H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication B-801 Friday morning, May 19; Federal Reserve Board not earlier # May IS, 1933. CONDITIO!? OF FEDERAL RESERVE BAMS The daily average volume of Federal reserve bank credit outstanding during the week ending May 17, as reported by the Federal reserve banks, was $2,286,000,000, a decrease of $62,000,000 compared with the preceding week and an increase of $3^2,000,000 compared with the corresponding week in 1932. On May 17 total reserve bank credit amounted to $2,25^,000,000, a decrease of $^3,000,000 for the week. This decrease corresponds with decreases of $%0,000000 t in money in circulation and $4,000,000 in unexpended capital funds, nonmember deposits, etc., and an increase of $2^,000,000 in Treasury currency* adjusted, offset in part by an increase of $25,000,000 in member bank reserve balances. Bills discounted decreased $6,000,000 at the Federal Reserve Bank of Cleveland and $8,000,000 at all Federal reserve banks. The Systemfs holdings of bills bought in open market declined $35,000,000, while holdings of United States Treasury notes increased $6,000,000 and those of Treasury certificates and bills declined a like amount* Following the passage of the Act of May 12 making all coins and currencies coined or issued by or under authority of the United States legal tender for all debts public and private, amounts formerly reported against items "Reserves other than gold" and ^Ton-reserve cash" have been combined and are now shown against item "Other cash" and the item "Total gold reserves and other cash" has been substituted for "Total reserves." Changes in the amount of reserve bank credit outstanding and in related items during the week and the year ending lay 17, 1933* were as follows: Increase or decrease since May 17 May 10 May 18 1933 1935 i 2 1L (In millions of dollars) Bills discounted 330 - 8 135 Bills bought 78 - 35 + 37 U. S. Government securities 1,837 — + 371 Other reserve bank credit 9 - 7 TOTAI* RESERVE BAM CREDIT 2,251+ - 1+3 + 266 Monetary gold stock i+,313 — + 39 Treasury currency adjusted 1,929 + 2k + 130 Money in circulation 5,852 - 1+0 + 1+03 Member bank reserve balances 2,llU + 25 - 78 Unexpended capital funds,nonmember deposits,etc. 529 - 1+ + 108 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, May 19, 1933; not earlier. B-801a RESOURCES AMD LIABILITIES OF THE TWELV3 FEDERAL RESERVE BABES COMBINED (In thousands of dollars) May 17.1933 May 10.1933 May 18. 1932 R E S O U R C ES Gold with Federal reserve agents 2,731,939 2,706,759 2,177,750 Gold redemption fund with U.S.Treasury . , 5*+. 824 57,633 36.954 Gold held exclusively against F.R.notes 2, 786,763 2,764,392 2,214,704 Gold settlement fund with F. R. Board . 346,260 341,268 370,787 Gold and gold certificates held by banks . , 334,425 336.474 333,541 Total gold reserves . . .. 3,467,508 3,442,134 2,919,032 Other cash* 303.9S.3 315,910 276.028 Total gold reserves and other cash . , 3,771,491 3,758,044 3,195,060 Redemption fund - F.R. bank not es . . 4,992 4,518 — Bills discounted: Sec. by U.S.Government obligations . 73,379 72,082 189,083 Other bills discounted 256,846 266.159 275.860 Total bills discounted . . .. 330,225 338,241 464,943 Bills bought in open market 77,543 112,607 40,643 U. S. Government securities: Bonds 420,992 421,595 358,658 Treasury notes . . .. . . .. 594, 482 588,922 165,422 Certificates and bills 821.124 826.676 942,323 Total U.S. Government securities . . , . 1,836,598 1,837,193 1,466,403 Other securities . .. 5.4O4 5.464 5.023 Total bills and securities . . .. 2,249,770 2,293,505 1,977,012 Due from foreign banks . . 3,662 3,662 4,629 F. R. notes of other banks . . . .. 19,095 17,637, 14,733 Uncollected items . .. 359,775 316,398 393,311 Bank premises . .. 5^,251 54,250 58,084 All other resources . ^,949 44.490 38,457 TOTAL RESOURCES . . . 6,507,985 6,492,504 5,681,286 L I A B I L I T I ES F. R. notes in actual circulation . . • 3,299,995 3,349,753 2,558,107 F. R. bank notes in actual circulation , , 7744,,221188 **62,835 Deposits: Member bank - reserve account , . . . , . 2,114,283 2,089,115 2,192,tl03 Government 31,260 42,467 26,429 Foreign bank 22, 943 23,021 45,578 Special deposits - member bank . . .. 87,467 86,O45 nonmember bank: . . 17,642 18,354 Other deposits . .. 46,859 50.539 25,125 Total deposits . . 2,320,454 2,309,541 2,289,535 Deferred availability items 359,558 316,346 387,068 Capital paid in . . .. 150,217 150,229 154,784 Surplus 278,599 278,599 259,421 All other liabilities ?4,sm **25,201 32,371 TOTAL LIABILITIES . . . 6,507,985 6,492,504 5,681,286 Ratio of total gold reserves and other cash* to deposit and F.R.note liabilities combined . .. 67.1* 66.4$ 65.9$ Contingent liability on bills purchased for foreign correspondents 38,886 4I,34O 239,948 * "Other cash" does not include F. R. notes or a bank's own F. R. "bank notes. ••Revised figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BAMS ON MAY 17, 1933 R E S O U R C ES (In thousands of dollars) B-SOlb Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Gold with Federal reserve agents 2,731,939 206,219 654,546 171,000 197,970 149,665 90,100 807,987 124,675 54,021 87,290 22,203 166,263 Gold redemption fund with U.S.Treas. 54,824 5,338 8,545 4.813 7.392 2.058 3.506 6.450 1.189 2.TT5 2.964 1.368 8.626 Gold held exclusively against F. R. notes 2,786,763 211,557 663,091 175,813 205,362 151,723 93,606 814,437 126,064 56,396 90,254 23,571 174,889 Gold settlement fund with F.R.Board 346,260 9,824 93,943 15,061 20,750 21,635 8,461 78,833 22,454 16,096 17,296 10,625 31,282 Gold and gold certif. held by banks 334,4S5 2? s l4l 200,517 l6,609 25,265 4,211 5,276 11,049 2.034 1.397 13.827 6.008 26:151 Total gold reserves 3,^67,508 243,522 957,551 207,483 251,377 177,569 107,343 904,319 150,552 73,885 121,377 ij0,204 232,322 Other cash* 303,983 22.510 90,66? 25,230 24,587 15,863 14,950 44,821 13.612 5,023 10,788 10,94s 24,984 Total gold reserves & other cash 3,771,491 266,032 1,04S,21S 232,713 275,964 193,432 122,293 9^9,l4o 164,164 78,912 132,165 51,152 257,306 Redemption fund - F. R. bank notes 4,992 1,000 2,000 292 250 —» 100 1,000 100 100 50 100 Bills discounted; Secured by U.S.Govt, obligations 73'379 4,569 33,635 9,365 11,820 2i31S 2,216 3,771 862 246 1,147 732 2,648 Other bills discounted 256,846 9.950 44.367 36.183 55.224 16.142 19 1 046 12 t 045 2,091 7,524 11,972 5,521 ^6,781 Total bills discounted 330,225 14,519 78,052 45,548 67,044 18,460 21,262 15,816 2,'953 7,770 13,H9 6,253 39,429 Bills bought in open market 77,543 19,891 11,65s 1,687 2,591 940 3,231 17,787 2,532 4,133 673 508 11,857 U.S. Government securities: Bonds 442200,,999922 19,739 188,224 30,910 36,365 9,916 lo,o4o 39,902 13,957 17,261 11,958 16,990 25,730 Treasury notes 594,482 32,604 234,277 47,205 62,289 16,989 17,156 63,348 23,052 16,664 19,846 11,975 44,077 Certificates and bills 821,124 iJ0,76S 307,873 59,026 77,886 21,244 21,453 148,301 2S.S23 20.S43 24.816 14.975 55,116 Total U.S.Govt, securities 1,836,598 93,111 730,374 137,141 176,540 4s,149 48,649 256,551 65,832 54,768 56,620 43,940 124,923 Other securities 5,404 — 4,722 525 - — — 50 — 107 — — — Total bills and securities 2,249,770 127,521 824,806 134,901 246,175 67,549 73,1^2 290,204 71,317 66,833 70,412 50,701 176,209 Due from foreign banks 3,662 2o0 1,353 li03 362 142 128 499 16 11 106 106 256 F.R.notes of other banks 19,095 269 8,010 394 S37 1,281 959 2,719 951 760 1,596 296 1,033 Uncollected items 359,775 40,013 96,965 28,806 34,802 29,424 10,341 46,373 15,111 8,839 19,298 12,471 17,282 Bank premises 54,251 3,230 12,813 3,337 6,929 3,233 2,422 7,601 3,285 1,746 3,559 1,792 4,244 All other resources 44,949 765 22,429 3,800 1,965 3.111 5,024 1,319 oSO 1.796 1.033 l.4i4 1.40S TOTAL RESOURCES 6,507,985 439,160 2,016,599 454,646 567,271* 298,177 214,409 1,298,855 255,824 159,047 228,224 118,032 457,73s * "Other cash" does not include F. R. notes or a "bank's own F. R. bank notes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES AND LIABILITIES OP THE FEDERAL RESERVE BAMS ON MAY 17, 1933 (In thousands of dollars) B-SOlc L I A B I L I T I ES Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran, F # E # notes in actual circulation 3»299i995 223,152 710,247 247,317 325,811 168,879 130,668 859.127 146,914 93,253 115,762 37,790 241,075 F.R.bank notes in actual circulation >213 12,466 34,443 5,537 2,996 — 1,085 16,144 39 497 570 44l — Deposits: Member bank - reserve account 22,,1111^^,,228833 121,031 988,988 115,481 133,393 64,528 4422,,664400 227711..554422 6622,,44oo44 4400,,222200 7733,,444455 4499,,995577 115500,,665544 Government 31,260 853 -11,746 l,4oi 2,014 3.424 1,155 3,862 2,229 985 926 1,071 1.594 Foreign bank 22,9^3 1,686 7,557 2,426 2,287 901 809 3,003 786 531 670 670 1,617 Special deposits: member bank 87^67 3,072 5.813 6,941 13,016 6.176 6,801 31,265 3,347 1,151 4,537 261 5.087 norrneno er b ank 17,6^2 1,442 1,668 '843 1,767 359 5,312 3.436 2,048 137 — 630 Other deposits 1+6,859 4,747 12,662 91 6,564 4,320 2,882 3,276 4,281 958 324 134 6,620 Total deposits 2,320,^ 131,389 1,028,208 128,008 158,117 81,116 54,646 318,260 76,483 45,893 80,039 52,093 166,202 Deferred availability items 359,558 40,187 92,973 27,727 35.280 29,730 9,981 47,021 17,002 8,542 18,726 14,227 18,162 Capital paid in 150,217 10,768 58,526 15,800 13.895 5,454 4,599 15,552 4,o46 2,822 4,247 3,885 10,623 Surplus 278,599 20,460 85,058 29,242 28,294 11,616 10,544 39.497 10,186 7,019 8,263 8,719 19,701 All other liabilities 738 7,144 1,015 2, SSI 1,382 2,836 3,254 1,154 1,021 617 877 1,975 TOTAL LIABILITIES 6,507,985 439,160 2,016,599 454,646 567,27^ 298,177 214,409 1,298,855 255,824 159,047 228,224 118,032 ^57,738 Ratio of total gold reserves and other cash* to deposit and E.R. , . ^ , note liabilities combined 67.1- 75.0 60.3 62.0 57.O 77.4 66.0 80.6 73.5 56.7 67.5 56.9 63.2 Contingent liability on bills purchased for foreign correspondents 38,886 2,83s 12,9-39 4,083 3.850 1,516 1,361 5,055 1,322 894 1,128 1,128 2,722 MATURITY DISTRIBUTION 0? BILLS AND SHORT TERM SECURITIES 91 days to Total Within 15 days 16 to 30 days 31 to 60 days 6l to 90 days Over 6 months 6 months Bills discounted 330,225 212,662 22,485 23.570 64,943 6,338 227 Bills bought in open market 77,543 65,036 4,533 2,634 5,340 Certificates and bills 821,124 86,600 127,375 73.238 127,956 229,976 175.479 Municipal warrants 5,4Q4 5.192 127 25 10 50 * "Other cash." does not include F. R. notes or a bank's own F. R. bank notes. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE ITOTE STATEMENT Oil MAY 17. 1933 (In thousands of dollars) B-SOld Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kanp.Cy. Dallas San Fran. Federal reserve notes: Issued to F.R.Bank by F.R. Agent 3,556,60^ 237.3S8 7 9 3 .^ 261,577 3*0,005 175»^13 153,512 S5H,g6U 157,07s 96,909 126.1+23 1+0,696 279,299 Held by Federal reserve "bank 256,609 1^,236 83,193 1^,260 li+,i9'4 6,531+ 22,81+4 35,737 10.16U 3.656 10,661 , 2,906 38,22* In actual circulation 3.299,995 223,152 710,21+7 21+7,317 325,Sll 168,879 130,668 859,127 1*6,911+ 93,253 115,762 .37,790 241,075 Collateral held by agent as security for notes issued to bank: Gold and gold certificates 1,381,101+ 70,202 1+23,1+46 9i+,050 86,1+70 1+9,160 21,100 i+30,9S7 1+1,975 29,021 20,1+90 18,703 95,500 Gold fuad - R. Board 1,350,835 136,017 231,100 76,950 111,500 100,505 69,000 377,000 82,700 25,000 66,800 3,500 70,763 Eligible paper 21+9,1+1+7 16,093 60,1+27 22,1*6 1+3,202 12,1+1+5 17,173 27,83k *,112 9,655 7,078 6,285 22,997 U.S. Gov't, securities 613,1+00 17,500 80,000 70,000 100,000 17,000 1+7,000 71,000 29,000 33,900 35,000 13,000 100,000 Total collateral 3,59l+,786 239,812 79*,973 263,1*6 31+1,172 179,110 15*.273 906,821 157 ,787 97,576 129,36s 1+1,1+88 289,260 FEDERAL RESERVE BAIK ITOTE STATEMENT 01T MAY 17, 1933 (In thousands of dollars) Total Boston Hew York Fhila. Cleve. Rich. Atlanta Chicago St, .Louis Minn. Kans.Cy. Dallas San Fran. Federal reserve bank notes: Issued to F.R.Barik:( Outstanding) 99,*3* 15,630 *7,*7* 6,280 1+.720 1,1*0 20,600 160 580 1,000 1,800 Held by Federal reserve bank 25,216 3,211+ 13,031 7*3 1,724 55 1+.1+56 121 S3 1+30 1.359 In actual circulation 7!+, 218 12,1+66 3*,**3 5,537 2,996 1,085 16,11+1+ 39 1+97 570 1+1+1 — Collateral pledged against outstanding notes: Discounted and purchased bills l+i+,696 17,1+30 25,521 - 1,395 21+5 105 — U.S. Govt, securities 95,*7* *7^7* 8,000 30,000 5,000 2,000 1,000 2,000 Total collateral 11+0,170 17,430 *7,*7* 8,000 25,521 1,395 30,000 5,21+5 2,000 1,000 2,105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis