H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR THE PRESS Released, for publication B.592 Friday morning, Dec. li; Federal Reserve Board not earlier. December 10,1931 COimiTIOTJ OF FEDERAL RESERVE BAlTIiS The daily average volume of Federal reserve bank credit outstanding during the week ending December 9» as reported by the Federal reserve banks, was $1,932>000,000, a decrease of $14,000,000 compared with the preceding week and an increase of $£23,000,000 compared with the corresponding week in 1930. On December 9 total reserve bank credit outstanding amounted to $1,880,000,000, a decrease of $25t000,000 for the week. This decrease corresponds with decreases of $2,000,000'in money in circulation and $19,000,000 in unexpended capital funds, nonmember deposits, etc., and an increase of $20,000,000 in monetary gold stock, offset in part by an increase of $13,000,000 in member bank reserve balances and a decrease of $3,000,000 in Treasury currency, adjusted. Holdings of discounted bills declined $8,000,000 at the Federal Reserve Bank of San Francisco and $4,000,000 each at Boston, Richmond and Atlanta, and increased $15,000,000 at Hew York, $8,000,000 at Cleveland and $7,000,000 at all Federal reserve banks. The System's holdings of bills bought in open market declined $34,000,000 and of Treasury certificates and bills $1,000,000, while holdings of U. S. bonds increased $2,000,000. Changes in the amount cf reserve bank credit outstanding and in related items during the weak and the year ending December 9> 1931 were as follows: Increase or decrease since Dec. 9 Dec. 2 Dec. 10 1931 1931 1930 (in millions of dollars) Bills discounted 725 + 7 + 468 Bills bought 389 - 34 + 146 United States securities 717 + 100 Other reserve bank credit 49 +2 + 33 TOTAL RESERVE BAEK CREDIT 1,880 - 25 + 746 Monetary gold stock 4,437 + 20* - 139 Treasury currency adjusted 1,777 - 3 - 27 Money in circulation 5»507 - 2 2* + 851 Member bank reserve balances 2,086 + 13 - 362 Unexpended capital funds,nonmember deposits,etc. 501 - 19 + 90 *Docember 2 figures revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, Dec. 11,1931; not earlier. B-592a RESOURCES AND LIABILITIES OF THE TfffiLVE FEDLEAL BAHS COMBINED (In thousands of dollars) Dec. 9,1931 Dec. 2,1931 Dec. 10,1930 s n o u sc a s Gold with Federal reserve agents . . .. 1,508,396 1,747,581 1,650,870 Gold redemption lurid with U» S« Treasury . 64,122 69,711 33 , U53 against F.R.notes 1,372,713 1,817 , 292 1,6 84,3 23 Gold settlement fund with P. R. Board . ^ " j og ,296 361,428 474,0°4 Gold and gold certificates held by banks __ 699 ,104 762,850 846 '603 ^ a l _ g o l ^ e s e r v es 2,963,113 2,941,570 3,005,020 Reserves other than gold 1 - lb7,355 l6b,063 136 ,457 Total^reserves 3,135,973 3,107,633 3,l4l,477 » .* Sec. by U.S. Government obligations . 377 525 3o3,707 go 676 Other bills discounted 347 ^57 353 ^60 167I42I $iLtal _b_i 1 ls_di s counted . . .. 725,182 717,567 257,097 Bills bought in open market 339,219 423,407 243,697 U. S. Government securities: Sond-s 317,63b 316,484 70,910 Treasury notes 19,050 19,950 239,282 Certificates and bills 379.557 380,587 _ 3 0 M ll ^3Qjlr.GoYO£j3Sgnt securities . 717,193 717,021 6l7,003 Other securities 29,972 30,232 108 To taOilLs^ri(L..s^.H i ties 1,861,566 1,838,227 1,117,905 Due from foreign banks 8,725 8,724 702 F. R notes of other banks 15*,823 15,694 15,322 Uncollected items 410,732 ^5%,277 5^6,348 Bank premises 59,475 59 742 All other resources 39 ,674 4i ,102 20,' 780 TOTAL RESOURCES . . .. 5,^99",432 5,637,44$ 4,942,237 L I A B I L I T I ES 6047 F. n. notes in actual circulation . . . 2,484,892 2,478,130 l,475,745 Deposits: Member bank - reserve account . . .. 2,085,008 2,073,454 2,447,517 Government & " 21,595 22,333 16,402 ioreign bank 117,674 137,136 5,557 Other deposits 27,221 25,451 20,273 Total deposits ^ 2,2^,493 2,258,374 2,489,749 Deferred availability items f- 400,648 443,278 511,002 Capital paid in 1oO,947 163,589 170,302 : : : : : : :: J g jg J &g TOTAL LIABILITIES . . .. 5,599,482 5,637,445 4,942,237 (&Q& Ratio of total reserves to deposit and F. R. note liabilities combined . . . 66.1% 65.6% 79.2% Contingent liability on bills purchased for foreign correspondents 168,486 134,053 417,422 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

R v q O T I R r vs HESOURCES AXTD LIABILITIES OF THE FEDERAL RESERVE BANKS ON DECEMBER 9, 1931 R E S O U R C ES ^ (In thousands of dollars) " ^ _ B 5 % "Snif ?| ? i f il G.ld held exclusively against . J ~ ld2k h l ii g.778 • -mtnrmr* - trims WW SSSF smmmiMmmii#! .!te=- g m ni r ' m m m z a iQ .oul Bis0imc±,s 5.599.432 369.787 1.717,773 4 6, 4 570,631 209,233 205,420 921,199 I9f.uk 136,642 192,207 133.89c 453,169 9 7 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS OH DECEMBER 9, 1931 L I A B I L I T I ES (In thousands of dollars) B-592b Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.P., notes in actual circulation 2,484,892 140,450 519,304 274,239 316,136 98,563 120,552 501,763 85,505 67,458 82,034 48,815 221,0,73 Moroor bank - reserve account !,086,008 128,602 895.076 127,723 148,690 54,645 48,591 289,575 65,089 46,067 70,955 50,048 160,887 Government % 27,595 1,398 4,393 3,223 3,162 1,082 1,897 4,446 {Jis 1,266 1,556 2,377 2,077 Foreign bank 117,674 9,603 31,764 12,675 12,931 5,121 4,609 17,285 4,481 2,945 3,713 3,34i 8,706 Other deposits 27,221 4l 10,589 276 8,156 310 214 817 *7J 48 2 304 169 165 5,693 Total deposits ,25^,498 139,644 941,822 143,957 172,939 61,158 55,311 312,123 b770 50,532 76,393 56,431 177,368 Deferred availability items Cj , 400,648 47,200 108,259 34,135 36,226 30,931 11,290 46,675 19.013 7,664 20,909 14,304 23,992 Capital paid in 160,947 11,756 61,613 16,700 14,792 5.500 5,153 18,073 4,720 4,182 4,150 11,333 Surplus 274,636 21,299 80,575 27,065 28,971 12,114 10,857 39,936 10,562 3,702 3,936 18,475 All other liabilities 19.861 43 s 6,200 601 1,567 967 2,252 2,624 l,6l4 834 537 1,254 923 TOTAL LIABILITIES ,482 369,787 1,717,773 496,747 570,631 209,233 205,420 921,199 192,134 136,642 192,807 133.890 453,169 Reserve ratio (per cent) bb.l 61.2 71-9 66.1 b6.6 55.4 49.3 72.4 r'57.%w 61.3 59.7 52.1 58.0 Contingent liability on bills purchased for foreign correspondents 168,486 11,873 62,264 15,672 15,939 6,332 5.699 21,371 5,540 3,641 4,591 4,749 10,765 F3DERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to F.R. bank by F.R.agent2,738,897 167,846 570,131 303,440 336,945 108,611 137,315 588,062 88,955 70,190 93,552 56,247 267,603 Held by Federal reserve bank 304,C05 18,396 50,327 29,201 20,809 10,o48 16,763 86,299 3,450 2,732 11,513 7,432 46,530 In actual circulation 2,484,892 149,450 519,304 274,239 316,136 93,563 120,552 501,763 85,505 67,458 82,034 48,815 221,073 Collateral held by agent as security for notes issued to bank Gold and gold certificates 762,566' 47,010 ' 347 ',336 54,700 64,470 10,420 10,900 91,900 15,705 8,945 9,830 12,300 39,000 Gold fund - F. S. Board 1.045,830) 57/617/ 25 >,000 155,300 152,000 52,100 49,750 356,000 33.000 41,300 41,800 16,200 65,763 Eligible paper 1,0387-5^5 70-^04 209 ),131 93,771 125,08b 47,239 77,047 154,716 4o,353 20,38b 47,420 23,659 1 24,046 Total collateral 2,846^99 17^-236 581,517 303,771 341,556 109,759 137,697 602,616 89,053 70,631 99,100 57,159 273,809 MATURITY DISTRIBUTION OF BILLS AND 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 725,132 561,477 49,926 53,284 35,641 18,176 1.678 Bills bought in open market 389,219 186,126 126,242 56,204 19,969 673 Certificates and bills 379,557 52,443 13,152 23,950 112,704 111,793 65,515 Municipal warrants 4,292 515 3.330 299 69 29 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis