H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, March. 20; of the Federal Reserve System not earlier. March 191 193^ C01TDXTI0IT OF FEDERAL RESERVE BA1TKS The daily average volume of Federal Reserve bank credit outstanding during the week ended March IS, as reported by the Federal Reserve banks, v/as $2,^72,000,000, an increase of $4,000,000 compared with the preceding week and of $17,000,000 compared with the corresponding week in 1935* On March IS total Reserve bank credit amounted to $2,US5,000,000, an increase of $12,000,000 for the week. This increase corresponds with an increase of $67S,OCOOOO in Treasury cash and deposits with Federal Reserve banks, offset in f part by decreases of $6^2,000,000 in member bank reserve balances and $22,000,000 in nonmember deposits and other Federal Reserve accounts and an increase of $3,000,000 in monetary gold stock* Member bank reserve balances on March IS were estimated to be $2,39°»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 $50,000,000 in holdings of United States bonds was offset by decreases of $^0,000,000 in holdings of Treasury notes and $10,000,000 in holdings of Treasury bills. Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended March IS, 193^, were as follows: Increase or decrease since Mar. 13 Liar, 11 Mar. 20 1956 193,6 1935 (In millions of dollars) Bills discounted 6 +1 -2 Bills bought , 5 — — U. S. Government securities 2,1+30 —- — Industrial advances (not including 26 million commitments - Marcli IS) 30 +10 — Other Reserve bank credit lb +11 +23 TOTAL RESERVE BANK CREDIT 2/4S5 +12 +30 Monetary gold stock 10,173 ,+3 +1,619 Treasury and national bank currency 2,503 -13 Money in circulation +1 +3SS Member bank reserve balances 5.1UU -6U2 +7S3 Treasury cash and deposits with F.R.banks 3,527 +67S +367 Honmember deposits and other F.R.accounts 589 -22 +92 (B-SOi) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released, for publication Friday morning, March 20,1936; not earlier. B-SOla ASSETS AliD LIABILITIES OP THE TWELVE FEDERAL RESERVE BA2TKS C0MBI1IED (In thousands of dollars) liar. 18,1936 liar. 11.1936 Mar. 20.1935 A S S E TS Gold certificates on hand and due from U. S. Treastixy 7.667,338 7,667,830 5,567,221 Redemption fund - F. R. notes 15.019 15.253 15.S77 Other cash 31+6,078 3W.92S 252.657 Total reserves 8,028,1+35 8,028,011 5.S35.755 Redemption fund - F. R. bank notes . .. — — 5 Bills discounted: Socured by U.S.Gov't obligations,direct and/or fully guaranteed 2,857 *2,30G ^.^87 Other bills discounted 2.773 *2.6l2 3.170 Total bills discounted 5.630 l+,920 7.657 Bills bought in open market . . . . .. U-, 679 ^,676 5.299 Industrial advances 30,321 30,195 20,l+0§ U. S. Government securities: Bonds • • . . 265. 756 215,726 391,980 Treasury notes 1.55^.896 1.59^,6^8 1,49^,667 Treasury bills . . . .. 609.667 619.913 5^3.660 Total 17.S. Sovernment securities . 2,1+30,319 2,1+30,287 2,1+30,307 Other securities 181 181 Total bills and securities . . .. 2,1+71,130 2,1+70,259 2,1+63,672 Dud from foreign banks 6H1+ 61+7 70S F» R. notes of other banks 17.670 18,33*+ l6,b8l+ Uncollected items . 636,336 509,1+19 509,7^+2 Bank premises 1+7,861+ ^7,865 >+9,52l+ All other assets 35.5^ 1+2.006 1+1.359 TOTAL ASSETS 11,237,628 11,116,51+1 8,917,^9 L I A B I L I T I ES F„ R. notes in actual circulation . . . 3.730,979 3,731,53^ 3,139,753 F. R. bank note, circulation - net . .. — -- 100 Deposits: Itenber baaie - reserve acco\»t . . . .. 5,11+3,768 5,786,173 *+,361,278 U,S.Treasurer - General *coount . . .. 1,067, 391,113 309,517 Foreign bank » 6b0l6 6**,391 16,1+30 t Other deposits 261.3*0 , 272,513 226.393 go.t»l deposits . * * 6,539,128 C^^.lS? i+,^13,618 Deferred availability items 622,988 507,067 519*167 Capital paid in . 130,71+1 130,638 ll+6,$2l+ Surplus (Section 7) 1^,501 1^+5,501 lM+,893 Surplus (Section 13 b) . . . . . . .. . 26,§13 26,513 l*+,366 Reserve for contingencies . . . . . .. 3^,100 ^,107 30,815 All o ^r . ,,„ ZaiU SOSAL %%muwm 11,237,628 11,116,541 8,917,^9 Ratio of total reserves to deposit and F. R. note liabilities combined . . . , 78.2$ 78.1$ 72.5$ Contingent liability on bills purchased for foreign correspondents — — 206 Commitments to make industrial advances 25,537 25,709 15,551 •Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS MD LIABILITIES OP THE FEDERAL ESSERVE BAMS OH MARCH IS, 1936 (In thousands of dollars) B-S01b A S S E TS Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Gold certificates on hand and due fromu. S. Treasury 7,667,338 573,999 3,099,932 407,931 55^,205 273,802 208,1+70 1,379,220 209,54o 170,301 193,769 150,^25 41*0,744 Redemption fund - F. R. notes 15,019 2,726 1,078 626 1,035 830 2,397 318 l,l44 464 1,201 569 2,631 other cash 346,078 4i,34o 90,994 42,218 33,259 16,590 11.346 45,397 16,652 7,847 20,715 5,065 14,655 Total reserves 8,028,435 618,065 3,192,004 450,775 588,499 296,222 222,213 1,424,935 227,336 178,612 215,685 156,059 1+58,030 Bills discounted: Secured by U.S.Govt. obligations, direct and/or fully guaranteed 2,857 143 1,987 4io 92 35 55 —— 3 4o — 2 90 Other "bills discounted 2,773 33 2,163 61 32 15 12 4i 18 85 l4 5 l44 24 Total "bills discounted 5,630 176 4,150 471 124 50 67 4i 21 125 145 146 114 Bills bought in open market 4,679 349 1,743 472 44o 190 164 580 87 61 133 133 327 Industrial advances 30,321 2,762 7,617 5,477 1,555 3,854 865 2,208 504 1,474 1,184 1,711 1,110 S. Government securities: Bonds 265,756 17,957 69,023 20,755 23,973 12,834 11,019 28,965 13,492 14,560 13,013 18,247 21,918 Treasury notes 1,554,896 103,893 486,069 116,714 144,293 77,244 66,320 174,338 81,704 45,55s 77,206 49,636 131,921 Treasury bills 609,667 35,S2S 179,291 39,651 49,759 26,63s 22,870 122,861 28,004 15,531 26,625 17,117 45,492 Total U.S.Govt. securities 2,430,319 157,678 734,383 177,120 218,025 116,716 100,209 326,164 123,200 75,649 116,844 85,000 199,331 Other securities 181 — — — - — — — 181 __ — Total bills and securities 2,471,130 160,965 747,293 183,540 220,144 120,810 101,305 328,993 123,SI2 77,309 118,487 86,990 200,882 Due from foreign "banks 644 50 253 63 59 28 23 78 4 3 19 19 45 F.R.notes of other banks 17,670 320 5,308 707 973 1,0a 1,699 2,480 1,160 836 1,393 487 1,286 Uncollected items 636,336 61,576 149,386 50,790 58,823 54,705 24,428 85,563 27,949 15,067 37,871 32,262 37,916 Bank premises 47,864 3,113 10,823 4,926 6,525 2,919 2,284 4,828 2,451 1,531 3,360 1,524 3,580 All other assets 35,549 202 25,491 3.556 1,490 1,018 1.352 419 184 465 , 302 826 244 TOTAL ASSETS 11,237,628 8l+l+,291 4,131,153 694,357 876,513 476,723 353,301+ 1,81+7,29 6 382,896 273.823 377,117 278,167 701,983 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ASSETS AMD LIABILITIES OP THE FEDERAL RESERVE BAKES 017 LURCH 18, 1936 (In thousands of dollars) B-SOlc L I A B I L I T I ES Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.Louis Iiinn. Kans.Cy. Dallas San Fran, F.R.notes in actual circulation 3,730,979 3 3 8 , 7 8 7 . 5 79 277,056 358,S6l 175,123 160,006 859,653 162,343 111,709 1^3,073 74,325 232,307 Deposits: Member bank - reserve account 5,1^3,762 304,209 2,346,420 280,114 336,394 202,302 116,506 713,797 139,623 110,835 165,244 135,758 292,061 U.S.Treasurer - General account 1,067,364 102,373 502,031+ 44,32s 33,320 23,352 31,971 132,584 31,229 20,153 18,434 13,203 53,373 Foreign "bank 66,016 4,376 24,172 6,12s 6,,0066;3 2,399 2,306 7,644 1,977 1,582 1,911 1,911 4,547 Other deposits 261,9S0 6,137 204,242 1,876 ,37^ 2,324 5,672 3,078 8.105 4.345 934 9,7is 12,675 Total deposits 6,539,128 418,095 3,076,86s 332,446 434,151 236,377 156,455 357,103 130,939 136,920 186,523 160,595 362,656 Deferred availability items 622,9S3 63,935 145,027 51,559 51,796 50,611 23,603 s6,4oi 29,525 16,252 37,776 32,469 34,034 Capital paid in 130,741 9,395 50.925 12,324 12,549 4,592 4,234 12,046 3,762 3,016 3,947 3,802 10,149 Surplus (Section 7) 145,501 9,902 50,825 13,406 14,371 5,186 5,616 21,350 4,655 3,149 3,613 3,7"3 9,645 Surplus (Section 13b) 26,513 2,874 7,744 4,231 1,007 3,448 754 1,391 546 1,003 1,142 1,252 1,121 Reserve for contingencies 34,100 1,413 3,349 3,000 3,111 1,257 2,503 7,573 892 1,477 343 1,328 1,349 All other liabilities 7,673 233 3,341 335 667 129 123 1.779 234 gQ7 200 in 222 TOTAL LIABILITIES 11,237,62s 844,291 4,131,15s 694,357 376,513 476,723 353,304 1,347,296 382,396 273,823 377,117 273,167 701,983 Ratio of total reserves to deposit and F.R.noto liabilities combined 7^.2 SI.7 82.6 74.0 74.2 72.0 70.2 83.0 66.2 71.8 65.4 66.3 71.0 Commitments to make industrial advances 25,537 3,281 9,859 335 1,607 2,305 385 86 1,950 106 663 5S7 4,373 HATURITY DISTRIBUTION OF BILLS MD 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 5,630 4,263 129 485 633 104 16 Bills bought 4,679 1,781 428 1,630 S40 Industrial advances 30,321 1,764 i4g 452 482 1,689 25,785 U.S. Government securities 2,430,319 22,674 9,200 46,Si6 93,133 368,760 1, '89,736 Other securities 1S1 181 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE NOTE STATEMENT ON MARCH 18, 1936 (In thousands of dollars) B-SOld Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Federal H686i*V6 no toss Issued to F.B.bank by F.E^gent 00^,698 356,690 888,162 290,133 373,^97 183.976 179.^66 89M6U 170,089 115,^21 151,115 80,362 321,023 Held by Federal Reserve 'bank 273,719 18,2^6 100,583 13,077 IM36 8,853 19.^60 35.111 7,7^6 3»712 8,0*12 5.537 3Ml6 in actual circulation 3,730,979 3 3 8 , 7 8 7 , 5 79 277.056 35S,86i 175,123 160,006 859,653 162,3^3 ill,709 1^3.073 7M25 282,307 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury 3,966,8^3 366,617 905,70$ 291,000 3 7 5 ,^ 186,000 155,685 900,000 152,632 116,000 136,000 81,500 300,263 Eligible paper 3,681 15O 2,km kjS 92 35 55 — 11 108 127 130 90 U. S. Gov't securities 88,000 -- — — — 27,000 —» 18,000 — 17,000 — 26,000 Total collateral H,058,521* 366,767 908,150 291,^39 375,532 186,035 182,7^0 900,000 170,6^3 116,10s 153,127 81,630 326,353 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis