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STATEMENT FOR THE PRESS Released f o r p u b l i c a t i o n Friday morning, Mar. 20; not e a r l i e r . B-281 F e d e r a l Reserve Board March 19 > 1931* CONDITION OF FEDERAL RESERVE BANKS The d a i l y average volume of Federal r e s e r v e bank c r e d i t o u t s t a n d i n g during the week ending March I S , as r e p o r t e d by the Federal r e s e r v e banks, was $940,000,000, a decrease of $4,000,000 compared with the p r e c e d i n g week and of $165,000,000 comp a r e d with the c o r r e s p o n d i n g week in 1930. On March 18 t o t a l r e s e r v e bank c r e d i t amounted to $907,000,000, a decrease of $35,000,000 f o r t h e week. This decrease corresponds with i n c r e a s e s of $44,000,000 i n Treasury c u r r e n c y , a d j u s t e d , and $8,000,000 i n monetary gold s t o c k , o f f s e t in p a r t by i n c r e a s e s of $8,000,000 i n money in c i r c u l a t i o n and of $9,000,000 i n unexpended c a p i t a l f u n d s , e t c . Holdings of d i s c o u n t e d b i l l s decreased $11,000,000 d u r i n g t h e week* the p r i n c i p a l changes b e i n g an i n c r e a s e of $6,000,000 a t the Federal Reserve Bank of San F r a n c i s c o and d e c r e a s e s of $4,000,000 a t Cleveland and $3,000,000 each a t P h i l a d e l p h i a , Richmond and A t l a n t a . The System's h o l d i n g s of b i l l s bought in open market d e c l i n e d $28,000,000, while h o l d i n g s of United S t a t e s s e c u r i t i e s , l a r g e l y as a r e s u l t of Treasury o p e r a t i o n s , i n connection with q u a r t e r l y t a x payments, i n c r e a s e d $13,000,000. Changes in t h e amount of r e s e r v e bank c r e d i t o u t s t a n d i n g and in r e l a t e d items during the week and t h e year ending March 18, 1931, were as f o l l o w s : Increase or decrease since Mar. 18 Mar. 11 Mar. 19 (Ill millions of dollars) B i l l s discounted B i l l s bought United S t a t e s s e c u r i t i e s Other r e s e r v e bank c r e d i t 162 123 618 5 11 23 + 13 - - 8 35 TOTAL RESERVE BANK CREDIT Monetary gold s t o c k Treasury currency a d j u s t e d 907 4,685 1,316 + + 44 Money in c i r c u l a t i o n Member bank r e s e r v e b a l a n c e s Unexpended c a p i t a l funds,nonmember d e p o s i t s , e t c . 4,562 + 8 + 9 2,436 4l0 s - 44 - 62 - 26 + 57 - 76 + 280 + 10 + 81. + 145 - 13 Released f o r p u b l i c a t i o n Friday morning, Mar. 20,1931; not e a r l i e r . B-2Sla RESOURCES MB LIABILITIES OF THE TBLVE FEDERAL RESERVE BANKS COMB INEZ) ( I n thousands of d o l l a r s ) Mar. 18.1931 Mar. 11.1931 Mar.19.1930 RESOURCES Gold with Federal r e s e r v e agents Gold redemption fund w i t h U.S.Treasury . . Gold h e l d e x c l u s i v e l y a g a i n s t F . R . n o t e s Gold s e t t l e m e n t fund with F. R. Board . . Gold and g o l d c e r t i f i c a t e s h e l d "by banks . T o t a l gold r e s e r v e s Reserves o t h e r than gold 1,710,384 33,005 1,743,389 519,463 853,022 3,115.874 178,265 Total reserves B i l l s discounted: S e c . by U.S. Government o b l i g a t i o n s Other b i l l s d i s c o u n t e d 3,294,139 74,791 . . T o tal b i l l s d i s c o u n t e d B i l l s bought i n open market U. S. Government s e c u r i t i e s : Bonds Treasury n o t e s C e r t i f i c a t e s and b i l l s 52,892 109,030 161,922 122,550 1,715,384 33,118 1,748,502 1,683.659 500,222 615,496 683,616 847,650 3,096,374 184,172 3,280,546 78,878 53,266 1,735,925 3,036,037 185,058 3,221,095 71,600 49,628 122,922 172,550 151,402 82,970 122,664 76,025 178,195 350 , 484 6o4,7o4 56,252 211,763 205,634 185,017 • 66,959 T otal U. S. Government s e c u r i t i e s . . Other s e c u r i t i e s 53,223 1497,56 4-, 617,746 293,424 - 561,439 8,780 902,218 703 14,772 563,821 53 , 297 16,073 928,656 698 l4,S64 461,472 58,243 960,870 723 19,850 23,880 682,023 58,480 11,916 4,924,8x4 4,843,007 5,030,587 F. R. n o t e s i n a c t u a l c i r c u l a t i o n . . . . Deposits: Member bank - r e s e r v e account Government Foreign bank Other d e p o s i t s 1,441,823 1,445,555 1,583.701 2,436,383 2,535 5,234 21,104 2,435,520 2,290,540 Total deposits . . . . . . . Deferred a v a i l a b i l i t y items C a p i t a l p a i d in Surplus All other l i a b i l i t i e s 2,465,256 T o t a l b i l l s and s e c u r i t i e s Due from f o r e i g n banks F. R. notes of other banks Uncollected items Bank premises All other resources . . . TOTAL RESOURCES L I A B I L I T - I 5 S TOTAL LIABILITIES . . . . 559,941 169,004 274,636 14,154 4,924,814 33,124 5,133 16,944 2,490,771 448,988 169,024 3,008 6,503 19.447 2,319,498 13,733 4,843,007 18,062 274,636 660,145 172,245 276,936 5,030,587 R a t i o of t o t a l r e s e r v e s t o deposit and F. R. note l i a b i l i t i e s combined . . . 84.3$ S3.3f» 82.5$ Contingent l i a b i l i t y on b i l l s purchased for foreign correspondents 453,072 460,945 503,362 b ® o n TiD r f <; sss RESOURCES AID LIABILITIES OF THE FEDERAL RESERVE BANKS OH MARCH I S , 1931 ( I n thousands of d o l l a r s ) T o t a l Boston Hew York F h i l a . Cleve. Rich. A t l a n t a Chicago S t . L o u i s m - Ron-reserve cash B i l l s discounted: Secured "by U.S.Govt, o b l i g a t i o n s Other b i l l s d i s c o u n t e d Total "bills discounted B i l l s "bought i n open market U. S. Government s e c u r i t i e s : Bonds Treasury n o t e s C e r t i f i c a t e s and "bills T o t a l U.S. Govt, s e c u r i t i e s Tnt.ai m i l and s e t t l e s i l ! " TOTAL RESOURCES t 9w B-2Slt Minn. Kans.Cy. D a l l a s San Fran. ^ 361 861 7,182 7,950 6,535 13,549 11,509 21,417 12,163 37,876 19,345 14,485 l4,4lo 11,870 1, 4oo 6,065 2,083 14,970 24,463 4,290 9,303 13,593 19,884 2,574 5,449 8,023 7,303 337 3,156 3,493 1,015 8,538 6,627 3,989 6,780 12,527 4,052 18,873 153 16,459 122,550 3,172 5, 6l0 8,78 2 11,033 56,959 53,223 1,202 l,6l4 319 625 10,192 7,610 666 235 20,590 683 1,325 989 10,517 670 . 645 1,194 2,124 4,013 530 3,899 4,699 11,667 32,206 18,362 28,056 17,434 19,220 58,414 8,569 43,664 45,505 15,128 34,025 29, 224 38,992 49,352 57,855 16,983 12,703 81,128 23,899 25,689 70,780 52.S92 1OQ 010 151,922 UQ7 "v 1 15o4 43,366 617,746 46,182 22,523 11,551 167,640 201,71^ 902,213 65,997 264,053 ll 'I -i 4 4i t il i 87,310 3 2,793 31,238 114,605 39.225 4,371 33.553 9,723 10,738 7,453 52,216 40,056 70,392 il 4 , 9 2 4 , 8 I 4 369,756 1.615,671 378,028 472,820 199,233 226,333 629,843 188,687 1 22,733 190,733 120,444 410,546 L I A B I L I T I E S RESOURCES AITD LIABILITIES OF THE FEDERAL' RESERVE BASKS' 0>! MARCH 18, 1931 B-281c ( i n thousands of d o l l a r s ) Total Boston Hew York F h i l a . Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. 1,441,823 127,703 249,295 137,185 178,837 80,234 130,520 160,269 76,947 48,420 65,808 26,533 160,072 F.R.notes in actual c i r c u l a t i o n Deposits: 2,436,383 145,298 1 , 0 5 4 , 6 1 2 148,735 194,985 5 9 , 4 l 4 59,795 329,573 70,417 52,216 82,628 57,346 181,364 Member "bank - reserve account 348 212 2,535 i4i 658 130 263 93 123 130 184 152 101 Government deposits 156 353 Foreign tank SI 5,915 " 21, Other deposits 83,168 57,795 187,980 2,465,256 145,851 1,068,188 149,600 197,767 59,888 60,216 330,841 71. 283 52,679 Total deposits 31,842 148,387 47,111 50,375 40,454 17,464 76,654 23, 720 10,518 28,375 22,194 559,941 62,847 Deferred a v a i l a b i l i t y items 11,465 4,328 4,247 5,278 19,974 4, 851 3,056 5.741 65,656 16,784 15,774 169,004 11,850 Capital paid in 8,936 18,475 8,702 562 7,144 39,936 10, 80,575 27,065 28,971 12,114 10,857 274,636 21,299 Surplus 658 112 433 324 916 2,169 la. 789 . 1,998 3.570 283 1,096 14,154 20b A l l other l i a b i l i t i e s 410,546 120,444 4,924,814 369,756 1,615,671 378,028 472,820 199 , 220 226,333 629,843 188, 687 122,733 190,733 TOTAL LIABILITIES 85.0 63.2 68.2 72.9 79- 0 87.7 38.2 84.8 81.1 87-3 . 84.5 84.3 83.8 Reserve r a t i o (.per cent) Contingent l i a b i l i t y on b i l l s pur148,365 44,957 45,865 18,164 16,348 61,305 15,894 10,445 13,169 13,623 30,879 453,072 34,058 chased f o r f o r e i g n correspondents '•a % % ,a g. a FEDERAL RESERVE NOTE STATELIEST Federal reserve notes: Issued to F.R.bank by F.R.Agent Held by Federal reserve tank In actual c i r c u l a t i o n C o l l a t e r a l held by agent as s e c u r i t y f o r notes issued to bank Gold and gold c e r t i f i c a t e s Gold fund - F. R. Board E l i g i b l e paper Total c o l l a t e r a l 1,871,904 156,226 430,08128,523 1,441,823 127,703 ' I S 1,967,034 164,721 Total B i l l s discounted B i l l s bought in open market C e r t i f i c a t e s and "bills 161,922 122,550 497,564 395,069 1 6 0 , 6 1 2 211,975 145,774 29.427 33,138 90,396 153,444 217,018 52,542 56,749 85,444 8,497 75,177 33,823 234,178 7,290 74,106 9,369 249,295 137,185 178,837 80,234 130,520 160,269 76,947 48,420 65,808 : 95.670 74,872 45,000 22,924 x l:ll S IS 420,285 177,360 219,865 Within 15 days 10,162 98,821 153,714 231,585 85,555 4,122 43 52,973 82,o4s MATURITY DISTRIBUTION OF BILLS AITD SHORT TERM SECURITIES 91 days to 16 to 30 days 31 to 60 days 6l to 90 days 6 months 8,154 15,132 23 ,102 l6,06l 26,095 19,919 6,000 1,434 158,717 230 144,706 <6,533 160,072 ilki|i 34,b5b 245,451 Over 6 months 3,803 143, l 4 l
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