H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOE THE PRESS Released for publication B-301 Friday morning, Mar* 30; Federal Reserve JBoard not earlier, March 29, I93H* C02H3ITI0IT OF FEDERAL RESERVE BANKS The daily average volume of Federal Reserve bank credit outstanding during the week landed; March 28, as reported by the Federal Reserve banks , was $2,523,OOO OOO an increase of $2,000,000 compared with the preceding weekend a f f decrease of $276,000,000 compared with the corresponding week in 1933 • On March 28 total Reserve bank credit amounted to $2,519fQ°0»00°t increase of $11,000,000 for the week* This increase corresponds with increases of $66 ,000,000 in Treasury cash and deposits with Federal Reserve banks, of $8,000,000 in nonmember deposits and other Federal Reserve accounts and $2,000,000 in money in circulation, offset in part by increases of $Hl,000,000 in monetary gold stock and $13 000,000 in Treasury and National bank currency and a decrease 9 of $10,000,000 in member bank reserve balances. The System's holdings of bills discounted increased $2,000,000 and of Treasury certificates and bills $10,000,000, while holdings of United States Treasury notes declined $10,000,000 and of bills bought in open market 000,000* Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended March 28, 193^» were as follows: Increase or decrease since Mar* 28 Mar* 21 Mar* 29 19ft 19ft (In millions of dollars) Bills discounted 53 +2 -506 Bills "bought 29 J+ -281 U. S. Government securities 2,^32 +59^ Other Reserve "bank credit 5 +lU +11 TOTAL RESERVE BANK CREDIT 2,519 +11 -183 Monetary gold stock 7,681 +Hl +3.696 Treasury cash and deposits with 7. R.banks 2,356 +13 +69 Money in circulation 5,336 + 2 -730 Member bank reserve balances 3,439 -10 +1,^52 Treasury cash and deposits with F, R. banks 3,318 +66 +2,890 Nonmember deposits and other F.R. accounts H6H + 8 -28 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, March 30fl931+I aot earlier. B~801a ASSETS A*TD LIABILITIES OF THE TWELVE 8ED2RAL RESERVE BAJ3KS COMBINED (in thousands of dollars) Mar, 28.193^ Mar. 21,193^ Mar. 29,1933 A S S E TS Gold certificates on hand and due from U. S. Treasury . . . . . 281,197 4,270,695 911»5^3 # # # # Gold — 2,240,150 Redemption fund - F. R. notes . . . . . 32,911 33,568 85,073 Other cash 220,886 220,181 336,626 Total reserves U,53U,99U 4,524,444 3,573,392 Redemption fund - F. R. hank notes . . 9,03s 10,868 1,100 Bills discounted: Sec. by U.S.Government obligations . 13,592 11,605 238,469 Other bills discounted . . . . . .. 38,987 39,807 320,533 Total bills discounted . . . . 52,579 51,412 559,002 Bills bought in open market . . . . .. 29,359 33,250 310,235 U.S.Government securities: Bonds . 442,928 41+2,865 422,776 Treasury notes . 1,214,246 1,224,043 457,872 Certificates and bills . 77^,712 764,987 957.722 Total U.S.Govt, securities . . .. 2,431,886 2,1+31,895 1,838,370 Other securities . . . . . . . . . .. 563 563 5,414 Total bills and securities ... 2,514,387 2,517,120 2,713,021 Due from foreign banks . . . . . . .. 3,131 3,132 3,618 F. R. notes of other banks . . . . .. 15,276 ill, 831 37,143 Uncollected items 395,844 41+9,1+48 316,458 Bank premises 52,432 52,431 5M37 Fed. Dep. Ins. Corp stock . . . . .. 69,650 69,650 # All other assets . . . . . . . . . .. 48,984 51,056 TOTAL ASSETS 7,6^5,262 7,690,908 6,749,825 L I A B I L I T I ES F. R. notes in actual circulation . . . 2,997,036 2,984,943 3,7^7,626 F. R. bank note circulation - net # . . 112222JJHH33 143,877 14,228 Deposits: Member bank - reserve accoimt . . .. 3,438,9^ 33,,444499,,226699 1,987,311 Government . . . . .. 56,443 24,009 72,294 Foreign bank 6,138 7,378 17,409 Special deposits - member bank ... 22,3^7 24,IO6 63,445 nonmember bank # # 10,952 11,036 15,254 Other deposits . . . . . .. . . . 121,924 111,838 47,441 Total deposits . . . . .. 3,656,752 3,627,636 2,203,154 Deferred availability items . . . . .. 394,468 462,158 331,388 Capital paid in 145,586 145,731 149,645 Surplus 138.38H 138,383 278,599 Subscription for Fed. Dep. Ins. Corp. stocki> ; Paid 69,650 69,650 — Called for payment on ipril 15 . . . . 69,650 69,650 — Ill other liabilities . 50,99? 48,880 25,185 TOTAL LIABILITIES 7,61+5,262 7,690,908 6,749,825 Ratio of total reserves to deoosit and y.H.note liabilities combined . . .. 6688..225566 68.4$ 6o.o# Contingent liability on bills purchased for foreign correspondents . . . .. ^^..993355 ^^,,993355 4466,,554499 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AMD LIABILITIES OF THE FEDERAL RESERVE BATES OF MARCH 2S, I93U A S S E TS (In thousands of dollars) B~S01b Total Boston New York Phila. Cleve. Bich. Atlanta Chicago St.Louis Minn. Kans.Qf. Dallas San Fran. Gold certificates on hand and due from U. S. Treasury U,281,197 311,710 1,375.280 281,169 340,199 152,609 121,065 900,1U2 171,797 101,569 165,^39 97,759 262,U59 Redemption fund ~ F.R. notes 32,911 2,76s 2,974 3,435 3,491 1,737 3,051 6,393 1.232 1,280 783 695 5,072 Other cash 220,886 16,757 53,629 3U,U9D iU,I69 9,036 11,H00 29,^07 10,315 10,207 10,Ull 7,301 13,258 Total reserves U,53M?* 331,235 1.^31,883 319,100 357,259 163,382 135,516 935,9*42 I83,3UU 113,056 176,633 105,755 2S0.789 Redemption fund - F.R.bank notes 9,03s 1,250 2,506 S58 1 , 2 15 — 269 *7l 73* 2U7 250 U7U 76U Bills discounted: Sec. by U.S.Govt." obligations 13,592 l,6oU 6,571 3,096 6U5 352 13U 882 16U 1 1*3 Other bills discounted 38,937 1,199 lb,560 13,610 2,253 1,U80 828 .1,252 1U6 797 321 123 UlS Total bills discounted 52,579 2,803 23,131 16,706 2,898 1,832 962 2,13* 310 793 321 123 561 Bills bought in open market 29,359 U,72U 2,U02 1,981 2,3*1 1,000 1,037 2,630 1,065 815 1,009 7,825 2,530 TJ. S. Government securities: Bonds W+2,928 ?H,U00 163,251 28,069 32,159 14,127 13,057 76,9*9 i*,*5* .l6,Un 15,620 19,281 25,110 Treasury notes l,2lU,2U6 81,130 385,SHU 8^,656 110,097 Us,35* **,553 216,792 47,909 30,003 *7,373 31,771 85,96* Certificates and bills 77*,712 52,151 237,S60 5*,395 70,769. 31,022 23,639 iU3,602 30,797 19,226 30.U51 20.U23 55,257 Total U.S. Govt, securities 2,U31,SS6 157,681 786,755 167,120 213,025 93,563 86,2U9 *37,3*3 93,200 65,700 93,UUU 7l,U75 166*331 Other securities 563 — 53 510 — — — — — — — — — Total bills and securities 2,5iU,387 165,208 812,3UI 186,317 218,26* 96,395 88,2US UU2,107 9*,575 67,313 9*,77* 79,*23 169,U22 Due from foreign banks 3,131 237 1,195 3*2 300 119 109 UlU 10 7 88 88 222 F. R. notes of other banks 15,376 31U U,882 372 873 s6o 1,113 2,769 1,13* 8U6 1,193 353 1,162 Uncollected items 395,sUH **,931 100,026 33,135 36,955 36,19* 12,636 50,392 17,5S7 9,732 21,289 13,371 19,596 Bank premises 52,^32 3,22U 11.U2U U,0l6 6,788 3,128 2,372 7,382 3,lii 1,657 3,485 1,755 U,090 Fed. Dep. Ins. Corp. stock 69,650 5,115 21,265 7,310 7,073 2,9oU 2,636 9,87* 2,5*7 1,755 2,066 2,180 U,925 All other assets ^9,910 950 31,816 5,332 l,*98 2,072 3,027 1,*95 3U2 1,271 539 779 733 TOTAL ASSETS 7,6^5,262 552,^64 2,^17,33S 556,722 630,830 305,060 2^5,926 1,^50,8^6 303fCSU 195,23U 300,367 20U f 17S '421,703 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AHD LIABILITIES OF THE FEDERAL RESERVE BABES OH MARCH 28, 1934 L I A B I L I T I ES (In thousands of dollars) B-801c Total Boston New York Phi la. Cleve. Rich. Atlanta Chicago St.Louis Minn. Eans.Cy. Dallas San Fran, F.R.notes in actual circulation 2,997»036 231,819 613,476 241,761 295,902 146,239 126,3^9 766,770 13^,553 95,912 107,811 39,S6l 196,583 P.R.bank note circulation - net 122,743 14,625 47,710 14,077 13.689 — 1,883 3,757 7,^90 4,037 4,186 3,503 7,786 Deposits: Member bank - reserve account 3,^38,9^8 222,642 1,427,327 203,888 229,491 97,652 74,522 542,095 109,707 68,106 137,266 120,390 205,862 Government 56,443 1,517 13,875 3,^1+2 5,281 1,678 3,501 15,969 2,39S 247 6,235 1,644 656 Foreign "bank 6,138 391 2,585 565 522 206 190 685 179 125 152 152 386 Special deposits: member bank 22,347 124 1,317 4,365 3.37S l,o4l 1,583 5,698 1,363 693 1,150 321 1,314 nonmember bank 10,952 — 998 1,902 92 723 260 6»04i 363 ~ — 573 Other deposits 121,924 4,104 48,421 8,815 3,915 4.394 7,264 4,126 8,831 5,532 9,363 2.014 15,145 Total deposits 3,656,752 228,778 1,494,523 222,977 242,679 105,694 87,320 568,573 128,519 75,066 154,166 124,521 223,936 Deferred availability items 394,468 45,015 98,261 31,323 3^,731 35,912 12,739 51,087 17,336 9,849 21,542 15,310 21,303 Capital paid in 145,586 10,688 59 s 106 15,621 12,706 4,978 4,421 12,67s 3,9*7 2,843 4,058 3,883 IO.657 Surolus 138,384 9,610 45,217 13,353 1^,090 5,171 5,1*5 20,681 4,756 3,*20 3,613 3,683 9,645 Subscription for Fed. Dep. Ins. Corp. stock: Paid 69,650 5,115 21,265 7,310 7,073 2,904 2,636 9,874 2,5*7 1,755 2,066 2,180 *,925 Called for payment on April 15 69,650 5,115 21,265 7,310 7,073 2,904 2,636 9,874 2,5*7 1,755 2»o66 2,180 *,925 All other liabilities 50,993 1^99 16,515 2,990 2,887 1*258 2,797 7,552 2.189 1,247 . 859 9,057 1,943 TOTAL LIABILITIES 7,645,262 552,464 2,417,338 556,782 630,830 305,060 245,926 1,450,846 303,884 195,884 300,367 204,178 481,703 Ratio of total reserves to deposit and F.R. note liabilities combined 68.2 71.9 67.9 68.7 66.4 64.9 63.4 70.1 69.9 66.1 67.4 64.3 66.8 Contingent liability on bills purchased for foreign correspondents 4,935 348 1,773 503 464 184 169 609 160 111 135 135 3^44 MATURITY DISTRIBUTION OP BILLS AMD 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 52,579 37,565 2,854 5,081 6,782 263 3* Bills bought in open market 29,359 13,712 6,634 7,381 1,632 Certificates and bills 774,712 61,190 76,57s 129,575 112,861 187,829 206,679 Municipal warrants 563 510 53 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE FOTE STATEMEFT OH MARCH 28, 1934 (In thousands of dollars) B-S01d Total Boston Few York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy.D allas San Fran, Federal Reserve notes: Issued to F.R.bank by F.R.Agent 3,250,338 243,037 683,462 253,564 310,484 154,4g4 146,082 201,590 140,629 101,923 115,571 45,554 243,868 Held by Federal Reserve baric -253,362 16,268 74,936 11,303 14,582 8,245 19,733 34,820 6,076 6,011 7,Sb0 5*693 47,285 In actual circulation 2,997,036 231,819 613,5+76 241,761 295,902 146,239 126,3119 766,770 134,553 95,912 107,811 39,861 196,583 Collateral held by agent as security for notes issued to brink: Gold certificates on hand and due from U.S. Treasury 2,875,218 242,672 683,706 221,000 252,33b 120,863 95,3S5 722,713 125,936 81,444 109,290 38,560 130,763 Eligible paper 54,I4S 7,O4S 15,197 ?, 024 3,770 1,935 1,385 3,001 1,21*0 1 , 1 09 1 . 1 179, 801 2,519 U.S. Govt, securities 351,700 — — 25,000 55,000 32,000 52,000 so,000 15,000 20,700 3,000 — 64,000 Total collateral 3,231,066 21+9,720 693,903 254,024 311,656 154,75^ 143,770 305,JlU 142,176 103,253 113,409 1+6,361 21+7,232 FEDERAL aSS3R7E BX& FOTE STA33KEFT OF MARCH 28, I93U (In thousands of dollars) Total Boston Few York Phi la. Clove. Rich. Atlanta Chicago St. Louis !!i:m. Eans.Cy. Dallas Son Fran, Federal Reserve bank notes: Issued to F.R,Eank( out standing) ll+0,l67 15,1+31 52,51+0 21,03* iH.330 2,609 4,606 7,731+ i+,372 i+,i+02 i+,i5i+ 8,951+ 17,424 806 " ' 61+1 244 216 In circulation - net* 122,7^3 14,625 1+7,710 14,077 13,659 1,883 3,757 7,490 4,037 4,186 3,503 7,726 Collateral pledged against outstanding notes: Discounted and purchased bills 973 962 11 U. S. Govt, securities 172,774 20,000 5>+,27l+ 26,500 15,000 3,000 6,000 11,000 10,000 5,000 7,000 15,000 Total 173,747 20,000 54,27!+ 26,500 15,962 3,011 6,000 11,000 10,000 5,000 7,000 15,000 •Does not include $56,81!+,000 of Federal Reserve bank notes for the retirement of which Federal Reserve banks have deposited lawful money with the Treasurer of the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis