H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATUSEST TOR THE PR3SS Released for publication B-S01 Friday,morning, Jan. 12; Federal Reserve Board not earlier. January 11, 1S3^ CONDITION Of FEDSm RESERVE BAKES Tlie daily average volurae of Federal Reserve bank credit outstanding during the week ended January 10, as reported by the Federal Reserve banks, was $2,665,000,000, a decrease of $21,000,000 compared with the preceding week ana an increase of $519,000,000 compared with the corresponding week in 1333• On January 10 total Reserve bank credit amounted to $2, 655*000,000, a decrease of $33,000,000 for the week. This decrease corresponds with decreases of $107,000,000 in money in circulation said $35,000,000 in unexpended capital funds, nonmember deposits, etc., offset in part "by an increase of $67,000,000 in member bank reserve balances and a decrease of $^3,000,000 in Treasury c\irrency, adjusted. The System's holdings of bills discounted declined $2,000,000 and of hills bought in open market $3,000,000, holdings of the various classes of Government securities were practically unchanged. Under the provisions of Section 12B of the Federal Reserve Act the Federal Deposit Insurance Corporation on January 3 called upon the Federal Reserve hanks to subscribe forthwith to Class 3 stock in that corporation in an amount equal to one-half of their surplus on January 1, 1933, and to pay one-half thereof, and on January 5 the corporation called the remainder of such subscription for payment on April 15* The amounts paid the corporation and the amounts payable on April 15 are shown, for ten Federal Reserve banks, immediately preceding 11 All other liabilities^ in this week's statement and the amount of stock acquired immediately preceding "All other assets". The request of the corporation will be acted upon hy the two other Federal Reserve banks at the next meetings of their boards of directors. Changes in the amount of Beserve bank credit outstanding and in related items during the week and the year ended January 10, 133^, were as follows: Increase oi: decrease since Jan. 10 Jan. 3 Jan. 11 193^ 193*+ 1933 (In millions of dollars) Bills discounted 104 - 2 — Bills bought 113 - g + 81 United States securities 2,^32 — + 620 Other Reserve "bank credit 7 - 22 - 6 TOTAL HESERVE BANK CREDIT 2,655 - 33 + 5U9 Monetary gold stock \323 — - 226 Treasury currency adjusted 1,950 - lt-3 t> Uo Money in circulation -107 + 95 Member hank reserve balances 2.777 + 67 + 203 Unexpended capital funds,nonmember deposits, etc. U67 - 35 + 65 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication iriday morning, January 12, 1934; not earlier. B-SOla ASSETS MD LIABILITIES OF THE TWELVE FEDERAL RESERVE BAMS COMBINED (In thousands of collars) Jan. 10. 1934 Jan. 3. 1934 Jan. 11.19$? A S S E TS Gold with Federal Reserve agents . . . 2,599.^95 2,618,124 2,345,320 Gold redemption fund with U.S.Treasury 44 r Q6o 44.540 39,742 Gold held exclusively against F.R.notes 2,644,855 2,662,664 2,385,062 Gold settlement fund with F.R. Board . . 643,396 626,653 405,282 Gold and gold certificates held by banks 432.189 i?73,039 279.594 Total gold reserves . . . 3,222,533 3,566,290 3,568,911 Other cash* . .. 286,759 250,611 226,799 Total gold reserves and other cash 3,816,901 3,509,292 3,795,710 Redemption fund - F.R. bank notes . . 12,864 13,086 Bills discounted: Sec. by U.S.Government obligations . . 34,424 35,176 66,383 Other bills discounted . t - 69,268 70,943 181,768 Total bills discounted . . .. 103,692 106,119 248,151 Bills bought in open market . . . . .. 113,211 121,062 32,362 U. S. Government securities: Bonds 442,782 442,817 420,763 Treasury motes 1,053,139 1,053,240 391,4o6 Certificates end bills . . 935,853 1,090,219 935,825 Total U.S.Government securities 2,431,746 2,431,910 1,812.388 Other securities 1,462 1,493 5,102 Total bills and securities 2,650,111 2,660,584 2,098,003 Gold held abroad . . . —. 51,091 Due from foreign btnks 3,322 3,333 2,982 F. R. notes of other benks 20,579 18,541 17,951 Uncollected items . . . 361,796 504,940 339,550 Bank premises 51,91^ 51,884 53,880 Fed. Dep. Ins. Corp. gtock 64,680 All other assets . . 46^40 45,491 40,394 TOTAL ASSETS t, 028,567 7,093,569 6,113,143 L I A B I L I T I ES F. R. notes in actual circulation . , 2,998,760 3,071,762 2,687,024 F. R. bank notes in actual circulation 205,191 208,014 — Deposits: Member baak - reserve account . . . 2,776,857 2,709,919 2,573,9^ Government 58,293 23,287 21,430, Foreign bank . 4,492 20,629 . M 99 Special deposits - member bank . . 45,829 46,394 — nonmember "bank . 9,832 9,692 — Other deposits 84,088 28,468 111,634 Total deposits . . 3,007,144 2,877,872 2,644,471 Deferred availability items 359,809 480,779 334,256 Capital paid in . . i44,946 144,903 151,309 Surplus l4g,322 277,680 278,599 Subscription for Fed. Dep. Ins. Corp.stock: Paid 64,680 Called for payment on April 15 . .. . 64,680 All other liabilities 35,035 32,559 17,484 TOTAL LIABILITIES 7,028,567 7,093,569 6,113,143 Ratio of totcl gold reserves and other cash* to deposit and F.R.note liabilities combined 63.6$ 63.*$ 65.8$ Contingent liability on bills purchased for foreign correspondents 4,oo6 3,809 39,932 * "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

ASSETS AM) LIABILITIES OF THE"FEDEEAL"RESERVE *BANKS "OF JAMJARY 10, 1934 A S S E TS (In thousands of dollars) B-301-b Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Gold with Federal Reserve agents 2,599,895 202,172 578,706 167,000 218,886 136,475 90,880 692,713 121,682 71,254 102,290 4l,074 176,763 Gold redemption fund with U.S.Treas. 44,960 2,43.6 10,293 4,379 M79 l,6l0 3,112 7,675 1,286 1,589 1.113 854 5,7$- Gold held exclusively against F. R. notes 22,,664444,,SS5555 220044,,558888 583,999 171,379 223,765 138,085 93,992 7&0.3S8 122,968 72,843 103,403 41,923 182,517 Gold settlement fund with F.R.Board 643,396 23,804 178,196 17,505 59,725 26,106 I7,6ll 144,776 39, V1 21,659 38,478 32,181 38,884 Gold and gold certif.held by banks 278,039 21,884 189.380 11.857 3.942 1.107 2.069 1.178 246 560 10.823 3,749 31.244 Total gold reserves 3,566,290 255,276 956,575 200,741 237,432 165,29s 113,672 846,342 162,635 95,062 152,704 77,858 252,645 Other cash* 250,611 21,362 61,003 32,883 17,161 14,099 13,256 34,865 12,749 8,577 9,577 6,904 13,175 Total gold reserves & other casl^g]^g 01 276,63s 1,017,578 233,624 304,593 179,397 126,92s 331,207 175,434 103,639 lo2,281 84,762 270,320 Redemption fund - F.R. bank notes 1122,,886644 11,,225500 2,941 11,,224444 11,,332211 . 244 842 2,002 382 590 500 7S2 766 Bills discounted: Sec. by U.S.Govt, obligations 34,424 1,359 20,713 5,132 2,601 449 1,764 954 845 9J 39 259 212 Other bills discounted 69.26s 2.046 27.021 19,436 4,482 3,678 4.039 2,556 562 1,716 1,255 872 1,605 Total bills discounted 103,692 3,^5 47,734 24,568 7,083 4,127 5,803 3,510 1,^07 1,813 1,294 1,131 1,817 Bills bought in open market 113,211 26,73s 6,446 7,969 12,513 3,773 3,869 14,227 ^,739 2,735 4,610 8,712 16,880 U. S. Government securities: Bonds 442,782 24,390 170,047 2ST067 32,160 11,860 10,777 76,950 1^,493 16,283 14,112 13,527 25,111 Treasury notes 1,053,139 70,955 361,239 74,042 96,237 35,510 32,lSo 177,161 41,901 26,239 36,910 25,527 75,132 Certificates and bills q^R.SPR 62.126 300.4"6q 65.011 84.57S 31.193 28.272 183.232 36.S06 23,057 32,422 22,421 66,03s Total U.S.Govt, securities 2,431,746 157,671 831.755 167,120 213,025 78,563 71,235 437,343 93,200 65,584 83,444 66,475 166,331 Other securities I t 462 — 903 510 mmmm • —• 49 — — Total bills and securities 2,650,111 187,814 3S6,83S 200,167 232,621 S6,463 so,907 455,080 99,346 70,181 39,348 76,31S 185,023 Due from foreign banks 3,382 255 1,27s 367 330 130 117 455 l4 9 97 97 233 F. R. notes of other banks 20,579 315 4,781 4is 1,069 l,s64 1,736 3,953 963 653 1,664 450 2,713 Uncollected items 361,796 4o,423 89,54S 28,820 31,916 31,876 13,369 45,251 16,062 9,709 22,133 14,076 18,613 Bank premises 51,91*+ 3,224 11,066 3.871 6,785 3,12S 2,372 7,375 3,111 1,657 3,4S5 1,750 4,090 Fed. Dep. Ins. Corp. stock 64,680 5,115 21,265 7,310 7,073 2,636 9,874 2,547 1,755 2,180 4,925 All other assets 46,34O 402 26,426 4,64i i,94l 2,536 3,9^1 1,554 415 1,485 1,130 926 943 TOTAL ASSETS 7,028,567 515,436 2,061,721 480,462 587,649 305,63s 232,84s 1,406,751 293,274 189,678 230,63s 181,341 483,131 * "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

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BASIKS OF JANUARY 10, 193U L I A B I L I T I ES (In thousands of dollars) £~801c Total Boston New York Fhile. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Delias San Fran. I.E.notes in actual circulation 2,992,760 226,962 622,CU3 230,450 235,355 152,599 122,663 769,902 l4o,027 92,600 106,57s 4i,s46 206,435 F.R.benk notes in actual circul&tioi* 205,191 20,576 52,751 IS,717 25,064 4,544 4,sss 23,222 7.299 7,595 9,596 10,600 i4,739 Deposits: Member bank - reserve account 2,776,357 192,032 1,061,705 139,60s 133,0-33 94,331 68,321 463,162 100,203 60,834 124,271 9*4,283 133,969 Government 53,293 31*4 32,236 44i 1,354 1,683 157 4,552 l,4l8 1,761 1,074 4,515 8,233 Foreign "bank 4,699 304 1,926 *437 4l2 162 l46 54i 1^2 96 121 121 291 Special deposits: member bank *+5, S29 423 3,317 7,239 5,037 1,706 2,011 16,970 2,955 927 2,150 320 2,669 noranenber bank 9,832 SSI 1,735 163 615 291 5,192 324 IS 563 Other deposits 111,634 2,207 43,4oo 8,oU9 11,521 1,103 3,6*47 11,923 7,73*4 *4,534 1,922 1,209 14,335 Total deposits 3,007,144 195,235 1,143,465 157,609 202,125 100,150 75,073 502,i4s 117,644 63,476 129,556 100,448 215,165 9,434 Deferred availability items 359,309 4o,643 35,312 27,129 31,285 31,109 12,576 46,633 17,323 22,177 15,335 19,793 Capital paid in 144,946 10,551 53,507 1 5,359 12,501 5,03 7 4,444 12,694 3,929 2,879 *4,H9 3,763 10,663 Surplus 148,322 9,610 45,217 13,3 52 14,090 10,979 5,1*45 20,681 4,756 3,420 7,7*44 3,683 9,645 Subscription for Fed. Dep. Ins. Corp.stock: Paid 64,680 5,115 21,265 7,310 7,073 2,636 9,874 2,5*47 1,755 2,180 4,925 Called for payment on April 15 64,680 5,115 21,265 7,310 7,073 2,636 9,37*4 2,547 1,755 2,180 4,925 All other liabilities 35,035 1,579 10,596 2,726 2,533 1,220 2r7S7 AiL3_ 1,097 1.764 863 1,306 1,836 TOTAL LIABILITIES 7,028,567 515,^36 2,061,721 480,462 537,649 305,638 232,848 i,4o6,751 258,274 139,67s 230,633 181,34i 488,131 Ratio of total gold reserves and other cash* to deposit end F. R. note liabilities combined 63.6 65.5 57.6 60.2 62.4 71.0 64.2 69.3 68.1 64.3 68.7 59.6 64.2 Contingent liability on bills purchased for foreign correspondents 4,006 278 1,469 4oo 377 1^9 133 495 130 S3 110 110 267 MATURITY DISTRIBUTION OF BILLS AND SHORT TERM SECURITIES 91 days to Total Within 15 days 16 to 30 days 31 to 60 days 6l to 90 days 6 months Over 6 months Bills discounted 103,692 77,116 7,135 3,827 9,168 1,226 220 Bills bought in open market 113,211 20,35*4 28,907 48,707 15,039 154 Certificates and bills 935,325 68,993 31,513 160,444 321,890 167,446 185,53^ Municipal warrants 1,462 1,399 10 36 17 * "Other cash" does not incl-ude 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 JANUARY 10, 1934 (In thousands of dollars) B-SOld Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran, Federal Reserve notes: Issued to If.R.bank "by F.R. agent 3,291,053 252,038 702,697 245,772 301,566 161,367 IUS.OSL 223,760 L46,4L7 97,925 115,331 48,324 253,665 Held "by Federal Reserve bank 292,293 25,126 79,35^ 15,322 15,711 -3,768 1 9 , 5 3 , 3 53 6,390 5,335 8,753 6,1*72 1+7,230 In actual circulation 2,S9£,76O 226,962 622,8U3 230,1+50 235,055 152,599 122,663 769,902 11+0,027 92,600 10B,57S 4i,s46 206,1+35 Collateral held "by agent as security for notes issued to baa!:: Gold and gold certificates 1,1+78,150 7*+, 555 1+S3,6O6 101,610 108,336 52,100 21,880 Ui+7,713 28,1+82 29,75^ 1-3,1+90 20,57^ 91,000 Gold fund - F. R. Board 1,121,7^+5 127,617 95,100 65,390 110,500 3!+,375 69,000 21+5,000 93,200 1+1,500 83,300 20,500 85,763 Eligible paper 17o,0Sl 2&,o00 39,007 13,898 17,502 6,375 3,O64 15,173 5,792 3,7'4l 5,365 9,*+73 17,336 U. S. Govt, securities 5^4,500 122,000 105,000 60,000 70,000 21,000 1+8,000 120,000 20,000 23,500 10,000 — 65,000 Total collateral 3,3^0,1+76 252,972 722,713 21+5,898 306,3^3 163,350 II+6,9]+I+ 327,336ikj,kjk 93,1+95 117,655 50,552 259,61+9 FEDERAL RESERVE BANK NOES STATELIExlT ON JANUARY 10, 193^ (In thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Delias San Fran. Federal Reserve bank notes: Issued to F.R.Bcnk( outstanding) 233,255 24,1+68 63,175 25,702 26,7bO l+5l+l+ 5,1+82 30,122 8,122 8,0l+5 9,777 12,l42 ll+,9l6 f Held by Federal Reserve carle 2o,0o4 3,392 10,424 6,935 1,696 — 59*4 1,SQ0 223 450 131 1,5^2 177 In actual circulation 205,191 20,576 52,751 13,717 25,061+ 4,544 4,833 23,222 7,399 7,595 9,596 10,600 l4, 739 Collateral pledged against out striding notes: Discounted and purchased bills 1,323 — — — 1,1+92 — 232 — 10l+ U.S. Govt, securities 256,774 30, ,000 6^+, 27^ 26,500 30,000 5,000 7,000 36,000 9,000 10,000 10,000 li+,000 15,000 Total collateral 258,602 30,000 6^,271+ 26,500 31,*+92 5,000 7,232 36,000 9,IO4 10,000 10,000 i4,ooo 15,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis