H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEISIKT FOE THE PRESS Released for publication B-502 Friday morning, Sept. 25; Federal Reserve Board not earlier. September 24, 1931 C0EDI2I0H OF F3DB3AL RESERVE BASES The daily average volume of Federal, reserve bank credit outstanding during the week ending September 23, as re-oorted by the Federal reserve banks, was $1,297»000,000, an increase of $44,000,000 compared with the preceding week and of $298,000,000 compared tith vibe corresponding weak in 1930. On September 23, total reserve bank credit amounted to $1,315,000,000, an increase of $3b, 000,000 for the week. This increase corresponds with ar, increase of $77»000,000 in money in circulation and decreases of $11.'J, 000,000 in monetary gold stock and $19,000,000 in Treasury currency, adjusted, offset in part by decreases of $138,000,000 in member bank reserve balances and $4-0,000,000 in unexpended capital funds, nonmember deposits, etc. Holdings of discounted bills increased $13,000,000 each at the Federal reserve banks of Philadelphia and Cleveland, $7,000,000 each at Uew York and Chicago, $4,000,000 at Richmond, $3,000,000 at Kansas City and $47,000,000 at all Federal reserve banks. The System's holdings of bills bought in open market increased $25,000,000 and of United States bonds $7,000,000, while holdings of Treasury certificates and bills declined $11,000,000. Changes in the amount of reserve bank credit outstanding and in related items during the week md the year ending September 23, 1931, were as follows: Increase or decrease since Sept.23 Sept. l6 Sept.24 1931 1931 1930 (in millions of dollars) Bills discounted 310 + 47 +143 Bills bought 243 + 25 + 45 Special Treasury certificates - l4 - ** Other United States securities 738 + 10 +136 Other reserve bank credit 24 - 32 - TOTAL RESERVE BAiTC CREDIT 1,315 + 36 +324 Monetary gold stock 4,897 -118 +391 Treasury currency adjusted 1,781 - 19 + 11 Money in circulation 5,164 + 77 +729 Member bank reserve balances 2,280 -138 -136 Unexpended capital funds,nonmember deposits, etc. 549 - 4o +133 The statement this week is influenced by two principal movements, the passing of the influence of the Treasury tax period and a number of changes in foreign account including a substantial earmarking of gold. The passing of the tax period is reflected in the reduction of member bank reserve balances from the large excess whi. ch was brought about last week by Treasury operations, in the elimination of the Treasury special one-day certificates of indebtedness to cover an excess of Treasury disbursements over receipts, and in an increase in discounts for member banks. The principal operation for foreign account was the earmarking of $123,000,000 of gold which accounts largely for the reduction shown in gold reserves. A part of the funds for this earmarking operation was provided by the liquidation of bankers' bills held by reserve banks for foreign account and reported under "Contingent liability on bills purchased for foreign correspondents." There were also changes in foreign bank deposits and a reduction in foreign bills held offset by increased holdings of domestic bills. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, September 25,1931; not earlier. B-502a RESOURCES AID LIABILITIES OF THE TWELVE FEDERAL RESERVE BAMS COMBINED (in thousands of dollars) Sept. 23.1931 Sept. 16.1931 Sept. 24.1930 R E S O U R C ES Gold with Federal reserve agents . . .. 2,156,539 2,225,94s 1,543,956 Gold redemption fund with U.S.Treasury . 31,824 29,382 35,811 Gold held exclusively against F.R.notes 2,188,363 2,255,830 1,579,767 Gold settlement fund with F. R. Board . 389,178 432,865 570,102 Gold and gold certificates held "by banks 749,89 2 797,044 839,062 Total sold reserves 3,327,433 3,485,739 2..988,931 Reserves other than gold 164,113 162,061 151,857 Total reserves 3,491,546 3,647,300 3,140,788 Itfon-reserve cash . 7711,,111100 72,002 69,277 Bills discounted: Sec. "by U.S. Government obligations . 142,845 111,150 48,146 Other bills discounted 166,982 151,844 119,016 Total bills discounted . . . 309,827 262,994 167,162 Bills bought in open market 243,189 217,770 197,743 U. S. Government securities: Bonds . . . .. 284,335 277,009 38,235 Treasury notes •12,962 18,962 292,029 Special Treasury certificates i4,ooo - - Other certificates and bills . . .. 434,683 432,487 271,542 Total U.S. Government securities 737,985 742,458 601,806 Other securities 14,805 15,342 6,772 Total bills and securities . . 1,305,506 1,238 , 564 973,483 Due from foreign banks , 8,752 8,743 701 F. R. notes of other banks 17,906 17,110 21, S71 Uncollected items . 46i, 276 601,804 549,479 Bank premises 59,221 59,220 59,644 All other resources 34,230 33,50s 12,062 TOTAL RESOURCES 5,449,347 5,678,751 4,827,305 L I A B I L I T I ES F. R. notes in actual circulation . . . 22,,004455,,000055 2,005,896 1,347,720 Deposits: Member bank - reserve account . . .. 2,279 , 545 2,417,712 2,416,153 Government 21,777 3,487 42,594 Foreign bank 162,073 197 , 297 5,263 Other deposits 23,618 23,050 19,534 Total deposits 2,487,013 2,645,546 2,483,544 Deferred availability items 460,682 569,904 533,029 Capital paid in 166,760 166,896 170,563 Surplus . . 274,636; 274,636 276,936 All other liabilities 15,751 15,873 15,513 TOTAL LIABILITIES . . . 5,449,847 5,678,751 4,827,305 Ratio of total reserves to deposit and F. R. note liabilities combined . . . 77-0$ 78.4$ 82.0# Contingent liability on bills purchased for foreign correspondents 181,436 233,102 432,624 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES MD LIABILITIES OF THE FEDERAL RESERVE BAMS OH SEPTEMBER 23, 1931 R E S O U R C ES (In thousands of dollars) B~502c Total Boston New York Fhila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Gold with Federal reserve agents 2,156,539 159=917 481,919 lbl.OOO 229,510 55,070 9S,400 520,100 65,380 53,980 67,000 23,500 240J63 Gold redemption fund with U.S.Treasury31,824 930 12,422 2,654 2,179 1,600 1,556 3 ,BlS 1,44? 633 1,196 1,028 2,363 Gold held exclusively against F. R. notes 2,132,36] 160,24? 4g4j4l 163,65k 231,689 56,6?0 99,956 523,916 66,227 5^,613 62,136 24,528 243,12o Gold settlement fund, with F.R.Board 389,17% 20,921 129,958 45,3l4 40,605 21,305 9,022 3,479 15,222 14,110 23,055 22,55^ 43,573 Gold and gold certif. held "by "banks 7^9,892 34,903 474,516 24,040 54,557 4,41b 5_,_OS'8 29,667 lj>,258 5,083 8,1 pO 4,9'°/ 27, 237 Total eold reserves 3,327,433 216,671 1,098,815 233,008 326,851 82,391 118,076 617,062 95,367 73,806 99,4oi 52,049 313,936 Reserves other than gold l64,113 20,399 4Q,48O 10,958 13,215 9,001 5,9^5 27,l6o 11,247 3,911 7,°94 °,328 7,543 Total reserves 3,431,546 237,070 1,139,301 243,9^6 340,066 91,392 124,041 044,228 lOo,6l4 77,717 10/,295 58,377 3 21,4?y Non-ireserve cash 71,110 11,083 23,401 3 ,l44 2,777 2,94l 3,978 9,00c 3,^17 1,348 2,010 2,930 4,673 Bills discounted: ^ Secured by U.S.Govt, obligations 142,845 3,517 31,665 27,9^9 24,990 5,668 2,907 22,187 5,239 269 1,633 44g 10,3^2 Other "bills discounted l6b,982 4,392 22,176 17,220 20,325 20,988 23 , 283 10 , 498 7 , 27 5 3,810 1 3 , 1 2 , 6 34 10,683 Total bills discounted 309,827 7,909 53,84i 45,209 45,31 5 26,656 26,190 32,685 12,514 4,079 15,331 13,083 27,015 Bills "bought in open market 243,189 17,106 90,243 9,117 17,672 b, 435 6,723 55, 2d2 5,^6$ ..4,219 6,423 -4,371 19,754 U. S. Government securities: • r Bonds 284,335 18,010 103,387 18,210 19,852 10,875 6,751 46,167 9,201 13,667 9,344 l4,8;6 14,035 Treasury notes 18,962 2 5 3,403 3 2 2,409 4 3,503 1 2 1 9,^ 27 Certificates and tills 434,683 36,815 132,313 34,719 52,230 20,681 I3,44g 52,265 13,507 13,790 19,769 10,293 29,857 Total U.S.Govt, securities 737,985 5^,327 235,705 56,332 72,085 31,55# 22,609 92,436 31,211 27,458 29,115 25,130 53,519 Other securities 14,805 960 7, 240 1, 2b0 - 700 600 1,790 630 535 ~ 3 ^ *^90 Total "bills and securities 1,305,806 80,802 387,029 111,918 135,072 65,349 5^,1^ 188,173 1)0,223 3°, 267 50,809 42,5°^ 101,378 Dae from foreign "banks 8,752 089 3,217 910 881 349 314 l,24l 25 17 253 2o2 59^" F. R. notes of other "banks 17,906 223 6,268 134 865 1,684 751 2,8o 2 1,460 597 1 >302 23d 1,534 Uncollected items 461,276 51,195 123,599 ^3,221 44,26o 35,156 11,469 55,258 18,084 9,638 22,706 14,393 26,637 Bank premises 59,221 3,458 15,24o 2,6l4 7,803 3,654 2,573 8,061 3,635 1,926 3,&o4 1,331 4,622 All other resources 34,230 965 16,042 1,553 2,077 1,602 3,154 2,2o4 1,207 1,285 820 2,04o 1,215 TOTAL RESOURCES 5,449,847 385,485 1,719,097 407,^0 533,801 202,127 202,402 911,695 185,065 128 , 815 189,119 1 22,b49 462,132 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS OH SEPTEMBER 23, 1931 L I A B I L I T I ES (In thousands of dollars) B-502c Total Boston Itfevz York Phila. Clove. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R.notes in actual circulation 2,045,005 142,003 388,702 156,879 250,159 80,335 ill,Gil 452,981 75,729 56,073 70,179 31,337 219,017 Deposits: Member "bank - reserve account 2,279,5-5 147,083 973,941 136,537 173,141 60,500 54,352 318,747 36,441 47,923 rS,287 55,471 167,116 Government 21,777 912 3,784 972 1,811 2,594 1,533 3,581 1,317 1,348 430 1,594 1,901 Foreign bank 162,073 10,611 67,i4o i4,oo5 14,290 5,659 5,093 19.100 4,952 3,254 4,103 4,244 9,621 Other deposits 23,618 55 I0,4i4 63 4,239 4i 78 774 192 231 858 149 6,524 Total deposits 2,487,013 158,661 1,055,279 151,578 193,481 68,794 61,056 342,202 72,902 52,756 33,678 61,454 185,162 Deferred availability items 460,682 51,462 125,070 44,910 44,398 34,433 11,573 54,817 19,759 8,996 21,895 15,997 27,372 Capital paid in 166,760 11,775 64,669 16,723 15,648 5,654 5,211 19,552 4,781 2,975 4,207 4,179 11,386 Surplus 274,636 21,299 80,575 27,065 28,971 12,114 10,857 39,936 10,562 7,144 8,702 8,936 18,475 All other liabilities 15,751 285 4,802 305 l,l44 797 2,094 2,207 1,332 871 458 736 720 TOTAL LIABILITIES 5,449,847 385,485 1,719,097 4o7,46o 533,801 202,127 202,402 911,595 185,065 128,815 189,119 122,54-9 462,132 Reserve ratio (per cent) 77.0 78.8 78.9 76.6 76.7 61.3 71.8 81.0 71.7 71.4 69.7 62.9 79-5 Contingent liability on bills purchased for foreign correspondents 181,436 13,635 59,445 17,999 18,362 7,272 6,545 24,544 6,363 4,182 5,272 5,454 12,363 FEDERAL RESERVE 2TOTE STATSLISM1 Federal reserve notes: Issued to F.R.bank by F.R.agent 2,484,834 165,130 537,778 194,196 281,451 85,763 128,412 550,181 81,763 60,856 80,976 38,781 279,537 Held by Federal reserve bank 439,829 23,127 149,076 27,317 31,29 2 5,438 16,801 97,200 5,034 4,793 10,797 7.444 >0,520 In actual circulation 2,045,005 142,003 388,702 155,879 250,159 80,335 111,611 452,921 75,729 56,073 70,179 31,337 219,017 Collateral held by agent as security for notes issued to bank Gold and gold certificates 752,059 35,300 426,919 33,700 24,510 10,070 10,900 87,100 i4,5so 6,580 - 7,3oo 90,000 Gold fund - F. R. Board 1,404,480 124,617 55,000 122,300 205,000 45,000 87,500 433,000 50,700 47,4oo 67,000 16,200 150,763 Eligible paper 450,342 21,220 91,682 33,953 57,009 31,249 31,023 80,84? 16,72s 7,231 20,127 15,85 2 43 , 423 Total collateral 2,505,881 181,137 573,601 194,953 286,519 86,319 129,423 600,945 32,108 61,211 87,127 39,35: 4,186 MATURITY DISTRIBUTION OF BILLS AMD SHORT THRV. SECURITIES 91 days to Total Within 15 days l6 to 30 days 31 to 60 days bl to 90 days Over 6 months 5 months Bills discounted 309,827 228,060 22,333 33,950 20,013 4,958 513 Bills bought in open market 243,189 87,629 33,663 48,688 72,665 543 Certificates and bills 434,685 7,000 10,950 76,150 169,529 112,045 59,014 Municipal warrants 105 15 10 80 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis