H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOE THE PRESS Released for publication Board of Governors Friday, morning, Jan. 22; of the Federal Reserve System not earlier. January 21, 1937• 001IDITI01T OF FEDERAL RESERVE BANKS The daily average volume of Federal Reserve "bank credit outstanding dLiring the week ended January 20, as reported "by the Federal Reserve banks, was $2,000,000, a decrease of $2,000,000 compared with the preceding week and of $1,000,000 compared with the corresponding week in 193&* On January 20 total Reserve bank credit amounted to $2,U6S,000,000, a decrease of $3,000,000 for the week. This decrease corresponds with a decrease of $32,000,000 in money in circulation and increases of $11,000,000 in monetary gold stcj±; and $5,000,000 in Treasury currency, offset in part by increases of $15,000,000 in member bank reserve balances, $22,000,000 in Treasury cash and deposits with Federal Reserve banks, and $4,000,000 in nonmember deposits and other Federal Reserve accounts. Member bank reserve balances on January 20 were estimated to be approximately $2,130,000,000 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 $3,000,000 in holdings of United States Treasury bills was offset by increases of $2,000,000 in holdings of United States Treasury notes and $1,000,000 in United States bonds* Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended January 20*. 1937> were as follows: Increase or decrease since Jan. 20 Jan. 13 Jan. 22 1937 1937 1936 (in millions of dollars) Bills discounted 2 Bills bought 3 -2 U. S. Government securities 2,^30 —— — Industrial advances (not including 20 million commitments - January 20) 2b Other Reserve bank credit g -g +u TOTAL RESERVE BABE CREDIT -S ~9 Monetary gold stock 11,317 +11 +1,1^5 Treasury currency +5 2.533 +35 Money in circulation 6,339 -32 +$35 Member bank reserve balances 6,755 +15 +953 Treasury cash and deposits with F.R.banks 2,651 +22 ITonmember deposits and other F«R.accounts 573 '+U "+2U (B-SOl) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, January 22,1937'. not earlier. B-SOla ASSETS AITD LIABILITIES OF TE3 TWELVE FEDERAL RESERVE BA1ES C0MBI1SD (in thousands of dollars) Jan. 20, 1937 Jan. 13, 1937 Jan. 22,1936 A S S E TS Gold certificates on hand and due from U. S. Treasury 8,8^9,893 8,3^9,882 7,619,3^8 Redemption fund - F. R. notes 12,729 13,330 16,126 Other cash 31)+,571+ 30*+, 7^9 336,906 Total reserves 9,177,196 9,167,961 7.972,380 Bills discounted: Secured "by U.S.Gov't obligations,direct or fully guaranteed 1,50b 1,^87 3,6^4 Other "bills discounted 825. 86l 2,776 Total hills discounted 2,381 2,3^8 6,1+20 Bills bought in open market 3,0SU 3,089 U,657 Industrial advances ... 2^,131 2^,221 32,210 U. S. Government securities: Bonds U92,0^5 1+90,690 215,703 Treasury notes 1,3^5,963 1,3^3,963 1,619,653 Treasury hills 592,219 595,57*+ 59^,908 Total U.S. Government securities . . . 2,U30,227 2,1+30,227 2,1+30, 26U Other securities — ~~ 181 Total hills and securities 2,1+59,323 2,1+59,S85 2,1+73,732 Due from foreign banks 223 220 F. R. notes of other banks 29,S21 31,902 2*+,865 Uncollected items ... 665,SUo 671,91^ 535,717 Bah:-premises 1+6, lH6 4o,lU6 797 All other assets 39 , 200 39.^23 TOTAL ASSETS 12,^-19,193 12,1+17,228 11,09^,582 L I A B I L I T I ES F. R. notes in actual circulation . . .. 1+,159,036 ^,176,758 3,608,0l+9 Deposits: Member bank - reserve account . . . .. 6,75^,890 6,739,615 5,802,1+36 U.S. Treasurer - General account . . .. 188,259 190,033 51^,995 Foreign bank 9^,900 92,638 1+7,822 Other deposits 217,5^+0 215,592 2Hg,106 Total deposits 7,255,589 7,237,878 6,613,359 Deferred availability items 658,189 656,123 533,058 Capital paid in 131,97? 131,792 130,653 Surplus (Section 7) 1%,85U 1^5,85U 1^5,501 Surplus (Section 13b) . 27,1§0 27,190 26,1+06 Reserve for contingencies . 36,232 36,26s 33,901 All other liabilities "5.131 5,365 3,655 TOTAL LIABILITIES 12,^19,193 12,1+17,228 11,09^,582 Ratio of total reserves to deposit and F. R. note liabilities combined 80.^1 80.3$ 78.0$ Commitments to make industrial advances . 20,332 20,565 27,091 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BAMS ON JANUARY 20, 1937 (in thousands of dollars) B-801b A S S E TS Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Geld certificates on hand and due from U.S. Treasury 0Or<, , o 0 O r^i l H,- o 8M 9 3 558,062 3,522,619 499,245 612,69^ 285,659 229,92s 1,691,957 255,064 168,316 242,595 177.762 605,902 Redemption fund - F.R.notes 12,729 1,360 i,o46 535 S5I+ 436 2,567 727 1,540 900 642 677 1,445 Other cash 3i'4,5T1+ 27,315 77,253 31,37^ 22,907 21,044 15,709 38,790 is,512 9,337 15,15s 6,724 30,^51 Total reserves 9,177,196 526,737 3,600,91s 531,15^ 636,455 307.139 24s,264 1,731,504 275,116 172,553 258,395 125,163 637,792 Bills discounted: Secured "by U.S.Gov't obligations, direct or fully guaranteed 1,506 95 76S 355 10 25 50 101 2 40 Other "bills discounted 275 7 584 9 9 4 132 11 35 2 4i 19 16 Total bills discounted 2,321 102 1,352 364 9 i4 223 61 136 4 4i 19 56 Bills bought in open market 3,OS4 225 1,095 317 294 121 10s 3S5 86 61 27 87 218 Industrial advances 24,131 2,772 5,916 4,596 1,17s 2,572 386 1,329 375 1,02s 70S 1,309 1,842 U.S.Government securities: Bonds 492,045 35,569 132,062 39,^37 50,664 27,013 22,259 55,964 23,^7 17,297 25,632 19,228 43,423 Treasury nwtes 1,3^5,963 97,292 361,251 107,S75 13s,5S6 73,S9i 60,890 153,087 64,276 ^7,313 70,118 52,596 112,782 Treasury bills 592,219 42,811 152,9^7 47,465 60,97s 32,512 26,792 67,359 2S, 281 20,819 30,251 23,142 52,262 Total U.S.Govft securities 2,430,227 175,672 652,260 194,777 250,22s 133,4i6 109,941 276,410 116,054 85,429 126,601 94,966 214,467 Total bills and securities 2,459,823 17S,777 660,623 200,054 251,709 136,123 110,65s 272,245 116,651 86,522 127,497 9b,3Sl 216,583 Due from foreign banks 223 17 27 21 20 10 8 26 4 3 6 6 15 F. R. notes of ether banks 29,221 606 2,384 736 1,475 2,715 1,797 3,071 1,963 1,223 2,392 522 4,931 Uncollected items 665,s4o 69,236 167,161 53,992 64,345 60,875 25,963 84,480 22,637 15,943 34,647 27,227 33,328 Bank premises 46,146 3,057 10,134 ^,952 6,36s 2,810 2,237 4,710 2,390 1,^93 3,285 1,261 3,449 All other assets 4o,i44 2,443 10,470 5,096 ^,556 2,611 1,665 3,316 1,671 1,355 1,923 1,557 2,921 TOTAL ASSETS 12,^19,193 2^0,273 M57,777 796,011 964,92s 512,223 390,592 2,105,252 432 225,092 '422,151 312,117 299,025 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AID LIABILITIES OF THE FEDERiL RESERVE BAMS ON JANUARY 20, 1937 (in thousands of dollars) B-801c L I A B I L I T I ES Total Boston Ncvr York Phila. Clove. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R.notes in actual circulation 159,936 351,69*+ 879,2103 03033,5,5585 s 408,760 200,724 182,615 91+6,912 179,129 133,723 159,^52 39,071+ 324,185 Deposits Member bank - reserve account 335,396 442255,,886699 211,582 157,oHH 993,373 191,^0 115,533 216,355 162,331 '479,112 U.S.Treasurer - General account 188,259 15,131 68, 40-' 11,703 llll++,,4400ll++ 12.905 5,200 25,120 3,218 4,193 M 62 ,07^1 11+,31+Q Foreign bank SU,900 7,023 34,591 8,833 8,733 M79 3,32H 11,017 2,SU9 2,280 2,75j+ 2,754 6,553 Other deposits 217,5^0 2,310 151,411 1,759 13,261 3,303 5t3S5 1,333 7,327 5,075 22U 6,519 19,133 TotaL deposits 7,255,539 336;327 3,237,31' Uos.igi ^62,272 231,963 170,953 1,031,3^3 205,374 127,131 224,2y 5 180,178 519,738 Deferred availability items 658,139 b8,558 lb0,077 50,97*+ 62,232 6^,773 24,52b 82,31+0 31,573 1^,933 34,468 31,346 31,27!+ Capital paid in 131,972 9,331 51,237 12,203 12,765 4,803 12,5^7 3,302 2,31+0 3,934 3,81+3 10,161 Surplus (Section 7) 9,82b 51/47U 13,352 1^,323 '4,869 5,616 21,501+ 4,655 3,116 3,613 3,351 9,61+5 Surplus (Section 13 b) 27,190 2,37^ 7,7^ ^,325 1,007 3,422 75^ 1,416 5^ 1,003 1,142 1,262 1,696 Reserve for contingencies 36,232 1,570 9,260 3,000 3,120 1,522 1,690 7,971 1,194 2,090 931 1,31+7 2,037 All other liabilities 5,131 133 1,4-57 196 ll+2 1,313 155 151 2 bb 116 3U9 TOTAL LIABILITIES 12,i+13,193 840,873 ^57,777 736,011 364,328 51 2,283 390,592 2,105,852 1-£6,1+32 285,092 1+28,151 31 2,117 893,085 Coirimitments to make industrial advances 20,332 1,965 8,389 225 1,195 2,283 286 10 1,313 70 306 1+S6 3,soi+ TATURITY DISTRIBUTION OF BILLS 1JID SECURITIES l.'ithin 16 to 31 to 61 to 91 days to 6 months 1 Year 2 Years Over Total 15 days 30 days 6days 90 days 6 months to 1 Year to 2 Years to 5 Years 5 Years Bills discounted 2,381 1,833 110 255 32 33 3 Bills bought 3,081+ 2,132 89 215 593 Industrial advances 2U,i3i 1,152 171 5b0 1,103 1,206 l+,257 5,867 9,315 U.S.Government securities 2,430,227 22,809 25,329 61,37^ 125,135 208,602 33^,017 375,306 832,334 41+4,821 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SRAl E3SSHV3 1I0T3 STATEIimTT Oil JAITUAHY 20, 1937 (in thousands of dollars) 3-801a Total Boston Hew York Phi la. Clove. Rich. Atlanta Chicago St .Louis Minn. Eans.Cy. Dallas San Fran. Federal Reserve notes: Issued to F.R.bank by F.R.a~ent 320,773 977,626 325,UlS ^36,721 213,208,781 372,321 191,272 132,313 lSS,193 $6,668 372,510 Held by Federal Reserve hank 333,109 29,079 9S,Hl6 21,SS0 27,9^1 12,765 26,166 31,^9 12,1^3 4,590 5,7^1 7.591* 5^,325 In actual circulation M59,036 351, 879,210 303,552 ^02,760 200,J2k 182,615 2^6,912 179,129 133,723 159,^52 S9,07^ 32^,185 Collateral held hy a^ent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 4,422,232 406,000 990,706 332,000 440,000 209,000 168,000 930,000 171,632 128,000 lSj,0X) 57,500 389,000 Eligible ^aper 1,337 95 972 355 — 10 185 5° 133 2 32 lb U7 U. S. Gov't securities 93,000 -- -- -- 6,000 45,030 -- 22,000 15,000 3,000 _ — Total collateral 4,583,735 ^06,095 931,672 332,355 ^0,000 215,010 213,185 930,050 133,765 1^3,002 172,032 37,516 323,0^7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis