H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FRr-283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Sept, 10; of the Federal Reserve System not earlier. September 9, 1937. CONDITION OF FEDERAL RESERVE BANKS During the week ended September 8 member bank reserve balances decreased $21,000,000. The reduction in member bank reserves arose from an increase of 165,000 ,000 in money in circulation and a decrease of $7,000,000 in Reserve bank credit, offset in part by decreases of $26,000,000 in Treasury deposits with Federal Reserve banks and $22^000,000 in nonmember deposits and other Federal. Reserve accounts and an increase of $2,000,000 in Treasury currency. Excess reserves of member banks on September 8 were estimated to be approximately $760,000,000, an increase of $10,000,000 for the week. Inactive gold included in the gold stock and Treasury cash amounted to $1,373,000,000 on September 8, an increase of $38,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended September 8, 1937, were.as.follows« Increase or decrease since Sept. 8 Sept. 1 Sept. 9 1937 1937 1936 (In millions of dollars) Bills discounted 24 ~ — +16 Bills bought 3 - - _ _ U. S. Government securities 22,,552266 +96 Industrial advances (not including 15 million commitments - September 8) 23. -8 Other Reserve bank credit -1. -6 -13 Total Reserve bank credit 2,572 -7 +90 Gold stock 12,60-4 +37 +1,868 Treasury currency 2,587 +2 +79 Member bank reserve balances 6,710 -21 +239 Money in circulation 6,597 +65 +321 Treasury cash 3,756 +37 +1,391 Treasury deposits with F. R. banks 130 -26 +75 Nonmember deposits and other F. R. accounts 571 -22 +12. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, September 10, 1937; not earlier. ASSETS AHD LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Sept. 8, 1937 Sept. 1, 1937 Sept. 9,1936 A S S E TS Gold certificates on hand and due from U. S. Treasury 8,830,890 8,831,389 8,372,031 Redemption fund - F. R. notes .... 8,964 8,949 12,145 Other cash . . . . .. 271,248 294,237 248,066 Total reserves . . . 9,111,102 9,134,575 8,632,242 Bills discounted! Secured by U.S.Gov't obligations, direct or fully guaranteed 12,187 12,915 3,681 Other bills discounted 11,372 10,811 4,352 Total bills discounted 23,559 23,726 8,033 ,Bills bought in open market 3,076 3,076 3,095 Industrial advances 20,709 20,785 28,628 U. S. Government securitiesi Bonds 738,073 738,073 324,721 Treasury notes 1,157,713 1,157,713 1,496,719 Treasury bills 630,4)4 630,404 608,787 Total U.S. Government securities . . 2 526 190 2,526,190 2,430,227 I J Total bills and securities . . . .. 2,573,534 2,573,777 2,469,983 Due from foreign banks 221 221 219 F. R. notes of other banks 23,057 27,785 26,775 Uncollected items 569,257 625,356 554,757 Bank premises 45,425 45,423 48,055 All other assets 46,931 45,515 45,139 TOTAL ASSETS 12,369,527 12,452,652 11,777,170 L I A B I L I T I ES F. R. notes in actual circulation . . 4,295,483 4,260,604 4,055,971 Deposits t Member bank - reserve account .... 6,709,993 6,731,214 6,471,333 U.S.Treasurer - General account . . . 130,390 156,264 54,683 Foreign bank 200,427 189,657 59,235 Other deposits 113,616 146,887 211,572 Total deposits 7,154,426 7,224,022 6,796,823 Deferred availability items 570,618 620,482 543,220 Capital paid in 132,588 132,594 130,172 Surplus (Section 7) 145,854 145,854 ' 145,501 Surplus (Section 13 b) . . 27,490 ,27,490 27,088 Reserve for contingencies 35,838 35,839 34,236 All other liabilities '7,230 5,767 44,159 TOTAL LIABILITIES .... 12,369,527 12,452,652 11,777,170 Ratio of total reserves to deposit and F. R. note liabilities combined . . . 79.6% 79.5$ 79.5% Contingent liability on bills purchased for foreign correspondents 1,727 1,873 Commitments to make industrial advances 15,236 15,404 23,721 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a ASSETS AMD LIABILITIES OF THE FEDERAL RESERVE BAMS OK SEPTEMBER 8, 1937 (In thousands of dollars) 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 8,830,890 457,606 3,245,780 493,1^5 716,678 307,823 239,079 1,713,102 276,769 196,965 295,010 186,964 701,959 Redemption fund - F.R.notes 8,964 341 1,276 345 564 323 1,605 642 1,022 559 248 370 1,669 0 ther c ash 271,248 25,481 74,172 22,015 11,307 16,544 12,822 38,183 13,184 4,8l4 16,752 12,640 23,334 Total reserves 9,111,102 483,428 3,321,228 515,515 728,549 324,690 253,506 1,751,927 290,975 202,338 312,010 199,974 726,962 Bills discounted i Secured by U.S.Gov't obligations, direct or fully guaranteed 12,187 265 7,090 627 1,010 406 812 120 341 120 273 592 531 Other bills discounted 11,372 725 8,671 50 48 189 621 135 85 119 461 268 Total bills discounted 23,559 990 15,761 677 1,058 595 1,433 120 476 205 392 1,053 799 Bills bought in open market 3,076 223 1,093 318 293 120 107 384 86 60 87 87 218 Industrial advances 20,709 2,954 5,402 3,806 809 1,935 179 809 264 735 580 1,174 2,062 U.S. Government securities J Bonds 738,073 53,791 211,831 62,330 71,850 38,868 32,428 81,340 32,543 24,009 36,266 28,818 63,999 Treasury notes 1,157,713 84,374 332,269 97,768 112,703 60,968 50,866 127,584 51,046 37,661 56,885 45,202 100,387 Treasury bills 630,404 45,944 180,929 53,238 61,369 33,198 27,697 69,474 27,796 20,506 30,976 24,614 54,663 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 2,573,534 188,276 747,285 218,137 2.48,082 135,684 112,710 279,711 112,211 83,176 125,186 100,948 222,128 Due from foreign banks 221 17 84 22 20 9 8 26 4 3 6 6 16 F. R. notes of other banks 23,057 611 5,505 64l 1,306 1,652 1,706 2,203 1,711 1,634 2,1-00 ' 494 3,494 Uncollected items 569,257 51,066 119,985 43,634 52,986 53,808 23,633 80,625 28,575 19,185 34,990 27,741 33,029 Bank premises 45,425 3,019 10,021 4,868 6,267 2,737 2,208 4,630 2,357 1,514 3,177 1,246 3,381 All other assets 46,931 2,886 13,203 5,926 4,980 2,881 1,818 4,393 1,815 1,640 2,045 1,815 3,529 TOTAL ASSETS 12,369,527 729,303 4,217,311 788,743 1,042,190 521,461 395,589 2,123,515 437,648 309,490 479,514 332,224 992,539 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form Fft-263-c ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS OH SEPTEMBER 8, 1937 (In thousands of dollars) A B I L I T I ES Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F. R. notes in actual circulation4 ,295,483 290,402 954,383 318,826 443,855 204,105 168,111 981,883 180,463 140,769 168,111 93,726 350,849 Deposits» Member bank - reserve account 6,709,993 343,021 2,846,055 361,827 458,847 231,174 179,787 974,153 199,781 132,102 254,817 183,616 544,813 U.S.Treasurer - General account 130,390 3,747 48,757 5,581 14,105 6,084 2,171 17,694 4,439 1,863 6,038 5,913 13,998 Foreign bank 200,427 14,621 72,44 3 19,628 18,427 8,612 7,010 23,233 6,009 4,607 5,808 5,808 14,221 Other deposits 113,616 3,112 49,646 6,361 21,930 3,776 3,688 1,573 6,677 2,064 234 3,373 11,182 Total deposits 7,154,426 364,501 3,016,901 393,397 513,309 249,646 192,656 1,016,653 216,906 140,636 266 ,897 198,710 584,214 Deferred availability items 570,618 50,323 125,306 42,437 53,095 52,803 22,042 80,049 29,702 18,689 34,570 28,623 32,979 Capital paid in 132,588 9,379 51,067 12,258 12,931 4,874 4,394 12,861 3,841 2,891 4,051 3,871 10,170 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 9,64 5 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 35,838 1,570 9,117 3,000 3,121 1,497 1,690 7,777 1,200 2,041 941 1,847 2,037 All other liabilities 7,230 428 1,319 1,138 549 245 326 1,372 336 345 189 334 649 TOTAL LIABILITIES 12,369,527 729,303 4,217,33-1 788,743 1,042,190 521,461 395,589 2,123,515 437,648 309,490 47?,514 332,224 992,539 Contingent liability on bills purchased for foreign correspondents 1,727 97 877 130 122 57 47 154 4o 31 39 39 94 Commitments to make industrial advances 15,236 1,961 5,270 l4o 925 1,771 312 10 1,037 54 120 302 3,334 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 dqys 60 days 90 days 6 months to 1 Year to 2 Years to 5 Years 5 Years Bills discounted 23,559 422 706 1,024 333 71 3 Bills bought 3,076 69 1,555 168 1,284 Industrial advances 20,709 908 44 5 462 667 2,056 3,100 5,746 7,325 U. S.Government securities 2,526,190 103,105 26,006 55,472 60,794 275,780 458,916 235,497 623,368 687,252 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a FEDERAL RESERVE NOTE STATEMENT ON SEPTEMBER S , 1937 (in thousands of dollars) 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 4,624,774 33^,105 1,057,430 336,357 469,005 214,852 186,473 1,010,969 200,481 l45,4o4 178,005 103,085 388,608 Held by Federal Reserve bank 32.9,291 43,703 103,0^7 17,531 25,150 10,747 18,362 29,086 20,018 4,635 9,894 9,359 37,759 In actual circulation 4,295,483 290,402 954,383 318,826 443,855 204,105 168,111 981,883 180,463 140,769 168,111 93,726 350,849 Collateral held by agent as security for notes issued to bank J Gold certificates on hand and due from U.S.Treasury 4,619,132 336,000 1,050,000 337,000 470,000 215,000 171,000 1,020,000 190,632 146,000 180,000 104,500 399,000 Eligible paper 23,166 990 15,596 627 1,058 595 1,393 120 360 185 392 1,053 797 U.S. Gov't securities 32,000 - - - - - - - - - - 20,000 - - 12,000 Total collateral 4,674,298 33& 990 1,065,596 337,627 471,058 215,595 192,393 1,020,120 202,992 146,185 180,392 105,553 399,797 r Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis