H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for tniblication B-801 Friday morning, Mar 23; Federal Reserve Board # not earlier. March 22, 193^ # CONDITION OF FEDERAL RESERVE BAMS The daily average volume of Federal Reserve bank credit outstanding during the week ended March 21, as reported by the Federal Res-erve banks, was $2,521,000,000, a decrease of $lU,000,000 compared \nth the preceding week and of $590,000,000 compared with the corresponding week in 1933* On March 21 total Reserve bank credit amounted to $2,502,000,000, a decrease of $2U, 000,000 for the week. This decrease corresponds with increases of $35»000,000 in monetary gold stock and $11,000,000 in Treasury and National bank currency and decreasesof $11,000,000 in money in circulation and $5,000,000 in member bank reserve balances, offset in part by increases of $26,000,000 in Treasury cash and deposits with Federal Reserve banks and $12,000,000 in nonmember deposits and other Federal Reserve accounts* The System1 s holdings of bills discounted and of bills bought in open market declined $4,000,000 each and of Treasury certificates and bills $132,000,000, while holdings of United States Treasury notes increased $132,000,000. Changes in the amount of f.eserve bank credit outstanding and in related items draring the week and the year ended March 21, 193^* were as follows: Increase or decrease since Mar. 21 Mar. lb Mar. 22 19ft 193? (In millions of dollars) Bills discounted 51 -U -629 Bills bought 33 J+ -319 U. S. Government securities 2.U32 +563 Other Reserve bank credit -9 -17 -s TOm RESERVE BANK CREDIT 2,50s -3S2 Monetary gold stock 7.6UO +35 +3,663 Treasury and national bank currency 2,3^3 +11 +70 Money in circulation 5.33* -11 -987 Member bank reserve balances 3,hks - 5 +1,531 Treasury cash and deposits with F.R.banks 3,252 +26 +2,820 Nonmember deposits and other F.R. accounts 1+56 +12 -20 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, March 23,1934; earlier. B-SOla ASSETS AED LIABILITIES OF THE TWELVE FEDERAL RESERVE BAMS COMBIFED (In thousands of dollars) Mar. 21,193*1 Mar. 14,1934 Mar. 22,1933 A S S E TS Gold certificates on hand and due from U. S. Treasury . K270,695 >+,252,321 932,216 Gold . . • • . . .. . . . « • • « .. — — 2,155,095 Redemption fund - F. R. no.tes 33,568 3M44 105,011 Other cash . 220,131 217,411 304,24l Total reserves . 503,776 3,1+96,563 Redemption fund - F. R. "barf.5: notes . . 10,363 11,1+95 7I+0 Bills discounted: Sec. by U.S. Government obligations . 11605 12,607 327,313 f Other "bills discounted . . . . . .. 39,307 42,280 352,293 Total bills discounted . . .. 51,412 5U,SS7 630,111 Bills bought in open market 33,250 37/459 352,315 U.S.Government securities: 1+22,627 Bonds HH2,S65 1&2.S75 Treasury notes . . . . . . . . . .. l,22U0U3 1,092,063 457,374 f Certificates and bills 76MS7 396,902 933,336 Total U.S.Government securities 2,U3l,sUo 1,361+,337 2,1*31,395 Other securities . . . .. 563 653 5,1+06 2,902,219 Total bills and securities 2,517,120 2,524,339 Dae from foreign banks . . . • • • •• 33,,113322 3,132 3,613 11MM3311 15,907 36,361 Uncollected items . . . . . . . . .. U1+9 )|Us 432,653 1+21,152 f Bank premises . .. 52,431 52,1+31 5^.037 Fed. Dep. Ins. Corp. stock . . . . .. 69,650 69,650 — 50,965 All other assets . 43,934 51,051 TOTAL ASSETS 7,690,90s 7,714,353 6,966,236 L I A B I L I T I ES F. R. notes in actual circulation # . 2,984,943 2,929,052 3,916,3^2 F.R.bank note circulation - net . . . 143,377 153,371 9,269 Deposits: Member bank - reserve account . . . 3,^9,269 3,454,492 1,917,613 Government . .. 24,009 16,12s 111,1+72 Foreign bank . . 7,373 3,994 ll+, 1+91 Special deposits - member "bank . .. 24,106 25,316 52,754 nonmember bank . 11,036 11,1+05 9,120 Other deposits . 111,333 49,449 97,7^7 Total deposits . . . . . .. 3,627,636 3,6ll+,OS2 2,154,904 Deferred availability items 1+62,158 U7S.730 1+30,31+1 Caoital t>aid in . 145,731 145,320 149,793 Surplus . . . . . . . . .. 138,333 133,333 273,599 Subscription for Fed. Dep. Ins. Corp. stock Paid 69,650 59,650 — Called for payment on April 15 . . . 69,650 69,650 — All other liabilities . . . . . . .. 4s,sso 50,115 26,4ss TOTAL LIABILITIES 7,690,90s 7,714,353 6,966,236 Ratio of total reserves to deposit and F.R.note liabilities combined . . . 6s.4# 63.2$ 55llMM Contingent liability on bills purchased for foreign correspondents . . . .. 44,,993355 4,939 42,505 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AMD LIABILITIES OP THE FEDERAL RESERVE BANKS 01? MARCH 21, 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 certificates on hand and due from U. S.. Treasury 4,270,695 319,016 1,352,839 280,529 33s,406 150,765 123,795 915,042 163,493 102,732 169,830 107,120 247,128 Redemption fund - F.R notes 33,56s 2,779 3,118 3,476 3,550 1,744 3,095 6,475 1,274 1,289 801 713 5,254 Other cash 220,181 17,937 52,109 35,S96 14.3S7 9,035 10,743 29,309 10,035 9,371 9,696 6,632 14,481 Total reserves 4,524,444 339,732 1,408,066 319,901 356,343 161,544 137,633 950,826 174,802 113,892 180,327 114,515 266,863 Redemption fund - F.R.hank notes 10,868 1,250 2,744 900 1,216 — 269 1,471 733 547 500 474 764 Bills discounted: Sec. by U.S.Govt, obligations 11,605 574 6,797 2,551 750 331144 80 227744 110044 1 — 5 155 Other "bills discounted 39.S07 1,098 17,260 13,527 2,388 1,442 958 1,233 156 870 338 100 437 Total hills discounted 51,412 1,672 24,057 16,078 3,138 1,756 1,038 1,507 260 871 338 105 592 Bills "bought in open market 33,250 5,294 2,400 2,090 2,650 1,128 1,102 2,894 1,088 886 1,113 9,058 3,547 U. S. Government securities: Bonds 442,865 24,400 164,758 28,069 32,159 14,127 13,090 7766,,995500 1144,,449933 1166,,331166 1144,,111122 19,280 25,111 Treasury notes 1,224,043 81,854 393,931 85,411 111,080 48,786 44,956 218,023 48,338 30,297 42,580 32,055 86,732 Certificates and hills 764,987 51,427 238,066 53.640 69,785 30.650 28,261 142,370 30,369 19,039 26,752 20,l40 54,488 Total U.S.Govt, securities 2,431,595 157,631 796,755 167,120 213,024 93,563 86,307 437,343 93,200 65,652 33,444 71,475 166,331 Other securities 563 53 510 — — — — -j- — — — — Total hills and securities 2,517,120 164,647 823,265 185,79S 218,812 96,447 88,447 441,744 94,548 67,409 84,395 80,638 170,470 Dae from foreign hanks 3,132 237 1,196 342 300 119 109 4i4 10 7 33 83 222 F. R. notes of other hanks 14,831 375 3,274 446 900 1,020 1,136 2,349 1,485 611 1,5H 268 l,4o6 Uncollected items 449,448 45,352 117,433 37,052 41,721 41,726 14,780 53,481 19,045 10,664 27,243 16,737 24,214 Bank premises 52,431 3,224 11,424 4,016 6,738 3,123 2,372 7,382 3,110 1,657 3,^85 1,755 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 4,925 All other assets 48,984 971 30,366 5,413 1,525 2,164 3,045 1,541 439 1,29s 654 793 770 TOTAL ASSETS 7,690,90s 560,903 2,419,033 561,173 63U,67S 309,052 250,477 1,469,082 296,719 197,84o 300,769 217,453 473,724 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON MARCH 21, 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.Cy. Dallas San Fran. F. R_.no tes in actual circulation 2,984,943 224,355 609,647 236,074 293,7^7 145,994 126,119s 770,146 135,739 96,768 108,836 1+0,735 l96,Hoi+ F.R.barik note circulation - net 143,877 20,4l4 U9,505 17,539 13,923 — 2,998 9,005 7,387 5,092 l+,260 4,722 9,032 Deposits: Member "bank - reserve account 3,449,269 228,898 1,1+16,621 211,335 235,301 98,705 77.053 562,029 100,151+ 66,779 135,771 125,279 191,3**4 Government 2*1,009 2,562 2,570 2,1+12 1,1+82 l+,020 1,196 2,317 891+ 1,750 1,072 1,682 2,052 Foreign bank 7»378 391 3,825 565 522 206 190 685 179 125 152 152 386 Special deposits: member bank 24,10$ 155 1,352 4,394 3,236 1,132 1,651+ 6,701+ 1.951 709 1,181 309 1,329 nonmember bank 11,036 1,056 2,078 89 591 294 5,975 342 611 Other deposits 111,538 6,332 1+6.1+20 1+.611 1,318 2,961 8.351 1,329 IiSQSl M19 10.618 2,039 Total deposits 3,627,636 238,338 1,1+71,81+1+ 225,395 21+1,91+8 107,615 88,738 573,061+ 118,658 7i*,32l* 11+8,791* 129,1*61 20?l*57 r Deferred availability items 462,158 1+5,652 125,168 35#575 1+1,311+ 38,200 1M55 58,260 20,033 10,53^ 26,270 19,714 26,783 Capital paid in 145,731 10,691 59,123 15,61+1 12,699 l+,982 i+,i+05 12,825 3,906 2,8l+9 I*,o63 3,890 10,657 Surplus 138,383 9,610 45,217 13,352 li+,090 5,171 5,1^5 20,681 4,756 3,1*20 3,613 3,683 9,61*5 Subscription for Fed. Dep. Ins. Corp. stock: Paid 69,650 5,115 21,265 7,310 7,073 2,901+ 2,636 9,874 2,547 1,755 2,066 2,180 4.925 Called for payment on .April 15 69,650 5,115 21,^65 7,310 7,073 2,90l+ 2,636 9,874 2,547 1,755 2,066 2,180 4,925 All other liabilities 4g,880 1,613 15,999 2^982 2,811 1,282 2,766 l,ll+6 801 10,888 1,896 TOTAL LIABILITIES 7,690,908 560,903 2,419,033 561,178 634,67s 309,052 250,477 1,469,082 296,719 197,840 300,769 217,453 473,724 Ratio of total reserves to deposit and F.R. note liabilities combined 68.1* 73.4 67.6 69.3 66.5 63.7 63.9 70.8 68.7 66.6 70.0 67.3 65.8 Contingent liability on bills purchased for foreign correspondents 4,935 348 1,773 503 464 184 169 609 160 ill 135 135 344 MATURITY DISTRIBUTION OF BILLS AND SHORT TERM SECURITIES 91 days to Total Within 15 days }6 to 30 days 31 to 60 days 6l to 90 days Over 6 months 6 months Bills discounted 51,412 36,605 2,964 4,757 6,774 274 38 Bills bought in open market 33,250 9,374 12,346 7,677 3,853 Certificates and bills 764,987 90,095 65,338 137,930 106,816 160,599 204,209 Municipal warrants 563 510 53 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE HOT! STATEMENT Oil MARCH 21, I93U (In thousands of dollars) B-S01d:. Total Boston New York Phi la. Cleve. Rich. Atlanta Chicago St.Louis Minn. KaXLS.Cy. Dallas Sail Fran. Federal Reserve notes: Issued to F.R.bank "by F.R.Agent 3,2^9,829 239,105 629,823 251,519 3io f 572 15^652 1^6,870 807,520 1^0,832 101,652 115,817 U6,nU 2^5,353 Eeld "by Federal Reserve "bank 26U,8g6 iU t 750 80,176 15,HH5 16,825 8,658 20,372 37,37^ 5,093 6,981 5,37? *j3»9**9 In actual circulation 2,98^4,9^3 22U,355 609,61+7 236,07U 293,7117 lU5,99U 126,^98 770,1^6 135,739 96,76s 108,836 Uo,735 196,^ Collateral held by agent as security for notes issued to "bank:: Gold certificates on hand and 2,88U,152 237,672 683,706 225,000 252,886 121,399 97,385 732,713 121,936 81,W+ 11^,290 37,958 177,763 due from U.S. Treasury 56,1+71 S ksh 15,870 7,1+62 i+,307 1,982 i,ir03 2,635 1,209 1*310 1,229 9,016 3,56^4 Eligible paper 9 U.S. Govt, securities 31+6,700 20,000 55,000 32,000 50,000 82,000 3 9,000 20 # 700 3.000 — 6*5,000 Total collateral 3,237,323 244,156 699,576 252,1+62 312,193 155,3^1 lUg,7Sg S17,3!+S 1^2,1U5 103,451+ lis, 519 U6,97U 246,327 FEDERAL RESERVE BMK NOTE STATEMENT Oil MARCH 21, 193^ (In thousands of dollars) Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran, Federal Reserve "bank notes: Issued to F.R.Bank (outstanding) 159,36U 21,173 52,978 2H,077 1M50 — 3,909 ia,n6 7.53^ 5,372 4,1+02 5,199 9,95^ Seld by Federal Reserve "bank 15, 759 3,^73 6,53S 727 -- 911 1,111 1^7 280 1U2 U77 922 In circulation - net* 11+3,877 20,1+iU 119,505 17,539 13,923 — 2,99s 9,005 7,387 5,092 U,26o U,722 9,032 Collateral pledged against outstanding notes: Discounted and purchased bills 973 - - - 973 - 188,77^ 30,000 5U, 27I+ 26,500 15,000 — 4,000 11,000 11,000 10,000 5,000 7,000 15,000 U. S. Govt, securities 189,7^7 30,000 5^.27^ 26,500 15,973 l+,000 11,000 11,000 10,000 5,000 7,000 15,000 Total *Does not include $1+1,335,000 of Federal Reserve bank notes for the retirement of which Federal Reserve banks have deposited lawful money with the Treasurer of the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis