H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PR3SS Eeleased for publication B-801 Friday morning, July 13; Federal Reserve Board not earlier. July 12, 193"+ CONDITION OF FEDERAL RESERVE BAMS The daily average volume of Federal Reserve tank credit outstanding during the week ended July 11, as reported by the Federal Reserve "banks, was $2,468,000,000, a decrease of $4,000,000 compared with the preceding week and an increase of $238,000,000 compared with the corresponding week in 1933. On JuLy 11 total Reserve bank credit amounted to $2,468,000,000, a decrease of $20,000,000 for the week. This decrease corresponds with decreases of $53,000,000 in money in circulation, $99,000,000 in Treasury cash and deposits with Federal Reserve banks and $8,000,000 in nonmember deposits E-nd other Federal Reserve accounts and an increase of $15,000,000 in monetary gold stock, offset in part by an increase of $156,000,000 in member bank reserve balances. Bills discounted decreased $5,000,000 at the Federal Reserve Bank of San Francisco and $6,000,000 at all Federal Reserve banks. An increase of $5,000,000 in holdings of United States Treasury notes was offset by a decrease of a like amount in holdings of Treasury certificates and bills. Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended July 11, 193^» were as follows: Increase or decrease since July 11 July 31 July 12 1934 193^ _ I 2 H_ (In millions of dollars) Bills discounted 23 6 - 145 Bills bought 5 - 8 U. S. Government securities 2,432 + 425 Other Reserve bank credit 8 - 14 - 5 TOTAL RES3RVE BAiJK CREDIT 2,468 - 20 + 267 Monetary gold stock 7,821 + 15 +3,849 Treasury and iv&ti one! bank currency 2,365 + 81 Money in circulation 5,344 - 53 - 36 Member bank reserve balances 3,902 +156 +1,633 Treasury cash and deposits with F.R.banks 3,014 - 99 +2,661 Nonmember deposits and other F.R.accounts 454 - 8 - 60 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, July 13, 193**; not earlier. B-SOla ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BaI^CS C0KBIF3D (In thousands of dollars) July 11,1934 July 3.1934 July 12.1933 A S S E TS Gold certificates on hand and due from U. S. Treasury 4,310,603 4,782,634 967,848 Gold 2,534,351 Redemption fund - F. R. notes 25,051 25,231 43,643 Other cash 231,324 211,603 278,06l Total reserves 5,066,973 5,019,523 3,323,903 Redemption fund - F. R. benk notes . . 3,504 4,187 S,0l4 Bills discounted: Sec. by U.S. Government obligations . . 4,140 4,571 39,450 Other bills discounted 13,544 24,417 128,4l6 Total bills discounted 22,684 23,938 167,S66 Bills bought in open market 5,259 5,317 13,194 D.S.Government securities: Bonds 467,320 467,807 44o,776 Treasury botes 1,221,884 697,434 1,227,107 Certificates and bills 736,252 742,099 868,973 Total U.S.Government securities . . . 2,431,779 2,431,790 2,007,233 Other securities 483 512 2,157 Total bills and securities 2,460,205 2,466,607 2,190,450 Due from foreign banks 3,13S 3,129 3,952 F. R. notes of other banks 20,361 15,585 17,014 Uncollected items 429,215 478,866 410,386 Bank premises 52,717 52,682 54,367 All other assets 43,353 47,277 50,951 TOTAL ASSETS S, 084,471 8,087,856 6,559,043 L I A B I L I T I ES F. R. notes in actual circulation . . . . 3,093,273 3,121,703 3,067,062 F. R. bank note circulation - net . . . . 4I,O45 44,852 115,853 Deposits: Member bank - reserve account 3,902,098 3,745,739 2,263,722 U.S.Treasurer-General account 63,13b 152,150 $3,821 Foreign bank 5,211 4,530 i5,o4i Other deposits . 217,700 227,241 154,22: Total deposits 4,1^0,145 4,129,660 2,521,817 Deferred availability items 424,880 460,997 403,826 Capital paid in 147,246 147,121 146,360 Surplus 133,323 132,383 273,599 Reserve for contingencies 22,5^0 22,540 12,103 All other liabilities 23,959 22,600 13,353 TOTAL LIABILITIES • 3,034,471 8,027,356 6,559,043 Ratio of total reserves to deposit and F. R. note liabilities combined . . . 69. 69.2$ 63.4$ Contingent liability on bills purchased for foreign correspondents 1,401 35t?6l Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BAMS ON JULY 11, 1934 A S S E TS (In thousands of dollars) B-8C1L Total Boston New York Phila. CIeve. Rich. Atlenta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran, Geld certificates on hand and due from U.S.Treasury 4,810,.603 410,150 1,589,895 299, 301 360,070 162,195 117,187 l,o6l,4iq 162,509 105,422 157,229 87,103 297,614 Redemption fund - F.R. notes 25,051 2,071 1,474 2,50s 3,359 2,055 3,437 2,050 054 1,152 988 549 4,454 Other cash 231,324 17,002= 6o,i64 34,905 12,124 7,514 12,886 32,338 11,052 13,233 10,319 6,365 13,422 Total reserves 5,066,978 429,223 1,651,533 337,2i4 375,562 171,764 133,510 1,095,807 174,515 119,807 168,536 9M17 315,490 Redemption fund - F.R."bank notes 3,504 250 2,081 658 315 » — — —— —— Bills discounted: Sec. by U.S.Govt, obligations 4,i4o 114 2,673 84l 83 125 9 — 125 15 15 80 60 Other bills discounted 18,544 237 10,504 4,841 497 700 234 173 66 363 172 395 362 Total bills discounted 22,6s4 351 13,177 5,682 580 825 243 173 191 378 187 475 422 Eills bought in c-pen market 5,259 371 1,995 536 487 193 178 649 121 85 142 142 360 U. S. Government securities: Bonds 467,820 27,226 165,750 30,021 35,997 17,502 15,956 76,078 16,167 17,357 17,273 20,388 23,105 Treasury notes 1,227,107 81,018 387,727 85,536 109,942 53,448 48,621 218,136 47,842 29,961 47,305 31,727 85,844 Certificates and bills 736,852 49,435 224,278 51,563 67,036 32,613 29,667 134,129 29,191 18,283 28,866 19,359 52,382 Total U.S.Govt, securities 2,431,779 157,679 777,755 167,120 213,025 103,563 94,244 428,343 93,200 65,601 93,444 71,474 166,331 Other securities 483 35 448 — — — — —. Total bills and securities 2,460,205 158,401 792,962 173,786 214,092 104,581 9 M 65 429,165 93,512 66,064 93,773 72,091 167,113 Due from foreign banks 3,138 236 1,203 342 300 119 109 4i4 10 7 33 88 222 F.R.nctes of other banks 20,361 322 6,960 683 1,209 1,310 813 2,858 1,440 945 1,534 342 1,945 Uncollected items 429,215 46,059 104,038 31,941 45,427 36,901 12,104 57,209 18,822 11,125 27,525 15,695 22,369 Bank premises 52,717 3,224 11,449 4,250 6,788 3,12s 2,372 7,387 3,124 1,664 3,485 1,757 4,089 All other assets 48,353 820 31,821 5,327 1,446 1,349 2,369 1,254 281 1,094 524 974 594 TOTAL ASSETS 8,084,471 638,535 2,602,047 554,401 645,139 319,652 245,942 1,594,094 2°1, 704 200,706 295,465 184,964 511,822 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(in thousands of dollars) B-soic L I A B I L I T I ES s Total Boston New York Phila. CIeve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran, .R.notes in actual circulation 3,098,273 244,291 649,390 251,924 3l4,54l 141,681 135,250 771,197 132,497 96,530 110,372 41,232 209,302 .R.bank note circulation - net 41,045 456 34,520 4,448 1,621 — — — — — — — eposits: Member "bank - reserve account 3,902,098 319,797 1,532,799 224,430 242,698 125,457 77,102 696,442 111,520 76,605 143,020 113,668 238,560 U.S.Treasurer-General account 63,136 2,281 25,313 2,623 1,708 1,256 1,306 15,322 3.327 1,689 3,157 1,544 2,950 Foreign "bank 5,211 352 2,011 509 470 186 171 6l6 162 113 137 137 347 Other deposits 217,700 3,048 131,262 7,954 9,436 3,723 8,484 9,996 1^,754 6,650 4,756 1,142 16,435 Total deposits 4,186,145 325,472 1,691,325 235,516 254,312 131,222 27,063 722,436 129,763 25,057 151,070 116,491 252,292 eferred availability items 424,880 46,300 100,386 30,794 44,846 35,272 11,149 60,674 19,520 11,430 25,551 16,226 22,066 apital paid in 147,246 10,769 60,24I 15,349 12,935 4,965 4,405 12,613 4,027 3,06l 4,150 3,994 10,737 arplus 133,323 9,610 >+5,217 13,352 l4,o°0 5,171 5,1^5 20,681 4,756 3,420 3,613 3,683 9,645 eserve for contingencies 22,5^0 1,053 4,737 2,500 2,300 1,155 2,521 2,969 253 1,026 617 1,130 1,619 II other liabilities 23,959 57s 16,171 458 494 120 349 3,524 228 182 26 1,548 161 TOTAL LIABILITIES 8,024,471 638,535 2,602,047 554,401 645,139 319,652 245,942 1,594,094 291,704 200,706 295,465 134,964 511,322 -;tio 01 total reserves to deposit and F.R.ricte liabilities combined 69.5 75.3 70.6 69.2 66.0 62.9 60.1 73.4 66.5 66.0 64.5 59.6 67.5 >ntingent liability on bills purchased for foreign correspondents 1,401 110. 4o4 159 146 58 53 192 50 3 5 43 43 log 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 6 months Over o months ills discounted 22,684 14,755 1,593 1,336 4,749 247 4 ills bought in open market 5,259 2,723 61s 475 1,443 ;srtificates end hills 736,852 19,600 48,280 114,680 87,537 466,755 Imicipal warrants 483 448 35 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE «OTE STATEMENT OH JULY IX, 1934 (In thousands of dollars) B-801d Total Boston New York Fhila, Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas Sen Fran. Federal Reserve notes: Issued to F.R.benk "by F.R.Agent 3,392,326 269,309 752,129 263,316 329,323 151,942 154,9^3 807,353 13S,189 101,762 117,901 47,053 253,556 Held by Federal Reserve Bank 294,053 25,018 102,739 16,332 14,782 10,261 19,743 36,656 5,692 5,232 7,523 5,821 44,254 In actual circulation 3,098,273 244,291 649,390 251,9S4 314,541 l4i,68i 135,250 771,197 132,497 96,530 110,372 4i,232 209,302 Collateral held by agent as security for notes issued to bank: Gold certificates on hand end due from U. Treasury 3,115,156 276,117 753,706 242,500 26Q.931 120,340 91,385 804,513 115,936 83,000 108,2Q0 47,675 201,763 Eligible paper 11,626 261 7,500 1,569 5SO 428 185 64 133 97 91 475 243 U. S. Govt, securities 302,000 25,000 60,000 32,000 65,000 10,000 23,000 20,000 12,000 — 55,000 Total collateral 3,428,782 276,378 761,206 269,069 330,511 152,768 156,570 814,577 139,069 103,097 120,381 48,150 257,006 FEDERAL RESERVE 3AM FOTE STATEMEFT ON JULY 11, 1934 (in thousands of dollars) Totsl Boston New York Phila. Cleve. Rich. Atlanta Chicego St.Louis Minn. Kans.Cy.. Dalles Sen Fran. Federel Reserve bank notes: Issued to F.R.bank(outstanding) 55,976 1,511 36,225 16,035 2,205 Held by Federal Reserve bank 14,931 1,055 1,705 11,587 584 In circulation - net* 41,045 456 34,520 k 1,621 - 9 Collateral pledged e-gainst outstanding notes: Discounted and purchased bills U.S.Govt, securities 63~474 5,000 36,974 16,500 5,000 Total collateral • 63,474 5,000 36,974 16,500 5,000 *Does not include $99,038,000 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