H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form Fft-283 OTJffiEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Dec. 10; of the Federal Reserve System not earlier. December 9, 1937 CONDITION OF FEDERAL RESERVE BANKS During the week ended December 8 member bank reserve balances decreased 170,000,000. Reductions in member bank reserves arose from increases of $23,000,000 in money in circulation, $65,000,000 in Treasury deposits with Federal Reserve banks and $5,000,000 in Treasury cash other than inactive gold, offset in part by increases of $9,000,000 in Reserve bank credit and $2,000,000 in Treasury currency and a decrease of $12,000,000 in nonmember deposits and other Federal Reserve accounts. Excess reserves of member banks on December 8 were estimated to be approximately $1,050,000,000, a decrease of $70,000,000 for the week. Inactive gold included in the gold stock and Treasury cash amounted to $1,233,000,000 on December 8, a decrease of $10,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended December 8, 1937, were as follows t Increase or decrease since Dec. 8 Dec. 1 Dec. 9 1937 1937 1936 (in millions of dollars) Bills discounted 17 +11 'Bills bought 3 U. S. Government securities 2,564 +134 Industrial advances (not including 13 million commitments - December 8) 18 -7 Other Reserve bank credit 9 +9 +5 Total Reserve bank credit 2,612 +9 +144 Gold stock 12,764 -10 +1,558 Treasury currency 2,623 +2 +98 Member bank reserve balances 6,836 -70 +105 Money in circulation 6,591 +23 +94 Treasury cash 3,622 -5 +1,250 Treasury deposits with F. R. banks 242 +65 +149 Nonmember deposits and other F« R. accounts 708 -12 +201 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, Dec. 10,1937; not earlier. ASSETS AND LIABILITIES OF THE TVIELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Dec. 8. 1937 Dec. 1, 1937 Dec. 9,1936 A S S E TS Gold certificates on hand and due from U. S. Treasury 9,121*907 9,121,905 8,809,324 Redemption fund - F. R. notes 9,688 9,787 11,986 Other cash 311,282 322,264- 24-7,464 Total reserves 9,442,877 9,453,956 9,068,774 Bills discounted: Secured by U.S.Gov't obligations,direct or fully guaranteed 12 210 12,072 3,994 r Other bills discounted 5.180 -4,961 2,005 Total bills discounted 17,390 17,033 5,999 Bills bought in open market 2,825 2,828 3,088 Industrial advances 18,450 18,464 25,493 U. S. Government securities: Bonds 738,073 738,073 408,326 Treasury notes 1,168,463 1,168,463 1,417,283 Treasury bills 657,479 657,479 604,618 Total U.S. Government securities . . . 2,564,015 2,564,015 2,430,227 Total bills and securities 2,602,680 2,602,340 2,464,807 Due from foreign banks . . . . . . . .. 181 178 220 F. R. notes of other banks 2.6,314 25,784 26,074 Uncollected items . 569,040 670,245 582,369 t Bank, premises 45,269 45,268 48,078 All other assets 46,223 44,161 46,200 TOTAL ASSETS 12,732,584 12,841,932 12,236,522. L I A B I L I T I ES F. R. notes in actual circulation . . . 4,294,885 4,279,489 4,232,669 Deposits: Member bank ~ reserve account 6,836,282 6,906,472. 6,730,989 U.S.Treasurer - General account 241,843 176,637 93,081 Foreign bonk 225,938 272,492 65,198 Other deposits . 219,700 186.855 163,415 Total deposits 7,523,763 7,542,456 7,052,683 Deferred availability items 560,2.13 669,928 578,938 Capital paid in 132,534 132,518 130,283 Surplus (Section 7) 145,854 145,854 145,501 Surplus (Section 13 b) 27,615 2.7,615 27,088 Reserve for contingencies 35,733 35,734 34,249 All other liabilities 11.987 8,338 35,111 TOTAL LIABILITIES 12,732,584 12,841,932 12,236,522 Ratio of total reserves to deposit and F. R. note liabilities combined ... 79.9$ SO,0% 80 Contingent liability on bills purchased for foreign correspondents 1,683 1,888 Commitments to make industrial advances 13, 137 13,249 21,491 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FRr-283-b ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON DECEMBER 8, 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 9,121,907 502,622 3,504,112 488,184 677,709 315,938 220,729 1,776,369 281,979 192,664 280,630 186,976 693,995 Redemption fund - F.R. notes 9,688 907 1,619 689 872 667 1,647 4o4 839 468 76 260 1,240 Other cash 311,282 30,937 77,917 19,865 22,986 20,118 13,367 39,193 13,609 8,716 21,617 12,757 30,.200 Total reserves 9,442,877 534,466 3,583,648 508,738 701,567 336,723 235,743 1,815,966 296,427 301,848 302,323 199,993 725,435 Bills discounted! Secured by U.S.Gov't obligations, direct or fully guaranteed 12,210 1,208 3,650 2,396 635 546 2,451 200 160 50 279 262 373 Other bills discounted 5,180 246 448 483 147 243 2,370 109 15 212 739 163 5 Total bills discounted 17,390 1,454 4,098 2,879 782 789 4,821 309 175 262 1,018 425 378 Bills bought in open market 2,825 205 1,004 293 269 110 99 353 78 54 80 80 200 Industrial advances 18,450 2,922 4,599 3,585 767 1,794 127 753 237 663 477 998 1,528 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.Govt, securities 2,564 ,015 186,794 739,704 216,853 249,591 1:3 4,396 :1 12,238 281,991 1:1 2,483 83,009 125,263 99,731 221,962 Total bills and securities 2,602,680 191,375 -749,405 223,610 251,409 137,089 117,285 283,406 112,973 83,988 126,838 101,234 224,068 Due from foreign banks 181 13 71 18 16 8 6 21 3 2 5 5 13 F. R. notes of other banks 26,314 451 8,402 811 1,246 1,947 1,913 3,333 2,001 782 1,538 502 3,388 Uncollected items 569,040 56,562 135,667 47,379 52,264 51,047 20,116 73,942 26,709 16,756 31,930 24,070 32,598 Bank premises 45,269 3,006 9,969 4,836 6,228 2,709 2,198 4,599 2,345 1,509 3,159 1,356 3,355 All other assets 46,223 2,687 13,215 6,4l8 4,723 2,700 1,704 4,117 1,674 1,551 1,913 1,590 3,931 TOTAL ASSETS 12,732,584 788,560 4,500,377 791,810 1,017,453 532,223 378,965 2,185,384 442,132 306,436 467,706 32.8,750 992,788 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-c ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON DECEMBER 8, 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. 288,739 948,653 322,903 438,519 214,340 162,721 992,066 180,991 139,095 168,84-1 89,234 348,783 Deposits: Member bank — reserve aecoi 395,158 2,938,379 347,490 449,407 224,513 169,063 1,006,481 204,440 129,191 240,754 187,559 543,847 U.S.Treasurer - General acc 4,211 111,656 13,360 17,303 15,290 4,484 39,977 6,145 3,827 9,897 6,728 8,965 Foreign bank 16,385 82,514 21,996 20,650 9,651 7,856 26,036 6,734 5,162 6,509 6,509 15,936 Other deposits 219,700 2,743 168,422 4,968 7,570 3,343 2,021 1,220 5,784 3,351 375 2,035 17,868 Total deposits 7,523,763 418,497 3,300,971 387,814 494,930 252,797 183,424 1,073,714 223,103 l4l,53l 257,535 202,831 586,6l6 Deferred availability items 560,213 55,309 129,123 45,824 51,823 50,081 19,940 74,673 27,449 16,345 31,312 25,547 32,787 Capital paid in 132,534 9,383 51,053 12,262 12,947 4,886 4,390 12,903 3,8 49 2,892 4,070 3,877 10,022 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 35,733 1,570 9,117 3,000 3,121 1,497 1,715 7,694 1,174 2,020 941 1,847 2,037 All other liabilities 11,987 2,362 .2,242 2,320 783 331 405 l,4l4 366 434 2.52 301 777 TOTAL LIABILITIES 12,732,584 788,560 4,500,377 791,810 1,017,453 532,223 378,965 2,185,384 442,132 306,436 467,706 328,750 992,788 Contingent liability on bills purchased for foreign correspondents 1,683 138 476 185 174 81 66 219 57 43 55 55 134 Commitments to make industrial advances 13,137 1,764 4,774 l4l 805 1,657 350 10 181 51 112 269 3,023 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Within 16 to 31 to 61 to 91 day^ 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 17,390 15,349 381 625 275 727 33 Bills bought 2,825 767 1,269 174 615 Industrial advances 18,450 1,037 596 799 392 1,386 3,317 5,384 5,539 U2 S. Government securities 2,564,015 46,083 26,333 141,932 70,582 426,720 312,912 211,298 640,915 687,240 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FRr-283-d FEDERAL RESERVE NOTE STATEMENT ON DECEMBER 8, 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 4,665,962 339,506 1,079,529 338,938 465,572 227,085 182,284 1,021,273 195,441 144,243 180,564 98,082 393,445 Held by Federal Reserve bank 371,077 50,767 130,876 16,035 27,053 12,745 19,563 29,207 14,450 5,148 11,723 8,848 44,662 In actual circulation 4,294,885 288,739 948,653 322,903 438,519 214,340 162,721 992,066 180,991 139,095 168,84l 89,234 348,783 Collateral held by agent as security for notes issued to bank! Gold certificates on hand and due from U. S. Treasury 4,690,632 341,000 1,080,000 342,000 466,500 228,000 162,000 1,040,000 200,632 147,000 180,000 99,500 404,000 Eligible paper 16,677 1,435 4,023 2,675 777 789 4,548 284 175 177 990 426 378 U. S. Gov't securities 20,000 20,000 Total collateral 4,727,309 342,435 1,084,023 344,675 467,277 228,789 186,548 1,O4O,284 200,807 147,177 180,990 99,926 404,378 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis