H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMEM1 FOR THE PRESS Released for publication B-355 Federal Reserve Board Friday morning, May 22; May 21, 1931. not earlier. CONDITION OF FEDERAL RESERVE BAMS The daily average volume of Federal reserve credit outstanding during the week ending May 20, as reported by the Federal reserve "banks, was $917,000,000, a decrease of $16,000,000 compared with the preceding week and of $51,000,000 compared with the corresponding week in 1930. On May 20 total reserve bank credit amounted to $894,000,000, a decrease of $24,000,000 for the week. This decrease corresponds with a decrease of $10,000,000 in member bank reserve balances and increases of $o,000,000 in monetary gold stock and $19,000,000 in Treasury currency adjusted, offset in part by an increase of $12,000,000 in money in circulation. Holdings of discounted bills declined $4,000,000 at the Federal Reserve Bank of Hew York and increased $3,000,000 at Richmond, $2,000,000 at Atlanta, and $4,000,000 at all Federal reserve banks. The System's holdings of bills bought in open market declined $22,000,000, while holdings of U. S. securities were practically unchanged. Changes in the amount of reserve bonk credit outstanding and in related items during the week and the year ending May 20, 1931, were as follows: Increase or decrease since May 20 May 13 May 21 1931 1931 1930 (In millions of dollars) Bills discounted 149 + 4 6l Bills bought 131 - 22 56 United States securities 599 + 1 + 71 Other reserve bank credit l6 - 5 - 12 TOTAL RESERVE BA1TK CREDIT 894 - 24 - 59 Monetary gold stock 4,772 + 6 + 258 Treasury currency adjusted 1,792 + 19 + 20 Money in circulation 4,639 + 12 + 201 Member bank reserve balances 2,411 - 10 + 37 - 20 Unexpended capital funds,nonmember deposits,etc 408 c Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

B-355a Released for publication Friday morning, May 22,1931; not earlier. RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BASICS COMBINED (In thousands of dollars) May 20.1931 1.W 11.1911 M-32_2L_123Q R E S O U R C ES 1,757,864 1,6a,714 Gold with Federal reserve stents . . .. 1,790,864 Gold redemption fund with U.S. Treasury . 32,51.4 32,623 39,^83 Gold held exclusively against F.R.notes 1,823,373 1,790,437 1,661,197 583,418 6o4,223 614,457 Gold settlement fund with F. R. Board . 816,491 315,399 300,802 Gold and gold certificates held "by "banks Total gold reserves 3 , 223 , 287 3,210,609 3,076,456 Reserves other than gold 176,615 173,275 171,595 Total reserves 3,399,902 3,388,884 3,248,051 Non-reserve cash 75,046 71,461 69,096 Bills discounted: Sec. "by U.S. Government obligations 49,875 48,832 76,379 Other bills discounted 99,001 96,072 133,620 144,904 209,999 Total bills discounted . . . . 148,876 Bills bought in open market 131,007 153,108 186,884 U. S. Government securities: Bonds 59,171 59,015 41,776 194,687 Treasury notes 52,231 52,223 Certificates and bills . . . . . .. 487,134 487,171 291,357 528,320 Total U.S.Government securities 593,536 593,4l4 1,118 6,4oc Other securities 767 Total bills and securities . . 579,186 897,544 931,603 698 710 Dae from foreign banks 699 16,492 15,473 20,953 F.R.notes of other banks 512,172 542,396 610,080 Uncollected items 53,530 58,482 58,646 Bank premises 12,204 All other resources 19,130 18,7b0 TOTAL RESOURCES . . .. 4,961,207 4,993,703 4,951,343 L I A B I L I T I ES 1,551,453 1,528,310 1,452,663 F. R. notes in actual circulation . . .. Deposits: Member bank - reserve account 2,410,799 2,420,793 2,374,166 Government 15,445 " 36,200 37,088 Foreign bank 5,727 5.319 5,^97 20,369 22,160 Other deposits 20,553 2,483,181 2,438,911 Total deposits 2,452,524 522,909 538,396 Deferred availability items 497,812 168,453 174,240 Capital paid in 168,476 274,636 276,936 Surplus 274,636 16,214 19,702 All other liabilities . . .. 16,301 TOTAL LIABILITIES 4,961,207 4,993,703 4,951,348 Ratio of total reserves to deposit and F. R. note liabilities combined . . . 84.9$ 84.536 83.5^ Contingent liability on bills purchased for foreign correspondents 383,698 39M07 461,131 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES MB LIABILITIES OF THE FEDERAL RESERVE BAKES OK MAT 30, 1931 R E S O U R C ES (In thousands of dollars) B-355b Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Gold with Federal reserve agents 1,790,864 146,917 386,919 160,000 192,550 73,070 128,100 291,900 71,730 44,315 62,000 22,600 210,763 Gold redemption fund with U.S.Treasury 32,514 1,136 13,092 1,004 2,460 915 960 3,958 1,505 663 1,339 1,058 4,424 Gold held exclusively against F. R. notes 1,823,378 148,053 4oo,oii 161,oo4 195,010 73,985 129,060 295,858 73,235 44,978 63,339 23,658 215,187 Gold settlement fund with F.R.Board 583,418 32,888 188,283 68,912 48,6l6 8,569 10,044 106,804 21,888 11,174 16,642 18,147 51,451 Gold and gold certif. held by banks 816,491 32,855 534,986 22,073 66,015 5.538 8,120 82,013 11,895 5,637 11,117 4,996 31,246 3,223,287 213,796 1,123,280 251,989 309,641 88,092 147,224 484,675 107,018 61,789 91.09s 46,801 297,884 'Total gold reserves 176,615 l4.407 6 2.271 7,583 16.030 11.008 7.271 20,045 8,727 4,133 7,165 8,259 9,716 Reserves other than gold 65,922 98,263 55.060 307,600 Total reserves Hon-reserve cash 75.046 8,685 22,040 4,005 5,006 4,309 4,779 9,240 4,948 l,6lb 1,655 3,305 5,458 Bills discounted: Secured by U.S.Govt, obligations 49,875 6,507 16,172 6,707 6,118 2,969 986 5,981 1,716 56S 737 276 1,138 Other bills discounted 99,001 5,180 11,599 12,172 7.419 13,827 11,001 7,423 4,997 3.273 8,441 3,334 5,335 Total bills discounted 148,876 11,687 27 , 771 18,879 13,537 16,796 11,987 13,4o4 6,713 3,84i 9,17S 8,610 6,473 Bills bought in open market 131,007 13,445 30,324 106 16,771 940 8,190 19,256 9,209 5.6^ 8,751 5.105 13,262 Tj. B T S r . o e n a G d s s o u v r e y r n n m o e te n s t securities: 5 5 9 2 , , 1 2 7 3 1 1 1 1 . , 5 2 0 0 1 2 1 1 5 1 . ,3 0 8 2 0 3 4,6 9 o 8 6 9 11,5 5 4 2 9 0 1,3 4 2 9 5 0 3,8 2 7 8 4 8 2 1 0 , , 9 5 7 9 2 0 3,9 6 7 6 6 6 7,6 6 5 0 8 5 1,1 3 1 7 0 9 10,2 6 1 2 2 3 10,5 3 4 1 5 9 Certificates and bills 487,134 43,478 118,767 43,757 50,624 28,168 16,695 58,566 20,800 17,451 32,291 18,409 38,128 Total U.S.Govt, securities 598,536 46,181 145,170 49,352 62,693 29,983 20,857 81,128 25,442 25,714 33,780 29,244 48,992 Other securities 767 750 — - - - - 17 - - - Total bills and securities 879.186 71.313 204,015 68,337 93,ooi 47,719 41,034 113,788 41,364 35.220 51,709 42,959 68,727 F D . u R e . f n ro o m te f s ore o i f gn ot h b e a r n b k a s n ks 16,4 6 9 99 2 24 52 o 5,5 2 9 3 7 1 1 6 6 9 5 93 71 6 1,56 2 9 8 1 2 ,0 5 7 7 94 1,656 1 2 , 4 39 8 7 1 58 6 1.52 2 2 0 29 2 0 1 1,28 4 4 8 U Ba n n c k o p ll r e e c m te is d e i s t ems 5 5 1 8 2 . , 5 1 8 7 0 2 5 3 7 . . 4 4 5 5 8 0 1 1 3 5 7 . , 2 3 4 7 0 0 45 2 , , 2 6 5 I4 1 5 7 0 , ,7 3 0 1 3 4 3 3 8 . , 5 0 0 9 4 s 2 1 , 4 5 , 7 8 3 5 3 8 ,0 6 6 7,5 1 22 2 3 1 . ,8 6 9 35 1 9 1. , 9 1 2 2 6 0 2 3 5 , , 8 2 0 7 3 8 1 1 6 , ,6 8 9 31 9 2 4 7 , , 6 93 2 7 1 All other resources 19,130 513 5.64g i,oo4 1,988 1,243 3,622 935 1,200 778 544 749 905 4,961,207 369,914 1,575,693 381,017 484,690 195,570 222,45s 706,016 190,205 115.356 182,794 120,914 416,580 TOTAL RESOURCES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BASKS Gif MAY'20, 1531 - L I A B I L I T I ES (in thousands of dollars) B-355c Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. ICans. Cy. Dallas San Fran. F.R.notes in actual circulation 1,551,452 136,369 268,054 146,055 189,399 74,438 122,869 229,950 73,422 47,458 63,334 27,576 165,534 Deposits: l4o,7S9 Member bank - reserve account 2,410,799 l,014,9^0 146,445 195,335 62,128 59,947 344,431 75,275 47,521 81,272 59,251 183,405 Government deposits 15,445 1,170 2,026 1,407 1,208 2,163 1,1.68 1,691 762 322 540 1,274 1,714 Foreign "bank 5,727 421 1,965 555 566 224 202 757 196 129 163 168 321 Other deposits 20,553 52 10,151 190 1,884 115 241 1,392 237 121 64 100 5,94o Total deposits 2,452,5241 42,432 1,029,082 142,597 192,993 64,630 bl,552 342,277 76,470 48,213 22,039 60,793 191,440 Deferred availability items 497,812 57,622 127,840 42,071 50,301 37,210 13,772 65,729 23,570 8,695 23,990 12,535 27,271 Capital paid in 168,476 11,838 65,445 16,776 15,748 5,720 5,226 19,909 4,828 3,016 4,232 4,295 11,437 Surplus 274,636 a, 299 20,575 27,065 28,971 12,114 10,857 39,936 10,562 7,144 2,702 2,936 18,475 All other liabilities 16,301 354 4,697 453 1.27s 252 2,170 2,215 1,353 830 491 779 823 TOTAL LIABILITIES 4,961,207 369,914 1,575,693 321,017 424,690 195,570 222,458 706,016 190,2051 15,356 122,794 120,914 416,580 Reserve ratio (per cent) 24.9 81.9 91.4 S3.9 71.3 81.1 27.3 77.2 6S.9 57.6 52.3 85.9 Contingent liability on bills purchased for foreign correspondents 323,692 28,214 125,905 32,035 32,203 15,362 13,231 51,866 13,447 8,835 11,142 11,526 26,125 FEDERAL RESERVE 1T0TE STATEMENT Federal reserve notes: Issued to F.R.bank by F.R.Agent 1 .,955,232 163,644 411,351 169,704 217,429 85,369 147,555 296,685 83,171 52,622 52,923 34,130 225,145 Held by Federal reserve bank 4O4,38Q 27 , 275 143,297 23,649 28,030 10,931 18,796 66,735 9,749 5,164 5,589 6,554 58,611 In act-oal circulation 1,551,452 136,369 262,054 146,055 129,399 74,438 122,269 229,950 73,422 47,458 53,334 27,57b 155,534 Collateral held by agent as security for notes issued to bank Gold and gold certificates 615,884 32,300 351,919 32,700 12,550 10,070 9,400 73,900 13,930 6,815 7,300 So,000 Gold fund - F. R. Board ,173,980 114,617 35,000 121,300 180,000 63,000 118,700 218,000 57,2003 7,500 62,000 15,300 150,763 Eligible paper 269,720 25,072 53,051 17,359 29,483 17,115 20,007 32,372 15,323 9.332 17,670 13,491 19,505 Total collateral 2,060,544 171,989 439,970 177,359 222,033 90,125 142,107.324,27 2 87,053 53,647 79,670 36,091 230,268 MATURITY DISTRIBUTION OF BILLS AID SHORT TERM SECURITIES 91 days to Total Within 15 days l6 to 30 days 31 3to1 to 6600 ddaayyss 6l to 90 days Over 6 months 6 months Bills discounted 142,876 83,721 i4,46o 22,806 12,573 14,157 1,159 Bills bought in open market 131,007 50.995 36,362 35,799 7,233 612 Certificates and bills 427,134 21,266 51,300 51,300 56,550 56,550 114,697 182,721 Municipal warrants 17 17 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis