H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication B-S01 Friday morning, March 10; Federal Reserve Board not earlier. March 9, 1933. CONDITION OF FEDERAL RESERVE BANKS The daily average volume of Federal reserve bank credit outstanding during the week ending March S, as reported "by the Federal reserve hanks, was $3,619,000,000, an increase of $1,03^000*000 compared with the preceding week and of $1,891,000,000 compared with the corresponding week in 1932. On March S total reserve "bank credit amounted to $3,6^4,000,000, an increase of $703,000,000 for the week. This increase is largely accounted for by increases of $818,000,000 in money in circulation and $26,000,000 in unexpended capital funds, nomember deposits, etc., and a decrease of $101,000,000 in monetary gold stock, offset in part by a decrease of $23^,000,000 in member bank reserve balances. Bills discounted increased $^92,000,000 at the Federal Reserve Bank of ITew York, $70,000,000 at Chicago, $39,000,000 at Cleveland, $25,000,000 at San Francisco and $702,000,000 at all Federal reserve banks. The System*s holdings of bills bought in open market increased $33,000,000, while holdings of United States bonds increased $5,000,000 and those of Treasury certificates and bills $39,000,000. Changes in the amount of reserve bank credit outstanding and in related items during the week and the year ending March 8, 1933» were as follows: Increase or decrease since Mar. 8 Mar. 1 Mar. 9 1933 1933 1932 (In millions of dollars) Bills discounted l.UlU + 702 + 666 Bills bought 1+17 + 33 + 279 U. S. Government securities 1,881 + +1,096 Other reserve bank credit -68 - 72 - 9^ TOTAL RESERVE BAM CREDIT 3.6UU + 70s +1,9^6 Monetary gold stock b,2k3 - 101 - 119 Treasury currency adjusted 1,913 - 2 + 13S Money in circulation 7,53s + sis +1,993 Member bank reserve balances 1,800 - 23s - 110 Unexpended capital funds,nonmember deposits,etc kS2 + 26 + SI Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, March 10,1933; not earlier. B-SOlc RESOURCES A2TD LIABILITIES 0? THE TWELVE FEDERAL RESERVE BAEXS COMBINED (in thousands of dollars) March 8,1933 March 1,1933 March 9, 1932 R E S O U R C ES Gold with Federal reserve agents . . . 1,931,656 2,130,967 2,092,347 Gold redemption fund v/ith U.S.Treasury . 133,309 S7,495 53,83^ Gold held exclusively against F.R.notes 2,069,965 2,26s,462 2,146,131 Gold settlement fund with F.R.Board . 27S,5^7 325,672 322,321 Gold and gold certificates held by banks 335,027 237,9^9 490,918 Total gold reserves 2,683,539 2,S92,0S3 2,959,^20 Reserves other than gold 125,^32 174,454 207,369 Total reserves 2,SOS,971 3,066,537 3,167,239 ]?on-re serve cash Us,390 o7,SS0 76,144 Bills discounted: Sec. by U.S. Government obligations . 982,188 413,921 339977,,33^^00 Other bills discounted ... 431,74s 293,470 350,639 Total bills discounted . . . 1,413,936 712,391 7^7,979 Bills bought in otien market 417,289 383,666 137,584 U. S. Government securities: Bonds 425,313 420,332 318,717 Treasury notes 459,015 457,380 33,797 Certificates and bills 996/466 957,251 332,609 Total U.S.Government securities 1.SS0.79U 1,335,963 735,123 Other securities 5,831 4,719 9/497 Total bills and securities . . . 3,717,350 2,936,739 1,630,183 Dae from foreign banks 3,615 3,515 8,613 F. R. notes of other banks 12,719 11,033 13,65s Uncollected items 344,518 400,335 356,634 Bank premises 54,029 53,962 57,824 All other resources 54,555 54,032 39,035 TOTAL RESOURCES 7,044,647 6,59^,133 5,399,380 L I A B I L I T I ES F. R. notes in actual circulation . . 4,215,006 3,579,522 2,617,381 Deposits: Member bank - reserve account . . .. 1,799,762 2,033,228 1,909,586 Government 27,643 27,766 47,107 Foreign bank 49,175 41,956 13,464 Other deposits . . 64,642 49,240 19,001 Total deoo'sits . . .. 1,951,222 2,157,190 1,989,158 Deferred availability items 421,201 4O4,19S 347,564 Capital paid in 150,120 150,303 155,335 Sur-olus 27s,599 273,599 259,421 All other liabilities 27,399 24,321 29,471 TOTAL LIABILITIES . . .. 7,044,647 6,59^,133 5,399,380 Ratio of total reserves to deposit and F. R. note liabilities combined . . 45.6/o 53.5$ 63.3 <5 Rediscounts between F. R. banks . . . 210,000 — — Contingent liability on bills purchased for foreign correspondents . . .. 2S.051 29,393 317,H3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES AMD LIABILITIES OF THE FEDERAL RESERVE BANKS OF MARCH 8, 1933 R E S O U R C ES (In thousands of dollars) B-801b Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Gold with Federal reserve agents 1,931,656 123,027 403,446 110,500 166,470 104,795 69,170 491,235 101,535 50,690 96,280 52.245 162,263 Gold redemption fund with U.S.Treas. 138,309 M l7 45,248 10,313 13.^55 5.101 3,855 35.216 1,770 2,787 3,827 1,205 10,915 Gold held exclusively against F. R. notes 2,069,965 127,61+4 4*48,69!+ 120,813 179,925 109,896 73,025 526,1+51 103,305 53,1+77 100,107 53,^50 173,178 Gold settlement fund with F.R.Board 278,51+7 15,332 20,950 19,125 28,868 14,545 17,79^ 57,891 25,011 13,062 17,961 25,536 22,1+72 Gold and gold certif. held by tanks 335,027 17,173 227,967 8,1^+9 17,590 3,^26 4,351 17.3^1 1.253 1.182 6,630 2,895 27,070 Total gold reserves 2,683,539 l60,ll+9 697,611 148,087 226,383 127,867 95,170 601,683 129,569 67,721 124,698 81,881 222,720 Reserves other than gold 125,1+32 13,847 37,988 19,306 5,250 6,1+1+5 3,000 l6,848 6,601 1,998 1+,310 3.^7 6,392 Total reserves 2,808,971 173,996 735.599 167,393 231,633 13U.312 98,170 618,531 136,170 69,719 129,008 85,328 229,112 !Ton-re serve cash 48,390 2,739 11,063 2,631 2,777 2,383 2,248 11,555 3.5&S 1,515 1.659 2,233 M l9 Bills discounted: Secured by U.S.Govt, obligations -982,188 7,153 619,91+9 83,985 71,675 31,041 9,636 80,910 11,937 3.936 10,1+18 1,227 50,321 Other bills discounted 1+31,74-8 ll,52i+ 152,813 58,91+3 1+7,1+76 24,589 31,029 32,607 3.366 10,899 20,1+65 4,799 33,238 Total bills discounted 1,413,936 18,677 772,762 142,928 119,151 55,630 40,665 U3.517 15.303 14,835 30,083 6,026 83,559 Bills bought in open market 417,289 63,083 79,636 14,323 10,634 22,064 19,39^ 98,433 19.538 17,692 9.041 3,25s 60,193 U» S, Government securities: Bonds ^25,313 36,799 126,338 28,84s 56,513 9,918 10,142 65,650 13,955 17,310 16,089 18,020 25,731 Treasury notes ^59,015 27,516 l4l,926 33,260 54,150 12,936 13,065 85.73^ 17,555 12,762 16,082 10,463 33.566 Certificates and bills 996,466 63,797 247,147 65,033 105,877 25,295 50,545 264,010 3^,322 24,808 29,549 20,457 65,626 Total U.S. Govt, sectirities 1,880,79^ 128,112 515,411 127,l4l 216,540 48,149 73.752 415,39^ 65,832 54,880 61,720 48,940 124,923 Other securities 5,831 — 5,103 525 — 200 — — 3 — — — Bills rediscounted for, or with (-), other F. R. banks 20,000 -210,000 — 25,000 — — 150,000 15,000 Total bills and securities 3.717.850 229,872 1,162,912 284,917 371,325 125,843 134,011 777,3^ 115.673 87,1+10 101,644 58,224 268,675 Due from foreign banks 3,615 269 1,395 388 3I+S 137 123 ^80 15 10 102 102 246 F. R. notes of other banks 12,719 285 2,455 250 929 881 7*+6 3,907 1,124 440 537 228 937 Uncollected items 344,518 28,055 151,125 18,590 18,698 25,058 9,457 21,049 27,005 8,659 12,667 9,017 15.138 Bank premises 5M29 3.280 12,818 3.173 6,929 3.237 2,422 7,595 3,285 1,7^6 3.559 1.7*41 ^.244 All other resources 54.555 1,282 27,905 4,504 2,248 3,156 5,368 1,825 1,117 2,222 1,286 1,624 2,018 TOTAL RESOURCES 7,044,647 439,778 2,105,272 481,846 634,887 295,007 252,545 1,442,286 287,957 171,721 250,462 158,497 524,389 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES A2ID LIABILITIES OF THE FEDERAL RESERVE BAMS ON MARCH S, 1933 L I A B I L I T I ES (in thousands of dollars) B-801c Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. 4,215,006 242,827 969,626 300,271 423,218 196,152 158,045 1,113,258 174,366 112,949 i4s,34o 54,617 321,337 F.R.notes in actual circulation Deposits: Member "bank - reserve account 1,799,762 124,130 752,171 102,718 134,323 45,278 36,02s 227,617 57,694 36,703 69,214 7^,^97 133,389 Government 37,643 58 11,007 61 1U7 i4o 25,183 608 62 48 ill 16 202 Foreign bank ^9,175 3,236 19,655 4,654 4,388 1,729 1,551 5,762 1,507 If 020 1,285 1,285 3,103 Other deposits 64,642 56 18,069 423 M 38 4,580 2,190 6,188 14,552 1,51^ 1,462 2H 11,197 Total deposits 1,951,222 127,480 80b,902 107,856 142,996 51,727 64,952 240,175 73,815 39,285 72,072 76,071 1^7,891 Deferred availability items 421,801 37,228 179.381 28,026 24,4o4 24,927 11,493 29,691 24,119 8,554 16,677 13,55^ 23,7^7 Capital paid in 150,120 10,775 58,403 15,845 13,93^ 5,135 4,620 16,007 4,320 2,867 4,023 3,796 10,395 Surplus 278,599 20, 4b0 85,058 29,242 28,294 11,616 10,544 39,^97 10,186 7 >019 8,263 8,719 19,701 All other liabilities 27,899 1,008 5,902 60S 2, o4i 5,^50 2,891 3,658 1,151 1,047 1,087 1,7^ 1,318 TOTAL LIABILITIES 7,044,647 439,77S 2,105,272 481,846 634,887 295,007 252,545 1,442,286 287,957 171,721 250,462 158,497 524,389 Reserve ratio . (per cent) 45.6 47.0 4l.4 4l,0 40.9 5^.2 44.0 ^5.7 5M 45.8 58.5 65.3 48.8 Contingent liability on bills purchased for foreign correspondents 28,051 2,189 8,081 3,l4g 2,968 1,169 1,050 3,89s 1,019 690 870 870 2*099 FEDERAL RESERVE MOTE STATE£ETT Federal reserve notes: Issued to F.R.Bank by F.R.Agent 4,550,680 267,175 1,069,309 313,867 434,762 206,11s 190,854 1,159,05s 180,26s 115,493 173,036 61,761 378,979 Held by Federal reserve bank 335,674 24,348 99,683 13,596 11,544 9,966 32,809 45,800 5,902 2,544 24,696 7,144 57,642 In actual circulation 4,215,006 242,827 969,626 300,271 423,218 196,152 158,045 1,113,258 174,366 112,949 148,340 5^,617 321,337 Collateral held by agent as security for notes issued to bank Gold and gold certificates 805,571 47,010 138, 446 7^,700 7^,^70 37,790 20,170 274,235 24,835 16,190 10,480 15,245 72,000 Gold fund - F. R. Board 1,126,085 76,017 265, 000 35,800 92,000 67,005 49,000 217,000 76,700 34,500 85,800 37,000 90,263 Eligible paper 1,75^,975 99,137 625, 270 144,870 152,179 75,798 51,803 357,^02 45,598 30,733 33,1^3 8,138 130,354 U. S. Gov't, securities 886,400 47,000 4i,0 00 62,000 120,000 26,000 73,500 312,000 34,000 37,900 45,000 2,000 86,000 Total collateral 4,573,031 269,164 1,069,716 317,370 438,649 206,593 19M73 1,160,637 181,133 119,373 1 7 ^ 23 62,383 379,117 MATURITY DISTRIBUTIOF OF BILLS AKD SHORT TERM SECURITIES 91 days to Total Within 15 days 16 to 30 days 31 to 60 days 61 to 90 days Over 6 months 6 months Bills discounted 1,^13,936 1,222,083 46,290 74,154 61,312 8,312 1,785 Bills bought in open market 417,289 88,645 62,215 123,946 141,262 1,221 Certificates and bills 996,466 146,786 58,750 204,117 144,945 130,525 311,3*+3 Munrcroal warrants 5,631 5,555 51 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis