H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR TEE PiffiSS Released for publication Friday morning, Jan 2.6; Federal Reserve Board # not earlier January 25, VffK # CONDI TI Oil OF FEDERAL RESERVE BALKS The daily average volume of Federal Reserve "bank credit outstanding during the week ended January 2U, as reported "by the Federal Reserve "banks, was $2,6^,000,000, a decrease of $10,000,000 compared with the preceding week and an increo.se of $563,000,000 compared with the corresponding week in 1933* On January 2^ total Reserve bank credit amounted to $2,631,000,000, a decrease of $15,000,000 for the week* This decrease corresponds with decreases of $62,000,000 in money in circulation and $7,000,000 in unexpended capital funds, nonmember deposits, etc., and an increase of $3,000,000 in Treasury currency adjusted, offset in part by an increase of $63,000,000 in member "bank reserve balances. Bills discounted declined $3,000,000 at the Federal Reserve Bank of Boston and $U,000,000 at all Federal Reserve banks* The System's holdings of bills bought in open market decreased $8,000,000, 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 24, 193^, were as follows: Increase or decrease since Jan 2k Jan 17 Jan. 25 # # 1934 1934 1933 (In millions of dollars) Bills discounted 97 - 4 - lSs Bills bought 104 - 8 + 73 U S* Government securities 2,432 — + 669 # Other Reserve bank credit - 2 - 3 - 9 TOTAL RESERVE BMK CREDIT 2,631 -15 + 564 Monetary gold stock 4.322 — - 234 Treasury currency adjusted 1,903 + 8 - 9 Money in circulation 5.581 -62 - 30 Member bank reserve balances 2,651 +63 + 33S Unexpended capital fundBfnotatiember deposits,etc* 424 - 7 + 13 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, January 26,1934; not earlier. B-SOla ASSETS AMD LIABILITIES OP THE TmVE FEDERAL RESERVE BAtlKS CO IS HIED (In thousands of dollars) Jan. 24,1934 Jan. 17,1934 Jan. 25>1933 A S S E TS Gold with Federal Reserve agents • . . 2,541,818 2,567,317 2,390,103 Gold redemption fund with U.S.Treasury 43,974 37,736 Gold held exclusively against F.R.notes 2,535,17^ 2,611,291 2,427,839 Gold settlement fund with F # R.Board . 6^,365 675,135 432,095 Gold and gold certificates held by banks 280,424 273,878 398,767 Total t gold reserves . . . . .. # 3,559,963 3,560,30^ 3,258,701 Other cash * 248,lo3 244,870 287,941 Total gold reserves and other cash 3,805,174 3,546,642 # 3,003,126 Redemption fund - F. R. bank notes . . 13,OO4 12,527 Bills disco-unted: Sec. by U.S # Government obligations . 35.910 * *35,553 68,543 Other bills discounted 61,320 **65,762 196,155 Total bills discounted 97.230 101,315 264,698 Bills bought in open market . . . .. # 104,126 111,939 31,^96 U. S. Government securities: Bonds 442,781 442,807 420,890 Treasury notes . 1*053,138 1,053,163 319,760 Certificates and bills . . . . . .. 935,820 935,820 1,022,661 Total U.S«Government securities . 2,431,739 2,431,790 1,763,311 Other securities . 1,293 1,413 4,526 Total bills and securities . . 2,634,388 2,646,457 2,064,031 Gold held abroad . 3,120 4,319 13,589 Due from foreign banks 3,395 3,390 3,487 20,512 F. R. notes of other banks . . . . .. 19,783 15,^52 Uncollected items . . . . . . . . . .. 377,583 416,635 300,746 Bank premises * 51,980 51,980 53,380 Fed. Dep. Ins. Corp. stock . . . . .. 69*650 69,650 All other assets . . . . . . . . . .. ^•987 47,340 46,838 TOTAL ASSETS . . . . . .. 7,030,016 7,077,984 6,044,665 L I A B I L I T I ES F. R. notes in actual circulation . . # 2,931,359 2,959.556 2,705,667 F. R. bank notes in actual circulation 203,176 204,536 — Deposits: Member bank ~ reserve account . 2,850,961 2,788,073 2,513,199 Government . . . . . . . . .. 65,240 105,356 12,811 Foreign bank 4,4s3 3,955 33,640 Special deposits - member bank 43,068 44,900 nonmember bank 10,005 10,455 Other deposits . 79,266 84,151 27.594 Total deposits . . .. 3,053,023 3,036,890 2,587,244 Deferred availability items . . . 384,702 420,675 301,658 Capital paid in . . . . . . .. . l45,4oo 1^5,078 151,201 Surplus . . . . . . . . . . . .. 138,383 138,383 278,599 Subscription for Fed. Dep.Ins.Corp stock: Paid . . . . 69,650 69,650 —— Called for payment on April 15 69,650 69,650 — All other liabilities . . . . .. 3M72 33,566 20,296 TOTAL LIABILITIES . . 7,030,016 7,077,984 6,044,665 Ratio of total gold reserves and other cash* to deposit and F.R.note liabilities combined . . . . . .. » 63.6^ 63.5$ 67.0$ Contingent liability on bills purchased for foreign correspondents . . . . . 4,474 4,477 Ul 83X f "Other cash" does not include F.R. notes or a bank*s own F»R#bank notes* Digitized for FRASER **Revised http://fraser.stlouisfed.org/ # Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BASKS ON JAMJAR! 24, 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 2,541,813 184,672 553.706 164,500 218,886 134,599 90,385 672,713 131,697 74,444 105,290 38,163 172,763 Gold redemption fund with U.S.Treas. 43,356 3,246 9,717 4,155 M 83 l,4p2 3,008 7,357 "1,210 1,482 1,065 811 5.622 Gold held exclusively against F. R. notes 2,585,174 187,918 563,^23 168,655 223,169 136,001 93,393 680,070 132,907 75,926 106,353 38,974 178,385 Gold settlement fund with F.R.Bosrd 694,365 25,928 180,717 17,338 7M72 27,633 17,0^5 174,619 4l,l6S 18,042 48,736 U.2,3^7 26,070 Gold and gold certif. held by hanks 220,424 21,827 187,880 11,851 3,897 999 1,109 3.Q05 221 375 10,575 3,628 35.057 Total gold reserves 3,559,963 235,673 932,020 197,844 301,732 164,633 111.5^7 357,69^ 17^,296 94,343 165,714 84,949 239,512 other cash* 248,163 22,234 59,173 3^,220 16,914 14,138 13,303 32,217 10,771 9,517 9,824 6>679 19.168 Total gold reserves & other cash 3,208,126 257,907 991,193 232,064 312,652 178,771 124,850 889,911 185,067 103,860 175,53s 91,62s 253,630 Redemption fund - F.R. 'bank notes 13,004 1,250 2,779 1,100 l.Uoi 230 672 2,546 470 555 500 559966 SS2255 Bills discounted: Sec. by U.S.Govt, obligations 35,910 2,659 20,253 5,532 3,052 464 1,940 930 62b 44 39 4o 331 Other bills discounted 61,320 1,355 24,783 17,929 3,847 3,278 3,399 1,975 426 1,549 992 223 1,564 Total bills discounted 97»230 4,oi4 45,036 23,461 6,899 3,742 5,339 2,905 1,052 1,593 1,031 263 1,895 Bills bought in open market 104,126 23,707 3,241 6,987 . 12»357 3,609 3,846 13,844 3,956 2,401 44,,009955 1111,,337711 1144,,771122 U.S. Government securities: Bonds 444422,,778811 24,390 170,046 28,067 32,160 11,859 10,767 7766,,99^^11 14,492 16,293 14,113 18,527 25,110 Treasury notes 1,053,138 70,955 361,239 74,042 96,287 35,510 32,186 177,161 41,901 26,239 36,910 25,527 75,121 Certificates and bills 935,320 62,326 300,470 65,011 84,577 31,193 23.273 133.231 36.807 23.050 32,421 22,421 66 O4O t Total U.S.Govt, securities 2,431,739 157,671 331,755 167,120 213,024 78,562 71,226 437,343 93,200 65,588 83,444 66,475 166,331 Other securities 1,293 — 783 510 — — — — Total "bills and securities 2,634,388 185,392 880,815 198,073 232,280 85,913 80,411 454,092 98,208 69,582 88,570 78,109 182,938 Gold held abroad 3,120 3,120 — — — — Ihie from foreign banks 3,395 225566 1,292 370 325 129 113 448 15 11 95 95 241 F. R. notes of other banks 19,783 384 5,441 4il 1,066 1,698 1,551 2,590 1,642 •781 1,185 379 2,655 Uncollected items 377,583 40,470 93,966 3l,H3 36,235 32,422 14,692 45,i4I 18,283 8,492 ?3,44l L6,ios 17,220 3ank premises 51,980 3,224 11,066 3,936 6,785 3,128 2,372 7,375 3,111 1,657 3,^85 i,75i 4,090 Fed, Dep. Ins, Corp. stock 69,650 5,H5 21,265 7,310 7,073 2,904 2,636 9,874 2,547 1,755 2,066 2,180 M 25 All other assets 48,937 1,225 27,961 5,051 1,556 2,429 3,815 1,^33 419 1,432 1,084 915 1,617 TOTAL ASSETS 7,030,016 495,223 2,038,903 479,433 605,373 307,674 231,117 1,413,460 309,762 188,155 295,964 191,761 473,191 Digitized for FRASER http://fraser.stlouisfed.org/ * "Other cash" does not include F» R. notes or a bank's own F. R. bank notes. Federal Reserve Bank of St. Louis

ASSETS MD LIABILITIES OF THE FEDERAL RESERVE BAMS 01T JANUARY 24, 1934 L I A B I L I T I ES (In thousands of dollars) B-SOlc Total Boston "New York Phila. CI eve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R.notes in actual circulation 2,931,359 222,571 596,960 227,011 283,376 142,902 120,933 757,204 137,224 92,277 106,014 41,029 197,253 F.R .bank notes in actual circulation 203,176 19,532 52,169 19,344 24,217 4,4so 4,732 23,654 7,913 7,395 9,4s4 9,934 14,772 Deposits: Member tank - reserve account 2,S50,96l 176,733 1,079,416 145,980 208,944 93,665 65,923 490,095 105,02s 59,219 133,945 101,239 185,114 Government 65,240 1,399 26,419 935 1,179 6,932 1,417 12,246 4,557 737 456 S75 8,03s Foreign batik: 4,483 268 2,047 387 352 142 130 469 123 86 104 104 265 Special deposits: member bank 43,o6s 227 3,077 6,576 4,859 1,793 1,798 15,767 2,231 1,133 1,855 362 2,790 nonmember bank 10,005 871 1,915 130 784 229 5,298 249 2 527 Other deposits 79,266 1,7^8 27,128 863 3.031 1,111 4,322 1,339 10,844 5,215 2,923 7,092 13,624 Total deposits 3,053,023 180,450 1,133,952 156,656 212,501 104,427 73,224 519,916 128,681 67,229 144,225 109,67s 210,358 Deferred availability items 384,702 40,627 92,011 29,864 35,P57 32,577 13,273 50,088 21,050 8,596 23,371 17,254 13,929 Crpital paid in 145,400 io,643 58,607 15,723 12,517 5,037 4,455 ' 12,878 3,941 2,273 4,125 3,903 10,638 Surplus 13s,383 9,5io 45,217 13,352 14,090 5,171 5,145 .20,621 4,756 3,420 3,613 3,683 9,645 Subscription for Fed, Dep. Ins. Corp , stock: Paid 69,650 5,115 21,265 7,310 7,073 2,904 2,636 9,874 2,547 1,755 2,066 2,180 4,325: Called for payiaent on .April 15 69,650 5,H5 21,265 7,310 7,073 2,904 2,636 9,274 2,547 1,755 2,066 2,180 4,925 All other liabilities 34,673 i»56o 12,451 2,203 2,669 1,272 2,222 4,291 1,103 1,695 94o 1,320 1,741 TOTAL LIABILITIES 7,030,016 495,223 2,038,903 479,433 605,373 307,674 231,117 1,413,460 309,762 182,155 295,964 191,761 473,191 Ratio of total gold reserves and other cash* to deioosit and F.R. note liabilities combined 63.6 64.0 57.1 60.5 63.5 70.6 64.1 69.7 69.6 64.8 70.1 60.8 63.5 Contingent liability on bills purchased for foreign correspondents 4,474 317 1,591 459 423 168 154 556 146 101 123 123 313 MATURITY DISTRIBUTION OF BILLS AITD 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 97,230 76,294 4,04l 12,367 3,707 749 72 Bills bought in open market 104,126 29,242 25.400 40,431 2,943 110 Certificates and bills 935,220 31,513 58.401 332,463 155,133 172,781 185,529 Municipal warrants 1,293 1,2*40 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 FOTE STATEMENT ON JANUARY 24, 1934 (In thousands of dollars) B-801-c Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.loxiis Minn. Kans.Cy. Dallas San Fran. federal Reserve notes: Issued to F.R.bank by F.R»agent 3,202,007 239,588 671,109 243,126 297,639 157,61+2 1^1,369 799,241 143,996 92,389 113,061 ^5,953 250,89!+ Held by Federal Reserve bank 270,648 17,017 74,149 16,115 1^,263 8,740 20,436 42.037 6,772 5,512 7.047 ^,924 53,636 In actual circulation 2,931,359 222,571 596,960 227,011 223,376 i4s,902 120,933 757,204 137,224 92,877 106,014 41,029 197,25s Collateral held by agent as security for notes issued to bank: Gold and gold certificates 1,^74,073 74,555 4S3,6O6 101,610 108,386 52,224 21,335 447,713 28,497 29,944 18,490 20,663 87,000 Gold fund - F. R. Board 1,067,745 110,117 70,100 62,890 110,>500 82,375 69,000 225,000 103,200 44,500 86,800 17,500 85,763 Eligible paper 165,201 26,962 34,781 17,9^3 17,356 5,993 7,625 14,510 4,708 3,31s 4,628 11,467 15,905 U. S. Govt, securities 55s,800 32,000 105,000 62,000 70,000 21,000 48,000 120,000 9,000 21,800 5,000 65,000 Total collateral 3,265,819 243,634 693,487 244,44s 306,242 161,592 146,010 807,223 145,405. 99,562 114,918 49,630 253,668 FEDERAL RESERVE BAI3E IIOTE STATEMEFT 01T JA1TOARY 24, 1934 (In thousands of dollars) Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas Sail Fran. Federal Reserve bank notes: Issued to F.R.Bank( outstanding) 228,835 24,080 62,513 25,294 25,810 4,4so 5,312 29,065 s,no s,o4o 9,710 10,906 14,915 Held by Federal Reserve bank 25,659 4,548 10,344 5,950 1,593 — 530 1,011 197 145 226 972 143 In actual circulation 203,176 19,532 52,169 19,3^4 24,217 4,480 4,782 28,654 7,913 7,895 9,484 9,934 14,772 Collateral pledged against outstanding notes: Discounted and purchased bills 1,590 1,321 210 59 U, S. Govt, securities 256,77^ 30,000 64,274 26,500 30,000 >,000 7,000 36,000 9,000 10,000 10,000 l4,ooo 15,000 Total collateral 253,364 30,000 64,274 26,500 31,321 5,000 7,210 36,000 9,059 10,000 10,000 l4,ooo 15,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis