H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FR-2S3 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Oct* 22; of the Federal Reserve System not earlier, October 21, 1937 CONDITION OF FEDERAL RESERVE BANKS During the week ended October 2Q member bank reserve* balances increased $20,000,000. Additions to member bank reserves arose from a decrease of $39,000,000 in money in circulation and increases of $7,000,000 in Reserve bank credit and $4,000,000 in Treasury currency, offset in part by increases of $11,000,000 in Treasury cash other than inactive gold and $21,000,000 in nonmember deposits and other Federal Reserve accounts* Excess reserves of member banks on October 20 were estimated to be approximately $1,020,000,000, an increase of $30,000,000 for the week. Inactive gold included in the gold stock and Treasury cash amounted to $1,261,000,000 on October 20, an increase of $9,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended October 20, 1937, were as follows I Increase or decrease since Oct. 20 Oct. 13 Oct. 21 1937 1937 1936 (in millions of dollars) Bills discounted 18 -5 +12 Bills bought 3 — — ' U. S. Government securities 2,526 — +96 Industrial advances (not including 15 million commitments - October 20) 19 -1 - 7 Other Reserve bank credit -2. +12 +1 Total Reserve bank credit 2,565 +7 +102 Gold stock 12,793 +9 +1,785 Treasury currency 2,605 +4 +91 Member bank reserve balances 6,939 +20 +246 Money in circulation 6,546 -39 +235 Treasury cash 3,654 +20 +1,251 Treasury deposits with F. R. banks 82 -1 -6 Nonmember deposits and other F. R. accounts 743 +21 +252 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-28>a Released for publication Friday morning, October 22,1937; not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Oct. 20,1937 Oct. 13,1937 Oct. 21,1936 A S S E TS Gold certificates on hand and due from U. S. Treasury 9,126,389 9,126,889 8,609,328 Redemption fond - F. R. notes 9,438 9,6 46 12,471 Other cash . 303,903 293,765 253,547 Total reserves 9,439,730 9,430,300 8,875,346 Bills discounted» Secured by U.S.Gov't obligations,direct or fully guaranteed 13,193 13,268 3,103 Other bills discounted 5,291 10,183 3,067 Total bills discounted 18,484 23,451 6,170 Bills bought in open market 2,830 2,830 3,089 Industrial advances 19,478 19,622 26,427 U. S. Government securities: Bonds 738,073 738,073 378,077 Treasury notes 1,157,713 1,157,713 1,443,363 Treasury bills 630,4o4 630,404 608,7o7 Total U.S. Government securities . . 2,526,190 2,526,190 2,430,227 Total bills and securities . . . .. 2,566,982 2,572,093 2,465,913 Due from foreign banks 173 173 218 F. R. notes of other banks 28,431 27,814 24,797 Uncollected items 714,261 657,615 654,301 Bank premises 45,455 45,456 48,062 All other assets 39,679 40,849 38,307 TOTAL ASSETS 12,834,711 12,774,300 12,106,944 L I A B I L I T I ES F. R. notes in actual circulation . . . 4,270,223 4,291,519 4,091,064 Deposits* Member bank - reserve account 6,938,802 6,918,902 6,693,447 U.S.Treasurer - General account .... 81,557 83,231 83,337 Foreign bank . 276,444 283*014 63,782 Other deposits 202,130 174,745 163,492 Total deposits 7,498,933 7,459,892 7,009,058 Deferred availability items 716,04l 672,090 657,033 Capital paid in 132,679 132,656 130,243 Surplus (Section 7) 145,854 145,854 145,501 Surplus (Section 13 b) 27,615 27,490 27,088 Reserve for contingencies 35,769 35,803 34,2.36 All other liabilities 7,597 8,996 12,721 TOTAL LIABILITIES 12,834,711 12,774,300 12,106,944 Ratio of total reserves to deposit and F. R. note liabilities combined . . . 80. 80.2% 80,0$ Contingent liability on bills purchased for foreign correspondents 1,855 1,511 - r Commitments to make industrial advances 14,549 *l4,654 22,774 *Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-28>b ASSETS AND LIABILITIES OF TEE FEDERAL RESERVE BANKS ON OCTOBER 20, 1937 (in thousands of dollars) A S S E TS Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cyv Dallas San Fran. Gold certificates on hand and due from U. S. Treasury 9,126,389 465,055 3,561,968 496,903 609,173 306,488 229,841 1,739,497 279,424 194,457 281,134 185,160 697,289 Redemption fund - F. R. notes 9,438 96 1,527 1,032 690 526 1,385 782 934 515 175 312 1,464 Other cash 303,903 28,174 74,523 23,786 18,164 18,500 13,619 38,521 16,514 7,980 19,899 16,358 27,865 Total reserves 9,439,730 493,325 3,638,018 521,721 708,027 325,514 244,845 1,778,800 296,872 202,952 301,208 201,830 726,618 Bills discountedJ Secured by U.S.Gov't obligations, direct or fully guaranteed 13,193 3l4 6,367 1,602 8l4 533 839 1,070 215 615 157 264 403 Other bills discounted 5,291 675 2,638 202 142 136 454 62 7 148 538 230 59 Total bills discounted 18,484 989 9,005 1,804 956 669 1,293 1,132 222 763 695 494 462 Bills bought in open market 2,830 205 1,016 291 268 110 98 352 78 54 79 79 200 Industrial advances 19,478 2,902 4,680 3,652 804 1,883 154 774 244 673 503 1,128 2,081 U. S. Government securities* Bonds 738,073 53,791 211,831 62,330 71,850 38,868 3322,,442288 8811,,334400 3322,,554433 2244,,000099 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.Gov't securities 2,526,190 184,109 725,029 213,336 245,922 133,034 110,991 278,398 111,385 82,176 12.4,127 98,634 219,049 Total bills and securities 2,566,982 188,205 739,730 219,083 247,950 135,696 112,536 280,656 111,929 83,666 125,404 100,335 221,792 Due from foreign banks 173 l4 56 19 17 8 7 23 2 2 6 6 13 F.R. notes of other baiks 28,431 524 8,540 1,177 1,351 2,449 2,278 3,312 2,013 1,029 1,735 663 3,360 Uncollected items 714,261 71,727 177,752 57,870 68,4l4 59,440 24,543 95,025 31,181 20,521 37,612 29,781 40,395 Bank premises 45,455 3,01-5 10,005 4,857 6,254 2,728 2,202 4,623 2,354 1,513 3,171 1,364 3,372 All other assets 39,679 2,334 11,761 4,726 4,280 2,482 1,496 3,611 1,499 1,401 1,744 l,44l 2,904 TOTAL ASSETS 12,834,711 759,144 4,585,862 809,453 1,036,293 528,317 387,907 2,166,047 445,850 311,084 470,880 335,420 998,454 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form Fft-283-c ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BAMS ON OCTOBER 20, 1937 (In thousands of dollars) L I A B I L I T I ES Total Boston New York Phila. Cleve. fiich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. 952,992 313,849 434,065 976,368 181,965 139,935 165,707 91,701 344,528 Deposits r Menber bank - reserve account 3,072,842 370,156 450,480 U.S.Treasurer - General account 81,557 3,495 23,158 1,419 12,075 6,753 5,848 10,501 3,764 3,524 4,161 2,745 4,ll4 Foreign bank 276,444 20,354 98,278 27,324 25,651 11,989 9,759 32,343 8,365 6,413 8,086 8,086 19,796 Other deposits 202,130 ,2,645 141,376 6,076 15,675 3,871 3,442 1,393 6,128 2,782 239 3,118 15,385 Total deposits 7,498,933 376,966 3,335,654 404,975 503,881 240,540 183,775 1,048,400 220,164 l4l,2S0 257,951 198,635 586,712 Deferred availability itens 716,041 71,579 176,034 56,923 66,292 58,165 23,310 96,388 33,101 20,485 37,205 33,997 42,562 Capital paid in 132,679 9,383 51,079 12,259 12,943 4,877 4,391 12 ,893 3,846 2,891 4,065 3,876 10,176 Surplus (Section 7) 145,854 9,826 51,474 13,362 14,323 4,869 5,616 21,504 4,6 55 3,116 3,613 3,851 9,645 Surplus (Section 13 b) 27,615 2,874 7,744 4,325 1,007 3,422 754 l,4l6 545 1,003 1,142 1,262 2,121 Reserve for contingencies 35,769 1,570 9,117 3,000 3,121 1,497 1,691 7,721 1,200 2,027 941 1,847 2,037 All other liabilities 7,597 537 1,768 760 661 284 329 1,357 374 347 256 251 673 TOTAL LIABILITIES 12,834,711 759,144 4,585,862 809,453 1,036,293 528,317 387,907 2,166,047 445,850 311,084 470,880 335,420 998,454 Contingent liability on bills purchased for foreign correspondents 1,855 135 670 182 171 80 65 215 55 42 54 54 132 Commitments to make industrial advances 14,549 1,860 4,952 140 875 1,693 354 10 1,035 51 117 269 3,193 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 18,484 16,604 456 612 478 332 Bills bought 2,830 26 297 222 2,285 Industrial advances 19,478 1,057 161 818 830 1,779 3,450 5,031 6,352 U« S. Government securities 2,526,190 30,190 29,539 63,358 51,768 426,050 396,582 209,798 631,653 687,252 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form Fft-28>-d FEDERAL RESERVE NOTE STATEMENT ON OCTOBER 20, 1937 (in thousands of dollars) Total Boston New Xork Phila. CIeve. Rich, Atlanta Chicago St.Louis Minn* Kans.Cy. Dallas San Fran. Federal Reserve notes: Issued to F.R.bank by F.R.agent 4,618,979 335,067 1,063,884 330,662 463,745 225,793 186,593 1,005,960 193,782 145,699 178,566 99,142 390,086 Held by Federal Reserve bank 348,756 48,658 110,892 16,813 29,680 11,130 18,552 29,592 11,817 5,764 12,859 7,441 45,558 In actual circulation 4,270,223 286,409 952,992 313,849 434,065 214,663 168,04l 976,368 181,965 139,935 165,707 91,701 344,528 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due fron U. S. Treasury 4,641,132 341,000 1,060,000 337,000 467,000 226,000 171,000 1,020,000 190,632 148,000 180,000 101,500 399,000 Eligible paper 18,276 989 8,990 1,804 956 670 1,151 1,122 182 761 695 494 462 U. S. Gov't securities 32,000 20,000 12,000 Total collateral 4,691,408 341,989 1,068,990 338,804 467,956 226,670 192,151 1,021,122 202,814 l48,76l 180,695 101,994 399,462 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis