H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATE!SEST FOR THE PRESS Released for publication B-SOl Friday morning, Jan. 5; Federal Reserve Board not earlier. January U 193^. t CONDITION OF FEDERAL RESJ^VE BANKS The daily average volume of Federal Reserve bank credit outstanding during the week ended January 3» as reported "by the Federal Reserve banks, was $2,636,000,000, a decrease of $12,000,000 compared with the preceding week and an increase of $53^,000,000 compared with the corresponding week in 1933* On January 3 total Reserye bank credit amounted to $2,633,000,000, an increase of $lH,000,000 for the week. This increase corresponds with increases of $35,000,000 in member bank reserve balances and $l6,000,000 in unexpended capital funds, nonmcmber deposits, etc., offset in part by a decrease of $33j000,000 in money in circulation and an increase of $U 000,000 in Treasury curroncy, adjusted. t Bills discounted declined $3,000,000 at the Federal Reserve Bank of Boston, $2,000,000 at How York and $5,000,000 at all Federal Reserve banks. The System*s holdings of bills bought in open market increased $10,000,000, while holdings of the various classes of United States Government securities were practically unchanged. Changes in the amount of reserve bank credit outstanding and in related items during the week and the year ended January 3* 193^* ^ore as follows: Increase or decrease since Jan. 3 Dec. 27 Jon. k 195^ 1933 _122L (In millions of dollars) Bills discounted 106 - 5 - 1U5 Bills bought 121 +10 + ss U. S. Government securities 2,^32 — + 581 Other Reserve bank credit 23 + 9 — TOTAL HESERVE BANK CR3DIT 2,6S3 + 525 Monetary gold stock U.323 — - 201 Treasury currency adjusted 1,993 + k + 9U Money in circulation 5.791 -33 + 121 Member bank reserve balances. 2,710 +35 + 196 Unexpended capital funds, nonmember deposits, etc. 5°2 •*l6 + 100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, January aorlier. 3-801a ASSETS A1TD LIABILITIES OF THE TWELVE FEDERAL RESERVE 3 AUKS COISDTED (in thousands of dollars) Jan. 3,193*+ Dec. 27>1933 Jan. 4, 1933 A S S E TS Gold with Federal Reserve agents . . . 2,618,124 2,595,043 2,344,625 Gold redemption fund with U.S.Treasury 44,5^0 ^>739 40,496 Gold held exclusively against F.R.riotas 2,652,664 2,639,782 2,385,121 Gold settlement fund with F.R. Board . 626,653 648,343 3^2,098 Gold and gold certificates held by banks 279159*+ 280,661 446,137 Total sold reserves . . . . 3,568,911 3*5^8,786 3,173,356 Other cash* . . 226,799 209,356 262,482 Total gold reserves and other cash 3 795 710 3»778,142 3»^35> f f Redemption fund - F.R. bank notes . . 13,086 13,5^ Bills discounted: Sec. by U.S.Government obligations 35,176 36,925 71tl?2 Otjier bills discounted 70,9^3 73,627 179,930 Total bills discounted . . . 106,119 110,552 251,102 Bills bought in open market . . .. 121,062 111,083 32,617 U. S. Government securities: Bonds 442,817 443,166 420,901 Treasury notes 1,053,240 1,053,163 296,4l4 Certificates and bills 935,853 935>850 1,133>595 Total U.S.Government securities 2,431,910 2,432,179 1,350,910 Other securities 1>493 1,494 5>218 Total bills and securities . 2,550,584 2,655,308 2,139,847 Gold held abroad . . . . . . . .. — — 6l,128 Dae from forei^i banks 3,333 3>333 2,977 F. H. notes of other barics . . .. 18,541 16,739 17t735 Uncollected itans . . . . . . . .. 504,940 42^,900 458,654 Bank premises ^1,884 5M'04 53,844 All other assets 45,491 45,4l4 39»6o6 TOTAL ASSETS 7,093,569 6,993,206 6,209,629 L I A B I L I T I ES F. R. notes in actual circulation . 3,071,762 3>080,9^8 2,737>656 F. S. bank notes in actual circulation 208,014 210,298 Deposits: Member bank - reserve acco-ant . . 2,709,919 2,675,153 2,514,451 Government 23,287 29,720 23,84-8 Foreign bank 4,492 5>H0 18,853 Special deposits - member bank . 46,394 48,091 nonmember bank 9,692 10,011 Other deposits . . g4,0gg 61,075 30*224 Total deposits . . . . .. 2,877,872 2,S29,l60 2,587,376 Deferred availability items . . .. 480,779 410,929 ^3^,053 Capital paid in . 144,903 144,634 151,332 Surplus . . . . .. . 277,^80 278,599 278,599 All other liabilities 32,559 38»58S 16,613 TOTAL LIABILITIES 7,093,569 6,993,206 6,209,629 Ratio of total gold reserves and other cash* to deposit and F.R.note liabilities combined 63*8$ 63.9fo 64.5$ Contingent liability on bills purchased for foreign correspondents . . .. 3,309 3>710 ^0,157 # w0th@r cash"does not include F. R. notes or/bank*s own F.R. bank notes # Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AMD LIABILITIES OF THE FEDERAL RESERVE BANKS OF JANUARY 3, 1934 A S S E TS (In thousands of dollars) B-SOl-b Total Boston ITew York Phila. Cleve. Rich. Atlanta Chicago St,Louis Minn. Kans.Cy. Dallas San Fran. Gold with Federal Reserve agents 2,618,124 195,672 573.706 169,000 217,770 142,475 90,880 712,558 122,622 73,254 102,290 41,074 176,763 Gold redemption fund with U.S.Treas. 44,540 1,978 10,707 4,188 5,016 1,886 3,157 6,34l 1,304 1,612 1,170 865 5,816 Gold held exclusive/^Jgainst F. R. notes 2,662,664 197,650 584,413 173,188 222,786 144,361 9 M 37 719,399 123,986 74,866 103,460 41,939 182,579 Gold settlement fund with F.R.Eorrd 626,653 28,753 i4s,4i9 13,802 57,852 29,445 20,563 168,302 36,692 19,251 34,196 33,761 35,617 Gold and gold certif. held by banks 279,59*4 21,926 189,500 11,876 5,058 1,095 2,066 1,310 243 550 10,962 3,744 31,264 Total gold reserves 3,568,911 2^8,329 922,332 198,s66 285,696 174,901 116,666 889,011 160,921 94,667 l4s,6lS 79,444 249,460 Other cash* 226,799 18,385 52,345 30,947 16,200 13,366 11,717 33,323 11,088 7,847 9,O4S 6,349 16,184 Total gold reserves & other cash 3,795,710 266,714 974,677 229,813 301,896 188,267 128,383 922,334 172,009 102,514 157,666 85,793 265,644 Redemption fund -F.R. bank notes 13,086 1,250 3,169 1,290 1,334 255 933 1,735 492 593 521 623 791 3ills discounted: Sec. by U.S.Govt, obligations 35,176 2,185 20,495 5,972 2,197 449 824 849 962 104 39 214 886 Other bills discounted 70,9^3 2,079 26,661 20,005 4,584 3,935 4,593 3,o4l 631 1,770 1,357 683 1,599 Total bills discounted 106,119 4,264 47,156 25,977 6,781 4,334 5,422 3,890 1,593 1,874 1,396 897 2,485 Bills bought in open market 121,062 27,810 11,569 7,806 12,266 3,901 4,105 13,896 ^,721 3,16s 4,602 9,208 18,010 7J. S. Government securities: Eonds 442,817 24,390 170,047 28,069 32,160 ll,8Sl 10,800 76,950 1144,,449944 16,301 14,108 13,527 25,110 Treasury notes 1,053,240 70,955 361,239 7*+,o4l 96,287 35,510 32,285 177,161 41,901 26,243 36,910 25,526 75,182 Certificates and bills 935,853 62,326 300,469 65,010 84,577 31,192 28,298 133,232 36,805 23,060 32,423 22,422 66,039 Total U.S.Govt, securities 2,431,910 157,671 S3l,755 167,120 213,024 73,563 71,383 437,343 93,200 65,604 83,441 66,475 166,331 Other securities 1,^93 — 903 510 ~ — — — — 80 — — Total bills and securities 2,660,584 189,745 891,323 201,413 232,071 86,848 80,910 455,129 99,51^ 70,726 39,439 76,580 186,826 Due from foreign banks 3,333 256 1,228 367 330 130 117 455 l4 9 97 97 233 F. R. notes of other banks 18,541 372 4,761 342 1,126 1,387 1,082 3,903 1,342 512 1,273 408 2,033 Uncollected items 504,940 55,430 123,381 39,988 47,470 45,446 18,048 61,287 22,257 11,497 30,034 19,103 30,999 Bank premises 51,884 3,224 11,066 3,S4I 6,735 3,128 2,372 7,375 .3,111 1,657 3,485 1,750 4,090 All other assets 45,491 379 25,742 4,599 1,9^9 2,532 3,756 1,625 420 1,472 1,164 919 934 7,093,569 2,035,^7 593,011 235,651 283,679 TOTAL ASSETS 517,370 481,653 327,993 1,453,843 299,-159 138,930 185,273 491,550 • "Other cash" does not include F. R. notes or & bank's own F. R.- bank notes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS MD LIABILITIES OF THE FEDERAL RESERVE BANKS 01T JAFUARY 3. 193*+ L I A B I L I T I ES (In thousands of dollars) 3-SOlc Total Boston Hew York Phila. Cleve. Rich. Atlanta Cnicago St.Louis Minn. Kans.Cy. Dallas San Fran, F.R.notes in actual circulation 3,071,762 233,^19 61+9,11+2 23^,219 225,567 156,576 12U,SUg 733,133 1^3,792 93,1^11 07,377 ^3,277 213,271 208,011+ 20,600 53,732 19,330 2H,32i k,555 5,071+ 23,506 3,015 7,607 9,617 11,036 lU,521 F.R.bank notes in actual circulation Deposits: Member bank - reserve account 2,709,919 173,766 1,002,1+10 129,935 177,013 101,91+6 66,792 502,617 96,150 59,1+1+1+ ii9,si+s 96,180 183,76s 1+59 Government 23,237 2,231 6,1+31+ 1+,126 2,319 131 101+ 1,587 • 775 127 65 ^,269 Foreign "bank U,i+92 30U 1,720 H37 Ul2 162 ll+6 5U1 141 96 121 121 291 Special deposits: member bank 1+6,391+ 1+92 3,510 6,989 M 65 1,999 2,085 17,15^ 3,1** 1,020 2,127 322 2,687 no run ember bank 9,692 — 727 1,989 157 687 302 3 i+,905 311 20 — 591 Other deposits SU,033 1,31+0 1+5,306 639 i+,lS7 1,352 3,1+1+6 1,205 i+,Sl6 M 97 l,Sll+ i,3H 13,995 Total deposits 2,377,372 173,633 1,060,157 iUi+,165 139,1+33 106,277 72,375 523,107 109,615 65,31+3 12!+, 117 97,999 205,601 Deferred availability items 1+30,779 52,726 115,31+1+ 36,836 1+5,91+6 1+3,369 15,171 62,015 22,873 10,559 29,^13 19,619 26,31+S Capital paid in iUi+,903 10,561+ 58,l+o0 15,886 12,1+5^ 5,03c U.i+57 12,796 3,926 2,876 4,087 3,722 10,637 Surplus 277,630 19,31+0 37,7^6 27,973 28,236 10,979 10,1+17 1+0,1+29 9,8^9 6,929 7,7^ 8,01+3 19,^95 2,025 All other liabilities 32,559 1,^78 10,326 2,69H 2,55*+ 1,199 2,809 3,857 1,089 i,32l+ 1,527 1,677 TOTAL LIABILITIES 7,093,569 517,370 2,035,1+07 1+31,653 593,011 327,993 235,651 1,^3,f&3 299,159 1 88,980 283,679 185,273 *+91,550 Ratio of total gold reserves and other cash* to deposit and F.R. note liabilities combined 63.3 61+.7 57.0 60.7 63.0 71.6 61+.9 70.6 67.9 6I+.5 63.1 60.7 63.H Contingent liability on bills purchased for foreign correspondents 3,509 273 1,272 377 1H9 133 495 130 33 110 110 MATURITY DISTRIBUTION OF BILLS AMD SHORT TERM SECURITIES 91 days to Total Within 15 days 16 to 30 days 31 to 60 days 6l to 90 days Over 6 months 6 months Bills discounted 106,119 73,1+26 6,110 10,7H 9,^97 1,152 223 Bills bought in open market 121,062 21,960 2^,613 52,690 21,633 161 Certificates and bills 935,853 73,3^8 ^6,703 121,U30 312,051+ 196,756 185,562 Municipal warrants 1,^93 1,1+10 30 36 17 "Other cash" does not include F. R. notes or a bank's own F. R. bank notes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTE STATEMENT ON JA2TUARY 3, 1934 (in thousands of dollars) B-SOld Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Zans.Qy. Dallas San Fran. Federal Reserve notes: Issued to F.R.bank by F,R,agent 3,31+if,122 255,715 724,427 248,623 304,44s 169,ss4 143,436 831,622 lUS,S58 97,862 116,159 US,883 25^,205 Held by Federal Reserve bank 272,360 22,296 75,285 l4,4o4 14,881 13,308 18,588 48,489 5,066 4,721 8,782 5,606 40,934 649,142 234,219 289,567 156,576 In actual circulation 3,071,762 233,419 124,84s 783,133 143,792 93,1^1 107,377 J? C\*J r— r— 213,271 Collateral held by agent as security for notes issued to bank: Gold and gold certificates 1,1+76,879 7^,555 HS3,6O6 101,610 107,270 52,100 21,880 447,552 28,482 29,75*+ 18,490 20,574 91,000 Gold fund - F. R. Board l,l41.245 121,117 90,100 67,390 110,500 90,375 69,000 265,000 94,200 43,500 23,800 20,500 35,763 Eligible paper 135J060 30,719 43 s 4o4 19,930 16,920 6,623 7,643 1M53 5,936 4,230 5,429 9,730 19,643 U. S. Govt, securities 601,100 32,000 130,000 60,000 80,000 21,000 48,000 110,000 22,000 21,100 12,000 65,000 Total collateral 3,4o4,2s4 258,391 7)47,110 243,930 314,690 170,09s 146,523 S37,4II 150,618 98,584 119,719 50,804 261,406 FEDERAL R2SEHVE BANS NOTE STATEMENT ON JANUARY 3, 1934 (In thousands of dollars) To tal Boston New York Phila* Cleve. Rich. Atlanta Chicago St.Louis Minn. Zans.Oy. Dallas San Fran, Federal Reserve bank notes: Issued to F.R.3ank( outstanding) 23MJS 2k,602 63,^03 25,7^S 26,823 4,555 5,623 30,355 8,232 S,04S 9,S20 12,668 14,941 Held by Federal Reserve bank 26,SOU 4,002 9,671 5,S6S 2,002 549 1,849 217 441 203 1,582 420 In actual circulation. 20s,oi4 20,600 53,732 19,880 24,821 4,555 5,074 28,506 8,015 7,607 9,617 11,086 14,521 Collateral pledged against outstanding notes: Discounted and purchased bills 1,872 1,515 229 128 U.S. Govt, securities 256,774 30,000 26,500 30,000 5,000 7,000 36,000 9,000 10,000 10,000 i4,ooo 15,000 258,646 30,000 64,2 a 26,500 31,515 5,000 7,229 36,000 9,12s 10,000 10,000 i4,ooo 15,000 Total collateral Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis