H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication B-SOl Friday morning, .April 20; Federal Reserve Board not earlier. .April 19, 193^* C01TDITI01T OF FEDERAL RESERVE BASKS The daily average volume of Federal Reserve bank credit outstanding during the week ended April IS, as reported by the Federal Reserve banks, was $2,50^,000,000, a decrease of $7*000,000 compared with the preceding week and of $6,000,000 compared with the corresponding week in 1933 • On April 18 total Reserve bank credit amounted to ^2,1+931000,000, practically unchanged from last week, on increase of $109,000,000 in member bank reserve balances being offset by an increase of $1^,000,000 in monetary gold stock and decreases of $60 ,000,000 in nonmember deposits and other Federal Reserve accounts, and $35t000,000 in Treasury cash and deposits with Federal Reserve banks. The System's holdings of bills discounted declined $3,000,000, of bills bought in open market $4,000,000, of United States bonds $25,000,000 and of Treasury certificates and bills $5,000,000, while holdings of United States Treasury notes increased $23,000,000. During the week the Federal Reserve banks made the final payment on their subscriptions to the stock of the Federal Deposit Insurance Corporation The surplus accounts of the Federal Reserve banks vrere charged with an amount equal to such subscriptions at the time the subscriptions were made, and beginning with this week the total amount thus charged to surplus is included in the new item "Reserves (F B I C. stock, self insurance, etc )" This item, as the caption-implies, also # # # # # includes* self insurance reserves set aside to take care of losses w/iich may not be covered by other insurance, as well as reserves for possible losses on bills and securities, which have heretofore been included in "All other liabilities11 • Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended' April IS, 19 3*+> were as follows: Increase or decrease since April 18 April 11 April 19 19ft 19ft (In millions of dollars) Bills discounted Ho -3 -37H Bill.s bought 13 -H -195 2/430 -2 U. SI. Government securities +593 -21 Othe^r Reserve bank credit 9 +9 +1 TOT/AL RESERVE BAM: CREDIT 2/493 + 3 Monetary gold stock 7,7^6 +3,720 2,381 Treasury and National bank currency — +73 Money in circulation 5,3^7 Member bank reserve balances 3,669 +109 +1,510 Treasury cash and deposits with F.R.bariks 3.20H -35 +2,23s Honmember deposits and other F.R.accounts Hoo -60 -lis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, April 20,193'+; n°t earlier. B-SOla ASSETS m> LIABILITIES OF THE TWELVE FEDERAL HSSSSVE BA3KS COMBINED (In thousands of dollars) Apr, 18,1934 Apr. 11,1934 Apr. 19, 1933 A S S E TS Gold certificates on hand and due from U. S. Treasury . . . . . . .. u, 5+76,979 U,386,837 920,107 Gold — — 2*380,713 Redemption fund - F. R. notes . . . . ' 31.U9S 32,988 6^,775 Other cash . . . . . .. 224,832 225,771 322,554 Total reserves 4,733,309 4,645,596 3,688^149 Redemption fund - F. R. bank notes . 88,,222266 8,362 1,601 Bills discounted: Sec # "by U.S. Government obligations 8,369 9,276" 124,277 Other bills discounted . . . . .. 32,io4 33.975. 289,991 Total bills discounted . . . .. 40,473 43,251 414,270 Bills bought in open market . . . . * 1133,,449999 17,059 208,443 U. S. Government securities: Bonds 406,277 431,225 421*506 Treasury notes 1,207,603 1,179,906 457,873 Certificates and bills . . . . .. 816,^84 820,848 , 957,725. Total U.S. Govt, securities . . 2,1130,26'+ 2,431,979 1,837^.104 Other securities . • 562 562 5,559 Total bills and securities . . .. 2,454,792 2,492,851 2,465-^76 Due from foreign banks . . . . . .. 3,130 3,130 3.760 F. 3. notes of other banks ,, 1155,,330055 17,340 24,829 Uncollected items . . . .. ^^9933,,33^^77 418,780 354*608 Bank premises 52,556 52,556- ^129 Fed. Deo. Ins. Corp. stock 139,299 69,^ All other assets 4l,£?79 52,6.77 4444,,994422 TOTAI ASSETS 7,972,^9 7,760,9Ua 6,637-39^ L I A B I L I T I ES E. R. notes in actual circulation . , 3,029,647 3,025,512 3,4777393 F. R. bank notes in circulation - net S3,102 88,336 -24,529 Deposits: Member bank - reserve account . .. 3,669,177 3,560,025 2^152^636 Government 63,977 29,395 25,465 Foreign bank . . '4,565 M23 11*088 Other deposits 15S,17q Total deposits . . 3,900,897 3,737,748 2,3^7,538 Deferred availability items Uss,075 422 ,-619 333* 854 Capital paid in 146,383 146,389 149*700 Surplus . 13S,3S3 138,383 278,599 Reserves (F.D.I.C. stool:, self insurance, etc.) l6l,S29 161,829 12,206 All other liabilities . .. 39.826 24,133 13,575. TOTAL LIABILITIES. . . . 7,972,449 7,760,9112 6*637,39^ Ratio of total reserves to deposit and F. R. note liabilities combined . . 6S.3$ 6g.7f 63.3$ Contingent liability on bills purchased for foreign correspondents . . .. 4,669 4,669 50*223 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

.ASSETS AMD LIABILITIES OF THE FEDERAL RESERVE BAHKS ON APRIL IS, 193^ A S S E TS In thousands of dollars) B-SOlb Total Boston Nev York fchila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran, Gold certificates on hand and due from U. S. Treasury H,476,979 355,388 1,329,530 27M09 3^1,965 211,516 120,418 955,814 189,737 101,931 162,957 93,672 279,1^2 Redemption fund - F. R. notes 31,498 2,603 2,42f 3,2l| 3, , 1 1 9 9 9 9 1,^53 2,957 7,056 1,166 1,113 730 656 4,921 Other cs.sh 224,832 15,350 58,580 36,106 lll , J 12 7 9,3^9 11,701 30,5^4 9,610 10,439 10,353 6,301 12,372 Total reserves H,733,309 373,3^1 1,^50,537 31^,232 359,291 222,318 135,076 993,UiU 200,513 113,^83 17^,0^0 100,629 296,1135 Redemption fund - F.R.bank notes 8,226 1,250 2,565 65s 1,215 269 — U3U 2kj 150 474 76H Bills discounted: Sec. "by U.S.Govt, obligations 8,369 358 4,950 1,594 448 222 210 2 167 10 8 400 Other "bills discounted 32,104 681 13,436 11,737 1,698 1,387 439 l,l6S 91 564 267 208 37s Total bills discounted 40,473 1,039 18,386 13,381 2,146 1,609 649 1,170 25S 574 267 216 778 Bills "bought in open market 13,^99 681 2,470 1,275 1,130 474 581 1,755+ 382 283 4os 2,981 1,080 U.S. Government securities: Bonds 406,277 22,991 149,330 25,602 30,246 13,287 12,248 67,489 13,663 15,873 13,200' 18,730 23,618 Treasury notes 1,207,603 80,13*+ 387,880 84,615 108,744 ^7,760 44,017 214,413 47,321 29,642 46,790 31,380 84,907 Certificates and bills 816,384 5^,555 249,545 56,903 7M35 32,515 29,966 155,441 32,216 20,183 31,854 21,365 57,806 Total U.S.Govt. securities 2,430,264 157,680 786,755 167,120 213,025 93,562 86,231 437,3^3 93,200 65,69s 91,844 71,475 166,331 Other securities 562 — 53 509 — — — — — — — — Total bills and securities 2,484,798 159,400 807,664 182,285 216,301 95,645 87,461 440,267 93,840 66,555 92,519 74,672 16s,189 Due from foreign banks 3,130 237 1,193 342 300 119 110 4l4 10 7 88 88 222 F.R. notes of other banks 15,905 357 3.933 913 866 1,096 2,663 1,684 966 1,5^2 268 1,214 Uncollected items 5+93,3^7 55,085 121,915 38,218 ^6,932 42,440 17,307 61,933 21,730 12,479 30,698 17,782 26,828 Bank premises 52,556 3,224 11,^34 6,788 3,128 2,372 7,382 3,110 1,657 3,485 1,755 4,090 Fed. Dep. Ins. Corp. stock 139,299 10,230 42,' ' 14,621 14,147 5,808 5,272 19,7^9 5,693 3,510 ^,131 ^,359 9,850 All other assets ^1,879 905 25, H,76o 1,462 2,008 2,724 1,017 35^ 1,201 559 1,053 692 TOTAL ASSETS 7,972,449 604,029 2,466,916 559,84s 647,3^9 372,332 251,687 1,526,839 326,76s 200,105 307,212 201,080 508,284 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS A3D LIABILITIES OF THE FEDERAL RESERVE BANKS Oil APRIL 18, 1934 L I A B I L I T I ES (In thousands of dollars) B-^SOlc Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R.notes in actual circulation 3,029,647 243,112 627,315 242,636 295,6i4 142,500 129,620 771,3^7 134,032 95.S11 107,532 39,651 199,915 F.R.bank note circulation - net 83,102 2,713 44,199 7,6IQ 12,97s - 1,231 4,242 752 2,226 3,163 3.SS2 Deposits: Member "bank - reserve account 3,669,177 266,053 215 202,665 232,407 145,691 75,510 614,105 129,369 72,153 13s,175 115,524 223,310 Government 63,977 1,242 10,260 2,323 3,024 12,042 950 7,516 2,769 516 11,005 1.782 S,S22 Foreign bank 4,565 305 1,796 44o 4o6 161 i4s 533 l4o 97 119 119 301 Other deoosits 15S,17S 5,325 42,627 21,57s 2,724 6,274 10,17s 12,783 12,125 7,772 6,541 2,390 15,141 Total deposits 3,900,897 272,931 1,503,55S 227,066 250,621 170,76s 26,726 634,937 150,463 20,532 155,240 119,215 247,574 Deferred availability items USG,075 52,971 126,114 35,723 44,361 4i,24O i6,4o4 61,227 22,472 11,762 22,266 20,277 24,726 Capital paid in 10,692 59,719 15,679 12,635 4,962 4,419 12,536 3,963 2,999 4,153 3,962 10,652 Surplus 13s,333 9,610 45,217 13,352 14,090 5,171 5,145 20,621 4,756 3,420 3,613 3,623 9,645 Reserves (F.D.I*C stock, self inn -- # surance, otc ) 116611,,222299 11,223 47,266 17,121 16,447 6,963 7,242 22,71s 5,946 4,535 4,747 5,490 11,465 # All other liabilities 24,133 711 13,52s 601 603 122 234 2,233 226 222 235 4,439 319 TOTAL LIABILITIES 7,972,449 604,029 2,466,916 559,S42 647,349 372,332 251,627 1,526,239 326,762 200,105 307,212 201,020 502,224 Ratio of total reserves to deposit and 72.3 62.1 66.9 65.2 71.0 62.4 70.6 70.5 64.4 66.1 63.1 66.2 F.R. note liabilities combined Contingent liability on bills purchased for foreign correspondents 4,669 355 l,44i 513 474 122 173 622 163 ll4 132 132 350 1IA.TURITT DISTRIBUTION OF BILLS AMD SHORT TERM SECURITIES 91 days to Total Within 15 days l6 to 30 days 31 to 60 days 6l to 90 days Over 6 months 6 months Bills discounted 40,473 29,222 3,022 4,212 2,569 196 40 Bills bought in open market 13,499 9,127 3,371 223 172 Certificates and bills 216,324 116,231 62,150 99,306 42,210 262,162 22?, 629 Municipal warrants 562 509 17 36 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTE STATEMENT OH APRIL 18, 193^ (In thousands of dollars) B—801d Total Boston Hew 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 3,309,708 259,866 722,706 258,916 313,266 152,223 lU8,lSS 807,563 11+0,023 100,78*+ 11^,9^5 UU.297 21+6,931 Held by Federal Reserve bank 280 06l l6,7US 95,391 l6,230 17,652 9,723 18,568 35,716 5,935 >,973 7,:hl3 1+7,016 t In actual circulation 3,029,611-7 2U3.11S 627,315 21+2,636 295,611+11+2,500129,620 771,81+7 13I+, OSS 95,811 107,532 39,651 199,915 Collateral held "by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 3,003,^71 261,117 723,706 220,000 259,1+31152,340 94,385 71+5,213133,936 79,615 102,290 1+2,675 188,763 Eligible paper 29,332 l,2k2 12,362 M 99 1,874 1,260 870 1,215 502 370 1+11+ 3,050 1,271+ U* S. Govt, securities 313,^00 — — 35,000 55,000 55,000 65,000 6,000 22,1+00 15,000 — 60,000 Total collateral 3,3^6,203 262,359 736,06s 259,899 316,305 153,600 150,255 811,1+28 11+0.1+3S 102,385 117,701+ U5.725 250,037 FEDERAL RESERVE BA51K FOTE STATEMENT OH APRIL 18, 193*+ (In thousands of dollars) Total Boston !Tew York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Qr. Dallas San Fran. Federal Reserve "bank notes: Issued to F # R # "b^mfc(outstanding) 100,31U U,051 1+7,599 16,035 13,785 11,,11++6699 ii++,,5533**++ 872 2,1+02 M l3 Held by Federal Reserve bank: 17,212 1.338 3,1+00 8,1+25 807 238 286 120 176 950 1,^72 In circulation - net* S3•102 2,713 1+1+,199 7,610 12,97s 1,231 1+,2US 752 2,226 3.163 3,982 Collateral pledged against outstanding notes: Discounted and purchased bills 20 — — — 1111 9 — — — — II. S. Govt* securities 129,77^ 5,000 1+9,271+ 16,500 15,000 2,000 7,000 10,000 3,000 7,000 15,000 Total 129,791+ 5,000 1+9,271+ 16,500 15,000 2,011 7,009 10,000 3,000 7,000 15,000 *Does not include $85,651,000 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