H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released for publication B-556 Friday morning, Nov. 13; Federal Reserve Board not earlier. November 12, 1931 CONDITION OF FEDERAL RESERVE BALTICS The daily average volume of Federal reserve bank credit outstanding during the week ending November 11, as reported "by the Federal reserve hanks, was $2,095,000,000, a decrease of $79,000,000 compared with the preceding week and an increase of $1,0o2,000,000 compared with the corresponding week in 1930. On November 11 total reserve bank credit amounted to $2,064,000,000, a decrease of $45,000,000 for the week. This decrease corresponds with decreases of $26,000,000 in money in circulation and $23,000,000 in member bank reserve balances and an increase of $35,000,000 in monetary gold stock, offset in part by an increase of $18,000,000 in unexpended capital funds, nonmember deposits, etc., and a decrease of $21,000,000 in Treasury currency , adjusted. Holdings of discounted bills increased $5,000,000 at the Federal Reserve Bank of Philadelphia and declined $10,000,000 at San Francisco, $8,000,000 at New York, $7,000,000 at Chicago and $21,000,000 at all Federal reserve banks. The System's holdings of bills bought in open market declined $45,000,000 while holdings of United States securities were practically unchanged* Changes in the amount of reserve bank credit outstanding and in related items during the week and the year ending November 11, 1931, were as follows: Increase or decrease since Nov. 11 Nov. 4 Nov. 12 1931 1931 1930 (In millions of dollars) Bills discounted 6S4 21 + 492 Bills bought 597 45 + 390 United States securities 727 1 +126 Other reserve bank credit 56 +22 +22 TOTAL RESERVE BANK CREDIT 2,064 - 45 +1,030 Monetary gold stock 4,346 + 35 - 203 Treasury currency adjusted 1,746 - 21 - 52 Money in circulation 5,517 - 26 +1,04} Member bank reserve balances 2,099 - 23 - 391 Unexpended capital funds,nonmsmber deposits,etc. 5^0 + 18 + 125 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released-for publication Friday morning, HOT. 13,1931; not earlier. B-556a RESOURCES MD LIABILITIES 0? THE TWELVE FBDETJIL RESERVE 3A2TKS COMBINED (In thousands of dollars) Hov. 11,1931 HOT. 4,1931 HOT.12, 1930 R E S O U R C ES Gold with Federal reserve agents . . .. 1,535,806 1,592,166 1,598,251 Gold redemption fund with U.S.Treasury . 70,337 70,545 34,255 Gold held exclusively a.rainst F.R. notes 1,706,143 1,552,711 1,632,506 Gold settlement fund with F. 2. Board 396,679 359,379 492,364 Gold and gold certificates held by banks 723,325 750,656 903,626 Total sold reserves 2,826,647 2,772,746 3,028,496 Deserves other than gold 162,737 160,639 148,764 Total reserves 2,989,384 2,933,385 3,177,260 llon-reserve cash 6677,,336644 62,4IO 68,752 Bills discounted: Sec. by U.S. Government obligations 327,02b 343,6 9 2 85,064 Other bills discounted 356,738 361,532 125,593 Total bills discounted . . . 623,764 705,224 191,657 Bills bought in open market 596,752 542,033 207,342 U. S. Government securities: Bonds 316,852 316,963 38,137 Treasury notes 26,950 26,951 281,730 Certificates and bills 383,661 383,662 281,423 Total U.S.Government securities . 727,453 727,576 601,290 Other securities 31,599 30,194 6,297 Total bills and securities 2,039,578 2,105,027 1,006,586 Dae from foreign banks 8,709 9,297 705 17,739 16,842 19,780 Uncollected items 477,643 433,774 619,296 Bank premises 59,410 59,389 59,700 All other resources 44,369 44,846 16,043 TOTAL RESOURCES 5,704,196 5,554,970 4,968,122 L I A B I L IT I BS F. Ft. notes in actual circulation . . . . 22,,444499,,9955:: 2,447,069 1,371,148 Deposits: Member bank - reserve account 2,098,533 2,122,145 22,,449900,,223399 Government 49,600 30,481 24,196 Foreign bank 133,008 131,431 5,419 Other deposits 52,208 35,214 19,757 Total deposits 2,333,349 2,319,271 2,539,661 Deferred availability items 461,933 439 , 217 592,135 Capital "oaid in l64,44i lS4,507 170,464 Surplus 274,636 274,636 276,936 All other liabilities 19,878 20,270 17,778 TOTAL LIABILITIES . . . 5,704,196 5,554,970 4,968,122 Ratio of total reserves to deposit and F. R. note liabilities combined . . . . 62.5# 61.5% 81..2$ Contingent liability on bills purchased for foreign correspondents 108,862 105,470 426,541 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES Alto LIABILITIES OF THE FEDERAL RESERVE BAHCS ON NOVEMBER 11, 1931 R E S O U R C ES (in thousands of dollars) B~556b Total Boston Hew York Phila. Cleve. Rich. Atlanta. Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Gold with Federal reserve agents 1,635,806 96,627 327,336 200,000 201,470 57,670 51,150 438,l40 4l,635 %J35 3l,6gC 25,000 124,763 Gold redemption fund with U.S.Treasury 70,337 4,842 17,131 5,459 7,612 2,699 4,396 SJlS 2,409 1,715 3,137 2,4l7 8,798 Gold held exclusively against F. R. notes 1,706,143 101,475 344,467 205,459 209,022 60,369 55,546 447,856 44,o44 42,050 34,817 27,417 133,561 Gold settlement fund with F.R.Board 396,679 22,624 129,674 25,076 60,113 14,612 9,476 22,400 15,602 10,399 12,718 18,215 49,764 Gold and gold certif. held by "banks 723,825 31,324 500,896 33,727 21,100 5,753 9,393 62,699 12,938 6,216 10,207 3,826 25,096 Total sold reserves 2,826,647 155,423 975,037 264,262 290,295 80,740 74,415 532,955 72,634 52,665 64,342 49,458 208,421 Reserves other than gold 162,737 19,014 38,019 ii,46o 13,216 7,250 6,175 29,408 11,107 4,022 7,646 6,857 7,963 Total reserves 2,989,384 174,437 1,013,056 275,722 303,5H 88,590 80,590 562,363 23,741 62,627 71,985 56,315 216,384 Non-reserve cash 67,364 9,976 a, 553 3,436 2,925 2,523 3,542 9 ,945 2,914 1,823 1,565 2,647 4,455 Bills discounted: Secured "by U.S.Govt, obligations 327,026 12,617 65,814 40,772 52,56s 9,937 14,945 49,055 10,659 921 2,644 6,071 55,017 Other bills discounted 356,738 8,592 50,387 65,884 49,662 29,I4I 35,726 20,330 13,928 5,224 26,362 12,,264 33 , 232 Total bills discounted 683,764 a, 209 116,201 106,662 102,230 39,072 50,671 69,335 24,587 6 ,145 35,012 24,335 28,249 Bills bought in open market 596.752 63,74o 163,767 8,290 42,363 16,149 35,424 96,317 26,387 22,127 36,077 18,410 67,641 U. S. Government securities: Bonds 316,852 23,555 108,101 22,832 25,418 11,016 6,060 53,460 11,432 15,734 2,111 12,264 18,209 Treasury notes 26,950 195 6,639 3,567 218 95 2,^60 273 3,596 70 31 25 9,731 Certificates and bills 383,661 33,811 127,249 31,932 47,597 16,295 8,786 47,131 16,177 12,129 11,373 4,24i 26,934 Total U. S. Govt, securities 727,463 57,565 241,989 52,337 73,233 27,406 17,306 100,864 31,211 27,933 19,515 17,130 54,924 Other securities 31,599 1,970 15,120 7,800 - 700 600 2,085 630 654 - — 1,980 Total bills and securities 2,039,578 144,484 537,137 181,089 217,826 83,333 io4,o6i 262,651 82,815 56,909 90,604 59,875 212,794 Dae from foreign banks 8,709 690 3,165 911 823 350 315 1,243 26 17 253 262 594 F. R. notes of other banks 17,739 207 7,oo4 542 875 1,375 737 2,422 1,347 522 865 291 1,552 Uncollected items 477,643 47,311 165,491 33,676 39,069 34,3a 14,152 47,975 21,757 9,216 24,66o 16,488 23,027 Bank premises 59.410 3,458 15,240 2,614 7,930 3,716 2,572 8,061 3,635 1,926 3,204 1,832 4,622 All other resources 44,369 1,044 15,929 2,170 6,763 2,685 3,641 2,215 2,222 1,560 1,492 3,494 1,094 TOTAL RESOURCES 5,704,196 322,107 1,778,635 500,160 579,782 216,893 209,610 902,875 192,457 1 34,720 195,231 141,204 464,522 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES ASD LIABILITIES OF THE FEDERAL RESERVE BAITKS 03? NOVEMBER 11, 1931 L I A B I L I T I ES (in thousands of dollars) B-556b Total Boston IJew York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F,P..notes ill actual circulation 2,449,959 147,937 485,863 276,046 315,703 100,4S 0120,31s 492,127 86,076 64,066 £0,033 51,366 229,914 Depvtits: Member "bank - reserve account 2,098,533 137,559 903,179 1 28,519 1 51,433 56,235 49,029 276,970 64,320 45,195 72,915 51,309 161,870 Government 49,600 3,760 15,724 3,713 5,486 2,816 2,566 5,439 2,754 1,695 1,276 2,591 1,780 Foreign bank 133,008 11,242 32,432 1 4,839 1 5,139 5,996 5,396 20,235 5,246 3,447 4,347 4,497 10,192 Other deposits 222 S4 412 4o6 50 l6l C C7)l Total deposits 2,333,349 152,597 986,816 147,174 179,738 65,269 57,075 303,283 72,732 50,743 76, 588 58,558 180,716 Deferred availability items 461,933 47,895 154,455 32,602 38,592 32,533 13,885 46,576 22,859 8,995 23, 117 17,306 23,113 Capital .paid in l64,44i 11,765 64,188 16,720 15,254 5,541 5,203 18,334 4,76s 2,971 4,, 201 4,i4o 11,356 Surplus 274,63b 21,299 80,575 27,065 28,971 12,114 10,857 39,936 10,562 7,144 s, 702 8,936 18,475 All other liabilities 19,878 564 6,738 553 1,464 971 2,272 2,619 l,46o 801 590 828 948 TOTAL LIABILITIES 5.704,196 382,107 1.77S,635 500,160 579,782 216,893 209,6109 02,875 198,457 134,720 195,231 i4i, 204 464,522 Reserve ratio (per cent) 62.5 58.0 68.8 65.I 61.3 53.5 4 70.7 52.7 54.6 45.4 51.2 52-7 Contingent liability on bills purchased for foreign correspondents 108,8o2 7,450 42,209 9,834 10,032 3,573 3,576 13,410 3,477 2,285 2,881 2,980 6,755 FEDERAL RESERVE 3T0TE STATE: i^TT Federal reserve notes: Issued to F.H. bank by F.R.agent 2,775,039 176,584 544,565 304,600 342,552 108,863 134,944 579,459 89,862 66 , 590 9 2,756 64,530 269,734 Held by Federal reserve bank 325,080 28,597 58,702 22,554 26,849 8,403 14,626 87,33 2 3,786 2,524 12,723 13,164 39,820 In actual circulation 2,449,! '59 147,987 485,863 276,046 315,703 loo,46o 120,318 492,127 86,076 64,066 80,033 51,366 229,914 Collateral held by agent as se- ^ 0 curity for notes issued to bank Gold and gold certificates c ! 47,010 297,336 42,700 64,470 10,070 10,900 92,l4o 14,635 7,435 9, 880 12,300 84,000 Gold fund - F. R. Board 49,617 30,000 157,300 137,000 47,600 40,250 346,000 27,000 32,900 21, 800 12,700 40,763/' Eligible paper 82.400 249,346 107.401 141.17 853,619 84,584 160.693 48.336 26.670 69. 609 41..090 1 53^-ggg Total collateral 2,853,9^179,027 576,682 307,401 342,64s 111,289 135,734 598,833 89,971 67,005 101,289 66,090 277,,--98^ -Itt MATURITY DISTRIBUTION OF BILLS MD SHORT TERM SECURITIES ~W*a_ r 91 days to Total Within 15 days 1 o to 30 days 31 to 6 r 0 days 61 to 90 days g months Over 6 months Bills discounted 623,764 486,659 49,627 95,123 35,556 15,129 1,670 Bills bought in open market 596,752 127,817 160,348 255,473 49,821 3,293 Certificates and bills 383,661 20,588 95,873 40,176 125,118 65,515 Municipal warrants 4,109 30 3,-e40 ' 166 28 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis