 934 1,776 2,000 All other liabilities 8,186 616 2,128 882 757 350 556 934 281 535 3*3 244 560 TOTAL LIABILITIES 12,899,603 797,517 4,916,303 786,025 1,001,289 493,731 381,989 2,080,131 423,521 287,594 443,671 304,668 982,664 Contingent liability on bills purchased for foreign correspondents 330 24 118 32 30 l4 12 39 10 8 10 10 23 Commitments to make industrial advances 12,920 1,475 4,186 121 1,,507 1,541 179 -- 489 4l 300 268 2,813 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 11,340 9,703 365 507 429 309 27 mm mm M mm Bills bought 550 - - 297 253 mm mm - — «. - -------------- mm mm ----- Industrial advances 16,952 1,563 192 502 552 1,776 3,255 6,790 2,322 U. S. Government securities 2,564,015 63,623 72,939 192,321 287,451 181,156 123,851 349,714 574,647 718,313 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Forra FR-283-d FEDERAL RESERVE NOTE STATEMENT ON APRIL 6, 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.R0agent 4,453,791 335,932 1,016,863 330,842 436,022 204,101 166,797 990,904 190,339 l4l,8l3 176,028 89,894 374,256 Held by Federal Raserve bank 295.637 26,163 99,171 20,706 23,619 9,502 16,334 23,905 11,959 4,080 9,579 10,016 40,603 In actual circulation 4,158,154 309,769 917,692 310,136 412,403 194,599 150,463 966,999 178,380 137,733 166,449 79,878 333,653 Collateral held by agent as secu­ rity for notes issued to banks Gold certificates on hand and due from U. S. Treasury 4,489,632 341,000 1,015,000 337,000 44l,000 205,000 159,000 1,000,000 191,632 127,500 177,000 91,500 404,000 Eligible paper 10,223 702 2,877 2,035 768 672 1,000 572 111 50 694 295 447 U. S. Gov’t securities 25,000 -- -- -- -- -- 10,000 -- -- 15,000 -- - - - - Total collateral 4,524,855 341,702 1,017,877 339,035 44l,768 205,672 170,000 1,000,572 191,743 142,550 177,694 91,795 404,447 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis