H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, June 18; of the Federal Reserve System not earlier* June 17, 1937. CONDITION OF FEDERAL RESERVE BANKS During the week ended June 16 member bank reserve balances decreased $121,000,000* The reduction in member bank reserves resulted from an increase of $165,000,000 in Treasury deposits with the Federal Reserve banks, offset in part by an increase of $10,000,000 in Reserve bank credit and decreases of $20,000,000 in money in circulation, $8,000,000 in Treasury cash other than inactive gold and $4,000,000 in nonmember deposits and other Federal Reserve accounts# Excess reserves of member banks on June 16 were estimated to be approximately $750,000,000, a decrease of $180,000,000 for the week. Inactive gold included in the gold stock and Treasury cash amounted to $988,000,000 on June 16, an increase of $102,000,000 for the week. Principal changes in holdings of bills and securities were an increase of $1-4,000,000 in United States Treasury notes and a decrease of $14,000,000 in United States Treasury bills. Changes in member bank reserve balances and related items during the week and the year ended June 16, 1937, were as followsI Increase or decrease since June 16 June 9 June 17 1937 1937 1936 (in millions of dollars) Bills discounted 1-4 — +7 Bills bought 5 -1 +2 U. S. Government securities 2,526 +96 Industrial advances (not including 17 million commitments - June 16) 22 — -8 Other Reserve bank credit 16 +12 +6 Total Reserve bank credit 2,583 +10 +103 Gold stock 12,220 +102 +1,677 Treasury currency 2,5-48 +1 +58 Member bank reserve balances 6,808 -121 +1,914 Money in circulation 6,415 -20 +367 Treasury cash 3,348 +94 + 74l Treasury deposits mth F. R. banks 250 +165 -1,171 Nonmember deposits and other F. R, accounts 530 -4 -13 (B-801) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

B-801a Released for publication Friday morning, June 18,1937? not earlier ASSETS m LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) June 16, 1937 June 9, 1937 June 17,1936 A S S E TS Gold certificates on hand and due from *8,838,405 7,938,539 U. S. Treasury 8,837,903 9,971 12,518 Redemption fund - F. R. notes 9,860 305,738 276,269 Other cash • • • 313 % 595 Total reserves 9,161,358 *9,154,114 8,227,326 Bills discoimtedi Secured by U»S.Govlt obligations,direct or fully guaranteed 11,521 11,006 4,177 Other bills discounted 2,807 3,289 2,362 Total bills discounted l4,32S 14,295 6,539 Bills bought in open market 5,094 5,818 3,076 Industrial advances • 22,049 22,196 30,058 U. S. Government securities! Bonds 732,608 732,608 315,697 Treasury notes 1,166,213 1,152,213 1,494,219 Treasury bills 627,469 641,469 620,337 Total U,S, Government securities • • 2,526,290 2,526,290 2,430,253 181 Other securities • — Total bills and securities 2,567,761 2,568,599 2,470,107 226 238 Due from foreign banks 219 22,025 24,037 F. R. notes of other banks . . . . .. 21,277 595,266 696,106 Uncollected items 866,372 Bank premises . 45,700 45,687 48,052 All other assets . . • . 40,243 49,199 38,196 TOTAL ASSETS 12,702,930 *12,435,116 11,504,062 L I A B I L I T I ES F. R. notes in actual circulation . . . 4,177,805 *4,200,965 3,872,984 Deposits! Member bank - reserve account . . .. 6,807,978 6,928,977 4,893,667 U.S.Treasurer - General account . . . 250,212 84,642 1,421,457 Foreign bank 147,4-50 139,671 60,378 Other deposits 119,479 139,470 221,584 Total deposits 7,325,119 7,292,760 6,597,086 Deferred availability items g51 q89 591,267 686,625 Capital paid in • ^2 240 132,196 130,813 Surplus I Section.7) 145*854 145,854 145,501 Surplus (Section 13 b) 27*490 27,490 26,513 Reserve for contingencies 35 931 35,940 34,111 All other liabilities 7*402 8,644 10,429 TOTAL LIABILITIES 12,702,930 *12,435,116 11,504,062 Ratio of total reserves to deposit and F, R. note liabilities combined . . . 79.6% 79.6% 78.6% Contingent liability on bills purchased for foreign correspondents 3,745 2,532 Commitments to make industrial advances 16,801 16,956 24,679 *Re vised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON JUNE-16, 1937 (in thousands of dollars) B-801b A S S E TS Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Gold certificates on hand and due from U. S. Treasury 8,837,903 456,501 3,269,758 517,516 693,906 281,014 243,224 1,770,731 277,792 195,187 279,467 189,125 663,682 Redemption fund - F. R. notes 9,860 624 769 443 704 738 1,556 364 1,216 702 395 477 1,872 Other cash 313,595 40,693 89,428 2.3,847 15,672 20,654 :2,318 40,546 16,952 5,234 16,749 6,032 25,470 Total reserves 9,161,358 497,818 3,359,955 541,806 710,282 302,406 257,098 l,8ll,64l 295,960 201,123 296,611 195,634 691,024 Bills discountedt Secured by U.S.Gov't obligations, direct or fully guaranteed 11,521 850 5,033 1,402 762 774433 11,,444444 205 230 3366 75 197 554444 Other bills discounted 2,807 111 1,570 4 -T — 498 — 72 '8 150 236 158 Total bills discounted 14,328 961 6,603 1,406 762 743 1,942 205 302 44 225 433 702 Bills bought in open market 5,094 223 1,758 394 374 149 109 424 92 69 114 112 1,276 Industrial advances 22,049 33,,115544 55,,992222 3,988 899 2,030 215 918 324 788 630 1,261 1,920 U. S.Government securities1 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 1,166,213 84,994 334,709 98,485 113,529 61,415 51,239 128,522 51,42a 37,937 57,304 45,533 101,125 Treasury bills 627,469 45,7.30 180,087 52,990 61,084 33,04*' 27,568 69,150 27,666 20,411 30,831 24,500 54,408 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 2,567,761 188,447 739,312 219,124 247,957 135,956 113,357 279,945 112,103 83,077 125,096 100,440 222,947 Due from foreign banks 219 17 78 , 23 21 ID 8 27 4 3 6 6 16 F.R. notes of other banks 21,277 350 5,729 768 1,298 2,033 1,865 2,503 1,377 1,206 1,214 461 2,473 Uncollected items 866,372 84,286 205,574 75,665 99,854 69,101 28,117 131,746 35,457 21,867 39,002 30,849 44,854 Bank premises 45,700 3,033 10,069 4,899 6,306 2,764 2,219 4,661 2,370 1,497 3,217 1,259 3,406 All other assets 40,243 2,421 11,495 5,011 4,335 2,549 1,566 3,665 1,505 1,428 1,765 1,563 2,940 TOTAL ASSETS 12,702,930 776,372 4,332,212 847,296 1,070,053 514,819 4o4,230 2,234,188 448,776 310,201 466,911 330,212 967,660 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BAMS 015 JUNE 16,1 937 (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 A,177,805 290,718 909,872 312,946 429,416 190,843 175,161 966,872 178,296 137,948 162,04-9 51,336 332,348 DepositsI Member bank - reserve account 6,807,978 330,037 2,975,037 372,4-30 -455,784 218,320 174,782 1,006,707 203*985 130,822 238,34-7 181,382 520,345 U.S.Treasurer - General account 250,212 3-4,312 32,037 25,171 20,155 14,175 4,768 63,843 6,314 5,354 12,592 4,532 26,959 Foreign bank 1-47,450 10,699 53,800 14,363 13,483 6,302 5,129 17,000 4,397 3,371 4,250 4,250 10,406 Other deposits 119,479 2,282 52,113 9,488 23,050 3,268 3,437 1,821 6,776 2,147 234 3,463 11,400 Total deposits 7,325,119 377,330 3,112,987 421,452 512,472 242,065 188,116 1,089,371 221,472 141,694 255,423 193,627 569,110 Deferred availability items 851,089 84,199 187,774 79,391 96,208 66,857 28,241 133,202 38,496 21,156 39,462 34,202 41,901 Capital paid in 132,240 9,374 51,257 12,239 12 875 4,855 4,327 12,631 3,813 2,897 3,995 3,864 10,113 ; 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 35,931 1,570 9,142 3,000 3,121 1,497 1,690 7,832 1,199 2,055 941 1,847 2,037 All other liabilities 7,402 481 1,962 581 631 4ll 325 1,360 300 332 286 223 510 TOTAL LIABILITIES 12,702,930 776,372 4,332,212 847,296 1,070,053 514,819 404,230 2,234,188 448,776 310,201 466,911 330,212 967,660 Contingent liability on bills purchased for foreign correspondents 3,745 258 1,487 346 325 152 124 4l0 106 81 102 103 251 Commitments to make industrial advance s 16,801 2,194 5,898 155 1,322 2,011 345 10 1,145 65 128 302 3,226 MATURITY DISTRIBUTION OF BILLS AND SECURITIES mthin 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 14,328 12,663 474 437 397 354 Bills bought 5,094 3,098 233 647 1,116 Industrial advances 22,049 903 135 920 687 1,826 2,537 6,224 8,817 U.S.Government securities 2,526,290 44,151 32,247 76,689 58,493 307,828 464,330 252,497 608,368 681,687 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTE STATEMENT ON JUNE 16, 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 notes: Issued to F.R.bank by F.R.agent 4,505,873 331,867 1,011,746 328,984 457,943 301,516 191,638 999,881 188,114 142,845 172,166 101,340 377,833 Held by Federal Reserve bank 328,068 4l,l49 101,874 16,038 28,527 10,673 16,477 33,009 9,818 4,897 10,117 10,004 45,485 In actual circulation 4,177,805 290,718 909,872 312,946 429,4l6 190,843 175,161 966,872 178,296 137,943 162,049 91,336 332,348 Collateral held by agent as security for notes issued to bank* Gold certificates on hand and due from U. S. Treasury 4,544,632 341,000 1,020,000 335,000 459,500 203,000 178,000 1,010,000 189,632 143,000 174,000 102,500 389,000 Eligible paper 15,634 961 6,659 1,478 844 772 1,944 245 208 53 254 458 ,758 U. S„ Gov't securities 20,000 — — — 20,000 Total collateral 4,580,266 341,961 1,026,659 336,478 460,344 203,772 199,944 1,010,245 189,S4o 143,053 174,254 102,958 390,758 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis