H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication B-271 Friday morning, Mar. 13; Federal Reserve Board not earlier. March 12, 1931• CONDITION OF FEDERAL RESERVE BANKS The daily average volume of Federal reserve bank credit outstanding during the week ending March 11, as reported "by the Federal reserve banks, was $944,000,000, an increase of $23,000,000 compared with the preceding week and a decrease of $133,000,000 compared with the corresponding week in 1330. On March 11 total reserve bank credit amounted to $9^2,000,000, an increase of $34,000,000 for the week. This increase corresponds with an increase of $71,000,000 in member bank reserve balances, offset in part by a decrease of $21,000,000 in money in circulation and increases of $5,000,000 in monetary gold stock and §10,000,000 in Treasury currency. Holdings of discounted bills declined $14,000,000 at the Federal Reserve Bank of San Francisco and $18,000,000 at all Federal reserve banks during the week. The System's holdings of bills bought in open market increased $50,000,000 and of Treasury notes $10,000,000, while holdings of Treasury certificates and bills de- $5,000,000. clined Changes in the amount of reserve bank credit outstanding and in related items during the week and the year ending March 11, 1931, were as follows: Increase or decrease since Mar. 11 Mar. 4 Mar. 12 1931 1931 1930 (In millions of dollars) 18 Bills discounted 173 93 - - 106 Bills bought 151 + 50 - United States securities 605 + 5 + 91 18 Other reserve bank credit 13 4 - - 126 TOTAL RESERVE BANK CREDIT 942 + 34 292 Monetary gold stock 4,677 + 5 + 10 Treasury currency adjusted 1,772 + 44 — Money in circulation 4,554 — a + 58 71 82 Member bank reserve balances 2,436 + + Unexpended capital funds,nonmember deposits,etc. 401 19 - - Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, Mar. 13,1931; n°t earlier. B-271a RESOURCES MD LIABILITIES OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Mar. 11.1931 Mar. 4.1931 Mar. 12,1930 R E S O U R C ES 1,656,159 Gold with Federal reserve agents . . .. 1,715,384 1,705,384 Gold redemption fund with U.S.Treasury . 33.H8 33,620 53,766 1,709,925 Gold held exclusively against 7.R.notes 1,748,502 1,739,004 491,679 638,670 Gold settlement fund with F. R. Board . 500,222 Gold and gold certificates held "by "banks 847,650 863,614 690,564 Total gold reserves . . 3,096,374 3,094,297 3,039,159 Reserves other than gold . . . 184,172 175,990 183,703 3,270,287 3,222,862 Total reserves . . 3,280,546 Non-reserve cash 78,878 75,634 71,724 Bills discounted: 49,628 63,25s 120,838 Sec. "by U. S. Government obli nations 122,922 Other "bills discounted . . . 127,318 145,500 190,576' 266,338 Total bills discounted . . .. 172,550 100,555 256,538 Bills bought in open market 151,402 U. S. Government securities: Bonds 76,025 76,123 66,339 Treasury notes . . . .. 178,195 168 , 29 3 214,504 Certificates and bills 350,484 355,451 233,270 Total U.S.Government securities 6o4,7o4 599,867 514,113 - 12,080 Other securities . 928,656 890,998 1,049,069 Total bills and securities 69s 69s 722 Due from foreign banks . . 16,239 21,635 F. R. notes of other banks 14,664 516,299 617,867 Uncollected items 461,472 58,196 . 58,453 Bank premises 58,243 19,729 15,458 All other resources . . . . 19,850 TOTAL RESOURCES 4,843,007 4,848,080 5,057,790 L I A B I L I T I ES F. R. notes in actual circulation 1,445,855 1,459,837 1,609,006 Deposits: Member bank - reserve account . 2,435,520 2,365,192 2,353,902 Government 33,124 43,644 1,171 6,696 Foreign bank 5,183 5,197 Other deposits 16,944 16,737 19,672 Total de-posits . . . 2,490,771 2,430,770 2,381,441 Deferred availability items 448,988 500,321 599,918 169,092 172,212 Capital paid in 169,024 276,936 274,636 274,636 Surplus All other liabilities . . . 13,733 13:'564 18,277 TOTAL LIABILITIES 4,843,007 4,848,080 5,057,790 Ratio of total reserves to deposit, and 80.! F. R. note liabilities combined . . . 83.3# 84.1# Contingent liability on bills purchased for foreign correspondents 460,945 462,261 505,599 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES AID LIABILITIES OF THE FEDERAL RESERVE BANKS 01 MARCH 11, 1931 - (In thousands of dollars) B~271o R E S O U R C ES Total Boston Hew York Phila. CIeve. Rich, Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran, Gold with Federal reserve agents 1,715,384 144,917 366,919 l60,000 192,550 84,080 135.900 196,000 73,380 46,025 65.000 24,850 225,763 Gold redemption fund with U.S.Treasury 33.118 1.243 13.398 1.184 2,611 911 1,095 4,005 1.^3 M . iM 7?6 4,468 Gold held exclusively against 1,748,502 l46,l6o 380,317 161,184 195,161 84,991 136,995 200,005 74,923 46,503 66,4o6 25,626 230,231 F. R. notes 500,222 27,293 131,933 42,750 43,738 13,538 12,612 91,305 16,690 10,701 14,150 13,388 32,124 Gold settlement fund with F. R. Board 847.650 35,508 547,638 30,039 66,693 5,651 7 .*891 89^307 10/982 6,034 12,893 4,888 30,126 Gold and gold certif. held "by hanks 3,096,374 208,961 1,109,888 233,973 305,592 104,180 157,498 380,617 102,595 63,238 93,449 43,902 292,481 Total gold reserves 184,172 18,137 56,314 11,012 14,244 11,339 7,573 21,867 11,774 4,367 8,o46 8,857 10,642 Reserves other than gold 3,280,546 227,098 1,166,202 244,985 319,836 115,519 165,071 402,484 114,369 67,605 101,495 52,759 303,123 Total reserves 8,969 20,834 4,436 4,760 5,l4i 5,329 9,438 5,582 1,813 2,163 3,974 6,439 Non-reserve cash 78,878 Bi S ll e s c d u i r s ed co "b u y n t U ed .S : .Govt, obligations 49,628 3,287 15,055 7,374 9,334 2,797 319 5,328 2,599 344 830 167 2,144 Other bills discounted 122,922 5,490 23,027 14,554 9,547 14,766 14,112 10,556 5,559 3,464 10,394 7,379 4,074 Total bills discounted 172,550 8,777 38,082 a,928 18,881 17,563 14,431 15,884 8,158 3,808 11,274 7,546 6,218 151,402 11,316 49,392 2,372 15,886 1,695 8,089 21,701 7,792 4,573 7,005 4,191 17,390 Bills bought in open market U. S. Government securities: 76,025 1,820 30,178 1,353 l,l6l 1,530 209 22,190 692 5-183 929 10,380 4oo Bonds 178,195 11,827 50,717 17,010 22,312 4,297 5,io4 16,331 11,998 7,836 8,696 4,964 17,103 Treasury notes 350,484 32,721 107,363 31,995 34,634 11,295 4,873 42,965 n,335 13,071 24,507 13,987 21,738 Certificates and bills Total U.S. Govt, securities 604,704 46,368 188,258 50,358 58,107 17,122 10,186 81,486 24,025 26,090 34,132 29,331 39,24i Total bills and securities 928,656 66,46i 275,732 74,658 92,874 36,380 32,706 119,071 39,975 34,471 52,411 41,06s 62,849 Due from foreign banks 698 52 229 69 71 28 25 94 25 16 20 21 46 F. R. notes of other banks 14,664 207 3,717 l46 1,029 1,124 1,125 2,170 1,572 6S9 1,244 341 1,300 Uncollected items 461,472 51,503 117,712 41,294 41,650 36,135 14,150 55,244 18,753 8,291 26,352 16,963 33,425 Bank premises 58,243 3,458 15,240 2,6l4 7,070 3,412 2,573 8,061 3,635 1,926 3,803 1,830 4,621 All other resources 19,850 245 7,694 385 i,34o 1,195 3,823 1,214 1,644 573 260 925 552 4,843,007 357,993 1,607,360 368,587 468,630 198,934 224,802 597,776 185,555 115,384 187,748 117,881 412,357 TOTAL RESOURCES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BAaTICS OH MARCH 11, 1931 l i a b i l i t i es (In thousands of dollars) B-27lc Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R.notes in actual circulation 1,445,855 126,550 255,965 137,506 181,273 80,916 130,641 153,330 76,815 47,839 66,033 26,843 162,144 Deposits: 2,435,520 144,013 1,067,683 145,774 195,348 60,91^ 60,653 325,583 69,508 47,633 81,423 57,319 179,669 Member "bank - reserve account 33,124 1,947 11,323 1,675 3,4oo 3,236 884 2,709 1,471 831 1,642 2,254 1,752 Government deposits 151 156 Foreign bank 5,183 389 1,69s 514 525 208 187 701 182 119 353 Other deposits lb,944 33 8,145 173 1,656 87 91 477 351 101 287 28 5,515 Total deposits 2,490,771 146,382 1,088,849 148,136 200,929 64,445 61,815 329,470 71,512 4s,6s4 83,503 59 , 75 7 187,289 Deferred availability items 448,988 51,685 113,112 38,829 40,602 34,929 14,236 52,916 20,399 7,877 24,797 17,324 32,282 Capital paid in 169,024 11,850 65,680 16,782 15,774 5,746 5,254 19,975 4,864 3,057 4,253 4,324 11,465 Surplus 274,636 21,299 80,575 27,065 28,971 12,114 10,857 39,936 10,562 {,144 8,702 8,936 18,475 All other liabilities 13.733 227 3,179 269 1,081 784 1,999 2,l4q 1,403 ELL 46o 697 702 TOTAL LIABILITIES 4,843,007 357,993 1,607,360 368,587 468,630 198,934 224,802 597,776 185,555 115,384 187,748 117,881 412,357 Reserve ratio (per cent) S3.3 83.2 86.7 85.8 83.7 79-5 85.8 83.4 77.3- 70.0 67.9 60.9 86.7 Contingent liability on bills pur- 460,945 34,762 149,940 45,886 46,813 18,540 16,686 62,572 16,222 10,660 13,441 13,905 31,518 chased for foreign correspondents FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to F.R.bank by F.R.Agent 1,861,648 154,664 391,458 167,431 212,784 91,418 155,846 206,4o4 85,874 52,402 76,233 32,786 234,348 Held by Federal reserve "bank 415.793 28.114 135,493 29,925 31,511 10,502 25,205 53,074 9,059 4,563 10,200 5,943 7 2,204 In actual circulation 1,445,855 126,550 255,965 137,506 181,273 80,916 130,641 153,330 76,815 47,839 66,033 26,843 162,1^ Collateral held by agent as security for notes issued to bank 618,654 35,306 351,919 38,700 12,550 10,080 8,900 73,000 14,080 6,825 ^ - 7,300 60,000 Gold and gold certificates 1,096,730 109,617 15,000 121,300 180,000 74,000 127,000 123,000 59,300 39,200 55,000 Gold fund - F. R. Board 17,550 165,763 Eligible paper 288,207 18,287 75,679 19,908 30,528 18,155 20,631 34,301 14,285 7,362 17,107 10,257 21,707 2,003,591 163,204 442,598 179,908 223,078 230,301 87,665 Total collateral 102,235 156,531 53,387 82,107 35,107 247,470 MATURITY DISTRIBUTION OF BILLS AND SHORT TERM SECURITIES 91 days to Total Within 15 days l6 to 30 days 31 to 60 days 61 to 90 days 6 months Over 6 months Bills discounted 172,550 100,829 18,725 25,377 15,742 8,278 3,599 Bills bought in open market 151,402 78,336 49,372 21,695 1,760 239 189,769 Certificates and bills 350,484 - 2,000 30,000 128,715 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis