H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form Fft-283 STATEMENT FDR THE PRESS Released for publication Board of Governors Friday morning, Dec. 3J of the Federal Reserve System not earlier* December 2, 1937 CONDITION OF FEDERAL RESERVE BANKS During the week ended December 1 member bank reserve balances decreased $43,000,000. Reductions in member bank reserves arose from increases of #64,000,000 in Treasury deposits with Federal Reserve banks and $14,000,000 in money in circulation, offset in part by increases of $7,000,000 in Reserve bank credit and $2,000,000 in Treasury currency and a decrease of $26,000,000 in nonmember deposits and other Federal Reserve accounts. Excess reserves of member banks on December 1 were estimated to be approximately $1,120,000,000, a decrease of $20,000,000 for the week. Inactive gold included in the gold stock and Treasury cash amounted to $1,243,000,000 on December 1, an increase of $1,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended December 1, 1937, were as followsi Increase or decrease since Dec. 1 Nov. 24 Dec. 2 1937 1937 , 1936 (in millions of dollars) Bills discounted 17 +1 +11 Bills bought 3 — — U. S. Government securities 2,564 — +134 Industrial advances (not including 13 million commitments - December l) 18 -1 -8 Other Reserve bank credit * +6 -2 Total Reserve bank credit 2,603 +7 +136 Gold stock 12,77A — +1,586 Treasury currency 2,621 +2 +99 Member bank reserve balances 6,906 -43 +131 Money in circulation 6,568 +14 +102 Treasury cash 3,627 +1 +1,274 Treasury deposits with F.R, banks 177 +64 +67 Nonmember deposits and other F.R, accounts 720 -26 +248 *Less than $500,000, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, Dec. 3, 1937; not earlier, ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Dec. 1, 1937 Nov. 24,1937 Dec. 2, 1936 A S S E TS Gold certificates on hand and due from U. S. Treasury 9,121)905 9,122,402 8,811,021 Redemption fund - F. R. notes 9,787 9,9^0 11,407 Other cash 322,264 319,183 246,357 Total reserves . . 9,453,956 9,451,525 9,068,785 Bills discounted: Secured by U.S.Gov't obligations,direct or folly guaranteed 12,072 11,597 4,351 Other bills discounted 4,961 4,266 1,987 Total bills discounted 17,033 15,863 6,338 Bills bought in open market 2,828 2,828 3,087 Industrial advances . . . 18,464 18,589 25,696 U. S. Government securities» Bomds 738,073 738,073 381,326 Treasury notes 1,168,463 1,168,463 1,449,163 Treasury bills 657,479 657,479 599,738 Total U.S. Government securities . 2,564,015 2,564,015 2,430,227 Total bills and securities . . .. 2,602,340 2,601,295 2,465,348 Due from foreign banks 178 178 221 F. R. notes of other banks 25,784 25,892 23,823 Uncollected items 670,245 589,718 651,945 Bank premises 45,268 45,344 48,066 All other assets 44,161 43,850 43,285 TOTAL ASSETS 12,841,932 12,757,802 12,301,473 L I A B I L I T I ES F. R. notes in actual circulation . . . 4,279,489 4,264,829 4,202,799 Deposits« Member bank - reserve account 6,906,472 6,948,927 6,775,236 U. S. Treasurer - General account . . , 176,637 113,302 109,628 Foreign bank 272,492 270,068 59,405 Other deposits 186,855 214,742 152,320 Total deposits 7,542,456 7,547,039 7,096,589 Deferred availability items 669,928 595,428 650,064 Capital paid in 132,518 132,505 130,275 Surplus (Section 7) 145,854 145,854 145,501 Surplus (Section 13 b) 27,615 27,615 27,088 Reserve for contingencies 35,734 35,709 34,251 All other liabilities 8,338 8.823 14,906 TOTAL LIABILITIES 12,841,932 12,757,802 12,301,473 Ratio of total reserves to deposit and F. R. note liabilities combined . . . 80.0$ 80.0$ 80.3$ Contingent liability on bills purchased for foreign correspondents 1,888 2,169 Commitments to make industrial advances 13,249 13,316 21,544 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 OH". DECEMBER 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- 9,121,905 478,990 3,559,741 481,938 675,916 317,031 217,691 1,759,709 274,623 188,737 281,402 190,070 696,057 Redemption fund - F. R. notes 9,787 908 1,624 752 873 669 1,648 421 84l 469 78 261 1J243 Other cash 322,264 31,496 77,368 22,526 24,377 20,750 14,057 39,601 15,015 9,152 22,l4l 13,587 32,194 Total reserves 9,453,956 511,394 3,638,733 505,216 701,166 338,450 233,396 1,799,731 290,479 198,358 303,621 203,918 729,494 Bills discounted: Secured by U.S.Gov't obligations, direct or fully guaranteed 12,072 828 3,120 2,639 840 392 2,632 255 510 50 139 282 385 Other bills discounted 4,961 495 457 493 175 183 1,953 85 22 214 703 181 — — Total bills discounted 17,033 1,323 3,577 3,132 1,015 575 4,585 340 532 264 842 463 385 Bills bought in open market 2,828 205 1,007 293 269 110 99 353 78 54 80 80 200 Industrial advances 1188,,446644 22,,884422 44,,660055 3,601 779 1,809 136 753 239 688 477 1,005 1,530 U. S. Government securities: Bonds 738,073 53,770 212,930 62,423 7711,,8844?? 38,687 32,308 81,173 32,379 23,895 36,058 28,709 6633,,889944 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 23,844 21,285 32,120 25,574 56,917 Total U.S.Govt, securities 2,564,015 186,794 739,704 216,853 249,591 134,396 112,238 281.991 112,483 83,009 125,263 99,731 221,962 Total bills and securities 2,602,340 191,164 748,893 223,879 251,654 136,890 117,058 283,437 113,332 84,015 126,662 101,279 224,077 Due from foreign banks 178 13 68 18 16 8 6 21 3 2 5 5 13 F. R. notes of other banks 25,784 547 5,967 817 1,281 3,384 2,394 3,147 1,837 1,522 992 504 3,392 Uncollected items 670,245 69,161 169,390 52,745 61,894 60,977 22,645 85,567 27,423 3D,622 37,222 24,859 37,740 Bank premises 45,268 3,006 9,969 4,836 6,228 2,709 2,198 4,599 2,345 .1,508 3,159 1,356 3,355 All other assets 44,161 2,637 12,940 4,902 4,677 2,663 1,698 4,062 1,646 1,537 1,895 1,634 3,870 TOTAL ASSETS 12,841,932 777,922 4,585,960 792,413 1,026,916 545,081 379,395 2,180,564 437,065 307,564 473,556 333,5551,001,941 v 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 DECEMBER 1, 1937 (In thousands of dollars) I A B I L I T I ES Total Boston New York Phila. CIeve. Rich. Atlanta Chicago St.Louis linn. Kans.Cy. Dallas San Fran. F.R.notes in actual circulation A,279,489 285,151 954,736 319,791 433,149 213,703 162,773 988,778 180,738 138,684 168,307 89,404 344,275 Deposits: Member bank - reserve account 6,906,472 372,568 3,018,691 352,747 452,611 231,425 167,628 1,006,400 197,782 155,254 240,280 192,346 548,740 U.S.Treasurer - General account 176,637 4,093 92,101 3,136 10,996 10,318 3,090 20,542 6,156 5,516 9,073 3,387 8,229 Foreign bank 272,492 19,831 98,900 26,623 24,993 11,682 9,508 31,513 8,150 6,248 7,878 7,878 19,288 Other deposits 18&,855 2,558 133,382 5,290 10,824 3,394 2,036 1,509 5,131 2,620 314 1,825 17,972 Total deposits 7,542,456 399,050 3,343,074 387,796 499,424 256,819 182,262 1,059,964 217,219 139,638 257,545 205,436 594,229 Deferred availability items 669,928 69,575 166,374 51,120 62,229 59,585 21,494 86,956 28,564 19,830 37,715 27,567 38,919 Capital paid in 132,518 9,383 51,045 12,262 12,946 4,885 4,392 12,902 3,843 2,892 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 l,4l6 545 1,003 1,142 1,262 2,121 Reserve for contingencies 35,734 1,570 9,117 3,000 3,121 1,497 1,715 7,694 1,175 2,020 94l 1,847 2,037 All other liabilities 8,338 493 2,396 757 717 301 389 1,350 326 381 223 311 694 TOTAL LIABILITIES 12,841,932 777,92.2 4,585,960 792,413 1,026,916 545,081 379,395 2,180,564 437,065 307,564 473,556 333,555^001,941 Contingent liability on bills purchased for foreign correspondents 1,888 138 682 185 174 81 66 219 56 43 55 55 134 Commitments to make industrial ll4 269 3,120 advances 13,249 1,771 4,775 136 812 1,658 350 10 183 51 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 17,033 14,889 478 604 383 64 5 34 Bills bought 2,828 586 1,451 791 Industrial advances 18,464 1,091 244 751 802 1,367 3,666 4,804 5,739 U. S. Government securities 2,564,015 33,103 41,783 57,681 147,816 414,467 329,712 211,298 640,915 687,240 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form Fft-283-d FEDERAL RESERVE NOTE STATEMENT OK DECEMBER 1, 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 4,623,603 335,848 1,064,619 335,4o6 461,148 226,780 181,792 1,014,391 194,317 144,301 177,326 96,792 390,883 Held by Federal Reserve bank 344,114 50,697 109,883 15,615 27,999 13,077 19,019 25,613 13,579 5,617 9,019 7,388 46,608 In actual circulation 4,279,489 285,151 954,736 319,791 433,149 213,703 162,773 988,778 180,738 138,684 168,307 89,4o4 344,275 Collateral held by agent as security for notes issued to bankt Gold certificates on hand and due from U. S. Treasury 4,645,632 341,000 1,070,000 337,000 462,500 227,000 162,000 1,020,000 200,632 147,000 180,000 99,500 399,000 Eligible paper 16,450 1,323 3,517 2,974 1,015 560 4,349 34o 532 179 813 463 385 U. S. Gov't securities 20,000 -- 20,000 -- -- Total collateral 4,682,082 342,323 1,073,517 339,974 463,515 227,560 186,349 1,020,340 201,164 147,179 180,813 99,963 399,385 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis