H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Released for publication Board of Governors Friday morning, April 2; of the Federal Reserve System not earlier. April 1, 1937 CONDITION OF FEDERAL RESERVE 31W.S During the week ended March 31 member bank reserve balances increased O6l,000,000. Additions to member bank reserves arose from increases of 033,000,000 in gold stock and v5*000,000 in Treasury currency and a decrease of v92,000,000 in nonmember deposits and other Federal Reserve accounts, offset in part by increases of v2,000,000 in money in circulation, 029/000,000 in Treasury cash and s, >32,000,000 in Treasury deposits with Federal Reserve banks and a decrease of 05*000,000 in Reserve bank credit. Excess reserves of member banks on March 31 were estimated to be approximately Ol*i-±00,000,000, an increase of Ol30,000,000 for the week. Inactive gold included in the gold stock and in Treasury cash amounted to 03^3*000,000 on March 31* an increase of 033*000,000 for the week. Principal changes in holdings of bills and securities were increases of \;l4,000,000 in discounted bills, 05,000,000 in United States bonds and O7*000,000 in United States Treasury bills, and a decrease of yl2,000,000 in United States Treasury notes. Changes in member bank reserve balances and related items during the week and the year ended March 31* 1937* were as follows: Increase or decrease since Mar. 31 Mar. Apr. 1 1937 1937 1936 (In millions ; o:? dollars) Bills discounted 12 + hh + 5 Bills bought 3 - 2 U. S. Government securities 2,1430 — -- Industrial advances (not including 19 million commitments - March 31) 22 - i - 8 Other Reserve bank credit -10 - 9 - lh Total Reserve bank credit 2,^58 5 - 19 Gold stock ll,57l| 33 +1,389 Treasury currency 2,5U2 5 + 38 Member bank reserve balances 6,639 + 61 +1,562 Money in circulation 6/377 + 2 + b93 Treasury cash 2,752 + 29 + 221+ Treasury deposits with F. R. bantes 311 + 32 - 775 Nonmember deposits and other F. R. accounts k9k - 92 - 96 (B-801) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, April 2,1937; not earlier. B~801a ASSETS AND LIABILITIES OF THE TWELVE FEDEFJIL RESERVE BANKS COMBINED (In thousands of dollars) Mar. 31t 1937 Mar. 241937 Apr. 1, 1936 f A S S E TS Gold certificates on hand and due from U. S. Treasury 8,8l4lui).00 8,844,385 7,665,345 Redemption fund - F. R. notes . . 11,375 12,095 14,864 Other cash . . . . 285,028 270,407 350,037 Total reserves 9,1140,803 9,126,887 8,030,246 Bills discounted! Secured by U.S.Gov!t obligations,direct or fully guaranteed . . . . . . .. 10,860 6,175 4,439 Other bills discounted . . . . . .. 1,11/7 1,517 2,765 Total bills discounted 12,007 7,692 7,254 Bills bought in open market 3,31+7 3,310 4,674 Industrial advances . . 22,338 22,666 30,363 U. S. Government securities: Bonds 636,890 631,784 265,687 Treasury notes 1,218,8143 1,231,343 1,554,889 Treasury bills 57l4,l49li 567,100 609,667 Total U.S. Government securities 2,l430,227~ 2,430,227 2,430,243 Other securities . . .. 181 Total bills and securities 2,1467,919 2,463,895 2,472,715 Due from foreign banks . , 227 232 650 F, R v notes of other banks 19,185 19,810 17,690 Uncollected items . . * . , 622,090 618,002 558,332 Bank premises 1)5,880 45,973 47,885 All other assets 143,393 42,933 36,868 TOTAL ASSETS 12,339,it97 12,317,732 11,164,386 L I A B I L I T I ES F, R. notes in actual circulation . . . 14,17^,231 4,166,726 3,772,016 Deposits * Member bank - reserve account . . . 6,639,080 6,578,279 5,077,088 U.S.Treasurer - General account . . 310,950 278,659 1,085,687 Foreign bank 71,1405 102,999 63,441 Other deposits 1614,114-9 223,223 267.161 Total deposits . . , . , 7,185,5814 7,183,160 6,493,377 Deferred availability items 631,997 619,573 554,751 Capital paid in 132,235 132,236 130,715 Surplus (Section 7) . . . . 114 5,851+ 145,854 145,501 Surplus (Section 13 b) . . 27,1490 27,490 26,513 Res erve for contingencies , 36,176 36,176 34,105 All other liabilities . . . 5,930 6,517 7.408 TOTAL LIABILITIES . . .. , 12,339,1497 12,317,732 11,164,386 Ratio of total reserves to deposit and F, R. note liabilities combined . . . 80. % 80.4$ 78.2$ Commitments to make industrial advances 18,611 19,135 25,048 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON MARCH 31, 1937 (in thousands of dollars) B-801d A S S E TS Total Boston New York Phila. CI eve. Rich. Atlanta Chicago St.Louis Minn. Xans. Cy. Dallas San Frai Gold certificates on hand and due from U, S. Treasury- 8,8l|li,l,0C 512,8143 3,1499,1485 558,635 652,153 285,192 252,588 1,589,277 250,372 1814,675 £56,980 176,661) 625,536 Redemption fund — F. R. notes 11,375 1,003 1,526 5I4O 798 512 2, Oil) 566 1,387 772 520 571 1,136 Other cash 285,028 214,778 80,957 29,513 19,1614 20,253 11,1470 31,360 12,516 6,866 15,8314 6,031 26,256 Total reserves 9,11:0,803 538,621 3,581,968 588,688 672,115 305,957 266,102 1,621,203 261,305 192,313 273,3314 :1 83,266 652,928 Bills discounted1 Secured by U.S.. Gov11 obligations, direct or fully guaranteed 10,860 3,M'9 3,14 53 1,238 I45 185 -- 2 , 3l-; 0 — 1 100 39 10 Other bills discounted l,lli7 120 57lj 63 18 9 - 7 23 57 5 I42 165 61+ Total bills discounted 12,007 3,569 14,027 1,301 63 19l 7 2,363 57 6 1I42 20I4 714 Bills bought in open market 3,3l;7 22I4 1,326 319 293 120 108 385 86 60 87 87 252 Industrial advances 22,338 2,786 5,1477 1;.,286 1,086 2,221 3914 l,Qlt9 3142 802 727 1,250 1,918 U. S. Government securities? 1 0 0 n Bonds 636,890 146,0! 0 170,938 51,0145 65,578 3b,96b 28,812 72,1439 30,141I4 22,389 33,178 ,000 56,205 Treasury notes 1,218,8143 88,108 327,131 97,688 125,1497. 60,913 55,139 138,629 58,206 12,815 63,149 5 1J7,629 107,563 Treasury bills 57l4,l49l4 111, 530 1514,191 1+Q,0li4 59,153 31,539 25,990 65,312 27,14314 20,195 29,928 22,1-149 50,699 Total U.S.GovU securities 2,1:30,227 175,678 652,260 19li,777 250,228 133*1416 109,91(1 276,1+10 116,0514 85,1429 126,601 914,966 ;2 114,1467 Total bills and securities 2,1467,919 182,257 663,090 :2 00,683 ;2 51,670 135,951 110,1.; 50 280,207 116,539 86,297 127,557 96,507 :2 16,711 Due from foreign banks 227 17 87 22 21 10 8 21 k 3 6 6 16 F. R. notes of other banks 19,185 329 14,718 981 1,360 1,185 2,086 2,667 1,397 939 1,141+6 i+82 1,595 Uncollected items 622,090 63,731 159,161 50,255 614,993 57 , 381) 23,796 81,310 2l),l423 114,551 30,976 20,658 30,852 Bank premises 1+5,880 3,Ol)3 10,088 14,920 6,333 2,782 2,226 14,680 2,377 1,1+96 3,257 1,255 3,1)23 All other assets 143,393 2,662 ll,l!P8 5,263 14,872 2,780 1,818 14,091 1,800 1,637 1,981 1,686 3,315 TOTAL ASSETS 12,339*1)97 790,663 1+,1430,600 850,812 1,001,3614 506,01:9 1406,1+86 l,9914,185 1+10,8^5 297,236 1+38,557 303,860 908,81+0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS OK MARCH 31, 1937 (in thousands of dollars) B-SOlc L I A B I L I T I ES Total Boston New York Phila. Cleva. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R.notes in actual circulation I4,1714,231 336,896 897,521 507,126 1+16,752 197,529 183,1714 950,329 178,8314 137,1*91 158,390 88,1)1)6 321,91+3 Deposits: Member bank - reserve account 6,639,080 335,285 3,029,1403 1)05,983 11443388,,119955 210,569 166,278 859,895 181,162 126,295 226,752 166,1)1)9 1)92,818 U.S.Treasurer - General account 310,950 21], 083 115,208 12,256 29,057 21,696 15.987 147,536 3,807 3,511 8,589 8,1403 20,857 Foreign bank 71,1405 1|,991 27,718 6,700 6,290 2,9140 2,393 7,930 2,051 1,572 1,983 1,985 1+, 851+ Other deposits 16M1J9 1,768 80,37ls 52,628 15,278 2,89o 5,lli9 1,1465 6,773 14,517 169 14,301 12,851 Total deposits 7,185,581+ 366,127 3,252,703 j [/'j^iLy Li86,798 258,101 187,807 916,826 193,793 155,893 257,1495 181,156 551,560 Deferred availability items 631,997 63,691-! 158,773 52,815 66,128 55,661) 22,916 82,1)27 27,705 114,500 32,763 25,212 51,1+02 Capital paid in 132,235 9,377 51,528 12,258 12^850 14,857 14,526 12,587 5,80li 2,697 3,992 3,868 10,111 Surplus (Section 7) 1145,8514 9,826 51,1+714- 15,562 114*523 I4-, 869 5,6l6 21,50i4 14,655 5,116 3,615 3,851 9,61+5 Surplus (Section 13 b) 27,1+90 2,87l4 7,7104 14,525 1,007 3,1422 75l( 1,1+16 5145 1,003 1,1142 1,262 1,996 Reserve for contingencies 36,176 1,570 9,260 5,000 5-, 120 1,522 1,690 7,916 1,197 2,076 9I4I 1,8^7 2,037 All other liabilities 5,930 £99 1,797 ltd 586 285 203 1,180 312 260 223 238 31+6 TOTAL LIABILITIES 12,339^+97^ 790,663 It,1)30,600 850,812 l,001,3ol4 506,0li9 It06,It86 1,9914,185 1410,0145 297,236 1438,557 305,860 908,81+0 Commitments to make industrial advances 18,614. 1,932 7,852 178 1,189 2,5li4 272 10 1,037 67 1I42 IM 5,1714 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 fears to 5 Years 5 Years Bills discounted 12,007 11,360 303 51 82 186 25 Bills bought 5,51+7 373 309 2*665 Industrial advances 22,338 1,285 137 hoo 553 1,9*47 3,681 8,888 U.S.Government securities 2,1430,227 12,277 53,oio 75,922 366,221+ 357,153 2714,257 707,518 581,866 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL. RESERVE NOTE STAT3S&5T ON MARCH 31, 1937 (In thousands of dollars) B-801d Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn, Kans.Cy. Dallas San Fran. Federal Reserve notes I&rntA to F.R.bank by F.R. agent i+,1*80,832 355,607 998,579 32^,250 Uhh^oh 207,110 206,298 977,121 187,023 1^1,703 170,3?1 96,829 371,1+37 Held by Federal Reserve bank 306,601 18,711 101,058 17,121+ 27,752 9,781 23,1214 26,792 8,189 k*2l2 11,981 8,383 h9,h9h In actual circulation l*,17li,23l 336,896 . 897,521 307,126 1*16,752 197,329 183*171+ 950,329 178,831* 127,1+91 158,390 88,14146 321,91+3 Collateral held by agent as security for notes issued to bankt Gold certificates on hand and 4ue from U S Treasury k M A T* 386,000 1,000,000 332,000 1+1+8,000 209,000 180,000 590,000 171,632 138,000 167,000 98,500 389,000 Eligible paper' 11,750 3,555 3,93l+ 1,21+7 1+5 185 - 2,31+0 39 ~ 136 182 87 tf. S. Gov't securities 62,000 30,000 — 22,000 g,000 5,000 Total collateral h»582,882 389,555 1,003,9314 333,21+7 1+1+8,01-5 209,185 210,000 992,31+0 193*671 11*5,000 172,136 98,682 389,087 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis