H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, May 21; of the Federal Reserve System not earlier. May 20, 1937 CONDITION OF FEDERAL RESERVE BANKS During the week ended May 19 member bank reserve balances decreased $25,000,000. Reductions in member bank reserves resulted from increases of #23,000,000 in Treasury cash, #11,000,000 in Treasury deposits with Federal Reserve banks and $12,000,000 in nonmember deposits and otha?Federal Reserve accounts, and a decrease of #11,000,000 in Reserve bank credit, offset in part by increases of #25,000,000 in gold stock and #2,000,000 in Treasury currency, and a decrease of #6,000,000 in money in circulation. Excess reserves of member banks on May 19 were estimated to be approximately #910,000,000, a decrease of #30,000,000 for the week* Inactive gold included in the gold stock" and Treasury cash amounted to #676,000,000 on May 19, an increase of #25,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended May 19, 1937, were as follows! Increase or decrease since May 19 May 12 May 20 1937 1937 1936 (in miL llions of dollars) Bills discounted 15 -1 +10 Bills bought 4 -1 -1 U. S. Government securities 2,526 — +96 Industrial advances (not including 17 million commitments - May 19) 23 — -7 Other Reserve bank credit -4 -10 Total Reserve bank credit 2,565 -11 +95 Gold stock 11,907 +25 +1,532 Treasury currency 2,547 +2 +54 Member bank reserve balances 6,918 -25 +1,224 Money in circulation 6,399 -6 +503 Treasury caah 3,079 +23 +454 Treasury deposits with F. R. banks 117 +11 -"396 Nonmember deposits and other F.R. accounts 506 +12 -105 (B-801) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, May 21, 1937? not earlier. B-801a ASSETS JCJD LIABILITIES OF THE TiSELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) May 19,1937 May 12,1937 May 20, 1936 A S S E TS Gold certificates on hand and due from U. S. Treasury 8,838,913 8,839,408 7,759,336 Redemption fund - F. R. notes . . .. 11,583 11,713 12,532 Other cash 289,155 288,280 316,329 Total reserves 9,139,651 9,139,401 8,088,197 Bills discountedi Secured by U.S.Gov't obligations, direct or fully guaranteed . . .. 11,624 12,949 2,436 Other bills discounted . . . . . .. 3,658 2,705 2,313 Total bills discounted 15,282 15,654 4,749 Bills bought in open market 4,475 4,534 4,544 Industrial advances 22,52.3 22,779 30,487 U. S. Government securities! Bonds 732,608 732,428 265,691 Treasury notes 1,152,213 1,152,393 1,547,839 Treasury bills 641,469 641,469 616,717 Total U.S. Government securities . 2,526,290 2,526,290 2,430,247 Other securities — 181 Total bills and securities . . .. 2,568,570 2,569,257 2,470,208 Due from foreign banks 228 230 240 F. R. notes of other banks 21,402 21,542 20,368 Uncollected items . . .. 701,718 666,762 574,289 Bank premises 45,788 45,787 48,051 All other assets ... 46,464 45,956 40,288 TOTAL ASSETS 12,523,821 12,488,935 11,241,641 L I A B I L I T I ES F. R. notes in actual circulation . . 4,184,425 4,193,868 3,760,729 Deposits s Member bank - reserve account . . . 6,918,227 6,942,727 5,694,009 U.S.Treasurer - General account . . 116,777 106,177 513,104 Fbreign bank 126,110 104,979 85,482 Other deposits 123,933 131,566 267,384 Total deposits . 7,285,047 7,285,449 6,559,97$ Deferred availability items 705,826 660,697 574,822 Capital paid in 132,199 132,193 130,745 5*urplus (Section 7) 145,854 145,854 145,501 Sux^lus (Section 13 b) 27,490 27,490 26,513 Reserve for contingencies 35,939 35,974 34,109 All other liabilities 7,04l 7,410 9,24;? TOTAL LIABILITIES 12,523,821 12,488,935 11,241,641 Ratio of total reserves to deposit and F. R. note liabilities combined . . 79,7% 79.6% 78.4$ Contingent liability on bills purchased for foreign correspondents 1,532 1,532 — Commitments to make industrial advances 17,311 17,183 25,297 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS OH MAI 19, 1937 (in thousands of dollars) B-SOlb A S S E TS Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Gj. Dallas San Fran. Gold certificates on hand and due from U. S. Treasury 8,838,913 453,933 3,347,482 528,150 681,240 279,637 244,970 1,738,262 267,544 191,224 271,374 177,469 657,628 Redemption fund - F.R. notes 11,583 796 1,336 653 898 691 1,735 586 1,276 728 430 514 1,940 Other cash 289,155 • 39,458 83,760 2-4,576 12,812 20,079 10,848 32,340 14,607 5,064 15,670 6,252 23,689 Total reserves 9,139,651 494,187 >,432,578 553,379 694,950 300,407 257,553 1,771,188 283,427 197,016 287,474 184,235 683,257 Bills' discounted* Secured by U.S.Gov't obligations, direct or fully guaranteed 11,624 899 5,711 1,438 340 392 4466 55 185 525 500 4455 884444 228800 Other bills discounted 3,658 357 1,537 104 — — 1,2.57 — 74 5 151 109 64 Total bills discounted 15,282 1,256 7,248 1,542 340 392 1,722 185 599 505 196 953 344 Bills bought in open market 4,475 223 2,014 394 374 149 133 459 112 79 114 112 312 Industrial advances 22,523 33,,118822 55,,991155 4,104 979 2,136 244 92p 333 787 677 1,325 1,921 U.S. Government securitiest Bonds 732,608 53,385 210,233 61,861 71,309 38,575 32,284 80,726 32,298 23,828 35,992 28,601 63,516 Treasury notes 1,152,213 83,974 330,691 97,303 112,167 60,678 50,623 126,979 50,803 37,482 56,616 44,987 99,910 Treasury bills 641,469 46,750 184,105 54,172 62,446 33,781 28,184 70,693 28,284 20,866 31,519 25,046 55,623 Total U.S.Gov't securities 2,526,290 184,109 725,029 213,336 245,922 133,034 111,091 278,398 111,385 82,176 124,127 98,634 219,049 Total bills and securities 2,568,570 188,770 740,206 219,376 247,615 135,711 113,190 279,962 112,429 83,547 125,114 101,024 221,626 Due from foreign banks 228 17 85 23 21 10 8 27 4 3 7 7 16 F.R.notes of other banks 21,402 369 4,681 972 1,366 1,917 1,787 2,067 2,270 1,119 1,558 512 2,784 Uncollected items 701,718 76,794 175,813 54,745 67,236 58,433 26,816 97,281 29,792 16,997 36,361 27,418 34,027 Bank premises 45,788 3,038 10,071 4,910 6,330 2,773 2,223 4,671 2,373 1,500 3,230 1,264 3,415 All other assets 46,464 2,868 13,145 5,563 4,984 2,847 1,858 4,364 1,790 1,631 2,098 1,812 3,504 TOTAL ASSETS 12,523,821 766,043 4,376,584 838,968 1,022,492 502,098 403,435 2,159,560 432,085 301,813 455,842 316,272 948,629 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON MAI 19, 1937 (in thousands of dollars) B-eoic L I A B I L I T I ES Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R.notes in actual circulation 4, 184,425 307,803 894,201 331122,,111144 442266,,330011 193,745 181,136 970,374 178,247 140,118 159,740 90,192 330,454 Deposits t Member bank - reserve account ,918,227 341,151 3,000,915 422,609 459,887 225,860 173,782 1,022,172 198,599 127,833 238,921 173,770 532,728 U.S.Treasurer - General account 116,777 6,131 76,085 2,327 2,034 2,239 2,263 7,421 2,710 2,234 6,564 1,795 4,924 Foreign bank 126,110 9,153 45,993 12,288 11,536 5,392 4,389 14,545 3,755 2,884 3,636 3,636 8,903 Other deposits 123,933 2,535 64,582 1,226 22,768 2,559 2,564 2,143 6,857 2,816 177 4,379 11,327 Total deposits 7 ,285,047 358,970 3,187,575 438,450 496,225 236,100 182,998 1,046,281 211,921 135,767 249,298 183,580 557,882 Deferred availability items 705,826 75,195 173,479 54,935 68,023 57,189 26,640 98,204 31,385 16,545 36,805 31,442 35,984 Capital paid in 132,199 9,376 51,271 12,240 12,856 4,856 4,313 12,613 3,811 2,898 3,994 3,861 10,110 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 1,416 545 1,003 1,142 1,262 1,996 Reserve for contingencies 35,939 1,570 9,091 3,000 3,121 1,522 1,690 7,860 1,198 2,062 941 1,847 2,037 All other liabilities 7,041 429 1,749 542 636 395 288 1,308 323 304 309 237 521 TOTAL LIABILITIES 12,523,821 766,043 4,376,584 838,9683/522,492 502,098 403,435 2,159,560 432,085 301,813 455,842 316,272, 948,629 Contingent liability on bills purchased for foreign correspondents 1,532 112 553 150 l4i 66 54 178 46 35 44 44 109 Commitments to make industrial advances 17,311 2,314 6,004 166 1,352 2,160 350 10 1,201 66 134 302 3,252 MATURITY DISTRIBUTION OF BILLS MD 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 15,282 14,044 108 586 132 402 10 Bills bought 4,475 364 457 581 3,073 Industrial advances 22,523 817 188 552 1,024 1,742 3,719 5,515 8,966 U.S.Government securities 2,526,290 26,107 28,520 68,298 76,689 333,891 376,312 254,971 679,815 681,687 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE 1I0TE STATUKIIT Oil MAI 19, 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: Issued to F.R.bank by F.R.agent 4,498,606 335,06l 1,001,136 331,176 453,778 204,821 199,172 999,475 187,498 144,909 170,723 97,344 373,013 Held by Federal Reserve bank 3l4,lSl 27,253 106,935 19,062 27,477 11,076 18,036 29,101 9,251 4,791 10,983 7,652 42,559 In actual circulation 4,184,425 307,803 894,201 312.,Il4 426,301 193,745 181,136 970,374 178,247 140,118 159,740 90,192 330,454 Collateral held by agent as security for notes issued to banks Gold certificates on hand and due from U.S. Treasury 4,535,632 356,000 1,010,000 332,000 457,000 206,000 182,000 1,010,000 174,632 146,000 174,000 99,000 389,000 Eligible mper 15,891 1,256 7,610 1,543 422 422 1,647 261 575 524 221 977 433 U.S. Gov't securities 35,000 — — — — — 20,000 — 15,000 — — — ~ Total collateral 4,586,523 357,256 1,017,610 333,543 457,422 206,422 203,647 1,010,261 190,207 146,524 174,221 99,977 389,433 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis