H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Aug. 6; of the Federal Reserve System not earlier. August 5, 1937. CONDITION OF FEDERAL RESERVE BANKS During the week ended August A member bank reserve balances decreased 9 $140,000,000. The reduction in member bank reserves resulted from increases of #81,000,000 in Treasury deposits with Federal Reserve banks, $44,000,000 in money in circulation and $15,000,000 in nonmember deposits and other Federal Reserve accounts, and from a decrease of #2,000,000 in Treasury currency. Excess reserves of member banks on August A were estimated to be approximately #700,000,000, a decrease of #110,000,000 for the week. Inactive gold included in the gold stock and in Treasury cash amounted to #1,231,000,000 on August 4, an increase of #29,000,000 for the week. The 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 August 4, 1937, were as follows! Increase or decrease since Aug. 4- July 28 Aug. 5 1937 1937 1936 (in millions of dollars) Bills discounted 15 — — +11 Bills bought 3 _ _ - - U. S. Government securities 2,526 _ _ +96 Industrial advances (not including 15 million commitments - August A) 21 -8 Other Reserve bank credit -4 +2 -1 Total Reserve bank credit 2,561 +1 +98 Gold stock 12,462 +29 +1,812 Treasury currency 2,572 -2 +76 Member bank reserve balances 6,636 -1-40 +631 Money in circulation 6,468 +44 +305 Treasury cash 3,605 +29 +1,178 Treasury deposits with F. R. banks 309 +81 -130 Nonmember deposits and other F. R. accounts 578 +15 +3 (B-801) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, August 6,1937; not earlier. B-801a ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Aug/ 4, 1937 July 28. 1937 Aug. 5. 1936 A S S E TS Gold certificates on hand and due from U. S. Treasury 8,833,399 8,833,899 8,211,046 Redemption fund - F. R. notes . . .. 9,784 9,936 13,720 Other cash 312.308 323.657 288.635 Total reserves 9,155/91 9,167,492 8,513,401 Bills discounted: Secured by U.S.Gov't obligations, direct or fully guaranteed . . .. 10,026 10,316 1,856 Other bills discounted 5.377 4.901 2.104 Total bills discounted . . .. 15,403 15,217 3,960 Bills bought in open market 3,078 3,201 3,092 Industrial advances 21,082 21,596 28,888 U. S. Government securities! Bonds 732,508 732,508 324,721 Treasury notes 1,157,713 1,162,713 1,496,719 Treasury bills 635,969 630,969 608.787 Total U.S.Government securities 2,526,190 2,526,190 2,430,227 Other securities — ~ 181 Total bills and securities . . 2,565,753 2,566,204 2,466,348 Due from foreign banks 222 222 221 F. R. notes of other banks 28,198 32,396 22,540 Uncollected items . 601,649 532,875 547,616 Bank premises 45,500 45,572 48,056 All other assets 42,692 44,769 44.190 TOTAL ASSETS 12,439,505 12,439,530 11,642,372 L I A B I L I T I ES F. R. notes in actual circulation . . 4,222,016 4,193,413 3,979,814 Deposits! Member bank - reserve account . . . 6,635,764 6,775,505 6,004,796 U.S.Treasurer - General account . . 308,778 227,818 439,391 Foreign bank IgfOSg 185,042 71,040 Other deposits 124,V2fe 120,372 249,675 Total deposits 7,264,561 7,308,737 6,764,902 Deferred availability items 606,265 589,461 550,985 Capital paid in 132,442 132,407 130,205 Surplus (Section 7) 145,854 145,854 145,501 Surplus (Section 13 b) 27,490 27,490 26,513 Reserve for contingencies 35,873 35,871 34,105 All other liabilities 5.004 6.297 10,347 TOTAL LIABILITIES 12,439,505 12,439,530 11,642,372 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 . . .. 2,917 3,212 Commitmentsto make industrial advances 15,366 15,726 23,453 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BAMS ON AUGUST 4, 1937 (In thousands of dollars) B-801b A S S E TS 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- 8,833,399 455,804 3,267,606 509,616 719,819 283,776 232,634 1,731,935 275,151 198,370 287,902 189,232 681,554 Redemption fund - F.R. notes 9,784 456 950 604 848 920 1,314 464 1,112 652 301 413 1,750 Other cash 312,308 37,760 77,073 24,050 16,789 18,765 13,955 44,630 14,873 6,113 16,711 13,698 27,891 Total reserves 9,155,491 494,020 3,345,629 534,270 737,456 303,461 247,903 1,777,029 291,136 205,135 304,914 203,343 711,195 Bills discounted Secured by U.S.Gov't obligations, direct or fully guaranteed 10,026 445555 4,492 921 662 559 1,113 179 559944 3366 440022 661133 Other bills discounted 5,377 41 2,874 50 46 270 1,108 28 127 57 133 536 107 Total bills discounted 15,403 496 7,366 971 708 829 2,221 28 306 651 169 938 720 Bills bought in open market 3,078 224 1,089 319 293 120 108 384 86 60 87 87 221 Industrial advances 2211,,008822 22,,994477 55,,449999 33,,884499 833 11,,998855 191 816 311 756 600 11,,220088 22,,008877 U.S. Government securitiest 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 1,157,713 84,375 332,270 97,767 112,702 60,968 50,865 127,585 51,046 37,660 56,886 45,202 100,387 Treasury bills 635,969 46,349 182,526 53,708 61,911 33,491 27,942 70,087 28,041 20,688 31,249 24,831 55,146 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 2,565,753 187,776 738,983 218,475 247,756 135,968 113,511 279,626 112,088 83,643 124,983 100,867 222,077 Due from foreign banks 222 16 8 6 22 20 98 2 6 4 3 66 16 F. R. notes of other banks 28,198 365 7,493 945 1,840 1,932 1,805 4,004 1,662 1,179 1,539 529 4,905 Uncollected items 601,649 59,973 146,330 51,526 57,719 49,343 21,390 80,845 26,417 17,611 38,581 22,575 29,339 Bank premises 45,500 3,024 10,038 4,878 6,280 2,746 2,212 4,640 2,361 1,492 3,190 1,250 3,389 All other assets 42,692 2,609 12,186 4,996 4,628 2,690 1,657 3,968 1,650 1,544 1,886 1,690 3,188 TOTAL ASSETS 12,439,505 747,783 4,260,745 815,112 1,055,699 496,149 388,486 2,150,138 435,318 310,607 475,099 330,260 974,109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON AUGUST 4, 1937 (In thousands of dollars) B-801c L I A B I L I T I ES Total Boston New York Phila. deve. Rich. Atlanta Chicago St. Louis Minn. Kans.Cy. Dallas San Fran. F.R.notes in actual circulation 4,222,016 287,241 934,036 314,693 433,710 192,915 171,364 971,474 180,336 137,679 166,930 92,553 339,085 Deposits t Member bank - reserve account 6,635,764 350,066 2,800,993 378,418 465,736 216,346 169,446 967,933 195,095 136,586 243,237 175,968 535,940 U.S.Treasurer - General account 308,778 9,848 132,427 6,765 27,101 12,819 5,002 60,463 9,670 2,946 9,189 12,302 20,246 Foreign bank 195,093 14,198 70,808 19,061 17,894 8,364 6,808 22,562 5,835 4,474 5,64o 5,640 13,809 Other deposits 124,926 2,890 59,148 9,656 20,740 3,377 3,092 1,709 6,242 2,569 744 4,759 10,000 Total deposits 7,264,561 377,002 3,063,376 413,900 531,471 240,906 184,348 1,052,667 216,842 146,575 258,810 198,669 579,995 Deferred availability items 606,265 59,593 142,963 53,219 58,713 47,508 20,138 81,335 27,646 16,993 39,413 28,005 30,739 Capital paid in 132,442 9,369 51,091 12,259 12,9a 4,862 4,342 12,770 3,834 2,891 4,044 3,879 10,180 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 l,4l6 545 1,003 1,142 1,262 1,996 Reserve for contingencies 35,873 1,570 9,117 3,000 3,121 1,497 1,691 7,805 1,199 2p48 941 1,847 2,037 All other liabilities 5,004 308 944 354 433 170 233 1,167 261 302 206 194 432 TOTAL LIABILITIES 12,439,505 747,783 4,260,745 815,112 1,055*699 496,149 388,486 2,150,138 435,318 310,607 475,099 330,260 974,109 Contingent liability on bills purchased for foreign correspondents 2,917 222233 965 299 281 131 107 354 92 70 89 89 217 Commitments to make industrial advances 15,366 1,983 5,399 161 938 1,947 314 10 1,039 55 122 302 3,096 MATURITY DISTRIBUTION OF BILLS AND SECURITIES TIB. thin 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 15,403 12,554 447 915 663 821 Bills bought 3,078 262 177 90 2,5^9 Industrial advances 21,082 657 251 861 524 2,065 3,446 5,709 7,569 U. S. Government securities 2,526,190 43,375 18,246 140,359 57,821 305,753 418,584 236,997 623,368 681,687 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTE STATEMENT ON AUGUST 4, 1937 (In thousands of dollars) B-SOld Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Federal Reserve notes J Issued to F.R.bank by F.R.agent 4,532,357 328,535 1,028,126 335,119 460,780 202,866 187,936 998,109 188,077 143,123 174,925 100,916 383,845 Held by Federal Reserve bank 310,341 4-1,294 94,090 20,426 27,070 9,951 16,572 , 36,635 7,74l 5,444 7,995 8,363 44,760 In actual circulation 4,222,016 287,2.41 934,036 314,693 433,710 192,915 171,364 971,474 180,336 137,679 166,930 92,553 339,085 Collateral held by agent as security for notes issued to bank s Gold certificates on hand and due from U. S. Treasury 4,582,132 336,000 1,040,000 337,000 463,000 203,000 168,000 1,020,000 190,632 145,000 178,000 102,500 399,000 Eligible paper 14,579 496 6,731 922 708 829 2,181 28 207 651 169 938 719 U. S. Gov't securities 20,000 - - - - - - - - - - 20,000 Total collateral 4,616,711 336,496 1,046,731 337,922 463,708 203,829 190,181 1,020,028 190,839 145,651 178,169 103,438 399,719 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis