H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication B-S01 Friday morning, July 6; Federal Reserve Board not earlier July 5, 193U. # COEDITIOH OF FEDERAL RESERVE BANES The daily average vol-ume of Federal Reserve bank credit outstanding during tlie week ended July 3> ^s reported "by the Federal Reserve "banks*was $2,^72,000,000, an increase of $1+,000,000 compared with the preceding week and of $2^7,000,000 conxpared with the corresponding week in 1933* On July 3 total Reserve bank credit amounted to $2,^88,000,000, an increase of $23,000,000 for the week. This increase corresponds with increases of $96,000,000 in money in circulation and $36,000,000 in Treasury cash and deposits with Federal Reserve banks, offset in part by a decrease of $91,000,000 in member bank reserve balances and an increase of $20,000,000 in monetary gold stock* Bills disco-unted increased $5,000,000 at the Federal Reserve Bank of San Francisco and $2,000,000 at all Federal Reserve banks. Holdings of United States Treasury notes increased $3,000,000, while holdings of United States bonds declined $1,000,000. As the Federal Reserve banks have heretofore set aside reserves with respect to the federal Deposit Insurance Corporation stock held by them equal to the full par amount thereof, the amounts of such stock and of the reserves thereon are not included in the condition statement figures for the current week. Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended July 3> were as follows: Increase or decrease since July 3 June 27 July 5 193^ 19 3*+ 1933 (In millions of dollars) Bills discounted. 29 + 2 -153 Bills bought 5 — -18 U. S. Government securities 2,^32 + 2 +U37 Other Reserve "bank: credit 22 +19 +16 TOTAL RESERVE BANK CREDIT 2,^88 +23 +282 Monetary gold stock 7,866 +20 +3,835 Treasury and National bank currency 2,365 + 1 +80 Money in circulation 5.397 +96 -68 Member bank reserve balances 3.7^ -91 +1,527 Treasury cash and deposits with P.It.banks 3.113 +36 +2,782 Nonraember deposits and other F.R.accounts 1*62 + 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

n ot Released, for publication Friday morning, July 6,193^*, earlier. B-SOla ASSETS AND LIABILITIES 1 OS THE TWELVE EEDEHAL RESERVE BANKS COMBINED (In thousands of dollars) July 3.1934 June 27.1934 July 5,19' A S S E TS Gold certificates on hand and due from U. S. Treasury 4,781,748 966,234 Gold 2,538,541 — — Redemption fund ~ F. R. notes 25,231 24,972 44,317 Other cash . 211,60s 237,803 255,^59 Total reserves . . 5,019,523 5,044,523 3,804,551 8,014 Redemption fund ~ F. R. "bank notes . . MS7 ^,335 Bills discounted: Sec. by U.S.Government obligations. . 4,571 6,732 ^^33,,333355 Other bills discounted . 24.417 20.283 138.468 Total bills discounted . .. . 28,98S 27,015 181,803 Bills bought in open market . 5.317 5,215 23,084 U.S. Government securities: Bonds 467,807 469,253 440,779 Treasury notes . 1,221,884 1,219,172 697,51^ Certificates and bills 7^2,099 74i,849_ 856.965 Total U.S.Government securities . 2,431,790 2,430,274 1,995,258 Other securities . 512 519 2,297 Total bills and securities . . .. 2,466,607 2,463,023 2,202,442 Due from foreign banks 3,129 3,129 3,729 F.R. notes of other banks . 15,535 20,517 15,4l6 Uncollected items . . . . .. 478,866 435,509 357,321 Bank premises . 5gv622 52,630 54,366 Fed. Dep. Ins. Corp. stock 139", 299 — — All other assets 47,277 46,206 51,163 TOTAL ASSETS 8,087,856 8,209,171 6,497,002 L I A B I L I T I ES F. R. notes in actual circulation . . . 3,121,703 3.055,99^ 3,H5.331 F R, bank note circulation - net . 44,852 46,347 124,012 # Deposits: Member bank - reserve account . . .. 3,7^5,739 3.S36.536 2,218,912 U.S*Treasurer-General account . . . • 152,150 134,396 67,965 Foreign bank 4,530 5,767 15,984 Other deposits . 227.241 219.281 1^7,863 Total deposits . . . . .. 4,129,660 4,195,9^0 2,450,724 Deferred availability items 460,997 436,342 357,504 Capital paid in 147,121 147,129 146,796 Surplus 138,383 13S.383 278,599 Reserves (F.D.I.C. stock, self insurance, etc.) 161,834 12,179 — Reserve for contingencies . . 22,540 — All other liabilities 22,600 27.162 11,857 TOTAL LIABILITIES 8,087.856 8,209,171 6,497,002 Ratio of total reserves to deposit and F.R. note liabilities combined . . . 6699..22$$ 69.656 68.4$ Contingent liability on bills purchased for foreign correspondents 1,450 1,7^0 3366,,114400 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AHD LIABILITIES OP THE FEDERAL RESERVE BANKS ON JULY 3, 193^ A S S E TS (in thousands of dollars) B-801b Total Boston New York Phila. Gleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Gold certificates on hand and due from U.S. Treasury 1+,7S2,6S^ 1+10,565 1,529,^20 298,632 366,0^8 169,31+3 132,61+3 1,026,91+5 17S,66S 103,197 172,982 104,64 6289,595 Redemption fund - F.E. notes 25,231 2,085 1,601 2,606 3,051 2,081 3,1*56 2,11+3 959 1,161 1,000 55^ 4,534 Other cash 211,608 15,3^5 53,9^2 3^,316 11,899 6,795 11,676 29,158 9,587 11,982 10.2*15 5,392 11.265 Total reserves 5,019,523 ^27,995 1,52^,969 335155*+ 320,998 178,219 1^7,775 1,058,246 189,21*+ 116,340 i8i+,227 110,592 305,394 Redemption fund - F.R.baiib: notes 4,187 250 1.890 85s 715 U7I+ — — — — — — — Bills discounted: Sec, by U.S. Govt, obligations 4,571 276 2,735 1,002 183 125 9 95 20 15 31 80 Other bills discounted 24,417 31s 10,942 5.170 540 502 360 203 76 180 1+11 5.147 Total bills discounted 28,988 594 13.677 6,172 723 627 369 203 171 388 195 1+1+2 5,427 Eills bought in open market 5.317 371 2,054 536 1+87 193 17s 61+9 121 81+ 142 li+2 360 U. S. Government securities: Bonds 467,807 27,226 166,173 30,022 36,000 17.500 15',IO4 76,501 16,166 17,348 17,272 20,388 28,107 Treasury notes 1,221,884 so,64s 387.H6H 85,11+9 109,1+38 53.20H 1+5,8U0 218,557 1+7,621+ 29,838 1+7,089 31.582 85,1+51 Certificates and bills 742,099 4?,S05 226,61s 51,91+9 S7.5S7 32,859 28,305 135,785 29.1+10 18.1+20 29,083 19,505 52,773 Total U.S.Govt, securities 2,431,790 157,679 720,255 167,120 213,025 103,563 89,249 430,843 93,200 65,606 93,W4 71,1175 166,331 Other securities 512 - 35 ^77 Total bills and securities 2,1+66,607 158,61+1+ 796,021 174,305 211+.235 104,383 89.796 431,695 93,492 66,078 93,781 72,059 172,11s Dae from foreign banks 3,129 237 1,193 342 300 119 109 1+11+ 10 7 88 88 222 P.R.notes of other banks 15,585 364 5,51+7 1+07 l,ll+l 906 737 2,195 632 936 1,030 332 1,358 Uncollected items 1+78,866 51, b88 128,673 36,763 1+9,320 1+6,371 15.735 50,877 21,397 12,586 27,679 18,655 13s122 Bank premises 52,682 3,221+ 11,1+1+9 1+,215 6,788 3,128 2,372 7,387 3,124 1,664 3,485 1,757 4,089 All other assets 47,277 812 30,569 5/420 i,46o i,si+3 2,1+12 1,233 2S9 1,105 530 9S5 619 TOTAL ASSETS 8,087,856 643,214 2,560,311 557,864 654,957 33^969 258,936 1,552,0^7 308,158 198,716 310,220 204,942 502,922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AM) LIABILITIES OF THE FEDERAL RESERVE BAMS OH JULY 3, 193*4 L I A B I L I T I ES (In thousands of dollars) 3-S01c Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R.notes in actual circulation 3,121,703 247,067 663,573 251,850 311,296 143,258 135,395 77^.9^3 132,9S0 97,330 110,102 4l,071 212,290 F.R.bank note circulation net 44,852 72S 35,163 4,655 4,306 — — ~ r Deposits: Member tanIt - reserve account 3,745,739 302,495 1,^73.3^3 213,985 235,957 126,982 83,898 652,304 104,474 68,000 140,582 113,684 230,035 U.S.Treasurer-General account 152,150 17,616 10,202 8,786 17,355 500 3,826 19.125 24,374 6,250 20,679 19,322 4,115 Foreign bank 4,530 352 1,331 509 470 186 171 6l6 l6l 113 137 137 347 other deposits 227,241 3,161 142,173 11,490 7,569 8,170 7,333 4,448 15,373 6,768 4,256 1,267 15.233 Total deposits 4,129,660 323,624 1,627,049 234,770 261,351 135,833 95,22s 676,493 144,382 81,131 165,654 134,410 249,730 Deferred availability items 460,997 49,829 108,730 34,765 48,449 44,465 15.373 61,521 20,892 12,505 26,612 19,109 18,747 Capital paid in 147,121 10,769 60,269 15,395 12,705 ^,96o 4,405 12,613 4,030 3,049 4,150 3,994 10,782 Surplus 138,3S3 9,610 45,217 13,352 14,090 5,171 5,145 20,681 4,756 3.420 3,613 3,683 9,645 Reserves (F.D.I.C. stock, self insurance, etc. — — — — — — — — 2 Reserve for contingencies 22,540 1,053 4,737 2,500 2,300 1,155 .5S1 2,969 853 1,026 617 1,130 l,6l9 All other liabilities §2,600 534 15.573 577 :*4o0 122 309 2,787 265 247 72 1,545 109 TOTAL LIABILITIES 8,087,856 643,214 2,560,311 557,864 654,957 334,969 258,936 1,552,047 303,158 198,716 310,820 204„942 502,922 Ratio of total reserves to deposit and F.R.note liabilities combined 69.2 75.0 69.2 69.O 66.5 63.9 63.9 72.9 68.2 65.2 66.8 63.Q 66.1 Contingent liability on bills purchased for foreign correspondents 1,450 110 453 159 l46 58 53 192 50 35 43 43 108 MATURITY DISTRIBUTION OF BILLS AHD SHORT TERM 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 28,988 20,630 2.003 1,550 4,544 4 Bills bought in open market 5,317 520 2,b75 767 1.355 257 Certificates and bills 742,099 33,225 16,999 100,259 102,222 Municipal warrants 512 477 35 489,394 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1 FEDERAL RESERVE NOTE STATEMENT ON JULY 3, 19 3* (In thousands of dollars) B-S01d Total Boston New 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 3,376,193 270*321 755.733 265,23!+ 324,sUi 150,933 15*1,617 307,376 137,31+S 100,915 116,513 1+5,66H 21+6,01*3 Held by Federal Reserve bank 25^90 23.75U 92,210 13,5^5 7,730 18,722 32,393 3.577 6,1*11 i*,593 33.753 In actual circulation 3,121,703 21+7,067 663,573 251,350 311.296 1^3,253 135.S95 77^.933 132,930 97.33S 110,102 1*1,071 212,290 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U.S.Treasury 3,093,656 276,117 753,706 239,000 26U.931 117,3)40 96,335 73U,513 126,936 30,000 106,290 U6,675 201,763 Eligible paper 18,071 50U 3,017 2,027 723 U05 311 95 103 102 94 1*1*2 5,21+3 U. S. Govt, securities 25,000 60.000 3^.000 60.000 ^0.000 12.000 22.000 12.000 — 50.000 To tal collateral 3,1*16,727 276,621 761,723 266,027 325,65!* 151.7^5 156,696 311*,603 139,039 102,102 113,331* 1*7.117 257,011 FEDERAL RESERVE BASS NOTE STATEMENT ON JULY 3, 193I+ (In thousands of dollars) Total Boston New York Phi la. Cleve. Rich. Atlanta Chioago St.Louis Minn. Kans.Cy. Dallas San Fran. Federal Reserve tank notes: Issued to F.E.baEk(outstanding) 53,735 1,511 36,531* 16,035 1*,705 — Held "by Federal Reserve bank 13,933 733 1,371 11,330 399 -- - In circulation - net* 1*1+, 852 723 35,163 I+,655 U,30S Collateral pledged against' outstanding notes: Discounted and -ourchased bills U.S.Govt, securities 63.1*71+ 5.000 ^6.971* i6soo 5,QQQ f TotaJL collateral 6 3 ,^ 5,000 36,97^ 16,500 5,000 *Does not include $97,1*1+3,000 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