H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Forra FR-2S3 STATEMENT FOR THE PRESS P-eleased for publication Boal*d of Governors Friday morning, April 15 j of the Federal Reserve System not earlier. April l4, 1938. CONDITION OF FEDERAL RESERVE BANKS During the week ended April 13 member bank reserve balances increased #176,000,000. Additions to member bank reserves arose from decreases of $103,000,000 in Treasury deposits with Federal Reserve banks, $1-4,000,000 in money in circulation, $18,000,000 in norunember deposits and other Federal Reserve accounts and $12,000,000 in Treasury cash, and increases of $6,000,000 in Reserve bank credit and $22,000,000 in gold stock. Excess reserves of member banks on April 13 viere estimated to be approximately $>1,730,000,000, an increase of $150,000,000 for the week. Inactive gold included in the gold stock and in Treasury cash amounted to $1,183,000,000 on April 13, unchanged for the week. Principal changes in Federal Reserve bank holdings of bills and securities were an increase of $6,000,000 in United States Treasury bonds and decreases of $5,000,000 in Treasury notes and $1,000,000 in. Treasury bills. Changes in member bank reserve balances and related items during the week and the year ended April 13, 1938, were as follows* Increase or decrease since April 13 April 6 April 1-4 1938 1938 1937 (In millions of dollars) Bills discounted 13 +2 +2 Bills bought 1 -3 U. S. Government securities 2,564 +77 Industrial advances(not including 13 million commitments - April 13) 17 -6 — Other Reserve bonk credit 8 +5 +4 Total Reserve bank credit 2,602 +6 +74 Gold stock 12,825 +22 +1,128 Treasury currency 2,683 +1 +142 Member bank reserve balances 7,472 +176 +571 Money in circulation 6,380 -l4 -3 Treasury cash 3,542. -12 +666 Treasury deposits with F. R. banks l4l -103 +29 Nonmember deposits .and other F, R* accounts 575 -18 +81 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, April 15,1938; not earlier, ASSETS AM) LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Apr. 13. 1938 Apr. 6. 1938 Apr. 14,1937 A S S E T S Gold certificates on hand and due from U. S. Treasury ...... 9,245,002 9,222,003 8,843,894 Redemption fund -F. R. notes . . . 9,140 9,140 10,656 Other cash . . . . . . . . . . . . . 452,036 444.855 279,673 Total reserves......... . 9,706,178 9,675,998 9,134,223 Bills discounted» Secured by U.S.Gov*t obligations,direct or fully guaranteed ....... 9,730 7,741 9,789 Other bills discounted ...... .. 1*194 ___LJ?99 1.259 Total bills discounted ..... . 12,924 11,340 11,048 Bills bought in open market .... 550 550 3,522 Industrial advances . . . . . . . . 16,887 16,952 22,544 U. S. Government securities» Bonds . . . . . . . . . . . . . . 785,588 779,539 689,621 Treasury notes ... ......... 1,160,691 1,165,691 1,190,343 Treasury bills . . . . . . . . . . 617,736 618,785 606,619 Total U.S. Government securities . 2,564,015 2,564,015 2,486,583 Total bills and securities .... 2,594,376 2,592,857 2,523,697 Due from foreign banks . ...... 170 169 230 F. R. notes of other banks ..... 16,632 19,683 20,621 Uncollected items ... ...... . 663,496 520,270 780,351 Bank premises 44,806 44,795 45,872 All other assets ... ......... 47,978 __._4£j821 . . 45,_631 TOTAL ASSETS ........... 13,073,636 12,899,603 12,550,625 L I A B I L I T I E S F. R. notes in actual circulation . 4,136,806 4,158,154 4,176,094 Deposits * Member bank - reserve account ... 7,472,143 7,296,340 6,900,752 U.S.Treasurer - General account . . 140,874 244,166 111,674 Foreign bank . . . . . . . . . . . 118,010 122,005 93,622 Other deposits . . . . . . . . . . 198,604 2X2,038 142.271 Total deposits ....... 7,929,631 7,874,549 7,248,319 Deferred availability items .... 655,841 517,044 776,110 Capital paid in . . . . . . . . . . 133,495 133,298 132,168 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 ....... 9,491 8.186 ..8,413. TOTAL LIABILITIES ........ 13,073,636 12,899,603 12,550,625 Ratio of total reserves to deposit and F. R. note liabilities combined 80.4% 80.4% 80.0% Contingent liability on bills purchased for foreign correspondents .... 523 330 ----- Commitments to make industrial advances 12,982 12,920 19,211 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-b ASSETS AI© LIABILITIES OF THE FEDERAL RESERVE BANKS ON APRIL 13, 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 9,245,002 494,914 3,854,483 499,909 678,828 263,026 222.667 1,675,099 257,898 171.607 256,250 166,472 703,349 Redemption fund - F.R, notes 9,l4o 412 1,417 822 504 554 1,152 505 605 914 368 43 8 1,449 Other cash 452,036 46,657 112,583 29,872 4o,283 29,372 16,842 69,798 14,891 8,991 29,097 13,717 39,933 Total reserves 9,706,178 541,983 3,968,483 530,603 719,615 292,952 24o,66l 1,745,402 273,394 181,512 285,715 180,627 745,231 Bills discounted* Secured by U.S.Gov’t obligations, direct or fully guaranteed 9,730 2,162 2,173 1,541 794 762 448 1,255 111 252 67 165 — — Other bills discounted 3,194 152 377 714 239 271 493 15 40 50 303 239 301 Total bills discounted 12,924 2,314 2,550 2,255 1,033 1,033 941 1,270 151 50 555 306 466 Bills bought in open market 550 4i 215 56 51 24 19 68 3 2 16 16 39 Industrial advances 16,887 2,615 4,287 3,214 850 1,741 121 682 160 545 457 910 1,305 U.S.Government securities* Bonds 785,588 56,670 228,523 64,504 75,334 42,888 34,136 84,943 36,528 27,077 38,185 29,806 66,994 Treasury notes 1,160,691 83,731 337,636 95,302 111,305 63,366 50,438 125,502 53,969 40,006 56,4l6 44,039 98,981 Treasury bills 617,736 44,561 179,696 50,722 59,238 33,725 26,842 66,794 28,723 21,292 30,026 23,438 52,679 Total U.S. Gov1t 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 2,594,376 189,9^2 752,907 216,053 247,811 142,777 112,497 279,259 119,534 88,972 125,655 98,515 220,464 Due from foreign banks 170 12 65 17 16 7 6 21 2 2 5 5 12 F. R. notes of other banks 16,632 437 3,914 835 1,085 782 2,064 2,192 1,219 962 1,274 463 1,405 Uncollected items 663,496 60,391 206,649 50,561 58,682 50,360 24,289 82,531 27,870 16,759 28,989 25,602 30,813 Bank premises 44,806 2,987 9,923 4,794 6,177 2,680 2,108 4,558 2,329 1,506 3,136 1,288 3,320 All other assets 47,978 2,895 13,989 5,464 5,061 2,895 2,032 4,318 1,917 1,680 2,018 1,648 4,061 TOTAL ASSETS 13,073,636 798,637 4,955,930 808,327 1,038,447 492,453 383,657 2,118,281 426,265 291,393 446,792 308,148 3,005,306 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FEè-283—c ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BAMS OK APRIL 13, 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 4,136,806 309,638 910,950 310,9-41 411,851 193,742 149,501 962,-403 177,599 136,674 164,611 78,343 330,493 Deposits* Member bank — reserve account 7,472,143 386,003 3,442,991 394,034 516,004 221,941 187,601 1/301,758 196,689 119,311 236,242 182,316 586,693 U.S,Treasurer - General account l4o,874 4,033 90,395 4,511 2,269 4,748 2,726 10,4l0 3,475 3,986 2,775 2,744 8,797 Foreign bank 118,010 8,492 42,406 .11,559 10,851 5,072 4,128 14,036 3,539 2,713 3,420 3,420 8,374 Other deposits 198,604 5,314 l49,S4l 4,4o4 7,393 3,682 2,500 1,270 5,383 3,107 I83 2,255 13,272 Total deposits 7,92.9,631 403,847 3,725,633 4l4,508 536,517 235,443 197,015 1,027,474 ¿09,036 129,117 242,620 191,235 617,136 Deferred availability items 655,841 60,925 198,160 48,962 57,433 43,159 24,158 83,186 28,951 16,139 29,355 27,416 32,997 Capital paid in 133,495 9,405 50,946 12,278 13,358 4,949 4,451 13,080 3,897 2,903 4,145 3,93* 10,149 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 P 1 91 A. ^ Reserve for contingencies 32,950 1,443 8,210 2,000 3,177 1,401 1,603 7,257 1,215 1,929 934 1,776 2,000 All other liabilities 9,491 600 2,344 1,761 781 386 573 1,005 305 477 372 282 605 TOTAL LIABILITIES 13,073,636 798,637 4,955,930 808,327 1,038,447 492,453 383,657 2 ^ 2 8 1 426,265 291,393 446,792 308,1.48 1,005,306 Contingent liability on bills purchased for foreign correspondents 523 38 188 51 48 23 18 62 16 12 15 15 37 Commitments to make industrial advances 12,982 1,473 4,191 121 1,507 1,536 181 - - 489 39 295 268 2,882 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 da^s 60 days 90 days 6 months to 1 Year to 2 Years ) 5 Tears 5 Years Bills discounted 12,924 11,274 412 430 466 317 25 Bills bought 550 156 224 170 - — — . _ — Industrial advances 16,887 1,510 274 462 545 2,026 3,227 6,741 2,102 ■"* U. S. Government securities 2,564,015 72,472 82,166 175,878 282,846 178,079 123,851 349,714 574,651 724,358 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Fona FRr-283-d FEDERAL RESERVE NOTE STATEMENT ON APRIL 13, 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 4,443,518 337,837 1,010,624 328,743 434,576 203,959 166,150 988,602 ^89,308 142,029 175,434 89,116 377,l4o Held by Federal Reserve bank 306,712 28,199 99,674 17,802 22,725 10,217 16,649 26,139 11,709 5,355 10,823 10,773 46,647 In actual circulation 4,136,806309,638 910,950 310,9*1 411,851 193,742 149,501 962,463 177,599 136,674 164,611 78,343 330,493 Collateral held by agent as secu­ rity for notes issued to bank* Gold certificates on hand and due from U. S. Treasury 4,487,632 341,000 1,015,000 337,000 438,000 205,000 159,000 1,000,000 191,632 128,500 3.77,000 91,500 404,000 Eligible paper 11,780 2,255 2,482 1,798 834 973 709 1,265 111 50 553 291 459 U. S. Gov’t securities 25,000 - - -- -- -- -- 10,000 -- -- 15,000 -- Total col l àtfvral 4,524,412 343,255 1,017,482 338,798 438,834 205,973 169,709 1,001,265 191,743 143,550 177,553 91,791 4c4,459 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis