H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication B-S01 Friday morning! May 18; Federal Reserve Board not earlier* May 17t 193^* CONDITION OF FEDERAL RESERVE BANKS The daily average volume of Federal Reserve bank credit outstanding during the week ended May 16, as reported "by the Federal Reserve banks, was ,000,000, a decrease of $2,000,000 compar-ed^with the preceding week and an increase of $1^6,000,000 compared with the corresponding week in 1933* On May l6 total Reserve bank credit amounted to $2,^73,000,000, a decrease of $11,000,000 for the week. This decrease corresponds with decreases of $16 ,000,000 in Treasury cash and deposits with Federal Reserve banks, $8,000,000 in money in circulation and $7,000,000 in nonmember deposits and other Federal Reserve accounts,offset in part by an increase of $16,000,000 in member bank reserve balances and a decrease of $3,000,000 in monetary gold stock. The System's holdings of bills discounted decreased $3,000,000, of bills bought in open market $1,000,000, of United States bonds $2,000,000 and of United States Treasury notes $3,000,000, while holdings of Treasury certificates and bills increased $3,000,000, Changes in the amount of Reserve "bank credit outstanding and in related items during the week and the year ended May l6, 193^, were as follows: Increase or decrease since May 16 May 9 May 17 JL23 (In millions of dollars) Bills discounted - 3 -296 Bills bought 6 - l - 72 +593 U, S. Government securities 2,^30 - 2 Other Reserve bank credit 3 - 6 - 6 TOTAL RESERVE BANK CREEIT 2.U73 -11 +219 Monetary gold stock 7,753 - 3 +3,727 Treasury and National bank currency 2,380 +81 U mm in circulation 5.3^ - 8 -221 },Ssk Member bank reserve balances +16 +1,580 Treasury cash and deposits with F.R. banks 3,082 -16 +2,712 kS5 Nonmember deposits and other F # R. accounts - 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, May 18,1934; n°t earlier. B-gOla ASSETS AM) LIABILITIES OF TEE TWELVE FEDERAL RESERVE BAMS COMBINED (In thousands of dollars) May 16,19^4 May 9 M ay 17, 1933 A S S E TS Gold certificates cm hand and due from U. S. Treasury 4,583,812 4,585,034 957,360 G-old . . . . * • * •. * • « « •* 2,455,324 Redemption fund - F. R. notes . . . 30,165 30,631 54,824 Other cash 236,520 234,299 303.9S3 Total reserves 4,850,497 4,849,964 3,771,491 Redemption fund - F. R. bank notes 5,275 5,791 4,992 Bills discounted: Sec. "by U.S. Government obligations 6,312 6,277 73,379 Other bills discounted 28,090 30,297 256,846 Total bills discounted . . . , 34,402 36,57^ 330,225 Bills bought in open market 5,501 6,656 77,5^3 U. S. Government securities: Bonds 406,190 407,s6o 420,992 Treasury notes 1.233,599 1,237,089 594,482 Certificates and bills 790,367 786,869 821,124 # Total U.S.G-overnment securities 2,430,156 2,431,818 1,836,598 Other securities 546 7^7 5.404 2,470,605 Total bills and sedurities . . 2,475,795 2,249,770 Due from foreign banks . 3,135 3,13^ 3,662 F. R. notes of other banks . . . . . 20,430 16,260 19,095 Uncollected items . 501,044 406,394 359,775 Bank premises 52,595 52,569 54,251 Fed. Dep. Ins. Corp. stock 139,299 139,299 — All other assets 46,131 45,581 44,949 TOTAL ASSETS g,089,Oil 7,994,787 6.507.9S5 L I A B I L I T I ES F.R. notes in actual circulation 3,061,279 3.059,927 3,299,995 F.R. bank note circulation - net 63,752 66,252 74,213 Deposits: Member bank - reserve account . 3,694,493 3,677,863 2,114,283 U.S.Treasurer - General Account 45,074 60,115 31,260 Foreign bank ... 4,649 6,915 22,943 Other deposits 246,9Si 249,983 151.968 Total dopooits . . . 3,991,197 3,994,876 2,320,454 Deferred availability items * . . 501,685 401,661 359,553 Capital paid in . . . . . . . .. 146,202 146,279 150,217 Surplus 138,383 138,383 278,599 Reserves (F.D.I.C. stock, self insurance, etc.) 161,832 161,831 12,205 All other liabilities 24.681 25,578 12,739 TOTAL LIABILITIES . . .. 8,089,011 7,994,737 6,507,925 Ratio of total reserves to deposit and F. R. note liabilities combined . . 68.8$ 68.7$ 67.156 Contingent liability on bills purchased for foreign correspondents . . .. 3,622 4,002 38.8S6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AMD LIABILITIES OF THE FEDEPAL HESEEVE BAMKS OH MAY l6, I33U A S S ET s (in thousands of dollars) B-801b Total Boston Hew York Phi la. Cleve. Rich, Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran Gold certificates on hand and due from U. S. Treasury 4,583,812 37S.196 1,512,576 278,895 3^1,^71 201,944 119,456 952,857 184,289 97,939 145,515 92,736 277,888 Redemption fund - F.R. notes 30,165 2,507 1,884 3,006 3,022 7S9 3,230 6,712 1,088 1,322 1,147 617 4,841 Other cash 236,520 17,617 62,876 34,859 13,727 9,539 11,^07 35,681 9,638 11,321 10,027 6,702 13.126 Total reserves 4,850,497 395,320 1,577,336 316,760 35S,220 212,272 13^,093 995,250 195,015 110,582 156,689 100,105 295,855 5 5,275 25O 2,344 S5S 1^215 — — — 134 — — 474 Bills discounted: Sec. by U S*CrCvt. obligations 6,312 518 3,331 1,3H 369 144 194 20 99 10 80 186 # Other bills discounted 28,090 565 11,450 10,535 1,403 1,122 556 1,102 31 476 219 288 343 Total bills discounted 34,402 1,083 14,831 11,846 1,772 1,266 750 ' 1,122 130 486 219 368 529 Bills bought in open market 5,501 371 2,099 535 193 178 649 121 85 142 159 482 U.S•Government securities: Bonds ^06,190 22,989 i4s,6i9 25,602 30,247 14,709 12,259 66,780 13,663 15,775 13,199 18,730 23,618 Treasury notes 1,233,599 si,971 393,045 86,530 111,234 54,075 45,017 216,IS5 48,405 30,224 47,861 32,099 86,853 Certificates and bills 790,367 52,720 240.091 ^4.988 71.^ ^4.778 25,952 1^.373 31.132 19.49^ ^0.784 20.546 ^,860 Total U.S.&ovt. securities 2,430,156 157,680 781,755 167,120 213,024 103,562 86,228 ^32,3^3 93,200 65,594 91,844 71,475 166,331 546 - 4c 506 Other securities Total tills and securities 2,470,605 159,134 798,725 180,007 215,283 105,021 87,156 434,114 33 Ml 66,165 92,205 72,002 167,342 Due from foreign banks 3,135 237 1,198 342 300 119 110 4i4 10 7 88 88 222 J.B.nates of other banks 20,430 332 6,61-3 467 1,212 l,4o4 946 3,478 1.313 650 1,329 299 2,327 Uncollected items 501,044 53/449 128,764 39,3^5 52,209 42,258 15,316 70,191 21,607 12,025 28,513 16,700 20,667 Bank premises 52,595 3,224 11,441 4,149 6,788 3,128 2,372 7,322 3,124 1,657 3,485 1,755 4,090 Fed. Dep. Ins. Corp. stock 139,299 10,230 42,529 14,621 14,147 5,808 5,272 IS,7^9 5,093 3,510 4,131 M59 9,850 All other assets ^6,131 853 29,903 4,6o4 1,444 1,960 2,585 1,079 312 1,206 492 1,039 654 TOTAL ASSETS 3,089,011 626,029 2,592,853 561,153 650,81s 371,970 2^7,350 1,531,657 320,059 195,802 286,992 196,821 501^07 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BAKES OK MAY l6, I93U L I A B I L I T I ES (In thousands of dollars) B-801c Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R.notes in actual circulation 3,061,279 244,511 635,691 2^,346 304,371 142,383 132,337 776,71s 13^,779 95,7^0 106,977 39,079 199,847 F.R.bank note circulation - net 63,752 1,322 40,198 6,310 12,368 803 — — 2,751 Deposits: Member bank - reserve account 3,69^93 288,260 1,462,481 206,098 224,767 158,252 71.913 610,706 128,415 65,940 135,575 113,927 228,159 U.S.Treasurer- General Account 45,074 1,274 22,741 2,129 2,511 1,^57 1,3^2 4,172 1.702 1,698 1,046 3.278 1,724 Foreign bank 4,649 448 576 648 59S 237 218 785 206 143 17* 17* 442 Other deposits 246,981 4,189 143,164 14,040 10,773 10,233 9,7^9 7,811 16,699 8,264 2,720 2.053 17,286 .Total deposits 3,991,197 294,171 1,628,962 222,915 238,649 170,179 83,222 623,474 147,022 76,045 139,515 119,432 247,611 Deferred availability items 501,685 53,693 126,946 36,950 51,07^ 42,150 14,544 73,161 22,311 12,508 27,779 19,158 21,411 Capital paid in 146,202 10,693 59,654 15.509 12,639 4.975 ^,372 12,539 4,031 3,007 4,164 3,947 10,672 Surplus 138,323 9,610 45,217 13,352 14,090 5,171 5,1^5 20,681 ^,756 3,^20 3,613 3,683 9,645 Reserves (F.D.I.C. stock, self insurance, etc.) 161,832 11,283 47.266 17,121 16,447 6,963 7.852 22,718 5,946 *+,535 5,489 11,465 All other liabilities 24,681 746 14,919 650 680 149 378 2,366 H1 547 197 3.282 356 TOTAL LIABILITIES 8,089,011 626,029 2,598,853 561,153 650,818 371,970 247,850 1,531,657 320,059 195,8oe 286,992 196,821 501,007 Ratio of total reserves to deposit and F.R.note liabilities combined 68.8 73*9 69.7 67.2 65.9 67.9 62.2 71.1 69.2 64.4 63.6 63.2 66.1 Contingent liability on bills purchased for foreign correspondents 3,622 309 812 447 413 163 151 541 142 99 120 120 305 MATURITY 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 34,402 25,118 3,502 3.037 2,499 228 18 Bills bought in open market 5,501 928 204 3,93* c 435 Certificates and bills 790,367 21,325 70,981 62,210 3M30 374,244 227.177 Municipal warrants 546 506 5 35 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTE STATEMENT ON MAY l6, 1934 (In thousands of dollars) B-SOld Total Boston New Yor3r 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 3,337,686 264,673 729,880 262,553 320,480 150,548 150,587 814,443 139,441 101,2211 13,708 43,912 246,240 Held by Federal Reserve bank 276,1+07 20,162 94,189 14,207 15,609 8,165 18,250 37,725 4,662 5,481 6,731 M 33 KS,333 in actual circulation 3,061,279 244,511 635,691 248,346 304,871 142,383 132,337 776,718 13^,779 95,7^0 106,977 39,079 199,81*7 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 3,021,771 266,117 733,706 223,000 261,931 150,3^0 94,3S5 747,513 152.936 76,115 97,290 44,675 193,763 Eligible paper 16,440 992 8,708 3,198 992 671 55O 122 130 118 117 385 457 U. S. Govt, securities - 341,300 31.000 60,000 — 57.000 75.000 g.000 26.700 20.000 — 58.000 Total collateral 3,379,511 267,109 742,414 263,19s 322,923 151,011 151,935 822,635 141,066 102,533 117,407 45,060 252,220 FEDERAL RESERVE BANK NOTE STATEMENT ON MAY l6, 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,bank(outstanding) 78,73^ 2,411 42,779 16,035 12,935 1,034 3,540 Held by Federal Reserve bank 14,982 1,089 2,581 9,725 567 In circulation - net * 63,752 1,322 40,19s 6,310 12,36s S03 2,751 Coliateralpledged against outstanding notes: Discounted and purchased bills U. S. Govt, securities 89,774 5,000 44,274 16,500 15,000 5,000 4,000 Tdtal 89,774 5,000 44,274 16,500 15,000 5,000 4,000 *Does not include $94,431,000 of Federal Reserve bank notes for the retirement of which Federal Reserve banks haved eposited lawful money with the Treasurer of the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis