H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication B-281 Friday morning, Mar. 20; Federal Reserve Board not earlier. March 19 > 1931* CONDITION OF FEDERAL RESERVE BANKS The daily average volume of Federal reserve bank credit outstanding during the week ending March IS, as reported by the Federal reserve banks, was $940,000,000, a decrease of $4,000,000 compared with the preceding week and of $165,000,000 compared with the corresponding week in 1930. On March 18 total reserve bank credit amounted to $907,000,000, a decrease of $35,000,000 for the week. This decrease corresponds with increases of $44,000,000 in Treasury currency, adjusted, and $8,000,000 in monetary gold stock, offset in part by increases of $8,000,000 in money in circulation and of $9,000,000 in unexpended capital funds, etc. Holdings of discounted bills decreased $11,000,000 during the week* the principal changes being an increase of $6,000,000 at the Federal Reserve Bank of San Francisco and decreases of $4,000,000 at Cleveland and $3,000,000 each at Philadelphia, Richmond and Atlanta. The System's holdings of bills bought in open market declined $28,000,000, while holdings of United States securities, largely as a result of Treasury operations, in connection with quarterly tax payments, increased $13,000,000. Changes in the amount of reserve bank credit outstanding and in related items during the week and the year ending March 18, 1931, were as follows: Increase or decrease since Mar. 18 Mar. 11 Mar. 19 (Ill millions of dollars) Bills discounted 162 11 - 44 Bills bought 123 - 23 - 62 United States securities 618 + 13 + 57 Other reserve bank credit 5 8 - 26 - TOTAL RESERVE BANK CREDIT 907 35 - 76 Monetary gold stock 4,685 + s + 280 Treasury currency adjusted 1,316 + 44 + 10 Money in circulation 4,562 + 8 + 81. Member bank reserve balances 2,436 + 145 Unexpended capital funds,nonmember deposits,etc. 4l0 + 9 - 13 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, Mar. 20,1931; not earlier. B-2Sla RESOURCES MB LIABILITIES OF THE TBLVE FEDERAL RESERVE BANKS COMB INEZ) (In thousands of dollars) Mar. 18.1931 Mar. 11.1931 Mar.19.1930 R E S O U R C ES Gold with Federal reserve agents 1,710,384 1,715,384 1,683.659 Gold redemption fund with U.S.Treasury . . 33,005 33,118 53,266 Gold held exclusively against F.R.notes 1,743,389 1,748,502 1,735,925 Gold settlement fund with F. R. Board . . 519,463 500,222 615,496 Gold and gold certificates held "by banks . 853,022 847,650 683,616 Total gold reserves 3,115.874 3,096,374 3,036,037 Reserves other than gold 178,265 184,172 185,058 Total reserves 3,294,139 3,280,546 3,221,095 7744,,779911 78,878 71,600 Bills discounted: Sec. by U.S. Government obligations . . 52,892 49,628 82,970 Other bills discounted 109,030 122,922 122,664 Total bills discounted 161,922 172,550 205,634 Bills bought in open market 122,550 151,402 185,017 U. S. Government securities: • Bonds 66,959 76,025 56,252 Treasury notes 53,223 178,195 211,763 Certificates and bills 1497,56 4-, 350 , 484 293,424 Total U. S. Government securities . . 617,746 6o4,7o4 561,439 Other securities 8,780 - - Total bills and securities . . . 902,218 928,656 960,870 Due from foreign banks 703 698 723 F. R. notes of other banks 14,772 l4,S64 23,880 Uncollected items 563,821 461,472 682,023 Bank premises 53 , 297 58,243 58,480 All other resources 16,073 19,850 11,916 TOTAL RESOURCES 4,924,8x4 4,843,007 5,030,587 L I A B I L IT I 5 S F. R. notes in actual circulation . . .. 1,441,823 1,445,555 1,583.701 Deposits: Member bank - reserve account 2,436,383 2,435,520 2,290,540 Government 2,535 33,124 3,008 Foreign bank 5,234 5,133 6,503 Other deposits 21,104 16,944 19.447 Total deposits . . . . . .. 2,465,256 2,490,771 2,319,498 Deferred availability items 559,941 448,988 660,145 Capital paid in 169,004 169,024 172,245 Surplus 274,636 274,636 276,936 All other liabilities 14,154 13,733 18,062 TOTAL LIABILITIES . . .. 4,924,814 4,843,007 5,030,587 Ratio of total reserves to deposit and F. R. note liabilities combined . . . 84.3$ S3.3f» 82.5$ Contingent liability on bills purchased for foreign correspondents 453,072 460,945 503,362 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES AID LIABILITIES OF THE FEDERAL RESERVE BANKS OH MARCH IS, 1931 B-2Slt b ® o n TiD r f <; (In thousands of dollars) Total Boston Hew York Fhila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. sss m- Ron-reserve cash w ^ t 9 BBii SS llll ee ss cc dd uu ii rr ss ee cc dd oo ""bb uu yy nn tt UU eedd ..SS :: ..GGoovvtt,, oobblliiggaattiioonnss 1O 5 Q 2. S 01 9 0 2 3 5 , , 1 6 7 l0 2 1 2 6 1 , , 4 4 5 1 9 7 1 7 2 , , 1 1 8 6 2 3 6 7 , , 5 9 3 5 5 0 13,5 8 4 6 9 1 11,5 3 0 6 9 1 9 4 , ,2 3 9 0 0 3 5 2 , , 4 5 4 7 9 4 3,1 3 5 3 6 7 1 9 , , 0 7 1 2 5 3 6,6 1 2 5 7 3 8 3, , 9 5 8 3 9 8 OOtthheerr bbiillllss ddiissccoouunntteedd TToottaall ""bbiillllss ddiissccoouunntteedd 151,922 8,78 2 37,876 19,345 14,485 l4,4lo 11,870 13,593 8,023 3,493 10,738 6,780 12,527 BBiillllss ""bboouugghhtt iinn ooppeenn mmaarrkkeett 122,550 11,033 24,463 2,083 14,970 1, 4oo 6,065 19,884 7,303 4,371 7,453 4,052 18,873 UU.. BB TT CC SS.. oo rr ee ee nn rr GG aa dd tt ss ss oo ii uu ff vv rr ii ee yy cc rr nn aa nn mm tt oo ee ee tt ss nn ee ss tt aa nn dd ss ee "" cc bb uu iill rr llss ii ttiieess:: U"v 5 5 Q 6 3 17 , , 15 9 2 o 5 2 4 9 3 4 1 l 3 , , , 6 2 3 0 6 l4 6 2 1 1 6 2 1 7 2 , , , 5 6 5 4 2 5 0 3 1 4 4 3 , , 6 6 9 9 8 6 9 9 4 1 4 1 5 , , 6 5 6 6 0 8 7 5 3 1 1 5 , , 3 1 5 2 2 3 5 8 0 3 8 , , 8 5 2 9 6 3 9 9 5 5 2 8 2 0 , , ,5 1 4 9 2 1 0 4 4 1 4 9 , , 0 2 6 1 2 6 3 6 0 1 7 7 . , , 6 6 4 1 4 3 0 5 4 3 1 2 , , 1 2 6 9 0 2 4 6 5 1 1 0 8 , , 1 3 6 9 6 7 2 2 0 1 2 0 8 , , 5 0 3 1 5 1 6 7 9 TToottaall UU..SS.. GGoovvtt,, sseeccuurriittiieess 617,746 46,182 201,71^ 49,352 57,855 16,983 12,703 81,128 23,899 25,689 34,025 29, 224 38,992 Tnt.ai m il and s e t t l es 902,213 65,997 264,053 70,780 87,310 3 2,793 31,238 114,605 39.225 33.553 52,216 40,056 70,392 4 i l !" ll 'I -i 4 it il i il TOTAL RESOURCES 4, 24,8I4 369,756 1.615,671 378,028 472,820 199,233 226,333 629,843 188,687 1 22,733 190,733 120,444 410,546 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES AITD LIABILITIES OF THE FEDERAL' RESERVE BASKS' 0>! MARCH 18, 1931 B-281c (in thousands of dollars) L I A B I L I T I ES Dallas San Fran. Total Boston Hew York Fhila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. 26,533 160,072 1,441,823 127,703 249,295 137,185 178,837 80,234 130,520 160,269 76,947 48,420 65,808 F.R.notes in actual circulation Deposits: 57,346 181,364 2,436,383 145,298 1,054,612 148,735 194,985 59,4l4 59,795 329,573 70,417 52,216 82,628 Member "bank - reserve account '2•,5a35 i%4i % 65 8,a 130 263 93 123 13 0g 18.4 a 152 101 212 348 Government deposits 156 353 Foreign tank " SI 5,915 Other deposits 21, Total deposits 2,465,256 145,851 1,068,188 149,600 197,767 59,888 60,216 330,841 71. 283 52,679 83,168 57,795 187,980 Deferred availability items 559,941 62,847 148,387 47,111 50,375 40,454 17,464 76,654 23, 720 10,518 28,375 22,194 31,842 A C Su l a l r p o p i t l t h u a e s l r pa l id ia b in i lities 1 2 1 6 7 4 9 4 , , , 0 6 1 3 0 5 6 4 4 2 1 2 1 1 0 , b , 2 8 9 5 9 0 6 8 3 5 0 . , , 5 6 5 7 5 7 6 0 5 1 2 2 8 6 7 3 , , 7 0 8 6 4 5 28 1 , 5 97 , 1 7 1 , 7 0 4 9 6 12 5 , .7 1 7 4 1 8 1 4 9 . 1 1 0 5 ,9 , , 2 8 9 7 5 8 8 7 3 1 9 9 2 , , , 9 1 9 3 6 7 9 6 4 l 1 4 a 0 , . , 8 3 5 5 2 6 1 2 4 3 7 9 , , 1 0 1 6 5 4 4 6 4 8 , , 2 7 4 4 0 3 7 2 3 4 8 , , 3 9 6 2 3 5 8 6 8 1 1 1 8 , , 4 4 1 6 7 1 5 5 2 TOTAL LIABILITIES 4,924,814 369,756 1,615,671 378,028 472,820 199 , 220 226,333 629,843 188, 687 122,733 190,733 120,444 410,546 Reserve ratio (.per cent) 84.3 83.8 87.7 38.2 84.8 81.1 87-3 . 84.5 79- 0 72.9 68.2 63.2 85.0 Contingent liability on bills pur- 61,305 15,894 10,445 13,169 13,623 30,879 chased for foreign correspondents 453,072 34,058 148,365 44,957 45,865 18,164 16,348 FEDERAL RESERVE NOTE STATELIEST F I e s d s e u r e a d l r t e o s e F r . v R e .b a n n o k t e b s y : F.R.Agent 1,871,904 156,226 395,069 160,612 211,975 90,396 153,444 217,018 85,444 52,542 75,177 33,823 234,178 Held by Federal reserve tank 430,08128,523 145,774 29.427 33,138 10,162 22,924 56,749 8,497 4,122 9,369 7,290 74,106 1,441,823 127,703 249,295 137,185 178,837 80,234 130,520 160,269 76,947 48,420 65,808 <6,533 160,072 In actual circulation Collateral held by agent as security for notes issued to bank : x ' IS l : l l S IS 43 i l k i |i Gold and gold certificates Gold fund - F. R. Board Eligible paper 1,967,034 164,721 420,285 177,360 219,865 98,821 153,714 231,585 85,555 52,973 82,o4s 34,b5b 245,451 Total collateral MATURITY DISTRIBUTION OF BILLS AITD SHORT TERM SECURITIES 91 days to Over 6 months Total Within 15 days 16 to 30 days 31 to 60 days 6l to 90 days 6 months B B i i l ll l s s b d o is u c g o h u t n t in ed open market 1 1 6 2 1 2, , 5 9 5 2 0 2 9 7 5 4 . , 6 8 7 7 0 2 l 2 6 6 , , 0 0 6 9 l 5 1 2 6 9 3 , , , 9 0 1 1 0 0 9 0 2 1 1 5 1 5 8 , , , 4 1 7 3 1 3 4 7 2 14 8 4 , , 1 7 2 5 0 3 4 6 0 14 3 3 , , 8 l 0 4 3 l Certificates and "bills 497,564 45,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis