H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form Ffr~283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Dec. 31; of the Federal Reserve System not earlier. December 30, 1937. CONDITION OF FEDERAL RESERVE BANKS During the week ended December 29 member bank reserve balances increased $128,000,000. Additions to member bank reserves arose from an increase of #4,000,000 in Treasury currency and decreases of #110,000,000 in money in circulation, #13,000,000 in Treasury deposits with Federal Reserve banks and #57,000,000 in nonmember deposits and other Federal Reserve accounts, offset in part by a decrease of #56,000,000 in Reserve bank credit. Excess reserves of member banks on December 29 were estimated to be approximately #1,160,000,000, an increase of #150,000,000 for the week. Inactive gold included in the gold stock and Treasury cash amounted to #1,228,000,000 on December 29, a decrease of #5,000,000 for the week. Changes in member bank reserve balances and related item sduring the week and the year ended December 29, 1937, were as follows? Increase or decrease since Dec. 29 Dec. 22 Dec. 30 1937 1937 1936 (In millions of dollars) Bills discounted 13 -3 +8 Bills bought 3 — U. S. Government securities 2,564 — ++113344 Industrial advances (not including 13 million .— commitments - December 29) 18 -7 Other Reserve bank credit 4 -53 -17 Total Reserve bank credit 2,602 -56 +118 Gold stock 12,760 -5 +1,509 Treasury currency 2,634 +4 +104 Member bank reserve balances 6,983 +128 +411 Money in;circulation 6,571 -110 +21 Treasury cash 3,620 -5 +1,252 Treasury deposits with F. R. banks 140 -13 -91 Nonmember deposits and other F. R. accounts 682 -57 +138 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283~a Released for publication Friday morning, Dec. 31, 1937; not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BAMS COMBINED (in thousands of dollars) Dec. 29. 1937 Dec. 22, 1937 Dec. 30. 1936 A S S E TS Gold certificates on hand and due from U. S. Treasury 9,120*391 9,120,390 8,851,878 Redemption fund - F. R. notes . . . 9,913 9,912 12,7-41 Other cash 330,544 283.366 247.672 Total reserves 9,460,848 9,4-13,668 9,112,291 Bills discounted} Secured by U.S.Gov't obligations, direct or fully guaranteed . . .. 9,340 11,699 4-,521 Other bills discounted 3,507 4,422. 856 Total bills discounted 12,847 16,121 5,377 Bills bought in open market . . .. 2,827 2,825 3,089 Industrial advances 18,291 18,380 24,768 U. S. Government securities: Bonds 751,539 751,539 490,643 Treasury notes 1,154,997 1,154,997 1,340,963 Treasury bills 657,479 657,479 598,621 Total U. S. Government securities 2,564,015 2,564,015 2,430,227 Total bills and securities . . . 2,597,980 2,601,341 2,463,461 Due from foreign banks 179 181 220 F. R. notes of other banks 25,740 21,629 29,225 Uncollected items 685,237 681,498 760,266 Bank premises . .. 45,235 45,251 48,082 111 other assets 37,802 36,956 41,253 TOTAL ASSETS 12,853,021 12,800,524 12,454,798 L I A B I L I T I ES F. R. notes in actual circulation . 4,283,385 4,346,383 4,278,786 Deposits» Member bank - reserve account . . . 6,982,752 6,854,904 6,571,721 U. S. Treasurer - General account . 139,604 152,593 230,829 Foreign bank 172,634 188,837 94,016 Other deposits . 239,983 280,868 179,918 Total deposits 7,534,973 7,477,202 7,076,434 Deferred availability items . . .. 681,839 625,146 739,938 Capital paid in . . . 132,737 132,619 130,833 Surplus (Section 7) 145,854 145,854 145,5031 Surplus (Section 13 b) 27,615 27,615 27,088 Reserve for contingencies 35,673 35,673 34,251 All other liabilities 10,945 10,032 21I917 TOTAL LIABILITIES . . .. 12,853,021 12,800,524 12,454,798 Ratio of total reserves to deposit and F.R. note liabilities combined . . 80.1$ 79.6$ 80.2$ Contingent liability on bills purchased for foreign correspondents . . .. 1,696 1,680 Commitments .to make industrial advances 12,780 12,841 20,959 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283~a ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BAMS ON DECEMBER 29, 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 9,120,391 509,298 3,556,816 490,479 676,706 297,524 230,093 1,758,076 284,300 185,417 267,800 184,191 679,691 Redemption fund - F. R. notes 9,913 850 1,318 586 722 853 1,568 761 806 453 554 245 1,197 Other cash 330,544 32,285 80,254 23,320 25,151 21,599 15,207 40,601 13,905 8,811 23,872 12,868 32,671 Total reserves 9,460,848 542,433 3,638,388 514,385 702,579 319,976 246,868 1,799,438 299,011 194,681 292,226 197,304 713,559 Bills discounted! Secured by U.S.Gov't obligations, direct or fully guaranteed 9,340 696 3,596 1,886 678 385 521 150 734 352 57 285 Other bills discounted 3,507 150 258 673 231 263 719 82 1 179 900 4l 10 Total bills discounted 12,847 846 3,854 2,559 909 648 1,240 232 735 179 1,252 98 295 .lis bought in open market 2,827 205 1,006 293 269 110 99 353 78 54 80 80 200 ldustrial advances 18,291 2,872 4,577 3,645 762 1,773 128 705 237 638 464 966 1,524 U. S.. Government securities t Sonds 751,539 54,751 216,814 63,561 73,^-57 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 32,120 25,574 56,917 Total U.S.Govt, securities 2,564,015 186,794 739,704 216,853 249,591 134,396 112,238 281,991112,483 83,009 125,263 99,731221,962 Total bills and securities 2,597,980 190,717 749,l4l 223,350 251,531 136,927 113,705 283,281 113,533 83,880 127,059 100,875 223,981 Due from foreign banks 179 13 69 18 16 8 6 21 3 2 5 5 13 F. R. notes of other banks 25,740 4ll 4,546 1,281 1,401 2,316 3,107 4,219 1,768 1,820 1,135 785 2,951 Uncollected items 685,237 7L,4l4 177,089 58,904 69,939 52,4l6 23,490 90,043 29,433 18,022 32,281 26,307 35,899 Bank premises 45,235 3,001 9,969 4,826 6,215 2,700 2,195 4,601 2,344 1,522 3,159 1,357 3,346 All other assets 37,802 2,129 11,169 4,607 4,022 2,294 1,390 3,332 1,347 1,310 1,600 1,336 3,266 TOTAL ASSETS 12,853,021 810,118 4,590,371 807,371 1,035,703 516,637 390,761 2,184,935 447,439 301,237 457,465 327,969 983,015 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 29,1 937 (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 A,283,385 285,832 953,606 320,375 436,919 211,833 162,016 994,662 182,765 137,965 168,424 87,039 341,949 Deposits t Member bank - reserve account 6,982,752 406,079 3,041,232 373,430 465,906 219,012 178,060 1,006,555 204,582 124,778 234,934 187,987 540,197 U.S.Treasurer - General account 139,604 5,712 4-2,021 2,390 12,601 8,729 6,234 26,744 7,067 4,156 6,685 3,351 13,914 Foreign bank 172,634 12,587 62,4-53 16,898 15,863 7,415 6,035 20,002 5,373 3,966 5,000 5,000 12,242 Other deposits 239,983 4,070 197,449 2,259 2,956 3,000 2,497 1,361 5,212 2,958 342 2,745 15,134 Total deposits 7,534,973 428,448 3,343,155 394,977 497,326 238,156 192,826 1,054,662 222,034 135,858 2.46,961 199,083 581,487 Deferred availability items 681,839 71,454 171,116 57,839 69,024 51,564 23,002 90,449 32.007 17,928 31,926 30,623 34,907 Capital paid in 132,737 9,386 51,059 12,258 13,036 4,896 4,400 12,920 3,868 2,893 4,084 3,891 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 1,416 545 1,003 1,142 1,262 2,121 Reserve for contingencies 35,673 1,570 9,117 2,999 3,121 1,497 1,715 7,666 1,174 2,013 94l 1,847 2,013 All other liabilities 10,945 728 3,100 1,236 947 400 432 1,656 391 461 374 373 847 TOTAL LIABILITIES 12,853,021 810,118 4,590,371 807,371 1,035,703 516,637 390,761 2,184,935 447,439 301,237 457,465 327,969 983,015 Contingent liability on bills purchased for foreign correspondents 1,696 123 623 165 154 72 59 195 50 38 49 49 119 Commitments to make Industrial advances 12,780 1,706 4,555 173 753 1,634 345 176 51 111 269 3 >007 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Within 16 to 31 to 6l 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 12,847 10 ,£97 395 582 4l4 728 31 Bills bought 2,827 438 400 1,989 Industrial advances 18,291 1,334 302 577 438 1,431 3,490 5,502 5,217 U. Government securities 2,564,015 24,385 33,296 68,350 265,085 381,170 213,895 283,389 593,739 700,706 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283~a FEDERAL RESERVE NOTE STATEMENT ON DECEMBER 29, 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 4,683,094 328,956 1,091,838 341,969 467,997 227,487 184,486 1,030,395 197,474 143,595 179,153 97,489 392,255 Held by Federal Reserve bank 399,709 43,124 138,232 21,594 31,078 15,654 22,470 35,733 14,709 5,630 10,729 10,450 50,306 In actual circulation 4,283,385 285,832 953,606 320,375 436,919 211,833 162,016 994,662 3.82,765 137,965 168,424 87,039 341,949 Collateral held by agent as security for notes issued to banki Gold certificates on hand and due from U. S. Treasury 4,735,132 341,000 1,100,000 347,000 471,500 228,000 166,000 1,055,000 200,632 l40,500 182,000 99,500 404,000 Eligible paper 11,950 784 3,812 2,161 804 648 1,046 232 735 102 1,233 98 295 U. S. Gov't securities 25,000 20,000 5.000 - - Total collateral 4,772,082 341,784 1,103,812 349,161 472,304 228,648 187,046 1,055,232 201,367 145,602 183,233 99,598 4o4,295 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis