H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, July 16; of the Federal Reserve System not earlier July 15, 1937 CONDITION OF FEDERAL RESERVE BAMS During the week ended July_jU^member bank reserve balances increased $101,000,000, Additions to member bank reserves arose from decreases of $67,000,000 in money in circulation, $7*000*000 in Treasury cash, other than inactive gold, $11,000,000 in Treasury deposits with Federal Reserve banks, and $10,000,000 in'nonmember deposits and other Federal Reserve accounts, and an incroaso of $7,000,000 in Reserve bank credit, Exccss reserves of member banks on July' 11+ were estimated to be approximately $960,000,000,' an increase of $80,000,000 for the week. Inactive gold included in the gold stock and in Treasury cash amounted to $1,191,000,000 on July li|, an increase of $ij.6,000,000 for the week. Changes in member bank reserve balances and related items during the week arid the year ended July ll[., 1937 were as follows: Increase or decrease since July lb July 7 July 15 1937 1937 1936 (In millions of dollars) Bills discounted 15 + 2 + 12 Bills bought b — + 1 U, S, GovQj.jjjjjejrt securities 2,526 — + 96 Industrial advances (not including 16 million commitments - July l2+) 22 7 Other Reserve bank credit 18 + 5 5 Total Reserve bank credit 2,585 + 7 + 107 Gold stock + 2+7 +1,792+ Treasury curroncy 2,551 - 1 + 55 Member bank reserve balances 6,928 +101 +1,056 Money in circulation 6,2+57 - 67 + 267 Treasury cash 3*550 + 39 +1,122 Treasury deposits with F. R. banks 90 - 11 - 503 Nonmomber deposits and other F.R. accounts 533 - 10 + 12 (B-801) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, July 16* 1937; not earlier. B-801a ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) July 1957 July 7, 1937 July 15, 1936 A S S E TS Gold certificates on hand and due from U. S. treasury ; . . . . . .. 8,835,407 8,835,406 8,186,524 Redemption fund - F. R; notes . ; . 9,549 10,399 12,5^2 Other cash 307,824 277,661 287,652 Total reserves 9,152,780 9,123,466 8,486,718 Bills discounted! Secured by U.S.Gov't obligations, direct or fully guaranteed i ; . 11,718 9*623 1*052 Other bills discounted . . . . .. 5,328 3,395 1,847 Total bills discounted . . . .. 15,046 13,018 2,899 Bills bought in open market i ; . . 3,596 3*669 3*084 Industrial advances 21,759 21,783 29,457 U. S. Government securities:1 Bonds . . . . . .. 732,508 732,508 315*672 Treasury notes 1,165,713 1,165,713 1,494,218 Treasury.bills 627,969 627,969 620,337 Total U.S.Government securities . 2,526,190 2,526,190 2,430,227 Other securities — 181 Total bills and securities . . . 2,566,591 2,564,660 2,465,848 Due from foreign banks 219 219 229 F. R. notes of other banks• i . . i . 26,890 21,950 25,884 Uncollected items- . . . . . . . .. 759,714 638,313 681,238 Bank premises 45,601 45,601 48,055 All other assets 42,945 41,977 43,499 TOTAL ASSETS 12,594,740 12,436,186 11,751,1(71 L I AB.^L_IT_IES_ F.R. notes in actual circulation . . 4,213,898 4,252,417 4,006,015 Deposits: Member bank - reserve account . . . 6,927,951 6,826,707 5,871,746 U.S.Treasurer - General account . ; 90,232 100,937 592,501 Foreign bank * . . . 159,009 172,325 60,100 Other deposits 115,621 112,381 205,713 Total deposits 7,292,813 7,212,350 6,730,060 Deferred availability items . . < . 741,434 625,371 669,018 4 Capital paid in . . i . . . . . . 132,459 132,355 129,822 t Surplus (Section 7) . . .. j . .. . 145,854 145,854 145*501 Surplus (Section 13 b) . ; i . . . 27,490 27,490 26,513 Reserve for contingencies . . . . .. 35,906 35,906 34,111 All other liabilities . .. 4,886 4,443 10,431 TOTAL LIABILITIES 12,594,740 12,436,186 11,751*471 Ratio of total reserves to deposit and F.R. note liabilities combined . . 79.5$ 79.6$ 79.0$ Contingent liability on bills purchased for foreign correspondents . . .. 4,150 4,138 Commitments to make industrial advances 16,171 16,110 23,839 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BAMS ON JULY li+, 1937 (in thousands of dollars) A S S E TS B-801b Total 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- 8,835,^07 1+35.976 3,31+9,1+11+ 511.107 697,153 269,588 231,859 l,72l+,808 280,637 197,986 282,252 185,188 669,1+79 Redemption fund - F.R.notes 9,51+9 5lU 1,270 515 525 1+26 1,1+02 651 1,165 679 358 UkO 1,806 Other cash 307,821+ 39,207 82,251+ 22,1+61 lit-,977 18,667 12,112 1+1,871 16,914+ 6,312 15,502 11,088 26,1+29 Total reserves 9,152,780 1+75.697 3,1+32,938 533,881 - 712,655 288,681 21+5,353 1,767,330 298,71+6 20l+,977 298,112 196,716 697,711+ Bills discounted: Secured by U.S.Gov't obligations. direct or fully guaranteed 11,718 770 6,809 l,0li+ 566 1,091 376 li+5 75 31+ 231+ 601+ Other bills discounted 3,328 67 1,762 8 81+ 53 599 38 86 60 91 306 .171+ Total bills discounted 15,01+6 837 8,571 1,022 650 1,11+1+ 975 183 161 91+ 91 51+0 778 Bills bought in open market 3,596 22l+ 1,339 355 322 11+6 108 385 86 60 96 99 376 Industrial advances 21,759 2,973 5,885 5,910 871+ 2,001 195 898 320 771 619 1,238 2,075 U.S.Government securities: Bonds 732,508 55,385 210,233 61,861 71,309 38,575 32,181+ 80,726 32,298 23,828 35,992 28,601 63,516 Treasury notes 1,165,713 8i+,958 33l+,566 98,1+1+3 113,1+81 61,389 51,216 128,1+67 51,398 37,921 57,279 1+5.5H+ 101,081 Treasury bills 627,969 1+5,766 180,230 53,032 61,132 33,070 27,591 69,205 27,689 20,1+27 30,856 2l+,519 5l+,l+52 Total U.S.Govt, securities 2,526,190 181+.109 725,029 213,336 21+5,922 133,031+ 110,991 278,398 111,385 82,176 12I+, 127 98,631+ 2l9,oi+9 Total bills and securities 2,566,591 188,11+3 7i+0,82i+ 218,625 21+7,768 136,325 112,269 279,861+ 111,952 83,101 12!+, 933 100,511 222,278 Due from foreign banks 219 16 83 22 20 9 8 26 1+ 3 6 6 16 F.R.notes of other banks 26,890 31+6 6,1+1+2 l,03l+ 1,305 . 1,71+1 2,096 3,599 1,898 1,903 1,916 561+ l+,ol).6 Uncollected items 759,711+ 78,5l+l+ 189,228 56,757 80,000 60,157 22,751 108,773 31+.61+5 19,227 1+1+, 65I+ 29,333 35,665 Bank premises 1+5,601 3,029 10,053 l+,889 6,293 2,755 2,216 i+,651 2,366 1*1+95 3,203 1,253 3,398 All other assets it2,9l+5 2,599 12,1+15 5,051 i+,619 2,723 1,659 3,975 1,625 1,525 1,918 1,668 3,188 TOTAL ASSETS l2,59l+,7l+0 71+8,371+ i+,391,983 820,237 1,052,61+0 1+92,371 386,352 2,168,218 1+51,236 312,231 !+7l+,7l+2 330,051 966,305 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF TEE FEDERAL RESERVE BAMS OK JULY lk, 1937 (In thousands of-dollars) L I A B I L I T I ES B-801c Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R.notes in actual circulation 4,213,898 283,546 927,059 315,012 435,236 190,942 169,876 976,354 173,972 137,331-:. 164,828 92,037 337,702 Deposits: Member bank - reserve account 6,927,951 342,775 3,026,785 308,500 1+63,106 213,095 169,519 1,003,381 209,71+0 138,193 21+7,7 oli 182,062 51+3,091 U.S.Treasurer- General account 90,232 1,026 31,272 l+,696 8,087 1+,661+ 3,592 19,187 3,870 2,863 l+,254 3,860 2,861 Foreign bank 159,009 11,1+91 58,1+18 15,427 14,483 6,769 5,510 18,261 l+,722 3,621 l+,565 l+,565 11,177 Other deposits 115,621 2,876 1+9,000 9,1+31 20,721 3,530 3,121 1,591+ 6,910 2,358 187 i+,861 11,012 Total deposits 7,292,313 358,168 3,165,1+75 418,054 506,397 228,058 181,742 1,042,1+23 225,242 147,035 256,710 195,368 568,141 Deferred availability items 71+1,1+31+ 77,713 179,061+ 53,91+2 79,194 58,539 22,045 104,681 36,531 18,541 43,241 31,628 36,315 Capital paid in 132,1+59 9,378 51,223 12,245 12,916 4,860 4,336 12,746 3,823 2,896 4,022 3,877 10,137 Surplus (Section 7) 145,854 9,826 51,1+71+ 13,362 H+,323 4,869 5,616 21,504 4,655 3,116 3,613 3,851 9,645 Surplus (Section 13 b) 27,490 2,871+ 7,744 i+,325 1,007 3,422 754 1,1+16 545 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 2,055 941 1,847 2,037 All other liabilities 4,886 299 827 297 446 184 293 1,262 269 251 245 181 332 TOTAL LIABILITIES 12,594,740 71+8,371+ 14,391,983 820,237 1,052,61+0 1+92,371 386,352 2,168,218 1+51,236 312,231 474,742 330,051 966,305 Contingent liability on bills purchased for foreign correspondents 4,150 306 1,1+70 1+11 386 118800 li+7 1+86 126 96 122 122 298 Commitments to make industrial advances 16,171 2,l45 5,527 167 1,435 1,991 315 10 1,072 63 125 302 3,019 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Within 16 to 31 to 61 tc 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 15,046 12,877 151 761 414 830 13 —— —— „ „ Bills bought 3,596 1,455 190 324 1,-627 — -- — Industrial advances 21,759 749 736 657 808 2,358 2,^85 8,524 -- U.S.Government securities 2,526,190 35,561 38,628 57,993 246,834 214,377 490,7145 2bbsk97 615,868 681,687 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTE STATEMENT ON JULY ll+, 1937 (in thousands of dollars) B-801d Total Boston New York Fhila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran* Federal Reserve notes: Issued to F.R.bank by F.E.agent i+,552,61+6 331,887 1,032,588 331,127 U63,501 202,129 188,930 1,005,2142 107,565 lU3,317 175,037 100,96? 390,351+ Held by Federal Reserve bank 336,71+0 1+3,51+1 105,529 16,115 20,265 11,107 19»05U 28,660 8,593 5,983 10,209 8,932 52,652 In actual circulation 1+,213,890 208,51+6 927,059 315,012 1+35,236 190,91+2 169,876 976,351+ 170,972 137,331+ l6i+,.020 92,037 337,702 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 1+,507,632 336,000 1,01+0,000 335,000 1+65,500 205,000 173,000 1,020,000 190,632 11+5,000 176,000 102,500 399,000 Eligible paper li+,860 837 8,192 1,058 679 1,170 967 183 106 9k 100 551 923 U. S. Gov't securities 20,000 — — — — — 20,000 Total collateral i+,622,1492 336,837 1,01+8,192 336,050 1+66,179 206,170 193,967 1,020,183 190,738 ll+5,09l+ 176,100 103,051 399,923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis