H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, April 23$ of the Federal Reserve System not earlier. April 22, 1937 CONDITION OF FEDERAL RESERVE BANKS During the week ended April 21 member bank reserve balances decreased #524,000,000. Reductions in member bank reserves arose from increases of #5,000,000 in money in circulation, $38,000,000 in Treasury cash,. $7,000,000 in Treasury deposits with Federal Reserve banks, and $10,000,000 in nonmember deposits and other Federal Reserve accounts, and a decrease of #5,000,000 in Reserve bank credit, offset in part by an increase of 000,000 in gold stock. Excess reserves of member banks on April 21 were estimated to be approximately $1,590,000,000, a decrease of $40,000,000 for the week. Inactive gold included in the gold stock and in Treasury cash amounted to $506,000,000 on April 21, an increase of 041,000,000 for the week. Principal changes in holdings of bills and securities were an increase of $17,000,000 in United States Treasury bills, and decreases of $16,000,000 in United States Treasury notes and $3,000,000 in discounted bills. Changes in member bank reserve balances and related items during the week and the year ended April 21, 1937, were as follows i Increase or decrease since Apr. 21 Apr. l4 Apr. 22 1937 1937 1936 (in millions of dollars) Bills discounted 8 -3 +3 Bills bought 3 -1 -2 U. S. Government securities 2,487 — +57 Industrial advances (not including 18 million commitments - April 21) 23 — -7 Other Reserve bank credit 2 -2 -3 Total Reserve bank credit 2,523 -5 +48 Gold stock 11,737 +4o +1,528 Treasury currency 2,54) -l +39 Member bank reserve balances 6,877 -2-4 +1,435 Money in circulation 6,3 88 +5 +528 Treasury cash 2,914 +38 +357 Treasury deposits with F. R. banks 119 +7 -593 Nonmember deposits and other F. R. accounts 504 +10 -111 (B-801) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, April 23,1937; not earlier. B-801a ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS OQUBINED (in thousands of dollars) Apr. 21,1937 Apr. 14,1937 Apr. 22,1936 A S S E TS Gold certificates on hand and due from U. S. Treasury 8,843,903 8,843,894 7,663,833 Redemption fund - F. R. notes 9,776 10,656 13,74l Other cash ; . . 282,306 279,673 342,255, Total reserves 9,135,985 9,134,223 8,019,834 Bills discounted: Secured by U.S.Gov't obligations,direct or fully guaranteed 6,260 9,789 3,021 Other bills discounted 1,432 1,259 2,249 Total bills discounted 7,692 11,048 5,270 Bills bought in open market 3,465 3,522 4,682 Industrial advances 23,084 22,544 30,039 U. S. Government securities: Bonds 688,621 689,621 265,785 Treasury notes 1,174,343 1,190,343 1,554,889 Treasury bills 623,619 606,619 609,667 Total U. S. Government securities . . 2,486,583 2,486,583 2,430,341 Other securities — — 181 Total bills and securities 2,520,824 2,523,697 2,470,513 Due from foreign banks 230 230 633 F. R. notes of other banks 23,904 20,621 22,870 Uncollected items 693,276 780,351 564,780 Bank premises 45,869 45,372 48,017 All other assets 43,944 45,631 36,731 TOTAL ASSETS 12,464,032 12,550,625 11,163,378 L I A B I L I T I ES F. R. notes in actual circulation . . . 4,184,068 4,176,094 3,748,576 Deposits: Member bank - reserve account . . .. 6,876,640 6,900,752 5,441,618 U.S.Treasurer - General account . . . 118,631 111,674 712,424 Foreign bank 99,234 93,622 86,116 Other deposits 145,780 142,271 269,214 Total deposits 7,240,285 7 248,319 6,509,372 r( Deferred availability itens 691,279 776,110 560,830 Capital paid in 132,186 132,168 130,697 Surplus (Section 7) 145,854 145,854 145,501 Surplus (Section 13 b) 27,490 27,490 26,513 Reserve for contingencies 36,142 36,177 34,104 All other liabilities 6,728 8.413 7,785 TOTAL LIABILITIES 12,464,032 12,550,62.5 11,163,378 Ratio of total reserves to deposit and F. R. note liabilities combined . . .. 80.0% 80.0$ 78.2$ Commitments to make industrial advances 17,530 19,211 25,607 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON APRIL 21, 1937 (In thousands of dollars) B-801b 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 U. S. Treasury 8,843,903 485,252 3,386,691 536,719 653,008 273,992 248,750 1,72.4,447 270,720 184,287 267,755 165,762 646,520 Redemption fund - F. R. notes 9,776 930 1,061 403 636 296 1,922 358 1,346 753 492 546 1,033 Other cash 282,306 31,217 85,098 28,156 14,276 18,413 10,373 31,305 13,162 4,999 15,599 5,903 23,805 Total reserves 9,135,985 517,399 3,472,850 565,278 667,920 292,701 261,045 1,756,110 285,228 190,039 283,846 172,211 671,358 Bills discomted t Secured by U.S.Govt, obligations, direct or fully guaranteed 6,260 747 2,949 1,018 128 305 250 30 175 5 50 554433 6600 Other bills discounted 1,432 257 712 74 18 9 7 34 31 5 79 142 64 Total bills discounted 7,692 1,004 3,661 1,092 146 314 257 64 206 10 129 685 124 Bills bought in open market 3,465 223 1,453 318 292 119 107 384 86 60 87 87 249 Industrial advances 23,084 3,278 .6,081 4,228 1,053 2,192 269 1,006 339 787 704 1,235 1,912 U. S.- Government securities J Bonds 688,621 50,207 196,531 58,060 67,039 36,447 30,376 76,055 30,529 22,516 34,046 26,997 59,818 Treasury notes 1,174,343 85,621 335,152 99,013 114,329 62,155 51,800 129,704 52,061 38,397 58,061 46,040 102,010 Treasury bills 623,619 45,468 177,978 52,579 60,713 33,007 27,508 68,877 27,646 20-391 30,5832 24,449 54,171 Total U.S.Gov't securities 2,486,583 181,296 709,661 209,652 242,081 131,609 : 109,684 274,636 ; 110,236 81,304 ; 122,939 97,486 215,999 Total bills and securities 2,520,824 185,801 720,856 215,290 243,572 : 134,234 110,317 276,090 110,867 82,161 : 123,859 99,493 218,284 DUB from foreign banks 230 17 88 23 21 10 8 27 4 3 7 6 16 F.R.notes of other banks 23,904 352 6,845 1,016 1,466 1,833 2,227 2,446 2,471 868 1,398 320 2,662 Uncollected items 69^,276 78,093 168,862 52,331 65,573 56,339 24,869 93,490 32,076 15,892 36,756 29,210 39,785 Bank premises 45,869 3,043 10,088 4,920 6,332 2,782 2,224 4,682 2,377 1,500 3,243 1,255 3,423 All other assets 43,944 2,666 12,395 5,474 4,720 2,719 1,772 4,033 1,682 1,556 1,950 1,711 3,266 TOTAL ASSETS 12,464,032 787,371 4,391,984 844,332 989,604 490,618 402,462 2,136,878 434,705 292,019 451,059 304,206 938,794 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL, RESERVE BA1JKS ON APRIL 21, 1937 (In thousands of dollars) B-801b L I A B I L I T I ES Total Boston Hew York Phila. €leve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R.notes in actual circulation 4,184,068 321,649 886,739 308,678 427,951 195,160 184,597 963,546 179,179 139,470 159,970 90,182 326,947 Depositsi Member bank - reserve account 6,876,640 348,611 3,059,241 429,296 425,355 214,636 170,818 1,019,206 189,138 117,507 228,808 163,039 510,985 U.S.Treasurer - General account 118,631 4,564 57,112 2,292 3,922 l,64l 3,176 2,117 12,015 2,329 10,061 1,964 17,438 Foreign bank 99,234 7,266 35,802 9,754 9,157 4,280 3,483 11,545 2,986 2,289 2,886 2,720 7,066 Other deposits 145,780 1,830 70,706 8,602 22,781 3,594 3,733 2,247 6,881 4,694 2,818 4,528 13,366 Total deposits 7,240,285 362,271 3,222,861 449,944 461,215 224,151 181,210 1,035,115 211,020 126,819 244,573 172,251 548,855 Deferred availability items 691,279 79,458 160,825 52,207 68,615 56,259 24,007 93,559 34,006 16,320 36,552 30,737 38,734 Capital paid in 132,186 9,378 51,259 12,24l 12,855 4,857 4,331 12,587 3,S10 2,898 3,993 3,862 10,115 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) 27,490 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 36,142 1,570 9,260 3,000 3,121 1,522 1,690 7,888 1,197 2,069 94l 1,847 2,037 All other liabilities 6,728 345 1,822 575 517 378 257 1,263 293 324 275 214 465 TOTAL LIABILITIES 12,464,032 787,371 4,391,984 844,332 989,604 490,618 402,462 2,136,878 434,705 292,019 451,059 304,206 938,794 Comraitiaents to make industrial advances 17,530 2,397 6,302 174 1,175 2,191 358 10 1,004 66 136 4li 3,306 MATURITY DISTRIBUTION OF BILLS Alffi 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 Year to 5 Years 5 Years Bills discounted 7,692 7,101 4l 106 355 80 Bills bought 3,465 171 198 301 2,795 Industrial advances 23,084 883 249 459 620 2,258 3,830 5,506 9,279 U.S.Government securities ,486,583 22,277 27,320 55,527 80,158 353,990 367,225 254,971 687,068 638,047 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE SOTE STATEMENT ON APRIL 21, 1937 (in thousands of dollars) B-801b Total Boston Ilex? York Phila. Gleve. Rich. Atlanta Chicago St. Louis Minn. Kans.Cy. Dallas San Fran. Federal Reserve notes: Issued to F.R.bank by F.R.agent 4,480,484 337,856 993,892 326,467 451,546 205,941 204,882 990,433 187,128 143,298 170,810 98,214 370,017 Held by Federal Reserve bank 296,416 16,207 107,153 17,789 23,595 10,781 20,2.85 26,887 7,949 3,828 10,840 8,032 43,070 In actual circulation 4,184,068 321,649 886,739 308,678 427,951 195,160 184,597 963,546 179,179 139,470 159,970 90,182 326,947 Collateral held by agent as security for notes issued to banki Gold certificates on hand and due from U. S. Treasury 4,516,132 371,000 ip00,000 332,000 453,000 207,000 180,000 1,000,000 174,632 137,000 174,000 98,500 389,000 Eligible paper 7,472 990 3,581 1,037 128 305 250 4l 200 5 124 677 134 U. S. Gov't securities 52,000 — — — . — 30,000 — 15,000 7,000 — — Total collateral 4,575,604 371,990 1,003,581 333,037 453,128 207,305 210,250 1,000,o4l 189,832 144,005 174,124 99,177 389,134 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis