H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATSMEFT FOR THE PRESS Released for publication B-801 Saturday morning, Feb. Federal Reserve Board not earlier. February 23, 193^. CONDITION OF FEDERAL RESERVE BARKS The daily average volume of Federal Reserve bank credit outstanding during the week ended February 21, as reported by the Federal Reserve banks, was $2,590,000,000, a decrease of $19,000,000 compared with the preceding week and an increase of $322,000,000 compared with the corresponding week in 1933* On February 21 total Reserve bank credit amounted to $2,592,000,000, a decrease of $1,000,000 for the week. Increases of $108,000,000 in Treasury cash and deposits with Federal Reserve banks, $23#000,000 in money in circulation, and $3,000,000 in nonmember deposits and other Federal Reserve accounts were practically offset by an increase of $11^,000,000 in monetary gold stock and a decrease of $21,000,000 in member bank reserve balances. The System's holdings of bills discounted declined $2,000,000, of bills bought in open market $11,000,000 and of Treasury certificates and bills $5,000,000, while holdings of United States Treasury notes increased $5,000,000. Changes in the amount of reserve bank credit outstanding and in related items during the week and. the year ended February 21, 193^1 ^ere as follows: Increase or decrease since Feb. 21 Feb. lU Feb. 21 193H 1933 (in millions of dollars) Bills discounted 66 -2 -261 Bills "bought 75 -11 -105 U. S. Government securities 2,1+32 +598 — Other reserve 'bank credit 18 +11 + 8 TOTAL RESERVE BANK CREDIT 2,592 - 1 +2Ul Monetary gold stock 7,203 +3,030 Treasury and National bank currency 2,301 + 98 — Monajr in circulation 5,3^ * 23 -357 Member bank reserve balances 2,830 - 21 +559 Treasury cash and deposits with F.R.banks 3,^99 +108 +3,17^ Nonmember deposita and other F.R. account® U23 - 8 + 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Saturday morning, February 24,193^;not earlier. 3-S01a ASSETS AMD LIABILITIES THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Feb. 21,1934 Feb. 14,193^ Feb. 21,1933 A S S E TS Gold certificates on hand and due from U. S. Treasury 3,712,3H 3,522,092 636,881 Gold 2,432,756 — Redemption fund - F, R. notes . . . . 141,503 1+2,23U ^,756 Other cash 222,460 259,837 Total reserves 3,967,712 3,846,786 3,37S,230 Redemption fund - F. R. bank notes . 1122,,115599 12,387 — Bills discounted: Sec. by U.S.Government obligations IS,917 19,264 105,102 Other bills discounted 49,141 222,036 Total bills discounted . . . 66,467 68,405 327,133 Bills bought in open market . . .. 75,111 86,086 179,576 U.S.Government securities: Bonds ^2,775 443,045 421,021 Treasury notes 1,031,256 1,026,14? 452,661 Certificates and bills 957,70H 962,837 960,551 Total U.S.Government securities 2,^31,735 2,432,024 1,234,233 Other securities 1,293 1.293 4,697 Total bills and securities 2,57^,606 2,587,808 2,345,644 Due from foreign banks 3,Uoo 3,400 3,498 F. R. notes of other banks 15,027 16,222 13,289 Uncollected items 396,209 493,174 333,656 Bank: premises . 52,382 53,962 52,383 Fed. Dep. Ins. Corp. stock 69,65O 69,650 — All other assets . . . . 46,969 46,483 52,99s TOTAL ASSETS 7,138,121 7,13^,292 6,181,277 L I A B I L I T I ES F. R. notes in actual circulation . 2,970,309 2,952,5^1 3,000,248 F. R. bank notes in actual circulation 119977,,775500 199,35S — Deposits: Member bank-reserve account . . . 2,830,118 2,850,888 2,271,129 Government . 165,546 45,654 40,729 Foreign bank MM 7711 3,610 60,799 Special deoosits - member bank . . 3300..UU0055 36,883 — nonmember bank n,4i6 11,419 — Other deposits 85,528 78,115 26,741 Total deposits . . . . . .. 3,127,884 3,026,569 2,399,39s Deferred availability items . , . . 3^2,533 497,108 331,695 Capital -oaid in 11+5,309 145,081 150,474 Surplus 138,333 138,383 27s,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 36,653 35,952 20,863 TOTAL LIABILITIES . . 7,138,121 7,13^,292 6,181,277 Ratio of total reserves to deposit and F. note liabilities combined. 65.15s 64.3$ 62.6$ Contingent liability on bills -purchased for foreign correspondents 4,635 4,234 30,284 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS A-TD LIABILITIES 0? THE FEDERAL RESERVE BAMS OF FEBRUARY 21, I93I+ A S S E TS (in thousands of dollars) B-SOl-b Total Boston Few York Phila. CIeve. Rich. Atlanta Chicago St,. Louis Minn. Kans.Cy. Dallas San. Fran. Gold certificates on hand and due from U.S. Treasury- 3,712,3H 270,597 920,703 212,201+ 326,995 157,274 11+6,339 229,326 I7U,76P 101,773 161,275 91,522 252,215 Redemption fund - P. 3. notes '+1,503 2,989 2,901 3,S31 4,020 1,999 2,82S 6,236 1,320 1,1+1+1 903 757 5,502 Other cash 213,90* 12,337 52,072 3i+,o66 ll+,0S6 9,212 10,722 29,139 S,717 9,691 2,217 5,277 13,162 Total reserves 3,967,718 291,923 921,676 256,701 31+5,101 162,1+25 159,955 925,*11 lol+,259 112,905 170,995 93,222 271,*S5 Redemption fund - F.R.barik notes 12,159 1,250 2,930 1,100 1,262 229 1+61+ 1,903 597 565 500 579 77* Bills discounted: Sec. by U.S.C-ovt. obligations is,917 726 11,251 1+.1+22 772 17* 96 517 312 129 39 10 397 Other bills discounted *7,550 9U5 20,1+05 15,105 2,757 2,026 1,373 1,599 259 1,175 1+92 *5 1,369 Total bills discounted 66,1+67 1,731 31,656 12,533 3,535 2,200 1,1+69 2,116 571 1,30* 531 55 1,766 Bills bought in open market 75,111 16,259 5,bll+ 1+,117 7,932 2,32b 2,9*6 9,53* 2,921 2,023 2,790 9,95* 2,635 U.S. Government securities: Bonds 1+1+2,775 2*,399 l67,7S3 22,070 32,160 ll+,12l+ 10,752 7766,,99**22 l*,*93 16,290 iiii++,,rr>>** 1.2,527 25,109 Treasury notes 1,031,256 69,1+10 31+7,621 72,1+30 9M90 1+1,369 31,1+21+ 173,*7* 1+0,929 25,668 36,10.6 2*,970 73,5*5 Certificates and bills 957,70* 63,873 301,351 66,620 26,671+ 32,070 22,97* 126,921 37,712 23,621+ 33,221+ 22,973 67,67/ Total U.S.Govt, securities 2,^31,735 157,622 216,755 167,120 213,021+ 93,563 71,216 1+37,3*3 93,200 65,522 23,1+1+1+ 66,1+75 166,331 Other securities 510 1,293 — 723 — — — — — — — — — Total bills and securities 2,57*,606 175,672 S5l+,S0S 191,220 22l+,l+91 92,029 75,631 **2,993 96,752 62,909 26,765 76,1+sU 176,732 Due from foreign banks 3,*oo 256 1,296 370 325 129 119 1+1+2 15 11 95 95 2l+l F. H. notes of other banks 15,027 375 3,1+1+2 1+76 1,196 1,136 1,311 2,67s 759 573 1,01+2 323 1,716 Uncollected items 396,209 1+2,506 99,527 33,239 36,922 33,*9S ll+,i+75 1+5,702 19,690 9,606 2*,-297 17,150 19,537 Eank premises 52,323 3,221+ 11,1+21+ 3,969 6,72c 3,12s 2,372 7,322 3,110 1,657 3,*25 1,75* *,090 Fed. Dep. Ins. Corp. stock 69,650 5,115 21,265 7,310 7,073 2,901+ 2,636 9,27* 2,5*7 1,755 2,066 2,120 1+.925 All other assets 1+6,969 1,001 27,031 5,1+69 1,5*1 2,1+91 3,522 1,307 399 1,323 1,026 900 393 TOTAL ASSETS 7,13s,121 521,322 2,003,1*59 *99,9l* 62*,705 310,029 260,1+91 1,1+1+3,692 302,72s 197,36* 290,271 197,627 *20,393 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS ATD LIABILITIES 0? THIS FW3AL HS-SWS BAT1KS OH FE3RUARY 21, 1934 L I A B I L I T I ES (In thousands of dollars) B-SOlc Total Boston Hew York Phila. CI eve. Rich. Atlanta Chicago St.Louis Minn. Kans.C&r. Dallas San Fran. 766,343 137,030 95,989 108,396 41,318 197,043 F.R.notes in actual circulation 2,970,309 220,621 609,925 235,308 2^,676 146,311 123,3^9 E.R.bank notes in actual circulation 197,750 21,956 52,655 19,3^ 22,275 ^,379 M 5S 25,7^9 9,006 7,000 9,390 8,923 12,571 Deposits: Msnber bank - reserve account 2,830,113 192,751 1,033,251 154,246 215,360 95,310 72,844 476,24q 101,105 57,241 122,526 109,742 194,493 Government 165,5^ i6,o4i is,594 3,326 11,791 2,906 12,563 56,096 9,611 9,244 4,266 2,803 6,305 Foreign tank 4,871 232 2,762 336 310 123 113 4o6 106 lb 90 90 229 Special deposits: saeriber tank 30,405 155 1,661 4,762 4,631 1,506 1,769 8,178 2,472 966 1,808 326 2,171 - 6,525 370 - -- 5^1 nomnember bank: ll,4l6 ~ 889 1.976 126 688 301 Other deposits 85.528 2.422 30.134 1.788 1.393 2.R51 7.376 1,169 8,74l 6,142 7,284 1,958 14,570 Total deposits 3,127,884 211,601 1,092,291 166,434 233,611 109,084 100,966 542,098 128,560 74,037 135,97^ 11^,919 218,309 Deferred availability it ens 382,533 35,059 87,831 32,258 36,465 33,097 l^ictf 52,037 19,247 9.3^6 23,878 18,694 20,515 Capital paid in 145,309 10,651 58,510 15,725 12,73^ 5,004 4,462 12,785 3,922 2,862 4,100 3,884 10,670 Surplus 13S.333 9,610 45,217 13,352 14,030 5,171 5,145 20,681 4,756 3,420 3,613 3,683 9,645 Subscription for Fed. Den. 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 2,066 2,180 4,925 Called for payment on .April 15 69,650 5,11? 21,265 7,310 7,073 2,904 2,636 9,374 2,547 1,755 2,066 2,180 4,925 All other liabilities 36,653 1,594 14,500 2,869 2,70s 1,235 2,733 4,217 1,113 1,200 788 1,906 1,790 TOTAL LIABILITIES 7,138,121 521,322 2,003,459 499,914 624,705 310,089 260,491 1,443,69s 308,72s 197,364 290,271 197,687 ^80,393 Ratio of total reserves to deposit and 70.0 E. R. note liabilities coribined 65.1 67.5 57.7 63.9 66.1 66.0 71.3 70.7 69.6 66.4 62.9 65 .H Contingent liability cn bills purchased for foreign correspondents 4,635 323 1,706 466 430 170 157 564 i4s 103 125 125 313 MATURITY DISTRIBUTION OF BILLS AJTD SHORT TE2M 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 66,467 52,196 5,415 4,736 3,671 413 36 Bills bought in open narket 75,111 31,957 15,5^-2 19,103 8,46o Certificates and bills 957,704 87,693 209^610 155,^33 111,030 198.1-0? 195.835 Municipal warrants 1,293 1,276 17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE T'T0T'E STATEMENT OH FEBRUARY 21, 193^ (In thousands of dollars) B-SOl-d Total Boston Fe~7 York Phila. Cleve. Rich, Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Federal Reserve notes: Issued to F.R.bank by F.R.-agent 3,223,4912 36,370 682,743 251,759 303,565 153,182 1^3.3^9 802,648 142,215 100,897 115,093 45,891 2^5,779 Held by Federal Reserve "bank 253,182 15,7^9 72,818 16,H51 l4,8S96,871 20,000 36,305 5.185 M08 6,697 4,573 ^,736 In actual circulation 2,970,309 220,621 609,9.25 235,308 238,676 146,311 123,3^9 766,343 137,030 95.989 108,396 41,318 197,043 Collateral held by agent as security for notes issued to bonk: Gold certificates on hand and due from U.S. Treasury 2,663,318 214,672 55^,706 185,000 236,886 118,599 108,385 705,713 128,697 83,444 110,290 37,163 180,763 Eligible paper 110,000 17,39s 25,567 12,138 9,937 3,37^ 3,39^ 9,614 3,333 2,724 2,919 9,840 9,762 U.S. Govt, securities 496,100 4,500 125,000 55,000 60,000 32,000 33,000 92,000 12,000 15,600 5,000 — 62,000 Total collateral 3,269,418 236,570 704,273 252,138 306,823 153,973 144,779 807,327 144,030 101,768 118,209 47,003 252,525 FEDERAL RESERVE 3AFK FOTE STATEMENT 0^T FEBRUARY 21, 1934 (In thousands of dollars) Total Boston ITew Yor:*: Phila. Cleve. Rich. Atlanta Cf~icagc St.Louis Minn, Zans.Cy. Dallas San Fran. ?e~oral Reserve ban]' notes: Issued to F.R.Bank(outstanding) 219,7-47 23,37*+ 62,1$4 24,776 22,959 ^,379 5,104 27,073 9,237 7,085 9,533 10,299 13,764 Held by Federal Reserve bank 21,997 1,^18 9,509 5,428 684 — 646 l,£g4 231 85 143 1,376 1,193 In actual circulation 197,750 21,956 52,655 19,3^8 22,275 ^,379 4,458 25,789 9,006 7,000 9,390 8,923 12,571 Collateral pledged against outstanding notes: Discounted end purchased bills 1,029 955 64 10 U. S. Govt, securities 249,77^ 30,000 64~274 26,500 25,000 5,000 6,000 36,000 11,000 10,000 10,000 11,000 15,000 Total collateral 250,803 30,000 64,274 26,500 25,955 5,000 6,o64 36,000 11,010 10,000 10,000 11,000 15,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis