H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT TOR THE PKESS Released for publication Board of Governors Friday morning, Feb. 19; of the Federal Reserve System not earlier. February IS, 1937 C0NDITI01I OF FEDERAL RESERVE BAMS The daily average volume of Federal Reserve bank credit outstanding during the week ended, February 1J as reported by the Federal Reserve banks, was 9 $2,^82,000,000, a decrease of $3,000,000 compared with the preceding week and of $22,000,000 compared with the corresponding week in 193&« On February 17 total Reserve bank credit amounted to $2,H7S,000,000, an increase of $1,000,000 for the week. Decreases of $9,000,000 in money in circulation, $3,000,000 in member bank reserve balances and $13,000,000 in nonmember deposits and other Federal Reserve accounts, and an increase of $16,000,000 in monetary gold stock, were offset by an increase of $4-2,000,000 in Treasury cash and deposits with Federal Reserve banks® Member bank reserve balances on February 17 were estimated to be approximately $2,190,000,000 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 $9,000,000 in holdings of United States bonds was offset by a decrease of $9,000,000 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 17, 1937, were as follows: Increase or decrease since Feb, 17 Feb. 10 Feb."19 1937 -1936 • (In millions of dollars) Bills discounted 3 — Bills "bought 3 — -2 U. S. Government securities 2.U30 — — Industrial advances (not including 20 million commitments - February 17) 23 -1 -9 Other Reserve "bank credit IS -lU — TOTAL RESERVE B&JK CREDIT 2,^78 +1 -27 Monetary gold stock 11. +16 +1,2^3 Treasury currency 2,530 Li +31 Money in circulation 6,351 ~9 +5S0 Member "bank reserve "balances 6,76s -3 4536 Treasury cash and deposits with F.R.bariks 2,737 +5+2 Honmember deposits and other F. R. accounts 556 -13 '-26 (B-S01) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, February 19,1937; not earlier, B-S01a ASSETS A1ID LIABILITIES OF THE TWELVE FEDERAL RESERVE BASES COMBIHED (in thousands of dollars) Feb. 17,1937 Feb. 10,1937 Feb. 19,1936 A S S E TS Gold certificates on hatnd and due from U» S. Treasxiry , . 8,8^7,385 S ,3 7s 7,670,230 Redemption fund - F. R. notes « . . . . 11,925 12,71! 6 15,367 Other cash . , . •>»..... 277,090 — 3^1>97S Total reserves 9,114,250 9*i3S,2iU 8,027,575 Bills discounted: Secured "by U.S.Gov't obligations,direct or fully guaranteed . 2,699 2,1^2 3,780 Other bills discounted . . . .. 3^6 mi 2,807 Total bills discounted ... 3,oU5 2,523 6,587 Bills bought in open market ... 3,071 3,081 ^673 Industrial advances . . . . . .. 23,230 23,5S2 31,86s U. S. Government securities: Bonds 550077,,^^8822 U9S,232 215,685 Treasury notes . 1,339,913 1,622,5*4 11,,333300,,666633 Treasury bills 592,032 559922,,008822 Total U.S. Government securities 2/130,227 22//443300,,222277 Other securities . . . . 181 3 Total bills and securities . . . 2,^59,573 2/459/473 2,^73,5^9 226 Due from foreign banks . . 23s 6)48 P. R. notes of other b^ks 22,897 is,552 Uncollected items . . .. 562,251 559,927 7^5,150 Baric premises . . . . .. 1+6,152 U6.152 47,799 All other assets . . . . , 14,092 39,016 TOTAL ASSETS 12,270,678 11,167,126 12,^63,937 L I A B I L I TI F. R. notes in actual circulation U, 160,199 165,23s 3,66^,670 Deposits: Member bank ~ reserve account . 6,767.7^0 6,770,S5U 5,S32,Ol+8 U.S.Treasurer - General account 162,357 132,152 ^72,821 Foreign bank e 110,R35 102,303 ^1,865 Other deposits . . . . .. 189,H96 207.319 275i37S Total deposits . . 7,230,17s 7,213,128 6,632,112 Deferred availability items 727,036 528,885 Capital paid in . . . . .. 1^2,2^6 132,239 130,713 Surplus (Section 7) . . .. 145,1?^ 1^5,501 Surplus (Section 13 b) . . . 27,190 27,190 p6,Ui9 Reserve for contingencies . 36 .'200 36,235 3^,111 All other liabilities . . . 5,03^ k oa TOTAL LIABILITIES . . .. 12,^63,937 12,270,67s 11,167,126 Ratio of total reserves to deposit and F. R. note liabilities combined . . so.3$ S0.3 $ 78.0f, Commitments to make industrial advances 19,67s 19,939 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BAMKS OF FEBRUARY 17. 1937 (In thousands of dollars) B-SOlb A S S E TS Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St,Louis Minn. Kans.Cy. Dallas San Fran. (}oId certificates on hand and due from U. S. Treasury 8,347,335 575,635 3,563,558 US3,3H 629,953 221,670 237,632 1,626,5^5 2^4,103 167,705 2^5,^5 133,30^ 609,019 Redemption fund - F.R.notes 11,925 1,182 1,369 31S 531 753 2,340 1*56 1,468 371 ~ 596 ' 636 1,355 Other cash 284,1*1)0 21,424 77,393 29,133 19,963 19,5^1 12,971 31,633 16,572 3,775 16,28§ 6,069 24,621 Total reserves 9,iUU,250 593,241 3,642,320 512,817 650,1+97 301,98* 252,943 1,658,639 262,l4s 177,351 262,326 190,009 634,995 Bills discounted: Secured by U.S.Gov't obligations, direct or fully guaranteed 2,699 55 1,337 525 5+5 60 35 1 50 30 Other "bills discounted 346 176 100 12 9 43 6 Total "bills discounted 3,045 55 2,013 525 45 — 160 35 13 7 59 47 36 Bills "bought in open market 3,071 224 1,032 319 293 120 103 335 36 61 37 37 219 Industrial advances 23,230 2,769 5,353 4,339 1,160 2,543 361 1,110 343 S32 757 1.299 i,so4 U. S. Government securities: Bonds 507,1*82 36,636 136,205 1*0,673 52,253 27,360 22,953 57,720 24,235 17.839 26,1*37 19,331 44,735 Treasury notes 1,330,663 96,191 357,145 106,650 137,011 73,052 60,197 151,347 63,544 1+6,776 69,320 51,993 117,432 Treasury "bills 592,032 42,301 153,910 47,1*54 60,964 3 2,504 26,736 67,343 23,275 20,314 30,344 23,137 52,250 Total U.S.Gov't securities 2,1*30,227 175,673 652,260 194,777 250,223 133,4l6 109,941 276,1*10 116,054 35,429 126,601 94,955 214,467 Total bills and securities 2,-1*59,573 172,726 661,213 200,010 251,726 136,079 110,570 277,940 116,501 36,329 127,50^ 96,399 216,576 Due from foreign banks 233 17 97 23 21 10 3 27 1* 3 6 6 16 F. R. notes of other banks 24,432 322 6,950 779 1,215 2,231 2,434 2,225 2,763 1,133 934 726 2,665 Uncollected items 7^5,150 72,331 189,736 6i+,07!* 73,613 60,325 27,139 99,01*1 33,031 15,372 35,502 30,727 39,159 Bank premises 1*6,152 3,057 10,13s 4,952 2,300 2,237 4,710 2,390 1,501 3,235 1,261 3,449 All other assets 44,092 2,717 11,563 5,35; S 4 5 , * 9 3 6 1 4 ? 2,738 1,838 4,252 1,808 1,685 2,092 1,633 3,344 TOTAL ASSETS 12,463,937 855,411 1*,522,017 788,013 938,408 506,197 397,219 2,01*6,834 423,695 283,429 431,699 320,811 900,204 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AED LIABILITIES OF THE FEDERAL RESERVE BAMS Oil FEBRUARY 17, 1937 (In thousands of dollars) L I A B I L I T I ES 3-SOlc otal Boston ITew York Fhila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R.notes in actual circulation 4,160,199 350,525 372,325 305,127 4i2,so7 197.331 1S3.501 949,239 ITS,35^ 133,717 159,961 27,503 323,6S9 Deposits: Member "bank - reserve account 6,767,740 3"7,i57 3,132,620 366,51*5 422,T66 221166,,2S222S 157,633 914,332 135,532 113,616 220,232 169,333 474,990 U.S.Treasurer - General account lo2,357 9,64i 39,526 12,296 19,06s 2,200 7,024 25,205 6,492 4,016 2,212 11,222 16,123 Foreign "bank 110,535 3,074 39,910 10,£39 10,176 4,756 3,371 12,230 3,313 2,544 3,207 3,207 7,353 Other deposits 159,%6 3,510 122,336 1,692 14,121 4,553 6,725 1,354 6,908 4,229 220 5,362 17,315 Total deposits 7,230,172 403,322 3,33^,392 391,372 ^72,131 234,942 175,^23 95^,371 202,262 125,005 225,371 129,246 516,721 Deferred availability items 727,036 T2,52S 132,121 52,306 71,693 59,092 25,735 93,205 32,626 15,^20 35,951 32,902 35,796 Capital paid in 132,246 9,372 51,53? 12,240 12,241 4,si4 4,313 12,571 3,793 2,906 3,990 3,352 10,205 Surplus (Section 7) 145,554 9,326 51,474 13,362 1^,323 4,269 5,616 21,504 4,655 3,116 3,613 3,351 9,645 Surplus (Section 13 "b) 27,190 2,374 7,7^ ^,325 1,007 3,422 754 l,4i6 545 1,003 1,142 1,262 1,696 Reserve for contingencies 36,200 1.5TP 9,260 3,000 3,120 1,522 1,690 7,9^3 1,197 2,053 931 1,347 2,037 All other liabilities 5,03^ 274 1.302 221 421 205 132 JzL&X_. 253 129- ?4o 34? 255- TOTAL LIABILITIES 12,463,937 255,411 4,522,017 722,013 922,402 506,197 397,219 2,046,234 423,695 223,429 431,699 320,311 900,204 Commitments to make industrial advances 19,672 1,916 3,129 219 1,109 2,252 253 10 1,295 69 213 4g6 3,691 MATURITY DISTRIBUTION OF BILLS A11D SECURITIES Within 16 to 31 to 61 to 91 days to b months 1 Year 2 Years Over Total 15 days 30 days 60 days 90 days 6 months to 1 Year to 2 Years to 5 Years 5 Yqslts Bills discounted 3,045 2,919 —. 9 37 26 4 Bills "bought 3,071 335 702 1,637 391 — —-. Industrial advances 23,230 1,001 207 935 469 1,623 4,o44 5,67^ 9,272 U. S : 3-overnment securities 2,430,227 27,202 31,535 102,425 35,017 253,033 3S9»7C3 293,sHo 333,534 457,203 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IkAI, HSSSHVS HOTS STATELET Oil FEBRUARY 17, 1937 (In thousands of dollars) B-3Gld Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Hans.Oy. Dallas San Fran. Federal Reserve notes: Issued to F.H.-bank by F.H.agent 4,1+72,4119 379,027 971,572 324,739 441,358 207,666 206,893 975,190,115 13S.725 IbS,22S 95,137 373,370 Held by Federal Reserve bank 312,250 28,442 93,157 19.&-2 28,551 10,335 23,397 26*375 11.76l 5,00S S,2b7 7,634 49,681 In actual circulation 4,l60,199 350,535 378,385 305,127 412,807 197,331 183.501 9^9,239 17s,35^ 133,717 159,961 37,503 323,bS9 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S Treasury 4,488,132 406,000 990,000 332,000 443,000 208,000 log,000 990,000 171,632 128,000 167,000 95,500 389,000 s Eligible paper 2,9^3 55 1,920 5 25 45 — l60 35 13 7 58 47 83 U. S. Gov't securities 87,000 -- — — — — 45,000 — 22,000 15,000 5,000 Total collateral 578,080 406,055 991,920 332,525 443,045 208,000 213,160 930,035 193,^5 143.007 172,05s 95,5^7 339,083 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis