H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STAT3M2FT FOR THE PR3SS B-S01 Released for publication Friday morning, Feb. 2; Federal Reserve Board not earlier. February 1, 193^* CS<O MDITION OF FEDERAL RESERVE BANKS Che daily average volume of Federal Reserve bank credit outstanding during tne week ended January 31 as reported by the Federal Reserve banks, was t $2,6^0,000,000, a decrease of $8,000,000 compared with the preceding week and an increase of $561,000,000 compared with the corresoonding week in 1933• On January 31 total Reserve bank credit amounted to $2,630,000,000, a decrease of $1,000,000 for the week. A decrease of $199,000,000 in member bank reserve balances and an increaso of $11,000,000 in monetary gold stock were practically offset by increases of $198,000,000 in Treasury cash and deposits with Federal Reserve banks and $9,000,000 in money in circulation. Bills discounted declined $S,000,000 at the Federal Reserve Bank of New York and $1^,000,000 at all Federal Reserve banks* The System's holdings of bills bought in open market increased $7,0)0,000, of Treasury certificates and bills $25,000,000 and of United States bonds $2,000,000, while holdings of United States Treasury notes decreased $25,000,000. In view of the transfer to the U S. Treasury 011 January 30» "by the Gold # Reserve Act of 193^» of title to all gold held by the Federal Reserve banks, in exchange for credits in accounts maintained with, the Treasurer of the United States payable in gold certificates, certain changes have been made in the weekly condition statement of the Federal Reserve banks particularly in respect to the captions showing the distribution of cash reserves* Certain changes have also been made at this time in tlxe items show nbelow in connection with the volume and eoiaposition of reserve bank credit* ©le two new items: "Treasury and National bank currency11 and "Treasury cash and deposits with F. R* banks" were previously shown in combination under the caption "Treasury currency adjusted", which was derived by deducting the second of the items from the first. The item "Treasury and National bank currency" represents the aggregate amount of United States notes, national bank notes, silver certificates, Treasury notes of 1S90, and silver and minor coin outstanding, and the Federal Reserve bank notes for the retirement of which lawful money has been deposited with the. Treasurer of the United States* The item "Treasury cash and deposits with F* R banks" represents the aggregate of Government funds on deposit with # the Federal Reserve banks and cash (including gold bullion) held in the Treasury, not including gold and silver held against gold and silver certificates and Treasury notes of 1290, or amounts held for the Federal Reserve banks. The item Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

"Nonmember de:;>osits and other F R accounts" represents a change in caption from # t the former item "Unexpended capital funds, nonmember deposits, etc." This item, as heretofore, is derived by adding capital, surplus, unpaid subscription to stock of the Federal Deposit Insurance Corporation, foreign, special, and nonmember bank deposits, and "all other liabilities," and subtracting therefrom the sum of bank premises and "all other assets" of the Federal Reserve banks* Increase or decrease since Jan. 31 Jan. 24 Feb. 1 (In millions of dollars) Bills discounted 23 - Ik - 186 Bills bought 111 + 7 + so U. S. Government securities + 2 + 670 Other reserve bank credit 2 + U - 5 TOTAL RESERVE BAM CREDIT 2,630 - 1 + 560 Monetary gold stock* ^.333 + 11 - 215 Treasury and National bank currency 2,302 + 1 + 98 - 62 Money in circulation 5,590 + 9 Member bank reserve balances 2,652 -199 + 2ih Treasury cash and deposits with F,R,banks 596 +198 + 277 Nonraenber deposits and other F.R, accounts k2S + k + 15 •Valued at $20.67 an ounce as the books of the United States Treasury were closed on January 31 prior to issuance of the Presidential proclamation reducing the weight of the gold dollar. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, February 2, I93U; not enrlier, B-SOla ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE HXBKS C0M3IHED (In thousands of dollars) Jan. 31,1934 Jan. 24,1934 Feb. 1,1933 A S S E TS Gold certificates on hand and due from U. S. Treasury . . . . 3,513,2s1* 947,440 730,384 Gold — 2,569,167 2,487,642 Redemption fund ~ F. R. notes . . . . . ^3,356 >+3,356 37,1^3 Other cash . . . . . . . . . . . . .. 234,s4s 248,163 280,209 Total reserves . . . . . .. 3,792,oss 3,808,126 3,535,383 Hedenrption fund ~ J. R. bank: notes . . 12,977 13,004 Bills discounted: Sec. by U.S. Government obligations 26,377 35,910 .66,737 Other bills discounted . . . . . .. 56.355 61,320 201,953 Total bills discounted . . . 82,732 97,230 268,690 Bills bought in open markej) . . . . . 111,397 104,126 31,338 U. S. Government securities: Bonds . . . . . . . . .. • • • •• 1^5,012 442,781 421,173 Treasury notes . . . . . . . . .. 1,028,139 1,053,133 333,395 Certificates and bills 960,819 935,820 1,008,547 Total U.S. Government socurities 2,433,970 2,431,739 1,763,615 Other securities . . .. . . . . .. 1,293 1,293 3,415 Total bills and securities .... 2,629,392 2,634,383 2,067,058 Gold held abroad . . . . . . . . .. 3,120 — — Dae from foreign banks . . . . . .. 3,392 3,395 3,505 R. notes of other banks . . . .. 15»730 19,783 11,335 Uncollected items . . . . . . . . .. 364,053 377,-5*3 329,504 Bank premises . . . . . .. . . .. . 52,339 51,930 53,880 Fed. Dep. Ins. Corp. stock . . . .. 69,650 69,650 — All other assets . . . . . .. * . . 49,025 48,987 47,814 TOTAL ASSETS . . . . . 6,988,696 7,030,016 6,048,979 L I A B I L I T I ES F. R. notes in actual circulation . . 2,926,243 2,931,359 2,729,971 F. R. bank notes in actual circulation 220033,,005577 203,176 Deposits: Member bank - reserve account . . . 2,651,945 22,,885500,,996611 22,,443377,,770055 Government 24I,S6O 65,240 36,520 Foreign bank 3,952 4,483 37,5^2 ^"Special deposits - member bank . . 43,24s 43,068 — nonmember bank # 10,183 10,005 — Other deposits . . . . . . . . .. 83,847 79,266 27,972 Total deposits . 3,035,035 3,053,023 2,539,739 Deferred availability items . . .. 366,476 384,702 329,394 Capital paid in . . . . . . . . .. 145,359 145,400 151,086 Surplus . . . . . . . . . . « « •• 133,333 133,333 273,599 Subscription for Fed. Dep. Ins. Corp. stock: Paid . . . 69,650 6699,,665500 — Called for payment on April 15 . 69,650 69,650 19,690 All other liabilities 3M+3 3^ 673 TOTAL LIABILITIES . . . 6,988,696 7,030,016 6,048,979 Ratio of total reserves to deposit and F. R. note liabilities combined . . 63.6$ 6633..66$$ 6677..11** Contingent liability on bills purchased for foreign correspondents. . . . . 44,,447777 44,,447744 4400,,665555 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OP THE FEDERAL RESERVE BASKS OH JANUARY 31, 193^ A S S E TS (In thousands of dollars) 3-301~b Total 3oston New York Phila. Cleve. Rich.. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Gold certificates on hand and due from U.S.Treasury 3,513,SSl+ 228,01+3 903,051+ 207,166 306,810 160,951+ IIM3U 857,662 161,693 96,041 153,203 81,503 237,911 Redemption fund - F. R. notes ^3,356 3,2U6 9,717 1+,155 1+.283 1,1+02 3,008 7,357 1,210 1,482 1,063 311 5.622 Other cash 234,843 22,11+2 53,1+68 3l+,706 16,908 12,085 12,593 30,708 9,361 8,581 9,293 6,216 18,787 Total reserves 3,792,0ss 253,^31 966,239 21+6,027 328,001 I7I+, 1+1+1 130,1+35 395,727 172,261+ 106,101+ 163,561+ 33,535 262,320 Redemption fund F.R.bank notes 12,977 1,250 2,879 1,100 1,1+96 252 612 2,256 563 579 500 713 777 Bills discounted: Sec. by U.S.Govt, obligations 26,377 2,1+1+0 ll+,9S3 4,157 1,390 31+1+ 1,1+91+ 623 1+98 H3 39 11++00 326 Other bills discounted 56,355 1,137 21,926 17,627 3,593 3,032 2,Sl+2 1,31+2 37*+ l,4o4 772 201 1.555 Total "bills discounted 82,732 3,577 36,909 21,731+ l+,9S3 3,^26 1+.336 2,1+65 372 1,^7 311 241 1,331 Bills bought in open market 111.397 28,91+7 6,570 55,,333300 12,01+0 3,^30 3,691 13,336 4,096 2,523 3,713 12,937 13.73^ U.S. Government securities: • Bonds 1+1+5,012 2i+,3S9 172,237 28,063 32,159 11,360 10,771+ 76,952 1^,^93 16,329 l4,n4 18,527 25,110 Treasury notes 1,028,139 69,190 353,252 72,200 93,892 31+.627 31,335 172,91+3 1+0,853 25,587 35,991 24,892 73,311 Certificates and bills 960,319 61+,092 303,1+51 66,352 86,sik 32.076 29,074 137,^1+3 37,849 23,703 33,339 23,056 67,910 Total U.S.Govt, securities 2,1+33,970 157*671 333,9^6 167,120 213,025 78,563 71.233 437,3^3 93,200 65,619 33,444 66,475 166,331 Other securities 1,293 — 783 510 — — i"» __ — — — Total bills and securities 2,629,392 190,195 373,203 195,21+1+ 230,01+8 35,1+19 79,26o 1+53,691+ 93,163 69,589 87,96s 79,653 181,946 Due from foreign banks 3,392 256 1,239 369 325 129 119 1+1+8 15 11 95 95 241 F. H. notes of other banks 15,780 1+53 3,631+ 1,090 733 1,291+ 1,06s 2,230 1,164 951 i,*+30 304 1.379 Uncollected items 36i+,053 1+0,590 96,916 26,899 31+,1+So 30,300 11,019 *+6,S33 16,316 9,067 20,737 13,53^ 16,356 Bank premises 52,339 3,221+ 11,1+23 3,936 6,78" 3,128 2,372 7,375 3,no 1,657 3,^5 1,751 4,090 Fed. Dep. Ins. Corp. stock 69,650 5,H5 21,265 7,310 7,073 2,901+ 2,636 9,87^ 2,5^7 1,755 2,066 2,130 4,925 All other assets 1+9,025 916 23,1+37 5,565 1*5^0 2,3Sk 3,729 1,^65 409 1,421 1,043 910 1,196 TOTAL ASSETS 6,933,696 1*95,1*30 2,010,3^0 437,5110 610,1+90 300,761 231,250 1,1+19,902 294,556 191.13^ 235,338 137,675 ^73.730 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS OH JANUARY 31, 193^ L I A B I L I T I ES (In thousands of dollars) B-801c Total Boston Nev/ York phila, Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy, Dallas San Fran, F.R.notes in actual circulation 2,9 26,2^3 221,688 597,683 228,799 220,736 11*7,658 120,252 756,006 137,^5 93,322 106,1119 1+0,630 195,525 F.R.bank notes in actual circulation 203,057 21,639 52,308 19,913 23,61(0 4,1*52 4,715 27,81+0 7,818 7,01+9 9,1*89 9,665 14,529 Deposits: Member "bank - reserve account 2, 6 51,91*5 166,31+7 929,209 11+6,953 215,152 89,11+1+ 65,950 1+75,050 96,897 55,1+1+1 126,821+ 101,776 183,202 Government 21+1,360 9,74$ 1^3,723 9,792 5,57C 7,719 2,703 36,207 1+,010 5,824 2,516 1,973 12,071 Foreign bank , 3,952 268 1,516 387 35S ll+2 130 1*69 123 86 io4 io4 265 Special deposits: member bank 43,248 200 2,1+77 6,153 4,540 1,651+ 1,561+ 17,927 2,631 1,909 3^7 2,800 nonmember bank 10,183 73^ 1,897 130 773 281 5,1+76 375 517 Other deposits _ 2.000 27.1+Q1+ I20_ 3.343 2.028 7*176 1,219 3,635 7,71? 4.912 4,5*+7 l4,l45 Total deposits 3, 035,035 172,561 1,105,063 165,902 229,099 101,1*60 77,901+ 530,372 117,772 70,390 136,265 103,747 213,000 Deferred availability items 366^1+76 1+1,562 96,1+59 25,871 33,550 29,31+2 10,635 47,945 16,61*5 9,175 21,057 14,865 13,759 Capital paid in 11+5,359 10,61+3 58,607 15,713 12,531 5,037 i+,i+57 12,891* 3,933 2,373 4,122 3,906 10,63s Surplus 13s,3S3 9,610 1+5,217 13,352 14,090 5,171 5,ll+5 20,681 4,756 3,1+20 3,613 3,633 9,645 Subscription for Fed. Dep. Ins. Corp. stock: paid 69.650 5,H5 21,265 7,310 7,073 2,901+ 2,636 9,874 2,5^7 1,755 2,066 2,180 4,925 Callaa for payment on iipril 15 69,650 5,115 21,265 7,310 7,073 2,901+ 2,636 9,374 2,5^7 1,755 2,066 2, ISO >4,925 All other liabilities 3MH3 1,1*97 12,1*73 3,370 2,53o 1,333 2,870 1,068 1,394 791 1,819 1,72*+ TOTAL LIABILITIES 6,988,696 495,430 2,010,340 4S7,54o 610,490 300,761 231,250 1,419,902 294,556 191,134 285,SSS 137,675 473,730 Ratio of total .reserves to deposit and.Federal Reserve 63.6 63.3 56.7 62.3 64.3 70.0 65.C 69.6 67.5 64.8 69.5 59.3 64.2 note liabilities combined Contingent liability on bills purchased for foreign correspondents 4,477 317 1,59^ *+59 423 16s 154 556 l46 101 123 123 313 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 Over 6 months b months Bills discounted 32,732 61,744 7,3^1 9,730 3,21+5 619 53 Bills bought in open market 111,397 33,092 31,661 29,153 17,1+31 60 Certificates and bills 960,819 45,260 74,170 316,037 128,893 210,881 185,528 Municipal warrants 1,293 1,240 36 17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTE STATEMENT Oil JAERJARY 31, 1934 (In thousands of dollars) B-SOl-c Total Boston Hew York Fhila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kaas.Cy. Dallas San Fran. Federal Reserve notes Issued to F.R.bank "by F.R.agont 3,180,943 234,752 669,321 242,293 295,287 155.793 139,652 793,776 142,759 95,429 112,616 45,12s 246,122 Held by Federal Reserve bank 254,700 13,064 71,63s 13,499 14,551 8,135 19,410 42,770 5,294 5,107 6,197 4,493 50,537 In actual circulation 2,926,243 221,653 597,6S3 223,799 2*0,736 147,653 120,252 756,006 137,465 93,322 106,419 40,630 195,555 Collateral held by agent as security for notes issued to bank; Gold certificates on handand duo from U.S.Treasury 2,516,317 172,672 538,706 170,500 21s,scS 132,59s 93,335 672,713 121,697 77,944 108,290 33,163 172,763 Eligible paper 155,736 31,769 30,416 15,144 15,213 5,510 5,497 l4,i64 4,663 3,376 4,034 13,010 14,935 U. S. Govt, securities 570.100 26,000 125,000 57,000 70,000 21,000 43,000 120,000 13,000 13,100 2,000 — 65,000 Total collateral 3,245,153 236,441 694,122 242,644 304,099 159,103 144,332 306,377 144,365 3$,420 114,324 46,173 252,69s FEDERAL RESERVE 3AM HOTS STATE-UTT OST JAMJAR! 31, 1934 (In thousands of dollars) Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.Lcuis Minn, Kans.Cy. Dallas San Fran. Federal Reserve bank notes: Issued to F.R.Bank(outstanding) 225,500 23,937 62,113 25,142 24,295 4,452 5,252 29,376 3,003 7,509 9,661 10,543 14,867 Held by Federal Reserve bank 22,443 2,343 9,305 5,229 655 — 537 1,536 135 760 172 878 338 In actual circulation 203,057 21,639 52,303 19,913 23,640 4,1152 4,715 27,340 7,313 7,049 9,489 9,665 14,529 Collateral pledged against outstanding notes: Discounted and purchased bills 1,495 1,235 201 59 TJ. S. Govt, securities 253,774 30,000 64^274 26,500 30,000 5,000 7,000 36,000 9,000 10,000 10,000 11,000 15,000 Total collateral 255,269 30,000 64,274 26,500 31,235 5,000 7,201 36,000 9,059 10,000 10,000 11,000 15,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis