H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, March 13; of the Federal Reserve System not earlier. March 12, 1935 CONDITION OF FED3RAL RESERVE BMiCS The daily average volume of Federal Reserve bank: credit outstanding during the week ended March 11, as reported by the Federal Reserve banks, was $2,^7^,000,000, a decrease of 000,000 compared with the preceding week and an increase of $11,000,000 compared with the corresponding week in 1935* On March 11 total Reserve bank credit amounted to $2,^+73$000,000, a decrease of $2,000,000 for the week. This decrease corresponds with decreases of $3,000,000 in money in circulation and $27,000,000 in member bank reserve balances and an increase of $3,000,000 in monetary gold stock, offset in j>art by increases of $11,000,000 in Treasury cash and deposits with Federal Reserve banks and $21,000,000 in nonmember deposits and other Federal Reserve accoxmts and a decrease of $3,000,000 in Treasury and national bank currency* Member bank reserve balances on March 11 were estimated to be approximately $3,010,000,000 in excess of legal requirements* Relatively small changes were reported in holdings of discounted and purchased bills and industrial advances. An increase of $0,000,000 in holdings of United States Treasury bills was offset by a decrease of $S,000,000 in holdings of Treasury notes. Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended March 11, 193&, ^otq as follows: Increase or decrease since Mar* 11 liar M Mar. 13 # 1936 (In millions of dollars) Bills discounted 5 -1 -1 Bills bought 5 -1 U. S. Government securities 2,^30 -1 Industrial advances (not including 26 million commitments - March 11) 30 -1 +10 Other Reserve bank credit 3 +5 TOTAI* EES3SVS MM CS&DIT 2,^73 -2 +13 Monetary gold stock +5 *l,6l9 Treasury and n&fcioa&l baalr currency 2 f §&3 ~3 -22 Money in circulation 5»£>Uo +38$ Member bank reserve balances 5»7S6 -27 +1,19S Treasury cash and deposits with F.R.banks 2,909 +11 -100 Honmember deposits and other F.3.accounts Sll +21 +126 (B-C01) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, llarch 13;1936; not earlier, B-SOla ASSETS JU£D LIABILITIES OP THE 233LVE FEDERAL RESERVE mZIS C01IBI1IED (In thousands of dollars) Mar, 11,1936 I.jar. 4,1936 Mar, 13,1935 A S S E TS Gold certificates on hand and due from U. S. Treasury 7,667,330 7.669,328 5,554,324 Redemption fund - P. R, notes 15.253 14,902 15,878 Other cash 344.928 338.513 253,93? Total reserves 8,028,011 8,022,743 5,824,135 Redemption fund - P. R. bant notes . .. — — 5 Bills discounted: Secured by U.S.Gov't. obligations,direct and/or fully guaranteed . 2,318 2,996 3»217 Other bills discounted 2,602 2,716 3.208 Total bills discounted 4,920 5.712 6,425 Bills bought in open market 4,676 4,673 5,505 Industrial advances 30,195 31.454 19.869 U. S. Government securities: Bonds 215,726 216,069 390.186 Treasury notes 1,59^,648 1,602,759 l,4q4,675 Treasury bills 619.913 612,011 545,500 Total U.S. Government securities . , 2,430,287 2.430,839 2,430,361 Other securities . 181 181 — Total bills and securities 2,470,259 2,472,859 2,462,160 Due from foreign banks . 647 649 802 P. R. notes of other banks 18,334 18,999 13,851 Uncollected items . 509,419 523,547 504,894 Bank premises 47,265 47,863 49,514 All other assets 42,006 4l,076 49,154 TOTAL ASSETS Il,ll6,54l 11,127,736 8,904,515 L I A B I L I T I ES P. R. notes in actual circulation . . . 3.731.534 3,735,066 3,136,652 F. R, bank notes circulation - not . .. — — 100 Deposits: Member bank - reserve account . . .. 5,786,173 5,813,244 4,588,213 U.S.Treasurer - General account . . . 391,113 379,299 87,968 Foreign bank 64,391 49,275 17.587 Other deposits 272,512 272,189 219,998 Total deposits 5,5l4,iS9 6,514,007 4,913,766 Deferred availability items 507.067 521,660 507,943 Capital paid in 130,638 1^0,656 147,020 Surplus (Section 7) . 145,501 1%,501 144,893 Surplus (Section 13 b) 26,513 26,519 14,278 Resorve for contingencies . . . . . .. 34,107 34,123 30,822 All other liabilities . 26,992 20,204 9.04l TOTAL LIABILITIES Il ll6,54l 11,127,736 S,904,515 f Ratio of total reserves to doposit and P. R. no to liabilitioc combined . .. 78.4$ 78.3$ 72.j$ Contingent liability on bills purchased for foreign corrospondents — — 224 Commitments to make industrial advances 25,709 25,537 15.084 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS MD LIABILITIES 0? THE FEDERAL HESERTO BASICS OH MA.ECH 11, 1936 (in thousands of dollars) 3-S01b A S S E TS Total Boston Hew York Phila. Cleve. fiich. Atlanta Chicago St.Louis Minn. ICans.Cy. Dallas San Fran. Gold certificates on hand and due from U. S. Treasury 7,667,830 524,823 3,172,126 399,325 526,001 257.985 184,600 1,431,263 202,214 173,270 192,502 140,827 412,329 Redemption fund - F. E. notes 15,253 2,755 1,226 680 1,071 690 2,423 357 1,154 469 1,210 576 2,642 Other cash 344,923 42,112 90,342 42,303 30,369 16,253 12,217 45,291 17,209 5,4l3 20,282 5,106 1^,531 Total reserves 3,028,011 569,695 3,263,69!+ 442,368 557,941 274,928 199,240 1,526,911 220,577 182,152 213,99^ 146,509 1+30,002 Bills discounted: Secured by U*S.Govt, obligations, direct and/or fully guaranteed 2,318 7S 1,545 375 27 30 55 i53 13 15 67 30 Other bills discounted 2,602 33 2,043 63 32 15 12 4i F j ; 61 160 103 24 Total bills discounted 4,920 111 3,593 43s 59 45 67 74 13 6l 175 175 104 Bills bought in open market 4,676 349 1,741 472 44o 190 163 530 27 61 133 133 327 Industrial advances 30,195 2,76s 7,604 5,479 1,594 3,S37 370 2,063 510 1,434 1,131 1,725 1,130 tj. S* Government securities: Bonds 215,726 14,427 55,252 l6,s4s 19,070 10,209 8,765 23,04G 10,732 13,000 10,333 16,560 17,435 Treasury notes 1,594,643 107,166 492,235 120,336 143,333 79,673 bS,4lO 179,231 84,263 46,974 79,640 51,200 :1 36,077 Treasury bills 619,913 36,035 136,896 39,936 50,117 26,329 23,034 123,293 23,205 15,643 26,216 17,240 45,319 Total tf.S*GrOvt. securities 2,430,287 157,673 734,333 177,120 213,025 116,716 100,209 326,164 1;2 3,200 75,617 116,344 35,000 : 1 99,331 Other securities 131 — — t \ — — — — — — 131 — — Total bills and securities 2,470,259 160,906 747,321 183,509 220,113 120,733 101,309 323,331 :1 23,615 77,223 113,464 37,033 ;2 00,332 Due from foreign banks 647 50 255 63 60 28 23 78 4 3 19 19 45 F.S.notes of other banks IS,334 316 4,866 665 1,135 1,006 2,196 2,287 l,6s6 673 1,325 402 1,777 Uncollected items 509,419 50,294 124,544 37.050 43,933 43,O4S 19,631 67,165 23,5S5 13,469 29,536 21,760 30,239 Bank premises 47,865 3,113 10,823 4,926 6,525 2,919 2,284 4,323 2,%2 1,531 3,360 1,524- 3,520 All other assets 42,006 132 31,93S 3,854 1,405 1,003 1,314 331 179 47s 306 792 224 TOTAL ASSETS 11,116,541 784,556 *i - ,133,4416 72,435 336,132 443,720 325,997 ]l ,930,431 ;3 72,293 275,529 367,054 258,039 666,309 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AND LIABILITIES OP THE FEDERAL RESERVE BARKS ON MARCH 11, 1936 (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.R.notes in actual circulation 3,731,534 337,953 733,244 277,293 362,270 176,356 160,756 858,833 161,776 111,482 142,675 74,916 283,930 Deposits; Member bank - reserve account 5,736,173 357,444 2,623,765 31^,673 375,747 200,111 122,917 376,894 l62,S34 131,923 177,792 134,362 307,211 U.S.Treasurer - General account 391,113 2,195 225,202 1,332 9,093 3,626 2,633 2,813 3,343 4,523 2,929 5,011 Foreign bank 64,391 M 76 22,5^7 6,123 6,063 2,899 2,306 1,377 1,5^2 1,911 1,911 4,547 Other deposits 272,512 7.100 214,490 2,44l 3,223 4,905 2,732 7,737 4,646 SS4 9,890 12,355 Total deposits 6,514,189 371,615 :5 ,I46,oo4 324,192 393,344 209,359 132,761 955,733 175,361 141,494 185,110 149,592 329,124 Deferred availability items 507,067 49,336 121,61s 37,373 47,110 42,573 19,193 68,438 24,916 13,534 29,065 23,249 30,607 Capital paid in 130,63s 9,399 .50,923 12,324 12,442 4,595 4,234 12,043 3,757 3,021 3,942 3,791 10,147 Surplus (Section 7) 145,501 9,902 50,825 13,406 14,371 5,136 5,6l6 21,350 4,655 3,149 3,613 3,783 9,645 Surplus (Section 13b) 26,513 2,374 7,744 4,231 1,007 3,448 754 1,391 546 1,003 1,142 1,252 1,121 Reserve for contingencies 34,107 1,413 3,349 3,000 3,lll 1,257 2,508 7,573 S92 1,403 843 1,329 1,349 All other liabilities 26,992 2,064 14,234 616 2,527 446 170 5,120 335 3©3 664 127 336 TOTAL LIABILITIES 11,116,541 734,556 4,103,441 672,435 336,182 443,720 325,997 1,930,481 372,29s 275,529 367,054 253,039 556,809 Ratio of total reserves to deposit and F.R.note liabilities combined 73.4 80.3 83.1 73.5 73.3 71.2 67.9 84.1 65.4 72.O 65,3 65.3 70.1 Commitments to make industrial advances 25,709 3,296 9,386 316 1,634 2,323 3S7 106 1,936 105 731 537 4,402 MATURITY DISTRIBUTION OF BILLS AND SECURITIES 91 days to Total Within 15 days Over 6 months 16 to 30 days 31 to 60 days 6l to 90 days 6 months Bills discounted 4,920 4,026 236 469 55 76 8 Bills bought 4,676 2,071 354 869 1,3*2 Industrial advances 30,195 1,562 455 405 1,741 25,680 U.S.Government securities 2,430,287 43,850 7,164 11r6 ,4?i 5 o 2 47,506 365,277 1,850,080 Other securities 131 181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE TOTE STATEMENT 01T MARCH 11, 1936 (In thousands of dollars) B-SOld Total Boston Hew York Phila, Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Federal Eeserve notes: Issued to F.a.bank by r.s.agent ^,003,275 356,692 337,030 290,959 375»in isU.701 130,51+7 391+,1+oS 163,973 llU,C65 152,157 CO,^77 322,357 Held by Federal Reserve bank 276,7*+! 18,739 103,736 13,666 12,3*+1 S,3*+5 19,791 ..35*573 7.197 3,333 9.^32 5.5^1 33,377 In actual circulation 3.731.53^ 337.953 7S3,2^ 277.293 362,270 176,356 160,756 353,333 161,776 111,1+32 1^2,675 7^,916 233,930 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 3.931. «&3 366,617 905,706 291,000 375,U*+0 136,000 1*+5,6S5 900,000 1^7,632 116,000 133.000 21,500 283.263 Eligible paper 3,211 35 2,120 U05 27 30 55 33 3 53 157 153 SO U. S. Gov't securities 123,000 — — — — 37,000 — 23,000 — 20,000 — >+3,000 Total collateral ^,053,05^ 366,702 907,S26 291,1105 375.^67 136,030 132,7^0 900,033 170,61+0 116,053 153.157 31,653 326,3^3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis