H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Mar. 19? of the Federal Reserve Systenet earlier* March 18, 1937 CONDITION OF FEDERAL RESERVE BANKS During the week ended March 17 member bank reserve balances increased $81,000,000. Additions to member bank reserves arose from an increase of $31,000,000 in gold stock and a decrease of §99,000,000 in Treasury deposits with Federal Reserve banks, offset in part by a decrease of $4,000,000 in Reserve bank credit and increases of $9,000,000 in money in circulation, $25*000,000 in Treasury cash and $12,000,000 in nonmember deposits arid other Federal Reserve accounts. Excess reserves of member banks on March 17 were estimated to be approximately $1,450,000,000, an increase of §70,000,000 for the week. Inactive gold included in the gold stock and in Treasury cash amounted to 0284,000,000 on March 17, an increase of ^31,000,000 for the week. Principal changes ia holdings of bills and securities were an increase of $56,000,000 in United States bonds and decreases of $43,000,000 in United States Treasury notes and #13,000,000 in United States Treasury bills. Changes in member bank reserve balances and related items during the week and the year ended March 17, 1937, were as follows I Increase or decrease since Mar. 17 Mar. 10 Mar. 18 1937 1937 1936 (in millions of dollars) Bills discounted 4 -1 -2 Bills bought 3 -2 U. S. Government securities 2,430 — — Industrial advances (not including 19 million commitments - March 17) 23 — ~7 Other Reserve bank credit -11 -4 -25 Total Reserve bank credit 2,450 -4 -35 Gold stock 11,515 +31 Treasury currency 2,538 +1 +35 Member bank reserve balances 6,830 +81 +1,686 Money in circulation 6,385 +9 +544 Treasury cash 2,697 +25 +177 Treasury deposits with F. R. banks 87 -99 -980 Nonmember deposits and other F. R. accounts 504 +12 -85 (B-801) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, March 19,1937? not earlier. B-801a ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Mar. 17.1937 Mar. 10.1937 Mar. 18.1936 A S S E TS Gold certificates on hand and due from U. S. Treasury 8,844,417 8,846,407 7,667,338 Redemption fund - F. R. notes 12,523 11,198 15,019 Other cash 265.865 263,025 346,078 Total reserves 9,122,805 9,120,630 8,028,435 Bills discounted! Secured by U.S.Gov't obligations, direct or fully guaranteed " . 3,170 3,919 2,857 Other bills discounted 1,164 1.005 2,773 Total bills discounted 4,334 4,924 5,630 Bills bought in open market 3,079 3,083 4,679 Industrial advances 22,653 23,037 30,321 U.S. Government securities! Bonds 589,725 533,682 265,756 Treasury notes 1,261,343 1,303,971 1,554,896 Treasury bills 579,159 592.574 609,667 Total U«S.Government securities . . 2,430,227 2,430,227 2,430,319 Other securities — — 181 Total bills and securities 2,460,293 2,461,271 2,471,130 Due from foreign banks 230 225 644 F. R. notes of other banks 20,740 22,043 17,670 Uncollected items 804,811 564,065 636,336 Bank premises 45,987 46,015 47,864 All other assets 40.858 50,043 35,549 TOTAL ASSETS 12,495,724 12,264,292 11,237,628 L I A B I L I T I ES F. R. notes in actual circulation . . 4,172,763 4,169,467 3,730,979 Deposits I Member bank - reserve account . . .. 6,829,578 6,749,105 5,143,768 U.S.Treasurer - General account . . . 86,538 186,381 1,067,364 Foreign bank 88,588 79,217 66,016 Other deposits 154.860 159.198 261.980 Total deposits 7,159,564 7,173,901 6,539,128 Deferred availability items 815,722 571,707 622,988 Capital paid in . . 132,242 132,276 130,741 Surplus (Section 7) 145,854 145,854 145,501 Surplus (Section 13 b) . . . 27,490 27,490 26,513 Reserve for contingencies 36,166 36,200 34,100 All other liabilities 5,923 7*397 7,678 TOTAL LIABILITIES 12,495,724 12,264,292 11,237,628 Ratio of total reserves to deposit and F. R. note liabilities combined . .. . 80.5% 80.4$ 78.2$ Commitments to moke industrial advances 19,178 19,496 25,537 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS Aim LIABILITIES OF THE FEDERAL RESERVE BAMS ON MARCH 17, 1937 (in thousands of dollars) B-801b A S S E TS Total Boston New York Cleve. Rich. Atlanta Chicago St.Louis Minn. Kana.Cy. Dallas San Fran. Gold certificates on hand and due from U. S. Treasury- 8,344,417 536,795 3,478,730 490,910 621,126 283,290 249,381 1,679,570 251,261 170,585 257,087 186,832 638,853 Redemption fund - F. R. notes 12,523 1,046 1,749 619 869 857 2,158 660 1,413 843 538 596 1,170 Other cash 265,865 22,013 76,405 29,293 15,139 17,925 10,647 28,455 13,952 7,676 15,390 5,663 23,307 Totel reserves 9,122,805 559,851 3,556,884 520,822 637,134 302,072 262,186 1,708,685 266,631 179,104 273,015 193,091 663,330 Bills discounted! Secured by U.S.Gov't obligations, direct or fully guaranteed 3,170 135 1,572 635 50 ll44oo 75 4488 8844 57 350 9 15 Other bills discounted 1,164 15 682 29 18 9 164 23 18 5 42 119 40 Total bills discounted 4,334 150 2,254 664 63 149 239 71 102 62 392 128 55 Bills bought in open market 3,079 224 1,090 319 294 120 108 385 36 60 87 87 219 Industrial advances 22,653 2,774 5,811 4,251 1,131 2,244 349 1,049 342 8o4 728 1,252 1,913 U.S.Government securitiest Bonds 589,725 42,631 158,279 47,265 60,721 32,375 26,678 6677,,007744 28,162 20,731 30,721 2233,,004455 52,043 Treasury notes 1,261,343 91,180 333,538 101,094 129,874 69,246 57,062 143,464 60,235 4;,339 65,709 49,289 111,313 Treasury bills 579,159 41,867 155,443 46,418 59,633 31,795 26,201 65,872 27,657 20,359 30,171 22,632 51,111 Total U.S.Gov't securities 2,430,227 175,678 652,260 194,777 250,228 133,416 109,941 276,410 116,054 85,429 126,601 94,966 214,467 Total bills and securities 2/60.293 178,826 661,415 200,011 251,721 135,929 110,637 277,915 116,584 86,355 127,808 96,433 216,659 Due from foreign banks 230 17 90 22 21 10 8 27 4 3 6 6 16 F. R. notes of other banks "0,740 311 3,948 739 1,280 1,381 2,565 2,769 2,387 836 854 355 3,315 Unco3J.ec bed items 304,311 77,313 196,151 63,923 75,836 71,804 32,347 115,990 35,567 18,058 40,772 34,188 42,862 Bank premises 45,937 3,047 10,105 4,931 6,346 2,791 2,230 4,690 2,382 1,499 3,257 1,260 3,449 All other assets 40,858 2,468 10,809 5,092 4,548 2,617 1,665 3,973 1,634 1,536 1,887 1,571 3,058 TOTAL ASSETS 12,495,724 821,833 4,439,402 795,540 976,886 516,604 411,638 2,114,049 425,189 287,391 447,599 326,904 932,689 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON MARCH 17, 193? (In thousands of dollars) B -801c L I A B I L I T I ES Total Boston New York Fhila. Cleve. Rich. Atlanta Chicago St.LoiJis Mirsi. Kans.Cy. Dallas San Fran. F-R.notes in actual circulation 4,172,763 333,658 891,54) 306,056 -417,061 198,011 184,642 952,134 179,105 137,491 158,799 88,836 325,430 Deposits t Member bank - reserve account 6,829,578 374,181 3,020,904 381,459 430,146 226,503 174,080 987,225 189,254 115,502 232,908 177,812 519,604 U.S.Treasurer - General account 86,538 295 82,053 596 475 324 349 79 272 568 359 604 564 Foreign bank 88,588 6,443 32,193 8,649 8,119 3,795 3,089 10,238 2,648 2,030 2,559 2,559 6,266 Other deposits 154,860 1,784 96,574 1,857 13,306 4,533 5,494 1,403 6,121 4,522 247 4,904 14,115 Total deposits 7,159,564 382,703 3,231,724 392,561 452,046 235,155 183,012 998,945 198,295 122,622 236,073 185,879 540,549 Deferred availability items 815,722 81,367 194,634 63,598 76,168 68,556 31,443 118,341 37,399 17,711 42,829 41,094 42,582 Capital paid in 132,242 9,373 51,350 12,236 12,845 4,852 4,330 12,581 3,798 2,900 3,992 3,869 10,116 Surplus (Section 7) 145,854 9,826 51,474 13,362 14,323 4,869 5,6l6 21,504 4,655 3,116 3,613 3,851 9,645 Surplus (Section 13 b) 27,490 2,874 7,744 4,325 1,007 3,422 754 l,4l6 545 1,003 1,142 1,262 1,996 Reserve for contingencies 36,166 1,570 9,260 3,000 3,120 1,522 1,690 7,916 1,197 2,076 931 1,847 2,037 All other liabilities 5,923 462 1,676 402 316 217 151 1,212 195 472 220 266 334 TOTAL LIABILITIES 12,495,724 821,833 4,439,402 795,540 976,886 516,6o4 411,638 2,114,049 425,189 287,391 447,599 326,904 932,689 Commitments to make industrial advances .19,178 1,948 7,899 178 1,190 2,352 275 10 1,287 67 150 447 3,375 MATURITY DISTRIBUTION OF BILLS AND 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 4,334 3,611 20 338 74 278 13 Bills bought 3,079 1,642 441 996 Industrial advances 22,653 1,343 177 348 607 1,717 3,779 5,537 9,145 — U.S.Government securities 2,430,227 24,309 35,017 72,437 365,790 373,698 743,768 534,951 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE IICTE STATELIEUT ON MARCH 17, 1937 (in thousands of dollars) B-301d Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.,Cy. Dallas San Fran. Federal Reserve notesl Issued to F.R.bank by F.R.agent 4,464,301 358,076 979,331 322,466 443,832 208,564 206,100 977,657 188,056 141,711170,492 96,567 371,949 Held by Federal Reserve bank 292,03-3 24,418 87 79l 16,410 26,771 10,553 21,458 25,523 8,951 4,220 11.693 7.731 46,519 ; In actual circulation 4,172,763 332,658 891,540 306,056 417,061 198,011 184,642 952,134 179,105 137,491 158,799 88,836 325,430 Collateral held by agent as security for notes issued to bank I Qold certificates on hand and due from II. S. Treasury 4,511.132 406,000 990,000 332,000 448,000 211,000 180,000 990,000 171,632 128,000 167,000 98,500 339,000 Eligible paper 3 ; 813 135 1,873 644 50 l4o 231 48 96 57 386 115 38 tl. S. Gov't securities 72,000 — — - -- — — 30,000 — 22,000 15,000 5,000 Total collateral 4,586,945 406,135 991,873 332,644 448,050 211,140 210,231 990,048 193,728 143,057 172,386 98,615 389,038 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis