H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication B-801 Friday morning, Nov. 23; Federal Reserve Board not earlier. November 22, 193^. CONDITIO]? OF FEDERAL RESERVE BAMS The daily average volume of Federal Reserve bank credit outstanding during the weak ended November 21, as reported by the Federal Reserve banks, was $2,^77,000,000, an increase of $8,000,000 compared with the preceding week and a decrease of $$7*000,000 coirpared with the corresponding week in 1933* On ifo^ember 21 total Reserve bank credit amounted to $2,^70,000,000, a decrease of $4,000,000 for the week. This decrease corresponds with decreases of $25,000,000 in money in circulation, $8,0QG,0QC in Treasury cash and deposits with Federal Reserve banks and $5,000,000in non member deposits and other Federal Reserve accounts and increases of $46,000,000 in monetary gold stock and $9,000,000 in Treasury and national bank currency, offset in part by an increase of $89f000,000 in member bank: reserve balances. The System's holdings of bills discounted increased $2*000,000 and of industrial advances $1,000,000, while holdings of bills bought in open market and United States Government securities remained practically "unchanged. Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended November 21, 193^> were as follows: Increase or decrease since Nov. 21 Nov. Ik Nov. 22 19ft 19^ 193? (In millions of dollars) Bills discounted 11 + 2 -101 Bills bought 6 -lb — U. S. Government securities 2,^30 — - 1 Industrial advances (not including 5 million commitments - November 21) 9 + 1 + 9 Other Reserve "bank credit Ik - s +15 TOTAL RESERVE BAM CREDIT 2,1+70 -92 Monetary gold stock 8,076 +46 +4,0^0 Treasury and national bank currency 2,^59 + 9 +183 Money in circulation 5.^55 -25 + 89 Member bank reserve balances M96 +89 +1,509 Treasury cash and deposits with F.R. banks 2,956 - 8 +2,6^0 Honmember deposits and other F.R. accounts 39S - 5 -106 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, November 23, 193^Inot earlier. B-SOla ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Nov* 21.193U Nov, A, 193*1 Nov. 22,1933 A S S E TS Gold certificates on hand and due from U. S. Treasury 5,055,529 5,018,687 943,600 Gold — — 2,593.662 Redemption fund - F. R. notes • . . . . 19,837 21,496 38,518 Other cash • 240.299 231,228 227,086 Total reserves 5,315,665 5,271,411 3,802,866 Redemption fund - F. R bank notes . • . 1,886 2,071 11,858 # Bills discounted: Secured by U.S.Gov't. obligations,direct and/or fully guaranteed . 6,063 4,816 28,464 Other bills discounted . . . 4.660 4,326 83,688 Total bills discounted 10,723 9,1^2 112,152 Bills bought in open market . 5,685 5,708 20,294 Industrial advances 8.673 7,753 — U. S. Government securities: Bonds • • • • • • • •• 395,550 395,5^5 442,212 Treasury notes . . . 1,1*10,229 1,410,942 1,030,473 Certificates and bills . . . • • 624,36s 623,687 958,409 Total U»S»Government securities 2,430,147 2,430,174 2,431,094 Other securities — 1,580 10.339 15.765 «... Foreign loans on gold . . . . . .. Total bills and securities • • • 2,465,567 2,468,542 2,565,120 Due from foreign banks goo 802 3,579 F. R. no tear of other banks 25,055 21,885 16,658 486,032 607,241 396,168 Uncollected items 53,162 53,084 5^,732 Bank premises 49,760 49. l4l 49,689 All other assets TOTAL ASSETS 8,397,927 8,474,177 6,900,670 L I A B I L I T I ES F. R. notes in actual circulation „ # • 3,157,686 3,178,512 2,970,210 F* R. bank note circulation ~ net . . . 27.769 28,164 200,697 Deposits: Member bank - reserve account . . . # 4,195,892 4,106,927 2,687,291 U.S.Treasurer - General account # . . 32,699 53,180 31.216 Foreign banlc 16,55^ 11,465 8,824 Other deposits • . 142.555 151,99^ 140.355 Total deposits 4,387,700 4,323,566 2,867,686 Deferred availability items • • • . . 482,899 602,273 402,536 Capital paid in . * . . 147,023 146,985 1^5,152 Surplus (Section 7) 138,383 138,383 278,599 Surplus (Section 13 b) # 2,247 2,247 — Reserve for contingencies 22,291 22,291 12,090 All other liabilities . . . . . . .. 31,929 31.756 23,700 TOTAL LIABILITIES . * . . 8,397,927 8,474,177 6,900,670 Ratio of total reserves to deposit and F. R # note liabilities combined . . 70.4$ 70.3$ 65.1$ Contingent liability 011 bills purchased for foreign correspondents . . . . . 295 4oi 3,218 Commitments to make industrial advances 5,063 4,257 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OP THE FEDERAL RESERVE BAMS Oil NOVEMBER 21, 1934 A S S E TS (In thousands of dollars) B-SOlb Total Boston New York Phila. CIeve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran Gold certificates on hand and due from U. S. Treasury 5*055,529 365,014 1,779,^86 253,50*1 373,529 187,814 108,657 1,052,583 196,522 140,3144 180,007 111,380 306,689 Hedemption fund - F. R. notes 19,837 855 1,161+ 2,1+66 2,1+28 1,920 3,615 1,572 679 359 689 357 3,733 Other cash 2^0,299 27,3*8 55,317 3!+, 892 13,092 9,926 ll,4l6 31,817 12,561 11,307 8,923 7,195 16,505 Total reserves 5,315,665 393,217 1,835,967 290,862 389,0^9 199,660 123,688 1,085,972 209,762 152,010 189,619 118,932 326,927 Hedemption fund - F.R.bank notes 1,886 250 1,636 — — — — — — — — — — Bills discounted: Secured by U.S.Gov't, obligations, direct and/or fully guaranteed 6,063 1,720 3,288 390 35 6655 58 125 19 29 4444 275 Other bills discounted 4,660 57 3,650 45s 240 32 76 15 3 — 103 26 Total bills discounted 10,723 1,777 6,938 8l+8 275 97 13* i4o 22 29 1*7 275 4i Bills bought in open market 5,685 4o4 2,060 583 528 209 302 706 115 80 154 154 390 Industrial advances 8,673 1,642 616 996 268 1,304 688 703 376 966 259 610 245 U.S.Government securities: Bonds 395,550 23,206 11+0,957 25,137 30,558 1144,,885577 13,550 62,143 13.796 15,337 13,332 1S,819 23,85? Treasury notes 1,410,229 92,613 449,273 98,329 125,675 61,097 55,578 249,739 54,690 3*.762 5*. 077 36,268 98,128 Certificates and bills 62^,368 Ul,S52 187 ,525 1+3,651+ 56,792 27,609 25,114 116,46l 24,714 15.*79 24,435 16,388 44,345 Total U.S .Gov11. securities 2,^30,1H7 157,671 777,755 167,120 213,025 103,563 94,242 1+28,343 93,200 65,578 91,344 71,475 166,331 Foreign loans on gold 10,339 7*5 3,577 1,075 993 393 362 1,303 3*1 238 289 289 73* Total bills and securities 2,1*65,567 162,239 790,946 170,622 215,089 105,566 95,728 ^31,195 94,054 66,891 92,693 72,803 167,741 Due from foreign banks 800 60 290 87 78 31 28 106 7 23 58 F. R. notes of other banks 25,055 386 7,91* 752 1,237 3,259 1,131 2,930 1,660 891 1,456 399 3,040 Uncollected items 1*86,032 51,738 119,278 1+1,1+71 1+4,362 45,123 16,515 61,908 21,693 13,761 28,258 17,832 24,093 Bank premises 53,162 3.22H 11,569 4,567 6,788 3,133 2,372 7,387 3,127 1,664 3,*85 1,757 4,089 All other assets 593 3*,606 5,853 1,420 1,463 1,931 997 225 872 384 875 5*1 TOTAL ASSETS 8,397,927 611,707 2,802,206 5l4,2l4 658,023 358,235 241,393 1,590,495 330,530 236,096 315,918 212,621 526,489 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AMD LIABILITIES OP THE FEDERAL RESERVE BAKES Oil 1T0VSII3ER 21, 1934 L I A B I L I T I ES (In thousands of dollars) B-SOlc Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. ?.R.notes in actual circulation 3,157,686 262,697 61+6,857 236,982 298,447 172,116 136,650 769.449 1^2,756 106,689 117,487 5U,551 213,005 J-.R/banlc note circulation - net 27,769 1,001 26,768 — deposits: Member bank - reserve account 4,195.392 268,434 1,77^,130 199,8^6 274,098 128,225 71,018 704,415 141,459 100,996 158,115 124,969 250,187 U.S.Treasurer - General account 32,699 1,890 5,011 1,621 6,482 1,561 925 7,890 2,172 276 989 1,295 2.537 Foreign tank 16,554 634 10,792 916 846 335 308 1,110 291 203 247 247 62s Other deposits 142,555 1,966 90,883 3,287 3,S36 833 3,715 1,615 10,799 6,500 3,372 1.^55 14,294 Total deposits 4,337,700 272,924 1,880,816 205,670 285,262 130,954 75.966 715,030 154,721 107,975 162,723 127,966 267,693 Deferred availability items 482,899 51,359 111166,,330055 3399,,775533 ^^33,,996600 43,653 15,934 64,270 22,882 13,407 26,972 20,571 23.283 Capital paid in 147,023 10,931 5599..557733 1155,,221144 1133,,006688 4,972 4,377 12,719 4,115 3,H9 4,109 4,052 10,769 Surplus (Section 7) 133,383 9,610 45,217 13.352 14,090 5,171 5,1^5 20,681 4,756 3.420 3.613 3,683 9,645 „ „ Surplus (Section 13b) 2,247 768 634 252 215 — -- Reserve for contingencies 22,291 4,737 2,345 2,300 1,155 2,4S6 2,967 850 1,026 619 1.133 1,620 All other liabilities 31,929 21,928 898 896 214 407 4,745 450 208 180 665 474 TOTAL LIABILITIES 3,397,927 611,707 2,802,206 514,214 653,023 353,235 241,393 1,590,495 330,530 236,096 315,91s 212,621 526,433 Ratio of total reserves to deposit and F.R. note liabilities combined 70.4 73 72.6 65.7 66.7 65.9 58.2 73.2 70.5 70.8 67.7 65.2 68.0 Contingent liability on bills purchased for foreign correspondents 295 22 97 32 29 11 11 33 10 7 8 8 22 Commitments to make industrial advances 5,063 1,237 1,368 88 218 119 469 910 — 192 — 462 MATURITY DISTRIBUTION OF BILIS 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 10,723 3,992 1,034 296 310 89 2 Bills bought in open market 5,685 3,015 224 1,732 664 Industrial advances 8,673 34 73 191 232 919 7.224 Cervificstes and bills 624,36s 173,325 73.349 75.317 282,320 19.557 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTE STATEMENT OK 1IOVEMBER 21, 1934 (In thousands of dollars) B-SOld Total Boston Hew York PMla. Cleve. Rich. Atlanta Chicago St .Louis Minn. Kans.Cy. Dallas San Fran, Federal Reserve notes: 751,782 256,263 316,920 184,460 154,046 801,281 148,266 111,254 125,877 59*970 255,118 Issued to F.R.baric by F.R.agent 3,457,582 292,345 Eeld by Federal Reserve bank 299,896 29,6^8 104,925 19 $281 18,5.73 12,344 17,396 31,832 5,510 11,565 8,390 5,^19 42,113 3,157,686 262,697 646,857 236,982 298,447 172,116 136,650 769,^9 142,756 106.,689 117,487 54,551 213,005 In actual circulation Collateral held by agent as security for notes issued to bank: Gold certificates on hand ana due from TJ. S. Treasury 3,250,916 294,117 773,706 208,000 272,431 150,31+0 85,335 812,513 11+3,936 110,500 122,550 61,675 215,763 8,251+ 1,777 5,269 680 275 70 218 l40 22 1 102 275 25 Eligible paper 25*4,700 Us,000 45,000 35,000 70,000 — 6,000 1,700 5,000 ~ i+i+,ooo U. S. Govt, securities 3,514,470 295,394 778,975 256,630 317*706 185,1+10 155,603 812,653 149,95s 112,201 127,652 61,950 259,788 Total collateral FEDERAL RESERVE BA21K 1T0TE STATEMENT Oil NOVEMBER 21, 193*+ (In thousands of dollars) Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Federal Reserve bank notes: Issued to F.R.bank(outstanding) 39,01+9 1,511 27,330 10,208 Held by Federal Reserve bank 11,280 510 562 10,208 — — — In circulation - net* 27,769 I,oqi 26,76s — — Collateral pledged against outstanding notes: Discounted and purchased bills U. S. Govt, securities 44^74 5,000 27,574 12,000 Total collateral 44,574 5,000 27,574 12,000 •Does not include $83,139,000 of Federal Reserve bank notes for the retirement of which Federal Reserve banks have deposited lawful money with the Treasurer of the UnitedS tates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis