H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FRr-283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Dec. 2-4; of the Federal Reserve System not earlier, December 23, 1937 CONDITION OF FEDERAL RESERVE BANKS During the week ended December 22 member bank reserve balances decreased 129,000,000. Reductions in member bank reserves arose from increases of $85,000,000 in money in circulation, $5,000,000 in Treasury cash other than inactive gold, and $50,000,000 in nonmember deposits and other Federal Reserve accounts, offset in part by increases of $27,000,000 in Reserve bank credit and $5,000,000 in Treasury currency, and a decrease of $79,000,000 in Treasury deposits with the Federal Reserve banks. Excess reserves of member banks on December 22 were estimated to be approximately $1,010,000,000, a decrease of $50,000,000 for the week. Inactive gold included in the gold stock and Treasury cash amounted to $1,233,000,000 on December 22, unchanged for the week. The principal changes in holdings of bills and securities were an increase of $20,000,000 in United States Treasury notes and a decrease of $20,000,000 in United States bonds. Changes in member bank reserve balances and related items during the week and the year ended December 22, 1937, were as follows I Increase or decrease since Dec. 22 Dec. 15 Dec. 23 1937 1937 , 1936 (in millions of dollars) Bills discounted 16 — +7 Bills bought 3 — — U.S. Government securities 22,,556644 — +134 Industrial advances (not including 13 million commitments - December 22) 18 — -7 Other Reserve bank credit 57 +27 -18 Total Reserve bank credit 2,658 +27 +116 Gold stock 12,765 — +1,536 Treasury currency 2,630 +5 +99 Member bank reserve balances 6,855 -29 + 3 48 Money in circulation 6,681 +85 +1 Treasury cash 3,62,5 +5 +1,283 Treasury deposits with F. R. banks 153 -79 -98 Nonmember deposits and other F.R. accounts 739 +50 +217 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR~283~a Released for publication Friday morning, Dec, 24, 1937; not earlier, ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Dec, 2 2, 1937 Dec, 15, 1937 Dec, 23, 1936 asset's Gold certificates on hand and due from U, S. Treasury 9,120,390 9,121,907 8,851,876 Redemption fund - F. R, notes , • , 9,912 8,920 12,741 Other cash 283,366 313,180 199.574 Total reserves 9*413,668 9,444-,007 9,064,191 Bills discountedt Secured by U S. Gov?t obligations, # direct or fully guaranteed . . . • 11,699 12,004 7,029 Other bills discounted 4,422 3,768 1,853 Total bills discounted • 16,121 15,772 8,882 Bills bought in open market 2,825 2,825 3,088 Industrial advances , , . , 18,380 18,432 24,999 U, S. Government securities» Bonds 751 539 771,539 489,576 r Treasury notes 1,154,997 1,134,997 1,347,163 Treasury bills 657,479 657,479 593,488 Total U,S, Government securities 2,564,015 2,564,015 2,430,227 Total bills and securities 2,601,341 2,6 01,044 2,467,196 Due from foreign banks • • . . 181 181 221 • • • F, R, notes of other banks • , 21,629 23,358 23,834 Uncollected items 681,498 774,034 747,24-4 Bank premises • . , 45,251 45,284 48,082 All other assets 36 956 36,066 4o.l47 f TOTAL ASSETS 12,800,524 12,923,974 12,390,915 L I A B I L I T I ES F, R. notes in actual circulation 4,346,383 4,293,307 4,350,488 Deposits s Member bank - reserve account . , 6,854,904 6,834,407 6,507,490 U, S. Treasurer - General account 152,593 231,540 250,560 Foreign bank 188,837 216,438 74,383 Other deposits , 280,868 2.02,553 181,428 Total deposits 7,477,202 7,534,968 7,013,861. Deferred availability items 625,146 744,682 672,619 Capital paid in • 132,619 132,550 130,624 Surplus (Section 7) , . . . 145,854 145,854' 145,501 Surplus (Section 13 b) . . . 27,615 27,615 27,088 Reserve for contingencies . 35,673 35,697 34,248 All other liabilities .. , . . 10,032 9,301 16,486 TOTAL LIABILITIES . 12,923,974 • • • 12,800,524 12,390,915 Ratio of total reserves to deposit and F. R. note liabilities combined . 79.8$ Contingent liability on bills purchased 7 9 . 6% 79.8$ for foreign correspondents ...» 1,680 1,785 Commitments to make industrial advances 12,841 12,955 21,064 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 22, 1937 (in thousands of dollars) A S S E TS Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minfi. Kans.Cy. Dallas San Fran, Gold certificates on hand and due from U. S. Treasury- 9,120,390 505,902 3,542,410 489,321 674,681 305,824 229,340 1,762,174 284,111 189,282 268,420 185,946 682,979 Redemption fund - F. R. notes 9,912 850 1,318 586 722 853 1,567 761 806 453 554 245 1,197 Other cash 283,366 28,874 69,028 19,241 20,649 18,001 11,699 34,259 12,244 7,504 21,844 11,484 28,539 Total reserves 9,413,668 535,626 3,612,756 509,148 696,052 324,678 242,606 1,797,194 297,161 197,239 290,818 197,675 712,715 Bills discounted: Secured by U.S.Gov't obligations, direct or fully guaranteed 11,699 851 44,,663333 2,281 817 415 1,471 125 312 35 297 172 290 Other bills discounted 4,422 110 395 739 233 234 l,44l 79 13 249 797 127 5 Total bills discounted 16,121 961 5,028 3,020 1,050 649 2,912 204 325 284 1,094 299 295 Bills bought in open market 2,825 205 1,004 293 269 110 99 353 78 54 80 80 200 Industrial advances 18,380 2,873 4,583 33,,667755 762 1,775 127 750 237 642 464 968 11,,552244 U. S. Government securities* Bonds 751,539 54,751 216,814 63,561 73,157 39,394 32,899 82,655 32,969 24,332 36,717 29,231 65,059 Treasury notes 1,154,997 84,144 333,211 97,685 112,432 60,540 50,559 127,026 50,670 37,392 56,426 44,926 99,986 Treasury bills 657,479 47,899 189,679 55,607 64,002 34,462 28,780 72,310 28,844 21,285 32,130 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 2,601,341 190,833 750,319 223,841 251,672 136,930 115,376 283,298 113,123 83,989 126,901 101,078 223,981 Due from foreign banks 181 13 71 18 16 8 6 21 3 2 5 5 13 F. R. notes of other banks 21,629 466 4,i44 906 1,827 1,172 2,204 2,948 2,242 1,195 1,632 6o4 2,289 Uncollected items 681,498 63,173 166,892 57,611 61,668 56,392 26,815 92,460 31,765 20,589 35,081 28,878 40,174 Bank premises 45,251 3,006 9,969 4,836 6,215 2,700 2,195 4,601 2,345 1,522 3,159 1,357 3,346 All other assets 36,956 2,109 10,833 4,490 3,936 2,220 1,359 3,265 1,330 1,299 1,565 1,338 3,212 TOTAL ASSETS 12,800,524 795,226 4,554,984 800,850 1,021,386 524,100 390,561 2,183,787 447,969 305,835 459,161 330,935 985,730 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Fona FR-2S3-C ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON DEC&SBER 22, 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 Mirm. Kans.Cy. Dallas San Fran. F.R. notes in actual circulation 4,346,383 290,003 966,056 325,720 444,657 217,856 166,740 1,002,134 184,536 140,012 170,193 89,302 349,174 Depositsi Member bank - reserve account 6,854,904 396,400 2,986,485 357,849 449,083 216,809 171,739 998,856 203,250 123,621 234,679 185,457 530,676 U.S.Treasurer — General account 152,593 5,577 19,997 7,424 18,901 13,859 9,017 33,887 7,060 6,682 5,832 8,187 16,170 Foreign bank 188,837 13,780 68,213 18,500 17,367 8,117 6,607 21,897 5,663 4,342 5,474 5,474 13,403 Other deposits 280,868 4,118 238,164 1,949 3,030 2,973 1,967 1,227 5,859 3,092 348 2,583 15,558 Total deposits 7,477,202 419,875 3,312,859 385,722 488,381 241,758 189,330 1,055,867 221,832 137,737 246,333 201,701 575,807 Deferred availability items 625,146 61,069 154,006 55,292 56,051 49,438 21,596 80,680 30,995 18,607 32,511 28,756 36,145 Capital paid in 132,619 9,383 51,056 12,258 12,959 4,888 4,402 12,907 3,867 2,893 4,083 3,877 10,046 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 35,673 1,570 9,117 3,000 3,121 1,497 1,714 7,666 1,174 2,013 941 1,847 2,013 All other liabilities 10,032 626 2,672 1,171 887 372 409 1,613 365 454 345 339 779 TOTAL LIABILITIES 12,800,524 795,226 4,554,984 800,850 1,021,386 524,100 390,561 2,183,787 447,969 305,835 459,161 330,935 985,730 Contingent liability on bills purchased for foreign correspondents 1,680 123 606 165 154 72 59 195 50 39 49 49 119 Comitcients to nake industrial advances 12,841 1,722 4,598 143 761 l,64o 350 10 176 51 112 269 3,009 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 4ays 60 days 90 days 6 nonths to 1 Year to 2 Years to 5 Years 5 Years Bills discounted 16,121 13,061 914 972 426 707 41 Bills bought 2,825 1,269 268 1,288 Industrial advances 18,380 1,305 271 584 471 1,504 3,492 5,462 5,291 U. S. Government securities 2,564,015 26,333 27,720 66,471 240,424 389,907 235,326 283,389 593,739 700,706 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-d FEDERAL RESERVE NOTE STATEMENT ON DECEMBER 22, 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 J Issued to F.R.bank by F.R.agent 4,709,922 336,759 1,094,666 343,982 468,191 231,676 184,907 1,037,197 197,600 144,765 181,260 97,912 391,007 Held by Federal Reserve bank 363,539 46,756 128,610 18,262 23,534 13,820 18,167 35,063 13,064 4,753 11,067 8,610 41,833 In actual circulation 4,346,383 290,003 966,056 325,720 444,657 217,856 166,740 1,002,134 184,536 140,012 170,19> 89,302 349,174 collateral held by agent as security for notes issued to bank! Gold certificates on hand and due from U. S. Treasury 4,730,632 341,000 1,100,000 347,000 471,500 232,000 166,000 1,040,000 200,632 147,000 182,000 99,500 4)4,000 Eligible paper 15,118 894 4,997 2,581 945 649 2,676 204 325 188 1,065 299 295 U. S. Gov't securities 20,000 20,000 -- Total collateral 4,765,750 341,894 1,104,997 349,581 472,445 232,649 188,676 1,040,204 200,957 147,188 183,065 99,799 404,295 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis