H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, July 30; of the Federal Reserve System not earlier. July 29, 1937. CONDITION OF FEDERAL RESERVE BANKS During the week ended July 28, member bank reserve balances decreased $82,000,000. The reduction in member bank reserves resulted from increases of $20,000,000 in Treasury cash other than inactive gold, $44,000,000 in Treasury deposits with Federal Reserve banks and $47,000,000 in nonmember deposits and other Federal Reserve accounts and a decrease of $4,000,000 in Reserve bank credit offset in part by an increase of $21,000,000 in Treasury currency and a decrease of $12,000,000 in money in circulation. Excess reserves of member banks on July 2.8 were estimated to be approximately $810,000,000, a decrease of $60,000,000 for the week. Inactive gold included in the gold stock and in Treasury cash amounted to $1,202,000,000 on July 28, an increase of $29,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended July 28, 1937, were as follows! Increase or decrease since July 28 July 21 July 29 1937 1937 1936 (In millions of dollars) Bills discounted 15 +3 +11 Bills boilgftt 3 U. S. Government securities 22,,552266 +96 Industrial advances (not including 16 million commitments - July 28) 22 Other Reserve bank credit -o* -6 — Total Resei-ve bank credit 2,560 -4 +99 Gold stock 12/33 +29 +1,791 Treasury currency 2,574 +21 +78 Member bank reserve balances 6,776 -82 +760 Money in circulation 6,424 -12 +301 Treasury cash 3,576 +49 +1,135 Treasury deposits with F.R. banks 228 +44 -238 Nonmeftiber deposits and other F. R. accounts 563 +47 +1.1 (B-801) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, July 30,1937; not earlier* B-801a ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) July 28, 1937 July 21, 1937 July 29, 1936 A S S E TS Gold certificates on hand and due from U. S. Treasury 8,833 ,899 8,833,905 8,185,529 Redemption fund - F. R. notes % • 9,936 9,976 11,663 Other cash . . . . . 323,657 318,928 303,084 Total reserves • • • • . . • •. 9,167,492 9,162,809 8,500,276 Bills discounted! Secured by U.S.Gov't obligations, direct or fully guaranteed 10,316 8,619 1,676 Other bills discounted . . . 4,901 3,553 1,992 Total bills discounted , . * 15,217 12,172 3,668 Bills bought in open market . . 3,201 3,280 3,092 Industrial advances 21,596 21,665 29,584 U. S. Government securities * Bonds 732,508 732,508 324,721 Treasury notes . 1,162,713 1,162,713 1,496,719 Treasury bills .. 630,969 630,969 608,787 Total U. S. Government securities 2,526,190 2,526,190 2,430,227 Other securities . . . 181 Total bills and securities . . . 2,566,204 2,563,307 2,466,752 Due from foreign banks . . . . .. 222 222 221 F. R. notes of other banks . . .. 32,396 28,917 24,185 Uncollected items . . 582,875 645,445 553,019 Bank premises • 45,572 45,582 43,055 All other assets 44,769 43,588 45,282 TOTAL ASSETS 12,439,530 12,489,870 11,637,790 l i a b i l i t i es F. R. notes in actual circulation . . 4,193,413 4,197,871 3,951,101 Depositsi Member bank - reserve account . . . 6,775,505 6,858,300 6,016,170 U.S.Treasurer - General account . . 227,818 183,743 466,210 Foreign bank . . • 185,042 161,864 57,158 Other deposits 120,372 95,966 240,676 Total deposits 7,308,737 7,299,873 6,780,214 Deferred availability items 589,461 645,176 559,363 Capital paid in . 132,407 132,514 130,170 Surplus (Section 7) 145,854 145,854 145,501 Surplus (Section 13 b) 27,490 27,490 26,513 Reserve for contingencies 35,871 35,872 34,104 All other liabilities 6,297 5,220 10,824 TOTAL LIABILITIES . . .. 12,439,530 12,489,870 11,637,790 Ratio of total reserves to deposit and F. R, note liabilities combined . . 79.7% 79.7% 79.2$ Contingent liability on bills purchased for foreign correspondents . . .. 3,212 3,587 Commitments to make industrial advances 15,726 15,859 23,711 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BAMS ON JULY 28, 1937 (In thousands of dollars) B-801b A S S E TS Total Boston Hew York Phila. CIeve. Rich. .A tlanta Chicago St.Louis Minn. K:a ns.Cy. Dallas San Fran, Gold certificates on hand and i<u e from U. S. Treasury- 8,833,899 438,316 3,372,267 499,436 700,266 274,887 230,328 1,709,485 271,671 194,745 283,775 179,210 679,513 Redemption fund - F. R. notes 9,936 482 1,068 652 896 706 1,348 509 1,124 658 310 421 1,762 Other cash 323,657 38,223 78,068 22,191 19,768 21,856 13,435 47,131 16,203 7,157 16,593 13,812 29,220 Total reserves 9,167,492 477,021 3,451,403 522,279 720,930 297,449 245,111 1,757,125 288,998 202,560 300,678 193,443 710,495 Bills discountedi Secured by U.S.Gov't obligations, direct or fully guaranteed 10,316 630 4,758 1,089 632 878 624 75 174 44 36 734 642 Other bills discounted 4,901 102 2,347 50 34 239 1,286 32 82 59 109 458 103 Total bills discounted 15,217 732 7,105 1,139 666 1,117 1,910 107 256 103 145 1,192 745 Bills bought in open market 3,201 224 1,130 319 293 123 108 384 86 60 96 98 280 Industrial advances 21,596 2,957 5,860 3,899 843 1,993 192 870 314 763 612 1,221 22,,007722 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 1,162,713 84,739 333,705 98,189 113,189 61,231 51,085 128,136 51,266 37,823 57,132 45,397 100,821 Treasury bills 630,969 45,985 181,091 53,286 61,424 33,228 27,722 69,536 27,821 20,525 31,003 24,636 54,712 Total P.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 2,566,204 188,022 739,124 218,693 247,724 136,267 113,201 279,759 112,04l 83,102 124,980 101,145 222,146 Due from foreign banks 222 16 8 6 22 2 0 98 2 6 4 3 66 16 F. R. notes of other banks 32,396 356 12,265 989 1,493 2,350 1,806 3,687 1,933 1,113 1,442 549 4,413 Uncollected items 582,875 61,049 l42,4l4 46,233 59,127 47,498 17,847 80,695 24,640 16,412 34,477 22,553 29,930 Bank premises 45,572 3,029 10,053 4,878 6,293 2,746 2,213 4,651 2,365 1,495 3,204 1,256 3,389 All other assets 44,769 2,699 12,713 5,591 4,779 2,796 1,723 4,168 1,691 1,580 1,999 1,723 3.307 TOTAL ASSETS 12,439,530 732,192 4,368,058 798,685 1,040,366 489,115 381,909 2,130,111 431,672 306,265 466,786 320,675 973,696 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS Oil JULY 28, 1937 (in thousands of dollars) B-801b L I A B I L I T I ES Total Boston Hew York Fhila. Clove. Rich. Atlanta Chicago St.Louis Minn. Knns.Cy. Dallas San Fran. F.R.notes in actual circulation 4,193,-413 286,025 921,741 315,265 434,857 189,506 168,497 971,105 179,265 136,474 164,796 91,432 334,450 Deposits i Member bank - reserve account 6,775,505 338,301 2,948,013 371,924 462,087 206,535 169,745 983,991 200,590 134,676 244,407 175,428 539,808 U.S.Treasurer - General account 227,818 6,490 116,369 3,397 12,204 19,767 3,694 24,837 3,461 2,873 7,698 8,257 18,771 Foreign bank 185,042 13,483 67,023 18,100 16,992 7,942 6,464 21,424 5,541 4,245 5,356 5,356 13,113 Other deposits 120,372 3,l4o 55^007 9,764 20,892 3,315 2,950 2,269 6,138 2,390 94 4,059 10 354 T Total deposits 7,308,737 361,414 3,186,412 403,185 512,175 237,559 182,853 1,032,521 215,730 144,187 257,555 193,100 :5 82,046 Deferred availability items 589,461 60,766 139,501 46,4l4 61,471 47,199 17,842 81,395 26,164 16,265 34,422 25,096 32,926 Capital paid in 132,407 9,382 51,095 12,254 12,919 4,861 4,344 12,767 3,834 2,890 4,035 3,879 10,147 Surplus (Sectidn 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 35,871 1,570 9,117 3,000 3,121 1,496 1,690 7,805 1,199 2,048 941 1,847 2,037 All other liabilities 6,297 335 974 880 493 203 313 1,598 280 282 282 208 449 TOTAL LIABILITIES 12,439,530 732,192 4,368,058 798,685 ]L ,O4O,366 489,115 381,909 2,130,111 431,672 306,265 466,786 3.2 0,675 973,696 Contingent liability on bills purchased for foreign correspondents 3,212 224400 1,111 322 303 ll44ll 115 381 99 76 95 95 234 Commitments to make industrial advances 15,726 2,003 5,462 162 1,303 1,948 315 10 1,045 64 125 302 2,987 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 ? Year to 2 Years to 5 Years 5 Years Bills discounted 15,217 12, 304 511 774 806 817 5 Bills bought 3,201 208 271 173 2,549 — - — — • — — — Industrial advances 21,596 1, 149 94 656 792 2,050 2,972 5,464 8,419 U.S.Government securities 2,526,190 38, 628 27,447 142,926 57,736 222,616 494,785 236,997 623,368 681,687 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE HOTE STATEMENT ON JULY 28, 1937 (In thousands of dollars) B-801b Total Boston Hew 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 4,523,643 328,376 1,036,880 333,097 461,-452 199,524 186,808 996,224 188,031 142,828 176,004 99,695 384,724 Held by Federal Reserve bank 330,230 42,351 105,139 17,832 26,595 10,018 18,311 25,119 8,766 6,354 11,208 8,263 50,274 In actual circulation 4,193,413 286,025 921,741 315,265 434,857 189,506 168,497 971,105 179,265 136,474 164,796 91,432 334,450 Collateral held by agent as security for notes issued to bank! Gold certificates on hand and due from U. S. Treasury 4,580,632 336,000 1,040,000 335,000 465,500 201,000 168,000 1,020,000 190,632 145,000 178,000 102,500 399,000 Eligible paper 14,531 732 6,489 1,090 666 1,120 1,871 107 202 94 ' 155 1,204 801 U. S. Gov't securities 20,000 20,000 Total collateral 4,615,163 336,732 1,046,489 336,090 466,166 202,120 189,871 1,020,107 190,834 145,094 178,155 103,704 399,801 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis