H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FR-283 STATEMENT FOR THE PRESS Released for publication Board of Governors Saturday morning, Nov. 27; of the Federal Reserve System not earlier. November 26, 1937 CONDITION OF FEDERAL RESERVE BANKS During the week ended November 24 member bank reserve balances increased $27,000,000. Additions to member bank reserves arose frdin increases of #6,000,000 in Reserve bank credit and $8,000,000 in Treasury currency, and decreases of $22,000,000 in Treasury deposits with Federal Reserve banks and $19,000,000 in nonmember deposits and other Federal Reserve accounts; offset in part by increases of $20,000,000 in money in circulation and $8,000,000 in Treasury cash other than inactive gold. Excess reserves of member banks on November 24 were estimated to be approximately $1,140,000,000, an increase of $40,000,000 for the week. Inactive gold included in the gold stock and Treasury cash amounted to $1,242,000,000 on November 24, a decrease of $15,000,000 for the week. • The principal change in holdings of bills and securities was an increase of $9,000,000 in United States Treasury bills. Changes in member bank reserve balances and related items during the week and the year ended November 24, 1937, aa follows I Increase.or decrease since Nov. 24 Nov. 17 Nov. 25 1937 1937 1936 (In millions of dollars) Bills discounted 16 -3 +10 Bills bought U. S. Government securities 2,564 +9 +134 Industrial advances (not including 13 million commitments - November 24) 19 — ~7 Other Reserve bank credit -6 -1 +2 Total Reserve bank credit 2,596 +6 +139 Gold stock 12,774 -15 +1,612 Treasury currency 2,619 +8 +99 Member bank reserve balances 6,949 +27 +154 Money in circulation 6,554 +23 +125 Treasury cash 3,626 -7 +1,256 Treasury deposits with F. R. banks 113 -22 +34 Nonmember deposits and other F. R. accounts 7^6 -19 +279 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FRr-283-a Released for publication Saturday morning., Nov. 27,1937} not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BAMS COMBINED (In thousands of dollars) Nov. 24, "1937 Nov. 17, 1937 Nov. 25,1936 A S S E TS Gold certificates on hand and due from U. S. Treasury 9,122,402 9,123,898 8,768,838 Redemption fund - F. R. notes 9,94) 9,287 11,4)7 Other cash 319,183 325,221 247,458 Total reserves 9,451,525 9,458,406 9,027,703 Bills discountedt Secured by U.S.Gov't obligations,direct or fully guaranteed . 11,597 l4,4l4 4,211 Other bills discounted 4,266 4,2.82 1,854 Total bills discounted 15,863 18,696 6,065 Bills bought in open market 2,828 2,831 3,086 Industrial advances 18,589 19,256 25,980 U. S. Government securities 1 Bonds 738,073 738,073 381,326 Treasury notes 1,168,463 1,168,463 1,449,163 Treasury bills 657,479 648,179 599,738 Total U.S.Government securities . . . 2,564,015 2,554,715 2,430,227 Total bills and securities 2,601,295 2,595,498 2,465,358 Due from foreign banks 178 175 221 F. R. notes of other banks 25,892 23,785 25,464 Uncollected items 589,718 736,957 615,194 Bank premises 45,344 45,365 48,066 All other assets 43,850 42,470 42,673 TOTAL ASSETS 12,757,802 12,90.2,656 12,224,679 L I A B I L I T I ES F. R. notes in actual circulation . . . 4,264,829 4,249,618 4,169,201 Deposits 1 Member bank - reserve account 6,948,927 6,922,400 6,794,650 U.S. Treasurer - General account . . . 113,302 135,165 79,079 Foreign bank 270,068 266,227 53,955 Other deposits 214,742 237,178 152,525 Total deposits 7,547,039 7,560,970 7,080,209 Deferred availability items 595,428 742,234 623,656 Capital paid in 132,505 132,505 130,247 Surplus (Section 7) 145,854 145,854 145,501 Surplus (Section 13 b) 27,615 27,615 27,088 Reserve for contingencies 35,709 35,709 34,290 All other liabilities 8,823 8,151 14,487 TOTAL LIABILITIES 12,757,802 12,902,656 12,224,679 Ratio of total reserves to deposit and F. R. note liabilities combined ... 80.0$ 80.1$ 80.3$ Contingent liability on bills purchased for foreign correspondents 2,169 2,486 Commitments to make industrial advances 13,316 13,431 22,040 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form Fft-283-b ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON NOVEMBER 24, 1937 (in thousands of dollars) A SS E T S 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- 9,122,402 475,859 3,565,765 490,082 677,354 304,500 220,758 1,744,030 276,350 190,821 282,811 184,990 709,082 Redemption fund - F. R. notes 9,940 943 1,775 752 922 468 1,675 468 852 475 87 268 1,255 Other cash 319,183 32,335 78,198 22,455 23,534 21,618 13,964 37,129 16,076 8,448 2.2,021 13,529 29,876 Total reserves 9,451,525 509,137 3,645,738 513,289 701,810 326,586 236,397 1,781,627 293,278 199,744 304,919 198,787 740,213 Bills discountedt Secured by U.S.Gov't obligations, direct or fully guaranteed 11,597 650 3,324 2,334 1,219 437 2,619 270 85 50 129 165 315 Other bills discounted 4,266 365 371 401 145 128 1,615 86 226 709 210 10 Total bills discounted 15,863 1,015 3,695 2,735 1,364 565 4,234 356 85 276 838 375 325 Bills bought in open market 2,828 206 1,005 293 269 110 99 353 78 54 80 80 201 Industrial advances 18,589 2,844 4,656 33,,660055 792 1,828 136 767 239 695 483 1,012 1,532 U.S. Government securities: Bonds 738,073 53,770 212,930 62,423 71,847 38,687 32,308 81,173 32,379 23,895 36,058 28,709 63,894 Treasury notes 1,168,463 85,125 337,095 98,823 113,742 61,247 51,150 128,508 51,260 37,829 57,085 45,448 101,151 Treasury bills 657,479 47,899 189,679 55,607 64,002 34,462 28,780 72,310 28,844 21,285 32,120 25,574 56,917 Total U.S.Gov't securities 2,564,015 186,794 739,704 216,853 249,591 134,396 112,238 281,991 112,483 83,009 125,353 99,731 221,962 Total bills and securities 2,601,295 190,859 749,060 223,486 252,016 136,899 116,707 283,467 112,885 84,034 126,664 101,198 224,020 Due from foreign banks 178 13 70 17 16 8 6 21 3 2 5 5 12 F. R. notes of other banks 25,892 558 7,553 775 989 2,823 2,789 2,686 2,217 1,101 1,252 689 2,460 Uncollected items 589,718 58,844 147,806 48,541 55,794 51,992 19*389 81,376 26,076 17,697 29,349 25,725 27,129 Bank premises 45,344 3,010 9,987 4,836 6,241 2,719 2,199 4,610 2,349 1,510 3,165 1,363 3,355 ALL other assets 43,850 2,597 12,991 4,867 4,629 2,678 1,645 4,004 1,617 1,511 1,906 1,609 3,796 TOTAL ASSETS 12,757,802 765,018 4,573,205 795,811 1,021,495 523,705 379,132 2,157,791 A38,425 305,599 467,260 329,376 ipoo,985 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form Fft-283 g ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON NOVEMBER 24, 1937 (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 4,264,829 283,777 945,194 319,152 434,764 211,917 162,654 987,924 180,123 138,380 166,936 89,454 344,554 Deposits I Member bank - reserve account 6,948,927 370,974 3,055,709 357,863 452,013 222,094 169,357 999,004 200,927 129,733 248,544 188,480 554,229 U.S.Treasurer - General account 113,302 4,053 49,172 5,256 10,975 8,612 3,437 10,210 5,596 2,282 3,233 1,793 8,683 Foreign bank 270,068 19,719 97,457 26,472 24,852 11,615 9,454 31,335 8,104 6,213 7,834 7,834 19,179 Other deposits 214,742 3,152 157,864 5,725 11.1S5 3,393 2,419 1,547 5,299 2.530 238 2,641 18,749 Total deposits 7,547,039 397,898 3,360,202 395,316 499,025 24-5,714 184,667 1,042,096 219.926 140,758 259,849 200,748 600,840 Deferred availability items 595,428 59,214 145,898 47,567 55,523 51,070 18,963 82,866 27,780 17,043 30,418 28,025 31,061 Capital paid in 132,505 9,383 51,052 12,259 12,947 4,885 4,392 12,887 3,844 2,888 4,070 3,877 10,021 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 1,1.42 1,262 2,121 Reserve for contingencies 35,709 1,570 9,117 3,000 3,121 1,497 1,691 7,694 1,174 2,020 941 1,847 2,037 All other liabilities 8,823 476 2,524 830 785 331 395 l,4o4 378 391 291 312 706 TOTAL LIABILITIES 12,757,802 765,018 4,573,205 795,811 1,021,495 523,705 379,132 2,157,791 438,42.5 305,599 467,260 329,376 ipoo,985 Contingent liability on bills purchased for foreign correspondents 2,169 158 783 212 200 93 76 252 65 50 63 63 154 Commitments to make industrial advances 13,316 1,773 4,873 136 861 1,669 350 10 183 51 115 269 3,026 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 15,863 13,903 247 628 237 826 22 Bills bought 2,828 485 1,990 353 Industrial advances 18,589 922 323 842 624 1,599 3,222 5,431 5,626 U. S. Government securities 2,564,015 28,285 38,083 54,053 147,937 383,188 373,016 211,298 640,915 687,240 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Fft-283-d FEDERAL RESERVE NOTE STATEMENT ON NOVEMBER 24, 1937 (in thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Federal Reserve notest Issued to F. R. bank by F.R. agent 4,608,797 333,949 1,057,156 331,738 460,735 224,682 182,097 1,013,125 195,820 144,438 178,283 97,459 389,310 Held by Federal Reserve bank 343,968 50,172 111,962 12,586 25,971 12,765 19,443 25,201 15,697 6,058 11,352 8,005 44,756 In actual circulation 4,264,829 283,777 945,194 319,152 434,764 211,917 162,654 987,924 180,123 138,380 166,936 89,454 344,554 Collateral held by agent as security for notes issued to bank* Gold certificates on hand and due from U. S. Treasury 4,644,632 341,000 1,070,000 337,000 462,500 225,000 162,000 1,020,000 200,632 148,000 180,000 99,500 399,000 Eligible paper 15,293 1,015 3,665 2,583 1,364 540 3,973 356 85 191 821 375 325 U. S. Gov't securities 20,000 20,000 Total collateral ' 4,679,925 342,015 1,073,665 339,583 463,864 225,540 185,973 1,020,356 200,717 148,191 180,821 99,875 399,32.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis