H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication B-7l6 Friday morning, Mar. IS; Federal Reserve 3oard not earlier. March 17, 1932. CCBiriO"' OF FEDERAL RESERVE 3AE"3 The daily average volume of Federal reserve "bank credit outstanding during tne week ending March l'b, as reported by the Federal reserve banks, was al, o72,000.000, a decrease of &"/.>, 000,000 compared with the preceding week and an increase of $732,000,000 compared withthe corresponding week in 193I* „0;i March l5 total reserve bank credit amounted to $1,63!+,000,000, a decrease of $b4,u0\),000 for tiie week. This decrease corresponds with a decrease of $22,000,000 in money in circulation and increases of 812,000,000 in monetary gold stock and \lSj>,'J1 )0,0.)0 in Treasury currency, adjusted, offset in part by increases $5,''00,00u in member bank reserve balances and £23,000,000 in unexpended capital funds, nonmember "bank deposits, etc. Holdings of discounted bills declined 515,000,030 each at the Federal Reserve Banks of Philadelphia, Cleveland and San Francisco, SU,000,0DO each at Atlanta and Cnicago, &7?:-'0:/,000 at 'Tew lork and $#7,000,000 at all Federal reserve banks. The System's holdings of bills bought in oper. market declined $12,000,000, while holdings of United States securities increased $57,000,000. United States securities held by the federal reserve banks on March lc included a special Treasury certificate counting to $32,000,000, as compared with $45,000,000 a year ago, issued by t.ie Treasury peno.ing the collection of the Quarterly tax payments. Changes in the amount of reserve bank credit outstanding and in related items during t..ie week and t.ne year ending March l6, 1532, -'ere as follows: Increase or decrease since Mar. 1 -ar. 9 Mar. in i',3° 1932 1931 (In , • ill ion-- of dollars) Bills discounted 6 Si — •7 + 499 Bills boi\::ht 10' 3? 17 Special Treasury certificates 32 - 32 - 13 — Otner United States securities 310 + 25 + 237 Other reserve bank credit 2 25 + 20 - TOTAL RESERVE BAJH CREDIT 1,534 54 727 Monetary gold stock 4,374 + 12 311 - Treasury currency adjusted i,.:">: + 53 + 2? Money in circulation 22 5,522 — + 960 Member bank reserve balances 1,919 4- 9 — 517 Unexpended capital funds,nonmenber deposits,etc. 405 23 5 •¥ - Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, March 18,1932; not earlier, B-716e RESOURCES AH) U:.mr TIl'S OF THE TV5ELV3 ENTERAL RESERVE BA^KS COKBPTUD (In thousands of dollars) Mar, lo, 1932 Mar 9,1532 Mar. 18,1931 R E S O U R C ES Gold with Federal reserve agents . . .. 2,187,147 2,092,347 1,710,384 Gold redemption fund witii U. S. Treasury 50,"4o 53,C34 33,005 Gold held exclusively against JVR.notes 2,?37,4S7 2,146,181 1,743.389 Gold settlement fund with F. R. Board . 277,^53 322,321 519,463 Gold and gold certificates held by banks ^ 4s1,739 490,918 853,022 Total gold reserves 2,996,^79 2,959,420 3,115,874 Reserves other than gold 209,294 207,869 178,265 Total reserves 3,205,973 3,167,289 3,294,139 Fon-reserve cash 75,15S 76,144 74,791 Bills discounted: Sec. by U. S. Government obligations . 52,892 342,452 397,340 Other bills discounted 109,030 3.15,340 350,639 Total bills discounted . . 660,792 161,922 747,979 Bills bought in open market . . . . .. 105,714 137,584 122,550 U. S. Government securities: Bonds . .. 318,057 313,717 66,959 Treasury notes 23,396 S3,797 53,223 Special Treasury certificates . . . 32,000 45,000 - Other certificates and bills . . .. 382,609 407,909 452,554 Total U.S. Government _secnrities 785,123 842,162 617,746 Other securities 6,954 9,497 , - Total bills and securities 1,615,622 1,680,183 902., 213 Due from foreign banks . . 2,613 S,6l3 703 F. S. notes of other banks 13,730 13,65s 14,772 Uncollected items 436,762 356,634 563,821 Bank premises . . . . . .. 58,297 57,"24 57,624 All other resources . . . . 16,073 3$,977 39,035 TOTAL RESOURCES 5,450,667 5,399,350 4,924,814 L I A B I L I T I ES F. R. notes in actual circulation . . . . 2,601,262 2,517,381 1,441,523 Deoosits: Member bank - reserve account 1,919,316 1,909,5S6 2,436,333 Government . . 3,513 47,107 2,.535 Foreign bank 12,905 13,464 5,234 Other deposits 42,030 19,0:1 21,104 Total deposits 2,465,256 1,977,769 1,9-9,15S Deferred availability itens 426,£33 347,564 659,941 Capital paid in 156,385 169,004 156,23-4 Surplus 259,421 259,421 274,636 All other liabilities . .. 14,154 29,093 29,471 TOTAL LIABILITIES . . .. 5,450,''67 5.399,3*0 4,924,814 Ratio of total reserves to deposit and F. R. note liabilities combined . .. 70.0£ 6s.8^ 84.3^ Contingent liability on bills purchased for foreign correspondents 317,113 336,057 453,072 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES ATTD LIABILITIES OF THE FEDERAL RESERVE BAFI-'S OF MARCH l6, 1932 R E S O U R C ES (In thousands of dollars) "B—flGb Total Boston Fevz York Pliila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. 166,763 Gold with Federal reserve agents 2,187,147 164,627 493,217 188,400 217,470 76,170 102,275 549,920 75,920 60,045 6l,0S0 31,260 6,609 Gold redemption fund with U.S.Treasury 50,340 4,379 10,508 5,894 1,950 2,542 5,128 2,281 805 2,853 1,087 6,304 Gold held exclusively against F. R. notes 2,237,487 169,006 503,725 195,009 223,364 78,120 104,217 555,042 72,201 60,250 63,933 32,347 173,067 Gold settlement fund with F. R. Boar •d 277,453 11,199 89,963 13,627 30,772 5,494 7,052 58,637 9,763 2,648 14,959 7,926 19,357 Gold and gold certif. held "by banks 481,739 20,309 314,470 19,613 24,b36 6,675 9,195 ^0,320 11,659 2,4o6 12,267 3,509 26,020 Total gold reserves 2,996,679 200,514 902,158 228,249 278,778 90,289 121,064 644,055 99,623 71,904 91,759 43,722 212,504 209,294 11,220 6,544 Reserves other than gold 20,977 53,842 27,277 17,005 5 = 281 27,577 10,964 5,208 10,12S 12,611 Total reserves 3,205,973 221,491 962,000 255,526 295,783 101,569 126,345 671,632 110,587 77,712 92,303 53,910 231,115 Fon-reserve cash 75.158 7,5H 20,506 4,358 3,932 4,220 44,,552244 12,26s 33,,447755 2,022 2,212 33,,558811 66,,554499 Bills discounted: Secured by U.S.Govt, obligations 342,452 17,646 86,390 38,699 59,530 7,771 5,161 32,307 11,506 1,504 6,631 1,699 73,608 Other bills discounted 318,340 14,366 43,225 48,512 43,745 23,395 27,302 22,377 7,242 7.5U 26,293 11,256 41.350 Total bills discounted 660,792 32,012 129,675 27,217 103,275 31,166 32,463 54,624 19,342 9,015 33,524 12,955 II5/45S Bills bought in open market 105,714 5,662 32,529 5,967 5,572 5,736 5,548 15,010 4,526 3,539 4,934 3,84i 12,850 U. S. Government securities: Bonds 318,857 23,399 113,152 22,99s 25,944 7,772 5,298 53,939 11,674 15,901 7,625 16,929 14,106 Treasury notes 83,396 5,618 39,924 6,177 7,445 1,144 1,250 9,052 2,750 2,005 2,310 1,697 4,024 Special Treasury certificates 32,000 32,000 __ - — — . - — — — — Other certificates and bills 407,909 27,139 182,323 34,510 39,600 10,165 6,121 43,969 13,363 9,274 12.556 2,678 19;611 Total U.S. Govt, securities 242,162 56,156 367,399 63,685 72,929 19,081 12,669 106,960 rf>727 27,720 22,551 27,354 37,741 Other securities 6,954 2,000 3,744 1,107 103 - - - - - - Total bills and securities 1,615,622 95,830 533,347 157,976 181,236 55,923 50,63c 176,654 51,661 40,437 61,009 44,1So 166.049 Due from foreign banks 2,613 696 3,070 943 878 348 322 1,22? 21 13 252 243 600 F. R. notes of other banks 13,738 291 3,656 229 1,014 739 67: 2.195 1,645 239 1,135 264 1,596 Uncollected items 436,762 51,507 122,224 40,261 40,164 33,218 ll.gOn 54.207 16,102 7,192 21,773 14,744 23.559 Bank premises 57,824 3,336 14,817 2,626 7,962 3,605 2,4s 9 7,827 3,461 i,S?4 3,649 1,725 4,433 All other resources 36,977 1,067 13,632 1,279 1,234 5,026 J 1 °uv 3,726 1,673 1,443 1,181 1,274 977 TOTAL RESOURCES 5,450,667 321,729 1,673,252 463,258 533,403 204,768 200,645 929,736 188,631 130,892 189,514 119,961 434,878 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES AFD LIABILITIES OF THE FEDERAL RESERVE BAKCS OF MARCH 16, 193a L I A B I L I T I ES (In thousands of dollars) B-7l6n Total Boston Few York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. ICans, iCy. Dallas San Fran. P.R.notes in actual circulation 2,601,262 175.371 . 566,425 260,119 303,4s4 100,597 121,121 557,210 93,097 69,625 S3, Deposits: .13S 41,189 229,382 Member bank - reserve account 1,919,316 120,062 815,304 119,175 l4i,4i2 53,467 48,590 254,324 Government 3,518 114 223 173 426 49 23 610 60,3 1 0 9 1 4 42,9 1 2 5 6 4 71; 663 48,280 143,312 F O o th re er i g d n e b p a o n s lc i ts 4 1 2 2 , , 0 9 3 0 0 5 1,0 2 2 3 3 4 _3 3 2 , , 8 0 3 4 1 2 1 __ ,3 _ -7 4 0 1 5 ,3 6 2, 0 65) 2 5 5 3 3 9 14 4 5 9s 1,804 4 6 7 7 1 1 296 3 2 9 2 0 4 232 1,0 9 9 2 b 9 709 4oi 104 367 4,256 Total deposits 1,977,769 121,433 "51,40c 121,140 145, 381 54,305 Uo, 256 257,507 62,137 D Ca ef p e i r ta r l e d p a a i v d a i i l n a bility items 4 1 2 5 6 6 , ,2 2 2 3 3 3 1 5 1 1 , , 5 8 5 7 2 3 111,525 37 1 ,7 0 3 ,3 7 51 3 9,606 32,017 12,33s 55,086 17,550 4 6 3 , , 7 7 1 7 4 7 2 7 0 2 , 9 3 9 5 4 1 1 4 6 5 , , 1 9 0 56 9 1 2 4 5 9 , , 2 5 5 9 4 3 Surplus 259,421 20,039 ob ,459 14,329 5,306 4,962 17,553 4,490 2,940 4; 112 4,032 11,167 All other liabilities 29,099 961 7 9 5 , , 3 0 6 77 2 2 1 6 , , 4 4 2 86 5 2 2 7 , , 4 6 6 4 3 o 1 1 1 , , 0 4 5 83 7 1 2 0, ,5 4 1 49 9 35,411 1 1 0 , , 3 0 0 2 2 5 6,356 124 7,624 17,707 3,93? 1,430 765 2,051 1,775 TOTAL LIABILITIES 5,450,667 351,729 1,673,252 463,25s 533,403 204,76s 200,645 929,736 iss^i 130,'392 1S9 119,961 R C e o s n e t r i v n e g e r n a t t i l o ia b (p i e l r ity ce o n n t) bills pur- 7700..00 74.57 c47. .9 -7.9 6677..00 5 5 5 5 . . 3 3 6 655.6.6 7 47.42. 2'8 322.4.4 7 7 1 1 . . 2 2 ' 6s 5 6 3 6 .5 t 63 , , . 2 5 14 59.S 4 6 34 1 , . 8 0 7 5 chased for foreign correspondents 336,057 25,5 66 109,326 34,649 33,976 13,456 12,447 45,077 11,774 7,401 9,755 9,419 23,211 FEDERAL RESERVE JT0TE STATE):^T Federal reserve notes: Issued to F.R. bank by F.R.agent 2,855,SS3 196,84b % % Held by Federal reserve bank 254,621 20,975 In actual circulation 2,601,26? 175,571 500,429 2-0,119 303,484 100,597 121,121 557,210 93,097 69 ,625 33,13s 41,189 229,382 Collateral held by agent as security for notes issued to bank Gold and gold certificates 549,567 47,010 Gold fund - F. R. Board 1,337,550 117,617 jj&W u j f lm Sitoo 89^500 teiooo ioitoo il.'soo 51 i500 ^OM Eligible paper 728,613 35,310 ^ r* 7rT~\ -51 ;, 2- J-5 ' "b '9 3 ' ,v 95 93 105,712 35,22S 36,071 65,1 2 » 2 —^ 21,7 4 t j 0 1 ^ 1 -1 1 .0 , . 2 6 .*_ 1 i. 3 j 6,2 u 3 , 4 c- • 1 . 5 > , - 1 r 7 ± 2 j 1 ± 2 ( 5 d ,5 J ^ -u 5 y h)- Total collateral 2,9l5,7oO 199,937 644,452 278,293 323,152 111,395 135,345 615,042 97,660 71,30 y 6 97,364 46,432 9 292,34s s MATURITY DISTRIBUTION OF BILLS ATD SHORT TERM SECURITIES Total Within 15 days l6 to 30 days 31 to 60 days 6l to 90 days 91 days to Over 6 months i B B C lu i i e l l n r l l i t s s c i b d f ip i o i c s a u c l a g o m t h e u t s r n r t a i a n e n d n d t o b s p i e l n ls m arket 4 1 6 3 0 6 4 9 5 0 , , , , 9 9 7 7 0 5 1 9 9 4 4 2 4 4 3 9 3 9 6 6 , , , , 5 2 2 6 7 5 2 7 4 0 4 3 4 1 1 3 2 8 , , , , 0 5 7 4 0 0 0 3 0 7 0 5 5 1 24 6 0 , , ,8 6 7 2 5 5 5 4 2 1 3 4 0 2 0 1 , , , 6 6 5 3 9 9 9 0 1 6 2 m 1 1 o 1 4 n , , 3 1 2 th 2 5 4 s 4 2 1 6 4 2 , ,1 0 1 59 9 20 60 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis