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STATEMENT FOR THE PRESS Released for publication Friday morning, July 2; not earlier. Board of Governors of the Federal Reserve System July 1, 1937. CONDITION OF FEDERAL RESERVE BAEKS During the week ended June 30 member bank reserve balances increased #46,000,000. Additions to member bank reserves arose from decreases of #58,000,000 in Treasury deposits with Federal Reserve banks and $4-2,000,000 in nonmember deposits and other Federal Reserve accounts, offset in part by an increase of $54,000,000 in money in circulation. Excess reserves of member banks on June 30 were estimated to be approximately $870,000,000, an increase of $60,000,000 for the week. Inactive gold included in the gold stock and in Treasury cash amounted to #1,087,000,000 on June 30, an increase of #48,000,000 for the week. Principal changes in holdings of bills and securities were an increase of #3,000,000 in United States Treasury notes and a decrease of #3,000,000 in United States Treasury bills. Changes in member bank reserve balances and related items during the week and the year ended June 30, 1937, were as follows* Increase or decrease since June 30 1937 June 23 1937 July 1 1936 (in millions of dollars) Bills discounted Bills bought U. S. Government securities Industrial advances (not including 16 million commitments - June 30) Other Reserve bank credit Total Reserve bank credit Gold stock Treasury currency Member bank reserve balances Money in circulation Treasury cash Treasury deposits with F. R. banks Nonmember deposits and other F. R. accounts 10 4 +6 +1 +96 -3 2,526 22 * 2,562 12,318 2,551 6,900 6,448 3,445 93 545 —8 +3 -5 +89 +48 +1 +1,706 +46 +54 +49 -58 -42 +1,311 +198 +944 -638 +33 +53 *Less than #500,000. (B-801) B~801a Released for publication Friday morning, July 2,1937? not earlier. ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BAMS COMBINED (in thousands of dollars) June 30, 1937 June 23, 1937 July 1, 1936 8,834,907 10,471 313,309 9,158,687 8,836,904 10,241 322,491 9,169,636 8,106,541 12,949 266,238 8,385,728 7,042 2,887 9,929 3,801 22,152 9,844 3,459 13,303 4,273 22,012 2,006 2,23.5 4,221 3,077 29,785 732,508 1,170,713 622,969 2,526,190 732,558 1,168,213 625,469 2,526,240 315,673 1,494,218 620,337 2,430,228 181 ASSETS Gold certificates on hand and due from U. S. Treasury . . Redemption fund - F. R. notea • . . • Other cash . . . . . . Total reserves . Bills discountedi or fully guaranteed . Other bills discounted Total bills discounted * Bills bought in open market Industrial advances , . • . U#S, Go\rernment securities J Bonds . .. Treasury bills Total U«S.Government securities Other securities Total bills and securities • . • Due from foreign banks • F. R. notes of other banks « . . • Uncollected items Bank premises • All other assets • TOTAL ASSETS — — 2,562,072 219 23,933 66-4,235 45,615 41,720 2,565,828 219 23,108 630,603 45,697 *40,733 2,467,492 237 20,020 678,636 48,051 42,331 12,496,481 *12,475,824 11,642,495 4,206,477 4,162,832 4,046,086 6,900,288 92,813 157,400 127,671 7,278,172 664,852 132,302 145,854 27,490 35,906 5,428 6,854,411 150,928 166,963 156,553 7,328,855 634,198 132,205 145,854 27,490 *35,906 5,589,134 731,016 55,192 201,277 6,576,619 673,759 130,947 145,501 26,513 34,117 8,953 12,496,481 *12,475,824 11,642,495 L I A B I L I T I E S F* R. notes in actual circulation Depositsi Member bank - reserve account . U. Sir Treasurer - General account Foreign bank * • # Other deposits . # Total deposits . Deferred availability items Capital paid in • . # Surplus (Section 7) . Surplus (Section 13 b) . Reserve for contingencies All other liabilities . • Ratio of total reserves to deposit and F. R. note liabilities combined . , Contingent liability on bills purchased for foreign correspondents • . . • 79.7% 4,015 4,044 Commitments to make industrial advances 16,331 16,733 79.8$ 78,9% — 23,870 •^Revised. ASSETS AM) LIABILITIES OF THE FEDERAL RESERVE BANKS ON JUKE 30, 1937 (in thousands of dollars) B-801b ASSETS Eotal Boston New York Phila. Gold certificates on hand and due from U. S. Treasury 8,834,907 -422,24-2 3,400,750 516,195 Redemption fund - F.R. notes 10,471 577 1,555 354 Other cash 313,309 43,876 Total reserves 9,158,687 466,695 3,479,000 538,993 Bills discounted« Secured by U.S.Gov't obligations, 3,284 944 direct or fully guaranteed 7,042 735 1,628 136 7 Other bills discounted 2,887 Total bills discounted Bills bought in open market Industrial advances U.S.Government securities* Bonds Treasury notes Treasury bills 9,929 3,801 22,152 871 224 3,200 4,912 951 1,545 5,897 355 3,954 732,508 53,385 210,233 61,861 1,170,713 85,322 336,001 98,865 622,969 45,402 178,795 52,610 Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans. Cy. Dallas San Fran. 693,641 273,234 235,324 1,716,071 276,912 194,183 267,070 182,055 657,230 629 515 1,492 728 1,195 692 380 462 1,842 711,249 295,340 250,247 1,757,298 295,788 201,835 284,300 192,745 685,197 569 84 653 322 916 586 — 586 146 2,007 301 482 20 100 52 54 30 25 92 79 207 345 169 783 108 200 20 152 86 324 84 60 776 117 96 638 286 98 1,249 514 376 2,078 385 913 71,309 38,575 32 ^L84 113,968 61,652 51,436 60,645 32,807 27,371 80,726 32,298 23,828 35,992 28,601 63,516 129,018 51,619 38,083 57,52.5 45,709 101,515 68,654 27,468 20,265 30,610 24,324 54,018 82,176 124,127 98,634 219,049 Total U.S.Govt, securities 2,526,190 184,109 725,029 213,336 245,922 133,034 110,991 278,398 111,385 Total bills and securities 2,562,072 188,4o4 737,383 218,596 247,813 135,773 112,082 279,716 111,947 83,096 124,978 100,267 222,017 83 22 5,528 983 190,137 50,516 10,053 4,889 11,724 5,559 20 9 8 1,359 2,559 1,674 63,646 51,706 19,317 6,293 2,755 2,216 4,456 2,6o4 1,624 26 4 3 6 6 16 3,750 1,940 1,339 1,097 464 2,908 89,960 26,990 16,986 34,363 22,083 28,372 4,651 2,366 1,495 3,217 1,253 3,398 3,763 1,563 1,469 1,810 1,604 3,042 Due from foreign banks F.R.notes of other banks Uncollected items Bank premises All other assets TOTAL ASSETS 219 16 23,933 332 664,235 70,159 45,615 3,029 41,720 2,502 12,496,481 731,137 4,433,908 819,558 1,034,836 490,746 387,168 2,139,164 440,598 306,223 449,771 318,422 944,950 ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BMKS 01? JUIJE 30, 1937 (In thousands of dollars) B-SOlc LIABILITIES Total Boston Hew York Phila* Cleve. F.R.notes in actual circulation 4,206,477 287,534 929,245 313,868 432,425 Deposits t Member bank - reserve account 6,900,288 333,590 3,064,437 390,492 463,985 92,813 2,229 U.S.Treasurer - General account 16,7-46 6,720 9,068 157,400 11,712 Foreign bank 55,336 15,724 14,301 127,671 2,299 Other deposits 20,254 61,825 9,236 Total deposits Deferred availability items Capital paid in Surplus (Section 7) Surplus (Section 13 b) Reserve for contingencies All other liabilities Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. 191,833 172,081 972,225 178,308 137,700 162,429 92,387 336,442 211,715 169,573 994,944 205,596 132,154 233,309 174,692 525,801 11,348 3,054 16,826 5,875 3,569 4,081 7,057 6,240 5,616 18,612 4,813 3,690 4,653 4,653 11,391 6,899 2,586 1,872 6,029 154 3,947 11,308 3,263 4,898 7,278,172 349,830 3,198,344 422,172 507,608 233,225 183,141 1P32,254 222,313 141,999 242,197 190,349 554,740 664,852 69,649 185,562 49,669 63,187 50,776 19,320 90,126 29,544 17,245 35,333 24,726 29,715 51,196 12,243 12,876 4,857 4,340 12,727 3,815 2,894 4,002 3,865 10,113 132,302 9,374 21,504 4,655 3,116 3,613 3,851 9,645 5,616 51,474 13,362 14,323 4,869 145,8^4 9,826 3,422 1,416 754 7,744 4,325 27,490 2,874 1,007 545 1,003 1,1.42 1,262 1,996 1,497 1,690 7,832 2,037 9,117 3,000 35,906 1,570 1,199 2,055 94l 1,847 3,121 267 226 1,080 480 262, 1,226 5,428 219 211 114 135 919 289 12,496,481 731,137 4,433,908 219,5581,034,836 490,746 387,168 2,139,164 440,598 306,223 449,771 318,422 944,950 TOTAL LIABILITIES Contingent liability oh bills purchased 466 120 92 117 117 285 for foreign correspondents 4,015 293 1,449 393 369 173 l4l Commitments to make industrial 10 1,074 65 128 302 3,049 advances 16,331 2,155 5,747 155 1,313 1,998 335 MATURITY DISTRIBUTION OF BILLS AM) SECURITIES Total Bills discounted Bills bought Industrial advances U. S. Government securities 9,929 3,801 22,152 2,526,190 Within 15 days 16 to 30 days 31 to 60 days 61 to 90 days 8,044 596 1,523 246 35,561 724 419 721 66,075 206 354 1,627 813 148,926 1,940 212,481 232 849 32,247 6 months 91 days to to 1 Year 6 months 3,763 483,848 1 Year to 2 Years 2 Years to 5 Years 5,251 247,497 617,868 Over ears 8,569 681,687 FEDERAL RESERVE NOTE STATS SIT ON JTJ1JE 30, 1937 (in thousands of dollars) B-801d Total .Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy.Dallas San Fran. Federal Reserve notesi Issued to F.R,bank by F.R.a^ent 4,508,973 327,709 1,020,431 330,078 457,127 302,725 189,496 995,213 186,743 -142,961 172,503 101,360 382,627 Held by Federal Reserve bank 302,496 40,175 91,186 16,210 24,702 10,892 17,415 22,988 8,435 5,261 10,074 8,973 46,185 In actual circulation 4,206,477 287,534 929,245 313,868 432,425 191,833 172,081 972,225 178,308 137,700 162,429 92,387 336,442 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 4,552,632 336,OOQ 1,030,000 335,000 Eligible paper 9,984 871 4,738 980 U.S. Gov't securities 20,000 — — — 459,500 205,000 178,000 1,010,000 189,632 144,000 174,000 102,500 389,000 682 612 783 20 122 84 127 296 669 4,582,616 336,871 1,034,738 335,980 460,182 205,612 198,783 1,010,020 189,754 144,084 174,127 102,796 389,669 Total collateral
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