H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released, for publication B-681 Friday morning, Feb. 19; Federal Reserve Board not earlier. February IS, 1932. CCTDITIC" OF FZD3.1AL RESERVE BASICS The daily average volume of Federal reserve bank credit outstanding during the week ending February 17, as reported by the Federal reserve banks, was 795»0C0,000, a decrease of $12,000,000 compared with the pre-coding re-.k. md an increase of $855>000,000 compared with the corresponding week in I93I. On February If total reserve bank credit amounted to $1,751,000,000, an increase of $2,000,000 for the week. This increase corresponds with an increase of $1 (-,000,000 in unexpended, capital funds, nonmember deposits, etc., and a decrease of $34,000,000 in monetary gold stock offset largely by decreases of $17,000,000 in money in circulation and $1,000,000 in member bank reserve balances and an increase of $22,000,000 in Treasury currency, adjusted. Holdings of discounted bills increased $9,000,000 at the Federal Reserve Bank of San Francisco, $7,000,000 at Few York $6,000,000 at Philadelphia and $27,000,000 at all Federal reserve banks. The System's holdings of bills bought in open market declined $23,000,000 and of Treasury certificates and bills $6,000,000, while holdings of United States Treasury notes increased $6,000,000, Changes in the amount of reserve bank credit outstanding and in related items during the week and the year ending February 17, 1932, were as follows: Increase or decrease since Feb. 17 Feb. 10 Feb. IS 193? 1932 1931 (in millions of dollars) Bills discounted 346 + 27 + 646 Bills bought 1H6 - 23 + 52 United States securities 741 + l4l Other reserve bank credit 47 l + 36 TOTAL RESERVE BANK CREDIT 1,721 +2 + 576 Monetary gold stock 4,369 - 3^ - 292 Treasury currency adjusted 1,792 + 2S + 14 Money in circulation 5,609 - 17 +1,049 Member bank reserve balances 1,904 l - 476 Unexpended capital funds,nonmember deposits,etc 429 + 14 + 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, Feb, 19,1932; not earlier. B-681a RESOURCES Aim LIABILITIES OF THE TWELVE FEDERAL RESERVE BAMS COMBINED (In thousands of dollars) Feb. 17,1932 Feb. 10,1932 Feb. 18,1931 i R E S O U R C ES Gold with Federal reserve agents 2,053,930 2,071,979 1,713,789 Gold redemption fund with U. S. Treasury . 56,494 56,962 34,467 Gold held exclusively against F.R.notes 2,110,424 2,128,941 1,748,256 Gold settlement fund with F, R, Board . . 270,727 317,192 480,497 Gold and gold certificates held by banks , 562,375 521,085 855,655 Total gold reserves . . .. . 2,943,586 2,967,21s 3,084,408 Reserves other than gold 201.95S 196,277 181,995 Total reserves 3,145,544 3,163,495 3,266,403 Non-reserve cash 7777,,006677 75,666 82,29s Bills discounted: Sec, by U.S.Government obligations , . , 473,165 450,326 66,067 Other bills discounted 372,616 369,109 133,756 Total bills discounted , , , , 845,721 819,435 199,823 Bills bought in open market . . . . . .. 146,382 169,391 93,995 U, S, Government securities: Bonds 319,978 320,110 78,971 Treasury notes , 75,504 69,530 196,215 Certificates and bills . . . , . , . , 345,860 351,794 324,488 Total U.S. Government securities , 741,342 741,434 599,674 Other securities 29,995 33,451 - Total bills and securities , , , 1,763,500 1,763,711 893,492 Duo from foreign bari^s, 3,595 8,608 699 F, R, note* of other banks 13,810 12,802 15,332 Uncollected items 421,531 345,551 513,097 Bank premises 57,820 57,821 58,191 All other resources 39,917 39,335 19,336 TOTAL RESOURCES . . . .. 5,527,784 5,466,989 4,848,848 L I A B I L I T I ES F. R. notes in actual circulation . . .. 2,656,941 2,661,959 1,449,756 Deposits: Member bank - reserve account , . . . . 1,904,246 1,904,914 22,,337799,,773366 Government 27,214 48,331 35,248 38 ,,848 46,582 5,261 Other deposits . . , . . 42,813 21,255 19,305 Total deposits 2,013,121 2,021,082 2,439,550 Deferred availability items 412,877 339,168 502,628 Capital paid in 157,915 158,362 169,265 Surplus . . . .. 259,421 259,421 274,636 All other liabilities . . . .. 27,509 26,997 13,013 TOTAL LIABILITIES 5,527,784 5,466,989 4,848,84s Ratio of total reserves to deposit and F. R. note liabilities combined , . . , 67.4?* 67.6# 8844..00$$ Contingent liability on bills purchased for foreign correspondents , , , . , , 315.34s 319,294 444488,,663377 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES AHD LIABILITIES OF THE FEDERAL RESERVE BAEKS ON FEBRUARY 17, 1932 R E S O U R C ES (in thousands of dollars) B-681b Total Boston Few York Phila. Cleve, Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Gold with Federal reserve agents 2,053,930 164,627 445,21$ 162,700 212,470 7b,170 83,275 545,620 72,39^ 5^,655 56,080 30,960 149,763 Cold redemption fund with U.S.Treasury 56,4g4 4,628 11,192 7,011 7,332 2,259 3,23% 6,506 2,351 889 3,109 998 6,985 Gold held exclusively against F. R. notes 2,110,424 169,255 456,407 169,711 219,802 78,429 86,509 552,126 74,746 55,544 59,189 31,958 156,7^8 Gold settlement fund with F.R. Board 270,787 13,193 119,535 13,613 32,721 7,721 7,023 25,000 6,470 5,516 11,477 7,198 21,320 Crold and gold certif. held by banks 562,375 20,089 365,268 26,021 24,119 6,159 8,784 54,193 11,541 2,203 12,589 3,493 27,916 Total gold reserves 2,943,586 202,537 941,210 209,3^5 276,642 92,309 102,316 631,319 92,757 63,263 83,255 42,649 205,984 1.2serves other than gold 2.01,958 19,781 50,628 21,129 15,815 10,886. 5,309 29,396 11,935 7,l60 8,330 10,119 11,470 Total reserves 3,145,544 222,318 991,838 230,474 292,457 103,195 107,625 66o,715 104,692 70,423 91,585 52,76s 217,454 Ton-reserve cash 77,067 7,784 21,952 5,l6l 4,002 4,44-9 4,279 n,937 3M5 2,056 2,100 3,417 6,485 Bills discounted:. Secured by U.S.Govt, obligations 473,165 21,355 132,716 59,674 69,262 7,968 13,563 49,361 14,739 2,920 7,911 2,809 90,887 Other bills discounted 372,616 17,709 45,104 62,718 51,825 28,290 35,997 26,544 7,871 10,830 30,^59 11,224 44,045 Total bills discounted 845,781 39,064 177,820 122,392 121,087 36,258 49,560 75,905 22,610 13,750 38*370 14,033 134,932 fills bought in or)en market 146,382 9,247 46,287 6,466 7,513 7,488 7^811 20,220 5,923 4,326 7,407 4,6o6 19,088 U* S. Government securities: Bonds 319.97s 23,323 110,144 23,083 26,051 5,731 5,223 54,086 11,715 15,847 8,935 17,996 17,844 Treasury notes 75,504 5,686 31,555 5,568 7,353 1,038 1,269 9,171 2,787 2,044 1,897 1,972 5,164 Certificates and bills 3^5,S60 26,959 129,419 29,812 35,168 7,312 6,102 44,058 13,384 9,890 9,126 9,897 24,733 Total U.S.Govt, securities 741,342 55,968 271,118 58,463 68,572 14,081 12,594 107,315 27,806 2?,78I 19,958 29,865 47,741 Other securities 29,995 3.230 15,486 2,636 700 75O 3,490 880 553 400 1,870 Total bills and securities 1,763,500 107,509 510,711 189,957 197,172 58,527 70,715 206,930 57,299 46,410 66,135 48,504 203,631 Due from foreign banks 8,595 695 3,062 9^1 876 3^7 321 1,225 21 13 252 243 599 F.R. notes of other banks 13,810 218 3,667 422 845 1,083 697 2,502 1,003 373 1,007 283 1,710 Uncollected items 421,531 47,046 Il6,4l6 38,875 4l294 29,597 11,052 51,916 17,131 7,166 21,729 14,873 24,436 f Bank premises 57,820 3,336 14,817 2,626 7,959 3,605 2,488 7,827 3,46l 1,834 3,649 1,785 4,433 All other resources 39,917 1,130 14,881 1,407 1,984 4,916 4,086 4,270 1,991 1,434 1,14-9 1,522 1,147 T©TAL RESOURCES 5,527,784 390,036 1,677,344 469,863 546,589 205,719 201,263 947,322 189,043 129,709 187,606 123,395 459,895 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES AND LIABILITIES OF" THE FEDERAL RESERVE BAMS' ON FEBRUARY 17, 1932 L I A B I L I T I ES (in thousands of dollars) Total Boston Few York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R.notes in actual circulation 2,656,941 182,721 572,l4i 263,175 311,339 104,369 119,982 570,761 93,380 63,770 23,035 41,502 2^,yi6 Deposits: Member bank - reserve account 1,904,246 121,423 802,597 119,397 140,663 51,052 48,031 256,142 55,832 4o,955 67,762 49,637 150,694 Government 27,214 2,447 5,300 1,837 2,254 1,59s 2,440 1,544 2,902 1,322 1,888 1,207 2,475 Foreign "bank 3g,84s 3,231 9,749 4,447 4,361 1,727 1,597 5,785 1,511 950 1,252 1,209 2,979 Other deposits ^2,81] 242 30,754 393 3,233 164 333 1,095 64p 25L 123 20. 5,395 Total deposits 2,013,121 127,392 848,400 126,074 150,511 54,5,47 52,401 264,566 60,935 43,578 71,025 52,143 161,543 Deferred availability iterns 412,877 47,354 113,212 36,578 40,200 28,910 10,958 52,055 18,855 6,572 20,504 15,476 22,203 Capital paid in 157,915 11,643 60,300 16,363 14,629 5,381 5,007 17,7^4 4,512 2,94s 4,154 4,050 11,189 Surplus 259,421 20,039 75,077 26,486 27,640 11,423 10,449 3s,411 10,62s 6,356 8,124 7,624 17,707 All other liabilities 27,509 831 ',214 1,18 2 2,220 1,029 2,4r 3,795 1,336 1,425 764 2,600 1,537 TOTAL LIABILITIES 5,527,784 390,036 1,677,344 469,863 546,589 205,7iq 201,263 ^7,322 189,O4I 129,709 137,606 123,395 459,295 Heserve ratio (per cent) 67.4 71 fl. 7 7 6 "9 .'3 • 5 " 9 . " 2 63.3 64.9 62.4 79.1 67.8 62.7 59.4 56.3 53.4 Contingent liability on bills purchased for foreign correspondents 15,348 23,867 103,688 32,346 31,713 12,561 11,619 42,081 10,991 ',909 9,107 8,793 21,66 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to P.a."bank by F,R.agent 2,923,236 205,277 622,869 277,7H 329,436 114,261 138,477 632,460 97,87 70,797 94,917 48,075 291,680 Held by Federal reserve bank 266,895 22,556 50,728 14,536 18,04-7 9,892 12,495 61,699 4,496 2,027 11,882 6,573 45,964 In actual circulation 2,656,941 182,721 572,141 263,175 311,389 104,369 119,922 570,761 93,380 ;,77o 23,035 41,502 245,716 Collateral held by agent as security for notes issued to bank /» Gold and gold certificates 752,250 47,010 330,215 57,400 64,470 11,570 12,775 97,620 15,495 13,155 9,280 12,260 81,000 Gold fund - F. R. Board 1,301,680j 117,617 115,000 105,30c i4s,ooo 64,600 70,500 44s,000 56,000 41,500 46,200 18,700 62,763 Eligible paper 946,9jg 45,74s 212,822 121,257 125,168 42,251 55,568 91,013 25,662 16,344 43,267 17,209 150,5 Total collateral 3,000,86^ 210,375 658,037 283,957 337,638 118,421 138,943 636,633 98,057 70,999 99,347 42,169 300,284^ S±~ MATURITY DISTRIBUTION OF BILLS AFD SHORT TERM S" •CUR I TIES Total Within 15 days l6 to 30 days 31 to 60 days 6l to 90 days 91 days to Over 6 months 6 months Bills discounted 845,781 655,759 49,542 73,587 46,620 16,181 4*092 Bills bought in open market 146,382 56,296 22,255 32,782 34,992 57 Certificates and bills 345,860 41,818 61,295 7,050 20,025 83,316 132,356 Municipal warrants 3,830 3,432 241 131 20 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis