H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, May 28;' of the Federal Reserve System not earlier* May 27, 1937 CONDITION OF FEDERAL RESERVE BANKS During the week ended May 26 member bank reserve balances increased $26,000,000# Additions to member bank reserves arose from decreases of $9,000,000 in Treasury cash, other than inactive gold, and $37,000,000 in Treasury deposits with Federal Reserve banks, offset in part by a decrease of $8,000,000 in Reserve bank credit and an increase of $11,000,000 in nonmember deposits and other Federal Reserve accounts. Excess reserves of member banks on May 26 were estimated to be approximately $940,000,000, an increase of $30,000,000 for the week. Inactive gold included in the gold stock and Treasury cash amounted to $746,000,000 on May 26, an increase of $70,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended May 26, 1937, were as follows t Increase or decrease since May 26 May 19 May 27 1937 1937 1936 (In millions of dollars) Bills discounted 16 +1 4-11 Bills bought 6 +2 +2 U. S* (fcverninent securities 2,526 — +96 Industrial advances (not including 17 million commitments - May 26) 22 -1 -8 Other Reserve bank credit -13 -9 -9 Total Reserve bank credit 2,557 -8 +91 Gold stock 11,977 +70 +1,589 Treasury currency 2,546 -1 +52 Member bank reserve balances 6,94-4 +26 +1,197 Money in circulation 6,399 — +497 Treasury cash 3,l4o +6l +568 Treasury deposits with F. R. banks 80 -37 -464 Nonmember deposits other F. R. accounts 517 +11 -65 egad (B-801) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, May 28,1937? not earlier. B-801a ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BAMS COMBINED (in thousands of dollars) May 26,1937 May 19,1937 May 27,1936 A S S E TS Gold certificates on hand and due from U. S. Treasury 8,838,4l4 8,838,913 7,824,035 Redemption fund - F. R. notes 11,341 11,583 13,062 Other cash 296,310 289,155 310,451 Total reserves 9,146,065 9,139,651 3,147,5^8 Bills dipcountedi Secured by U.S.Gov't obligations, direct or fully guaranteed 12,326 11,624 2,646 Other bills discounted 3,372 3,658 2,182 Total bills discounted 15,698 15,282 4,828 Bills bought in open market 6,260 4,475 4,299 Industrial advances 22,4)7 22,523 30,462 U. S. Government securities: Bonds 732,608 732,608 265,699 Treasury notes 1,152,213 1,152,213 1,545,908 Treasury bills 641,469 641,469 618,648 Total U.S. Government securities . . 2,526,290 2,526,290 2,430,255 Other securities — 181 Total bills and securities 2,570,655 2,568,570 2,470,025 Due from foreign banks 228 228 237 P. R. notes of other banks 21,615 21,402 19,002 Uncollected items 604,558 701,718 518,009 Bank premises 45,776 45,788 48,051 All other assets 47,202 46,464 41,126 TOTAL ASSETS 12,436,099 12,523,821 11,243,998 L I A B I L I T I ES F. R. notes in actual circulation . . . 4,184,042 4,184,425 3,758,973 Deposits» Member bank - reserve account . . .. 6,943,597 6,918,227 5,747,228 U.S.Treasurer - General account . . . 80,486 116,777 544,183 Foreign bank • 124,04l 126,110 54,493 Other deposits 136,725 123.933 271,122 Total deposits . .. 7,284,849 7,285,047 6,617,026 Deferred availability items 613,046 705,826 522,081 Capital paid in 132,202 132,199 130,795 Surplus (Section 7) 145,854 145,854 145,501 Surplus (Section 13 b) 27,490 27,490 26,513 Reserve for contingencies . . . . . .. 35,939 35,939 34,111 All other liabilities ."7.677 7,04l 8,998 TOTAL LIABILITIES 12,436,099 12,523,821 11,243,998 Ratio of total reserves to deposit and F. R. note liabilities combined . . . 79,7% 79,7% 78,5% Contingent liability on bills purchased for foreign correspondents 1,532 1,532 Commitments to make industrial advances 17,188 17,311 25,095 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON MAY 26, 1937 (In thousands of dollars) B-801b A S S E TS Total Boston New York Phila. Cleve. Rick. Atlanta Chicago St.Lords Minn. Kans.Cy. Dallas San Fran. Gold certificates on hand and due from U. S. Treasury • 8,838,4l4 448,948 3,377,286 526,551 682,195 279,228 240,448 1,718,769 278,077 192,192 263,488 176,276 654,956 Redemption fund - F.R. notes 11,34-1 760 1,194 595 850 857 1,697 541 1,265 723 421 508 1,930 Other cash 296,310 39,087 83,633 22,852 16,585 21,547 12,894 32,861 14,695 5,579 16,531 5,960 24.086 Total reserves 9,146,065 488,795 3,462,113 549,998 699,630 301,632 255,039 1,752,171 294,037 198,494 280,440 182,744 680,972 Bills discountedt Secured by U.S.Gov't obligations, direct or fully guaranteed 12,326 794 6,481 1,969 310 490 510 210 350 350 45 294 523 Other bills discounted 3,372 487 1,611 97 — 564 12 74 5 142 X2S 252 Total bills discounted 15,698 1,281 8,092 2,066 310 490 1,074 222 424 355 187 422 775 Bills bought in open market 6,260 223 1,998 393 374 149 133 459 112 79 114 112 2,114 Industrial advances 22,407 3,170 5,898 4,101 964 2,130 229 920 333 785 672 1,284 1,921 U. S. Government securities* 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 2,570,655 188,783 741,017 219,896 247,570 135,803 112,527 279,999 112,254 83,395 125,100 100,452 223,859 Due from foreign banks 228 17 85 23 21 10 8 27 4 3 7 7 16 F.R.notes of other banks 21,615 307 5,268 700 1,483 l,8l4 2,346 2,432 1,893 1,491 1,692 388 1,801 Uncollected items 604,558 64,557 148,398 48,147 59,760 52,591 22,568 81,921 25,872 14,761 31,020 24,094 30,869 Bank premises 45,776 3,038 10,071 4,910 6,320 2,773 2,220 4,671 2,373 1,500 3,230 1,264 3,40,6 All other assets 47,202 2,909 13,407 5,645 5,058 2,904 1,880 4,413 1,821 1,662 2,129 1,817 3,557 TOTAL ASSETS 12,436,099 748,406 4,380,359 829,319 1,019,842 497,527 396,588 2,125,634 438,254 301,306 443,618 310,766 944,480 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON MAI 26, 1937 (in thousands of dollars) B-801b L I A B I L I T I ES Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R. notes in actual circulation 4,184,042 307,526 894,825 313,381 430,756 192,737 178,517 971,525 177,620 138,723 158,848 90,411 329,173 Deposits: Member bank - reserve account 6,943,597 336,710 3,068,347 403,493 455,380 221,640 174,4071,002,566 209,166 130,305 235,080 172,922 533,581 U.S.Treasurer - General account 80,486 4,095 33,467 3,890 5,825 8,467 2,153 7,139 2,746 2,554 4,554 2,371 3,225 Foreign bank 124,041 8,900 46,137 11,948 11,216 5,242 4,267 l4,l42 3,657 2,304 3,536 3,536 8,656 Other deposits 136,725 2,994 68,664 9,235 23,937 2,355 2,781 1,972 6,467 2,815 164 4,017 11,324 Total deposits 7,284,849 352,699 3,216,615 428,566 496,358 237,704 183,608 lp25,819 222,036 138,478 243,334 182,846 556,786 Deferred availability items 618,046 64,093 147,473 53,8l4 60,720 51,997 21,764 83,467 28,004 14,739 31,399 26,416 34,160 Capital paid in 132,202 9,378 51,267 12,239 12,856 4,856 4,323 12,608 3,811 2,898 3,993 3,861 10,112 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 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 7,677 440 1,870 632 701 420 316 1,435 385 287 34s 272 571 TOTAL LIABILITIES 12,436,099 748,406 4,380,359 829,319 1,019,842 497,527 396,588 2^25,634 438,254 301,306 443,618 310,766 944,4sc Contingent liability on bills purchased for foreign correspondents 1,532 112 553 150 l4l 66 54 178 46 35 44 44 109 Commitments to make industrial advances 17,188 2,294 6,119 170 1,350 2,011 350 10 1,161 65 130 302. 3,226 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 15,698 14,276 165 722 236 292 Bills bought 6,260 770 1,663 886 2,915 26 Industrial advances 22,407 794 178 566 1,027 1,872 3,533 5,482 8,955 tf*S.Government securities 2,526,290 24,767 33,461 70,223 78,920 323,534 378,912 258,971 675,815 681,687 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTE STATEMENT ON MAY 26, 1937 (In thousands of dollars) B-801b Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Federal Reserve notesi Issued to F.R.bank by F.R.agent 4,496,626 332,491 999,945 333,813 457,091 303,168 196,384 1,001,507 186,454 144,369 171,191 97,977 372,236 Held by Federal Reserve bank 312,584 24,965 105,120 20,432 26,335 10,431 17,867 29,982 8,834 5,646 12,343 7,566 43,063 In actual circulation 4,184,042 307,526 894,825 313,381 430,756 192,737 178,517 971,525 177,620 138,723 158,348 90,411 329,173 Collateral held by agent as security for notes issued to banki Gold certificates on hand and due from U.S.Treasury 4,537,132 341,000 1,010,000 335,000 459,500 206,000 178,000 1,010,000 189,632 146,000 174,000 99,000 389,000 Eligible paper 18,037 1,281 8,378 2,067 392 520 999 298 400 374 212 447 2,669 U. S. Gov't securities 20,000 — — — — 20,000 — — — _ _ _ __ Total collateral 4,575,169 342,281 1,018,378 337,067 - 459,892 206,520 198,999 1,010,298 190,032 146,374 174,212 99,447 391,669 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis