H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Feb. 12; of tlie Federal Reserve System not earlier. February 11, 1937• CONDITION OF FEDERAL RESERVE BAMKS The daily volraie of Federal Reserve bank credit outstanding during the week ended February 1Q, as reported by the Federal Reserve "banks, was $2,^85,000,000, spi increase of $2,000,000 compared with the preceding week and a decrease of $10,000,000 compared with the corresponding week in 1936 • On February 10 total Reserve bank credit amounted to $2,^77,000,000, an increase of $14,000,000 for the week. This increase corresponds with increases of $12,000,000 in money in circulation, $13,000,000 in member bank reserve balances and $22,000,000 in nonmember deposits and other Federal Reserve accounts, offset in part by a decrease of $10,000,000 in Treasury cash and deposits with Federal Reserve banks and an increase of $23,000,000 in monetary gold stock. Member bank reserve balances on February 10 were estimated to be approximately $2,120,000,000 in excess of legal requirements. Relatively small changes were reported in the System1s holdings of bills discounted, purchased bills and industrial advances. An increase of $6,000,000 in holdings of United States bonds was offset by a decrease of $6,000,000 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 February 10, 1937, were as follows: Increase or decrease since 3 Feb. 10 Feb. Feb. 12 1937 1937 1936 (in millions of dollars) Bills discounted 3 -5 Bills bought , 3 — -2 U. S. Government securities Industrial advances (not including 20 million commitments - February 10) 2U -g Other Reserve bank credit IS -15 TOTAL RESERVE BAKK CREDIT 2,^77 -31 Monetary gold stock 11,327 +23 +1,232 Treasury currency 2,531 +35 Money in circulation 6,360 +12 +597 -W Member bank reserve balances 6.771 +13 Treasury cash and deposits with F.R.banks 2,695 -10 -29s ITonmember deposits and other F. R accounts 569 +22 •-H9 (B-SOl) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, February 12, 1937; n°t earlier. B-SOla ASSET'S AITD LIABILITIES OF THE TWELVE F2335ML RESERVE BAMS COMBIEED (in thousands of dollars) Feb. 10,1937 Feb. 3,1937 Feb. 12,193 A S S E TS Gold certificates on hand and due from U. S. Treasury . . . . . . . .. S,S48,378 3,848,389 7,661,223 Redemption fund - F. R. notes • . 12,746 12,746 15,920 • . . . Other cash . . 277,090 2S9,04l 337.337 • * . . Total reserves 9,133,214 9,150,176 3,014,430 a Bills disco-unted: Secured by U.S.Gov!t obligations,d irect or fully guaranteed • . . m 2,l42 2,359 55,,II4422 Other bills discounted . . * • 44i 442 2,376 .... Total bills discounted . . 2,583 2,301 8,013 Bills bought in ODen market . . . 3»0S1 3,031 4,674 .... Industrial advances 23,582 23,649 31,801 U. S Government securities: # Bonds . . 493,232 492,132 215,681 Treasury notes .. . 1,339,913 1,345,963 1,626,30s .... Treasury bills 532,082 .. 59.2,032 2 Total U.S. Government securities . 2,^30,227 2,430,227 2,430,241 Other securities • 131 — • . . • Total bills and securities 2,459,473 2,459,75s 2,474,915- Due from foreign banks . . . . . 226 226 646 F. R. notes of other banks . . . 22,897 24,497 17,653 Uncollected items * . 562,251 534,725 ^64,697 Bank premises . . . 46,152 46,i4o 47,799 All other assets . . . . . . .. . ^1,465 40,369 39,382, TOTAL ASSETS . . . 12,270,67s 12,305,391 11,159,572 L I A B I L I T I ES .... F. R. notes in actual circulation 44,,116655,,8833ss 4,153,067 3,656,13s Deposits: Member bank - reserve account 6,770,854 6,757,714 55,,773333,,881144 . . . • U.S.Treasurer - General account 132,152 175,745 481,Sl6 Foreign bank . 102,803 76,265 67,99s Other deposits 209,520 296,051 .. .207,319. Total deposits . . .. 7,213,128 7,219,244 6,629,631 Deferred availability items . . . 544,854 531,343 532,326 Capital paid in 132,239 132,321 130,703 Surplus (Section 7) 145,S54 145,354 145,501 Surplus (Section 13 b) 27,190 27,190 26,406 Reserve for contingencies . . . . 36,235 36,235 34,047 All other liabilities 5,340 5,632 , ^i77,Q, TOTAL LIABILITIES . . • . •1 2.,27 0,67s 12,305,391 11,159,572 Ratio of total reserves to deposit and F. R. note liabilities combined • . . .ss oo.. 33$$ so. 4$ 77.955 Commitments to make industrial advances . 19,939 19,999 26,562 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AED LIABILITIES OF THE FEDERAL RESERVE BAUKS OH FEBRUARY 10, 1937 (In thousands of dollars) B-SOlb A S S E TS Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Gold certificates 011 hand and due from U. S. Treasury 5,848,373 553,672 3,579,2^5 480,956 625,725 222,717 232,465 1,633,204 256,242 167,012 244,124 179,533 603,47s Redemption fund - F.R.notes 12,746 1,25s 1,712 417 733 573 2,44s 563 1,502 SS3 6i4 652 1,391 Other cash 277,090 22,335 69,19s 27,39^ 21,052 20,534 13,521 32,233 16,692 3,72S 14,794 5,793 2^,761 Total reserves 9,133,2i4 532,315 3,650,155 503,767 647,510 303,324 24s,434 1,671,005 274,436 176,623 259,532 185,933 629,630 Bills discounted: Secured by U.S.Gov't obligati direct or fully guaranteed 2,142 1,366 523 10 60 l 7 50 so Other hills discounted 44i 7 203 9 9 ~ 4 103 11 15 2 21 4o 17 Total bills discounted 2,583 52 1,569 532 19 4 163 11 16 9 71 to 97 Bills bought in open market 3,081 224 1,094 319 293 120 10s 385 s6 60 87 87 213 4,477 Industrial advances 23,532 2,769 5,878 1,157 2,553 361 1,127 359 1,036 758 1,301 i,so6 U. S. Government securities: Bonds 493,232 36,017 133,723 39,932 51,300 27,352 22,539 55,66s 23,793 17,-515 25,955 19,469 43,969 Treasury notes 1,339,913 96,860 359,627 107,391 137,964 73,560 60,616 152,399 63,986 47,100 69,802 52,360 118,243 Treasury bills 592,082 42 801 158,910 47,454 60,964 32,504 26,786 67,343 23,275 20,814 30,344 23,137 52,250 s Total U.S.Gov't securities 2,430,227 175,67s 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 2,459,473 178,723 660, SOI 200,105 251,697 136,093 110,573 277,933 n6,5l5 86,534 127,517 96,394 216,5SS Due from foreign banks 226 17 35 23 21 10 s 27 4 3 6 6 16 F. R. notes of other banks 22,397 314 6,47s 699 1,020 i,64o 2,496 3,289 1,569 1,09s 1,339 616 2,289 Uncollected items 562,251 55,707 133,035 42,632 55,926 51,255 22,966 73,325 33,603 12,061 31,412 22,550 27,779 Bank premises 46,152 3,057 10,13s 4,952 6,372 2,800 2,237 ^,710 2,390 1,501 3,285 1,261 3,449 All other assets 41,465 2,522 10,893 5,113 4,690 2,701 1,714 3,933 1.557 1,399 1,9^4 1,531 3,118 TOTAL ASSETS 12,270,67s 822,655 4,471,535 762,291 967,236 493,323 388,428 2,034,222 430,374 279,219 425,085 308,391 SS2.S69 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS A1ID LIABILITIES OF THE FEDERAL RESERVE BAMS OH FEBRUARY 10, 1937 (In thousands of dollars) B-SOlc L I A B I L I T I ES Total Boston JTew York Fiiila. CIeve. Rich. Atlanta Chicago St.Louis Minn. El ahs.Cy. Dallas San Fran, F.R.notes in actual circulation U,l65,S3S 350,799 879,481 306,170 417,4ss 198,042 122,853 948,021 178,006 :L 33.502 1:- 59,595 87,447 3;2 4,434 Deposits: Member bank: - reserve account 6,770,25^ 37^,721 3,132,757 362,913 421,921 218,200 157,678 931,251 195,912 :H 3.352 : 22 1188,,550066 116699,,ii44oo 44::77 00,,444433 U.S.Treasurer - General account 132,152 6,325 31,44s 6,562 19,655 10,231 4,235 26,518 2,644 3,762 3,337 8,118 2,217 Foreign "bank 102,203 7,490 37,243 10,055 9,^39 4,4i2 3,591 11,901 3,072 2,360 2,975 2,975 7,224 Other deposits 207,319 3,1^9 I4O,O43 1,3^1 1^,367 4,210 5,256 1,098 7,209 M73 205 5,413 19,555 Total deposits 7,213,122 392,185 3,341,491 380,371 465,442 237,053 :1 .71,360 970,763 212,843 :1 24,34-7- 2.2 5,023 185,646 506,099 Deferred availability items 544, S5U 55,792 129,122 41,950 52,531 48,376 21,702 71,031 29,095 12,000 30,563 24,300 22,392 Capital paid in 132,239 9,36? 51,330 12,24O 12,840 4,810 4,315 12,563 3,S10 2,945 4,000 3,246 10,172 Surplus (Section f) 145,854 9,226 51,474 13,362 14,323 4,869 5,616 21,504 4,655 3,llb 3,613 3,251 9,645 Surplus (Section 13 h) 27,190 2,274 7,744 4,325 1,007 3,422 754 i,4i6 545 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 1,247 2,037 All other liabilities 5,340 241 1,6S3 373 485 229 13s 94s 223 216 21s 192 394 TOTAL LIABILITIES 12,270,67s 222,655 4,471,535 762,291 967,236 492,323;$ SS,42S 2,034,222 430,37^ 279,219 ;4 25,085 308,391 882,869 Commitments to mal:e industrial advances 19,939 1,9^2 8,2l6 224 1,193 2,262 283 10 1,295 6s 223 486 3,737 MATURITY DISTRIBUTION OF BILLS A1ID SECURITIES Within 16 to 31 to 61 to 91 days to 6 months 1 Year 2 Years Over To tal 15 days 30 days 60 days 90 days 6 months to 1 Year to 2 Years to 5 Years 5 Years Bills discounted 2,523 2,335 17 112 85 30 4 —— —— Bills bought 3,osi 226 235 4l6 2,204 — — — Industrial advances 23,522 937 31^ 1,012 434 1,659 3,928 5,750 — U.S.Government securities 2,430,227 23,033 31,959 51,480 106,597 244,345 397,^31 447,95s Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE 'TOTE STATELIEST OH FEBRUARY 10, 1937 (in thousands of dollars) B-SOld Total Boston ITew York Phila. Cleve. Rich. Atlanta Chicago St,Louis Minn. Kans.Cy. Dallas San F an r Federal Reserve notes: Issued to F.R.bahk .by F.R.a;g ent 4,427,216 379,4s4 977,721 326,623 441,320 210,359 207,262 977,669 190,665 132,462 169,196 95,193 373,242 Held by Federal Reserve ba: 321,37s 28,685 92,240 20,453 23,292 12,317 24,409 29 , 648 12,659 4,960 9,5.61 7,746 42,202 In actual circulation 4, 165,23s 350,799 279,421 306,170 417,422 192,042 122,253 942,021 172,006 133,502 27,447 324,434 159,595 Collateral held by agent as security for notes issued to banh: Gold certificates on hand and due from U. S. Treasury 4. 452,132 4o6,ooo 990,000 332,000 443,000 212,000 162,000 990,000 171,632 122,000 167,000 95,500 329,000 Eligible paper 2,390 45 i,44o 523 10 — 160 13 7 62 37 87 U. S. Gov't securities -37,000 45,000 22,000 15.000 5,000 Total collateral '4,521,522 406,045 991,440 332,523 443,010 212,000 213,160 330,000 193,645 143,007 172,062 35,537 389,087 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis