H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMEHT FOB THE PRESS Released for publication 3-530 Friday morning, Oct. l6; Federal Reserve Board, not earlier. October 15, 1931. C01-7DITI0II OF FEDERAL RESERVE BA2JKS The daily average volume of Federal reserve bank credit outstanding during the week ending October l4, as reported by the Federal reserve banks, was $2,03o,000,000, an increase of $279.000,000 compared with the preceding week and of $1,010,000,000 compared with the corresponding week in 1930. On October l4 total reserve bank credit outstanding amounted to $2,125,000,000, an increase of $286,000,000 for the week. This increase corresponds with increases of $42,000,000 in money in circulation and $91,000,000 in unexpended capital funds, nonrnember deposits, etc., and a decrease of $218,000,000 in monetary gold stock, offset in part by a decrease of $54,000,000 in member bank reserve balances and an increase of $10,000,000 in Treasury currency, adjusted. Holdings of discounted bills increased $83,000,000 at the Federal Reserve Bank of Hew York, $19,000,000 at Philadelphia, $16,000,000 each at Cleveland and San Francisco, $11,000,000 at Chicago, $5,000,000 at Kansas City and $164,000,000 at all Federal reserve banks. The System's holdings of bills bought in open market increased $149,000,000, while holdings of United States bonds declined $10,000,000 and of Treasury certificates and bills $1,000,000. Changes in the amount of reserve bank credit outstanding and in related items during the week and the year ending October l4, 1931, were as follows: Increase or decrease since Oct. 14 Oct. 7 Oct. 15 1931 1931 1930 (in millions of dollars) Bills discounted 628 + 154 + 418 Bills bought 730 + 149 + 545 United States securities 727 -11 + 125 Other reserve bank credit 39 - 17 8 TOTAL RESERVE BMC CREDIT 2,125 + 286 +1,081 Monetary gold stock 4,424 - 218 - 95 Treasury currency adjusted 1,775 + 10 — 21 Money in circulation 5,473 + 42 + 973 Member bank reserve balances 2,223 - 54 - 217 Unexpended capital funds,nonrnember deposits,etc 528 + 91 +209 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, Oct. 16,1931; not earlier. B-529a RESOURCES A1TD LIABILITIES OF THE T77ELVE FEDERAL RESERVE 3AHKS COMBINED (In thousands of dollars) Oct. 14.1931 Oct. 7.1931 Oct. 15.1930 R E S O U R C ES Gold with Federal reserve agents 1,553,575 1,863,400 1,546,206 Gold redemption fund with U.S. Treasury . 57,023 45,650 34,863 Gold held exclusively against F.R.notes 1,710,503 1,909,050 1,531,074 Gold settlement fund with F. R. Board . . 383,436 385,316 538,443 Gold and gold certificates held "by "banks . 735,925 742,584 359,320 Total gold reserves 2,836,014 3,036,950 2,979,337 Reserves other than gold 157,786 156,19s 145,751 Total reserves . . .. 2,993,800 3,193,148 3,126,083 6633,,883333 67,016 55,054 Bills discounted: Sec. by U.S. Government obligations . . 298,457 230,928 39,024 Other bills discounted 329,122 232,465 121,415 Total "bills discounted 627,579 463,393 210,439 Bills "bought in open market 730,407 531,356 185,492 U. S. Government securities: Bonds . . . . . . . . .. 317,734 327,582 38,4co Treasury notes is. 2 18,978 289,772 Certificates and "bills 390,735 391,635 273,442 Total U. S. Government securities . 727,431 738,345 601,6i4 Other securities 19,026 13,355 6,272 Foreign loans on gold 4,76s - - Total "bills and securities . . . 2,104,443 1,801,217 1,003,317 Due from foreign "banks 8,752 8,74s 2,160 F. R. notes of other "banks 17,995 16,849 is,s4i Uncollected items 637,436 519,010 816,436 Bank premises 59,310 59,225 59,637 All other resources 40,905 39,815 13,498 TOTAL RESOURCES 5,926,490 5,705,023 5,106,531 L I A B I L I T I ES 2,321,817 2,269,989 1,372,211 Deposits: Member "bank - reserve account 2,223,023 2,277,429 2,440,364 Government 27,444 30,970 23,737 Foreign bank 231,38 7 152,622 4,970 Other deposits 31 Ml 25,012 22,301 Total deposits 2,519,341 2,486,033 2,491,372 Deferred availability items 626,07s 490,224 773,027 Capital paid in 165,886 166,570 170,493 Surplus 274,636 274,636 276,936 All other liabilities 18,732 17,576 16,992 TOTAL LIABILITIES 5,926,490 5,705,028 5,106,531 Ratio of total reserves to deposit and F. R. note liabilities combined . . .. 61.8$ 67.1/0 so. 9 $ Contingent liability on .bills purchased for foreign correspondents Uo,57l 80,809 439,103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES AMD LIABILITIES OF THE FEDERAL RESERVE 3A1TKS OH OCTOBER l4, 1931 R E S O U R C ES (I11 thousands of dollars) B-529b Total Boston Mew York Phila. Cleve. Rich. Atlanta Chicago St.Louis kinn. ICans.Cy. Dallas San Fran. Gold with Federal reserve agents 1,653,575 109,917 299,950 185,600 195,310 39,570 64,900 461,450 37,205 34,910 46,000 28,000 150,763 Gold redemption fund with U.S.Treasury 57,028 903 17.336 4,538 6,192 2,800 3,263 7.776 1,434 1,628 &18] 2JJ5 6,8 & Gold held exclusively against , , „ . „ - „ , „ r--r F. R. notes 1,710,603 110,820 317,286 190,138 201,502 42,370 b8,lb3 469,226 38,639 36,538 48,187 30,125 157,o09 Gold settlement fund with F.R.Board 388,486 39,050 95,10 2 25,546 48,613 18,000 11,731 38,171 21,75b 10,980 28,3^ 20,825 30,300 Gold and gold certif. held by hanks 736,925 36,998 479,815 30,773 40,954 4,215 8,886 60,128 1 2,771 5,J10 9,3^2 4,332—37.,_0_ Total gold reserves 2,836,01 4 186,878 89 2,203 246 , 457 291,069 64,585 88,780 573,525 73,l66 53,134 85,925 55,282 225,010 Reserves other than gold 157,786 17,090 38,2b! 10,096 13,238 8,851 5,778 28,696 10,879 3,820 7,377 5^93 8,207 Total reserves 2,993,800 203,9^2 930,464 256,553 304,307 73,436 94,558 602,221 84,o45 5°,954 93,302 6o,775 233,217 3tfon-reserve cash 63,838 9,603 17,74? 3,584 2,711 2,615 3,694 9,602 3,108 1,773 1,586 2,678 5,137 E i l l s a t i o ns S 5 Z 5 r ; e f I::# u::: 1:% 3 Total bills discounted 627,579 l6,lS0 205,945 91,292 76,865 31,181 31,578 39,492 14,101 5.892 21,971 3.8,832 Bills bought in open market 730,407 71,969 200,745 13,624 57,454 313,719,719 319, 43396,436 111166,,334444 343,944,9444 262,65,85686 42 4 , 2 6 , 1 6 7 17 22 2 ,7 2 4 ,7 9 49 7 2,148 U. S. Government securities: 317.734 23,046 109,752 22,368 24,957 1133,3,37744 8,180,1707 5 533,0,0558 8 1111,4,43388 1155.8,84433 3,b39,6l91 1 41,41,01505 17,995 Bonds 18,962 2 6 3,403 3 2 2,409 2 2,409 4 4 3,530,5303 l 1 ,1l 1 91, 627 Treasury notes 390.735 33,239 135,501 3l,4l6 47,125 1188,1,18822 1111,8,82244 4 466,8,8002 2 1166,2,27700 121,21,21244 5,452,4323 o,Q65,0959 26,770 Certificates and bills Total U.S. Govt, securities 727,431 5^,287 245,259 57.187 72,085 31,558 22,340 99.864 31,211 27,968 9,115 20,1^5 54,392 Other securities 19,026 960 5,940 6,766,706 -0 7 00 700 6 0O 6 1 0 ,7 0 9 0 613,07 5950^ - - 1.090 - * • 168,863 206,4o4 95.230 93,954 257,490 Total bills and securities 2,104,443 145,376 8,762 690 3,219 911 898131 883 350 331550 1,243315 1,243 25 17 253 594 Dae from foreign banks FF., RR., n nootetses oo:f other "banks 17,995 20o 6,331 36 1,06346 1,064 1,2 1 15 ,215 6 24 624 3,1370,1 17,02 62 3 1 UUnnccoolllleecctteedd ii tems 637,436 70,879 203,045 525.250,520 623, 86030,800 4 34,435,4656 1 31,639,6595 727,125,155 254 ,412 9,812 2b,225 22,53° 32,9 9 Bank premises 59,310 3,458 15,2^0 2,62I,6414 7.873.18 33,17 13 23,,577133 8 ,062,1573 8,061 3,636 1,926 3.804 1,832 4,622 All other resources 40,906 1,062 18,086 2.022,3023 2 ,162,9169 2,125,1555 3,339,0390 3,5300,500 1.242 1,445 1,095 3,495 1,244 TOTAL RESOURCES 5,926,490 435,242 1,852,021 487,086 589,1^9 222,170 212,803 957.442 198,738 133,815 203,230 153,oo5 481,119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES A3ID LIABILITIES OF THE FEDERAL ESSESVS BASKS OH OCTOBER l4, 1931 (In thousands of dollars) 3-529c L I A B I L I T I ES Total Boston Hew York Phila. Clove. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R,notes in actual circulation 2,321,817 152,992 456,459 232,615 286,514 91,884 117,205 486,582 80,185 61,278 75,227 51,639 229,177 Deposits: °3 78,260 Member tank - reserve account 2,223,023 158,007 542,789 133,251 165,320 58,901 52,731 304,131 00 45,689 55,405 161,716 Government 27,444 2,46 3,222 2,393 1,910 2,617 3,078 1,808 1,897 1,539 2,811 1,380 2,321 Foreign bank 231.3S7 16,252 80,617 22,245 22,694 8,98? 8,089 30,334 7,864 5,168 6,516 5,741 15,279 8,069 Other deposits 37,487 61 22,369 112 4,427 193 97 743 222 3S3 b 92 133 Total deposits 2,519,341 177,388 1,048,997 153,001 194,351 70,699 63,995 337,016 76,806 32,765 S3,279 63,659 187,385 Deferred availability items 626,078 71,419 195,445 52,271 62,409 40,990 13,343 7 2,228 25,022 3,776 26,277 24,058 33,S4o Capital paid in 165,: 11,771 64,636 16,723 15,606 5,618 5,211 18,847 4,774 2,980 4,205 4,172 11,343 8,702 Surplus 274,b6?3b6 21,299 80,575 27,065 28,971 12,H4 10,857 39,936 10,562 7,144 8,936 18,475 All other liabilities 18.732 __J_I3_ 5,909 4ll 1,318 865 2,192 2,833 1,379 87 2 540 1.14l gqq 5,926,490 435,242 l 198,728 133,815 TOTAL LIABILITIES Reserve ratio (per cent) 61.8 61.7 51.8 65.7 63.3 45.2 52.2 73.1 53.5 49.9 57.1 52.7 56.0 Contingent liability on bills 'purchased for foreign correspondents 40,571 2,849 15,085 3,76o 3,836 1,519 1,367 5,128 1,329 874 1,101 i,i4o 2,533 FEDERAL RESERVE NOTE STATEi;ZSi*T Federal reserve notes: Issued to F.R.bank by F.R.a^ent 2,679,508 176,921 52.7,571 254,413 31b,232 100,095 132,575 592,747 84,457 55,5k) 87,110 66,330 275,416 Held by Federal reserve bank 357,69 1 23,929 71,112 21,798 29,718 8,212 15,370 106,165 4,272 4,562 11,883 14,631 46,239 In actual circulation 2,321,817 152,992 456,459 232,615 286,514 91,884 117,205 486,582 80,185 Si,278 75,227 51,699 229,177 Collateral held by agent as security for notes issued to bank Gold and gold certificates 561,595 / 35,300 219,950j 38,700 33,310 10,070 10,900 37,450 14,005 6,410 8,200 12,300 80,000 80,000/145,900 157,000 29,500 54,000 374,000 23,200 28,500 37,800 15,700 70,763 Gold fund - F. R. Board 1,091,980 / 74,617 60,928 68,609 147,298 47,316 31,052 62,69s 39,214 142,420 Eligible paper 1,258,095 S3,o04 356,9^ 90,379 128,104 656,^36 275,979 323,414 100,49s 133,509 608,748 84,521 65,962 108,698 67,214 293,183 Total collateral 2,9127*88 193,521 <*n. MATURITY DISTRIBUTION OF BILLS AIID SHORT TERM SECURITIES 91 days to Total Within 15 days l6 to 30 days 31 to 60 days 6l to 90 days 6 months Over 6 months Bills discounted 627,579 469,637 44,764 62,101 43,603 5,959 ' 515 Bills bought in open market 730,407 123,339 98,871 231,101 269, 2^ 7,793 Certificates and bills 390,735 5,980 35,395 61,979 100,823 121,044 65,514 Municipal warrants 2,126 15 10 2,056 45 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis