H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEME1TT FOR THE PRESS Released for publication B-SOl Friday morning, Dee, lb; Federal Reserve 3oard not earlier. December 13, 193^ CONDITION OF FEDERAL RESERVE BAMS The daily average voltime of Federal Reserve bank credit outstanding during the week ended December 12, as reported by the Federal Reserve banks, was $2,462,000,000 an increase of $3,000,000 compared with, the preceding week and a decrease of $205,000,000 compared with the corresponding week in 1933* On December 12 total Reserve bank credit amounted to $2,462,000,000, an increase of $10,000,000 for the week. This increase corresponds with increases of $39,000,000 in member bank reserve balances and $10,000,000 in nonmember deposits and other Federal Reserve accoimts, offset in part by a decrease of $13 000,000 f in money in circulation and increases of $19,000,000 in monetary gold stock and $8,000,000 in Treasury and national bank currency. The System's holdings of bills discounted decreased $1,000,000, while those of industrial advances increased $1,000,000. A decrease of $7,000,000 in holdings of United States Treasury notes was offset by an increase of $7,000,000 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 December 12, 193*+1 were as follows: Increase or decrease since Dec. 12 Dec. 5 Dec. 13 193^ " 193^ 1933 (In millions of dollars) Bills discounted 9 - 1 -109 Bills bought 6 — -110 U. S. Government securities 22,,443300 — - 2 Industrial advances (not including 7 million commitments - December 12) 11 + 1 +11 Other Reserve bank: credit 6 +10 - 5 TOTAL RESERVE BAM CREDIT 2,462 +10 -215 Monetary gold stock 8,180 +19 +4,i44 Treasury and national bank currency 2,^-86 + 8 +191 Money in circulation 5,532 -13 +56 Member bank reserve balances 4,112 +39 +1,474 Treasury cash and deposits with F.R.banks 3.060 — +2,681 Nonmember deposits and other F.R.accounts 423 +10 -92 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, Dec. 14,1934; not earlier. B-S01a ASSETS A1ID LIABILITIES OP THE TWELVE FEDERAL RESERVE BAMS COMB IKED (In thousands of dollars) Dec. 12,1934 Dec. 5, 1934 Dec. 13,1933 A S S E TS Gold certificates on hand and due from U. S. Treasury 5,123,148 5,111,620 945,080 Gold — — 2,582,233 Redemption fund - F. R. notes 19.^77 19.804 44,292 Other cash 235.881 218.767 216.680 Total reserves 5,378,506 5.350.191 3.788,285 Redenqption fund - F. R. "bank notes . . .. 1,983 2,166 13.527 Bills discounted: Secured by U.S .Gov't. obligations, direct and/or fully guaranteed 4,982 6,274 38,1+58 Other bills discounted 4.274 4.192 79.726 Total bills discounted 9.256 10,466 118,184 Bills bought in open market 5.690 5.682 116,158 Industrial advances 10,662 10,204 U. S. Government securities: Bonds 395,586 395.588 442,713 Treasury notes 1,398,264 1,405,248 1,055,300 Certificates and bills 636.367 629.368 933,595 Total U.S. Government securities . . 2,430,217 2,430,204 2,431,608 Other securities — — 1.585 Total bills and securities 2,455,825 2,456,556 2,667,535 Due from foreign banks 795 203 3,517 F. R. notes of other banks 18,515 21,122 15,043 Uncollected items 490,109 449,696 431,482 Bank premises 53.276 53.275 5 M o4 All other assets 52.349 50.475 53.639 TOTAL ASSETS 8,451,358 8,384,284 7,027,832 L I A B I L I T I ES F. R. notes in actual circulation . . .. 3,201,456 3,213,805 3,038,172 F. R. bank note circulation - net . . .. 27,054 27,477 208,853 Deposits: Member bank - reserve account 4,111,949 4,073,385 2,637,936 U.S.Treasurer - General account . . .. 97,750 98,369 93,914 Foreign bank 17,113 15,636 14,478 Other deposits 166.502 160.272 145.280 Total deposits 4,393,314 4,347,662 2,891,608 Deferred availability items 484,803 454,865 425,430 Capital paid in . . . . . . .. 146,846 146,860 145,300 Surplus (Section 7) 138,383 138,383 278,599 Surplus (Section 13 b) 5,065 3.873 Reserve for contingencies 22,293 22,293 12,092 All other liabilities 32,144 29.066 27.778 TOTAL LIABILITIES 8,451,358 8,384,284 7,027,832 Ratio of total reserves to deposit and F. R. note liabilities combined . . .. 70.8$ 70.8$ 63.9$ Contingent liability on bills purchased for foreign correspondents 648 548 2,894 Commitments to make industrial advances . 7.120 6,656 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSSTS MD LIABILITIES OF THE FEDERAL RESERVE BAMS ON DECEMBER 12, 193^ A S S E TS (In thousands of dollars) B-SOlb Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fra Gold certificates on hand and due from U. S. Treasury 5,123,l4s 372,213 1,714,1+77 265,400 409,613 192,537 115,193 1,087,024 196,956 150,286 185,924 110,643 322,882 Redemption fund - R. notes 19*477 797 76S 2,6H2 2,314 2,01+3 3,898 1,390 651 3I+I 61+0 339 3,651+ Other cash 235,881 27,326 55,950 32,1+81+ 10,972 9,359 11,681 29,358 12,057 11,126 9,1+32 8,071 18,065 Total reserves 5,37s,506 400,336 1,771,195 300,526 422,899 203,939 130,772 1,117,772 209,664 161,753 195,996 119,053 3^4,601 Redemption fund - F.B.bank notes 1,983 250 1,733 — — — — — — — — Bills discounted: Secured hy U.S.Gov't, obligations, direct and/or fully guaranteed 4,982 1,1+59 2,185 561 35O 65 100 127 — 51 Other bills discounted 4,274 69 3,331 467 190 53 6U — 3 23 1+7 — 27 Total bills discounted 9,256 1,52s 5,516 1,028 5U0 118 109 100 130 23 36 — 78 Bills bought in open market 5,690 1+0H 2,063 58H 52s 209 302 707 115 80 15I+ 15I+ 390 Industrial advances 10,662 1,652 710 1,97^ 571 1,361 76s 797 1+15 1,200 256 7O8 250 TJ. S. Government securities: Bonds 395,586 23,207 11+0,956 25,13s 30,557 ll+,858 13,5^7 62,11+3 13,796 15,37^ 13,33^ 18,819 23,857 Treasury notes 1,398,264 91,765 1+1+5,731+ 97,^5 12^,525 60,537 55,089 21+7,766 5M90 3^67 53,581 35,935 97,230 Certificates and bills 636,367 1+2,699 191,065 ^,537 57,9^2 28,16S 25,621 118,1+31+ 25,211+ 15,793 2l+,929 16,721 1+5,21+1+ Total U.S.Gov't, securities 2,430,217 157,671 777,755 167,120 213,02U 103,563 9^,257 1+28,31+3 93,200 65,631+ 91,81+1+ 71,1+75 166,331 Total bills and securities 2,455,825 161,255 786,01+1+ 170,706 2lU,663 105,251 95,^36 1+29,9^7 93,860 66,937 92,31+0 72,337 167,01+9 Due from foreign banks 795 60 291 87 77 31 28 105 9 6 22 22 57 F. R. notes of other banks 18,515 33^ 3,515 620 1,332 2,505 l,38l+ 2,537 1,526 882 1,295 329 2,256 Uncollected items 490,109 52,076 122,271 1+5,805 1+6,1+76 1+3,1+51 15,691 6l,0l+l 20,757 13,330 25,731 17,919 25,561 Bank premises 53,276 3,221+ 11,567 1+, 622 6,788 3,133 2,372 7,389 3,127 1,661+ 3,5^ 1,757 l+,089 All other assets 52,3^9 56s 36,651 6,667 1,358 1,1+30 1,865 986 236 8l+2 32s 919 1+99 TOTAL ASSETS 8,451,35s 618,103 2,733,267 529,033 693,593 359,7^0 247,548 1,619,777 329,179 245,4i4 319,256 212,336 5^,112 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDEEAL HESEBVE BAMS ON DECEMBER 12, I93I+ L I A B I L I T I ES (in thousands of dollars) B-SOlc Total Boston Hew York Phi la • Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran, F.H.notes in actual circulation 3,201,1+56 262,625 660,136 2U2,SOb 302,772 173,^30 13^,691 720,609 1^,369 106,926 117,22U 53,U62 211,206 F.E.bank note circulation - net 27,05U 919 26,135 Deposits: Member "bank - reserve account H, 111,91+9 26i+,773 1,631,513 200,350 293.^77 125,905 73,7S5 722,165 137,791 102,9 3 0 4 7 5 161,016 125,647 >61,620 U.S.Treasurer - General account 97,750 5,522 60,190 1,347 5,983 4,687 1,96S 8,467 3,204 1,27s 1,395 2,364 Foreign "bank 17,H3 1,122 6,926 1,620 1,495 592 5U5 1,963 514 353 436 1+36 1,106 Other deposits 166,502 1 104,231 ^>359 7,009 l,44l 3,461 1,44s 12,956 6,725 4,472 1,350 17,654 Total deposits ^,393,31^ 272,813 1,802,860 20S,176 307,964 132,625 34,759 73^,043 154,465 116,335 167,202 129,32s 282,744 Deferred availability items 484,803 52,221 114,983 44,240 46,076 42,160 15,253 62,015 21,823 13,812 25.033 20,205 26,977 Capital paid in 146,846 10,913 59,590 15,148 13,056 4,930 44,,337733 1122,,772200 4,076 3,128 4,060 4,044 10,753 Surplus (Section 7) 133,333 9,610 ^5,217 13,352 14,090 5,171 55,,11^^55 2200,,668811 4,756 3,420 3,613 3,633 9,645 Surplus (Section 13 b) 5,065 76s 615 1,050 373 373 733 332 504 257 — — Reserve for contingencies 22,293 1,053 5+,737 2,3^5 2,300 1,156 2,486 2,967 850 1,026 620 1,133 1,620 All other liabilities 32,144 1,181 13,99^ 1,916 957 218 458 6,009 45S 263 647 481 562 TOTAL LIABILITIES 3,^51,353 613,103 2,733,267 529,033 693,593 359,740 247,548 1,619,777 329,179 245,4i4 319,256 212,336 544,112 Ratio of total reserves to deposit and 1. R. note liabilities combined 70.8 73.9 71.9 66.6 CD . 6 66.6 59.6 73.s 70.6 72.5 6s.s 65.1 69 -7 Contingent liability on bills purchased for foreign correspondents 648 35 327 51 ^7 19 17 62 16 11 i4 i4 35 Commitments to make industrial advances 7,120 1,244 2,36*+ 107 927 ,204 562 944 — 192 576 MATURITY DISTRIBUTION OF BILLS AHD SEORT TERM S3CURITIES 91 days to Total Within 15 days 16 to 30 days 31 to 60 days 61 to 90 days Over 6 months 6 months Bills discounted 9,256 7,962 177 44l 6U9 27 3ills bought in open market 5,690 25I+ 1,221 1,075 3,I4O Industrial advances 10,662 95 2S3 669 1,463 S,113 Certificates and bills 636,367 1^9,372 33,399 73,035 31,35^ 293,707 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTE STATEMENT OH DECEMBER 12, 193!+ (in thousands of dollars) B-SOld Total Boston Hew 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.Reagent 3,506,943 294,079 766,219 260,682 326,325 185,85s 154,440 816,726 i4s,193 112,295 127,o4s 60,551 25^,527 Held "by Federal Reserve bank 305,48 7 25,454 106,083 17,276 17,553 12,428 19,749 36,117 5,824. 5,369 9,224 7,089 42,721 In actual circulation 3,201,^56 268,625 660,13b 242,806 308,772 173,^30 134,691 730,609 1^2,369 106,926 117,824 53,^62 211,806 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 3,309,200 296,617 773,706 218,000 296,215 153,3^0 85,385 822,513 143,936 112,500 124,550 61,675 220,763 Eligible paper 7,694 1,52s 4,129 260 540 91 193 100 131 ~ 44 — is U. S Govt, securities 226,000 43,000 30,000 33,000 70,000 6,000 — 5,000 — ^9,000 # Total collateral 3,542,894 298,145 777,835 261,860 326,755 186,431 155,57s 822,613 150,067 112,500 129,594 61,675 259,841 FEDERAL RESERVE BAM NOTE STATEMENT OH DECEMBER 12, 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) 38,346 1,511 26,627 10,2OS Held by Federal Reserve bank 11,292 592 492 10,208 In circulation - net* 27.054 919 26,135 Collateral pledged against outstanding notes: Discounted and purchased bills 43,874 5,000 26,874 12,000 U. S. Govt, securities 43,874 5,000 26,874 12,000 Total collateral *Does not include $80,380,000 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