H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FRr-283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, April 22; of the Federal Reserve System not earlier« April 21, 1938 CONDITION OF FEDERAL RESERVE BANKS During the week ended April 2Q. member bank reserve balances increased $75,000,000. Additions to member bank reserves arose from decreases of $1,378,000,000 in Treasury cash and $19,000,000 in money in circulation and in­ creases of $16,000,000 in gold stock and $5,000,000 in Treasury currency, offset in part by increaes of $1,287,000,000 in Treasury deposits with Federal Reserve banks and $37,000,000 in nonmember deposits and other Federal Reserve accounts, and a decrease of $19,000,000 in Reserve bank credit. Following a decrease of approximately 133: percent in reserve requirements of member banks, which became effective April 16, aggregate required reserves of member banks decreased about $690,000,000 during the week ended April 20, and excess reserves increased from approximately $1,730,000,000 on April 13 to $2,-490,000,000 on April 20* During the week the $1,183,000,000 held by the Treasury in the inactive gold account was deposited in the Federal, Reserve banks« Principal changes in Federal Reserve bank holdings of bills and securities were a decrease of $108,000,000 in United States Treasury bonds and increases of $19,000,000 in Treasury notes and $89,000,000 in Treasury bills. Changes in member bank reserve balances and related items during the week and the year ended April 20, 1938, were as follows* Increase or decrease since April 20 April 13 April 21 1938 1938 1937 (in millions of dollars) Bills discounted 10 ~3 +2 Bills bought 1 -2 U, S. Government securities 2,564 +77 — Industrial advances (not including 13 million commitments - April 20) 17 — -6 Other Reserve bank credit -8 -16 -10 Total Reserve bank credit 2,583 -19 +60 Gold stock 12,84-1 +16 +1,104 Treasury currency 2,688 +5 +148 Member bank reserve balances 7,5^7 +75 +670 Money in circulation 6,361 -19 -27 Treasury cash 2,164 -1,378 -750 Treasury deposits with F. R. banks 1,428 +1,287 +1,309 Nonmember deposits and other F, R, accounts 612 +37 +108 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283—a Released for publication Friday morning, April 22,1938? not earlier. ASSETS AND-LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Apr. 20. 1938 Apr. 13. 1938 Apr. 21.1937 A S S E T S Gold certificates on hand and due from U. S. Treasury ...... 10,642,413 9,245,002 8,843,903 Redemption fund - F.R. notes .... 8,860 9,140 9,776 Other cash 452.812 .452,036 282.306 Total reserves............ . 11,104,085 9,706,178 9,135,985 Bills discounted: Secured by U.S.Gov’t obligations, direct or fully guaranteed .... 6,472 9,730 6,260 Other bills discounted ...... ... 2j068 .... 1*422 Total bills discounted ...... 9,5^0 12,924 7,692 Bills bought in open market . . . . 550 550 3,^65 Industrial advances 17,056 16,887 23,084 U.S. Government securities: Bonds 677,831 785,588 688,621 Treasury notes ... ......... 1,179,171 1,160,691 1,174,343 Treasury bills . . . . . . . . . . . 707,012 617,736 623,619 Total U.S. Government securities . 2,564,015 2,564,015 2,486,583 Total bills and securities ...» 2,591,161 2,594,376 2,520,824 Due from foreign banks 170 170 230 F. R. notes of other banks ..... 19,952 16,632 23,904 Uncollected items . . . . . . . . . 578,264 663,496 693,276 Bank premises 44,804 44,806 45,869 All other assets......... . 44.400 47.978 43,944 TOTAL ASSETS ......... 14,382,836 13,073,636 12,464,032 L I A B I L I T I E S F. R. notes in actual circulation . 4,120,798 4,136,806 4,184,068 Deposits: Member bank - reserve account ... 7,547,076 7,472,143 6,876,640 U.S.Treasurer - General account , . 1,427,718 l4o>874 118,631 Foreign bank . . . . . . . . . . . 135,486 118,010 99,234 Other deposits .............. 213,212 198,604 145*730 Total deposits ... ...... 9,323;492 7,929,631 7,240,285 Deferred availability items .... 586,356 655,841 651,279 Capital paid in .............. 133,489 133,495 132,136 Surplus (Section 7) ........... 147,739 147,739 145,854 Surplus (Section 13 b) ......... 27,683 27,683 27,¿90 Reserve for contingencies ...... 32,915 32,950 36.142 All other liabilities ......... 10.364 9,491 „6,728 TOTAL LIABILITIES ...... 14,382,836 13,073,636 12,464,032 ^atio of total reserves to deposit and F. R. note liabilities combined 82.6% 80.4% 80.0% Contingent liability on bills purchased for foreign correspondents .... 1,103 523 -- Commitments to make industrial advances 12,825 12,982 17,530 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 20, 1938 (In thousands of dollars) A S SET S Total Boston New York Phila. Cleve.t HXCllr« Atlanta Chicago St.Louis ‘Minn. Kans.Cy. Dallas San Fran, Gold certificates on hand and due from U. S. Treasury 10,642,413 562,580 4,511,302 547,306 720,165 292,250 247,561 1,953,871 307,780 207,071 290,991 203,481 798,055 Redemption fund — F.R. notes 8,860 374 1,256 759 450 723 1,126 445 594 909 360 430 1,434 Other cash 452,812 45,094 112,132 32,605 42,310 30,289 17,328 67,294 14,903 9,269 29,122 13,535 38,931 Total reserves 11,104,085 608,048 4,624,690 580,670 762,925 323,262 266,015 2,021,610 323,277 217,249 320,473 217,446 838,420 Bills discountedi Secured by U,S.Gov*t obligations, direct or fully guaranteed 6,472 781 2,332 1,112 535 686 338 200 111 - — 122 72 I83 Other bills discounted 3,068 158 321 719 195 346 4l4 15 40 42 295 211 312 Total bills discounted 9,540 939 2,653 1,831 730 1,032 752 215 151 42 417 283 495 Bills bought in open market 550 4l 215 56 51 24 19 68 3 2 16 16 39 Industrial advances 17,056 2,495 4,636 3,166 845 1,738 119 682 160 551 456 907 1,301 U. S. Government securities* Bonds 677,831 48,897 197,177 55,656 65,000 37,006 29,454 73,292 31,517 23,363 32,947 25,718 57,804 Treasury notes 1,179,171 85,063 343,012 96,820 113,078 64,374 51,240 127,500 54,829 40,643 57,315 44,740 100,557 Treasury bills 707,013 51,002 205,666 58,052 67,799 38,599 30,722 76,447 32,874 24,369 34,365 26,825 60,293 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 2,591,161 188,437 753,359 215,581 247,503 142,773 112,306 278,204 119,534 88,970 125,516 98,489 220,489 Due from foreign banks 170 12 65 17 16 7 6 21 2 2 5 5 12 F. R, notes of other banks 19,952 569 4,369 1,080 1,331 1,718 1,820 2,679 1,418 1,351 1,256 516 1,845 Uncollected items 578,264 56,223 148,683 48,153 57,488 47,863 22,738 75,103 24,955 16,566 28,058 22,898 29,536 Bank premises 44,804 2,987 9,923 4,794 6,177 2,680 2,106 4,558 2,329 1,506 3,136 1,288 3,320 All other assets 44,400 2,724 13,092 4,186 4,858 2,736 1,935 4,083 1,808 1,592 1,948 1,571 3,867 TOTAL ASSETS 14,382,836 859,000 5,554,181 354,4811£8Q298 521,039 4o6,926 2,386,258 473,323 327,236 480,392 342,213 ip97,489 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 APRIL 20, 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 4,120,798 311,738 903,230 307,366 409,337 191,226 148,570 962,802 177,079 136,931 165,364 78,589 328,566 Deposits * Member bank — reserve account 7,54-7,076 413,973 3,509,803 40-4,999 509,499 208,511 168,351 1^74,058 200,327 110,136 224,841 169,668 552,910 U.S.Treasurer - General account 1^27,718 -42,909 652,865 4-5,900 51,150 49,569 46,683 208,938 49,374 48,025 44,982 50,096 137,227 Foreign bank 135,486 9,745 48,732 13,263 12,451 5,820 4,737 16,106 4,060 3,113 3,925 3,925 9,609 Other deposits 213,212 5,620 167,-432 1,603 7,452 3,855 2,555 1,3^3 5,287 2,975 478 2,034 12,578 Total deposits 9,323,492 472,247 4,378,832 465,765 580,552 267,755 222,326 1^00,445 259,048 164,249 274,226 225,723 712,324 Deferred availability items 586,356 50,625 150,439 48,361 57,560 46,851 22,966 77,651 26,486 16,558 30,470 26,680 31,709 Capital paid in 133,489 9,405 50,946 12,269 13,357 4,949 4,451 13,080 3,897 2,903 4,145 3,938 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 2,121 Reserve for contingencies 32,915 1,448 8,210 2,000 3,177 l,4oi 1,603 7,229 1,215 1,922. 934 1,776 2,000 All other liabilities 10,364 763 2,837 843 985 484 654 1,235 386 519 498 345 815 TOTAL LIABILITIES 14,382,836 859,000 5,554,181 854,481 1,080,298 521,039 406,926 2^86,258 473,323 327,236 480,392 342,213 1,097,489 Contingent liability on bills pur­ chased for foreign correspondents 1,103 80 396 108 102 47 39 131 33 25 32 32 78 Commitments to make industrial advances 12,825 1,447 4,055 121 1,517 1,507 181 489 40 295 268 2,905 WMI MATURITY DISTRIBUTION OF BILLS AND SECURITIES Within 16 to 31 to 61 to 191 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 9,540 7,830 280 589 547 283 11 mm mm mm mm mm mm Bills bought 550 297 178 75 _ «. — mm mm -------------- ------------ Industrial advances 17,056 1,669 153 570 496 1,930 3,584 6,684 1,970 - - U. S. Government securities 2,564,015 76,209 113,610 321,701 225,169 144,029 126,351 366,694 573,569 6 1 6 ,6 8 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FRr-283-d FEDERAL RESERVE HOTE STATEMENT ON APRIL 20, 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 4,435,562 346,021 1,004,912 326,506 434,139 202,678 165,176 987,286 189,444 l4l,583 175,259 88,479 374,079 Held by Federal Reserve bank 314,764 34,283 101,682 l9,l4o 24,802 11,452 l6,6o6 24,484 12,365 4,652 9,895 9,890 45,513 In actual circulation 4,120,798 311,738 903,230 307,366 409,337 .191,226 148,570 962,802 177,079 136,931 165,364 78,589 328,566 Collateral held by agent as secu­ rity for notes issued to bank* Gold certificates on hand and due from U. S. Treasury 4,527,632 356,000 1,0^.5,000 337,000 438,000 205,000 169,000 1,000,000 191,632 143,500 177,000 91,500 4)4,000 Eligible paper 8,472 880 2,588 1,405 570 972 520 210 111 42 406 ¿80 488 Total collateral 4,536,104 356,880 1,017,588 338,405 438,570 205,972 169,520 1,000,210 191,743 143,542 177,4o6 91,780 4o4,488 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis