H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication B-gOl Friday morning, Sept. l4; Federal Reserve Board not earlier, September 13, 1934* CONDITION OF FEDERAL RE-SERVE BANKS The daily average vol"ume of Federal Reserve bank credit outstanding during the week ended September 12, as reported by the Federal Reserve banks., was $2,469,000,000, a decrease of $1,000,000 compared with the preceding week and an increase of $132,000,000 compared with the corresponding week in 1933® On September 12 total Reserve bank credit amoimted to $2,469,000,000, an increase of $2,000,000 for the week. This increase corresponds with increases of $41,000,000 in member bank reserve balances, and $9,000,000 in nonmember deposits and other Federal Reserve accounts, offset in part by increases of $5,000,000 in monetary gold stock and $2,000,000 in Treasury and National bank currency, and decreases of $10,000,000 in money in circulation and $29,000,000 in Treasury cash and deposits with Federal Reserve banks # The System1 s holdings of bills and securities remained practically ^-mchanged, an increase of $22,000,000 in holdings of United States Treasury notes being offset by a decrease in Treasury certificates and bills # Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended September 12, 1934, were as follows: Increase or decrease since Sept . 12 Sept. 5 Sept. 13 19*54 1934 1933 (In millions of dollars) Bills discounted 23 - l -110 Bills bought 5 — - 2 U. S. Government securities 2.^31 - 1 +22S Other Reserve "bank credit 10 + h - k TOTAL RESERVE BAM CREDIT 2.U69 + 2 +112 Monetary gold stock 7,96s- +5,528- Treasury and National bank: currency 2,Ul14 + 2 +133 Money in circulation 5.U09 -10 + 9U Member "bank reserve balances +Ul +i,Uo6 Treasury cash and deposits with P.R.banks 3,05S -29 +2,7^1 Nonmernber deposits and other IT .R.accounts + 9 -66 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, September lU,193^5 not earlier. B-SOla ASSETS AND LIABILITIES OP 1H3 TWELVE FEDERAL RESERVE BANKS COMB IKED (in thousands3 of dollars) Sept. 12.193U Sept. 5,1934 Sept. 13.19 A S S E TS Gold certificates on hand and due from U. S. Treasury k,960,996 4,960,078 953,239 Gold 2,599,247 — Redermotion fund - F. R. notes . . . . . 23,0^3 23,889 36,719 Other cash . . . . . . . . . . . . .. 228,314 209,113 238,121 Total reserves 5.212,353 5,193,080 3,828,576 Rederrption fund - F. R. tank notes . . 2,226 1,898 8,534 Bills discounted: Sec. by U.S.Government obligations 5,624 6,180 29,030 Other bills discounted 17.716 17,457 104,203 Total bills discounted . . . .. 23,340 23,637 133,233 Bills bought in open market 5.202 5,219 7,347 Industrial advances . . . . . . . . .. 1,281 922 — U. S. Government securities: Bonds 467,343 467,84s 442,231 Treasury notes 1,324,622 1,303,369 890,877 Certificates and bills 639,34l 660,592 869,552 Total U.S.Government securities . 2,431,306 2,431,809 2,202,660 Other securities 356 356 1,789 Total bills and securities . . . 2,461,485 2,461,943 2,345,029 Due from foreign banks . 3,126 3,127 3,713 F. R. notes of other banks . . . . .. 19,700 17,539 19,577 Uncollected items . 458,326 436,531 422,779 Bank premises . . . . 52,820 52,803 54,542 All other assets . 57.121 66,582 55,575. TOTAL ASSETS 8,267,217 2,233,503 6,732,325 L I A B I L I T I ES F. R. notes in actual circulation . . 3,148,449 3,1^9,659 2,929,123 TT.R. bank note circulation - net . . 31.127 31.^32 133,632 Deposits: Member bank - reserve account . . . 33,,994488,,330044 3,907,169 22,,55**++ll,, 77^^55 U. S. Treasurer - General account . . 138,729 162,988 46,004 Foreign bank . . . . . . . . . .. . 12,028 11,710 21,207 Other deposits . 200,998 191,180 .136,091 Total deposits . . . . . .. 4,300,059 4,273,047 2,745,047 Deferred availability items ^53,515 434,944 4I4,24O Capital paid in . . . 146,663 146,554 145,889 Surplus * . . * . . . . . . . « . . .. 138,383 138,383 272,599 Reserve for contingencies . . . . . .. 22,447 22,453 12,105 All other liabilities . . .. 26,5,7^ 37,031 19,684 TOTAL LIABILITIES 8,267,217 2,233.503 6,732,325 Ratio of total reserves to deposit and F. R. note liabilities combined . . . 70.0$ 70.05& 66 M Contingent liability on bills purchased for foreign ,correspondents . . . .. 664477 579 4433,,336622 Commitments to make industrial advances 681 491 — Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OP THE FEDERAL RESERVE BAMS ON SEPTEMBER 12, 133^ A S S E TS (in thousands of dollars) B-801b Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran, Gold certificates on hand and due from U. S. Treasury >+,960,996 356,955 1,665,565 255,212 381,8^2 186,158 105,^99 1,097,160 1SU,U95 138,750 177,852 107,191 303,717 Redemption fund - F. R notes 23,oU^ 1,-fSk 895 3,029 2,83^ 2,022 3,858 1,397 761 1,071 835 ^7 M10 # Other cash 228,314 19,716 57,106 36,2^9 11,533 7,^98 13,122 3^,251 8,875 12,297 8,872 6,0^7 12,7^8 Total reserves 378,^55 1,723,566 295,090 396,209 195,678 122,^79 1,132,808 19^,131 152,118 187,559 113,685 320,575 Redemption fund - F.R.hank notes 2,226 250 1.976 — — — — — — — — — Bills discounted: Secured by U.S.Govt, obligations 5,624 825 2,410 1,310 29 204 50 450 100 165 20 26 35 Other "bills disco-anted 17,716 13 11,980 4,252 259 46l 137 — 61 13s 132 138 145 Total bills discounted 23.340 838 14,390 5,562 288 665 18'7 450 161 303 152 164 180 Bills bought in open market 5,202 371 1,934 536 488 193 17s 650 122 85 142 142 361 Industrial advances 1,281 3 101 128 85 80 271 101 70 319 85 38 —— U.S.Government securities: Bonds 467,343 27,224 165.749 30,024 35,999 17,500 15,966 76,079 16,166 17,369 16,772 20,390 28,105 Treasury notes 1,324,622 87.745 418,076 92,551 119,06s 57,886 ^2,662 233,S03 51.815 32,450 51,234 34,361 92,971 Certificates and bills 639.341 42,709 193.930 44,5% 57,957 23,177 25.631 118,461 25,219 15,795 24,938 16,724 45,255 Total U.S.Govt, securities 2,1+31,306 157.67s 777.755 167,120 213,024 103,563 94,259 428,343 93,200 65,614 92,944 71,475 166,331 356 356 — Other securities — — — — — — — — — — Total bills and securities 2,461,1*85 158,890 794,180 173,702 213,885 104,501 94,895 429,544 93,553 66,321 93,323 71,819 166,872 Dae from foreign banks 3.126 236 1,191 342 300 119 109 4l4 10 7 88 88 222 F. R. notes of other banks 19,700 330 5.055 727 1,026 1,594 1,33S 3.7S3 1,660 1,000 1,514 280 1.393 Uncollected items 452,386 46,718 99,86s 36,135 44,797 41,390 13,333 63.519 22,033 14,098 28,601 21,922 25,972 Bank premises 52,820 3,224 11,468 4,332 6,788 3,128 2,372 7.3S7 3,126 1,664 3,485 1,757 4,089 All other assets 57.121 609 41,666 5,043 1,447 1,685 2,038 1.297 231 1,043 438 1,011 613 TOTAL ASSETS 8,267,217 588,712 2,678,970 515,371 66H,H52 3^8,095 236,561+ 1,638,752 31^,7^ 236,251 315,008 210,562 519,736 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OE THE FEDERAL RESERVE BAKES ON SEPTEMBER 12, 1934. L I A B I L I T I ES (In thousands of dollars) B-gOle Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R.notes in actual circulation 3,148,449 254,461 65^,357 21*5,798 318,024 156,227 129,751 772,357 13^,575 105,451 11M19 4s,095 215,274 E.R.bank note circulation - net 31,127 972 30,155 — Deposits: Member Dank ~ reserve account 3»§30^ 25^,659 1,572,157 191,694 256,606 133.3S3 74,229 723,562 126,004 97,251 158,065 126,079 234,615 U.S.Treasurer - General accoiont 132,729 6,655 67,983 4,122 8,796 2,794 2,373 33,449 3,164 1,991 2„I46 i,37S 3,878 Foreign bank 12,028 836 4,43s 1,207 1,114 441 406 1,462 3S3 267 325 325 824 Other deposits 200,998 2,386 127,618 7,016 5*724 2,303 3.912 3 >723 17,770 8,375 4,034 2,407 15,730 Total deposits U,300,059 264,536 1,772,196 >04,039 272,240 138,921 80,920 762,196 1^7,321 107,884 164,570 130,189 255,047 Deferred availability items U53,515 46,593 94,264 33,539 44,165 41,472 13,516 64,is4 22,756 15,105 27,794 23,136 26,991 Capital paid in 1^6,663 10,757 59,591 15,211 12,968 4,986 4,369 12,699 4,053 3,11s M 33 4,002 10,776 Surplus 138,383 9,610 ^5,217 13,352 14,090 5,171 5,145 20,681 4,756 3,420 3,613 3,683 9,645 Reserve :for contingencies 22,Wf 1,053 ^,737 2,500 2,300 1,155 2,485 2,969 851 1,026 619 1,133 1,619 All other liabilities 26,57^ 730 •is, 453 932 665 103 37S 3,666 432 247 260 324 384 TOTAL LIABILITIES S,267,217 588,712 2,678,970 515,371 664,452 348,095 236,564 1,638,752 31^,7^4 236,251 315,008 210,562 519,736 Ratio of total reserves to deposit and F. R. note liabilities combined J0*0 72.9 71.0 65.6 67.1 66.3 58.1 73.8 68.9 71.3 67.3 63.8 68.2 Contingent liability on bills purchased for foreign correspondents 647 3S 300 55 51 20 19 67 17 12 15 15 3S Commitments to make industrial advances 681 110 15 7 105 37 115 132 — 160 MATURITY DISTRIBUTION OF BILLS JUST 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 23,340 17,401 646 651 4,59S 8 Bills bought 5,202 441 142 928 3,691 36 Industrial advances 1,281 3 17 25 80 942 Certificates and bills 639,3^1 48,522 51,5^7 78,468 40,875 403,3 2 2 1 9 4 16,600 Municipal warrants 356 356 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTE STATEMENT OH SEPTEMBER 12, 1934 (in thousands of dollars) B~S01d Total Boston Uew York Phi la, 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,^36,603 281,880 756,754 261,686 331,963 163,915 1^9,6bl 807,898 l4l,640 109,986 120,679 53,^0 257,091 Held "by Federal Reserve Dank 28b,ISU 27»4l9 102,397 15fgS8 13*939 7>628 19,910 35,5^1 7,065 4,535 6,660 5,355 4i 817 5 In actual circulation 3,148,449 254,461 654,357 245,79s 318,024 156,287 129,751 772,357 13^.575 105/451 l l M l9 48,095 215,274 Collateral held "by agent as se- « curity for. notes issued to bank: Gold certificates on hand and due from U.S.Treasury 3,189,656 281,117 763,706 212,500 282,431 134,340 81,385 819,513 132,93b 108,000 113,290 54,675 205,763 Eligible paper 12,852 838 8,273 1,828 288 343 152 450 \ 156 178 75 164 107 U.S. Govt, securities 278,400 ^o,ooG 50,000 30,000 72,000 10,000 2,400 10,000 — 54,000 Total collateral 3,480,908 281,955 771,979 264,328 332,719 164,683 153,537 819.963 143,092 110,57s 123,365 5M39 259,270 FEDERAL RESERVE BAM UOTE STATEMENT OS SEPTEMBER 12, 1934 (in thousands of dollars) Total Boston New York Phi la. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran, Federal Reserve bank notes: Issued to F.R.bank(outstanding) 42,739 1,511 31,020 10,208 Held by Federal Reserve bank 11,612 539 S65 10,208 In circulation - net* 31,127 972 30,155 Collateral pledged against outstanding notes: Discounted and purchased bills U. S. Govt, securities 48,474 5,000 31/474 12,000 Total collateral 48,474 5,000 ,31,474 12,000 *Does not include $94,502,000 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