H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication B-gOl Friday morning, Dec. 21; Federal Reserve Board • not earlier. December 20, I93U C01TDITI01? OF FSDEPvAL RESERVE BANKS The daily average volume of Federal Reserve bank credit outstanding during the week ended December 19, as reported by the Federal Reserve banks, was ,000,000, an increase of $9,000,000 compared with the preceding week and a decrease of $216,000,000 compared with the corresponding week in 1933® On December 19 total Reserve bank credit amounted to $2,^77,000,000, an increase of $15,000,000 for the week* This increase corresponds with increases of in money in circulation, $3.61,000,000 in Treasury cash and deposits with Federal Reserve banks and $5,000,000 in nonrneraber deposits and other Federal Reserve accounts, offset in part by a decrease of $169,000,000 in member bank reserve balances and increases of ^12,000,000 in monetary gold stock and $19,000,000 In Treasury and national bank currency. The System1s holdings of bills discounted, bills bought in open market and United States bonds show practically no change for the week. Industrial advances increased $1,000,000. An increase of $109,000,000 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 December 19, 193^> ^oro as follows: Increase or decrease simce Dec. 19 Dec. 12 Dec. 20 J„ 19ft 1933 (III millions of dollars) Bills discounted -106 Bills bought -107 U. S. Government securities Industrial advances (not including 7 million commitments - December 19) 12 1 +12 Other- Reserve bank credit 20 +lH - 5 TOTAL RESERVE BASK CREDIT 2,477 +15 -209 Monetary gold stock g,19g +18 +4,162 Treasury and national bank currency 2,505 +19 +206 Money in circulation 5 • i5«7 +55 Member ba,nk reserve balances 3,9^3 -169 Treasury cash and deposits with F.R. banks 3,221 +161 Nonmember deposits and other F.R.accounts k2S + 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, Dec. 21,193*4; not earlier. B-SOla ASSETS A1TD LIABILITIES OF THE TWELVE FEDEBAL RESERVE BANKS COMBINED (In thousands of dollars) Dec. 19,193^ Dec. 12,195^ Dec. 20,1953 A S S E TS Gold certificates on hand and due from U. S. Treasury 5.122,762 5,123,l4s 945,265 Gold — — 2,572,209 Redemption fund - F. R. notes 19,454 19,^77 46,010 Other cash 219,662 235,281 191,724 Total reserves 5.36I,S78 5,372,506 3,761,80s Redemption fund - F. R. bank notes . . 1,841 1,923 13,236 Bills discounted: Secured "by U.S.Gov't, obligations, direct 4,76s and/or fully guaranteed . 4,982 32,529 Other bills discounted 4,274 76,659 Total bills discounted . . . .. 8,607 9,256 115,188 Bills bought in open market . 5,622 5,690 113,375 Industrial advances 12,494 10,662 — U. S. Government securities: Bonds . 395,572 395,526 442,709 Treasury notes 1,507,124 1,398,264 1,053,704 Certificates and bills _52I*4Zi 636,367 935,125 Total U.S. Government securities . 2,430,171 2,430,217 2,431,598 Other securities . — 1,494 Total bills and securities . » . . 2,456,954 2,455,225 2,661,655 Due from foreign banks * . . . . . .. 804 795 3,33^ F. R. notes of other banks 22,028 12,515 17,061 Uncollected items . 5^1,496 490,109 444,233 Bank premises 53,372 53,276 54,so4 All other assets 42,133 52,349 45,101 TOTAL ASSETS 8,490,506 2,451,352 7,001,832 L I A B I L I T I ES F. R. notes in actual circulation 3,231,262 3,201,456 3,091,271 F. R. bank note circulation - net 26,752 27,054 212,239 Deposits: Member bank - reserve account . 3,9^3,123 4,111,949 2,635,632 U.S.Treasurer - General account 232,261 97,750 43,231 Foreign bank 18,361 17,113 4,673 Other deposits . . . . . . . .. 166,548 166,502 127,63s Total deposits . . 4,360,293 4,393,31^ 2,811,780 Deferred availability items . . « 532,562 4s4,303 423,609 Capital paid in . . .. 146,718 146,246 144,926 Surplus (Section 7) . . .. . 132,323 132,323 272,599 Surplus (Section 13 b) . .. 5,126 5,065 — Reserve for contingencies . . 22,272 22,293 12,092 All other liabilities . . .. 26,532. 32,144 26,116 TOTAL LIABILITIES 2,490,506 8,451,358 7,001,832 Ratio of total reserves to deposit and F. R. note liabilities combined . . 70.6$ 70.8$ 63.7$ Contingent liability on bills purchased for foreign correspondents 651 648 3,- 659 Commitments to make industrial advances 7,399 7,120 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BAMS OH DECEMBER 19, 1934 A S S E TS (In thousands of dollars) B-4801b 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 5,122,762 378,116 1,703,662 282,538 405,101 196,491 121,553 1,071,213 200,262 148,279 188,928 114,091 312,468 Redemption fund - F. fi. notes 19,454 698 1,654 2,606 1,705 2,006 3,875 1,351 625 337 621 333 3,643 Other cash 219,662 27,823 50,7b4 32,505 9,600 9,576 10,628 26,237 10,696 10.80*+ 8.9^8 7.171 14.900 Total reserves ^^61^78 406,637 1,756,080 317,649 4l6„4o6 208,073 136,056 1,098,801 211,583 159,420 198,567 121,595 331,011 Redemption fund - F.R. bank notes l,S4l 250 1,591 — Bills discounted: Secured by U.S.Gov't, obligations, direct and/or fully guaranteed 4,76s S61 2,537 506 287 75 42 100 172 45 12 81 — Other bills discounted 3,^39 57 2,949 461 146 72 57 8 3.. 48 Total bills discounted 8,607 918 5,536 967 433 147 99 108 175 — 93 12 119 Bills bought in open market 5,682 4o4 2,055 584 52s 209 302 707 115 80 154 154 390 Industrial advances 12,494 1,651 748 2,528 775 1,529 799 797 423 1,220 433 1,038 553 U. S. Government securities: Bonds 395,572 23,206 l4o,955 25,13s 30,557 14,858 13,545 62,144 13,797 15,363 13,334 18,818 23,857 Treasury notes 1,507,124 93,827 475,234 104,810 r*4,ios 65,195 59,308 273,102 5S.35? 37,064 57,704 38,701 104,712 Certificates and bills 527,475 35,63s 161,566 37,172 48,360 23,509 21,384 93,097 13,181 20.806 13,956 37.762 Total U.S.Gov't, ^ec-urj^ties. 2,430,171 157,671 777,755 167,120 213,025 103,562 94,237 ^28,3^3 93,200 65,608 91,544 71,475 '166,331 Total bills and securities 2,456,95*+ 160,644 786,094 171,199 2l4,76l 105,447 95,437 429,955 93,913 66,908 92,524 72,679 167,393 Due from foreign banks 804 60 300 87 77 31 28 105 9 6 22 22 57 F. R. notes of other banks 22,028 344 4,910 713 1,109 2,972 1,274 3,796 1,381 1,164 1,204 275 2,886 Uncollected items 551,496 54,724 137,335 51,569 50,946 47,655 17,825 71,394 26,415 15,650 29,277 20,314 28,332 Bajok premises 53,372 3,22^ 11,625+ 4,661 6,788 3,133 2,372 7,3^9 3,127 1,661+ 3,544 1,757 4,089 All other assets 42,133 594 28,717 4,768 1,367 1,412 1,845 805 2l4 773 317 842 479 TOTAL ASSETS 8,1+90,506 626,537 2,726,651 550,646 691,1+5!+ 363,723 254,837 1,612,21+5 336,61+2 21+5,585 325,455 217,1+81+ 534,21+7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON DECEMBER 19, 1934 L I A B I L I T I ES (in thousands of dollars) B-SOlc Total Boston Hew York Phila. Cleve. Riclw Atlanta Chicago St.Louis Minn. Sans^Cy. Dallas San Fran, F.R.notes in actual circulation 3,231,862 271,700 671,5^6 244,313 310.950 173.S96 134,909 787,845 144,171 108,303 118,488 54,112 211,629 F.R.bank note circulation - net 26,752 933 25,819 Deposits: •Member bank - reserve account 3,9^3,123 257,092 1,591.35s 211,483 277,165 119,035 73.396 659,197 128,087 100,1*26 155,087 124,569 246,228 U.S.Treasurer - General account 232,261 15.910 59.722 13,299 17.555 16,403 12,767 47,327 16,97^ 8,033 9,775 4,093 10,403 Foreign bank is,361 1.294 6,6o4 1,870 1,726 083 629 2,265 593 4l4 503 503 1,277 Other deposits 166,548 2,153 ill,9^5 2,177 3,979 1,720 2,739 2,547 11,331 5,815 3,316 1,485 17,341 Total deposits 4,360,293 2 5 7 4 6, ,3 4 4 49 7 1,769,629 228,829 300,425 137,841 89,531 711,336 156,985 114,688 168,681 130,650 275,249 Deferred availability items 532,562 133,822 44,670 49,242 45,455 17,603 70,S23 24,894 13,965 29,403 23,499 24,839 Capital paid in 146,718 10,768 59,600 15,149 13,062 4,975 4,36s 12,710 4,085 3,135 4,062 4,046 10,758 Surplus (Section f) 138,383 9.610 45,217 13,352 14,090 5,171 5,145 20,681 ^,756 3.420 3,613 3,683 9,645 Surplus (Section 13 b) 5,126 763 615 1,050 439 378 733 332 504 257 Beserve for contingencies 22,272 1,053 4,737 2,345 2,300 1,156 2,48b 2,967 850 i,oo4 621 1,133 1,620 All other liabilities 26,538 909 15,666 938 946 229 m. 5,150 511 566. 220 361 507 TOTAL LIABILITIES 8,490,506 626,537 2,726,651 550,646 691,454 368,723 254,837 1,612,245 336,642 245,585 325,455 217,484 534,247 Ratio of total reserves to deposit and F. R. note liabilities combined JQ,G 7&.2 71.9 67.1 63.1 b6./ 60.6 73.3 70.3 71.5 69.1 65.8 68.0 Contingent liability on bills purchased for foreign correspondents 651 35 330 51 47 19 17 62 16 11 14 14 35 Commitments to make industrial advances 7,399 1,272 2.432 107 926 412 601 1,026 28 595 MATURITY DISTRIBUTION OF BILLS AHD 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 8,607 6,865 221 863 627 31 Bills bought in open market 5,682 l,l4o 513 1,271 2,758 Industrial advances 12,494 99 146 205 832 1,451 9,761 Certificates and bills 527,475 42,399 30,950 80,317 78,752 295.057 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE ITOTE STATEMENT OS DECIDER 19, 193^ (In thousands of dollars) B-SOld Total Boston Hew Yor> Phi la. Clove. Rich. Atlanta Chicago St.Louis Llinn. IZans.Cy. Dallas San Fran Feogral Reserve notes: Issuod to F.E.banh: by F.R.a^ent 3,540,121 391,492 779,292 262,388 328,571'187.135 1^3.828 822,5*57 148,900 112,705 127,103 61,47s 254,672 Held by Federal He serve ba:il-: 3 0 S 2 9 , 7 92 107,7^ 18,075 17.621 13,239 18,919 34,712 4,729 4,402 8,615 7,366 43,043 In actual circulation 3,231,362 271,700 671,546 244,313 310,950 173,896 134,909 787.8^5 144,171 108,303 118,485 54,112 211,629 Collateral held by a^ent as security for notes issued to ban!;.: Gold certificates on hand and due froia U. S. Treasury 3,366,700 305,617 788,706 227,000 298,715 157,340 90,385 S32,513 144,936 113,500 124,550 62,675 220,763 Eli/^iblu paper 6,932 91s 4,055 729 433 120 182 10Q I70 — 80 12 118 TJ. S. Govt, securities 206,000 — _ 35,000 30,000 30,000 651000 5 > 000 i, Q00 36,000 Total collateral 3,579.632 306,535 792,761 262,729 329,148 137,450 155,567 832,622 150,112 113,500 129,630 62,687 256,881 F3I3PAL HSSjSVE 3&TII FCTS SSCmDSH 19, 1934 (In thousands of dollars) Total Boston New Tor::: Phi la. Cleve. Rich. Atlanta Chicago St.Louis Minn. Hans.Cy. Dallas San Fran Federal Reserve ban":: notes: Issued to FJ-i.barux(outstandins) 37.95^ 1,511 26,235 10,208 — Held by Federal He serve bank 11,202 578 416 10,208 — In circulation - net* 26,752 933 25,819 —- — — —• —— — Collateral pledged against outstanding notes: Discounted and purchased bills — — — — — — — — 43,274 5,000 26,274 12,000 U.S. Govt, securities 43,274 5,000 26,274 12,000 — Total collateral *Does not include $79,548,000 of Federal Reserve bank notes for the retirement of which Federal Reserve oaix^s have deposited lawful money with the Treasurer of the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis