H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication B-201 Friday morning, July 20; Federal Reserve Board not earlier. July 19, 193^* CONDITION OF FEDERAL RESERVE BANKS The daily average volume of Federal Reserve bank credit outstanding during the week ended July IS, as reported by the Federal Reserve banks, was $2,^71,000,000, an increase of $3,000,000 compared with the preceding week and of $275>000»000 compared with the corresponding week in 1933• On July IS total Reserve bank credit amounted to $2,U60,000,000, a decrease of $8,000,000 for the week. This decrease corresponds with decreases of $16,000,000 in money in circulation, $60,000,000 in Treasury cash and deposits with Federal Reserve banks and $3,000,000 in nonmember deposits and other Federal Reserve accounts and an increase of $16,000,000 in monetary gold stock, offset in part by an increase of $85,000,000 in member bank reserve balances and a decrease of $2,000,000 in Treasury and National bank currency. There was practically no change durirg the week in the System's holdings of bills discounted, bills bought in open market and United States bonds. An increase of $25,000,000 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 18, 193^, were as follows: Increase or decrease since July 18 July 11 July 19 193U 193U 1933 , (In millions of dollars) Bills discounted 23 -1U0 — Bills "bought 5 — - 5 2,1+32 +1+15 U. S. Government securities — Other He serve bank credit * -8 - 7 TOTAL RESERVE BANK CREDIT 2,460 -8 +263 Monetary gold stock 7,897 +16 +3,865 Treasury and ITational bank currency 2,363 - 2 + SO Money in circulation 5,328 -16 - 20 Member bank reserve balances 3.987 +85 +1,697 Treasury cash and deposits with F.R.banks 2,95*+ -60 +2,618 Nonmember deposits and other F.R.accounts - 3 - 87 •Less than $500,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publicatioh Friday morning, July 20,1934; not earlier. B-SOla ASSETS AKD LIABILITIES OF USE TWELVE-' FEDERAL RESERVE BAHKS COMB HIED (In thousands of dollars) July IS,1934 July 11,1934 July 19.1933 A S S E TS Gold certificates on hand and due from U. S. Treasury 4,847,634 4,810,603 969.7S1 Gold 2,532,825 — — Redemption fund - F. R. notes 25,003 25,051 43,273 Other cash 228,824 231,324 271,949 Total reserves 5,101,461 5.066,97s 3,817,828 Redemption fund - F. R. bank notes . . . 22,,999966 3,504 7,693 Bills discounted: Sec. "by U.S.Government obligations . . 5,536 4,i4o 35.7S6 Other bills discounted 17,71.6 18,544 127,343. Total bills discounted . . .. 23,252 22,684 163,129 Bills bought in open market 5.259 9,84s 55,,225599 U. S. Government securities: Bonds 467,805 467,820 440,813 Treasury notes . 1,252,331 1,227,107 .706,383 Certificates and bills 711,651 736,852 870,06l Total U.S.Government secxirities . 2,431,787 2,431,779 2,017,257 Other securities Us 3 483 2,026 Total bills and securities . . .. 2,460,701 2,460,205 2,192,260 Due from foreign banks 3,139 3,i3S 3.967 20,361 F. R. notes of other banks IS,980 19,095 429,215 Uncollected items . . .. 459,915 419,284 54,369 Bank premises 52,719 52,717 All other assets . 50,33.9, .48,353 51,435 TOTAL ASSETS 8,150,330 8,084,471 6.565.931 L I A B I L I T I ES F. R. notes in actual circulation . .. 3,084,823 3,09S,273 3,037,50S F. R. bank note circulation - net . . . 38,560 4i,O45 us, 137 Deposits: 3,902,098 Member bank - reserve account . . .. 3»9^7,312 2,289,811 vXJ.S,.Treasurer. General, account. . . 21,340 63,136 57,995 5,211 16,207 Foreign bank 5,285 Other deposits 216,693 217,700 177,826 Total deposits 4,230,630 4,188,145 2,541,839 Deferred availability items 463,920 424,880 418,402 147,306 Capital paid in 147,246 146,180 Surplus 133,323 138,383 273,599 22,541 22,540 12,106 Reserve for contingencies All other liabilities 24,167. 23,959 13,160 TOTAL LIABILITIES . . . .. 3,150,330 8,084,471 6,565,931 Ratio of total reserves to deposit and F. R. note liabilities combined . . 69.7$ 69.5$ 6688..44$$ Contingent liability on bills purchased 3355,,669944 for foreign correspondents 11..339944 ll,,44ooii Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS M) LIABILITIES OF THE FEDERAL RESERVE BANKS ON JULY IS, I93U A S S E TS (In thousands of dollars) B-SOlb Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Frax Gold certificates on hand and due from U.S. Treasury- 1+,81+7,631+ 1+11,122 1,625,998 290,933 373/452 155,412 112,091+ 1,057,999 159,821 104,26s 155,337 90,970 310,228 Redemption fund - F.R. notes 25,003 2,06l 1,385 2,1+88 3,327 2,042 3,677 1,999 909 1,147 980 543 1+, 1+1+5 Other cash 228,S2k 18,100 56,650 35,61+1+ 13,686 8,1+29 12,732 32,221+ 10,527 13,21+2 10,1+13 5,832 11,3^5 Total reserves 5,101,1+61 !+3i,2S3 I,6S1+,033 329,065 390,1+65 165,883 128,503 1,092,222 171,257 118,657 166,7309 7,3^5 326,018 Redemption fund -F.R. bank notes 2,996 250 1,888 858 — — — — — — — — Bills discounted: O S t e h c e . r b b y i X l J l . s S . d C- i o s v c t o . u n o t b e l d ig ations 17 55,, , 55 7 33 16 66 1 22 9 55 0 66 10 11,, ,0 9955 3 66 6 11 i+ ,,88 ,8 55 0 66 1 38 7788 8 I 6 1 9 } 4 112 9 — 171 11 5 8 4 35 15 7 15 15 1 3 '' 9 44 7 55 1,0 3 7 6 5 5 Total bills discounted 23,252 1+1+6 11,992 6,657 1+66 807 121 171 172 372 166 1+1+2 1,1+1+0 Bills bought in open market 5.259 371 1,995 536 ^87 193 178 61+9 121 85 ll+2 li+2 360 U.S.Government securities: Bonds 1+67,305 27,226 165,751 30,020 35,997 17,502 15,9^1 76,078 16,165 17,356 17,273 20,389 28,107 Treasury notes 1,252,331 82,798 395,160 87,393 112,357 5l+,62i ^9,705 .222,281 1+8,89U 30,625 ^8,31+5 32,1+21+ 87,728 Certificates and bills 711,651 ^7,655 2i6,si+i+ 1+9,707 6i+,671 31,^39 28,600 129,981+ 28,lUl 17,626 27,826 18,662 50,1+96 Total U.S.Govt, securities 2,1+31,727 157,679 777,755 167,120 213,025 103,562 9^,21+6 1+28,31+3 93,200 65.607 93,W+ 71,1+75 166,331 Other securities 1+83 -- ( . 35 1+1+8 — — — — — — — — — Total bills and securities 2,1+60,781 158,1+96 791,777 17^761 213,978 ioi+,562 9i+,5i+5 1+29,163 93,^93 66,061+ 93,752 72,059 168,131 Due from foreign banks 3,139 231 1,203 3U2 300 119 109 1+11+ 10 7 88 88 222 F. R. notes of other banks 18,980 331+ 5,305 692 968 1,260 93^ 3,035 1,025 1.357 1,578 182 2,310 Uncollected items 1+59,915 51,^83 116,199 36,625 1+6,002 36,082 12,237 62,988 20,1+56 10,998 29,316 17,216 20,313 Bank premiess 52,719 3,221+ 11,1+1+9 4,252 6,788 3,128 2,372 7,387 3.12H 1,661+ 3,^85 1,757 l+,089 All other assets 50,339 810 33,81^ 5,315 1,^7 1,820 2,359 1,283 275 l,10l+ 523 986 603 8,150,330 61+6,117 2,61+5,66s 551.910 659,91+s 312,851+ 21+1,059 1,596,1+92 289,61+0 199,851 295,1+72 189,633 521,686 TOTAL ASSETS Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BAMS ON JULY 18, I93U 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, 3,08U,S23 2^2,15^ 61+6,162 21+9,308 311,31+6 11+1,127 13U.032 F.R.notes in actual circulation 768,105 132,935 96,512 110,710 1+0,81+2 211,590 F.R.hank note circulation - net 38,560 293 33,978 U,289 — Deposits: Member tank - reserve account 3,987.312 325,551+ 1,589,961+ 219,021 262,699 120,1+01 7l+,280 71^,365 107,867 75,^7 11+2,527 113,571 2l+l,6l6 967 U.S.Treasurer-General account 21,31+0 2,2l+8 1,301+ 977 ^73 1,208 3,577 2,317 1,729 1,188 3,512 1,81+0 Foreign 'bank 5,285 352 2,085 509 1+70 186 171 617 161 113 137 137 3^7 Other deposits 216,693 3,3^0 130,517 10,1+62 8,1+61 2,816 7,025 ^,305 6,991* 3,81+0 1,703 i+,230,630 330,213 l,72l+, 8ll+2 31,296 272,607 123,876 82,681+ 722,861+ 125,268 11+7,692 118,923 266,110 Total deposits Sl+,283 Deferred availability items 1+63,920 51,^3 113.58^ 35,320 11++66,,119966 36,1+22 11,855 66,151+ 21,510 11,380 28,619 19,606 21,831 Capital paid in 11+7,306 10,777 60,226 15,368 1122,,9933**44 1+.972 M 17 12,61+1+ 1+.027 3,065 1+,151 3,989 10,736 Surplus 138,383 9,610 1+5,217 13,352 li+,090 5,171 5,11+5 20,681 i+,756 3.^20 3,613 3,683 9,61+5 Reserve for contingencies 22,51+1 1,053 ^,737 2,500 2,300 1,155 2,581 2,969 851+ 1,026 617 1,130 1,619 All other liabilities 2l+,l67 57!+ 16,950 ^77 1+75 131 3I+5 3,075 290 iSn 70 1.1+60 155 TOTAL LIABILITIES 8,150,330 61+6,117 2,61+5,668 551,910 659,9^8 312,851+ 21+1,059 1,596,1+92 289,61+0 199,851 295,^72 189,633 521,686 Rati© of total reserves to deposit and F.R.note liabilities combined 69.7 75.1+ 71.0 68.5 66.9 62.6 59.3 73.3 66.3 65.6 61+.5 60.9 68.2 Contingent liability on bills purchased for foreign correspondents 1,39^" 110 398 15s 1I+6 58 53 192 50 35 1+3 1+3 108 MATURITY DISTRIBUTION OF BILLS AND 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 23,252 il+,967 2,l6l ^,312 1,598 10 20l+ Bills bought in open market 5,259 2,675 550 1,^75 559 Certificates and bills 711,651 17,000 55,262 105,719 88,01+7 I+83 1+1+5,623 Municipal warrants 1+1+8 35 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTE STATEMENT OH JULY IS, 1934 (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 3t3S7t&39 270,750 7^7,682 266,962 328,627 151,425 154,212 804,36l 137,3^0 101,469 117,520 48,409 258,842 Held by Federal Reserve bank 302,gl6 28,596 101,520 17,654 17,281 10,298 20,180 36,256 4,44p 957 6,810 7,567 47.252 In actual circulation 3,084,823 242,154 646,162 249,308 311,346 l4l,127 134,032 768,105 132,935 96,512 110,710 40,842 211,590 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 3,113,656 276,117 753,706 237,500 269,931 H5.3^o 91,325 804,513 115,936 S3»000 105,290 49,175 211,763 Eligible paper 12,457 356 6,459 2,598 466 4io 121 63 123 90 73 442 1,256 U. S. Govt, securities 309,000 — 30,000 60,000 37,000 65,000 10,000 23,000 20,000 15.000 — 4q.ooo Total collateral 3,435,113 276,473 760,165 270,098 330,397 152,750 156,506 814,576 139,059 103,090 120,363 49,617 262,019 FEDERAL RESERVE BANK NOTE STATEMENT ON JULY 18, 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) 53,572 1,5H 36,032 16,035 — Held by Federal Reserve bank 15,018 1,218 2,054 11,746 — In circulation - net* 38,560 293 33t97S 4,289 Collateral pledged against outstanding notes: Discounted and purchased bills 58,474 5,000 36,974 16,500 U. S. Govt, securities 52,474 5,000 36,97^4 16,500 Total collateral *Does not include $100,131,000 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