H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication B-S01 Friday morning, Jan. 11; Federal Reserve Board not earlier. January 10, 1935® CONDITION OF FEDERAL RESERVE BANKS The daily average volume of Federal Reserve bank credit outstanding during the week ended January 9» as reported by the Federal Reserve banks, was $2,^6^,000,000, a decrease of $4,000,000 compared with the preceding week and of $201,000,000 compared with the -corresponding week in 193'+* On January 9 total Reserve bank credit amounted to $2,467,000,000, an increase of $6,000,000 for the week. This increase corresponds with increases of $193*000,000 in member bank reserve balances and $6,000,000 in nonmember deposits and other Federal Reserve accounts and a decrease of $6,000,000 in Treasury and national bank currency, offset in part by an increase of $15,000,000 in monetary gold stock and decreases of $114,000,000 in money in circulation and $70,000,000 in Treasury cash and deposits with Federal Reserve banks. There were practically no changes in the System's holdings of bills discounted, bills bought in open market and of United States Government securities. Holdings of industrial advances increased $1,000,000. Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended January 9» 1935» were as follows:* Increase or decrease since Jan Jan. 9 * 2 Jan. 10 1935 1935 193^ (in millions of dollars) Bills discounted 7 - 97 Bills bought 6 -107 U. S. Government securities 2,^30 - 1 Industrial advances (not including 10 million commitments-Jantiary 9) 15 + 1 +15 Other Reserve bank credit 9 + 6 + 2 TOTAL RESERVE BAM CREDIT 2 Ml + 6 -188 Monetary gold stock 8,258 +15 +k,222 Treasury and national bank currency 2.50S - 6 +206 Money in circulation Member "bank reserve balances Treasury cash and deposits with F.R. banks Nonmember deposits and other F.R. accounts Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, January 11,1935; not earlier. B-SOla ASSETS AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BAMS COMBINED (In thousands of dollars) Jan. 9.1935 Jan. 2,1935 Jan. 10,191 A S S E TS Gold certificates on hand and due from U. S. Treasury . . . . . 55,,116622,,007766 5,124,339 946,180 Gold — 2,575,150 -- Redemption fund - F, E, notes . . . . .. 19,060 19,060 44,960 Other cash . . . . .. . 287.644 253.091 250,611 Total reserves . . 5,468,780 5,396,^90 3,216,901 Redemption fund - F. R. "bank notes . . .. 11,,996644 1,677 12,864 Bills discounted: Secured by U.S.Gov't, obligations, direct and/or fully guaranteed . . . . .. . 3,5SS 3,544 3344,,442244 Other bills discounted . . . 3.4o6 3.548 69.268 Total bills discounted . . . . . . .. 6,994 7,092 103,692 Bills bought in open market . . . . . .. 5,611 5,612 113,211 Industrial advances . . . .. 1144,,774444 ill, 315 — U. S. Government securities: Bonds 395.662 396,088 442,782 Treasury notes . . . . .. 1,507,117 1,507,118 1,053,139 Certificates and bills • • • . • • • .. ^27,^75 527 ,475 935.825 Total U.S.Government securities . . . 2,^30,25*4 2,^30,681 2,431,746 Other securities . . . . .. . . . .. . 1,462 — — t Total bills and securities . 2,457,603 2,^57,700 2,650,111 805 805 3,382 24,489 27,988 20,579 428,403 530,474 361,796 Bank premises . . 49,190 49,160 51,914 All other assets 44,850 44,534 111,020 TOTAL ASSETS 8,476,084 8,508,828 7,028,567 L I A B I L I T I ES F. R. notes in actual circulation . . . . 3,136,987 3,215,661 2,998,760 F. R. bank note circulation - net . . .. 26,185 26,363 205,191 Deposits: Member bank - reserve account 44,,228822,,554466 44,,008899,,555522 22,,777766,,885577 U.S.Treasurer - General account . . .. 80,137 125,594 58,293 Foreign bank 19,11^ is,954 4,699 Other deposits 174.725 170,971 167.295 Total deposits 4,556,522 4,405,071 3,007,144 Deferred availability items . 4l9o920 527,SS7 359,809 l46,s44 146,773 144,946 144,893 144,893 148,322 10,496 8,418 —. .. Reserve for contingencies . . 30,816 30,816 22,523 All other liabilities . . .. . 2,946 141,872 TOTAL LIABILITIES . . .. 8,476,084 8,508,828 7,028,567 Ratio of total reserves to deposit and F. R. note liabilities combined . . .. 71.1* 70.8$ 6633..6655** Contingent liability on bills purchased 878 667744 44,,000066 Commitments to make industrial advances . 10,375 10,213 — Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AM) LIABILITIES OF THE FEDERAL RESERVE BANKS ON JANUARY 9, 1935 A S S E TS (In thousands of dollars) B~801b 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 5,162,076 398,268 1,81+8,589 262,191 370,01+1 180,201+ 113,101 l,Ql+9,210 199,889 145,848 181,701+ 102,717 310,311+ Redemption fund - F. R. notes 19,060 662 1,1+99 2,525 1,770 1,923 3,253 1,311 614 330 613 328 3,632 Other cash 287,61+1+ 71,163 37,1+23 13,261+ 14,583 15,626 36,019 14,045 12,04l 11,442 2,753 12,833 Total reserves 5,1+68,780 1+33,322 1,921,251 302,199 325,075 196,710 132,520 1,086,51+0 214,548 158,219 193,759 111,792 332,779 Redenption fund - F.R.bank notes 1,964 250 i,7li+ — — — — — — — — — Bills discounted: Secured by U.S.Gov't obligations, direct and/or fully guaranteed 3,588 55II++OO 1,232 5566UU 333366 82 11++55 — 53 — 20 15 95 Other bills discounted 3,1+06 52 2,550 1+12 125 17 99 11 102 32 — — Total bills discounted 6,99!+ 592 1+,3S8 976 l+6l 99 11+1+ 11 53 — 122 15 133 Bills bought in open market 5,611 4o4 1,922 58l+ 528 209 302 707 115 81 154 154 391 Industrial advances ll+, 744 i,77i 81+6 3,31+9 961+ 1,692 899 912 419 1,781 430 1,092 529 U. S. Government securities: Bonds 395,662 23,206 ll+l,018 25.137 30,552 i M 59 13,560 62,11+1+ 13,797 15,373 13,334 18,818 23,252 Treasury notes 1,507,117 98,827 1+75,231+ 104,810 I3MO8 65,195 59,308 273.102 52,359 37,052 57,703 38,701 104,712 Certificates and bills 527,^75 35,632 161,566 37,173 1+8,358 23,509 21,321+ 93,097 21,044 13,182 20,807 13,956 37,761 Total U.S.Gov't, securities 2,1+30,251+157,671 777,818 167,120 213,021+ 103,563 9^,252 1+28,31+3 93,200 65,613 91,844 71,475 166,331 Total bills and securities 2,1+57,603 160,1+38 785,031+ 172,029 2li+,977 105.563 95.597 1+29.973 93.727 67,475 92,550 72,736 167,444 Due from foreign banks 805 60 300 27 77 31 28 105 9 6 23 22 57 F. R. notes of other banks 24,489 388 5,!+23 637 1,219 3»3i+3 1,1+86 3»!+66 1,373 1,054 1,707 401 3,992 Uncollected items 1+28,1+03 1+5,610 104,732 32,917 32,1+07 38,668 13,766 5^,123 21,812 11,693 26,493 16,635 23,541 Bank premises 1+9,190 3,16s 11,1+38 1+,i+i+o 6,629 3,027 2,325 4,955 2,628 1,580 3,447 l,6s4 3,269 All other assets 1+1+.850 631 31,015 l+,786 1,706 1,1+11 1,230 815 206 765 320 861 504 TOTAL ASSETS 8,476,084 643,867 2,860,913 517,095 6U8,090 31+8,753 21+7,612 1,579,977 33*+,363 21+0,792 312,299 204,137 532,186 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AMD LIABILITIES OF THE FEDERAL RESERVE BAMS ON JANUARY 9, 1935 L I A B I L I T I ES (In thousands of dollars) B-gOlc Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R.notes in actual circulation 3,136,987 262,650 655,466 231,992 301,67!+ 161,756 130,113 776,US6 139,538 104,805 115,372 51,857 205,278 F.R.bank note circulation - net 26,185 1»°% 25,136 Deposits: Member bank - reserve account 4,282,546 306,298 1,782,744 212,563 268,021 132,064 82,842 696,186 145,019 104,893 162,451 121,394 268,071 U.S.Treasurer - General account 80,137 1,811 45,163 1,064 3,351 2,929 4,322 6,056 7,413 3,377 1,929 818 1,904 Foreign bank 19,114 1,381 6,56s 1,995 1,842 729 672 2,417 633 441 537 537 1,362 Other deposits 174,725 1,609 123,937 4,688 3,821 1,162 2,437 2,413 10,358 6,452 4,933 1,326 11,589 Total deposits 4,556,522 3H,P99 1,958,412 220,310 277,035 136,884 90,273 707,072 163,423 115,163 169,850 124,075 282,926 Deferred availability items 419,920 45,676 102,620 30,952 37,716 37,255 13.896 55,692 21,204 11,717 24,155 18,285 20,752 Capital paid in 146,844 10,807 59,606 15,128 13,172 4,969 4,36s 12,726 4,088 3,132 4,052 4,04s 10,748 Surplus (Section 7) 144,893 9,902 49,964 13,470 14,371 5,186 5,540 21,350 4,655 3,420 3,613 3,777 9,645 Surplus (Section 13 b) 10,496 912 773 2,098 924 1,250 754 896 382 1,003 293 626 585 Reserve for contingencies 30,816 1,648 7,510 2,996 3,000 l,4i6 2,595 5.325 893 1,211 806 1,363 2,053 All other liabilities 3,421 124 1,426 149 198 • 37 73 430 180 341 158 106 199 TOTAL LIABILITIES 8,476,084 643,867 2,860,913 517,095 648,090 348,753 247,612 1,579,977 33^,363 240,792 318,299 204,137 532,186 Ratio of total reserves to deposit and F. R. note liabilities combined 71 »1 75.5 73.5 66.8 66.5 65.9 60.2 73-2 70.8 71.9 67.9 63.5 68.2 Contingent liability on bills purchased for foreign correspondents 878 4477 445500 68 6633 25 23 82 22 15 18 18 47 Commitments to make industrial advances 10,375 1.7S4 3,948 312 1,137 412 712 30 1,209 28 — 803 MATURITY DISTRIBUTION OF BILIS AND 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 6,994 5,478 125 1,239 122 30 Bills bought in open market 5«6ll 741 2,719 882 1,269 Industrial advances 14,744 84 102 655 904 1,193 11,806 U. S. Government securities 2,430,254 27,500 45,535 81,354 164,630 514,667 1,596,568 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTE STATEMENT ON JANUARY 9, 1935 (In thousands of dollars) B~S01d Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Ilans.Cy. Dallas San Fran, Federal Reserve notes: Issued to F.R.bank by F.R.agent 3,480,183 299,2'M 769,120 259,376 312,500 17^,^37 1^9,392 816,325 145,123 m,l95 126,602 52,176 252,636 Held by Federal Reserve "bank 3^3,196 36,591 113,65H 27,3*& 16,826 ,12,681 19,279 39,839 5,645 6,390 11,230 6,313 47,^8 In actual circulation 3,136,987 262,650 655,466 231,992 301,67U 161,756 130,113 776,4s6 139,53s 104,805 115,372 51,857 205,278 Collateral held by agent as security for notes issued to bank Gold certificates on hand and due from U.S. Treasury 3,288,200 301,617 788,706 219,500 283,215 143,31*0 88,385 804,513 145,936 112,000 124,550 59,675 216,763 Eligible paper 5,522 592 3,087 823 46l 73 228 11 53 ~ 107 15 132 U. S. Govt, securities 238,000 — • 40,000 35,000 33,000 65,000 20,000 ~~ — 5,000 4o,ooo Total collateral 3,531,722 302,209 791,793 260,323 312,676 176,413 153,613 824,524 145,989 112,000 129,657 59,690 256,895 FEDERAL RESERVE BANK 1T0TE STATEMENT OH JA1TUABY 9, 1935 (in thousands of dollars) Total Boston New York Phila. C^eve. Rich. Atlanta Chicago gt.Louis Minn. ICans.Cy. Dallas San Fran, Federal Reserve "bank notes: Issued to F.R.bank(outstanding) 37,377 l,5H 25,658 10,208 Held "by Federal Reserve bank 11,192 462 522 10,208 In circulation - net* 26,185 1,049 25,136 Collateral pledged against outstanding notes: Discounted and purchased bills 42,874 5,000 25,874 12,000 U. S. Govt, securities 42,874 5,000 25,874 12,000 Tatal collateral •Does not include $77,284,000 of Federal Reserve "bank notes for the retirement of which Federal Reserve "banks have deposited lawful money with the Treasurer of the Uni ted States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis