H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOB TH3 PHSSS Released for publication B-S01 Friday morning, Jan* 19 J Federal Reserve Board not earlier4 January IS, I93H COEDITIOF Of FSD3RAI. RESERVE BAMS The daily average volume of Federal Reserve "bank credit outstanding during the week ended January 17, as reported "by the Federal Reserve banks, was $2 653 000,000, a decrease of $7,000*000 compared with the preceding week and an t f increase of $55^,000,000 compared with the corresponding neek in 1933* On January 17 total Reserve "bank credit amounted to $2,646 OQO,OOO a def f crease of $9,000,000 for the week* This decrease corresponds with decreases of ,000,000 in money in circulation and $36,000,000 in unexpended capital funds, nonmember deposits, etc offset in part "by an increase of §11,000,000 in member #> bank reserve balances and a decrease of ^^ 0Q0 000 in Treasury hurrency, adjusted. 9 7 The System*s holdings of bills discounted declined $3,000,000 and of bills bought in open market $1,000,000. Holdings of the various classes of 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 17, 193^, were as follows: Increase or decrease since Jan* 17 Jan. 10 Jan. 13 1934 1954 19)3 (in millions of dollars) Bills discounted 101 - 3 - l4g Bills "bought 112 - 1 + go U. S. Government sectorities 2,432 + 654 Other reserve "bank credit 1 - 6 - g 2,646 - 9 TOTAL RESERVE BANK CREDIT + 57S Monetary gold stock 4,322 - 1 - 244 - 16 Treasury currency adjusted 1,395 -55 Money in circulation 5,643 -4l + 41 Member "bank reserve balances 2,7Sg +11 + 243 Unexpended capital funds,nonmember deposits,etc 431 -36 + 34 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, January 19,1931+;not earlier, B-SOla ASSETS AND LIABILITIES OF THE TVZELVED FEDERAL RESERVE BA?TCS COMB IIIED (In thousands of dollars) Jan. 17,1934 Jan. 10,1934 Jan. 18, 1933 A S S E TS Gold with Federal Reserve agents . . . 2,567,317 2,599,895 2,377,803 Gold redemption fund with U.S.Treas-ury "43,974 44,960 391233 Gold held exclusively against F.R.notes 2,611,291 2,644,855 2,417,036 Gold settlement fund with F.R.Board 675,135 643,396 408,070 # Gold and gold certificates held "by tanks 273,878 278,039 411,335 Total gold reserves . 3,560,304 3,566,290 3,236,441 Other cash* 244,870 250,611 285,808 Total gold reserves and other cash 3,S05,171!- 3,816,901 3,522,249 Redemption fund u F. 3* bank notes 12,527 12,864 # Bills discounted: 66,496 Sec. "by U*S.Government obligations 35,578 3^»^24 Other bills discounted . . . . .. 65,737 69,268 182,172 Total bills disco-unted 101,315 103,692 21+8,668 Bills bought in open market 111,939 113,211 31,926 U« S. Government securities: Bonds 4^2,807 442,782 420,755 Treasury notes 1,053,163 1,053,139 310,426 Certificates aud.bills 335,820 935>825 1,047,012 Total U.S. Government securities 2,1+31,790 2,431,746 1,778,193 Other securities 1/413 1,462 4,597 Total bills and securities . 2,646,1+57 2,650,111 2,063,384 Gold held abroad 4,319 ~~ 51 091 f Due from foreign banks 3,390 3,3^2 3*259 F. R, notes of other banks . . . .. 20 512 20,579 lB 3H f Uncollected items 416,'635 361,796 344,921 Bank premises . . .. 51,980 53,380 69,650 F0&. Dap. Ins. Corp. stock . . . .. 64,680 All other assets . . . . . . . . .. 4-713^0 46,340 42,281 TOTAL assets . . 7,028,567 7,077 9i34 6,097,376 f L I A B I L I T I ES F. R. notes in actual circulation 2,959,556 2,998,760 2,697,295 F.R. bank notes in actual circulation 204,536 205,191 Deposits: 2,776,857 Member bank - reserve account . . . 2,788,073 2,545,151 Government '105! 356 58,293 17,84-2 Foreign bank 3*,955 ^,699 20,539 Special deposits - member bank . i|]+ 9Q0 45,829 f nonmember bank 10,455 9,832 Other deposits 84[l51 111,634 24,340 Total deposits 3,036,890 3,007,144 2,607,872 Deferred availability items . . .. 420,675 359,809 343,716 Capital paid in 145^073 144,946 151,288 Surplus . 138^383 148,322 278,599 Subscription for Fed. Dep.Ins.Corp. stoc3*:: 69,650 Paid 64,680 Called for payment on April 15 . . 69,650 64,680 All father liabilities . . . . . .. 33,566 35,035 18,606 total liabilities . . .. 7,077,984 7,028,567 6,097,376 Ratio of total gold reserves and other cash* to deposit and F.R.note liabili* ties combined 63.5$ 63*6$ 66.4$ Contingent liability on bills purchased for foreign correspondents ..... 4,477 4,006 40,724 * "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 BAITCS ON JANUARY 17, 1934 A S S E TS (In thousands of dollars) B-801-b Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans. Cy. Dallas San Fran. Gold with Federal Reserve agents 2,567,317 190,172 572,706 164,500 218,886 136,592 90,325 672,713 124,697 70,444 105,290 32,163 176,763 Gold redenption fund with U.S.Treas. 43,974 2,866 10,025 4,318 4,587 1,228 3,074 7,500 1,233 1,^93 1*083 242 5,125 Gold held exclusively against F. H. notes 2,611,291 193,038 588,731 168,818 223,1+73 137,226 93,^59 680,213 125,930 71,937 106,373 39,005 182,488 Gold settlement fund with F.R.Board• 675,135 20,199 lSl+,561 13,691 73,215 25,647 12,343 174,803 40,839 19,417 39,905 36,068 28,447 Gold and gold certif. held by banks 273,878 21,838 186,691+ 11,850 3,297 1,079 1,097 1,534 229 ,375 10«575 3,649 31,061 Total gold reserves 3,560,30^ 235,075 959,926 194,359 300,525 l6l+,552 112,899 856,550 166,998 91,729 156,853 78,722 241,996 Other cash* 244,870 21,486 52,087 33,373 17,272 14,324 12,880 33,743 10,999 2,726 10,056 6,525 17,399 Total gold reserves & other cash 3,805,174 256,561 1,018,073 227,732 317,S57 178,876 125,779 890,293 177,997 100,455 166,909 85,247 259,395 Redemption fund - F.R. bank notes 12,527 1,250 3,05s 1,011+ l,4oo 256 723 1,757 474 586 500 619 830 Bills discounted: Sec. by U.S.Govt, obligations 35,57S 1,172 21,321 5,273 3,579 520 1,477 937 772266 127 39 6655 337 Other bills discounted 65,737 1,1+12 26,23!+ 19,093 4,225 3,329 3,961 2,105 554 1,609 1,133 360 1,612 Total bills discounted 101,315 2,524 1+7,605 2^,371 7,204 3,909 5,432 3,042 1,280 1,736 1,172 425 1,949 Bills bought in open market 111,939 26,581+ 3,211 7,534 12,671 3,749 4,000 14,417 4,545 2,736 4,723 10,428 16,741 U.S. Government securities: Bonds 442,807 2*+,390 170,01+7 28,067 32,160 n,259 10,725 76,950 A, 493 16,305 14,113 12,527 25,m Treasury notes 1,053,163 70,955 361,239 7l+,0l+2 96,287 35,510 32,186 177,161 41,901 26,264 36,909 25,527 75,122 Certificates and bills 935,220 62,326 300,1+69 65,011 24,577 31,193 22,273 183,232 36,806 23,052 32,422 22,421 66,03s Total U.S.Govt, securities 2,1+31,790 157,671 831,755 167,120 213,021+ 72,562 71,244 437,3^3 93,200 65,621 83,444 66,475 166,331 Other securities 1/413 — 903 510 — — — — — — — — Total bills and securities 2,646,457 186,839 834,074 199,535 233,^99 86,220 80,682 454,802 99,025 70,093 29,339 77,322 185,021 Gold held abroad 4,319 4,319 —. — — — — Due from foreign banks 3,390 256 1,287 369 325 129 119 448 15 11 95 95 224411 F. E. notes of other banks 20,512 337 6,51+5 573 1,146 1,405 1,109 2,399 1,342 559 1,593 > 306 3,193 Uncollected items 5+16,635 1+8,1+31 106,387 31,912 39,301 35,173 12,592 53,052 19,154 9,720 25,520 16,946 12,327 Bank: premises 51.960 3,22l+ 11,066 3,936 6,725 3,122 2,372 7,375 3,111 1,657 3,425 1,751 4,090 Fed. Dep. Ins. Corp, stock 69,650 5,H5 21,265 7,310 7,073 2,904 2,636 9,274 2,5^7 1,755 2,066 2,180 4,925 All other assets 1+7,31+0 944 27,050 4,729 1,546 2,549 1 f*r*n 1,551 427 1,450 1,103 925 1,125 TOTAL ASSETS 7,077,924 502,957 2,083,124 *+77,lio 608,932 310,640 229,953 1,421,551 304,092 186,346 290,675 185,397 ^77,207 * "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 AED LIABILITIES OP THE FEDERAL RESERVE BAMS Oil JANUARY 17, 1934 L I A B I L I T I ES (In thousands of dollars) B-801c Total Boston Hew York phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R.notes in actual circulation 2,959,556 223,000 609,6so 229,90s 283,S60 150,992 121,723 760,091+ 138,289 92,773 106,299 41,332 201,606 F.R.bank notes in actual circulation 204,536 20,379 52,637 19,012 24,273 4,506 4,865 28,us6 7,912 7,9^5 9,567 10,253 1^,701 Deposits: Member bank - reserve account 2,73S, 073 171,052 1,032,879 137,856 206,431 96,777 65,77^ 491,878 104,044 59,396 131,695 96,760 193,531 Government 105,356 5,560 87,701 i,4o4 2,974 2,243 134 556 1,3^7 676 814 1,828 119 Foreign bank 3,955 268 1,519 387 35S 142 130 U69 123 86 104 104 265 Special deposits: member bank 44,900 208 3,223 6,799 ^,919 1,7110 1,925 16,971 2,956 1,213 1,905 317 2,724 nonmember bank 10,455 902 2,106 139 713 266 5,359 *+i3 6 551 l,Sl6 34,722 870 3,223 1,220 4,892 1,661 Other deposits 10,779 IMS 2,771 2,391+ 12,387 Total deposits 3,036,890 178,901+ 1,160,946 11+9,1+22 2l8,oi+i+ 102,835 73,121 520,653 121,245 64*555 136,18s 101.403 209.577 Deferred availability items 1+20,675 1+8,650 101,743 31,9^4 39,386 35,084 12,545 55,252 21,788 9,540 25,91* 19,327 19,502 Capital paid in 145,07s 10,695 58,649 15,813 12,526 5,037 4,454 12,560 3,93*+ 2,875 4,112 3,781 10,642 Surplus 138,383 9,610 45,217 13,352 14,090 5,171 5,li+5 20,681 4,756 3,420 3,613 3,683 9,645 Subscription for Fed. Dep. Ins. Corp. stock: Paid 69,650 5,H5 21,265 7,310 7,073 2,904 2,636 9,874 2,5*+7 1,755 22,,006666 2,180 MM2255 Called for payment on April 15 69,650 5,115 21,265 7,310 7,073 2,904 2,636 9,874 2,547 1,755 2,066 2,180 4,925 All other liabilities 33,566 1,489 11,722 3,039 2,607 1,207 2,828 4,077 1,074 1,728 853 1,258 1,684 TOTAL LIABILITIES 7,077,984 502,957 2,083,121+ 1+77,110 608,932 310,61+0 229,953 l,!+21,551 30*+,092 186,31+6 290,675 185,397 ^77,207 Ratio of total gold reserves and other cash* to deposit and F.R. note liabilities combined 63.5 63.8 57,5 60.0 63.3 70.5 64.6 69.5 68.6 63.9 68.8 59.7 63.I Contingent liability on bills pur- 1,591+ 1+59 1+23 168 15I+ 555 li+5 101 12I+ 12l+ 313 chased for foreign correspondents 1+.1+77 317 MATURITY DIS TRIBUTI OF OF BILLS AND SHORT TERM SECURITIES 91 days to Total Within 15 days l6 to 30 days 31 to 60 days 6l to 90 days Over 6 months 6 months 6,285 Bills discounted 101,315 76,555 6,33^ 11,190 873 78 12,662 Bills bought in open market 111,939 23,989 27,9^3 1+7,21+1 101+ Certificates and bills 935,820 1+6,703 1+7,260 297,55^ ll+8,170 210,6o4 185,529 Municipal warrants 1,413 1,360 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 EOTE STATEMENT OH JAHUARY 17, 1934 (In thousands of dollars) Total Boston Hew York phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. ICans.Cy. Dallas San Fran. Federal Reserve notes Issued to F.R.bank "by F.R.agent 3,228,01*3 2^7,528 681,SOI 242,979 29s,957 159,813 l4l,52S 802,553 144,847 97,880 112,890 ^,884 251,583 Held by Federal Reserve bank 268,1+87 24,528 71,921 I3»07l 15,097 8,821 19,805 >+2,459 6,558 5,107 6,591 4,552 **9,977 In actual circulation 2,959,556 223,000 609,680 229,90s 283,8o0 150,992 121,723 760,094 138,289 92,773 106,299 41,332 201,606 Collateral held by agent as security for notes issued to ban!;: Gold and gold certificates 1,^78,072 74,555 483,606 101,610 108,386 52,223 21,385 447,713 28,497 29,944 18,490 20,663 91,000 Gold fund - F. R. Board 1.089,245 115,617 95,100 62,890 110,500 84,375 69,000 225,000 96,200 40,500 86,800 17,500 85,763 Eligible paper 174,952 28,407 36,829 18,765 18,464 6,232 7,851 15,220 5,^0 3,779 5,382 10,612 17,951 U. S. Govt, securities 563,100 29,000 105,000 60.000 70,000 21.000 48,000 120.000 16,000 24,100 5,000 — 65,000 Total collateral 3,305,369 247,579 720,535 243,265 307,350 163,830 145,236 807,933 146,157 98,323 115,672 48,775 259,7^ FEDERAL RESERVE BAM HOTE STATEMENT OH JANUARY 17, 1934 (In thousands of dollars) Total Boston He^ York rhila. Cleve. Rich. Atlanta Chicago St.Louis Minn. ICans.Cy. Dallas San Fran, Federal Reserve bank notes: Issued to F.R.Bank( outstanding) 230,353 24,323 62,792 25,473 26,260 4,506 5,423 29,377 S,li4 s,o4i 9,735 10,929 l4,sso Held by Federal Reserve bank 25,817 3,944 10,155 6,461 1,987 — 558 1,391 202 96 168 676 179 In actual circulation 204,536 20,379 52,637 19,012 24,273 4,506 4,865 28,486 7,912 7,945 9,567 10,253 14,701 Collateral pledged against outstanding notes: Discounted and purchased bills l,73S — -- — 1,^20 — 214 — io4 U.S. Govt, securities 256,774 30,000 64,274 26,500 30,000 5,000 7,000 36,000 9,000 10,000 10,000 i4,ooo 15,000 Total collateral 258,512 30,000 64,274 26,500 31,420 5,000 7,214 36,000 9,104 10,000 10,000 l4,ooo 15,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis