H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released, for publication Board of Governors Friday morning, Jan* 15; of tlie Federal Reserve System not earlier. January 1937• C03:TD II101! OF FEDERAL RESERVE BAKES The daily average volume of Federal Reserve "bank credit outstanding during tfoe week ended January 13, as reported by the Federal Reserve tanks, was $2,4o6,000,000, an increase of $5,000,000 compared with the preceding week and of $1,000,000 compared with the corresponding week in 193&* On January 13 total Reserve hank credit amounted to $2,^70,COO,000,1 &increase of $12,000,000 for the week. This increase corresponds with increases of t $113,000,000 in member bank reserve balances, $2,000,000 in Treasury cash and deposits with Federal Reserve banks,and $30,000,000 in nonraember deposits and other Federal Reserve accounts, and a decrease of $3,000,000 in Treasury currency, offset in part by a decrease of $102,000,000 in money in circulation and an increase of $35>000*000 in monetary gold stock. Member bank reserve balances on January 13 were estimated to be approximately $2,100,000,000 in excess of legal requirements* Relatively small changes were reported in the System1s holdings of bills discounted, purchased bills and industrial advances. A decrease of $^,000,000 in holdings of United States Treasury bills was offset by an increase of $3*000,000 in holdings of United States Treasury notes. Changes in the amount of Reserve bank credit oxitstanding and in related items during the week and the year ended January 13, 1937» WQrc as follows: Increase or decrease since Jan. 13 Jan. 6 Jan* 15 1937 J22L. 1956 (In millions of dollars) Bills discounted 2 -1 -3 Bills bought -2 > — U. S. Government securities 2,^30 — — Industrial advances (not including 21 million commitments - January 13) 22UU — -S Other Reserve bank credit 16 +12 +3 TOTAL RESERVE BAH£ CREDIT 2,1+76 +12 ~9 Monetary gold stock 11,306 +35 +i,iHs Treasury currency 2.52S >3 +36 Money in ciraalation 6,371 -102 +6U9 Member bank reserve balances 6,7^0 +113 +SS1 Treasury cash and deposits with F.R.banks 2,629 +2 -3S9 IJonmember deposits and other F.R. accounts 569 '+30 +32 (B-S01) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, January 15,1937; not earlier. B-SOla ASSETS AITD LIABILITIES OP TI-IZ TWELVE FEDERAL RESERVE BAIIKS COLE HIED (In thousands of dollars) Jan. 13,1937 Jan. 6,1937. Jan. 15,1931 A S S E TS Gold certificates on hand and due from U. S. Treasury . S,S49,S82 8,851,383 7,617,88! Redemption fund ~ ?. R. notes 13,330 12,533 16,435 Other cash . . . . . .. 304,7U9 278,370 327,896 # Total reserves . . . . . . 9,167,961 9,142,286 7,962,212 Bills discounted: Secured by U.S.Gov1t obligations,direct or fully guaranteed 1,^7 2,191 2,637 Other bills discounted . . . . . . . .. s6i 850 2,715 Total bills discounted . . . . . .. 2,348 3,O4I 5,352 Bills bought in open market . 3,089 3,089 4,657 Industrial advances . . 24,221 24,328 32,239 U. S Government securities: # Bonds . . . . . . . . .. U90,690 490,643 215,6S7 Treasury notes 1,3^3,963 1,3^0,963 1,624,598 Treasury bills . . . . . . . . . . . .. 595,574 598,621 5S9,95S Total U.S. Government securities . . 2,430,227 2,430,227 2,430,243 Other securities ... 181 —~ Total bills and securities . . . .. 2, '459,885 2,460,685 2,472,672 Due from foreign banks 220 220 663 If. R # notes of other banks . . . . . .. 31,902 3^,3S1 30,030 Uncollected items 671,91^ 660,927 601,917 Bank premises . . . . . . .. . 546,146 46,l46 All other assets . 39,200 37,727 39,104 TOTAL ASSETS 12,Ul7,22S 12,382,432 11,154,384 L I A B I L I T I ES E. R. notes in actual circulation . . . 4,176,75s 4,242,336 3,619,651 Deposits: M e mber bank - reserve account . . . .. 6,739,615 6,627,004 5,858,865 U. S. Treasurer - General account . . . 232,287 461,63s 190,033 foreign bank 92,638 95,601 43,5^6 Other deposits • . . . . . . . . » • .. 215,592 IS2,021 240,949 Total deposits . 7,237,S7S 7,136,913 6,604,99s 656,123 657,442 529,917 Capital paid in 131,792 131,704 130,609 Surplus (Section 7) . . . 145,854 1^5,854 145,501 Surplus (Section 13 b) . . . . . . . .. 27,190 27,190 26,4o6 Reserve for contingencies . . . . . . .. 35,26s 36,24s 33,907 All other liabilities . . .. 5,365 3,395 TOTAL LIABILITIES 12,^17,228 12,382,432 11,154,334 Ratio of total reserves to deposit and E. R. note liabilities combined . . .. ?0.3)j 80.3 fo 77.9$ Commitments to make industrial advances . 20,565 *?q,64o 27,213 ^Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AITD LIABILITIES OF THE FEDERAL RESERVE BA1TES Oil JA1TUARY 13, 1937 (In thousands of dollars) B-GOIb A S S E TS Dotal Boston How York Phila. Clove. Rich. Atlanta Chicago St .Louis Minn. Hans.Cy. Dallas San Fran, Gold certificates on hand and due from U.S. Treasury 8,849,882 571,519 3,^2,372 51^,597 623,006 282,229 226,562 1,685,981 250,834 171,021+ 244,817 177,678 612,763 Redemption fund - I.E.notes 13,330 1,327 1,15S 576 895+ 707 2,598 763 1,551 905 649 684 1,45s Other cash 304,7% 26,332 77,221 30,6HI 22,114 18,968 15,591 3^,750 18,395 9t^07 15,7^5 7,050 28,535 Total reserves 9,167,961 599,238 3,567,251 545,81)4 646,oi4 301,904 244,751 1,721,494 270,780 181,336 261,211 185,U12 642,756 Bills discounted: • 1,487 51 681 521 —— 85 105 — 1 3 — 40 Other "bills discounted 86l 15 630 18 18 9 42 23 43 5 38 6 i4 Total "bills discounted 2,348 66 1,311 539 18 9 4 1^7 23 44 8 38 6 54 Bills bought in open market 3,089 225 1,100 294 121 108 385 86 61 87 87 218 . 317 Industrial advances 24, 221 2,773 5,916 4,610 1,182 2,597 391 1/413 381 i,o4o 778 1,315 1,825 U.S. Government securities: Bonds U90, 690 35.^71 131,699 39,328 50,52^ 26,939 22,198 55,810 23,432 17,2^9 25,562 19,175 43,303 Treasury notes 1.3^3.9 63 97,153 360,713 107,715 138,380 73,782 60,799 152,860 64,181 47,243 70,013 52,518 118,606 Treasury bills 595,574 43,054 159,s48 47,734 61,323 32,696 26,944 67,7^0 2S,44l 20,936 31,026 23,273 52,559 Total U.S.Gov't securities 2,430,227 175,67s 652,260 19^,777 250,227 133,417 109,9^1 276/410 116,054 85,428 126,601 9^,966 2i4,46s 2^59,835 17S, 742 660,537 200,243 251,721 136,229 110,587 278,231 116,565 86,537 127,50H 96,37^ 216,565 Due froim foreign banks 220 17 84 21 20 10 8 26 4 3 6 6 15 F. R, notes of other banks 31,902 321 s,94s 781 2,272 3,077 2,067 3,856 2,210 1,153 2,223 7io 4,284 Uncollected items 671,91U 71,220 170,465 51,335 68,912 55,176 23,437 89,391 31,539 16,290 35,692 25,198 33,259 Bah!.': premises h6,i46 3,057 10,134 4,952 6,368 2,810 2,237 4,710 2,390 1,493 3,285 1,261 3,449 All other assets 39,200 2,367 10,353 4,999 4,439 2,588 1,620 3,689 1,626 1,312 1,827 1,480 2,900 TOTAL ASSETS 12,417,228 854,962 4,427,822 808,145 979>7^° 501,794 384,707 2,101,397 ^25,11^ 288,124 431,7^ 310,441 903,228 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AiTD LIABILITIES OF THE FEDERAL RESERVE BAIUS OIT JAHJARY 13, 1937 (in thousands of dollars) B-SOlc L I A B I L I T I ES Total Boston Hew Yorlt phi la. Cleve. Rich. Atlanta Chicago St.Louis Minn. Hans.Cy. Dallas San Fran. F.R.notes in actual circulation 4,176,75s 351,668 284,333 305,260 ^13,356 200,682 182,701 950,833 179,206 133,55S 159,S36 89,017 325,708 Deposits: Member ban!; - reserve account 6,739,615 384,031 2,996,^96 393,271 434,289 217,149 154,752 972,821 188,174 119,046 221,803 16s,885 483,292 U.S.Treasurer - General account 190,033 13,496 Sl,l44 10,739 11,647 7,360 4,254 33,396 4,812 2,585 3,642 5.07s 11,880 Foreign bank: 92,638 6,855 33,212 8,615 2,523 4,076 3,243 10,746 2,779 2,223 2,687 2,687 6,392 Other deposits 215,592 4,26l 146,756 2,208 13,167 3,643 3,757 1,360 7,029 5,233 195 7,746 20,234 Total deposits 7,237,27s ) +08,643 3,258,20s 420,433 467,626 232,22s ' 166,012 1,018,323 202,794 129,087 228,330 :1 84,396 521,792 Deferred availability items 656,123 70,84s 164,045 49,161 67,042 54,135 23,493 S7,413 32,097 16,155 33,701 26,104 31,929 Capital paid in 131,792 9,385 51,192 12,211 12,753 4,722 4,286 12,532 3,7SS 2,944 3,920 3,s4o 10,159 Surplus (Section j) 145,854 9,826 51,474 13,362 14,323 4,869 5,616 21,504 4,655 3,116 3,613 3,251 9,645 Surplus (Section 13 "b) 27,190 2,874 7,744 4,325 1,007 3,422 754 l,4i6 545 1,003 1,142 1,262 1,696 Reserve for contingencies 36,268 1,571 9,260 3,000 3,120 1,522 1,690 7,939 1,19* 2,097 931 1,247 2,037 All other liabilities 5,365 147 1,566 393 519 214 155 1,377 235 164 215 124 256 TOTAL LIABILITIES 12,417,228 854,962 4,427,822 808,145 979,746 501,79^ ;3 84,707 2,101,397 425,114 288,124 :4 31,74s ;3 10,441 903,22s Commitments to maLre industrial advances 20,565 1,997 8,494 228 1,221 2,288 288 10 1,273 70 3i4 489 3,893 MATURITY DISTRIBUTI01T OF BILLS ATD SECURITIES 'Total Within 16 to to 6l to 91 days to 5 months 1 Year 2 Years Over 15 days 30 days oO days 90 days 6 months to 1 Year to 2 Years to 5 Years 5 Years Bills discounted 2,348 1,914 16 l44 254 16 4 Bills bought 3,089 64 278 220 2,527 Industrial advances 24,221 1,010 320 527 1,158 1,118 4,210 5,87s 9,940 U.S.Government securities 2,430,227 23,499 25,309 58,029 60,280 271,115 342,329 375,306 830,724 443,516 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

fSDZRAL HESBHVS I TOTE STATSMEiTT Oil JAlfJAHY 13, 1937 (in thousands of dollars) B-301d Total Boston Her/ York Phila. Cleve. Rich.. Atlanta Chicago St.Louis Minn. Ilans.Cy. Dallas San Fran. Federal Reserve notes: Issued to F.R.bank by F.R.agent 4,552,517 383,300 1,009,162 326,613 442,907 213,022 209,905 936,254 191,911 140,736 l6S,792 93,639 332,226 Held by Federal Reserve ban!: 331,759 31,632 124,329 21,353 29,551 17,3^0 27,504 35,'^21 12,105 7,175 8,956 9,672 56,513 in actual circulation 176,75s 351,663 334,333 305,260 413,356 200,632 132,701 950,333 179,S06 133,553 159,536 S'9,017 325,703 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 4,540,333 ^06,000 1,025,70b 332,000 443,000 213,000 l6S,000 990,000 171,632 123,000 170,000 99,500 339,000 Eligible paper 1,735 51 S93 521 — 35 105 3 3 29 40 U. S. Gov't securities 101,000 — — — —- 6,000 45,000 30,000 15,000 5,000 Total collateral M43.573 406,051 1,026,599 332,521 443,000 219,035 213,105 990,000 201,640 143,003 175,029 93,500 339,040 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis