H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released, for publication B-5S7 Friday morning, Dec. 4; Federal Reserve Board not earlier. December 3, 1931. CONDITION OF FEDERAL RESERVE BANKS The daily average volume of Federal reserve bank credit outstanding during the week ending December 2, as reported by the Federal reserve banks was $1,9hO,000,000, a decrease of $15,000,000 compared with the preceding week and an increase of $853,000,000 compared with the corresponding week in 1930. On December 2 total reserve bank credit amounted to $1,905,000,000, a decrease of $36,000,000 for the week. This decrease corresponds with decreases of $44,000,000 in member bank reserve balances and $7,000,000 in unexpended capital funds, nonmember deposits, etc., and increases of $>0,000,000 in monetary gold stock and $6,000,000 in Treasury currency, adjusted, offset in part by an increase of $32,000,000 in money in circulation. Holdings oi discounted bills declined $6,000,000 at the Federal Reserve Bank of Philadelphia, and increased $17,000,000 at Chicago, $8,000,000 at Atlanta, $o,000,000 at Cleveland, $5,000,000 at New York and $32,000,000 at all Federal reserve banks. The System's holdings of bills bought in open market declined $57,000,000, of United States bonds $1,000,000 and of Treasury certificates and bills $10,000,000. Changes in the amount of reserve bank credit outstanding and in related items during the week and the year ending December 2, 1931, were as follows: Increase or decrease since Dec: 2 Nov. 25 Dec. 3 1931 -123.1 1930 (In millions of dollars) Bills discounted 718 + 32 467 Bills bought 423 57 + 20 4 United States securities - 717 10 + 115 - Other reserve bank credit 47 + 11 - TOTAL RESERVE BANK CREDIT 1,905 36 4-797 Monetary gold stock 4,419 + 10. — Treasury currency adjusted. 1,780 + 6 + Money in circulation 5,511 + 32 + 896 Member bank reserve balances 2,073 44 - — Unexpended capital funds,nonmember deposits,etc. 520 - 7 + 108 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, December 4,1931; not earlier. B-56'7a RESOURCES AND LIABILITIES OF THE TWELVE FED2EAL RESERVE BAJES COMBINED (In thousands of dollars) Doc.. 2,1931 Nov. 25.1931 Dec. 3,1930 R E S O U R C ES Gold with Federal reserve agents . . .. 1,747,531 1,717,376 1,588,506 Gold redemption fund with U.S.Treasury . 69,711 70,581 36,833 Gold held exclusively against F.R.notes 1,817,292 1,737,957 1,625,339 Gold settlement fund with F. R. Board . 361,428 379,793 486,843 Gold and gold certificates held "by banks 762,850 760,943 895,309 Total gold reserves . 2,928,69s 2,941,570 3,007,491 Reserves other than gold . . . 166,063 165,702 137,312 Total reserves 3,107,633 3,094,400 3,144,803 Non-reserve cash 66,655 61,565 65,313 Bills discounted: Sec. by U.S. Government obligations 363,707 338,638 93,371 Other bills discounted 353,860 347,763 157,556 Total bills discounted . . . , 717,567 686,401 250,927 Bills bought in open market 423,407 479,798 218,937 U. S. Government securities: Bonds 316,484 316,557 54,863 Treasury notes 19,950 19,951 247,269 Certificates and bills 380,587 390,593 300,060 Total U.S.Government securities 717,021 727,101 602,192 Other securities 30,232 32,209 6,358 Total bills and securities 1,335,227 1,925,509 1,078,414 Due from foreign banks 8,724 8,729 2,652 F. R. notes of other banks 15,694 16,537 . 15,250 Uncollected items 451,277 412,993 571,488 Bank premises 55,475 59,475 59,704 All other resources 41,102 41,267 19,861 TOTAL RESOURCES 5,637,445 5,625,565 4,953,737 f L I A B I L I T I ES F. R. notes in actual circulation . . . 2,478,130 2,445,726 1,450,898 Deposits: Member bank - reserve account . . .. 2,073,454 2,117,437 2,423,932 Gove rnment 27,645 22,333 41,935 Foreign bank 137,136 145,656 6,152 Other deposits 25,451 24,768 20,248 Total deposits 2,253,374 2,315,506 2,492,267 Deferred availability items 443,27s 4o6,571 544,819 Capital paid in 163,539 163,674 170,591 Surplus 274,636 274,636 276,936 All other liabilities 19,43s 19,452 18,22b TOTAL LIABILITIES . . .. 5.637,445 5,625,565 4,953,737 Ratio of total reserves to deposit and F. R. note liabilities combined . . 65.6$ 65.070 79.8% Contingent liability on bills purchased for foreign correspondents . . .. 134,053 117,650 425,826 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BAMS OH DECEMBER 2, 1931 R E S O U R C ES (In thousands of dollars) B-58Jb Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. •Sold r/ith Federal reserve agents 1,747,581 94,627 372,336 200,000 216,470 57,020 53,150 448,l4o 44,975 46,b20 46,680 27,800 139,763 2,696 Gold redemption fund with U.S.Treasury 6$,711 4,782 16,778 6,325 7,550 4,362 9,678 2,398 1,312 3,134 1,913 8,783 Gold held exclusively against 29,713 F. R. notes 1,817,292 99,409 389,114 206,325 224,020 59,716 57,512 457,818 47,373 47,932 4g,8l4 l48,54o 63,889 Gold settlement fund with F.R.Board 361,428 20,023 117,035 25,544 12,431 5,870 26,466 12,872 10,233 21,597 10,135 35,333 Gold and gold certif. held by banlcs 7o2,850 32,837 528,250 35,719 22,758 6,203 9,831 63,321 14,197 6,475 12,068 3,828 27,3o3 43,676 Total gold reserves 2,94-1,570 152,269 1,034,399 267,588 310,667 78,350 73,213 5^7,605 74,442 64,64o 83,479 211,242 8,096 Reserves other than gold l66,063 18,699 34,801 12,119 13,509 8,186 6,287 29,857 12,563 4,707 7,959 9,280 ,,069,200 86,536 87,005 69,347 51,635 220,522 Total reserves 3,107,633 1 70,96s 1 279,707 324,176 79,500 577,462 91,575 ITon-reserve cash 65,313 11,509 17,683 3,037 2,993 2,692 3,693 9,502 2,874 1,506 1,7^2 2,608 5,4l4 Bills discounted: Secured by U.S.Govt, obligations 363,707 a),558 74,752 4i,46l 52,125 12,143 16,134 64,062 14,987 1,103 7,9So 5,649 52,747 Other bills discounted 353,860 12,4-37 4-7,052 61,455 4?, 316 27,60 5 4l, 96 4 21,851 11,547 7,136 21,946 1 5,423 38,lgs 102,916 58,098 85,913 26,534 8,239 29,932 21,072 90,875 Total bills discounted 717,567 32,995 121,804 99,44i 39,748 Bills bought in open market 423,407 48,333 108,433 5,562 26,909 14,362 27,815 76,482 19,352 l4,962 24,039 11,051 46,107 IT. S. Government securities: 23,260 11,016 6,092 52,929 11,299 16,956 Bonds 316,484 105,840 22,511 25,304 15,744 7,649 17,884 Treasury notes 19,950 80 379 3,472 97 42 2,432 119 3,54l 31 29 29 9,693 Certificates and bills 380,587 33,46l 130,014 31,514 37,550 16,348 8,739 46,429 16,011 12,093 11,281 10,647 26,500 Total U.S. Govt, securities 717,021 56,807 236,233 57,497 62,951 27,4o6 17,263 99,477 30,851 27,86s 18,959 27,632 54,077 Other securities 30,232 1,770 13,095 7,835 •* 700 oOO 3,085 630 797 1,720 Total bills and securities 1,888,227 139,905 479,565 173,810 189,301 82,2l6 103,776 264,957 77,367 51,866 72,930 59,755 192,779 Dae from foreign banks 8,724 692 3,171 913 884 350 315 1,245 25 17 254 263 595 F. R. notes of other banks 15,694 24o 4,937 393 810 1,725 759 1,655 1,405 548 1,176 299 1,747 Uncollected items 451,277 54,037 130,007 4i,260 4l,050 35,454 11,519 48,925 17,637 8,920 22,876 14,695 24,897 Bank premises 59,475 3,458 15,240 2,6l4 7,988 3,722 2,573 8,Obi 3,635 1,926 3,804 1,832 4,622 l,o6l 15,166 2,822 1,670 2,826 1,129 All other resources 4l,l02 1,957 5,46l 3,6l4 2,497 1,535 1,364 TOTAL RESOURCES 5,637,445 381,870 1,734,969 503,691 572,663 215,517 205,749 913,477 192,445 135,665 195,721 133,973 451,705 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES MD LIABILITIES OF THE FEDERAL RESEF.7E BAM.C-•> OZ DECEMBER g, 1931 L I A B I L I ! I E S (In thousands of dollars) B-587b Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R.notes in actual circulation 2,478,130 151,818 516,225 274,099 312,961 99,769 120,427 497,862 85,953 65,816 81,430 49,704 222,060 DepOoi us: Memoer bank - reserve account 2,0/3,454 131,54s 889,038 131,104 149,728 56,360 49,161 282,8 7 2 61,846 45,013 72,064 49,579 155.141 Government 22,333 432 3,612 1,745 1,886 587 l>4oi 3,211 2,259 1,385 2,545 8 6l 2,409 Foreign bank 137,136 10,700 4i,4os 14,124 i4,4o9 5,707 5,136 19,260 4,993 3,281 4,137 4,280 9,701 Other deposits 25,451 30 9,181 305 7,572 297 174 626 626 314 81 261 5,980 Total deposits 2,258,374 142,710 943,239 147,278 173,595 62,951 55,872 305,969 69,724 49,993 78,831 54,981 173,231 Deferred availability items 443,278 53,838 124,908 37,951 40,363 34, 241 11,156 48,999 19,897 8,852 22,006 15,391 25,676 Capital paid in 163,589 11,756 63,835 lb,707 15,142 5,503 5,177 18,107 4,722 2,962 4,183 4,157 11,338 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 19,438 449 6,187 591 1,631 939 2,260 2,598 1,587 83 S_ 569 80 4 925 TOTAL LIABILITIES 5,637,445 381,870 1,734,969 503,691 572,663 215,517 205,749 913,477 192,445 135,665 195,721 133,973 451,705 Reserve ratio (per cent) 65.6 58.0 73.3 66.4 66.6 53.2 45.1 71.8 55.9 59.9 57.1 49.3 55.8 Contingent liability on bills purchased for foreign correspondents 134,053 9,479 49,246 12,513 12,765 5,056 4,550 17,062 4,424 2,907 3,665 3,792 8,594 FEDERAL RESERVE NOTE STAIELElTT Federal reserve notes: Issued to F.R. bank by F.R.agent 2,772,705 170,978 563,110 302,094 336,460 108,630 137,30s 577,968 88,490 67,991 93,122 57,780 268,774 Held by Federal reserve bank 294,575 19,160 46,825 27,995__23,499 8,861 16,88180,100 2,537 2,175 11,692 8,076 46,714 In actual circulation 2,478,130 151,818 516,225 274,099 312,961 99,769 120,427 497,86s 85,953 65,816 81,430 49,704 222,060 Collateral held by agent as security for notes issued to bank Gold and gold certificates 697,051 47,010 297,336 44,700 64,470 9,920 10,900 92 ,l4o 15,975 8,420 9,880 12,300 84,000 Gold fund - F. R. Board 1,050,530 47,617 75,000 155,300 152,000 47,100 42,250 356,000 29,000 38,200 36,800 15,500 55,763 Eligible paper 1,085,285 78,766 201,548 104,654 122,934 52,740 84,482 157,398 43,571 21,646 52,411 30,797 134,338 Total collateral 2,832,8bb 173,393 573,884 304,654 339,4o4 109,760 137,632 605,53s 88,546 68,266 99,091 58,597 274,101 MATURITY DISTRIBUTION OF BILLS Ail3 SHORT TERM SECURITIES 91 days to Total Within 15 days l6 to 30 days 31 to 60 days 6l to 90 days Over 6 months 6 months Bills discounted 717,567 544,465 52,002 65,621 35,426 18,4Q0 1,563 Bills bought in open market 423,407 171,720 139,182 100,635 11,331 539 Certificates and bills 380,587 53,224 13,152 22,950 88,866 136,880 65,515 Municipal warrants 4,302 880 3,075 258 60 29 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis