H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Jan. 29; of the Federal Reserve System not earlier. January 2S, 1937 CONDITION OF FEDERAL RESERVE BAMS The daily average volume of Federal Reserve "bank credit outstanding during the week ended January 27, as reported by the Federal Reserve "banks, was $2,485,000,000, an increase of $1,000,000 compared with the preceding week and a decrease of $3,000,000 compared with the corresponding week in 193^« On January 27 total Reserve bank credit amounted to $2,472,000,000, an increase of $4,000,000 for the week. This increase corresponds with increases of $18,000,000 in member bank reserve balances and $32,000,000 in Treasury cash and deposits with Federal Reserve banks and a decrease of $2,000,000 in Treasury currency, offset in part by an increase of $28,000,000 in monetary gold stock and a decrease of $21,000,000 in money in circulation. Member bank reserve balances on January 27 were estimated to be approximately $2,150,000,000 in excess of legal requirements. Relatively small changes were reported in the System*s holdings of bills discounted, purchased bills, industrial advances and United States Government securities. Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended January 27t 1937, were as follows: Increase or decrease since Jan. 27 Jan. 20 Jan. 29 1937 , 1937 1936 (in millions of dollars) Bills discounted 3 +1 -if Bills bought 3 -2 U. S. Government securities 2.U30 — Industrial advances (not including 20 million commitments - January 27) 21+ Other Reserve bank credit 11 +3 +15 TOTAL RESERVE BANK CREDIT 2,^72 +2 •ft Monetary gold stock 11,3^5 +28 +1,166 Treasury currency 2,531 +39 Mo-ney in circulation 6,31s -21 +625 Me«mber bank reserve balances 6,773 +18 H^IO Treasury cash and deposits with F R.banks 2,683 +32 -3^8 Kammember deposits and other F. accounts 57k +1 '+19 (B-gOl) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, January 29,1937; not earlier. B~S01a ASSETS AED LIABILITIES OF THE TWELVE FEDERAL RESERVE BAMS COMBINED (In thousands of dollars) Jan. 27,1937 Jan. 20,1937 Jan. 29,1936 A S S E TS Gold certificates on hand and due from U. S. Treasury 8,849,9l4 8,849,293 7,°43,860 Redemption fund ~ F. R. notes 12,729 1 2,729 15,6S'5 Other cash 307,771 314,574 546,649 Total reserves 9,170,4l4 9,177*196 8,006*194 Bills discounted: Secured by U.S.Gov't obligations,direct or fully guaranteed 2,344 1,506 4,105 Other bills discounted 513 875 2,960 Total bills discounted 2,857 2,381 7,°65 Bills bought in open market 3,031 3,084 4,670 Industrial advances 24,085 24,131 32,l48 U. S Government securities: # Bonds H92,182 492,045 215,696 Treasury notes 1,345,9^3 1,345,963 1,616,559 Treasury bills 592,082 592,219 598,008 Total U.S.Government securities . . 2,430,227 2,430,227 2,430,263 Other securities — — 181 Total bills and securities 2,460,250 2,459,823 2,474,327 Due from foreign banks . . . . . . .. 226 223 65O F. R. notes of other banks 25,018 29,821 19,685 Uncollected items . 574,286 665,840 477,480 Bank premises 46,l45 46,l46 47,799 All other assets 4l,84l 4pl44 40,529 t TOTAL ASSETS 12,318,180 12,419,193 11,066,664 L I A B I L I T I ES F. R. notes in actual circulation . . . 4l40492 4,159,036 3,599,683 f f Deposits: Member bank - reserve account . . . . 6,772,597 6,754,890 5,263,331 U.S.Treasurer - General account . . . 180,253 188,259 478,037 Foreign bank 74,947 94,900 49,631 Other deposits 239,750 217,540 251,519 Total deposits 7,267,547 7,255,589 6,642,518 Deferred availability items 563,102 658,189 482,746 Capital paid in 132,105 131,972 130,630 Surplus (Section 7) 14^854 l45,S54 145,501 Surplus (Section 13b) 27*19° 27,190 26,406 Reserve for contingencies . 3^*235 36,232 33,901 All other liabilities 5,655 5,131 5,279 TOTAL LIABILITIES . . .. 12,318,180 12,419,193 11,066,664 Ratio of total reserves to deposit and F. R. note liabilities combined . . . 80.4$ 80.4^ 78.2fo Commitments to make industrial advances 20,238 20,332 27,004 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS A17D LIABILITIES OP THE FEDERAL RESERVE BAHKS 01T JANUARY 27, 1937 (In thousands of dollars) B-SOXb A S S E TS Total Boston ITew York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San 7ran. Gold certificates on hand and due from U.S. Treasury 8,31*9,911* 556,720 3,588,509 1*86,298 611,925 289,902 220,6ll* 1,363,7^5 258,867 163,1*01 238,912 17^,6oU 596,1*17 Redemption fund - E. R. notes 12,729 1,360 l,oi*6 535 S5U U36 2,567 727 1,51*0 900 61*2 677 1,1*1*5 Other cash 307,771 2**, 807 76,992 30,5-36 2 3 ,^ 19,95^ 1 5 .^ 35,358 17,97s 10,036 15,712 6,751 30,739 Total reserves 9, 170,1*11* 582,887 3.666,51*7 517,369 636,273 310,292 238,595 1,699,830 278,385 17^»337 255,266 182,032 628,601 Bills discounted: direct or fully guaranteed 2,3^ 660 7S9 1*10 135 75 50 101 i* — 120 Other hills discounted 513 7 356 9 9 1+ 38 11 15 2 27 19 16 Total bills discounted 2,857 667 1,145 1*19 9 139 113 61 116 6 27 19 136 Bills "bought in open market 3,081 225 1,093 317 29U 121 10S 385 86 60 87 87 218 Industrial advances 2H,085 2,772 5,921 U,557 1,171 2,570 37^ 1,385 360 1,052 767 1,309 1,81+7 U.S. Gov eminent securities: Bonds 1*92,182 35,579 132,099 39,1+Us 50,678 27,021 22,265 55,980 23,503 17,302 25,639 19,233 ^3,^35 Treasury notes 1,3^5,963 97,29s 361,251 107,875 138,586 73,891 60,890 153,087 6^,276 1*7,313 70,118 52,596 118,782 Treasury bills 592,082 1*2,801 158,910 1*7,1*51* 60,961* 32,50^ 26,786 67>3^3 28,275 20,81^ 30,8^ 23,137 52,250 Total U.S.Gov't securities 2,U30,227 175,678 652,260 19^,777 250,22s 133,^16 109,91*1 276,1*10 116,051* 85,1*29 126,601 9^,966 21U.1J-67 Total bills and securities 2,1*60,250 179, 660,1*19 200,070 251,702 136,21*6 110,536 278,21*1 Il6,6l6 Due from foreign banks 226 17 90 21 20 10 8 26 1* 3 6 6 15 F. R. notes of other banks 25,018 301 7,19^ 705 1,316 2,721 2,529 2,806 SSI 1*95 1,616 633 3.821 Uncollected items 57^,236 62,1*90 11*2,769 1*5,210 56,397 1*8,687 23,7^2 76,738 21,555 13,839 28,782 22,509 31,56s Bank premises 1*6,1U5 3,057 10,13^ ^,952 6,363 2,310 2,236 1*,710 2,390 1,^3 3,285 1,261 3,^9 All other assets 1*1,81*1 2,510 10,909 5,356 1*, 66s 2,690 1,711 3,96s 1,977 1,391 1,980 l,6ol* 3,077 TOTAL ASSETS 12,318,180 S30,60H 1*,1*98,062 773,683 956,71*1* 503,1*56 379,357 2,066,319 1*21,808 278,105 1*18,1*17 30**,1*26 887,199 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AM) LIABILITIES OF THE FEDERAL RESERVE BAUKS OH JAtiUARY 27, 1937 (in thousands of dollars) B-SOlc L I A B I L I TI Total Boston Hew York Phi la. Cleve. Rich. Atlanta Chicago St.Louis Minn. Eans.Cy. Dallas San Fran, F.R.notes in actual circulation 4, 140,492 351,756 271,97s 303,3^3 ^12,353 199,277 180,746 942,773 173,059 132,462 153,910 36,635 321,052 Deposits: Member "bank - reserve account ,772,597 371,763 3,106,225 373,1^7 422,124 213,097 155,092 ) 63,65s 194,637 112,321 213,399 166,221 475,913 U.S.Treasurer - General account 130,253 11,567 56,652 10,736 20,292 13,277 2,493 29,231 3,212 3,217 4,005 3,302 12,219 Foreign bank 7^,9^7 5,533 27,^71 6,953 6,37s 3,290 2,617 3,673 2,243 1,794 2,16s 2,163 5,159 Other deposits 239,750 3,23^ 173,135 2,399 13,520 3,17^ 4,405 1, SIS 7,2^3 i.,191 207 5,347 19,527 Total deposits 7,267,547 392,097 3,363,533 393,235 462,314 242,338 164,607 1,003,430 207,335 L22,523 219,779 132,533 512,818 Deferred availability items 563,102 62,, s4s I4I,H9 43,569 ^9,331 45,919 21,481 75,569 25,995 13,792 29,S06 24,269 29,4o4 Capital paid in 132,105 9,371 51,270 12,230 12,813 4,809 4,301 12,561 3,803 2,939 3,985 3,847 10,176 Surplus (Section 7) 1^5,354 9,326 5 1 ,^ 13,362 1^,323 4,369 5,616 21,504 4,65^ 3,116 3,613 3,851 9,645 545 Surplus (Section 13b) 27,190 2,874 7,7^ ^325 1,007 3,422 75^ i,4i6 1,003 1,142 1,262 1,696 Reserve for contingencies 36,235 1,570 9,260 3,000 3,120 1,522 1,690 7,971 1,197 2,090 931 1,847 2,037 All other liabilities 5,655 262 1,636 611 4S3 200 162 1,095 219 ISO 251 127 371 TOTAL LIABILITIES 12,318,180 S30,604 4,498,062 773,683 956,7^ 503,^56 379,357 2,066,319 421,808 278,105 4is,4i7 304,426 887,199 Commitments to make industrial advances 20,238 1,965 8,327 225 1, 211 2,277 283 10 1,303 71 306 4s6 3,769 MATURITY DIS1T FJBUTI01J OF BILLS AITD SECURITIES Within 16 to 31 to 6l to 91 days to 5 months 1 Year 2 Years Over To tal 15 days 30 days 60 days 90 days S months to 1 Year to 2 Years to 5 Y&'-rs 5 Years Bills discounted 2,857 2,458 245 3 SO 68 3 Bills bought 3,osi 319 227 650 1,885 Industrial advances 24, os 5 1,003 290 529 1,052 1,238 4,363 5,899 9,711 U.S.Government securities 2, 430,227 24,509 24,033 63,5^8 109,961 228,318 326,760 375,306 832,334 444,958 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

F3D3ML 2E33R73 1T0TE STATELIE1IT Oil JilfJARI 27, 1937 (in thousands of dpliars) B~301d Total Boston Hew York Phila, Cleve, Eich. Atlanta Chicago St.Louis I,Iinn» Eans.Cy. Dallas San Fran. Fj'eedaeerraali .Etiee sseerrvvee unuoit.eess:: Issue3dd tio F.E.bank by F.R.agent 4,477,966 371 Ml 974,922 32^,579 439,353 211,936 208,190 973,737 129,63s 137,S90 167,915 96,65s 375,5^5 Held boyy Federal Eeserve "bank 337,^ 25,66l 103,012 21,236 26,500 12,109 27,444 31,014 11,579 5,423 9,005 9,973 54,513 In actual circulation 4,l40,492 351,756 271,976 303,343 412,353 199,377 130,746 942,773 173,059 132,462 153,910 86,685 321,052 Collateral held by agent as security for notes issued to bank: Sold certificates on hand and due from TJ. S. Treasury 4,491,338 1(06,000 990,706 332,000 440,000 212,000 l6g,000 990,000 171,632 123,000 167,000 07,^00 38P 000 Eligible paper 2,588 660 575 UlO — 135 75 50 113 4 23 "l6 ^127 U. S. Gov't securities 87,000 — — ~~ — — 45,000 — 22,000 15,000 5,000 Total collateral i;.,581,4o6,66o 991,68! 332,4-10 440,000 212,135 213,075 990,050 193,745 143,004 172,023 97,516 389,127 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis