H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOE THE FPESS Released for publication £-801 Friday morning, March 17; Federal Reserve Board not earlier March l6, 1933 CONDITION OF FEDERAL RESERVE BAFHS The daily average volume of Federal reserve bank credit outstanding during the week ending March 15, as reported by the Federal reserve banks was $3,636,000,000, an increase of $17,000,000 compared rith the preceding week and of $1,96^,000,000 compared with the corresponding week in 1932. On March 15 total reserve bank credit amounted to $3, 525,000,000, a deerM&e • 0? J$&1SM3GG, 000 for the week. This d ecrease p'otr^sponds with decreases of $2t9,000,000 in money in circulation and $7,000,000 in unexpended capital funds, nonmember deposits, etc., and increases of $3,000,000 in monetary gold stock and $25,000,000 in Treasury currency adjusted, offset in part by an increase of $191,000,000 in member bank reserve balances. Bills discounted decreased $159,000,000 at the Federal Reserve Bank of New York, $52,000,000 at Chicago and $182,000,000 at all Federal reserve banks. The System1 s holdings of bills bought in open market decreased $l4,000,000 while holdings of United States .Treasury notes increased $6,000,000 and of certificates and bills $13,000,000. United States securities held by the Federal reserve banks on March 15 included a special Treasury certificate of $19,000,000, compared with $32,000,000 a year ago, issued by the Treasury pending the collection of quarterly tax payments. The statement includes new items as follows: (l) nF. R. bank notes in actual circulation, " representing the amount of such notes issued under the -orovisions of paragraph 6 of Section 18 of the Federal .Reserve Act as amended by the Act of March 9, 1933; (2) ^SeA^iption fund-F. R. bank notes,tf representing the amount deposited with the Treasurer of the United States for the redemption of such notes, and (3) "Special deposits-member bank,f and "Special deposits-nonmember bank," representing the amount of segregated deposits received from member and nonmember banks. A new section has also been added to the statement to show the amount of Federal reserve bank notes outstanding, held by Federal reserve b^nks and in actual circulation, and the amount of collateral pledged against outstanding Federal reserve bank notes. Changes in the amount;of reserve bank credit outstanding and in related items during the week and the year ending March 15, 1933, as follows: Increase or decrease since Mar. 15 Mar. S Mar. 16 1^33 1933 . 1932. (In millions of dollars) Bills discounted 1..232 - 182 + 571 Sills "bought ' 403 - + 297 Special Treasury certificates 19 + -19 - 13 Other United States securities 1,880 .1 +1,070 Other reserve bank credit -9 + 59 - 3^ TOTiL RESERVE BAM CREDIT 3,525 - 119 +1,891 Monetary gold stock 4,251 +8 - 123 Treasury currency adjusted 1,938 + 25 + 100 Money in circulation 7,269 - 269 +1,7^7 Member bank reserve balances 1,967 + 191* + ^ Unexpended capital funds,nonmember deposits, etc. ^78 - 7* + 73 •March 8 figures revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, March 17,1933; not earlier. 3-S01a RESOURCES AMD LIABILITIES OF THE TWELVE FEDERAL RESERVE BAMS COMBIITSD (in thousands of dollars) Mar, 15,1935 Mar. 81955 Mar. 16,1952 t R E S O U R C ES Gold with Federal reserve agents . .. 2,215,268 1,931,656 2,187,147 Gold redemption fund with JTJ.S.Treasury 135.05S 138,309 50,340 Sold held exclusively against F.R.not es 2,350,326 2,069,965 2,237,487 Gold settlement fund with E. R„ Board 301,237 278,547 277,^53 Gold and gold certificates held by banks 359,214 335,027 481,739 Total gold reserves, . . . . 3,010,777 2,683,539 2,996,679 Reserves other than gold 137,408 125,^32 209,294 Total reserves . . . 3,i4s,i85 2,808,971 3,205,973 Eon-reserve cash 77,313 Us,390 75,15S Redemption fund - F. R. bank notes . 170 — — Bills discounted: Sec. by U.S. Government obligations 769,1170 982,188 342,452 Other bills discounted 462,S46 431,748 31S,3^0 Total bills discounted . . . 1,232,316 1,413,936 660,792 Bills bought in open market . . . . 403,316 417,2S9 105,Jlh U. S. Government securities: Bonds 5+25,013 425,313 31S,857 Treasury notes 465,os4 459,015 S3,39^ Special Treasury certificates . . . 19,000 32,000 — Other certificates and bills . . . 989,937 996,466 407,909 Total U.S. Government securities 1,893,03^ 1,880,794 S42,l62 Other securities . . . . .. 5,644 5,831 6,954 Total bills and securities 3,5^0,310 3,717,350 1,615,622 Due from foreign banks 3,610 3,615 8,613 F. R. notes of other banks . . . , 17,955 12,719 13,73s Uncollected items 366,17s 344,51s 436,762 Bank premises 54,028 54,029 57.S24 All other resources . . .. 53.56s 54,555 . 36,977 TOTAL RESOURCES 7,261,322 7,044,647 5,450,667 L I A B I L I T I ES F. R. notes in actual circulation 4,292,702 4,215,006 2,601,262 F. R. Bank notes in actual circulation 3,301 — — Deposits: Member bank - reserve account . . .. 1,967,229 ••11,,777766,,222211 11,,991199,,331166 Government . . 27,688 37,643 3,518 Foreign bank 23,O4O' ^9,175 12,905 Special deposits: member bank . . . 36,77^ 30,002 — nonmember bank . . U.719 767 — Other deposits 64,289 *57,4l4 42,030 Total deposits 2,123,739 1,951,222 1,977,769 Deferred availability items 384,676 421,801 426,833 Capital paid in 150,210 150,120 156,283 Surplus 278,599 278,599 259,421 All other liabilities 28,095 27,899 29,099 TOTAL LIABILITIES . . . 7,261,322 7,044,647 5,450,667 Ratio of total reserves to deposit and F. R. note liabilities combined . . 49.1$ 45.6$ 10.0$ Rediscounts between F. R. Banks . . . 143,800 210,000 — Contingent liability on bills purchased for foreign correspondents 2277,,447788 28,051 333366,,005577 ^Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES AHD LIABILITIES OF THE FEDERAL RESERVE BANKS ON MARCH 15, 1933 R E S O U R C ES (in thousands of dollars) B-SOlb Total Boston Hew York Phila. CI eve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran, Gold with Federal reserve agents 2,215,268 157,027 467,743 110,200 184,970 144,545 69,500 550,027 122,725 58,720 103,280 53,31S 193,213 • J , ~• , 1 1 ^ J w w ' » ^JiJJJ JlJ^-*- J-*- 3 ' 5 1 J , ^^ J j , J. , V> j. J. , j j w Gold held exclusively against I. notes 2,350,326 i6l,644 507,827 121,4i4 198,925 149,846 76,340 581,211 124,437 62,403 107,102 54,51s 204,609 Gold settlement fund with F.R.Board 301,237 4,534 70,73^ 9,631 32,653 15,900 28,125 47,098 27,647 14,366 19.572 15,646 I'S. 281 Gold and gold certif. held by banks 359,214 22,790 182,927 19,2^7 25,667 7,075 6,615 29,834 3,912 1,528 13,908 8,344 31,307 Total gold reserves 3,010,777 195,01S 761,543 150,292 257,245 172,821 111,080 658,143 156,046 73,297 140,582 78,50G 251,197 Reserves other than gold 137,40s 10,510 47,845 17,303 7,893 6,344 3,767 18,035 S.549 1,355 3,299 4,017 7,936 Total reserves 3,i4s,185 205,528 809,393 167,600 265,13s 179,165 114,847 676,17s 164,595 80,152 143,881 82,525 259,183 Non-reserve cash 77,31S 3,525 21,849 2,394 5,100 4,409 2,96s 16,54s 4,716 2,049 2,415 2,927 7.91S r.e.leTxption fund - F.R. bank notes 170 — 170 • — — — — Bills discounted: Secured by U.S.Govt, obligations 769,470 20,632 480,241 81,335 65,75s 22,709 13,797 30,722 •8.527 2,002 7,642 1,25s 34,847 Other bills discounted 462,846 13,433 133,981 75,019 48,329 24,303 33,264 31,^93 4,455 12,179 23,210 5,995 52,175 Total bills discounted 1,232,316 34,070 614,222 156,354 114,087 47,012 52,061 62,220 12,982 l4,131 30,852 7,253 87,022 Bills bought in open market 403,316 64,195 36,037 13,507 9,075 20,542 17,965 93,110 17,504 14,771 3,379 3,449 54,232 U. S. 'Government securities: Bonds 425,013 21,799 156,338 23,343 41,513 9,9lS 10,020 65,649 13,955 17,592 15,630 18,021 25,730 Treasury notes 465,084 27,516 148,202 33,259 5M50 ' 12,937 13,065 85,635 17,555 12,694 16,042 10,463 33,566 Special Treasury certificates 19,000 19,000 — — — — — Other certificates and bills 9S9,937 53,797 250,696 65,033 105,377 25,294 50,545 263,933 34,322 24,809 29,548 20,456 65,627 Total U.S. Govt, securities 1,899,034 122,112 555,236 127,i4o 201,540 48,149 73,630 415,217 65,832 55,095 61,220 43,940 124,923 Other securities 5,644 — 5,116 525 - — — — — 3 — — — Bills rediscounted for, or with (-), other F. H. banks 1,500 -143,800 21,800 — — 120,000 500 — — — Total bills and securities 3,540,310 221,877 1,116,811 297,526 346,502 115,703 143,656 6$0,547 96,818 34,050 100,951 59,642 266,227 Due from foreign banks 3,610 269 1,391 3SS 34s 137 123 480 14 10 102 102 246 F. R. notes of other banks 17,955 240 4,195 407 2,259 1,636 835 2,389 1,759 833 1,405 430 1,567 Uncollected items 366,178 45,143 145,567 40,206 19,766 29,800 2,172 22,413 6,795 5,103 19,631 11,917 17 s 660 Bank premises 54,028 3,280 12,818 3,172 6,929 3,237 2,422 7,595 3,285 1,746 3,559 1,741 4,244 All other resources 53,563 1,043 27,182 4,490 1,91s 3,197 5,385 1,314 1,076 2,132 1,269 1,542 3,020 TOTAL RESOURCES 7,261,322 480,905 2,139,376 516,683 6^7,960 337,28U 272,UOS 1,417,469 279,058 176,075 273,213 160,826 560,065 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES AtTD LIABILITIES OP THE FEDERAL RESERVE BAMS OK MARCH 15, 1933 (In thousands of dollars) B-SOlc L I A B I L I T I ES To tal Boston Few York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran, F.R.notes in actual circulation 4,292,702 264,337 99*+, 750 302,622 423,245 214,442 177,025 1,067,75*+ 173,270 116,554 149,699 57,645 344,027 F.R.bank notes in actual circulation 3,301 — 3,301 — — — — — Deposits: Member "bank - reserve account 11,,996677,,222299 112211,,44oo44 223344,,334422 111122,,119933 113322,,3311^^ 67,6^3 43,271 246,095 64,972 39.S70 27,937 76,525 139,491 Government 27,622 15b 165 273 7 120 25,099 473 301 ^06 227 72 429 Foreign hank 23,040 1,795 6,662 2,551 2/433 959 360 3,196 236 565 713 713 1,721 Special deposits: member bank 36,77*+ 93 1,592 1,595 17,007 7*+9 1,393 3,*+34 5,581 l,o4o 1,246 37 2,Uoi nonmernber bank *+,719 — 22 62 166 466 107 1,623 246 1,021 221 65 Other deposits 64,2S9 521 16,7^9 701 3,162 4,155 1,613 14,910 7^252 _ 1,151 S90 644 11,775 Total deposits 2,123,739 124,029 360,110 117,U05 155,095 74,092 72,9^3 269,731 20,494 44,013 91,294 72,051 155,222 Deferred availability items 324,676 60,503 130,092 44,616 24,622 22,167 *+, 227 20,543 9,024 4,576 12,526 11,522 22,252 Capital paid in 150,210 10,77*+ 52/426 15,245 13,93*+ 5,135 4,620 16,101 4,300 2,865 4,023 3,792 10,395 Surplus 272,599 20,460 25,052 29,242 22,29^ 11,616 10,544 39,*+97 10,126 7,019 2,263 2,719 19,701 All other liabilities 22,095 202 7,639 227 2,l6U 3,226 2,929 3,243 1,124 1,042 202 1,097 1,202 TOTAL LIABILITIES 7,261,322 UBO.905 2,139,376 516,623 61+7,960 337,224 272,402 1,417,469 279,052 176,075 273,213 160,226 560,065 Reserve ratio (per cent) '49.1 52.9 '43.6 39.3 *+5-S 62.1 *+5.9 50.6 64.7 *+9.9 59.6 60.2 51.2 Contingent liability An bills purchased for foreign correspondents 2277,,447722 22,,000066 9,179 2,225 2,720 1,071 996622 3,572 993344 632 797 797 1,923 MATURITY DISTRIBUTION OF BILLS AND SHORT TERM SECURITIES 91 days to Total Within 15 days l6 to 30 days 31 to 60 days 6l to 90 days Over 6 months 6 months Bills discounted 1,232,316 992,301 53,393 91,872 79,371 12,662 2,706 Bills bought in open marine >403,316 106,316 62,351 122,316 105,730 603 Certificates and hills l.OOS,937 52,750 52,050 193,337 133,715 391,292 179,757 Municipal warrants 5,644 5,535 51 5S Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE MOTE STATEMENT OF MARCH 15, 1933 (in thousands of dollars) B-SlOd Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Federal reserve notes: Issued to F.R.Bank by F.R.Agent 4,728,517 289,604 1,124,444 329,315 449,085 227,641 197,425 1,153.^59 180,898 120,949 172,735 69,687 413,225 Held by Federal reserve bank 435,815 25,267 129,694 20,627 25,240 13,193 20,3^0 85,705 7,025 4,395 23,086 12,042 69,198 in actual circulation 4,292,702 26^,337 99^,750 308,688 423,845 214,448 177,085 1,067,75^ 173,870 116,554 149,699 57,645 344,027 Collateral held by agent as security for notes issued to bank: Gold and gold certificates 1,091,383 47,010 358,643 74,700 74,470 39,040 17,500 322,027 28,025 21,220 10,480 12,818 85,4-50 Gold fund - F. R. Board 1,123,885 110,017 109,100 35,500 110,500 105,505 52,000 228,000 9^,700 37,500 92,800 40,500 107,763 Eligible paper 1,512,877 97,176 537,900 132,^39 139,564 66,442 57,166 269,359 29,33s 25,740 29,9^0 9,096 112,717 U. S. Gov't, securities 1,009,300 35,500 120,000 81,000 125,000 17,000 73,500 335,ooo 30,000 36,700 40,000 8,300 107,300 Total collateral 4,737,445 289,703 1,125,643 329,639 ^9,534 227,927 200,166 1,154,386 182,063 121,160 173,220 70,71^ ^13,230 FEDERAL RESERVE BAM NOTE STATEMENT ON MARCH 15, 1933 (In thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Federal reserve bank notes: Issued to F.R. Bank( Out standing) 6,841 6,841 3,5^ Held by Federal reserve bank 3,5^ In actual circulation 3,301 3,301 Collateral pledged against outstanding notes: Discounted and -purchased bills U. S. Gov't, securities 6,s4i 6,s4l Total collateral 6,S4l 6,841 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis