H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Mar. 26j of the Federal Reserve System not earlier. March 25, 1937. CONDITION OF FEDERAL RESERVE BANKS During the week ended March 2-4 member bank reserve balances decreased $252,000,000. Reductions in member bank reserves arose from increases of $192,000,000 in Treasury deposits with Federal Reserve banks, #82,000,000 in nonmember deposits and other Federal Reserve accounts and $26,000,000 in Tre sury a cash, offset in part by a decrease of $10,000,000 in moneyin circulation and increases of 026,000,000 in gold stock and $13,000,000 in Reserve bank credit. Excess reserves of member banks on March were estimated to be approximately #1,270,000,000, a decrease of #180,000,000 for the week. Inactive gold included in the gold stock and in Treasury cash amounted to $310,000,000 on March 2-4, an increase of $26,000,000 for the week. Principal changes in holdings of bills and securities were an increase of $42,000,000 in United States bonds and decreasesof .$30,000,000 in United States Treasury notes and $12,000,000 in United States Treasury bills. Changes in member bank reserve balances and related items during the week and the year ended March 2-4, 1937, were as follows i Increase or decrease since Mar. 24 Mar. 17 Mar. 25 1937 1937 1936 (In millions of dollars) Bills discounted 8 +4 +2 Bills bought 3 -2. U. S. Government securities 2,430 Industrial advances (not including 19 million commitments - March 24-) 23 -8 Other Reserve bank credit -1 +10 -15 Total Reserve bank credit 2,463 +13 -22 Gold stock 11,541 +26 +1,364 Treasury currency 2,537 -1 +35 Member b^nk reserve balances 6,578 -252 +1,519 Money in circulation 6,375 -10 +536 Treasury cash 2,723 +26 Treasury deposits with F. R. banks 279 +192 -868 Nonmember deposits and other F. R. accounts 586 +82 -15 (B-801) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, March 26,1937; not earlier. B-801a ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Mar. 2*4,1937 Mar. 17,1937 Mar. 25,1936 A S S E TS Gold certificates on hand and due from U. S. Treasury 8,844,385 8,844,417 7,665,840 Redemption fund - F. R. notes 12,095 12,523 14,873 Other cash 270,407 265,865 353,632 Total reserves 9,126,887 9,122,805 8,034,345 Bills discounted! Secured by U.S.Gov't obligations,direct or fully guaranteed 6,175 3,170 3,327 Other bills discounted 1,517 1,164 2,738 Total bills discounted 7,692 4,334 6,065 Bills bought in open market 3,310 3,079 4,674 Industrial advances 22,666 22,653 30,501 U. S. Government securities: Bonds 631,784 589,725 265,711 Treasury notes 1,231,343 1,261,343 1,554,893 Treasury bills 567,100 579,159 609,667 Total U.S. Government securities . . 2,430,227 2,430,227 2,430,271 Other securities — 181 Total bills and securities 2,463,895 2,460,293 2,471,692 Due from foreign banks 2.32 230 650 F. R. notes of other banks 19,810 20,740 19,311 Uncollected items 618,002 804,811 527,356 Bank premises 45,973 45,987 47,865 All other assets 42,933 40,858 35,973 TOTAL ASSETS 12,317,732 12,495,72.4 11,137,192 L I A B I L I T I ES F. R. notes in actual circulation . . . 4,166,726 4,172,763 3,732,333 Deposits: Member bank - reserve account . . .. 6,578,279 6,829,578 5,059,147 U.S.Treasurer - General account . . . 278,659 86,538 1,146,565 Foreign bank 102,999 88,588 64,576 Other deposits 223,223 154,860 275,801 Total deposits 7,183,160 7,159,564 6,546,089 Deferred availability items 619,573 815,722 514,646 Capital paid in 132,236 132,242 130,724 Surplus (Section 7) 145,854 145,854 145,501 Surplus (Section 13 b) 27,490 27,490 26,513 Reserve for contingencies 36,176 36,166 34,105 All other liabilities 6,517 5,923 7,281 TOTAL LIABILITIES 12,317,732 12,495,724 11,137,192 Ratio of total reserves to deposit and F. R, note liabilities combined . . . 80,4$ 80.5$ 78.2$ Commitments to make industrial advances 19,135 19,178 25,421 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS OH MARCH 24, 1937 (In thousands of dollars) B-801«B A S S E TS Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Gold certificates on hand and due from tf. S. Treasury 8,844,385 528,867 3,347,906 599,657 645,846 290,970 257,863 1,661,844 254,385 176,393 259,872 187,496 633,286 Redemption fund - F. R. notes 12,095 1,036 " 1,667 594 841 815 2,080 627 1,399 778 528 579 1,151 Other cash 270,407 22,521 81,134 26,831 14,702 16,768 10,550 31,544 13,621 6,782 15,209 6,018 24,727 Total reserves 9,126,887 552,424 3,430,707 627,082 661,389 308,553 270,493 1,694,015 269,405 183,953 275,609 194,093 659,164 Bills discounted: Secured by U.S.Gov't obligations, direct or fully guaranteed 6,175 358 2,867 1,028 515 155 — 540 50 203 420 l4 25 Other bills discounted 1,517 215 687 29 18 9 , 264 30 47 5 42 121 50 Total bills discounted 7,692 573 3,554 1,057 533 164 264 570 97 208 462 135 75 Bills bought in open market 3,310 224 1,322 319 293 120 108 385 86 60 87 87 219 Industrial advances 22,666 2,773 5,812 4,287 1,111 2,244 349 1,049 342 804 727 1,250 1,918 U. S. Government securities: Bonds 631,784 45,671 169,568 50,636 65,052 34,684 28,581 71,858 30,170 22,209 32,912 24,688 55,755 Treasury notes 1,231,343 89,012 330,485 98,690 126,785 67,599 55,705 140,051 58,803 43,285 64,146 48,117 108,665 Treasury bills 567,100 40,995 152,207 45,451 58,391 31,133 25,655 64,501 27,081 19,935 29,543 22,161 50,047 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 85,429 126,601 94,966 214,467 Total bills and securities 2,463,895 179,248 662,948 200,440 252,165 135,944 110,662 278,4l4 116,579 86,501 127,877 96,438 216,679 Due from foreign banks 232 17 92 22 21 10 8 27 4 3 6 6 16 F. R. notes of other banks 19,810 316 3,861 785 1,334 1,178 2,333 2,335 1,631 1,184 883 511 3,459 Uncollected items 618,002 64,458 157,678 48,144 54,454 53,674 21,840 79,622 25,405 14,067 32,982 24,912 40,766 Bank premises 45,973 3,047 10,105 4,920 6,346 2,791 2,227 4,690 2,382 1,499 3,257 1,260 3,449 All other assets 42,933 2,593 11,458 5,206 4,793 2,757 1,756 4,072 1,721 1,605 1,987 1,690 3,295 TOTAL ASSETS 12,317,732 802,103 4,276,849 886,599 980,502 504,907 409,319 2,063,175 417,127 288,812 442,601 318,910 926,828 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BAMS OK MARCH 24, 1937 (in thousands of dollars) B-801«B L I A B I L I T I ES Total Boston New York Phila. Cleve. Rich* Atlanta Chicago St.Louis Minn. Xana.Cy. Dallas San Fran. 334,854 886,176 307,333 9^9,590 178,060 137,625 157,922 88,293 322,939 Deposits t 346,380 2,892,032 397,911 22,780 87,607 13,290 Foreign bank 102,999 7,474 37,578 10,033 9,419 4,402 Other deposits 2,104 94,883 76,128 3,516 Total deposits 7,183,16c 378,738 3,112,150 497,362. 471,436 238,483 190,673 988,817 200,505 127,512 2:42,516 191,562 543,106 Deferred availability items 619,573 64,503 156,657 48,606 55,4(30 53,334 22,231 80,199 27,779 14, 32,230 27,971 36,519 Capital paid in 132,236 9,377 51,334 12,236 12,852 4,854 4,329 12,585 3,798 2,899 3,992 3,869 10,111 Surplus (Section 7) 145,854 9,826 51,474 13,362 14,323 4,869 5,616 21,504 4,6 55 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 36,176 1,570 9,260 3,000 3,1-20 1,522 1,690 7,916 1,197 2,076 941 1,847 2,037 All other liabilities 6,517 361 2,054 375 4o4 286 189 1,148 288 437 245 255 475 TOTAL LIABILITIES 12,317,732 802,103 4,276,849 886,599 980,502 504,907 409,319 2,063,175 417,127 288,812 442,601 318,910 926,828 Commitments to make industrial advances 19,135 1,947 7,895 178 1,185 2,343 275 10 1,287 6? 142 444 3,362 MATURITY DISTRIBUTION OF BILLS /SHD SECURITIES Hthin 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 3ills discounted 7,692 6,971 88 287 104 223 19 Bills bought 3,310 566 2,744 Industrial advances 22,666 1,271 133 433 508 1,953 3,585 5,520 9,263 U.S.Government securities 2,430,227 12,250 48,597 78,171 371,486 348,688 720,018 576,760 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTE STATEMENT ON MARCH 24, 1937 (in thousands of dollars) B-801«B Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.Louis Mirua. Knns.Cy. Dallas San Fran. Federal Reserve notes Issued to F.R.bank by F.R. agent 4,473,064 355,376 992,383 323,459 444,193 205,618 205,933 977,043 137,496 l4l,851 169,595 97,09° 369 938 Held by Federal Reserve bank 306,338 20,529 106,207 16,156 22,233 10,481 22,146 27.453 9.436 4.226 11,673 8,806 " In actual circulation 4,166,726 334,854 886,176 307,333 421,960 198,137 183,837 949,590 178,060 137,625 157,922 88,293 322,939 Collateral held by agent as security for notes issued to bank: Gold certificates on hand arid due from U. S. Treasury 4,499,132 386,000 1,000,000 332,000 448,000 209,000 180,000 990,000 171,632 128,000 167,000 98,500 ^89,0^0 Eligible paper 7,394 558 3,415 1,037 515 155 256 547 79 233 456 115 58 U. S. Gov't securities 72,000 — — 30>000 — 22,000 15,000 5,000 — Total collateral 4,578,526 386,558 1,003,415333,037 448,515 209,155 210,256 990,547 193,711 143,203 172,456 98,615 389,058 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis