H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, July 2; of the Federal Reserve System not earlier. July 1, 1937. CONDITION OF FEDERAL RESERVE BAEKS During the week ended June 30 member bank reserve balances increased #46,000,000. Additions to member bank reserves arose from decreases of #58,000,000 in Treasury deposits with Federal Reserve banks and $4-2,000,000 in nonmember deposits and other Federal Reserve accounts, offset in part by an increase of $54,000,000 in money in circulation. Excess reserves of member banks on June 30 were estimated to be approximately $870,000,000, an increase of $60,000,000 for the week. Inactive gold included in the gold stock and in Treasury cash amounted to #1,087,000,000 on June 30, an increase of #48,000,000 for the week. Principal changes in holdings of bills and securities were an increase of #3,000,000 in United States Treasury notes and a decrease of #3,000,000 in United States Treasury bills. Changes in member bank reserve balances and related items during the week and the year ended June 30, 1937, were as follows* Increase or decrease since June 30 June 23 July 1 1937 1937 1936 (in millions of dollars) Bills discounted 10 -3 +6 Bills bought 4 +1 U. S. Government securities 2,526 +96 Industrial advances (not including 16 million commitments - June 30) 22 —8 Other Reserve bank credit * +3 -5 Total Reserve bank credit 2,562 +89 Gold stock 12,318 +48 +1,706 Treasury currency 2,551 +1 +53 Member bank reserve balances 6,900 +46 +1,311 Money in circulation 6,448 +54 +198 Treasury cash 3,445 +49 +944 Treasury deposits with F. R. banks 93 -58 -638 Nonmember deposits and other F. R. accounts 54 5 -42 +33 *Less than #500,000. (B-801) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, July 2,1937? not earlier. B~801a ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BAMS COMBINED (in thousands of dollars) June 30, 1937 June 23, 1937 July 1, 1936 A S S E TS Gold certificates on hand and due from U. S. Treasury . . 8,834,907 8,836,904 8,106,541 Redemption fund - F. R. notea • . . • 10,471 10,241 12,949 Other cash . . . . .. 313,309 322,491 266,238 Total reserves . 9,158,687 9,169,636 8,385,728 Bills discountedi or fully guaranteed . 7,042 9,844 2,006 Other bills discounted 2,887 3,459 2,23.5 Total bills discounted * 9,929 13,303 4,221 Bills bought in open market 3,801 4,273 3,077 Industrial advances , . • . 22,152 22,012 29,785 U S, Go\rernment securities J # Bonds . . . 732,508 732,558 315,673 1,170,713 1,168,213 1,494,218 Treasury bills 622,969 625,469 620,337 Total U«S.Government securities 2,526,190 2,526,240 2,430,228 Other securities — — 181 Total bills and securities • . • 2,562,072 2,565,828 2,467,492 Due from foreign banks • 219 219 237 F. R. notes of other banks « . . • 23,933 23,108 20,020 Uncollected items 66-4,235 630,603 678,636 Bank premises • 45,615 45,697 48,051 All other assets • 41,720 *40,733 42,331 TOTAL ASSETS 12,496,481 *12,475,824 11,642,495 L I A B I L I T I ES F* R. notes in actual circulation 4,206,477 4,162,832 4,046,086 Depositsi Member bank - reserve account . 6,900,288 6,854,411 5,589,134 U. Sir Treasurer - General account 92,813 150,928 731,016 Foreign bank * • # 157,400 166,963 55,192 Other deposits . # 127,671 156,553 201,277 Total deposits . 7,278,172 7,328,855 6,576,619 Deferred availability items 664,852 634,198 673,759 Capital paid in • . # 132,302 132,205 130,947 Surplus (Section 7) . 145,854 145,854 145,501 Surplus (Section 13 b) . 27,490 27,490 26,513 Reserve for contingencies 35,906 *35,906 34,117 All other liabilities . • 5,428 8,953 12,496,481 *12,475,824 11,642,495 Ratio of total reserves to deposit and F. R. note liabilities combined . , 79.7% 79.8$ 78,9% Contingent liability on bills purchased for foreign correspondents • . . • 4,015 4,044 — Commitments to make industrial advances 16,331 16,733 23,870 •^Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AM) LIABILITIES OF THE FEDERAL RESERVE BANKS ON JUKE 30, 1937 (in thousands of dollars) B-801b A S S E TS Eotal 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 8,834,907 -422,24-23 ,400,750 516,195 693,641 273,234 235,324 1,716,071 276,912 194,183 267,070 182,055 657,230 Redemption fund - F.R. notes 10,471 577 1,555 354 629 515 1,492 728 1,195 692 380 462 1,842 Other cash 313,309 43,876 Total reserves 9,158,687 466,695 3,479,000 538,993 711,249 295,340 250,247 1,757,298 295,788 201,835 284,300 192,745 685,197 Bills discounted« Secured by U.S.Gov't obligations, direct or fully guaranteed 7,042 735 3,284 944 569 586 301 20 100 5544 25 7799 334455 Other bills discounted 2,887 136 1,628 7 84 — 482 52 30 92 207 169 Total bills discounted 9,929 871 4,912 951 653 586 783 20 152 84 117 286 514 Bills bought in open market 3,801 224 1,545 355 322 146 108 385 86 60 96 98 376 Industrial advances 22,152 3,200 5,897 3,954 916 2,007 200 913 324 776 638 1,249 2,078 U.S.Government securities* Bonds 732,508 53,385 210,233 61,861 71,309 38,575 3322 ^^LL8844 80,726 32,298 23,828 35,992 28,601 63,516 Treasury notes 1,170,713 85,322 336,001 98,865 113,968 61,652 51,436 129,018 51,619 38,083 57,52.5 45,709 101,515 Treasury bills 622,969 45,402 178,795 52,610 60,645 32,807 27,371 68,654 27,468 20,265 30,610 24,324 54,018 Total U.S.Govt, securities 2,526,190 184,109 725,029 213,336 245,922 133,034 110,991 278,398 111,385 82,176 124,127 98,634 219,049 Total bills and securities 2,562,072 188,4o4 737,383 218,596 247,813 135,773 112,082 279,716 111,947 83,096 124,978 100,267 222,017 Due from foreign banks 219 16 83 22 20 9 8 26 4 3 6 6 16 F.R.notes of other banks 23,933 332 5,528 983 1,359 2,559 1,674 3,750 1,940 1,339 1,097 464 2,908 Uncollected items 664,235 70,159 190,137 50,516 63,646 51,706 19,317 89,960 26,990 16,986 34,363 22,083 28,372 Bank premises 45,615 3,029 10,053 4,889 6,293 2,755 2,216 4,651 2,366 1,495 3,217 1,253 3,398 All other assets 41,720 2,502 11,724 5,559 4,456 2,6o4 1,624 3,763 1,563 1,469 1,810 1,604 3,042 TOTAL ASSETS 12,496,481 731,137 4,433,908 819,558 1,034,836 490,746 387,168 2,139,164 440,598 306,223 449,771 318,422 944,950 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BMKS 01? JUIJE 30, 1937 (In thousands of dollars) B-SOlc L I A B I L I T I ES Total Boston Hew York Phila* Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R.notes in actual circulation 4,206,477 287,534 929,245 313,868 432,425 191,833 172,081 972,225 178,308 137,700 162,429 92,387 336,442 Deposits t Member bank - reserve account 6,900,288 333,590 3,064,437 390,492 463,985 211,715 169,573 994,944 205,596 132,154 233,309 174,692 525,801 U.S.Treasurer - General account 92,813 2,229 16,7-46 6,720 9,068 11,348 3,054 16,826 5,875 3,569 4,081 7,057 6,240 Foreign bank 157,400 11,712 55,336 15,724 14,301 6,899 5,616 18,612 4,813 3,690 4,653 4,653 11,391 Other deposits 127,671 2,299 61,825 9,236 20,254 3,263 4,898 1,872 6,029 2,586 154 3,947 11,308 Total deposits 7,278,172 349,830 3,198,344 422,172 507,608 233,225 183,141 1P32,254 222,313 141,999 242,197 190,349 554,740 Deferred availability items 664,852 69,649 185,562 49,669 63,187 50,776 19,320 90,126 29,544 17,245 35,333 24,726 29,715 Capital paid in 132,302 9,374 51,196 12,243 12,876 4,857 4,340 12,727 3,815 2,894 4,002 3,865 10,113 Surplus (Section 7) 145,8^4 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 1,1.42 1,262 1,996 Reserve for contingencies 35,906 1,570 9,117 3,000 3,121 1,497 1,690 7,832 1,199 2,055 94l 1,847 2,037 All other liabilities 5,428 480 1,226 919 289 267 226 1,080 219 211 114 135 262, TOTAL LIABILITIES 12,496,481 731,137 4,433,908 219,5581,034,836 490,746 387,168 2,139,164 440,598 306,223 449,771 318,422 944,950 Contingent liability oh bills purchased for foreign correspondents 4,015 293 1,449 393 369 173 l4l 466 120 92 117 117 285 Commitments to make industrial advances 16,331 2,155 5,747 155 1,313 1,998 335 10 1,074 65 128 302 3,049 MATURITY DISTRIBUTION OF BILLS AM) 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 ears Bills discounted 9,929 8,044 596 724 206 354 Bills bought 3,801 232 1,523 419 1,627 Industrial advances 22,152 849 246 721 813 1,940 3,763 5,251 8,569 U. S. Government securities 2,526,190 32,247 35,561 66,075 148,926 212,481 483,848 247,497 617,868 681,687 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTE STATS SIT ON JTJ1JE 30, 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 notesi Issued to F.R,bank by F.R.a^ent 4,508,973 327,709 1,020,431 330,078 457,127 302,725 189,496 995,213 186,743 -142,961 172,503 101,360 382,627 Held by Federal Reserve bank 302,496 40,175 91,186 16,210 24,702 10,892 17,415 22,988 8,435 5,261 10,074 8,973 46,185 In actual circulation 4,206,477 287,534 929,245 313,868 432,425 191,833 172,081 972,225 178,308 137,700 162,429 92,387 336,442 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 4,552,632 336,OOQ 1,030,000 335,000 459,500 205,000 178,000 1,010,000 189,632 144,000 174,000 102,500 389,000 Eligible paper 9,984 871 4,738 980 682 612 783 20 122 84 127 296 669 U.S. Gov't securities 20,000 — — — Total collateral 4,582,616 336,871 1,034,738 335,980 460,182 205,612 198,783 1,010,020 189,754 144,084 174,127 102,796 389,669 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis