H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOE THE PRESS Released for publication 3-262 Friday morning, Mar., b; Federal Reserve Board not earlier. March 5, 1931. CONDITION OF FEDERAL RESERVE BANKS The daily average volume of Federal reserve "bank credit outstanding during the week ending March 4, as reported "by the Federal reserve "banks, was $921,000,000, an increase of $8,000,000 compared with the preceding week and a decrease of $242,000,000 compared with the corresponding week in 1930. On March 4 total reserve "bank credit amounted to $908,000,000, an increase of $4,000,000 for the week. This increase corresponds with an increase of $6,000,000 in money in circulation and a decrease of $22,000,000 in Treasury currency, offset in part "by an increase of $9,000,000 in monetary gold stock and decreases of $13,000,000 in member bank reserve "balances and $2,000,000 in unexpended capital funds, etc. Holdings of discounted bills declined $2,000,000 each at the Federal Reserve Banks of Cleveland and Atlanta and increased $6,000,000 at the Federal Reserve Bank of San Francisco, all Federal reserve banks combined showing a small increase for the week. The System's holdings of bills bought in open market decreased $5,000,000 and of Treasury notes $15,000,000, while holdings of Treasury certificates and bills increased $14,000,000. Changes in the amount of reserve bank credit outstanding and in related items during the week and the year ending March 4, 1931, were as follows: Increase or decrease since Mar. 4 Feb. 25 Mar.- 5 1931 1931 1930 (In millions of dollars) Bills discounted 191 + 1 - 118 Bills bought 101 w 5 - 170 United States securities 600 + 1 + n4 Other reserve bank credit 17 + 9 - 22 TOTAL RESERVE BANK CREDIT 908 + 4 - 197 Monetary gold stock 4,672 + 9 + 310 Treasury currency adjusted 1,762 - 22 - 37 Money in circulation 4,575 + 6 + 44 Member bank reserve balances 2,365 - 13 + 50 Unexpended capital funds,nonmember deposits,etc. 401 - 2 — 20 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, Mar. 6,1931; not earlier. B-2bl RESOURCES JED LIABILITIES OF THE TWELVE IE3EAL 3»i$5ElVE BAMS COMBINED (in thousands of dollars) Mar. 4,1931 Feb. 25.1951 Mar. 5.1930 R E S O U R C ES Gold with Federal reserve agents . . .. 1,705,384 1,724,089 1,615,230 Gold redemption fund with U.S.Treasury . 33,620 34,467 53,770 Gold held exclusively against F.R.notes 1,739,004 1,758,556 1,669,000 Gold settlement fund with F. B. Board . 491,679 472,060 648,85b Gold and gold certificates held "by banks 863,6l4 850,706 677,667 Total gold reserves . . .. 3,094,297 3,081,322 2,995,523 Reserves other than gold 175,990 179,194 188,436 Total reserves . . .. 3,270,287 3,260,516 3,183,959 Non-reserve cash 75,634 76,037 67,857 Bills discounted: Sec. by U. S. Government obligations . 63,258 o O 1 4 8 , 8 90 Other bills discounted 127,318 129,340- 159,726 Total bills discounted . . .. 190,576 189,847 308,616 Bills bought in open market 100,555 106,317 271,302 U. S. Government securities: Bonds 76,123 75,731 69,660 •.Treasury notes 168 , 293 183,074 209,665 Certificates and bills 355,451 340,638 206,820 Total U.S. Government securities 509 g£y 599,443 486,145 Other securities - 12,230 Total bills and securities . 890,998 895,607 1,078,193 Due from foreign banks 698 699 722 F. R. notes of other banks 16,239 15,750 26,727 Uncollected items 516,299 522,264 6o4,96o Bank premises 53,196 58,192 53,419 All other resources 19,729 19,085 14,785 TOTAL RESOURCES 4,848,080 4,848,150 5,035,622 L I A B I L I T I ES F. R. notes in actual circulation . . 1,459,837 l,44S,4l6 1,641,426 Deposits: Member bank - reserve account . . .. 2,365,192 2,378,411 2,315,190 Government 43,644 25,847 6,732 Foreign bank 5,197 5,200 7,710 Other deposits lb,737 18,111 19,476 Total deposits 2,430,770 2,427,569 2,349,108 Deferred availability items "00,381 515,070 578,44o Capital paid in 109*092 169,135 172,064 Surplus 274,636 274,636 276,93b All other liabilities 13,364 13,324 17,648 TOTAL LIABILITIES . . 4,848,080 4,348,150 5,035,622 Ratio of total reserves to deposit and F. R. note liabilities combined . . . 84.1$ 84.1% 79.8$ Contingent liability on bills purchased for foreign correspondents 462,261 453,814 505,179 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES AID LIABILITIES OF THE FEDERAL RESERVE 3A1KS OH MARCH 4, 1931 RE S'O U R G ES (In thousands of dollars) B-262b Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San.Fran. Gold with Federal reserve .agents 1,705,384 144,917 366,919 loO,000 192,550 84,080 136,400 191,000 73,880 46,525 67,000 26,350 215,7o3 Gold redemption fund with U.S.Treasury 33,620 1,284 13,596 1,232 2,652 1,024 1,110 4,026 1,548 481 1,410 779 4,478 Gold held exclusively against F. R. notes 1,739,004 l46,201 380,515 l6l,232 195,202 85,104 137,510 195,026 75,^28 47,006 68,410 27,129 220,241 Gold settlement fund With F. R. Board 491,679 31,753 137,017 4l,452 49,038 14,546 13,942 107,392 18,543 9,007 15,235 1^,763 38,991 Gold and gold certif. held by banks 863,6l4 36,181 551,288 30,486 67,550 5,634 7,533 97,433 10,831 8,220 13,643 4,920 29,90% Total gold reserves 3,094,297 214,135 1,068,820 233,170 311,790 105,284 158,985 399,838 104,802 64,233 97,288 46,812 289,l4o Reserves other than gold 176.990 16.582 48,778 10,891 l4,127 11,382 8,169 22,362 ll,6o6 4,819 8,180 8,977 10,217 Total reserves 3,270,287 230,717 1,117,598 244,061 325,91 7 116,566 167,154 422,200 116,408 69,052 105,468 55,789 299,357 :T on—reserve cash 75,634 8,804 18,096 4,374 5,212 5,H5 4,845 10,419 5,255 2,032 1,960 3,479 6,043 Bills discounted: Secured by U.S.Govt, obligations 63,258 3,657 15,185 7,703 8,215 1,093 353 66,,223344 33,,449955 377 884488 213 15,885 Other bills discounted 127,318 5,890 23,649 15,741 io,44i 15,743 14,419 10,444 5,654 3,4l6 10,462 7,34s 4,111 Total bills discounted 190,576 9,547 38,834 23,444 18,656 16,836 14,772 16,678 9,149 3,793 11,310 7,561 19,996 Bills bought in open market 100,555 8,435 29,826 2,372 10,545 1,745 6,%2 13,324 4,931 3,747 4,554 3,387 11,127 U. S. Government securities: Bonds 76,123 1,820 30,179 1,353 1,161 1,531 211 22,191 692 55,,002266 1,179 10,380 22--JJOOOO Treasury notes 168,293 11,916 4i,i4o 17,110 22,433 4,364 3,899 16,503 12,058 7,874 8,766 5,015 17,215 Certificates and bills 355,^51 32,817 112,609 32,101 34,765 11,366 3,643 43,150 11,401 13,H6 24,583 I4,O42 21,858 Total U.S. Govt, securities 599,867 46,553 183,928 50,564 58,359 17,261 7,753 81,844 24,151 26,016 34,528 29,437 39,473 Total bills and securities 890,998 64,535 252,588 76,380 87,660 35,842 28,987 111,846 38,231 33,556 50,392 40,385 70,596 Due from foreign banks 698 52 229 69 71 28 25 94 25 16 20 21 48 F. R. notes of other banks 16,239 253 5,073 201 932 1,217 9b5 2,135 1,235 6o4 1,333 337 1,954 Uncollected items 516,299 55,182 138,348 47,565 47,109 36,310 16,102 64,159 21,161 8,477 30,677 23,371 27,838 Bank premises 58,196 3,458 15,24O 2,6I4 7,070 3,365 2,573 8,061 3,635 1,926 3,803 1,830 4,621 All other resources 19,729 240 7,260 486 1,331 1,179 3,906 1,329 l,74o 543 270 885 560 TOTAL RESOURCES 4,848,080 363,241 1,554,432 375,750 475,302 199,622 224,557 620,243 187,690 116,206 193,923 126,097 411,017 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES MB LIABILITIES OF THE FEDERAL RESERVE BAMS OH MARCH 4, 1931 B-262C (In thousands of dollars) L I A B I L I T I ES Kn.ns.C,v. Dallas San Fran. Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.Louis 48,053 66,659 27,213 165,522 J1.R.notes in actual circulation l,459,237 125,325 267,182 137,665 120,763 81,737 130,089 151,403 77,726 Deposits: Lember "bank - reserve account 2,365,192 144,362 926,306 145,753 19^,841 62,077 58,687 337,930 69,115 47,918 83,812 57,305 177,081 Government deposits 43,644 4,450 12,434 4,204 5,047 1,571 1,288 5,233 666 833 885 4,121 2,312 Foreign "bank 5,197 389 1,713 51^ 524 208 187 701 122 119 151 156 353 Other deposits 16,737 76 7,949 103 1,70^ 69 97 586_ 324 l48 288 27 5,366 61,609 185,112 Total deposits l il 23 , 3 73 29,757 Deferred availability items 4,324 11,465 Capital paid in & §! ahMs £ 5! fssfs * ;§ 8,936 18,475 Surplus 642 686 13,364 180 3,065 253 1,061 779 1,995 2,115 1,334 799 455 All other liabilities 126,097 411,017 4,242,080 363,241 1,554,432 375,750 475,302 199,622 224,557 620,243 187,690 116,206 193,923 TOTAL LIABILITIES 62.8 85.4 84.1 83.9 87.6 24.7 85.1 80.0 27.5 85.1 78.6 71.1 69.5 Heserve ratio (per cent) Contingent liability on bills pur- 13,905 31,518 462,261 34,762 151,256 45,886 46,213 12,540 16,626 62,572 16,222 10,060 13,441 chased for foreign correspondents FEDERAL RESERVE HOTE STATE:, J3HT Federal reserve notes: Issued to F.S.bank by F.R.Agent lo.%l 1 ^5 Held by Federal reserve bank ' — - • - " 27,213 165,522 66,659 In actual circulation 1,459,237 125,225 267,122 137,665 180,763 21,737 130,089 151,403 77,726 48,053 Collateral held by agent as security for notes issued to bank 7,300 60,000 614,654 35,300 351,919 32,700 12,550 10,080 2,900 62,000 14,080 7,825 Gold and gold certificates 67,000 19,050 155,763 1,090,730 109,617 15,000 121,300 120,000 74,000 127,500 123,000 59,800 38,700 Gold fund - F. R. Board 14,737 9,515 29,265 255,540 16,185 54,784 22,2l4 26,447 17,348 19,426 26,700 12,366 6,553 Eligible paper 1,960,924 161,102 4a,703 182,214 218,997 101,422 155,826 217,700 86,246 53,078 81,737 35,865 245,028 Total collateral MATURITY DISTRIBUTION OF BILLS AITD SHORT TERM SECURITIES 91 days to Over 6 months Total Within 15 days lb to 30 days 31 to 60 days 6l to 90 days 6 months Bills discounted 190,576 120,439 19,318 24,779 14,374 8,315 3,351 Bills bought in open market 100,555 35,6o4 40,482 21,41-4 2,732 311 Certificates and bills 32,000 130,773 192,678 355*451 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis