H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Mar. 5? of the Federal Reserve System not earlier. March 4, 1937 CONDITION OF FEDERAL RESERVE BANKS During the week ended March 3 member bank reserve balances decreased $45*000,000• Reductions in member bank reserves arose from a decrease of |3,000,000 in Reserve bank credit and increases of $35,000,000 in money in circulation, $18,000,000 in Treasury cash and $36,000,000 in Treasury deposits with Federal Reserve banks, offset in part by increases of $18,000,000 in gold stock and $3,000,000 in Treasury currency and a decrease of $24,000,000 in nonir ember deposits and other Federal Reserve accounts. Following the increase of sixteen and two-thirds percent in reserve requirements of member banks \uhich became effective on March 1, aggregate required reserves of member banks increased approximately $750,000,000 during the week ended March 3, and excess reserves declined from approximately $2,100,000,000 on February 24 to $1,310,000,000 on March 3. Principal changes in holdings of bills and securities were an increase of $9,000,000 in United States bonds and a decrease of $9,000,000 in United States Treasury notes. Changes in member bank reserve balances and related items during the week and the year ended March 3, 1937, were as follows: Increase or decrease since Mar. 3 Feb. 24 Mar. 4 1937 1937 1936 (in millions of dollars) Bills discounted 7 +3 +1 Bills bought 3 -2 U. S. Government securities 22,,443300 — -1 Industrial advances (not including 20 million commitments - March 3) 23 — -8 Other Reserve bank credit ~6 -5 -9 Total Reserve bank credit 2,457 -3 -18 Gold stock 11,443 +18 +1,276 Treasury currency 2,535 +3 +29 Member bank reserve balances 6,660 -45 +847 Money in circulation 6,407 +35 +559 Treasury cash 2,620 +18 +101 Treasury deposits with F. R. banks 216 +36 -163 Nonmember deposits and other F. R. accounts 533 -24 -57 (B-801) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, March 5,1937J not earlier. 3-801a ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Mar, 3,1937 Fob. 24.1937 Mar. 4,1936 A S S E TS Gold certificates on hand and due from U. S. Treasury 8,8*7,402 8,847,384 7,669,328 Redemption fund - F. R. notes 11,449 11,475 14,902 Other cash . 266.405 270.622 338.513 Total reserves 9,125,256 9,129,481 8,022,743 Bills discountedi Secured by U.S.Gov't obligations,direct or fully guaranteed 6,572 3,406 2,986 Other bills discounted 767 701 2.726 Total bills discounted 7,339 4,107 5,712 Bills bought in open market 3,083 3,083 4,673 Industrial advances 23,106 23,350 31,454 U. S. Government securitiess Bonds 533,682 524,282 216,069 Treasury notes 1,303,971 1,313,371 1,602,759 Treasury bills 592,574 592.574 612,011 Total U.S. Government securities . . . 2,430,227 2,430,227 2,430,839 Other securities . — — 181 Total bills and securities 2,463,755 2,460,767 2,472,859 Due from foreign banks 225 225 649 F. R. notes of other banks 22,180 20,260 18,999 Uncollected items 649,595 681,605 523,547 Bank premises 46,020 46,152 47,863 All other assets 48.248 46.611 41.076 TOTAL ASSETS 12,355,279 12,385,101 11,127,736 L I A B I L I T I ES F. R. notes in actual circulation . . .. 4,195,436 4,167,930 3,735,066 deposits» Member bank - reserve account 6,660,138 6,705,293 5,813,244 U.S.Treasurer - General account . . .. 216,471 179,882 379,299 Foreign bank 108,924 122,746 49,275 Other deposits 171.342 179.263 272.189 Total deposits 7,156,875 7,187,184 6,514,007 Deferred availability items 656,079 682,698 521,660 Capital paid in 132,281 132,249 130,656 Surplus (Section 7) 145,854 145,854 145,501 Surplus (Section 13 b) 27,190 27,190 26,519 Reserve for contingencies 36,200 36,200 34,123 All other liabilities 5,364 5.796 20,204 TOTAL LIABILITIES 12,355,279 12,385,101 11,127,736 Ratio of total reserves to deposit and F. R. note liabilities combined . . .. 80.4$ *80.A% 78.3% Commitments to make industrial advances . 19,537 19,523 25,537 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS A1JD LIABILITIES OF THE FEDERAL RESERVE BAIIKS Oil MARCH 3, 1937 (in thousands of dollars) B-801b A S S E TS Total Boston Hew York Phila. Cleve. Rich, Atlanta Chicago St. Louis Minn. Kins. Cv. Dallas San Fran. Gold certificates on hand and due from U. S. Treasury 8,847,402 559,613 3,420,666 503,627 666,787 291,777 250,925 1,661,849 255,720 176,367 254,431 196,522 609,118 Redemption fund - F.R. notes 11,449 1,143 1,155 250 499 503 2,2.97 812 1,450 859 563 6l4 1,304 Other cash 266,405 21,665 69,824 29,600 19,842 19,775 11,719 28,571 15,095 7,387 15,309 5,397 22,221 Total reserves 9,125,256 582,421 3,491,645 533,477 687,128 312,055 264,941 1,691,232 272,265 184,613 270,303 202,533 632,643 Bills discounted: direct or fully guaranteed 6,572 90 2,512 608 260 — 75 — 134 2,537 300 0 50 Other bills discounted 767 10 446 — — — 194 — 12 — 26 69 10 Total bills discounted 7,339 100 2,958 608 260 — 269 — 146 2,537 32^ 75 60 Bills bought in open market 3,083 224 1,095 319 293 120 108 385 86 60 87 87 219 Industrial advances 23,106 2,768 5,816 4,316 1,131 2,534 354 1,051 347 813 733 1,274 1,969 U.S. Government securitiest Bonds 533,682 38,579 143,338 42,773 54,951 29,298 24,143 60,700 25,486 18,760 27,802 20,854 47,098 Treasury notes 1,303,971 94,263 349,978 ]1 04,511 134,263 71,586 58,991 148,312 62,270 45,838 67,929 50,956 :1 15,074 Treasury bills 592,574 42,836 159,044 47,493 61,014 32,532 26,807 67,398 28,298 20,831 30,870 23,156 52,295 Total U.S.Gov't securities 2,430,227 175,678 652,260 194,777 250,228 133,416 :1 09,941 276,410 116,054 85,429 3.36,601 94,966 ;2 14,467 Total bills and securities 2,463,755 178,770 662,129 200,020 251,912 136,070 110,672 277,846 116,633 88,839 127,747 96,402 216,715 Due from foreign banks 225 17 85 22 21 10 8 27 4 3 6 6 16 F. R. notes of other banks 22,180 318 4,532 823 1,158 1,867 2,616 2,714 2,473 826 1,464 566 2,823 Uncollected items 649,595 65,567 166,847 54,685 62,684 54,071 22,417 91,743 28,233 13,309 33,74l 25,419 30,879 Bank premises 46,020 3,047 10,105 4,931 6,346 2,791 2,230 4,690 2,384 1,501 3,285 1,261 3,449 All other assets 48,248 3,015 12,784 5,721 5,344 3,036 2,000 4,633 1,995 1,838 2,270 1,876 3,736 TOTAL ASSETS 12,355,279 833,155 4,348,127 799,679^)14,593 509,900 404,884 2,072,885 423,987 290,929 438,816 328,063 890,261 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AHD LIABILITIES OF THE FEDERAL RESERVE BA11KS OH MARCH 3, 1937 (in thousands of dollars) B-801b L I A B I L I T I ES Total Boston Hew York Phila. Oleve. Rich. Atlanta Chicago St.Louis LELnn. Kans.Cy. Dallas San Fran, F.R.notes in actual circulation 4,195,436 355,607 888,119 304,999 417,597 196,257 184,789 952,689 179,710 135,982 l6o,4l4 89,795 329,478 Deposits t Member bank - reserve account 6,660,138 362,679 2,957,400 380,967 456,411 227,434 169,718 928,461 186,164 119,682 224,057 173,999 473,166 U.S.Treasurer - General account 216,471 15,360 66,328 14,571 21,624 8,334 7,029 41,860 8,844 4,016 6,277 12,374 9,854 Foreign bank 108,924 8,071 38,277 10,835 10,171 4,754 3,869 12,825 3,317 2,543 3,206 3,206 7,850 Other deposits 171,342 1,522 114,858 1,186 13,169 4,196 4,559 1,150 6,325 4,988 200 5,540 13,649 Total deposits 7,156,875 387,632 3,176,863 407,559 501,375 244,718 185,175 984,296 204,650 131,229 233,740 195,119 504,519 Deferred availability items 656,079 66,011 161,784 53,855 64,030 54,002 22,386 91,456 29,196 14,391 34,773 31,910 32,285 Capital paid in 132,281 9,373 51,349 12,240 12,836 4,831 4,336 12,570 3,799 2,906 3,991 3,855 10,195 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 t>) 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 5,364 262 1,534 339 305 279 138 1,011 235 219 212 424 4o6 TOTAL LIABILITIES 12,355,279 833,155 4,348,127 799,679 593 509,900 404,884 2,072,885 423,987 290,929 438,816 328,063 890,261 Commitments to make industrial advances 19,537 1,952 8,086 207 1,214 2,307 279 10 1,291 68 153 483 3,487 MATURITY DISTRIBUTION OF BILLS ALT) 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 7,339 6,902 157 95 79 102 Bills bought 3,083 717 1,642 263 461 Industrial advances 23,106 876 707 363 515 1,600 4,104 5,645 9,296 — U.S.Government securities 2,430,227 28,535 24,309 45,905 58,186 268,280 379,430 297,840 848,834 478,908 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE HOTE STATEMENT OH MARCH 3, 193? (In thousands of dollars) B-801b Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Federal Reserve notest Issued to F.R.bank by F.R.agent•4,476,257 378,220 974,671 32-4,789 443,684 206,563 206,526 975,914 189,614 140,237 170,191 96,4o4 369,444 Held by Federal Reserve bank 280,821 22,613 86,552 19,790 26,087 10,306 21,737 23.225 9.904 4.255 9.777 6.609 39.966 In actual circulation 4,195,436 355,607 888,119 304,999 417,597 196,257 184,789 952,689 179,710 135,982 l60,4l4 89,795 329,478 Collateral held by agent as security for notes issued to bankJ 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 Eligible paper 7,168 100 2,791 608 260 — 268 — 146 2,537 326 74 58 U. S. Gov't securities 87,000 — — — — _ 45,000 — 22,000 15,000 5,000 — — Total collateral 4,586,300 406,100 992,791 332,608 445,260 208,000 213,268 990,000 193,778 145,537 172,326 97,574 389,058 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis