H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication B-SOl Friday morning, Dec. 28; Federal Reserve Board not earlier. December 27, CONDITIO!? OF FEDERAL RESERVE BANKS The daily average volume of Federal Reserve Dank credit outstanding during the week ended December 26, as reported by the Federal Reserve banks, was $2,493,000,000, an increase of $22,000,000 compared with the preceding week and a decrease of &205,00Q,00G compared with the corresponding week in 1933• On December 2.S total Reserve bank credit amounted to $2,^70,000, 000a decrease of $7,000,000 for the week. This decrease corresponds with a decrease of $U0,000,000 in Treasury cash and deposits with Federal Reserve banks and an increase of $30,000,000 in monetary gold stock, offset in part by increases of $'41,000,000 in money in circulation, $13,000,000 in member bank reserve balances and $4,000,000 in nonmember deposits and other Federal Reserve accounts. There were practically no changes in the System's holdings .of bills discounted, bills bought in open market, and United States Government securities. Holdings of ' industrial advances increased $2,000,000. Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended December 26,. 193^, were as follows: Increase or decrease since Dec. 2o Dec. 19 Dec. 27 (in millions of dollars) Bills discounted 3 —_ -102 Bills bought — -105 U. S. Government securities 22,,443300 — - 2 Industrial advances (not including 8 million commitments - December 26) lH + 2 +lk Other Reserve bank credit 11 - 9 _ Q TOTAL B3SEHVE BA2TK CREDIT 2,470 - 7 -2 A Monetary gold stock 8,228 +30 +U,192 Treasury and national bank currency 2.50U - 1 +200 M 0 ney in circulation 5,62s +Hl + 91 Member bank reserve balances 3,961 +18 +1,2Sd Treasury cash and deposits with P.2. banks 3,181 -Ho +2,836 llonmember deposits and other F.R. accounts U32 + H -5* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, Dec. 28,1934; not earlier. B-SOla ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BAMS C0MBI1TED (in thousands of dollars) Dec. 26,193*+ Dec. 19,1934 Dec. 27,19" A S S E TS Gold certificates an hand and due from U. S* Treasury • 5,122,395 5,122,762 945,654 vjO Id 2,578,393 — — Redemption fund - F. R. notes is,952 19,454 44,739 Other cash 213.620 219,662 209,356 Total reserves 5,354,968 5.36l,87S 3,778,142 Redemption fund - F. R. "bank notes . . 1,677 1,841 13,566 Bills discounted: Secured "by U.S.Gov't, obligations,direct and/or fully guaranteed 44,,882200 4,76s 36,925 Other "bills discounted 4,46i 3,839 73,627 Total "bills discounted . . .. 9,281 8,607 110,552 Bills "bought in open market 5,611 5,682 111,083 Industrial advances . 13,589 12,494 — U. S. Government securities: Bonds 395,582 395,572 443,166 Treasury notes 1,507,1^- 1,507,124 1,053,163 Certificates and bills 527,^75 527,475 935,350 Total U.S.Government securities 2,430,198 2,430,171 2,432,179 Other securities — __ 1,494 Total bills and securities . . 2,1+58,679 2,456,954 2,655,308 Due from foreign banks 804 804 3,333 F. R. notes of other banks 22,6l4 22,028 16,739 Uncollected items 452,135 551,496 425,900 Bank premises 53,372 53,372 54,804 All other assets 43.064 42,133 45,414 TOTAL ASSETS 8,387,313 8,490,506 6,993,206 L I A B I L I T I ES F. R. notes in actual circulation . . . 3,261,403 3,231,862 3,080,948 F. R. bank note circulation - net . . . 26,603 26,752 210,298 Deposits: Member bank - reserve account . . .. 3,961,204 3,943,123 2,675,153 U.S.Treasurer - General account . . . 16s,ll4 232,261 29,720 ."Foreign bank 19,582 18,361 5,H0 Other deposits . . 16s,016 166,548 119,177 Total deposits 4,316,916 4,360,293 2,829,160 Deferred availability items 44i,g43 532,562 410,929 Caoital paid in 146,752 146,718 144,684 Surplus (Section 7) 138,383 138,383 278,599 Surplus (Section. 13 b) 6,459 5,126 — Reserve for contingencies . 22,272 22,272 12,092 All Qjther liabilities 26,682 26,538 26,496 TOTAL LIABILITIES 8,387.313 8,490,506 6,993,206 Ratio of total reserves to deposit and F. R. note liabilities combined . . . 70.7^ 70.6$ 63.9$ .Contingent liability on bills purchased for foreign correspondents 667755 665511 3,710 Commitments to make industrial advances 8,225 7,399 —— Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AM) LIABILITIES OP THE FEDERAL RESERVE BAMS OH DECEMBER 26, 1934 A S S E TS (In thousands of dollars) B-SOlb Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran Gold certificates on hand and due from U. S. Treasury 5,122,396 373,230 1,767,322 279,505 390,930 197,777 122,249 1,060,943 193,386 141,380 182,496 107,607 305,511 Redemption fund - F. R. notes 18,952 662 1,499 2,525 I,6b2 1,923 3,853 1,3H 614 330 613 328 3,632 Other cash 213,620 25,909 49,352 32,757 8,612 9,788 10,930 24,688 10,169 10,419 9,818 6,728 14,450 Total reserves 5,354,968 399,801 1,818,233 314,787 401,204 209,488 137,032 1,086,942 204,169 152,129 192,927 114,663 323,593 Redemption fund - F.R. bank notes 1,677 250 1,427 — — — — — — — — — — Bills discounted: Secured "by U.S.Gov't. obligations, direct and/or fully guaranteed 4,820 1,502 1,844 720 252 105 43 4400 177 — 44oo 12 85 Other bills discounted 4,461 49 3,564 465 128 64 51 8 3 — 91 - 38 Total bills discounted 9,281 1,551 5,408 1,185 380 169 94 48 180 — 131 12 123 Bills bo"ught in open market 5,611 4oU 1,983 584 528 209 303 707 115 80 154 154 390 Industrial advances 13,589 1,777 810 2,695 913 1,539 832 922 419 1,617 433 1,044 588 IT. S. Government securities: Bonds 395,582 23,206 140,955 25,138 30,557 14,858 13,535 62,144 13,798 15,382 13,334 18,818 23,857 Treasury notes 1,507,141 98,827 475,234 104,810 134,108 65,195 59,317 273,102 58,359 37,071 57,705 38,701 104,712 Certificates and bills 527,475 35,638 161,566 37,172 48,360 23,510 21,385 93,097 21,043 13,181 20,805 13,956 37,762 Total U.S.Gov't. securities . 2,430,198 157,671 777,755 167,120 213,025 103,563 94,237 428,343 93,200 65,634 91,844 71,475 166,331 Total bills and securities 2,458,679 161,403 785,956 171,584 214,846 105,430 95,466 430,020 93,914 67,331 92,562 72,685 167,432 Due from foreign banks 804 60 300 87 77 31 28 105 9 6 22 22 57 F. R. notes of other banks 22,614 366 5,415 591 1,183 3,182 1,621 3,171 1,358 1,684 1,101 351 2,591 Uncollected items 452,135 49,229 99,171 35,981 46,927 40,946 17,281 58,750 20,706 12,762 28,386 19,870 22,126 Bank premises 53,372 3,224 11,624 4,661 6,788 3,133 2,372 7,38$ 3,127 1,664 3,544 1,757 4,089 All other assets l+3,o64 567 29,668 4,752 1,371 1,406 1,847 794 219 757 344 863 476 TOTAL ASSETS 8,387,313 614,900 2,751,794 532,443 672,396 363,666 255,647 1,587,171 323,502 236,333 318.886 210,211 520,364 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON DECEMBER 26, 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. F.R.notes in actual circulation 3,261,403 274,625 67S,S59 21+7,193 314,292 172,595 135,712 796,006 li+l+,73S 102,257 119,204 55.067 214,195 26,603 929 25,614 F.B/bahk note circulation - net Deposits: Member bank - reserve account 3,96l,20U 253,403 1,659,964 204,467 262,196 112,125 77,^71 630,927 127,073 100,473 152,350 121,095 24l,660 U.S.Treasurer - General account 16s,114 11,356 to, 735 2,230 7,529 12,764 9,654 53,695 11,634 739 964 1,256 1,95s Foreign bank 191582 1,294 7,225 1,270 1,726 623 629 2,265 593 4l4 503 503 1.277 Other deposits 162,016 1,449 114,650 2,601 3,^22 1,012 3,373 3,951 9,422 6,050 2,203 1,265 17,952 Total deposits 4,316,916 267,502 1,224,174 217,162 220,273 132,524 91,127 690,233 142,722 107,676 162,620 124,719 262,253 Deferred availability items 441,243 42,762 96,75^ 35,175 ^5,399 4o,oio 15,917 52,301 15,466 11,790 22,267 21,152 20,232 Capital paid in 146,752 10,768 59,620 15.1^9 13,062 ^,975 4,362 12,721 4,0cG 3,135 4,062 4,046 10,752 Surplus (Section 7) 13S,3S3 9,610 45,217 -13,352 14,090 5.171 5,145 20,621 4,756 3.^20 3,613 3,623 9,645 Surplus (Section 13 b) 6,459 76s 615 1,050 775 957 37S 733 322 504 297 Reserve for contingencies 22,272 1,053 4,737 2,345 2,300 1,156 2,426 2,967 250 l,oo4 621 1,133 1,620 All other liabilities 26,622 757 16.204 1.011 1,005 21s 514 4.924 44o 547 202 405 455 TOTAL LIABILITIES S,387,313 614,900 2,751,79^ 532,443 672,396 363,666 255,647 1,527,171 323,502 236,333 3is,226 210,211 520,364 Ratio of total reserves to deposit and F.R. note liabilities combined 70.7 73.7 72.6 67-S 67.3 67.3 60.4 73.1 69.6 70.5 62.5 63.2 67.2 Contingent liability on bills purchased for foreign correspondents 675 35 35^ 51 19 17 62 16 11 14 14 35 Commitments to make industrial advances 8,225 1,342 2,221 249 946 412 601 1,022 22 672 MATURITY DISTRIBUTION OF BILLS AND 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 9,221 7,221 404 224 632 Bills bought in open market 5,611 1,165 695 1,027 2,724 Industrial advances 13,539 32 71 211 265 . 1,636 10,77^ Certificates and bills 527»475 38,399 27,500 £'3,199 90,570 227,207 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE 170TE STATEMENT ON DECEMBER 26, I93U (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.R.agent 3»551>5l*2 300,192 776,759 262,^1* 331*927 186,591 154,001 831.150,739 112,72b 128,130 61,975 25^,502 Held by Federal Reserve bank 290,139 25,507 97*900 15,2bl 17,035 13,996 18,289 35,5^0 6,001 k ko3 8,926 6,908 40,30/ f In actual circulation 3,2ol,U03 274,635 678,859 247,193 3lM92 172,595 135,712 796,006 l44,73S 108,257 H9,204 55,067 214,195 Collateral held by agent as security for notes issued to barJc: Sold certificates on hand and due from U. S. Treasury 3,350,200 302,617 788,706 223,000 297,715 15^3^-0 91.3S5 232,513 141,936 ii4 f ooo 124,550 62,675 216,763 Eligible paper 7,575 1,551 977 380 143 17S 48 181 127 122 IT. S. Govt, securities Total collateral 3,595,775 30U,158 792,562 263,977 333,095 187,483 156,563 842,5bl 152,117 llU.OOO 129,677 62,627 a56^885 FEDERAL RESERVE BA2JK NOTE STATEMENT OH DECEMBER 26, I93U (in thousands of dollars) Total Boston ITew 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) 37,790 1.511 26,071 10,208 — — Held by Federal R serve bank 11,1857 522 U57 10,208 e In circulation - net* 26,603 929 25,6l4 —— —— —• Collateral pledged against outstanding notes: Discounted and purchased bills — — H3.27U 5,000 26,27H 12,000 U.S. Govt, securities 43,274 5,000 26,27*4 12,000 Total collateral *Does not include $7^,739,000 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