H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, July 23; of the Federal Reserve System not earlier. July 22, 1937 COM)ITION OF FEDERAL RESERVE BAMS During the week endod July 21 member bank reserve balances decreased $70,000,000« The reduction in member bank reserves resulted from an increase n of $9^*000*000 i Treasury deposits with Federal Reserve banks and a decrease of $21*000*000 in Reserve bank credit, offset in part by an increase of $2,000,000 in Treasury currency and decreases of 121,000,000 in money in circulation, $5,000*000 in Treasury cash other than inactive gold, and $17*000,000 in nonmember deposits and other Federal Reserve accounts * Excess reserves of member banks on July 21 were estimated to bo approximately $870,000,000, a decrease of $90,000,000 for tho" woek. Inactive gold included in the gold stock and in Treasury cash amounted to $1,173*000,000 on July 21, a decrease of $18,000,000 for the week» The principal changes in holdings of bills and securities were an increase of ¥3*000,000 in U. S» Treasury bills and a decrease of $3*000,000 in U. S. Treasury notes. Changes in member bank reserve balances and related items during the week and the year ended July 21, 1937 were as follows: Increase or decrease since July 21 July lU July 22 1937 1937 1936 (In millions of dollars) Bills discounted 12 - 3 + 9 Bills bought 3 - 1 — U, S. Government securities 2,526 — + 96 Industrial advances(not including 16 million commitments - July 21) 22 — - 8 Other Reserve bank credit * -18 Total Reserve bank credit 2,56k -21 + 98 Gold stock 12,1+01; -19 +1,770 Treasury currency 2,553 + 2 + 56 Member bank reserve balances 6,858 -70 + 923 Money in circulation 6,1+36 -21 + 283 Treasury cash 3,527 -23 +1,091 + Treasury deposits with F, R. banks 181+ 9h - 335 Nonmember deposits and other F.R. accounts 516 -17 - 38 *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 23, 1937; not earlier. B-801a ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) July 21, 1937 July 14, 1937 July 22, 1936 A S S E TS Gold certificates on hand and due from U. S# Treasury . . . . . .. 8,833,905 8,835,407 8,185,322 • Redemption fund - F» R. notes • • • 9,976 9,549 12,185 Other cash 318,928 307,824 293,1440 • Total reserves • 9,162,809 9,152,780 8,490,947 Bills discountedt Secured by U.S«Gov't obligations> direct or fully guaranteed 1 . . 8,619 11,718 1,528 • Other bills discounted • • . . . 3,553 3,328 1,863 Total bills discounted • • • 12,172 15,046 3,391 • Bills bought in open market' • • • 3,280 3,596 3,088 • Industrial advances « • . . • • . 21,665 21,759 29,573 U. S Government securities: • t 732,508 732,508 324,721 • 1,162,713 1,165,713 1,496,719 Treasury bills • • . . • • . 630,969 627,969 608,787 Total US.Government securities 2,526,190 2,526,190 2,430,227 # • 181 — — Total bills and securities . . • 2,563,307 2,566,591 2,466,460 Due from foreign banks 222 219 225 F. notes of other banks- . ; . 28,917 26,890 28,268 • Uncollected items • • • . • i . 61+5,144.5 759,714 591,182 45,582 45,601 48,055 All other assets 1+3^88 42,945 144,275 TOTAL ASSETS . . . . • 12,1489,870 12,594,7140 11,669,1412 LI A B I L I T I ES F. R.notes in actual circulation • 4, 197,871 4,213,898 3,976,863 • Deposits: • Member bank - reserve account . 6,858,300 6,927,951 5,935,131 • U.S.Treasurer - General account 183,71+3 90,232 519,317 • Foreign bank 161,861+ 159,009 61,415 Other deposits . 95,966 115,621 238,1445 # Total deposits * « • . . . 7,299,873 7,292,813 6,754,308 Deferred availability items • . . 61(5,176 741,434 591,841 • Capital paid in • * 132,514 132,459 129,790 • Surplus (Section 7) • i . « • • 11)5,854 145,854 145,501 Surplus (Section 13 b) . • ; . • 27,490 .27,490 26,513 • Reserve for contingencies • • • • 35,672 35,906 34,105 • All other liabilities . . . . • 5,220 4,886 10,491 TOTAL LIABILITIES • . . • 12,489,870 12,594,740 11,669,412 Ratio of total reserves to deposit and F.R* note liabilities combined • . 79.7/o. 19*5% 19.1% Contingent liability on bills purchased for foreign correspondents . . .. 3,587 4,150 «W> mm Commitments to make industrial advances 15,859 16,171 23,771 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS .ON JULY 21, 1937 (In thousands of dollars) B-801b A S S E TS Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Ivlinn. Runs. Cv. Dallas San rran. GGoolldd ccoorrttiiffiiccaattooss oonn hhaanndd aanndd due from U. S. Treasury 8,833,905 M*2,8o2 3,380,930 509,8i|6 692,771+ 268,851+ 225,2kl 1,711,917 272,519 195,231+ 279,298 182,350 672,080 Redemption fund - F.R.notes 9,976 482 1,068 692 896 706 1,31+8 509 1,121+ 658 310 1+21 1,762 Other cash 318,928 38,711 81,769 22,951+ 19,958 20,809 13,569 1+3,091 16,311+ 6,706 15,210 11,910 27,927 Total reserves 9,162,809 1482,055 3,^63,767 533,1+92 713,628 290,369 2140,158 1,755,517 289,957 202,598 2914,818 1914,681 701,769 Bills discounted: T Secured by U,S,Govt obligati ons, direct or fully guaranteed 8,619 1+35 4,070 1,076 579 668 387 H+5 1514 3l+ 15 689 367 Other bills discounted 3,553 102 1,769 — 31+ ll+9 731 38 86 60 110 392 82 Total bills discounted 12,172 537 5,839 1,076 613 817 1,118 183 2I4O 91+ 125 1,081 1+1+9 Bills bought in open market 3,280 22k 1,131 31+1 321 ll+6 108 3814 86 60 96 99 281+ Industrial advances 21,665 2,961 5,867 3,902 85U 1,996 193 896 320 760 613 1,230 2,073 U#SGovernment securities: # Bonds 732,508 53,385 210,233 61,861 71,309 30,575 32,181+ 80,726 32,298 23,828 35,992 28,601 63,516 Treasury notes 1,162,713 84,739 333,705 98,189 113,189 61,231 51,085 128,136 51,266 37,823 57,132 1+5,397 100,821 Treasury bills 630,969 1+5,985 181,091 53,286 61,1+214 33,228 27,722 69,536 27,821 20,525 31,003 2l+,636 5U,712 Total U.S.Govt, securities 2,526,190 18^,109 725,029 213,336 21+5,922 133,031+ 110,991 278,398 111,385 82,176 124,127 98,631+ 219,01+9 Total bills and securities 2,563,307 187,831 737,866 218,655 21+7,710 135,993 112,1.10 279,861 112,031 83,090 124,961 ioi,oltl+ 221,855 Due from foreign banks 222 16 86 22 20 9 8 26 1+ 3 6 6 16 F.R* notes of other banks 28,917 31+8 8,6014 1,027 1,516 1,679 1,959 3,1427 1,789 1,366 2,315 551 i+,336 Uncollected items 6U5,^5 65,1+59 152,800 50,975 65,535 53,531 21,299 88,667 29,085 18,026 l+0,9Gl+ 26,185 32,979 Bank premises U5,582 3,029 10,053 l+,878 6,293 2,755 2,213 1+,651 2,366 1,1+95 3,2C3 1,253 3,395 All other assets U3,538 2,650 12,1+58 5,261 14,689 2,718 1,689 l+,Ql+7 1,655 1,51+1 1,962 1,675 3,243 TOTAL ASSETS 12,1^89,870 71*1,388 h*3Q5*63U 8lU,310 1,039,391 1+87,05^4 379,736 2,136,196 106,887 308,119 i+68,169 325,395 967,591 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON JULY 21, 1937 (In thousands3 of dollars) B-OOIC L I A B I L I T I ES Total Boston Hew York Phi la. Glove. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R.notes in actual circulation 4,197,871 206,131 923,025 313/590 1+31,708 189,605 168,659 975,239 179,144 137,546 164,659 92,227 336,200 Deposits: Member bank - reserve account 6,850,300 31+8,7142 3,000,620 309,111 1+61,320 212,279 166,331 904,064 200,1410 133,401 243,774 177,102 5140,346 U.S.Treasurer - General accoui t 183,71+3 2,360 103,112 3,171+ 13,371 7,188 3,204 21,899 5,074 3,933 4,012 6,480 9,128 Foreign bank 161,061+ 11,835 58,271 15,888 ll+,915 6,971 5,674 10,006 4,863 3,729 4,701 4,701 11,510 Other deposits 95,966 3,055 30,779 9,186 20,1+99 3,247 2,005 1,827 6,405 2,481 165 4,869 10,568 Total deposits 7,299,873 365,992 3., 192,782 1+17,359 510,105 229,685 178,094 1,027,396 216,752 143,51+4 253,452 193,160 Deferred availability items Capital paid in Surplus (Section 7) Surplus (Section 13 b) Reserve for contingencies All other liabilities TOTAL LIABILITIES M •< NV oNrV 61+5,176 65,323 H+9,311 1+9,896 65,703 52,946 20,305 88,767 30,510 17,714 40,081 29,004 35,616 132,511+ 9,385 51,223 12,21+7 12,910 4,861 4,337 12,758 3,034 2,896 4,034 3,070 10,143 11+5,854 9,826 51,1+71+ 13,362 li+,323 4,069 5,616 21,504 4,655 3,116 3,613 3,851 9,645 27,1+90 2,871+ 7,714+ l+,325 '1,007 3,422 751+ 1,416 545 1,003 1,142 1,262 1,996 35,872 1,570 9,117 3,000 3,121 1,496 1,691 7,005 1,199 2,G4G 941 1,847 2,037 5,220 207 950 531 i|26 170 200 1,261 240 252 247 166 394 12,^89,870 741,388 h>305,63b 01^,310 1,039,391 km,05k 379,736 2,136,196 436,887 308,119 468,169 325,395 967,591 Contingent liability on'bills purchased for foreign correspondents 3,587 262 1,295 351 330 154 126 hi 6 108 82 ioU io4 255 Commitments to make industrial advances 15,859 2,009 5,484 167 1,307 1,955 315 10 i,c45 64 125 302 2,996 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 50 days 60 days 90 days 6 months to 1 Year to 2 Years to 5 Years 5 Years Bills discounted 12,172 9,621+ 283 918 559 786 Bills bought 3,280 273 225 232 2,550 Industrial advances 21,665 1,216 87 674 844 1,090 3,056 5,434 8,1+61+ U.S.Government; securities 2,526,190 32,0/45 1+3,375 127*1*16 65,661 217,990 1+96,651 238,997 621,368 601,607 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE 110TE STATEMENT ON JULY 21, 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 notes: Issued to F.R.bank by F.R.agent I4,5^0,032 329,120 1,028,550 333,3lt9 k62,836 201,139 187,352 1,003,8142 189,035 11*2,769 175,822 100,597 385,621 Held by Federal Reserve bank 3l+2,l6l 1+2,989 105,525 19,759 31,0^8 11,53k 10*693 28,553 9,091 5,223 11,163 8,370 U9,kl3 In actual circulation 1**197*071 286,131 923,025 313,590 Ii3l»700 189,605 168,659 975,289 179,1144 137,51+6 l61i,659 92,227 336,208 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury U,505,632 336,000 1,0)40,000 335,000 1;65,500 201,000 173,000 1,020,000 190,632 L'-i5,000 178,000 1 02,500 399,000 Eligible paper 11,677 537 5,21+4 1,099 6I42 8I43 1,110 183 135 9b 135 1,093 512 U. S. Gov't securities 20>000 — — — — — 20,000 Total collateral 1+,617,309 336,537 l,0l+5*2L|ii. 336,099 l|66,ll42 201,8143 1914,110 1,020,183 190,817 1145,0914 178,135 103,593 399,512 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis