H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication B-S01 Friday morning, Jan. 255 Federal Reserve Board' not earlier. January 2U, 1935* CONDITION OF FED3RAL RESERVE MHKS The daily average volume of Federal Reserve bank credit outstanding during the week ended January 23, as reported by the Federal Reserve banks, was $2,463,000,000, an increase of $4,000,000 compared with the preceding week, and a decrease of $180,000,000 compared with the corresponding week in 193H* On January 23 total Reserve bank credit amounted to $2,463,000,000, a decrease of $5,000,000 for the week. This decrease corresponds with decreases of $35r000,000 in money in circulation, $25,000,000 in Treasury cash and deposits with Federal Reserve banks and $28,000,000 in nonmember deposits and other Federal Reserve accounts, and an increase of $35*000,000 in monetary gold stock, offset in part by an increase of $113,000,000 in member bank reserve balances, and a decrease of $4,000,000 in Treasury and national bank currency. Holdings of bills discounted declined $9,000,000 at the Federal Reserve Bank of Chicago and $8,000,000 at all Federal Reserve banks. There was practically no change in holdings of bills bought in open market and of United States Government bonds, while holdings of industrial advances increased $1,000,000* An increase of $2,000,000 in Treasury bills was offset by a decrease of $2,000,000 in United States Treasury notes. Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended January 23, 1935 > W8re as follows: Increase or decrease since Jan. 23 Jan. l6 Jan. 24 1935 1935 193H (In millions of dollars) Bills discounted 9 g -gg 6 Bills bought U. S. Government securities 2,430 - 2 Industrial advances (not including 11 million commitments - January 23) 16 + 1 +16 Other Reserve bank credit 3 + 3 + 5 TOTAL RESERVE BAM! CREDIT 2,^b3 - 5 ~i6s Monetary gold stock 8,30S +35 +M73 Treasury and national bank currency 2,500 - 4 +199 Money in circulation 5.3^7 -35 +53 Member bank reserve balances 4,501 +113 +1,650 Treasury cash and deposits with F. R. banks 2,99^ -25 +2,596 Nonmember deposits and other F.R. accounts 429 -28 + 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, January 25,1935". 11011 earlier. B-SOla ASSETS Aim LIABILITIES OP THE TWELVE FEDERAL RESERVE 3AITKS COMBINED (In thousands of dollars) Jan. 23,1935 Jan . 16,1935 Jan. 24.1934 A S S E TS Gold certificates on hand and due from U. 3. Treasury 5,281,298 5.237,503 947,440 Gold — -- 2,569,167 Redemption fund - P. R. notes 17,398 17.398 43,356 Other cash 286,400 287,444 248,163 Total reserves 5,585,096 5,5^2,3^5 3.808,126 Redemption fund - P. R. bank notes . .. . 1,579 1,752 13,004 Bills discounted: Secured by U.S.Gov't, obligations, direct and/or fully guaranteed 5,294 13,604 35,910 Other bills discounted 3.394 3.617 61,320 Total bills discounted 8,688 17,221 97,230 Bills bo-ught in open market 5,539 5,5^2 104,126 Industrial advances . .. . . . . . . .. 15,636 14,826 U. S. Government securities: Bonds 395,650 395,627 10*2,781 Treasury notes . . 1,506,688 1,508,667 1,053,138 Certificates and bills 527,925 525,925 935,820 Total U.S. Government securities . . 2,1+30,263 2,430,219 2,1+31,739 Other securities . — — 1,293 Total bills and securities 2,460,126 2,467,828 2,634,388 Gold held abroad — ~ 3,120 Due from foreign banks 805 806 3,395 P. R. notes of other banks 22,324 24,226 19,783 Uncollected items 446,365 505,729 377,583 Bank premises 49,306 49,296 51,980 All other assets 46,961 45.589 118.637 ..TOTAL ASSETS 8,612,562 8,637,571 7,030,016 L I A B I L I T I ES P. R. notes in actual circulation . . .. 3,066,915 3,099.050 2,931,359 P. R. bank note circulation - net . . .. 25,683 25,869 203,176 Deposits: Member bank - reserve account 4,500,919 4,387/560 2,850,961 U.S.Treasurer - General account . . .. 49,155 67,227 65,240 Foreign bank 19,083 18,339 4,483 Other deposits 169,073 196.677 132.339 Total deposits 4,738,230 4,669,803 3,053,023 Deferred availability items lil^lj.05 506,428 384,702 Capital paid in 146,838 146,839 145,400 Surplus (Section 7) 144,893 144,893 138,383 Surplus (Section 13B) 10,669 10,526 Reserve for contingencies 30,820 30,808 22,523 All other liabilities 4.059 3.355 151.450 TOTAL LIABILITIES 8,612,562 8,637,571 7,030,016 Ratio of total reserves to deposit and P. R. note liabilities combined . . .. 71.6$ 71»3$ 63.6$ Contingent liability on bills purchased for foreign correspondents 317 567 4,474 Commitments to make industrial advances . 11,109 10,846 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS A1TD LIABILITIES OP THE FEDERAL RESERVE BANKS OIT JA1TUARY 23, 1935 A S S E TS (In thousands of dollars) B-SOlb Total Boston New York Phi la. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran, Gold certificates on hand and due from U. S. Treasury 5,281,298 393.125 1,919,528 264,659 375.332 182,650 108,057 1,076,924 205,448 l4o,7SS 187,l6l 111,381 316,245 Redemption fund - F. R. notes 17,398 577 1,059 2,351 1,737 1,782 3,631 1,082 528 254 57I 289 3,537 Other cash 286,400 33,054 72,577 37.213 13,904 13.661 15,738 32.7S2 12,807 12,337 12,173 8,230 21,624 Total reserves 5,585,096 426,756 1,993,464 304,223 390,973 198,093 127,426 1,110,788 218,783 153.379 199,905 119,900 3U1,4O6 Redemption fund - F.R."bank notes 1,579 250 1,329 — — — — — — — — Bills discounted: direct and/or fully guaranteed 5 >29^ 583 2,893 560 426 120 76 — 28 — 20 25 563 Other "bills discounted 3,394 14 2,405 460 123 155 102 5 — — 81 17 32 Total "bills discounted 8,688 597 5,298 1,020 549 275 178 .5 28 101 42 595 Bills bought in open market 5,539 404 2,103 555 523 204 233 651 IO5 84 149 143 385 Industrial advances 15,636 1,792 885 3,594 1,132 1,748 1,034 912 451 1,819 563 1,100 606 U. S Government securities: # Bonds 395,650 23,207 141.018 25,136 30,556 14,858 13,553 62,146 13,796 15,36S 1133,,333366 18,818 23,858 Treasury notes 1,506,688 98,79^ 475,101 104,77S 134,065 65,174 59,299 273.028 58,340 37,057 57,684 38,689 104,679 Certificates ana bills 527,925 35,670 161,699 37,206 48,403 23,530 2I,4o6 93,169 21,064 13,192 20,824 13,968 37,794 Total U.S.GOV1T. securities 2,430,263 157,671 777,SIS 167,120 213,024 103,562 94,258 428,343 93,200 65,617 91,844 71,475 166,331 Total bills and securities 2,460,126 loO,464 786,104 172,289 215,228 105,789 95,703 429.911 93,784 67,520 92,657 72,760 167,917 Due from foreign banks 805 60 316 83 77 30 29 97 8 6 22 21 56 I". R. notes of other banks 22,324 397 8,019 485 8l6 4,281 1,240 2,225 721 1,012 1,202 251 1,675 Uncollected items 446,365 1+2,671 115,708 36,676 40,186 4l,766 17,247 55,656 19,597 10,651 25,210 20,761 20,236 Bank premises 49,306 3,168 11,508 4,485 6,629 3.028 2,325 4,955 2,628 1,580 3,447 1,684 3,869 All other assets 46,961 690 33,024 4,873 1,572 1,350 1.786 961 232 751 313 864 545 TOTAL ASSETS 8,612,562 634,456 2,949,472 523,11^ 655,481 35^.337 245,756 1,604,593 335,753 234,899 322,756 216,24I 535,704 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AED LIABILITIES OF TEE FEDERAL RESERVE BAHXS OH JANUARY 23, 1935 L I A B I L I T I ES (in thousands of dollars) B-SOlc Total Bo S ton Hew York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Xans.Cy. Dallas San Fran. IT.R.notes in actual circulation 3*0^6,915 257,790 632,357 227,450 297,474 158,043 126,727 763,562 136,601 102,190 113,224 49,OC4 196,493 F.R/barik note circulation - net 25>6q3 935 24,743 Deposits: Member bank - reserve account U, 500,919 302,809 1,924,462 218,096 277,037 137,566 31,077 731,094 150,632 105,053 172,118 131,433 269,542 U.S.Treasurer - General account 43,155 1,193 17,226 2,202 3,370 2,531 3,553 6,535 5,774 2,692 1,225 995 1,749 Foreign bank 13,083 1,331 6,979 1,926 1,775 703 646 2,336 612 425 51S 519 1,313 Other deposits 169.073 3,617 103,957 4,361 4,213 1,307 3.S53 2,751 12,138 6,074 2,117 1,776 Total deposits 4,738,230 303,950 2.,0 52,634 226,5*5 236,395 142,657 89,129 742,716 169,156 114,244 175,973 134,723 295,013 Deferred availability items 444,405 43,213 114,009 35,144 39,902 40,725 16,506 57,354 13,731 9,559 24,64s 22,6L4 20,950 Capital paid in 146,383 10,324 59,667 15,129 13,144 4,969 4,369 12,726 4,084 3,132 4,052 4,047 10,745 Surplus (Section 7) 144,393 9,902 49,964 13,470 14,371 5,136 5,540 •21,350 4,655 3.420 3,613 3,777 9,645 Surplus (Section 13 b) 10,669 1,055 773 2,09S 955 1,250 754 S96 331 1,003 293 626 5€5 Ressrve for contingencies 30,220 1,64s 7,501 2,996 3,000 l,4i6 2,593 5,325 393 1,211 so 7 1,363 2,062 All other liabilities 4,059 139 1,769 242 240 91 133 664 202 i4o l4i 37 211 . TOTAL LIABILITIES 3,612,562 634,456 2. ,949,472 523,114 655,431 354,337 245,756 1,604,593 335,753 234,899 322,756 216,241 535,704 Ratio of total reserves to deposit and F. E. note liabilities comb:L ned 71.6 75.3 74.1 67.0 67.0 CsK Q 59-0 73.7 71.6 70.9 69.1 65.3 63.5 Contingent liability on bills purchased for foreign correspondents 317 23 116 31 30 12 11 37 10 3 9 8 22 Commitments to make industrial advances 11,109 1,662 .4,668 298 1,029 412 734 30 1,212 23 1,036 MATUHITY DISTRIBUTION OF 3ILLS SECURITIES 91 days to To tal Within 15 days 16 to 30 DAYS 31 to 60 days 6l to 90 days Over 6 months 6 months Bills disco-anted 3,633 7,021 110 1,228 296 30 3 345 Bills bought in open market 5,539 2,750 1,213 731 Industrial advances 1^,616 4? 191 320 1,251 735 12,597 U. S. Government securities 2,430,263 40,535 35,114 163,380 189,545 401,612 1,599,577 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE MOTS STATEMENT ON JANUARY 23, 1935 (In thousands of dollars) B-SOld Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans,Cy.. 'Dallas San Fran. Federal Reserve notes: Issued to F.R.bank by F.R.agent 3,386,37*4- 298,064 740,110 250,243 310,315 169,631 146,300 796,555 l42,l4l 107,459 122,712 55,892 246,952 Held Toy Federal Reserve bank 319,^59 40,274- 101,753 22,793 12,84l 11,588 19,573 32,993 5,5^0 5,269 9,^8S 6,888 50,459 In actual circulation 3,066,915 257,790 638,357 227,450 297,U7U 158,043 126,727 763,562 136,601 102,190 113,224 49,004 196,493 Collateral held "by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 3,27)4,200 301,617 788,706 215,500 281,215 L4L,340 88,385 800,513 142,936 109,000 123,550 57,B75 223,763 Eligible paper ,7.235 597 4,072 907 5^9 250 133 5 27 — 55 U2 59U U. S. Govt, securities 182,000 -- 34,000 30,000 29,000 65.000 30,000 Total collateral 3,469,435 302,21U 732,778 250,407 311,764 170,590 153,56s 800,518 142,963 109,000 123,609 57,717 254,357 FEDERAL RESERVE B4EK NOTE STATEMENT Oil JANUARY 23, 1935 (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( out standing) 36,592 1,511 24,873 10,208 Held by Federal Reserve bank 10,909 576 125 10,208 -- — — In circulation - net* 25,683 935 24,748 Collateral pledged against outstanding notes: Discounted and purchased bills U. S. Govt, securities 42,074 5,000 25,074 12,000 Total collateral 42,074 5,000 25,074 12,000 •Does net include $74,334,000 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