H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STAX3.IE1IT FOR THE PRESS Released for publication Board of Governors Friday morning, Feb. 26j of the Federal Reserve System not earlier. February 25, 1937. CONDITION OF FEDERAL RESERVE BMKS The daily average volume of Federal Reserve bank credit outstanding during the w£ek ended February 2-4, as reported by the Federal Reserve banks, was 02,46§..OOO,OOO, a decrease of §16,000,000 compared with the preceding week and vdth/fco'r responding week in 1936. On February 24 total Reserve bank credit amounted to 02,460,000,000, a decrease of 018,000,000 for the week. This decrease corresponds with a decrease of 063,000,000 in member bank reserve balances, and increases of $22,000,000 in monetary sold stock and 02,000,000 in Treasury currency, offset in part by increases .of 021,000,000 in money in circulation and 04-5,000,000 in Treasury cash and deposits with Federal Reserve banks. Ileiaber bank reserve balances on February 24' were estimated to be approximately 02,100,000,000 in excess of legal requirements. Relatively small changes were reported in the System's holdings of bills discounted, purchased bills and industrial advances. Increases of 017,000,000 in holdings of United States bonds and 01,000,000 in United States Treasury'bills were offset by a decrease of 013,000,000 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 24, 1937, were as follows: Increase or decrease since Feb. 2.4 Feb. 17 Feb. 26 1937 1937 1936 (in millions of dollars) Bills discounted +1 -3 Bills bought 3 -2 U. S. Government securities 2,430 Industrial advances (not including 20 million commitments - February 24) 23 -9 Other Reserve bank credit -1 -19 -2 TOTAL RESERVE BA1JK CREDIT 2,460 -18 -15 Monetary gold stock 11,425 +22 +1,262 Treasury currency 2,532 +2 +30 Money in circulation 6,372 +21 +597 Member bank reserve balances 6,705 -63 +866 Treasury cadi and deposits with F.P..banks 2,762 +45 -167 IJonmember deposits and other F.R. accounts 557 +1 -20 (B-8C1) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, February 26,1937; not earlier. B-801a ASSETS AND LIABILITIES OF IKB TWELVE FEDERAL RESERVE BA15KS COLBIIIED (in thousands of dollars) Feb. 2-4,1937 Feb. 17,1937 Feb. 26,1936 A S S E TS Gold certificates on hand and due from S. Treasury 8,847,384 8,847.8 85 7,670,230 • • • • Redemption fund - F. E. notes • 11,475 11,925 14,402 Other cash . • * t * 270,622 284,440 348,259 Total reserves « • 9,129,481 9,1^4,250 8,032,891 Bills discountedi Secured by U.S*Qovit obligations,direct or fully guaranteed . 3,406 2,699 4,099 Other bills discounted . , 701 346 2,833 Total bills discounted 4,107 3,045 6,932 Bills bought in open market , 3,083 3,071 4,673 Industrial advances . . • . . 23,350 23,230 31,773 U. S. Government securities: Bonds • 52-4,282 507,482 215,690 Treasury notes • 1,313,371 1,330,663 1,622,544 Treasury bills • • • 592,574 592,082 592,011 Total U S« Governnent securities 2,430,227 2,430,227 2,430,245 a • • • Other securities • . . , . • • • 181 • • • Total bills and securities 2,460,767 2,459,573 2,473,804 • • • • Due from foreign banks . . 225 238 649 F. R. notes of other batiks 20,260 24,482 17,693 Uncollected items . . • . 681,605 745,150 547,021 Bank premises 46,152 46,152 47,813 All other assets 46,611 44,092 39,717 TOTAL ASSETS 12,385,101 12,463,937 11,159,588 L I A B I L I T I ES F. R. notes in actual circulation . 4,167,930 4,160,199 3,677,076 Deposits! Member bank - reserve account . . 6,705,293 6,767,740 5,838,708 U. S. Treasurer - General account 179,882 162,357 433,118 Foreign bank 122,746 110,585 52,747 Other deposits 179,263 189.496 269,757 Total deposits 7,187,184 7,230,178 6,594,330 Deferred availability items . . .. 682,698 727,036 546,418 Capital paid in 132,249 132,246 130,708 Surplus (Section 7) . 145,854 145,854 145,501 Surplus (Section 13 b) 27,190 27,190 26,419 Reserve for contingencies 36,200 36,200 34,110 All other liabilities 5,796 5,034 5,026 TOTAL LIABILITIES- 12,385,101 12,463,937 11,159,588 Ratio of total reserves to deposit and F. R. note liabilities combined . . .. 80.4$ 80.3% 78.2% Commitments to make-industrial advances . 19,523 19,678 25,866 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS HID LIABILITIES OP THE FEDERAL EESE3VE BAHKS OIT FEBHJARY 2k, 1937 (In thousands of dollars) B-SOlb A S S E TS Total Boston Hew York Phila. Cleve. Eich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran, Gold certificates on hand and due from U. S. Treasury 8,847,384 567,073 3,540,387 488,447 636,042 286,096 244,424 1,644,2.48 252,856 168,966 242,637 183,783 592,425 Eedemption fund - P.E.notes 11,475 1,143 1,157 253 502 504 2,299 816 1,452 861 565 615 1,308 Other cash 270,622 18,409 71,049 29,003 18,631 19,289 12,616 31,864 16,631 8,730 15,595 5,884 22,921 Total reserves 9,129,481 586,625 3,612,593 517,703 655,175 305,889 259,339 1,676,928 270,939 173,557 258,797 190,282 616,654 Bills discounted: direct or fully guaranteed 3,406 155 2,204 595 70 110 75 35 51 7 50 4 50 Other bills discounted 701 — 526 — — — 100 12 — 9 44 10 Total bills discounted 4^107 155 2,730 595 70 110 175 35 63 7 59 48 60 Bills bought in open market 3,083 224 1,096 319 293 120 108 385 86 60 87 87 218 Industrial advances 23,350 2,769 5,857 4,363 1,152 2,542 358 1,110 348 834 756 1,287 1,974 U. S. Government securities: Bonds 524,282 37,900 140,715 42,019 53,983 28,782 23,718 59,631 25,037 18,430 27,312 20,487 46,268 Treasury notes 1,313,371 94,942 352,501 105,265 135,231 72,102 59,416 149,381 62,719 46,168 68,419 51,323 115,904 Treasury bills 592,574 42,836 159,044 47,493 61,014 32,532 26,807 67,398 28,298 20,831 30,870 2.3,156 52,295 Total U.S.Gov1t securities 2,430,227 175,678 652,260 194,777 250,228 133,4l6 109,941 276,410 116,054 85,429 126,601 94,966 214,467 Total "bills and securities 2,460,767 178,826 661,943 200,054 251,743 136,188 110,582 277,940 116,551 86,330 127,503 96,388 216,719 Duo from foreign banlcs 225 17 85 22 21 10 8 27 4 3 6 6 16 F. E. notes of other banks 20,260 326 4,480 640 1,048 1,693 1,972 2,174 2,298 874 1,694 531 2,530 Uncollected items 681,605 66,706 164,412 50,359 67,285 56,896 29,873 96,777 31,767 15,811 36,557 30,460 34,702 Bank premises 46,152 3,057 10,138 4,952 6,372 2,800 2,237 4,710 2,390 1,501 3,285 1,261 3,449 All other assets 46,611 2,880 12,346 5,616 5,213 2,929 1,918 4,480 1,916 1,764 2,218 1,791 3,5k) TOTAL ASSETS 12,385,101 838,437 4,465,997 779,346 986,857 506,405 405,929 2,063,036 425,865 284,840 430,060 320,719 877,610 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS A2JD LIABILITIES OF THE FEDERAL RESERVE BALKS Oil FEBRUARY 2k, 1937 (In thousands of dollars) B-SOlb L I A B I L I T I ES Total Boston Hew York rhila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R.notes in actual circulation 4, 167,930 353,727 881,212 305,475 418,287 195,736 182,752 94-7,902 177,626 134,059 159,155 87,759 324,240 Deposits: Meniber "bank - reserve account 6, 705,293 378,729 3,102,641 358,536 417,544 214,938 158,882 928,569 188,266 114,011 215,650 166,418 461,109 U.S.Treasurer - General account 179,882 5,295 31,912 19,225 27,447 14,844 8,256 30,714 6,031 4,234 6,048 15,030 10,856 Foreign "bank 122,746 8,580 47,639 11,519 10,814 5,054 4,114 13,634 3,526 2,703 3,409 3,409 8,345 Other deposits 179,263 1,929 114.910 889 13.957 4.518 9.741 803 6,747. 4 f S4l 1Q3 _ 5,129 15,606 Total deposits 7, 187,184 394,533 3,297,102 390,169 469,762 239,354 180,993 973,720 204,570 125,709 225,300 189,976 495,916 Deferred availability items 682,698 66,313 166,240 50,325 66,967 56,468 29,644 97,035 33,189 15,683 35,664 31,723 33,447 Capital paid in 132,249 9,372 51,342 12,240 12,836 4,815 4,317 12,563 3,798 2,906 3,991 3,855 10,214 Surplus (Section 7) 145,854 9,826 51,474 13,362. 14,323 4,869 5,616 21,504 4,655 3,116 3,613 3,851 9,645 Surplus (Section 13 b) 27,190 2,874 7,744 4,325 1,007 3,422 754 l,4l6 545 1,003 1,142 1,262 1,696 Reserve for contingencies 36,200 1,570 9,260 3,000 3,120 1,522 1,690 7,943 1,197 2,083 931 1,847 2,037 All other liabilities 5,796 222 1,623 450 555 219 163 953 285 201 264 446 415 TOTAL LIABILITIES 12,385,101 838,437 4,465,997 779,, 346 986,857 506,405 405,929 2,063<, 036 425,865 284,840 430,, 060 320,719 877,610 Commitments to make industrial advances 19,523 1,916 8,113 217 1,104 2,310 283 10 1,295 68 213 4^3 3,511 1.IA.TURITY DISTRIBUTE Oil OF BILLS A1ID SECURITIES Within 16 to 31 to 61 to 91 days to 6 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 Years Bills discounted 4,107 3,84l 13 77 12 161 3 — — — Bills bought 3,083 762 1,889 247 185 — — — — — Industrial advances 23,350 977 197 894 517 1,589 4,087 5,657 9,432 U. S. Government securities 2,430,227 31,959 29,724 68,778 48,597 261,400 385,337 293,840 839,584 471,008 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FE32ERAJ. RESERVE NOTE STA-TEMEITT Oil FEBRUARY 2U, 1937 (In thousands of dollars) B-SOlb Total Boston ITow York Phila, Clove. Rich, Atlanta Chicago St.Louis Minn. Eans.Cy. Dallas San Fran. Federal Reserve notes: Issued to F.R.barik by F.R.a ent 4,4-72,092 331,453 970,075 324,386 443,653 207,357 206,162 973,476 189,751 139,157 170,267 96,502 369,853 S Held by Federal Reserve bank 304,162 27,726 88,863 18,911 25,366 11,621 23,410 25,574 12,125 5,098 11,112 8,743 45,613 In actual circulation 4,167,930 353,727 881,212 305,475 418,2.87 195,736 182,752 947,902 177,626 134,059 159,155 87,759 324,240 Collateral held by agent as security for notes issued to baukj Gold certificates on hand and due from U. S. Treasury 4,492,132 406,000 990,000 332,000 445,000 208,000 168,000 990,000 171,632 128,000 167,000 97,500 389,000 El igible paper 3,886 155 2,512 595 70 110 175 35 63 7 58 48 58 U. S. Gov't securities 87,000 — — — — 45,000 — 22,000 15,000 5,000 -- Total collateral 4,583,018 406,155 992,512 332,595 445,070 208,110 213,175 990,035 193,695 143,007 172,058 97,548 389,058 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis