H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form Fit-283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Dec. 17; of the Federal Reserve System not earlier* December 16, 1937 CONDITION OF FEDERAL RESERVE BANKS During the week ended December 1$ member bank reserve balances increased 148,000,000, Additions to member bank reserves arose from increases of $19,000,000 in Reserve bank credit and $2,000,000 in Treasury currency and decreases of $10,000,000 in Treasury deposits with Federal Reserve banks, $19,000,000 in nonmember deposits and other Federal Reserve accounts, and $2,000,000 in Treasury cash other than inactive gold offset in part by an increase of $5,000,000 in money in circulation* Excess reserves of member banks on December 15 were estimated to be approximately $1,060,000,000, an increase of $10,000,000 for the week. Inactive gold included in the gold stock and Treasury cash amounted to $1,233,000,000 on December 15, unchanged for the week. The principal changes in holdings of bills and securities were an increase of $33,000,000 in United States bonds and a decrease of $33,000,000 in United States Treasury notes* Changes in member bank reserve balances and related items during the week and the year ended December 15, 1937, were as follows* Increase or decrease since Dec. 15 Dec. 8 Dec, 16 1937 1937 1936 (in millions of dollars) Bills discounted 16 -1 +8 Bills bought 3 — — U. S. Government securities 22,,556644 — +134 Industrial advances (not including 13 million commitments - December 15) 18 — -7 Other Reserve bank credit 30 +21 +13 Total Reserve bank credit 2,631 +19 +148 Gold stock 12,765 +1 +1,543 Treasury currency 2,625 +2 +93 Member bank reserve balances 6,88-4 +48 +210 Money in circulation 6,596 +5 +44 Treasury cash 3,620 -2 +1,274 Treasury deposits with F. R. banks 232 -10 +59 Nonmember deposits and other F. R. accounts 689 -19 +197 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, Dec. 17, 1937; not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Dec. 15. 1937 Dec. 8,1937 Dec. 16, 1936 A S S E TS Gold certificates on hand and due from U. S.Treasury 9,121,907 9,121,907 8,853,624 Redemption fund - F. R. notes . . .. 8,920 9,688 12,133 Other cash . . . . . 313,180 311,282 232,753 Total reserves . . . .. 9,444,007 9,442,877 9,098,510 Bills discounted! Secured by U.S.Gov't obligations,direct or fully guaranteed 12,00-4 12,210 5,856 Other bills discounted 3,768 5,180 1,828 Total bills discounted 15,772 17,390 7,684 Bills bought in open market . . . .. 2,825 2,825 3,089 Industrial advances . . . . . . . .. 18,432 18,450 25,313 U. S. Government securitiess Bonds . 771,539 738,073 489,576 Treasury notes 1,134,997 1,168,463 1,347,163 657,479 657,479 593,488 Total U.S. Government securities . 2,564,015 2,564,015 2,430,227 Total bills and securities . . .. 2,601,044 2,602,680 2,466,313 Due from foreign banks . 181 181 220 F. R. notes of other banks 23,358 26,314 26,646 Uncollected items . .. 774,034 569,040 895,842 Bank premises * 45,284 45,269 48,082 All other assets . .. 36,066 46,223 39,468 TOTAL ASSETS 12,923,974 12,732,584 12,575,081 L I A B I L I T I ES F. R. notes in actual circulation . . 4,293,307 4,294,885 4,268,972 Deposits I Member bank - reserve account . . . 6,884,407 6,836,282 6,674,157 U.S.Treasurer - General account . . 231,540 241,843 172,826 Foreign bank . . . .. 216,438 225,938 60,779 Other deposits 202,583 219,700 165,803 7,534,968 7,523,763 7,073,565 Deferred availability items 744,682 560,213 879,317 Capital paid in . .. . 132,550 132,534 130,390 Surplus (Section 7) . . . . . . .. . 145,854 145,854 145,501 Surplus (Section 13 b) . 27,615 27,615 27,088 Reserve for contingencies 35,697 35,733 34,246 9,301 11,987 16,002 TOTAL LIABILITIES 12,923,974 12,732,584 12,575,081 Ratio of total reserves to deposit and F. R. note liabilities combined 79.8$ 79.9% 80.2$ Contingent liability on bills purchased for foreign correspondents 1,785 1,683 Commitments to make industrial advances 12,955 13,137 21,371 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BARKS OH DECEMBER 15, 1937 (in thousands of dollars) A S S E TS Total Boston New York Phila* Gleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran, Gold certificates on hand and due from U. S. Treasury 9,121 >907 522,356 3,458,263 499,227 687,566 315,543 231,719 1,778,889 285,633 191,691 278,195 187,360 684,965 Redemption fund - F. R. notes 8,920 865 1,437 689 806 362 1,615 332 821 46l 62 251 1,219 Other cash 313,180 31,230 77,389 20,218 22,320 20,452 13,384 33,479 14,112 8,600 23,377 13,021 30,598 Total reserves 9,444,007 554,951 3,537,089 520,134 710,692 336,357 246,718 1,817,700 300,566 200,752 301,634 200,632 716,782 Bills discounted: ! Secured by U.S.Govt obligat UIIO , direct or fully guaranteed 12,004 816 3,993 2,439 1,027 416 2,036 220 303 50 214 162 328 Other bills discounted 3,768 150 312 716 139 299 883 112 15 253 759 125 5 Total bills discounted 15,772 966 4,305 3,155 1,166 715 2,919 332 318 303 973 287 333 Bills bought in open market 2,825 205 1,004 293 269 110 99 353 78 54 80 80 200 Industrial advances 18,432 2,881 4,584 3,685 765 1,783 127 750 239 6 55 465 970 1,528 U.S. Government securities: Bonds 771,539 56,208 222,584 65,252 75,104 40,442 33,775 84,854 33,847 24,979 37,694 30,009 66,791 Treasury notes 1,134,997 82,687 327,441 95,994 110,485 59,492 49,683 124,827 49,792 36,745 55,449 44,148 98,254 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 2,564,015 186,794 739,704 216,853 249,591 134,396 112,238 281,991 112,483 83,009 125,263 99,731 221,962 Total bills and securities 2,601,044 190,846 749,597 223,986 251,791 137,004 115,383 283,426 113,118 84,021 126,7SL 101,068 224,023 Due from foreign banks 181 13 71 18 16 8 6 21 3 2 5 5 13 F. R. notes of other banks 23,358 459 5,947 901 1,452 1,616 2,012 3,888 1,722 855 1,646 542 2,318 Uncollected items 774,034 70,922 193,335 60,234 79,940 64,365 29,230 107,031 33,700 21,380 38,609 29,458 45,830 Bank premises 45,284 3,006 9,969 4,836 6,228 2,709 2,198 4,601 2,345 1,522 3,159 1,356 3,355 All other assets 36,066 2,036 10,693 4,205 3,872 2,243 1,328 3,162 1,298 1,264 1,526 1,275 3,164 TOTAL ASSETS 12,923,974 822,233 4,506,701 814,314 1,053,991 544,302 396,875 2,219,829 452,752 309,796 473,360 334,336 995,485 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FRr-283-c ASSETS AND LIABILITIES OF THE FEDERAL RESERVE 3AHKS Oil SR 15, 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 4,293,307 288,026 955,207 323,412 437,549 213,210 163,233 989,545 181,854 138,431 168,501 88,190 346,149 Deposits; Member bank - reserve account 6,884,407 399,626 2,980,729 353,466 450,042 215,121 172,435 1,012,687 200,042 125,951 237,187 189,606 547,515 U.S.Treasurer - General account 231,540 18,247 29,442 21,307 36,842 26,803 12,812 4l,101 13,778 7,702 13,832 4,117 5,557 Foreign bank 216,438 15,754 78,539 21,149 19,854 9,280 7,553 25,033 6,474 4,964 6,258 6,2.58 15,322 Other deposits 202,583 3,917 158,578 2,092 3,670 3,395 2,281 1,672 5,642 2,871 446 2,924 15,095 Total deposits 7,534,968 437,544 3,247,288 398,014 510,408 254,599 195,081 1,080,493 225,936 141,488 257,723 202,905 583,489 Deferred availability items 744,682 72,437 182,176 59,100 73,797 61,490 25,657 104,807 34,388 20,401 37,050 32,108 41,271 Capital paid in 132,550 9,383 51,049 12,262 12,958 4,887 4,391 12,905 3,856 2,893 4,073 3,877 10,016 Surplus (Section 7) 145,854 9,826 51,474 13,362 14,323 4,869 5,616 21,504 4,655 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 35,697 1,570 9,117 3,000 3»L21 1,496 1,715 7,666 1,174 2,013 941 1,847 2,037 £11 other liabilities 9,301 573 2,646 839 828 329 428 1,493 344 451 317 296 757 TOTAL LIABILITIES 12,923,974 822,233 4,506,701 814,314 1,053,991 544,302 396,875 2,219,829 452,752 309,796 473,360 334,336 995,435 Contingent liability on bills purchased for foreign correspondents 1,785 138 579 185 174 81 66 219 56 43 55 55 134 Commitments to make industrial advances 12,955 1,734 4,612 l4l 833 1,651 350 10 176 51 112 269 3,016 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Within 16 to 31 to 61 to 91 days to 6 months 1 Tear 2 Years Over Total 15 days 30 days 60 days 9p days 6 months to 1 Year to 2 Years to 5 Years 5 Years Bills discounted 15,772 13,326 826 434 428 717 41 Bil]r bought 2,825 1,545 173 1,107 —- Industrial advances 18,432 921 563 758 515 1,446 3,366 5,514 5,349 U. S. Government securi tie; 2,564,015 49,011 24,385 63,926 180,299 415,784 252,476 275,189 582,239 720,706 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a FEDERAL RESERVE NOTE STATEMENT ON DECEMBER 15, 1937 (in thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kajis.Cy. Dallas San Fran Federal Reserve notes: Issued to F.R.bank by F.R.agent 4,669,198 336,366 1,084,993 34-3,502 464,540 226,963 182,569 1,020,288 194,674 144,446 179,911 97,844 393,102 Held by Federal Reserve bank 375,891 48,340 129,786 20,090 26,991 13,753 19,336 30,743 12,820 6,015 11,-410 9,654 46,953 [n actual circulation 4,293,307 288,026 955,207 323,412 437,549 213,210 163,233 989,545 181,854 138,431 168,501 88,190 346,149 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 4,705,632 341,000 1,090,000 347,000 466,.500 228,000 162,000 1,040,000 200,632 147,000 180,000 99,500 404,000 Eligible paper 14,801 893 4,275 2,701 1,161 715 2,659 306 318 20S 945 287 333 U. S. Gov't securities 20,000 -- - - -- - ~ 20,000 Total collateral 4,740,433 341,893 1,094,275 349,701 467,661 228,715 184,659 1,040,306 200,950 147,208 180,945 99,787 4o4,333 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis