H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form Fft-283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Nov, 5 J of the Federal Reserve System not earlier, November 4, 1937. CONDITION OF FEDERAL RESERVE BANKS During the week ended Novejnber member bank reserve balances decreased #62,000,000. Reductions in member bank reserves arose from increases of $46,000,000 in money in circulation and $17,000,000 in Treasury deposits with Federal Reserve banks and a decrease of #11,000,000 in Reserve bank credit, offset in part by decreases of #6,000,000 in Treasury cash other than inactive gold and #4,000,000 in nonmember deposits and other Federal Reserve accounts. Excess reserves of member banks on November 3 were estimated to be approximately #1,050,000,000, a decrease of #20,000,000 for the week. Inactive gold included in the gold stock and Treasury cash amounted to $1,272,000,000 on November 3, an increase of #2,000,000 for tho week. Changes in member bank reserve balances and related items during the week and the year ended November 3, 1937, were as follows! Increase or decrease since Nov. 3 Oct. 27 Nov, 4 1937 1937 1936 (In millions of dollars^ Bills discounted 24 + 1 4-17 Bills bought 3 U. S. Government securities 2,526 - - + 96 Industrial advances (not including 14 million commitments - November 3) 19 - 7 Other Reserve bank credit -13 - 11 +6 Total Reserve bank credit 2,559 11 + HI Gold stock 12,804 + 3 +1,746 Treasury currency 2,608 +1 + 93 Member bank reserve balances 6,889 - 62 + 196 Money in circulation 6,565 + 46 + 187 Treasury cash 3,662 - 4 +1,270 Treasury deposits with F. R. banks 111 + 17 + 16 Nonmember deposits and other F. R. accounts 745 4 + 283 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FRr-283-a Released for publication Friday morning, November 5, 1937; not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Nov, 3, 1937 Oct. 27, 1937 Nov. 4, 1936 A S S E TS Gold certificates on hand and due from U. S. Treasury 9,124,896 9,126,391 8,650,837 Redemption fund - F. R. notes . . . .. 9,381 9,421 11,35-4 Other cash 308,145 315,489 249,355 Total reserves 9,442,422 9,451,301 8,911,546 Bills discounted! Secured by U.S.Gov't obligations,direct or fully guaranteed 16,950 17,890 4,142 Other bills discounted 7,369 5,536 2,935 Total bills discounted 24,319 23,426 7,077 Bills bought in open market 2,832 2,830 3»087 Industrial advances 19,352 19,450 26,474 U.S. Government securities: Bonds 738,073 738,073 379,960 Treasury notes 1,158,463 1,158,463 1,443,363 Treasury bills 629,654 629,654 606,904 Total U.S.Government securities . . 2,526,190 2,526,190 2,430,227 Totalbills and securities . . . .. 2,572,693 2,571,896 2,466,865 Due fVom foreign banks 173 173 220 F. R. notes of other banks 27,262 28,526 24,852 Uncollected items 581,920 622,341 556,847 Bank premises 45,364 45,435 48,067 All other assets 40,730 40,807 40,255 TOTAL ASSETS 12,710,564 12,760,479 12,048,652 L I A B I L I T I ES F. R. notes in actual circulation . . . 4,284,159 4,256,097 4,134,747 Deposits! Member bank - reserve account 6,888,943 6,950,730 6,693,359 U.S.Treasurer - General account . . .. 110,826 94,046 94,549 Foreign bank 253,936 265,891 46,778 Other deposits . . .. . 227,788 218.679 153,316 Total deposits . .. 7,481,493 7,529,346 6,988,002 Deferred availability items 595,440 624,534 575,644 Capital paid in 132,682 132,683 130,232 Surplus (Section 7) 145,854 145,854 145,501 Surplus (Section 13 b) 27,615 27,615 27,088 Reserve for contingencies 35,742 35,768 34,237 All other liabilities 7,579 8,582 13,201 TOTAL LIABILITIES 12,710,564 12,760,479 12,045,652 Ratio of total reserves to deposit and F. R. note liabilities combined . . . 80.3$ 80.2$ 80.1$ Contingent liability on bills purchased for foreign correspondents , 2,219 2,326 Commitments to make industrial advances 14,403 14,488 22,574 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-b ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS OK NOVEMBER 3, 1937 (in thousands of dollars) A S S E TS Total Boston New York. Phila. CIeve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Gold certificates on hand and due from U. S. Treasury 9,124,896 465,350 3,586,525 492,071 689,634 311,898 224,142 1,742,713 271,021 196,771 279,376 182,464 682,931 Redemption fund - F. R. notes 9,381 1,028 1,183 908 566 624 1,319 629 895 495 l4l 293 1,300 Other cash 308,145 29,946 77,819 24,404 17,642 17,379 13,578 37,065 16,702 7,525 21,078 16,383 28,624 Total reserves 9,442,422 496,324 3,665,527 517,383 707,842 329,901 239,039 1,780,407 288,618 204,791 300,595 199,l4o 712,855 Bills discounted: Secured by U.S.Gov't obligations, direct or fully guaranteed 16,950 777744 7,061 3,375 431 322 1,688 1,085 445555 255 226622 221144 1,028 Other bills discounted 7,369 785 2,675 205 148 139 1,855 70 —— 191 1,091 167 43 Total bills discounted 24,319 1,559 9,736 3,580 579 461 3,543 1,155 455 446 1,353 381 1,071 Bills bought in open market 2,832 206 1,009 293 269 110 99 353 78 54 80 80 201 Industrial advances 19,352 2,855 44,,664477 33,,662299 798 1,866 145 769 239 696 486 1,120 2,102 U. S. Government securities* _Bonds 738,073 53,791 211,830 62,330 71,851 38,868 3322,,442288 81,339 3322,,554433 2244,,001100 36,267 2288,,881166 6644,,000000 Treasury notes 1,158,463 84,429 332,485 97,832 11?,775 61,007 50,899 127,668 51,079 37,684 56,921 45,233 100,451 Treasury bills 629,654 45,889 180,714 53,174 61,296 33,159 27,664 69,391 27,763 20,482 30,939 24,585 54,598 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 82,176 124,127 98,634 219,049 Total bills and securities 2,572,693 188,729 740,421 220,838 247,568 135,471 114,778 280,675 112,157 83,372 126,046 100,215 222,423 Due from foreign banks 173 13 66 17 16 7 6 21 3 2 5 5 12 F. R. notes of other banks 27,262 535 6,764 615 1,209 3,640 2,088 3,882 2,213 1,076 1,771 459 3,010 Uncollected items 581,920 63,462 123,825 43,127 53,755 5-4,331 22,658 83,354 28,120 19,176 34,345 24,022 31,745 Bank premises 45,364 3,010 9,987 4,847 6,241 2,719 2,201 4,610 2,349 1,510 3,165 1,362 3,363 All other assets 40,730 2,436 12,221 4,673 4,395 2,537 1,548 3,738 1,525 1,437 1,749 1,449 3,022 TOTAL ASSETS 12,710,564 754,509 4,558,811 791,500 1,021,026 528,606 382,318 2,156,687 434,985 311,364 467,676 326,652 976,430 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-b ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON NOVEMBER 139,3 7 (in thousands of dollars) L I 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 circulation >4,284,159 28-4,461 961,352 316,613 432,208 215,628 165,902 982,308 181,296 139,477 167,433 91,126 346,355 Deposits* Member bank - reserve account 6,888,943 361,357 3,037,275 356,593 456,887 222,704 168,058 996,225 199,572 128,195 245,357 184,096 532,624 U.S.Treasurer - General account 110,826 2,639 48,739 " 5,894 9,818 3,117 1,357 18,002 1,937 7,259 2,624 3,699 5,74l Foreign bank 253,936 18,511 91,899 24,851 23,329 10,904 8,875 29,415 7,608 5,832 7,354 7,354 18,004 Other deposits 227,788 1,795 167,965 6,606 12,764 5,193 3,794 1,459 5,869 2,715 200 2,453 16,975 Total deposits 7,481,493 384,302 3,345,878 393,944 502,798 241,918 182,084 1,045,101 214,986 144,001 255,535 197,602 573,344 Deferred availability items 595,440 61,684 130,292 47,345 53,949 56,082 21,521 84,364 28,117 18,490 34,729 26,802 32,065 Capital paid in 132,682 9,384 51,077 12,259 12,947 4,877 4,391 12,897 3,844 2,891 4,069 3,878 10,168 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 1,416 545 1,003 1,142 1,262 2,121 Reserve for contingencies 35,742 1,570 9,117 3,000 3,121 1,497 1,690 7,721 1,174 2,027 941 1,847 2,037 All other liabilities 7,579 408 1,877 652 673 313 360 1,376 368 359 214 284 695 'TOTAL LIABILITIES 12,710,564 754,509 4,558,811 791,500 1,021,026 528,606 382,318 2,156,687 434,985 311,364 467,676 326,652 976,430 Contingent liability on -Sills purchased for foreign correspondents 2,219 164 780 221 207 97 79 26l 68 52 65 65 l6o Commitments to make industrial advances 14,403 1,833 4,969 144 872 1,683 354 10 1,033 51 115 269 3,070 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 24,319 21,956 650 429 448 793 43 Bills bought 2,832 297 544 1,966 25 Industrial advances 19,352 l,0l4 468 784 827 1,584 3,106 5,477 6,092 U. S. Government securities 2,526,190 29,539 31,255 59,486 139,147 334-,074 403,236 209,798 632,415 687,240 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-b FEDERAL RESERVE NOTE STATEMENT ON NOVEMBER 3, 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 4,604,267 33-4,080 1,057,844 329,312 -459,269 228,136 183,706 1,008,860 193,422 145,028 177,084 98,173 389,353 Held by Federal Reserve bank 320,108 49,619 96,492 12,699 2.7,06l 12,508 17,804 26,552 12,126 5,551 9,651 7,047 42,998 In actual circulation 4,-284,159 284,461 961,352 316,613 432,208 215,628 165,902 982,308 181,296 139,477 167,433 91,126 346,355 Collateral held by agent as security for notes issued to bank J Gold certificates on hand and due from U. S. Treasury 4,645,132 341,000 1,060,000 337,000 464,000 230,000 168,000 1,020,000 196,632 148,000 180,000 101,500 399*000 Eligible paper 23,938 1,559 9,721 3,573 578 46l 3,284 1,155 455 381 1,320 381 1,070 U.S. Gov't securities 20,000 - - -- - - -- 20,000 Total collateral 4,689,070 342,559 1,069,721 340,573 464,578 230,461 191,284 1,021,155 197,087 148,381 181,320 101,881 400,070 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis