H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FR-283-a STJETEMEHT FOR THE PRESS Released for publication Board of Governors Friday morning, Sept. 17; of the Federal Reserve System not earlier, September 16, 1937* CONDITION OF FEDERAL RESERVE BANKS During the week end£d Septembe^l^Jiember bank reserve balances increased $155,000,000. Additions to member bank reserves arose from decreases of $308,000,000 in Treasury cash other than inactive gold and $>43,000,000 in money in circulation and increases of $26,000,000 in Reserve bank credit and $3,000,000 in Treasury ciirrency, offset in part by increases of $218,000,000 in Treasury deposits with Federal Reserve banks and $8,000,000 in nonmember deposits and other Federal Resefrvje accounts. Excess reserves of member banks on September 15 were estimated to be approximately $880,000,000, an increase of $120,000,000 for the week. Inactive gold included in the gold stock and Treasury cash amounted to $1,120,000,000 on September 15, a decrease of $253,000,000 for the week. During the week 0300,000,000 was withdrawn, from the inactive gold account and deposited in the Federal Reserve banks. Changes in member bank reserve balances and related items during the week and the year ended September 15, 1937, were as follows! Increase or decrease since Sept. 15 Sept. 8 Sept. 16 1937 1937 1936 (in millions of dollars) Bills discounted 23 -1 +15 Bills bought 3 — U. S. Government securities 22,,552266 +96 — Industrial advances (not including 15 million commitments - September 15) 21 -8 — Other Reserve bank credit 25 +26 — Total Reserve bank credit 2,598 +26 +103 Gold stock 12,651 +47 +1,889 Treasury currency 2,590 +3 +83 Member bank reserve balances 6,865 +155 +659 Money in circulation 6,554 -43 +299 Treasury cash 3,^95 -261 +1,124 Treasury deposits with F. R. banks 3 43 +218 -70 Uonaenber deposits and other F. R. accounts 579 +8 +65 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, September 17, 1937$ not earlier, ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Sept. 15, 1937 Sept. 8, 1937 Sept. 16,1936 A S S E TS Gold certificates on hand and due from U. S.Treasury 9,129,890 8,830,890 8,386,071 Redemption fund - F. R. notes . . .. 9,192 8,964 12,102 Other cash 296,320 271.2.48 263,529 Total reserves 9,435,402 9,111,102 8,661,702, Bills discounted» Secured by U.S.Govt, obligations,direct or fully guaranteed 13,151 12,187 3,952 Other bills discounted 10,047 11,372 4,059 Total bills discounted 23,198 23,559 8,011 Bills bought in open market 3,067 3,076 3,096 Industrial advances . .. 20,603 20,709 28,521 U. S. Government securities: Bonds 738,073 738,073 378,077 Treasury notes 1,157,713 1,157,713 1,443,363 Treasury bills 630,404 630,404 608,787 Total U. S. Government securities . 2,526,190 2,526,190 2,430,227 Total bills and securities . . .. 2,573,058 2,573,534 2,469,855 Due from foreign banks 231 221 219 F. R. notes of other banks 29,l43 23,057 26,320 Uncollected items 859,544 569,257 780,969 Bank premises 45,428 45,425 48,058 All other assets 36,704 46,931 37,888 TOTAL ASSETS 12,979,510 12,369,527 12,025,011 L I A B I L I T I ES F. R. notes in actual circulation . . 4,271,313 4,295,483 4,045,458 Deposits t Member bank - reserve account . . .. 6,864,732 6,709,993 6,205,735 U. S. Treasurer - General account . . 347,686 130,390 417,924 Foreign bank 199,837 200,427 56,762 Other deposits . . .. 112,978 113,616 193,937 Total deposits . . . . .. 7,525,233 7,154,426 6,874,358 Deferred availability items 834,534 570,618 756,014 Capital paid in 132,590 132,588 130,185 Surplus (Section 7) 145,854 145,854 145,501 Surplus (Section 13 b) 27,490 27,490 27,088 Reserve for contingencies . . . . .. 35,803 35,838 34,240 All other liabilities 6,693 7,230 12,167 TOTAL LIABILITIES 12,979,510 12,369,527 12,025,011 Ratio of total reserves to deposit and F. R. note liabilities combined . . 80,0$ 7?.6% 79,3% Contingent liability on bills purchased for foreign correspondents 1,579 1,727 Commitments to make industrial advances 15,021 15,236 23,543 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a ASSETS .AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON SEPTEMBER 15, 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- 9,129,890 460,464 3,542,215 487,79-4 710,139 304,465 234,019 1,734,265 276,504 196,183 295,577 188,329 699,936 Redemption fund - F.R.notes 9,192 306 1,119 345 986 493 1,552 581 1,006 551 239 361 1,653 Other cash 296,320 26,144 77,906 22,342 17,133 17,642 15,614 40,986 15,506 6,647 17,815 13,713 24,872 Total reserves 9,435,402 486,914 3,621,240 510,481 728,258 322,600 251,185 1,775,832 293,016 203,381 313,631 202,403 726,461 Bills discounted* direct or fully guaranteed 13,151 520 7,649 802 970 363 1,005 160 426 250 348 151 507 Other bills discounted 10,047 325 7,958 19 48 314 525 135 62 176 302 183 - — TToottaall bbiillllss ddiissccoouunntteedd 23,198 84 5 15,607 821 1,018 677 1,530 160 561 312 524 453 690 tt BBiillllss bboouugghhtt iinn ooppeenn mmaarrkkeett 3,067 224 1,083 318 293 120 107 384 86 60 87 87 218 Industrial advances 20,603 2,954 5,387 3,739 809 1,929 175 807 264 732 580 1,166 2,061 U. S. Government securities* 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 630,4o4 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 :1 84,109 725,029 213,336 245,922 133,034 110,991 278,398:1 11,385 82,176 124,127 98,634 219,049 Total bills and securities 2,573,058 :1 88,132 747,106 218,214 248,042 135,760 :1 12,803 279,749 112,296 83,280 125,318 100,3^0 222,018 Due from foreign banks 231 17 94 22 20 9 8 26 4 3 6 6 16 F. R. notes of other banks 29,143 598 8,095 1,036 1,580 2,144 1,964 3,569 1,572 1,884 1,983 654 4,064 Uncollected items 859,544 86,030 215,017 63,942 86,186 73,081 27,618 121,189 37,183 24,160 42,474 35,382 47,282 Bank premises . 45,428 3,019 10,021 4,868 6,267 2,737 2,208 4,633 2,357 1,514 3,177 1,246 3,381 All other assets 36,704 2,176 10,417 4,469 4,048 2,361 1,422 3,334 1,387 1,327 1,617 1,461 2,685 TOTAL ASSETS 12,979,510 766,886 4,611,990 803,032 1,074,401 538,692 397,208 2,188,332 447,815 315,549 488,206 341,4923005,907 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FK-283-c ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BAMS OH SEPTEMBER 15, 1937 (in thousands of dollars) L I A B I L I T I ES New York Phila. CI eve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R.notes in actual circulation 4,271,313 287,788 955,661 318,780 443399,,222299 203,779 167,152 975,200 180,l4l 139,801 166,762 92,571 344,449 Deposits! Member bank — reserve account 6,864,732 350,606 2,970,602 361,238 462,672 240,003 4,255 17,113 5,363 24,740 5,953 5,801 9,501 8,080 10,757 Foreign bank 199,837 14,621 71,853 19,628 18,427 8,612 7,010 23 233 6,009 4,607 5,808 5,808 14,221 Other deposits 112,978 2,323 46,716 6,555 22,241 3,908 2,512 6,257 2,013 191 4,236 11,344 Total deposits 7,525,233 369,044 3,329,174 391,676 520,453 249,333 190,034 .1,049,287 219,010 143,638 270,578 200,617 592,389 Deferred availability items 834,534 85,992 206,235 59,087 32,799 70,688 27,246 118,998 38,008 22,745 40,894 37,244 44,598 Capital paid in 132,590 9,380 51,061 12,257 12,935 4,877 4,394 12,862 3,84l 2,891 4,053 3,870 10,169 Surplus (Section 7) 145,854 9,826 51,474 13,362 14,323 4,869 5,6l6 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 35,803 1,570 9,117 3,000 3,121 1,497 1,690 7,749 1,200 2,034 94l 1,8^7 2 £37 All other liabilities 6,693 412 1,524 545 534 227 322 1,316 4l5 32.1 223 230 624 TOTAL LIABILITIES 12,979,510 766,886 4,611,990 803,032 1,074,401 538,692 397,208 2,188,332 447,815 315,549 488,206 341,492. 1,005,907 for foreign correspondents 1,579 97 729 130 122 57 47 154 40 31 39 39 94 Commitments to make industrial advances 15,021 1,958 5,089 140 925 1,758 312 10 1,037 52 120 302 3,318 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 1 Year to 2 Years to 5 Years 5 Years Bills discounted 23,198 21,223 44 5 854 603 72 1 — — — _ — — Bills bought 3,067 1,271 391 723 682 - - - — — — Industrial advances 20,603 887 422 423 728 2,060 3,119 5,742 7,222 — — U.S .Government securities 2,526,190 28,366 27,472 57,034 59,655 386,572 438,388 209,798 631,653 687,252 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form Ffi-283-d FEDERAL RESERVE NOTE STATEMENT ON SEPTEMBER 15, 1937 (In thousands of dollars) 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 A,620,315 331,395 1,060,440 334,223 469,490 213,594 186,130 1,009,604 195,746 144,647 178,600 103,131 393,315 Held by Federal Reserve bank 349,002 43,607 104,779 15,443 30,261 9,815 18,978 34,4o4 15,605 4,846 11,838 10,560 48,866 In actual circulation 4,271,313 287,788 955,661 318,780 439,229 203,779 167,152 975,200 180,l4l 139,801 166,762 92,571 344,449 Collateral held by agent as .security for notes issued to banki Gold certificates on hand and due from U. S. Treasury 4,632,132 336,000 1,060,000 337,000 473,000 215,000 171,000 1,020,000 190,632 146,000 180,000 104,500 399,000 Eligible paper 22,807 845 15,443 822 1,018 607 1,490 160 445 312 524 453 688 U. S. Gov't securities 32,000 - - 20,000 - - 12,000 Total collateral 4,686,939 336,845 1,075,443 337,822 474,018 215,607 192,490 1,020,160 203,077 146,312 180,524 104,953 399,688 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis