H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOB. THE PRESS Released for publication B-SOl Friday morning, July 2J; Federal Reserve Board not earlier. July 26, 193^* CONDITION OF FEDERAL RESERVE BANKS The daily average volume of Federal Reserve bank credit outstanding during the week ended July 25, as reported by the Federal Reserve banks, was $2,H6l,OOQ,OQO f a decrease of $10,000,000. compared with the preceding week and an increase of $261,000,000 compared with the corresponding week in 1.933• On July 25 total Reserve bank credit amounted to $2,^56,000,000, a decrease of $^,000,000 for the week. This decrease corresponds with decreases of $37,000,000 in money in circulation and $3,000,000 in nonmember deposits and other Federal Reserve accounts and an increase of $lH,000,000 in monetary gold stock, offset in part by increases of $33,000,000 in member bank reserve balances and $18,000,000 in Treasury cash and deposits with Federal Reserve banks. The System1 s holdings of bills discounted declined $2,000,000, while holdings of bills bought in open market and of United States Government securities remained practically unchanged from last week. Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended July 25, 193^» were as follows: Increase or decrease since July 25 July IS July 26 193** 19^ 1933 . (in millions of dollars) Bills discounted 21 - 2 -lHo Bills bought — - 5 U. S, Government securities 2,5+32 — Other Reserve bank credit -3 - 3 _ 5 TOTAL RESERVE BAM. CREDIT 2.^56 - k +255 Monetary gold stock 7.911 +lk +3.S7S Treasury and National bank currency 2,36k + 1 +82 Money in circulation 5.291 -37 Member bank reserve balances i+,020 +33 +1,714 Treasury cash and deposit* with . F.B^banka +1S +2,606 Nonmember deposits and other F.R.accounts kks - 3 -81 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, July 27,1934; 110 ^ earlier, B-SOla ASSETS MD LIABILITIES OF THE TWELVE S'EDERAX RESERVE BAEICS COMBINED (In thousands of dollars) July 25.1934 July 18.1934 July 26.1933 A S S E TS Gold certificates on hand and due from U. S. Treasury . . M73>1?2 4,347,634 946,919 Gold. . . 2,562,233 Redemption fund - P. R. notes 2^,620 25,001 39,457 235.327 223,824 269,111 Total reserves . . . . . .. 5,133,119 5,101,461 3,217,770 Redemption fund ~ P. R. bank notes . . . 2,304 2,996 7,791 Bills discounted: Sec* "by U.S.Government obligations . • 4,346 55,,553366 37,053 Other bills discounted * 16.952 17.716 124.310 Total bills discounted . . 21,29s 23,252 161,363 Bills bought in open market 5,271 5,259 9,616 U, S. Government securities: Bonds • 468,094 467,805 441,087 Treasury notes . . . . . * l,252,30S 1,252,331 718,197 Certificates and bills . . . . . . .. 711,650 711.651 868,290 Total U.S.Government securities . . 2,432,052 2,431,787 2,027,574 Other securities • • • « • • • . . • •. 471 483 1,862 Total bills and securities • • . 2,459,092 2,460,781 2,200,415 Due from foreign banks * • • • • • » •• 3,12S 3,139 4,025 F. R. notes of other banks • 18,700 18,980 17,610 Uncollected items . 399;1^3 459,915 364,593 Bank premises . . . . . . . . . . . .. 52,72s 52,719 5^,370 All other assets « . . . . .. . . . . * .. .52,75^. 50,339 52,399 TOTAL ASSETS s,120,96s 8,150,330 6,518,973 L I A B I L I T I ES F. R. notes in actual circulation . . , 3,060,241 3,084,823 3,003,685 P. R. bank note circulation - net . . . 33,743 38,560 123*011 Deposits: Member bank-reserve account . . . . • 44,,002200,,003300 3,987,312 22,,330066,,336666 U.S.Treasurer - General account . . . 47,801 21,340 81,786 7.SS5 5,285 19,833 Other deposits . . 211,851 216.693 165,724 Total deposits • , . 4,287,567 4,230,630 2,573,709 Deferred availability items • 405,799 463,920 36S.299 Capital paid in . . 147,285 147,306 146,2kg Surplus 133,383 13s,3*3 27s.599 Reserve for contingencies . 22,540 22,541 12,106 All other liabilities . . .. . . . .. 25,410 24.167 13,316 TOTAL LIABILITIES . . .. 8,120,96s 3,150,330 6,51S,973 Ratio of total reserves to deposit and P. R. note liabilities combined . . . 6699..99$$ 6699..77$$ 6688,,55$$ Contingent liability on bills purchased for foreign correspondents . 11,,119966 1,394 3366,,002211 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS OH JULY 25, 1934 A S S E TS (in thousands of dollars) B-SOlb Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans. Dallas San Fran, Cy. Gold certificates on hand and due from U.S. Treasury 4,873,172 1+06,907 1,61+3,69!+ 283,981 376,331 l62,4l4 115,51+8 1,072,261 166,197 105,088 159,971 87,710 293,070 Redemption fund - F.R.notes 24,620 1,952 1,09S 2,378 3,2k) 2,196 l+„057 1,850 883 1,13*+ 929 522 i+,376 Other cash 235,327 19,170 56,702 35,g^3 12,626 9,029 13.327 33,116 11,1+73 13,736 10,762 5,29^ 13,61+9 Total reserves 5,133,119 1+28.029 1,701,1+91+ 322,202 392,197 173,639 132,932 1,107,227 178,558 119.95S 171,6629 4.^126 311.095 Redemption fund - F.R.bank notes 2,301+ 250 2,05l+ — — — — — — — — — Bills discounted: Sec. by U.S.Govt, obligations ll++ll 2,080 1,839 S3 108 q — 91 15 20 Other bills discounted 16,952 141 9,si6 i+,66l 363 561+ 133 73 4i 3^3 149 373 295 Total bills discounted 21,B9S 182 11,896 6,500 1+1+6 672 11+2 73 132 358 164 393 34o Bills bought in open market 5,271 371 2,007 536 4S7 193 17s 649 121 .85 142 142 360 U.S.Government securities: Bends 1+68,09!+ 27,226 165,752 30,020 35,997 17,502 1166,,000077 7766,,0077ss 1166,,116655 17,578 17,273 20,389 28,107 Treasury notes 1,252,308 82,798 395,159 87,393 112,357 5l+,622 ^9,687 222,281 48,894 30,620 48,345 32,424 87,728 Certificates and bills 711,650 1+7,655 21b,8l+l+ 1+9,707 6l+, 671 31,'438 28,600 129,984 28,l4l 17,626 27,826 18,bb2 50,496 Total U.S.Govt, securities 2,1+32,052 157,679 777,755 167,120 213,025 103,562 94,291+ 428,343 93,200 65,824 93,444 71,475 166,331 Other securities — 35 1+36 — — — — — — — — Total bills and securities 2,1+59,092 15S,232 791,693 17^,592 213,95s 10l+,l+27 94,6I4 429,065 93,^53 66,267 93,750 72,010 167,031 Due from foreign banks 3,128 237 1,192 342 300 119 109 4l4 10 7 88 88 222 F. R. notes of other banks 18,700 339 M27 738 l,2l+8 1,811+ 1,179 2,991 1,228 844 1,217 226 2,049 Uncollected items 399,143 42,55° 98,976 33,179 3S.593 33,207 io,9S9 52,147 17,173 10,783 24,849 16,255 20,442 Bank premises 52,728 3,221+ 11,1+55 l+,253 6,788 3,12S 2,372 7.3S7 3,126 1,664 3,485 1,757 4,089 All other assets 52,75^ 722 36,1+53 5,21+5 1,1+52 1,812 2,352 1,289 275 1,094 506 978 576 TOTAL ASSETS 8,120,968 633,533 2,6i+s,ii+i+ 5^0,551 654,536 3is,ii+6 244,547 1,600,520 293,323 200,617 295,557 185,1+1+0 505,501+ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS OH OTJLY 25, 1934 L I A B I L I T I ES (In thousands of dollars) B-801c Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. r.R.notes in actual circulation 3,060,2Ul 241,534 633,109 21+6,609 310,053 i4o,92S 132,351 764,709 132,053 96,523 no,oUs 40,890 206,321+ I .R.bank note circulation - net 33,7^3 3S6 33,357 -leposits: Member bank - reserve account 4,020,030 322,955 1,603,956 219,557 265,320 125,91+1+ 80,71+8 722,686 114,193 75,118 11+5,058 112,851 231,6M+ U.STreasurer - General account 47,801 26R 17,228 2,696 1,334 1.53S 1,933 10,572 4,4 7 6 3,226 2,321 1,01+7 665 Foreign bank 7.SS5 56S 2,723 821 75s 300 276 995 260 182 221 221 560 Other deposits 211,851 3.35S 127,539 7,15S 8,099 4,735 5,866 6,007 lU,8S7 6,41+3 M 52 2,11+9 Total deposits 4,287,567 327,146 1,751,446 230,232 276,011 132,567 SS,S23 740,260 133,816 34,969 151,652 ll6,26S 254,377 deferred availability items 405,799 42,480 97,136 31.9S2 38,601 33,221 10,855 56,153 18,008 11,3^2 25,30s 18,146 22,565 Capital paid in 147,285 10,69s 60,22s 15,3^+9 12,934 ^,975 4,441 12,670 4,033 3,071 4,119 3,996 10,771 Surplus 138,333 9,610 45,217 13,352 14,090 5,171 5,145 20,681 4,756 3,420 3,613 3,683 9,645 Reserve for contingencies 22,540 1,053 4,737 2,500 2,300 1,155 2,581 2,969 S53 1,026 617 1,130 1,619 All other liabilities 25,410 626 17,914 527 547 129 351 3,078 304 206 200 1,325 203 TOTAL LIABILITIES 8,120,96s 633,583 2,64S,I44 51+0,551 65^,536 318,146 21+4,51+7 1,600,520 293,823 200,617 295,557 185,1+1+0 505,501+ iiatio of total reserves to deposit and F.R, note liabilities combined 69.9 75.3 71.2 67.6 66.9 63.5 60.1 73.6 67.2 66.1 65.6 59.9 67.5 Contingent liability on bills purchased for foreign correspondents 1,195 110 199 159 l46 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 l6 to 30 days 31 to 60 days 6l to 90 days Over 6 months 6 months Bills discounted 21,298 ll+,l+99 639 5,102 905 10 1*3 Bills bought in open market 5,271 651+ ^73 1,511 2,633 Certificates and bills 711,650 1+1+,2S0 38,232 92,369 110,497 1+23,172 3,100 Municipal warrants 1+71 1+36 35 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOTE STATEMENT 01T JULY 25, 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.B.Agent 3,376,082 273,726 7^2,301 266,389 325,808 151,821 152,577 801,901 136,656 101,11+9 117,296 ^7,9^2 258,516 Held "by Federal Reserve hank ^1*5.8Hl 32.1U2 10*1.192 19»780 15,755 10,89^ 20,226 37,192 U,603 H,566 7.2^8 7,052 52,192 In actual circulation 3,060,2Hl 2Ul,5SH 638,109 2^6,609 310»053 lU0,928 132,351 76^,709 132,053 96,583 110,0^8 U0,890 206,321+ Collateral held hy agent as security for notes issued to hank: Gold certificates on hand and due from U. S. Treasury 3^112,656 276,117 753*706 230,000 277^31 11713^0 26,385 809,513 118,936 83,000 105,290 1+9*175 211,763 Eligible paper 11,026 182 6,515 2,527 kk6 330 1U2 73 109 SI 73 393 155 U. S. Govt, securities 233,000 35,000 50,000 35*000 70t000 19,000 20,000 15,000 — 49,000 Total collateral 3,1*22,682 276,299 760,221 267,527 327,277 152,670 156,527 809,586 138,0^5 103,081 120,363 ^9,568 260,918 FEDERAL RESERVE BAM NOTE STATEMENT OH JULY 25, I93I+ (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.bai3k(outstanding) ^7,5^5 1.511 3^*199 11,835 — Held by Federal Reserve bank 131802 1,125 Ste 11,835 — — — ZI In circulation - net* 33*7^3 3S6 33*357 -- Collateral pledged against outstanding notes: Discounted and purchased bills 51,97^ 5,000 3M7U 12,000 U.S. Govt, securities 51,97^ 5*ooo 3^,9714 12,000 Total collateral *Does not include $102,797*000 of Federal Reserve banknotes 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