H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, July 9; of the Federal Reserve System not earlier. July 8, 1937 CONDITION OF FEDERAL RESERVE BANKS During the week ended July 7 member bank reserve balances decreased #73,000,000. The reduction in member bank reserves resulted from increases of #76,000,000 in money in circulation, #8,000,000 in Treasury cash other than inactive gold and $8,000,000 in Treasury deposits with Federal Reserve banks, offset in part by an increase of #16,000,000 in Reserve bank credit and a decrease of #2,000,000 in nonmember deposits and other Federal Reserve accounts* Excess reserves of member banks on July 7 were estimated to be approximately #880,000,000, an increase of #10,000,000 for the week. Inactive gold included in the gold stock and in Treasury cash amounted to #1,1-45,000,000 on July 7, an increase of #58,000,000 for the week* Principal changes in holdings of bills and securities were an increase of #5,000,000 in United States Treasury bills and a decrease of #5,000,000 in United States Treasury notes. Changes in member bank reserve balances and related items during the week and the year ended July 7, 1937, were as follows? Increase or decrease since July 7 June 30 July 8 1937 1937 1936 (in millions of dollars) Bills discounted 13 +3 +10 Bills bought 4 - - +1 U. S. Government securities 2,526 — +96 Industrial advances (not including 16 million commitments - July 7) 22 - - -8 Other Reserve bank credit 13 +13 +7 Total Reserve bank credit 2,578 +16 - +106 Gold stock 12,376 +58 +1,754 Treasury currency 2,552 +1 +54 Member bank reserve balances 6,827 -73 +1,013 Money in circulation 6,524 +76 +282 Treasury cash 3,511 +66 +1,003 Treasury deposits with F. R. banks 101 +8 -406 Nonmember deposits and other F, R. accounts 543 -2 +24 (B-eoi) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, July 9,1937? not earlier* B-801a ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) July 7. 1937 June 30. 1937 July 8. 1936 A S S E TS Gold certificates on hand and due from U, S. Treasury . . . . . . .. 8,835,406 *8,835,907 88,,110066,,556699 Redemption fund - F. R. notes . . .. 10,399 10,471 12,542 Other cash . .. .. , . , . 277.661 271.008 9,123,466 9,158,687 8,390,119 Bills discounted! Secured by U.S.Gov't obligations, direct or fully guaranteed . * » 9,623 77,,004422 11,,443388 2.887 1,858 Total bills discounted . 13,018 9,929 3,296 3,669 3,801 3,085 Industrial advances . . . . . . . .. 21,783 22,152 29,500 U, S. Government securities* 732,508 732,508 315,673 1,165,713 1,170,713 1,494,218 627,96? 622.969 . 620,337 Total U.S. Government securities • 2,526,190 2,526,190 2,430,228 Other securities . . . . . . . . .. 181 Total tills and securities . . . . 2,564,660 2,562,072 2,466,290 Due from foreign banks » . . . . *. 519 219 229 F, R. notes of other banks • . . . f 21,950 23,933 18,821 638,313 664,235 598,237 Bank premises .. . , . « •45,601 45,615 48,054 All other assets . . . . . 41,977 41,720 '42,53? TOTAL ASSETS . . 12,436,186 12,496,481 11,564,283 l i a b i l i t i es F. R, notes in actual circulation . . 44,,225522,,441177 4,206,477 4,040,332 Depositsi Member bank - reserve account « . . 6,826,707 6,900,288 55,,881144,,225511 U.S.Treasurer - General account , . 100,937 92,813 506,644 Foreign bank 172,335 157,400 60,321 Other deposits • 112^81 127,671 202,795 Total deposits . . . . . .. 7,212,350 7,278,172 6,584,011 625,371 664,852 593,077 Capital paid in . » 132,355 132,302 130,988 Surplus (Section 7) 145,854 145,854 145,501 Surplus (Section 13 b) 27,490 27,490 26,513 35,906 35,906 34,117 All other liabilities . . . . . . .. V4?. 5,428 9,744 TOTAL LIABILITIES ....... 12,436,186 12,496,481 11,564,283 Ratio of total reserves to deposit and F*R. note liabilities otnbined ... 7799..66** 79.756 79.0* Contingent liability on bills purchased ** for foreign correspondents . . .. 44,,113388 4,015 mm Commitments to make industrial advances 16,110 16,331 23,844 ^Revised, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON JULY 7, 1937 (In thousands of dollars) B-801b A S S E TS Total Boston New York Fhila. CELeve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Gold certificates on hand and due £kh.JL -S. treasury 6,835,406 442*120 3,292,784 522,367 702,877 275,144 238,919 1,738,264 284,086 201,563 281,510 182,431 673,341 Redemption fund - JE.R. notes 10,399 552 l,44l 313 589 808 1,455 722 1,182 687 371 453 1,826 Other cash 277,661 38,797 74,594 19,625 12,797 18,129 10,618 34,284 16,376 5,385 15,003 9,666 22,387 Total reserves 9,123,466 481,469 3,368,819 542,305 716,263 294,081 250,992 1,773,270 301,644 207,635 296,884 192,550 697,554 Bills discounted! , Secured by U.S.Gov't obligations, direct or fully guaranteed 9,623 11,,884455 3,863 1,012 506 801 525 85 9944 8844 - - 179 629 Other bills discounted 3*395 139 1,845 8 84 — — 523 — — 86 61 91 232 326 Total bills discounted 13,018 1,984 5,708 1,020 590 801 1,048 85 180 145 91 411 955 Bills bought in open market 3,669 224 1,413 355 322 146 108 385 86 60 96 98 376 Industrial advances 2211,,778833 ,, 22,,995555 55,,888899 33,,990077 876 2,004 198 912 322 774 624 1,246 22,,007766 U.S.Government securities! Bonds 732,508 53,385 210,233 61,861 71,309 38,575 32,184 80,726 32,298 23,828 35,992 28,601 63,516 Treasury notes 1,165,713 84,958 334,566 98,443 113,481 61,389 51,216 128,467 51,398 37,921 57,279 45,514 101,081 Treasury bills 627,969 45,766 180,230 53,032 61,132 33,070 27,591 69,205 27,689 20,427 30,856 24,519 54,452 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 Mils and securities 2,564,660 189,272 738,039 218,618 247,710 135,985 112,345 279,780 111,973 83,155 124,938 100,389 222,456 Due from foreign banks 219 16 83 22 20 9 8 26 4 3 6 6 16 F.R. notes of other banks 21,950 340 3,435 902 1,119 2,554 1,360 4,133 1,629 972 1,506 601 3,399 Uncollected items 638,313 62,299 146,011 48,726 62,555 58,653 24,375 85,631 30,166 17,485 39,051 26,839 36,522 Bank premises 45,601 3,029 10,053 4,889 6,293 2,755 2,216 4,651 2,366 1,495 3,203 1,253 3,398 All other assets 41,977 2,562 12,032 4,962 4,556 2,651 1,630 3,880 1,596 1,490 1,853 1,646 3,119 TOTAL ASSETS 12,436,186 738,987 4,278,472 820,424 1,038,516 496,688 392,926 2,151,371 449,378 312,235 467,441 323,284 966,464 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON JULY 7,1 937 (in thousands of dollars) B-801c L I A B I L I T I ES Total Boston New York Phila. CIeve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R. notes in actual circulation 4,252,417 292,200 934,341 315,753 437,711 193,254 173,027 981,517 179,469 139,739 165,4)8 94,160 345,838 Depositsi Member bank - reserve account 6,826,707 344,231 2,956,830 391,521 461,109 217,101 170,885 990,085 212,161 3.36,487 245,4l4 175,516 525,367 U.S.Treasurer - General account 100,937 3,636 9,454 6^635 12,209 4,547 3,632 29,628 4,399 3,456 3,219 6,149 13,973 Foreign bank 172,325 12,488 63,472 16,765 15,278 7,356 5,987 19,844 5,132 3,935 4,961 4,961 12,146 Other deposits 112,381 1,818 49,037 9,107 20,538 3,642 3,350 1,794 6,403 2,549 215 3,981 9,947 Total deposits 7,212,350 362,173 3,078,793 4^4,028 509,1342 32,646 183,854 1,041,351 228,095 146,427 253,809 190,607 561,433 Deferred availability items 625*371 60,726 145,029 47,421 59,978 55,977 23,398 83,687 31,380 16,767 38,399 27,544 35,065 Capital paid in 132,355 9,374 51,201 12,245 12,876 4,858 4,334 12,740 3,818 2,895 4,008 3,872 10,134 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 35,906 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 4,443 244 773 290 366 165 253 1,324 217 233 121 l4l 316 TOTAL LIABILITIES 12,436,186 738,987 4,278,472 820,424 1,038,516 496,688 392,926 2,151,371 449,378 312,235 467,441 323,284 966,464 Contingent liability on bills purchased for foreign correspondents 4,138 306 1,458 411 386 180 147 487 126 95 122 122 298 Commitments to make industrial advances 16,110 2,169 5,553 155 1,308 1,995 315 10 1,072 65 125 302 3,o4l 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 13,018 11,053 162 562 399 828 14 Bills bought 3,669 438 1,256 348 1,627 Industrial advances 21,783 784 767 341 969 1,972 3,116 5,379 8,4 55 U.S.Government securities 2,526,190 35,063 33,045 61,621 153,359 209,877 491,173 247,497 612,868 681,687 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTE STATEMENT ON JULY 7, 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 notess Issued to F.R.bank by F.R.agent 4,550,464 332,879 1,031,111 333,290 460,703 203,072 189,935 1,004,503 188,872 144,129 174,998 101,561 385,411 Held by Federal Reserve bank 298,047 40,679 96,770 17,537 22,992 9,818 16,908 22,986 9,403 4,390 9,590 7,4pl 39,573 In actual circulation 4,252,417 292,200 934,341 315,753 437,711 193,254 173,027 981,517 179,469 139,739 165,408 94,160 345,838 Collateral held by agent as security for notes issued to banks Gold certificates on hand and due from U. 8. Treasury 4,563,632 336,000 1,030,000 335,000 462,500 205,000 173,000 1,010,000 189,632 145,000 176,000 ^.02,500 399,000 Eligible paper 12,844 1,984 5,402 1,056 619 827 978 85 125 145 101 422 1,100 U. S. Gov't securities 20,000 - - 20,000 - - Total collateral 4,596,476 337,984 1,035,402 336,056 463,119 205,827 193,978 1,010,085 189,757 145,145 176,101 102,922 400,100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis