H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOE THE PRESS Released for publication B-301 Friday morning, Feb. 9; Federal Reserve Board not earlier* February 8, I93U. CONDITION OF FEDERAL RESERVE BANKS The daily average volume of Federal Reserve bank credit outstanding for the week ended February 7, as reported by the Federal Reserve banks, was $2,616,000,000, a decrease of $2^,000,000 compared with the preceding week and an increase of $5^7,000,000 compared with the corresponding week in 1933. On January 2k total reserve bank credit amounted to $2,606,000,000, a decrease of $24,000,000 for the week. This decrease corresponds with a- decrease of $157,000,000 in Government deposits with the Reserve banks offset in part by increases of $25,000,000 in money in circulation, 000,000 in member bank reserve balances and $13»000000 in nonmember deposits and other Federal Reserve accounts, t and by changes in the cash holdings of the Treasury not accounted for by the increase in monetary gold stock. The monetary gold stock shown below as $7036,000,000 represents the gold f holdings of the United States Treasury valued at $35 an ounce. United States gold as coin previously reported in circulation ($287,000,000 on January 31, 193*0 k deducted from the figures of monetary gold stock and money in circulation for last week and for February 3, 1933* Bills discounted declined $4,000,000 at the Federal Reserve Bank of Few York and $10,000,000 at all Federal Reserve banks* The System*s holdings of bills bo-ught in open market declined $14,000,000 and of United States bonds $2,000,000, while holdings of United States Treasury notes and of Treasury certificates and bills were practically unchanged. Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended February 7» 193^t were as follows: Increase or decrease since Feb. 7 Jan, 31 Feb. S 193ft J (in millions of dollars) Bills discounted 73 - 10 - ISO Bills bought 97 - lH + 66 U. S. Government securities 2,43 p - 2 + 6Ug sc. Other reserve bank credit h + 2 - 13 TOTAL RESERVE BANK CREDIT 2,606 - 2U + 521 Monetary gold stock 7,036 +3,001 + 2,7SS Treasury and National 'bank: currency 2,301 - 1 + 98 Money in circulation 5,317 + 25 - 101 + Member tank reserve balances 2,736 + gU Treasury cash and deposits with F.R.banks 3.UU9 +2,853 + Uonmenber deposits and other F.R. accounts HHl + 13 + 28 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released, for publication Friday morning, February 9,193**; not earlier. B-801a ASSETS Ain) LIABILITIES OF THE TWELVE FEDERAL RESERVE BAHXS CO MB HIED (In thousands of dollars) Feb, 719?U Jan. 31,19ft Feb. 8. 1933 t A S S E TS Gold certificates on hand and due from U. S. Treasury 3,513.171 3»513»8S4 730,010 Gold 2,481,370 Redemption fund - F. R. notes . . . 42,473 ^3,356 35,744 Other cash . . 234,843 274,956 Total reserves . . . . . .. 3.792,083 3,522,030 3.776,5^ Red.emption fund - F. R. bank notes . 12,520 12,977 — Bills discounted: Sec. by U.S.Government obligations 21,020 26,377 62,914 Other bills discounted 189,726 52,?07 56,355 Total bills discounted . 73,327 82,732 252,640 Bills bought in open market . . .. 96,899 111,397 31,338 U. S. Government securities: Bonds . . . . . .. 442,735 445,012 420,894 Treasury notes . 1,02s,137 1,028,139 399,171 Certificates and bills 960,319 963,847 960,821 Total U.S.Government securities 2,433,970 1,783,912 2,431,743 Other securities 1,293 1,293 Total bills and securities 2,629,392 2,071,325 2,603,262 Due from foreign banks . . 3,392 3.392 3,539 F. R,.notes of other banks 15,377 15,780 10,964 Uncollected items 364,079 364,053 302,438 Bank premises . . . . . .. 52,365 52,339 53,962 Fed, Dep. Ins. Corp. stock 69.650 69,650 All other assets . . . . . ^9,025, 50,977 TOTAL ASSETS 6,943,107 6,988,696 6,015,285 L I A B I L I T I E S' F. R. notes in actual circulation . .. 2,91+6,226 2,926,243 2,773,192 F. R. bank notes in actual circulation 203,057 Deposits: 201,934 Member bank - reserve account . . .. 2,651,945 2,419,399 Government 2,735,701 241,860 12,128 34,912 Foreign bank 3,952 44,930 7,939 Special deposits - member bank . . . 43,243 33,711 — nonmember bank . 10,183 10.U3S Other deposits . . . . . . . . . .. 83,847 23,213 84,790 Total deposits 3.035,035 2,499,670 2,962,541 Deferred availability items . . . . .. 365,119 366,476 292,664 Capital paid in 145,359 151,034 11+5,222 Surplus . . . . . . . .. 133,333 133,333 273,599 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 34,343 20,126 41+. 332 TOTAL LIABILITIES . . . 6,933,696 6,015,285 6,943,107 Ratio of total reserves to deposit and F. R. note liabilities combined . .. 63.6* 66.3$ 63.9# Contingent liability on bills purchased for foreign correspondents . 4,1+73 4,477 39,682 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BAMS OH FEBRUARY 7. 1934 A S S E TS (In thousands of dollars) B-801-fc Total Boston Hew York Phila. CI eve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy,, Dallas San Fran, Gold certificates on hand and due from U. S. Treasury 3,513,171 235,195 835,430 206,5^9 313,072 163,171 12^,975 873,759 165,963 98,108 163,987 85,872 247,090 Redemption fund - F. R. notes 42,47S 3,195 9,328 4,043 4,137 1,569 2.965 7,160 1,191 1,466 1,038 799 5,587 Other cash 220,899 19,730 52,9^3 34,298 15,132 10,571 11,942 29,984 9,15^ 8,611 8,287 6,091 l4,116 Total reserves 3,776,5^ 25S,120 897.741 244,890 332,341 175,311 139,382 910,903 176,308 108,185 173,312 92,762 266,793 Redemption fund - F.R.bank notes 12,520 1,250 2,979 1,100 1,358 272 552 1,929 547 575 500 686 772 Bills discounted: Sec. by U.S.Govt, obligations 21,020 1,023 12,448 3.5^1 1,197 227 997 611 424 56 39 417 Other bills discounted 52,307 1,10k 20,93s 16,454 3,132 2,834 2,008 1,756 391 1,265 731 157 1,537 Total bills discounted 73,327 2,127 33,386 20,035 4,329 3,061 3.005 2,367 815 1,321 770 157 1.954 Bills bought in open market 96,899 24,671 5,^03 5.109 10,392 2,900 3.582 12,408 3,526 2,276 2.998 12,685 10,949 U.S. Government securities: Bonds 442,785 24,388 170,045 28,069 32,159 11,860 10,768 76,952 14,493 16,300 14,115 18,526 25,110 Treasury notes 1,028,137 69,190 353.257 72,200 93.891 34,627 31.385 172,948 40,858 25,587 35,991 24,892 73,311 Certificates and bills 960,821 64,093 308,453 66,851 86,974 32,076 29.074 187,443 37.849 23,703 33.338 23.057 67,910 Total U.S.Govt, securities 2,431,743 157,671 831,755 167,120 213,024 78,563 71.227 437,3^3 93,200. 65,590 83,^4 6$,475 166,331 Other securities 1,293 — 7S3 510 —. — — — — — — — — Total bills and securities 2,603,262 184,469 871,327 192,774 227,745 84,524 77.814 452,11s 97,5kl 69,187 37,212 79,317 179,234 Due from foreign banks 3,392 256 1,288 370 325 129 119 44s 15 11 95 95 241 F. R. notes of other banks 15,377 319 3.234 431 9S3 1.363 1.^39 1.993 1,513 624 1,292 322 1,864 Uncollected items 364,079 40,448 91,537 29.054 33,299 32,295 13,231 43,010 16,524 9,120 22,882 14,981 17,698 Bank premises 52.365 3,22k 11.423 3,95S 6,788 3,128 2.372 7.375 3,111 1,657 3,485 1,75** 4,090 Fed. Derp. Ins. Corp. stock 69,650 5,11$ 21,265 7,310 7,073 2,904 2,636 9,874 2,5^7 1.755 2,066 2, ISO 4,925 All other assets 45,914 l,02S 25,431 5,654 1,567 2.397 3.654 1,37k 4os 1,403 982 959 1,052 TOTAL ASSETS 6,943,107 ^4,229 1,926,225 485,541 611,479 302,323 241,699 1,429,024 29s,51k 192,522 291,226 193,056 476,669 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BAMS ON FEBRUARY 7. 1934 L I A B I L I T I ES (In thousands of dollars) B-SOlc Total Boston New York phila. Cleve. Rich, Atlanta Chicago St.Louis Minn. Kans.Qy. Dallas San Fran, IP .R.notes in actual circulation 2,946,226 220,346 599,173 230,460 233,923 1^7.652 121,789 761,3^ 137,921 95,568 103,025 689 193,327 F.R.bank notes in actual circulation 201,934 22,252 52,053 19,71^ 23,171 4,422 4,596 27,070 3,450 7,395 9,^70 9.4o4 13,937 Deposits: Member bank - reserve account 2,735,701 174,432 9^2,033 11+6,975 216,1+1*2 95,339 70,269 514,536 97,724 57,973 119,740 106,564 193,H9 Government 84,912 2,135 5^,0^3 4,102 4,552 1,194 4,31+5 4,509 3,166 754 1,232 1,533 2,792 Foreign bank 7,939 232 5,330 335 310 123 113 1+06 107 74 90 90 229 Special deposits: member bank 33,711 133 2,263 5,512 4,733 i,4?4 1,757 13,522 2,660 931 1,965 371 3,215 nonmember bank 10,1*38 — 363 2,135 131 71+0 343 5,316 370 535 Other deposits 34,790 2,l4o 22,489 1,860 2,369 2,192 7,556 2,853 11,214 9,392 5,425 3,486 13,814 Total deposits 2,962,541 179,127 1,027,626 160,919 228,587 101,582 84,883 535,326 120,137 69,549 128,502 112,049 213,704 Deferred availability items 365,119 40,469 88,108 27,945 32,433 31,429 12,744 47,457 17.077 9,014 23,131 16,565 18,742 Capital paid in 145,222 10,646 58,606 15,701 12,472 5,021 4,457 12,853 3,941 2,863 4,io4 3,904 10,654 Surplus 133,333 9,610 45,217 13,352 14,090 5,171 5,145 20,681 4.756 3,420 3,613 3,633 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 2,130 4,925 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 1,549 12,912 2,830 2,647 1,23s 2,813 4,04l 1,083 1,203 10,849 1,402 1,760 TOTAL LIABILITIES 6,91+3,107 494,229 1,926,225 485,541 611,479 302,323 241,699 1,429,024 298,514 192,522 291,826 193,056 476,669 Ratio of total reserves to deposit and F.R. note liabilities combined 63.9 64.6 55.2 62.6 64.8 70.3 67.7 70.2 68.3 65.5 73.3 60.3 64.8 Contingent liability on bills purchased for foreign correspondents 4,478 323 1,549 446666 443300 117700 115577 556644 i144s8 103 125 125 318 MATURITY DISTRIBUTION OF BILLS AND SliORT TERM SECURITIES 91 days to Total Within 15 days 16 to 3° days 31 to 60 days 61 to 90 days Over 6 months 6 months Bills discounted 73,327 54,155 6,456 7,660 4,469 541 46 Bills bought in open market 96,899 27,133 33,331 21,412 14,962 6 Certificates and bills 960,321 53,401 37,693 304,930 138,643 174,131 197,023. Municipal warrants 1,293 1,230 46 17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTE STATEMENT ON FEBRUARY 7, 1934 (In thousands of dollars) B-801-d Total Boston New York Fhila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.cy. Dallas San Fran. Federal Reserve notes: Issued to F.R.bank by F.R.agent 3,200,s44 234,174 675,015 2*15,510 293,351 155,77s 141,467 soo,344 143,4s4 100,360 114,331 45,842 2^5,6ss Held by Federal Reserve bank 254,618 13,828 75,g42 15,050 14,423 8,126 19,67s 38,996 5,563 4,792 6,806 4,153 47,361 In actual circulation 2,946,226 220,346 599,173 230,460 283,928 147,652 121,789 761,348 137,921 95,56s 108,025 41,689 198,327 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 254I,81S 192,172 503,706 172,500 223,806 132,599 96,335 700,713 121,697 79,9^4 108,290 34,163 175,763 Eligible paper s 137,328 26,184 26,931 13,457 13,057 4,588 5,210 12,626 4,054 3,025 3,289 12,674 12,233 U. S. Govt, securities 561,100 16,000 165,000 60,000 65,000 21,000 41,000 90,000 18,000 18,100 5,000 — 62,000 Total collateral 3,240,246 234,356 695,637 245,957 30i,943 15S,1S7 142,595 803,339 143,751 101,069 116,579 46,837 249,996 FEDERAL RESERVE BAM NOTE STATEMEMT ON FEBRUARY 7. 1934 (In thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Federal Reserve bank notes: Issued to F.R.Barik( outstanding) 223,961 23,713 62,712 24,977 23,237 4,422 5,192 28,008 8,667 7,505 9,620 10,446 14,862 Held by Federal Reserve bank 21,977 l,46l 10,659 5,263 666 596 93S 217 110 150 1,042 875 In actual circulation 201,984 22,252 52,053 19,714 23,171 4,422 4,596 27,070 8,450 7.395 9,470 9,4O4 13.9S7 Collateral pledged against outstanding notes: Discounted and purchased bills 1,249 1,090 103 56 U. S. Govt, securities 247,774 30,000 64,274 26,500 25,000 5,000 6,000 36,000 9,000 10,000 10,000 11,000 15,000 Total collateral 249,023 30,000 64,274 26,500 26,090 5,000 6,103 36,000 9,056 10,000 10,000 11,000 15,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis