H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STAIEH31H! FOR TE3 PRESS 3-407 Released for publication Federal Reserve Board Friday morning, July 10; July 9. 1931 not earlier. C0H3ITI01* OF FEDERAL RESERVE BAI-HCS Tlie daily average volume of Federal reserve "bank credit outstanding during the week ending July 8, as reported by the Federal reserve banks, was $971,000 ,000, an increase of $17,000,000 compared with the preceding week ai*1 a doorcase of $104,000,000 compared with the corresponding week in 1930. On July 3 total reserve bank credit amounted to $9^0,000,000, an increase of $10,000,000 for the week. This increase corresponds with an increase of $51,000,000 in member bank reserve balances, offset in part by increases of $8,000,000 in monetary gold stock and $28,000,000 in Treasury currency, adjusted, and a decrease of $6,000,000 in money in circulation. Holdings of discounted bills declined $3,000,000 at the Federal Reseive Bank of Boston, end increased $19,000,000 at San Francisco and $12,000,000 at all Federal reservobanks. The System's holdings of bills bought in open market declined $11,000,000, of U. S. bonds $5,000,000 and of Treasury notes $9,000,000, while holdings of Treasury certificates and bills increased $19,000,000. Changes in the amount of reserve "bank credit outstanding and in related items during t ie week and the year ending July 8, 1931. were as follows: Increase or decrease since July 8 July 1 July 9 1931 1931. -1220- (In millions of dollars) 162 +12 - 74 Bills discounted Bills bought 92 - 11 - 57 United States securities 668 + 5 + 77 Other reserve bank credit 38 +5 +2 TOTAL RESERVE BAuK CREDIT 960 a +10 - 52 4,962-"' + 8 +426 Monetary gold stock Treasury currency adjusted 1,794 +28 + 13 4,834< ^ - 6 +346 Money in circulation Member bank reserve "balances 2,44o + 51 + 23 Unexpended capital funds, nonmemo or deposits, etc 442 + l + 18 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, July 10, 1931not earlier. 5-407a RESOURCES AMD LIABILITIES OF THE TE3L7E FEDERAL RESERVE BAMS C013D3D (in thousands of dollars) July 8, 1931 July 1. 1931 July 9. 1930 R E S O U R C ES Gold with Federal reserve agents . . .. 1,964,764 1,933,564 1,597,51*+ Gold redemption fund with U.S.Treasury . 29,bl6 30,167 36,675 Gold held exclusively against F.R.notes 1,994,380 1,963,731 1,634,189 Gold settlement fund with F. R. Board . 489,921 514,492 569,123 Gold and gold certificates held "by "banks. 943, 604 933,818 814,819 Total cold reserves 3,427,905 3.4l2,04l 3,018,131 Reserves other than gold i6404? 167.257 159,635 f Total reserves 3,591,947 3,579,298 3,177,766 Non-reserve cash 68,713 65,011 67,962 Bills discounted: Sec. by U. S. Government obligations . 59,787 46,395 90,952 Other bills discounted 102,599 103,805 145,363 Total "bills discounted 162,386 150,200 236,315 Bills "bought in open market 91,788 103,341 148,945 U. S. Government securities: 5or-ds 183,393 188,395 46,70# Treasury notes 51 y4g 6o,74l 233,534 Certificates and "bills 43?' 81P 4l4,263 310,338 Total U. S. Government securities 667,953 663,399 590,580 Other securities 9,975 10,601 7,301 Total bills cad securities . . 932,102 927,541 983,l4l Dae from foreign "banks 3,726 1,426 704 F. R. notes of other b.:nks 14,201 14,942 20,017 Uncollected items 498,736 533,070 596,535 Ban!.- promises 58,834 58,783 59,561 All other rosources 25,999 26,425 12,257 TOTAL RESOURCES 5,194,25s 5,206,496 4,917,943 L I A B I L I T I ES F. R. notes in actual circulation . . .. 1,736,922 1,738,396 l,4o6,600 Deposits: Member "bank - reserve account 2,439,578 2,389,211 2,417,306 Government l6,060 4l,182 30,105 Foreign hank 39,875 35,625 5,666 Other deposits 31,833 34,830 28,036 Total deposits 2,527,346 2,500,848 2,481,113 Deferred availability items 474,368 511,815 568,542 Capital paid in 167,979 168,170 169,554 Surplus 274,636 274,636 276,936 All other liabilities 13,007 12,631 15,198 TOTAL LIABILITIES 5,194,258 5,206,496 4,917,943 Ratio of total reserves to deposit and F. R. note liabilities combined . . .. 84.2% 84.4% 81.7% Contingent liability on bills purchased for foreign correspondents 302,020 335,334 477,930 Digitized foWr F.R ASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES AH) LIABILITIES OF THE FEDERAL RESERVE BANKS JULY 8, 1931 R E S O U R C ES (in thousands of dollars) B-407h Total Boston Few York Phila. Cleve. Rich. Atlanta Chicago St .Louis Minn. Kans.Cy. Dallas San Fran. Gold with Federal reserve agents 1,964,764 149,917 396,919 160,000 207,550 60,570 ll6,600 451,900 72,730 49,465 61,000 22,350 215,763 Sold redemption fund with U.S.Treasury 29,6l6 1,058 12,845 847 2,346 1,050 1,131 3,916 1,483 652 1,319 1,054 1,915 Gold held exclusively against F. R. notes 1,994,380 150,975 409,764 160,847 209,896 61,620 117,731 455,816 74,213 50,117 62,319 23,404 217,678 Gold settlement fund with F.R. Board 489,921 42,873 l4o,210 61,405 50,290 13,276 7,863 75,372 17,595 13,712 16,280 11,320 39,725 Gold and gold certif. held "by hanks 943,604 33,998 638,325 29,045 65,896 5,274 8,094 93,090 10,721 4,549 9,680 3,445 41,487 Total gold reserves 3,427,905 227,846 1,188,299 251,297 326,082 80,170 133,688 624,278 102,529 68,378 88,279 38,169 298,890 Reserves other than gold 164,042 12,015 54,747 6,919 15,428 11,222 8,144- 20,548 8,988 3,181 7,371 8,325 7,154 Total reserves 3,591,947 239,861 1,243,046 258,216 341,510 91,392 141,832 644,826 111,517 71,559 95,650 46,494 306,044 Eon-reserve cash 68,713 8,273 19,305 3,613 2,904 3,785 5,313 8,718 4,896 2,089 1,784 3,390 4,643 Bills discounted: Secured "by U.S.Govt, obligations 59,787 3,246 l4,698 4,853 6,772 1,463 434 3,276 2,213 441199 822 226688 21,323 Other tills discounted 182,599 5,113 11,643 10,348 8,948 15,282 10,365 6,957 5,031 '3,760 8,684 9,852 6,116 Total "bills discounted 162,386 8,359 26,341 15,201 15,720 16,745 11,299 10,233 7,244 4,179 9,506 10,120 27,439 Bills "bought in open market 91,788 6,632 25,387 2,922 8,839 3,481 9,621 9,426 4,917 2,878 5,603 4,136 7,946 U. S. Government securities: Bonds 183,393 11,262 51,453 12,687 12,739 6,496 3,705 37,155 6,174 1111,,442200 77,,889944 1144,,773333 77,,667755 Treasury notes 51,748 1,945 7,319 5,000 12,087 684 4,ooo 2,630 4,220 785 l,44o 829 10,809 Certificates and "bills 432,812 38,997 107,377 35,780 45,964 23,853 13,990 53,815 19,409 15.564 29.016 16.668 32,379— Total U.S.Govt, securities 667,953 52,204 166,149 53,467 70,790 31,033 21,695 93,600 29,803 27,769 38,350 32,230 50,863 Other securities 9,975 435 4,985 750 535 245 230 735 225 300 855 180 500 Total bills and securities 932,102 67,630 222,862 72,340 95,884 51,504 42,845 113,994 42,189 35,126 54,314 46,666 86,748 Due from foreign "banks 3,726 52 3,257 69 71 28 25 94 25 16 20 21 48 F. R. notes of other "banks 14,201 283 3,396 253 1,186 1,124 850 1,984 1,304 534 1,206 4l4 1,667 Uncollected items 498,73 6 58,131 130,725 44,163 45,281 37,287 13,640 63,230 21,527 10,299 28,937 16,735 28,781 Bonk premises -"58,834 3,458 15,240 2,6l4 7,429 3,583 2,573 8,061 3,635 1,926 3,803 1,831 4,621 All other resources 25,999 695 11,044 1,052 1,877 1,398 3,266 2,229 1,137 854 645 906 896 TOTAL RESOURCES 5,194,252 378,383 1,648,875 382,320 496,202 190,101 210,344 843,136 186,230 122,403 186,359 116,457 433,448 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES A LIABILITIES 0? IP HE FEDERAL R£SEXTV3I s. i.::s OF JULI s, L I A B I L I T I ES (in thousands of dollars) B-407c Total Boston Few York Phila. CI eve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas Son Fran. F.R.notes iii actual circulation D posits: 1,736,922 138,364 294,281 145,541 201,115 71,076 118,822 371,111 73,113 50,975 63,288 27,793 180,843 e Member bank - reserve account 2,439,578 145,470 1,050,978 148,013 199,115 62,096 57,352 338,449 70,363 48,739 81,369 54,935 182,699 Government deposits 16,060 1,261 2,436 824 1,329 1,627 1,529 2,483 936 1,148 170 1,498 819 Foreign bank 39,875 2,674 15,954 3,529 3,601 1,426 1,283 4,813 1,248 820 1,034 1,069 2,424 Other deposits 31,833 86 17,491 181 2,362 113 124 3,574 273 24s 68 60 7,253 Total deposits Deferred availability items 2,527,346 149,491 1,086,859 152,547 206,407 65,262 60,288 349,319 72,820 50,955 82,64l 57,562 193,195 Capital p."id in 474,368 57,275 117,469 4o,354 43,133 35,233 13,152 61,243 23,670 9,611 27,111 17,176 28,941 Surplus 167,979 11,835 65,456 16,734 15,692 5,690 5,191 19,694 4,816 2,997 4,222 4,234 11,4is All other liabilities 274,636 21,299 80,575 27,065 28,571 12,114 10,857 39,936 10,562 7,144 8,702 8,936 18,475 13,007 119 3,635 79 884 726 2,034 1,333 1,249 721 395 756 576 TOTAL LIABILITIES 5,194,258 378,383 1,648,875 382,320 496,202 190,101 210,344 843,136 186,230 122,403 186,359 116,457 433,44s R serve ratio (per cent) C e ontingent liability on bills pur- 84.2 83.3 90.0 86.6 83.8 67.0 79.2 S9.5 76.4 70.2 65.5 54.5 81.8 chased for foreign correspondents 302,020 22,943 96,761 30,284 30,896 12,236 11,012 41,296 10,707 7,03 6 8,871 9,177 20,801 FEDERAL RESERVE 1T0TS STAT3I.EM1 Federal reserve notes: Issued to F.R.bank by F.R.Agent 2,132,684 161,615 428,683 171,159 227,637 78,274 136,060 461,110 83,170 55,458 68,396 34,423 226,699 Held by Federal reserve bank 395,762 23,251 133,802 25,61s 26,522 7,198 17 238 89,999 10,057 4,483 5,108 6,630 45,856 In actual circulation 1,736,922 138,3O4 294,8k! 145,54l 201,115 71,076 118,822 371,111 73,113 50,975 63,288 27,793 180,843 Collateral held by agent as security for notes issued to b; nk Gold and gold certificates 612,334 35.30° 351,919 36,700 12,550 10,070 10,900 73,900 13,930 6,765 - 8,300 50,000 Gold fund - F. R. Board 1,352,430 ih'n? 45,000 121,300 195,000 50,500 105,700 378,000 58,800 42,700 61,000 14,050 165.763 Eligible paper 216,206 14,932 34,908 13,728 21,555 18,775 19,775 15,211 10,671 6,272 13,962 13,193 33]224 Total collateral 2,180,970 164,849 431,827 173,728 229,105 79,345 136,375 46?,ill S3,4oi 55,737 74,962 35,543 248,987 MATURITY DISTRIBUTION OF BILLS AHD SHORT TEEM SECURITIES Total Within 15 days l6 to 30 days 31 to 60 days 6l to 90 days 91 days to Over 6 months 6 months Bills discounted 162,386 94,801 13,676 19,437 18,857 15,171 444 Bills bought in open market 91,788 35,792 12,203 14,683 28,996 114 Certificates and bills Municipal warrants 432,812 5,500 26,850 55,125 96,171 137,573 m,593 75 75 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis