H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, July 24; of the Federal Reserve System not earlier July 23, 1936 CONDITION OF FEDERAL RESERVE BANKS The daily average volume of Federal Reserve bank credit outstanding during the week ended July 22, as reported by the Federal Reserve banks, was $2,4-78,000,000, the sane amount as reported for the preceding week and an increase of I'11,000,000 compared with the corresponding week in 1935. On July 22 total Reserve bank credit amounted to §2,466,000,000, a decrease of $12,000,000 for the week. This decrease corresponds with decreases of $37,000 ,000 in money in circulation find 066,000,000 in Treasury cash and deposits with Federal Reserve banks and an increase of $5,000,000 in monetary gold stock, offset in part by increases of $63,000,000 in member bank reserve balances and $33,000,000 in nonmember deposits and other F. R. accounts. Member bank reserve balances on July 22 were estimated to be approximately §2,990,000,000 in excess of legal requirements. Relatively small changes were reported in holdings of discounted and purchased bills and industrial advances. A decrease of 111,000,000 in holdings of United States Treasury bills was offset by increases of $9,000,000 in holdings of United States bonds and $2,000,000 in United States Treasury notes. Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended July 22, 1936, were as follows» Increase or decrease since July 22 July 15 July 24 1936 1936 19 35 (in millions of dollars) Bills discounted 3 — 3 Bills bought 3 — 2 U. S. Government securities 2,430 Industrial advances (not including 24- million commitments - July 22) * 3 0 + 1 + 2 Other Reserve bank credit - 13 + 9 TOTAL RESERVE BANK CREDIT 2,466 - 12 + 6 Monetary gold stock 10,634 + 5 +1,499 Treasury and national bank currency 2,497 + 1 6 Money in circulation 6,153 - 37 + 657 Member bank reserve balances 5,935 + 63 + 990 Treasury cash and deposits with F.R.banks 2,955 - 66 179 Noma ember deposits and other F.R.accounts 55 4 + 33 31 *Less than 0500,000. (B-801) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, July 24, 1936, not earlier B-801a ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) July 22,1936 July 15,1936 July 24,1935 A S S E TS Gold certificates on hand and due from U. S. Treasury 8,185,322 8,186,524 6,226,004 Redemption fund - F. R. notes 12,185 12,542 21,746 Other cash . , 293,440 287,652 265,497 Total reserves 8,490,947 8,486,718 6,513,247 Bills discounted: Secured by U.S.Gov't obligations,direct or fully guaranteed 1,528 1,052 3,083 Other bills discounted 1,863 1,847 3,026 Total bills discounted 3,391 2,899 6,109 Bills bought in open market 3,088 3,084 4,676 Industrial advances 29,573 2.9,457 28,358 U. S. Government securities: Bonds 324,721 315,672 292,214 Treasury notes 1,496,719 1,494,218 1,564,987 Treasury bills 608,787 620,337 573,034 Total U.S. Government securities . . 2,430,227 2,430,227 2,430,235 Other securities 181 igi — Total bills and securities 2,466,460 2,465,848 2,46^,378 Due from foreign banks 225 229 646 F. R. notes of other banks 28,268 25,884 18,977 Uncollected items 591,182 681,238 459,960 Bank premises 48,055 48,055 49,904 All other assets 44,275 43,499 46,230 TOTAL ASSETS 11,669,412 11,751,471 9,558,342 L I A B I L I T I ES F. R. notes in actual circulation . . . . 3,976,863 4,006,015 3,242,240 Deposits: Member bank - reserve account 5,935,131 5,871,746 4,944,603 U.S.Treasurer - General account . . . 519,317 592,501 282,077 Foreign bank 61,415 60,100 25,258 Other deposits 238,445 205.713 239.827 Total deposits 6,754,308 6,730,060 5,491,765 Deferred availability items 591,841 669,018 469,872 Capital paid in 129,790 129,822 146,630 Surplus (Section 7) 145,501 145,501 144,893 Surplus (Section 13 b) 26,513 26,513 21,287 Reserve for contingencies 34,105 34,111 30,780 All other liabilities 10,491 10,431 10,875 TOTAL LIABILITIES 11,669,412 11,751,471 9,558,342 Ratio of total reserves to deposit and F. R. note liabilities combined . . .. 79.156 19.0% 74.6$ Commitments to make industrial advances . 2.3,771 23,839 22,197 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE' BANKS ON JULY 22, 1936 (In thousands of dollars) A S S E TS B-801b Total Boston New York Phi la. Cleve,. Rich, jA tlanta Chicago St. Louis Minn. Kans.Cy. Dallas San Fran, Gold certificates on hand and due from U. S. Treasury- 8,185,322 522,879 3,160,637 410,213 568,346 265,992 213,030 1,704,001 231,222 175,858 229,448 163,370 540,326 Redemption fund - F. R. notes 12,185 2,052 935 1,020 548 568 2,044 640 869 209 945 384 1,971 Other cash 293,440 31,914 76,344 38,343 27,114 16,047 11,046 38,565 12,819 8,488 12,752 6,294 13,714 Total reserves 8,490,947 556,845 3,237,91'6 449,576 596,008 282,607 226,120 1,743,206 244,910 184,555 243,145 170,048 556,011 Bills discountedt Secured by U.S.Gov't obligations direct or fully guaranteed 1,528 5 1,080 215 50 12 — — 25 — — 91 50 Other bills discounted 1,863 1,423 — 44 21 —• — 56 319 Total bills discounted 3,391 5 2,503 215 50 56 21 25 — 56 410 50 — Bills bought in open market 3,088 224 1,106 316 293 120 108 384 87 61 86 86 217 Industrial advances 29,573 3,113 7,293 5,142 1,576 3,543 725 2,081 537 1,296 973 1,610 1,684 U. S. Government securities 8 Bonds 324,721 21,607 88,263 28,217 31,507 17,105 13,142 38,630 17,360 11,571 16,425 12,502 28,392 Treasury notes 1,496,719 99,596 406,823 130,061 145,220 78,838 60,575 178,054 80,019 53,334 75,708 57,628 130,863 Treasury bills 608,787 40,510 165,475 52,902 59,068 32,067 24,639 72,423 32,548 21,693 30,794 23,440 53,228 Total U.S.Gov't securities 2,430,227 161,713 660,561 211,180 235,795 128,010 98,356 289,107 129,927 86,598 122,927 93,570 212,483 Other securities 181 — — — — -- — — — — 181 — — Total bills and securities 2,466,460 1;6 5,055 671,463 216,853 237,714 131,729 99,210 291,572 130,576 87,955 124,223 95,676 214,434 Due from foreign banks 225 18 79 23 22 10 8 28 4 3 7 7 16 F. R. notes of other banks 28,268 376 10,396 769 1,585 1,947 1,840 3,424 1,754 1,258 1,782 398 2,739 Uncollected items 591,182 58,626 149,456 44,148 58,942 49,586 19,219 82,259 24,411 17,664 35,146 21,888 29,837 Bank premises 48,055 3,113 10,854 5,080 6,525 2,919 2,284 4,830 2,453 1,531 3,360 1,526 3,580 All other assets 44,275 304 33,573 3,464 1,720 1,115 1,442 771 249 362 460 288 527 TOTAL ASSETS 11,669,412 784,337 4,113,737 719,913 902,516 469,913 350,123 2,126,090 404,357 293,328 408,123 289,831 807,144 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON JULY 22, 1936 (in thousands of dollars) B-801c L I A B I L I T I ES Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R.notes in actual circulation 3,976,863 358,504 810,396,297,137 388,575 187,079 174,748 914,171 171,406 122,222 151,841 84,728 316,056 Deposits i Member bank - reserve account 5,935,131 317,782 2,649,737 319,493 396,431 191,758 116,449 952,792 163,348 117,707 192,310 133,663 383,661 U.S.Treasurer - General account 519,317 19,328 180,467 19,663 20,231 21,536 21,475 122,890 23,354 19,433 16,929 31,740 22,271 Foreign bank 61,415 4,479 22,987 5,629 5,568 2,663 2,118 7,021 1,816 1,453 1,750 1,755 4,176 Other deposits 238,445 2,024 177,163 1,586 5,522 2,959 3,065 2,821 8,266 5,231 330 2,235 27,243 Total deposits 6,754,308 343,613 3,030,354 346,371 427,752 218,916 143,107 1,085,524 196,784 143,824 211,319 169,393 437,351 Deferred availability items 591,841 58,582 149,713 43,267 54,870 49,226 18,990 82,399 26,080 18,069 35,133 24,721 30,791 Capital paid in 129,790 9,401 49,879 12,227 12,562 4,708 4,245 12,092 3,755 2,975 3,935 3,816 10,195 Surplus (Section 7) 145,501 9,902 50,825 13,406 14,371 5,186 5,616 21,350 4,655 3,149 3,613 3,783 9,645 Surplus (Section 13 b) 26,513 2,874 7,744 4,231 1,007 3,448 754 1,391 546 1,003 1,142 1,252 1,121 Reserve for contingencies 34,105 1,413 8,849 3,000 3,111 1,280 2,519 7,573 894 1,449 840 1,328 1,849 All other liabilities 10,491 48 5,977 274 268 70 144 1,590 237 637 300 810 136 TOTAL LIABILITIES 11,669,412 784,337 4,113,737 719,913 902,516 469,913 350,123 2,126,090 404,357 293,328 408,123 289,831 807,144 Commitments to make industrial advances 23,771 2,742 9,293 334 1,439 2,319 287 77 1,824 91 397 536 4,432. MATURITY DISTRIBUTION OF BILLS AND SECURITIES 91 days to Total Within 15 days 16 to 30 days 31 to 60 days 6DL to 90 days Over 6 months 6 months Bills discounted 3,391 2,360 20 622 283 106 Bills bought 3,088 1,874 4 963 247 Industrial advances 29,573 1,716 172 560 882 1,898 24,345 U.S.Government securities 2,430,227 27,979 28,580 117,972 87,452 328,003 1,840,241 Other securities 181 181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTE STATEMENT ON JULY 22, 1936 (in thousands of dollars) B-801d Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St. Louis Minn. Kans.Cy. Dallas San Fran. Federal Reserve notes: Issued to F.R.batik by F,R.agent 4,308,3-44 379,528 924,347 314,496 404,127 199,088 196,318 956,617 181,332 128,700 165,463 95,202 363,126 Held by Federal Reserve bank 331,481 21,024 113,951 17,359 15,552 12,009 21,570 42,446 9,926 6,478 13,622 10,474 47,070 In actual circulation 3,976,863 358,504 810,396 297,137 338,575 187,079 174,748 914,171 171,406 122,222 151,S4l 84,728 316,056 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 4,319,023 396,000 945,706 318,000 407,000 201,000 164,685 966,000 167,632 130,000 158,000 96,000 369,000 Eligible paper 2,144 5 1,313 215 50 56 21 __ 25 __ 4.9 360 50 U. S. Gov't"securities 58,000 — _ _ _ _ __ 35,000 15,000 — 8,000 Total collateral 4,379,167 396,005 947,019 318,215 407,050 201,056 199,706 966,000 182,657 130,000 166,049 96,360 369,050 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis