H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOR TEE PRESS Released, for publication B-608 Friday morning, Dec. IS; Federal Reserve Board not earlier. December 17, 1931 co:3i:io- OF FEDERAL RESERVE BASICS The daily average volume of Federal reserve tank credit outstanding during the week ending December l6, as reported "by the Federal reserve banks, was $1,906,000,OvO, a decrease of $26,000,000 compared with the preceding week and an increase of $601, J00,000 compared with the corresponding week a year ago. On December 16 total reserve bank credit amounted to $1,974,000,000, an increase of ^94,000,000 for tne week. This increase corresponds with increases of $6ci,0 '0, 000 in member bank reserve balances and $71 , 000,000 in money in circulation, of j. set in part by increases of $21,000,000 in monetary gold stock and $34,000,000 in Treasury currency, adjusted, and a decrease of $4,000,000 in unexpended capital funds, nonnernber deposits, etc. Holdings of discounted bills increased Sl4,000,000 at the Federal Reserve Sank of Boston, and $13,000,000 at Philadelphia and declined $27,000,000 at San Francisco, $19,000,000 at Mew York, $11,000,000 at Chicago and $27,000,000 at all h edeial i eserve banks. iiie System1 s Holdings of bills bought in open market de— clinea $82,000,000, while no1dings of United States securities increased $189,000,000. U. S. securities held by the Federal reserve banks included a special Treasury certificate amounting to $19$, 000, 000, as compared with $109,000,000 a year ago, issued by the Treasury pending the collection of quarterly tax payments, Changes in the amount of reserve bank credit outstanding and in related items during the meek and the year ending December lo, 1931, were as follows: Increase or decrease since Dec. lb Dec. 9 Dec. 17 -12JL- „ i°5i 1930 (in mi llions of dollars) Bills discounted 09S 27 + 367 Bills "bought 307 - 32 + 55 Snecinl Tr0asmy'certificates 198: + 19S £9 United States securities 70S — 9 + 125 Other reserve bank credit 63 + l4 + 4i TOTAL RESERVE BASIC CREDIT 1,974 + 94 + 677 Monetary gold stock 4, U 5s + 21 126 Treasury currency .adjusted 1,811 4- 34 11 - Money in circulation 5,572 + 71 + 741 Member bank reserve balances 2,168 4- 82 2S7 Unexpended capital funds,nonmernber deposits,etc. 497 4 + 86 - Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released for publication Friday morning, Dec. 18,1931; not earlier. B-605 a RESOURCES AHD LIABILITIES OF THE TWELVE FEDERAL RESERVE BAITXS 00:31133 (In thousands of dollars) Dec. 16,1931 Dec. 9,1931 Dec. 17,1930 R E S O U R C ES Gold with Federal reserve agents 1,923,146 1,208,396 1,665,310 Gold redemption fund with U.S. Treasury . 61,522 64,322 33,700 (z°lcLheld exclusively against F.R.notes 1,984, 668 1,872,718 1,699,010 Gold settlement fund with F. R. Board . . -zgg 042 *3971296 462,649 Gold and gold ceruificates held by banks 635 334 699,104 797,191 Total gold reserves 2,982,044 *2,969,118 2,955,850 Reserves other than gold 162,586 167,855 132,240 Total_reserves 3,144,630 *3,136,973 3,091,090 Non-reserve cash 61,560 $7,483 62,779 Bills discounted: Sec. by U.S. Government obligations . . 358,117 377,525 144,528 Other bills discounted 339,'791 347, 6F-7 186,793 Totalbills discounted 697,908 725,182 331,321 Bills bought in open market 307,077 389,219 251,591 U. S. Government securities: ' ®°nds 317,73% 317,686 121,287 Treasury notes 20,558 19,950 200,030 Special Treasury certificates 197,500 109,000 Otner certificates and bills 369,898 379,557 262,117 Total U.S.Government securities . 905,694 717,193 692,434 Other securities 30,672 29,972 7,451 Total bills and securities . . 1,941,351 1,80.1,566 1,282,797 Due from foreign banks 8,774 8,725 703 F. R. notes of other banks 15*658 15,828 14,066 Uncollected items R7I4,585 410,732 733,584 Bank premises 59,^01 59,501 59,783 All other resources 021 3Q A7L1. 20,925 TOTAL RESOURCES 5,843,080 *5,600,482 5,265,727 L I A B I L I T I ES F. R. notes in actual circulation 2,528,332 2,484,892 1,596,168 Deposits: Member bank - reserve account 2,167,802 2,086,008 2,454,974 Government ' 5^870 *28,^95 2,615 Foreign bank 101,402 117,674 5,611 Other deposits 36,754 27,221 20,348 Total deposits 2,308,828 *2,259,493 2,423,548 Deferred availability items 550,981 400,648 720,068 Capital paid in 160,670 160,947 170,303 Surplus 274,636 274,636 276,936 All other liabilities 19,63^ 19,?6l 18,704 TOTAL LIABILITIES 5,843,080 *5,600,482 5,265,727 Ratio of total reserves to de-posit and F. R. note liabilities combined . . .. 65.0$ 66.1$ 75-8$ Contingent liability on bills purchased for foreign correspondents 214,446 168,486 434,006 Digitized for FRASER http://fraser.stlouisfed.org/ *Revised figures. Federal Reserve Bank of St. Louis

RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS ON DECEMBER l6, 1931 R E S O U R C ES (in thousands of dollars) B-608b Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis .Minn. Kans.Cy. Dallas San Fran. Gold T-ith Federal reserve agents 1,923,146 114,627 432,336 205,000 216,470 63,370 67,600 456,500 53,555 54,745 51,680 32,500 174,763 Gold redemption fund with U-3.Treasury 61,522 4,782 11,778 6,324 7,522 2,400 3,845 9,656 2,390 1,006 3,130 1,911 6,778 Gold held exclusively against F. R. notes 1,984,668 119,409 444,114 211,324 223,992 65,770 71,445 466,156 55,945 55,751 54,310 34,411 181,541 Gold settlement fund with F.3. Board 362,042 18,356 136,222 13,543 65,652 10,555 6,861 19,427 i4,i4s 8,069 27,623 10,194 31.392 Gold and gold certif. held by hanks 635,334 19,733 423,203 25,983 22,533 5,980 9.72S 66,376 13,324 5,435 12,042 3,706 27,286 Total gold reserves 2,982,044 157,49s 1,003,539 250,555 312,177 82,305 83,034 551,959 83,417 69,255 94,475 43,311 240,219 Reserves other than gold 162,586 14,933 37,940 13,275 12,278 7.834 6,46o 27,896 12,545 5,003 7.525 3,360 8.537 Total reserves 3,144,630 172,431 1,041,479 264,130 324,455 90,139 94,494 579,855 95,962 74,253 102,000 56,671 248,756 Non-reserve cash 61,560 6,282 18,003 3,385 2,947 2,823 3,353 9,878 3,081 1,596 1.922 2,817 5,473 Bills discounted: Secured by U.S.Govt, obligations 358,117 26,543 85,159 53,364 63,624 7,505 15.196 56,110 14,448 1,056 6,852 4,173 23,787 Other bills discounted 339,791 16,652 32,572 64,264 48,273 28-, 472 38,464 21,850 12,431 6,803 23,617 13,831 32,562 Total bills discounted 697,908 43,495 117,731 117,62s 111,897 35,977 53.660 77,960 26,879 7,859 30,469 is,oo4 56,349 Bills bought in open market 307,077 34,581 81,600 4,431 14,623 10,ISO 17,974 62,307 11,554 99,,884455 15,978 7,609 36,095 U. S. Government securities: Bonds 317,733 23,367 106,299 22,601 25,424 11,069 6,051 53,078 11,350 15,855 7,685 16,990 17,969 Treasury notes 20,55s 1,169 12,200 952 1,260 549 293 1,559 537 418 378 353 890 Special Treasury certificates 197,500 11,000 146,500 4o,ooo — — — — — — — - Other certificates and bills 369,898 32,316 117,734 30,544 36,267 15,788 8,433 44,s4o 15,464 11,729 10,396 10,239 35,593 Total U.S.Govt, securities 905,694 67,852 382,733 54,097 62,951 27,406 14,782 139,477 27,351 28,002 13.959 27,632 54,452 Other securities 30,672 1,630 14,273 5,790 — 700 600 3.685 380 844 4oo — 1.870 Total bills and securities 1,941,351 147,858 596,337 181,946 189,471 74,263 87,016 283,429 66,664 46,550 65,806 53,245 148,766 Due from foreign banks 2,77*4 692 3,221 913 ss4 350 315 1,245 25 17 254 263 595 F. R. notes of other banks 15,658 218 4,359 459 969 1,199 S07 2,249 1,335 734 1,159 305 1,865 Uncollected items 574,535 63,833 165,296 50,330 52,825 44,883 13.522 77,152 19,454 9,537 27.397 18,44s 31,35s Bank premises 59,501 3,458 15,240 2,626 8,002 3,723 2,572 8,061 3,635 1,926 3.804 1,832 4,622 All other resources 37,021 1,935 12,449 1,636 4,300 2,955 3,455 1,430 2,386 1,466 1,482 2,449 1,028 TOTAL RESOURCES 5,843,020 396,707 1,856,384 505,475 583,853 220,335 205,534 963,349 192,542 136,084 203,824 136,030 442,963 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES AMD LIABILITIES OF THE FEDERAL RESERVE EAT1C3 OH DECEMBER 16, 1931 L I A B I L I I E S (In thousands of dollars) B-o08b Total Boston Few York Phi la. Clcve. Rich. Atlanta Chicago St.Louis Minn. ICans.Cy. Dallas San Fran. v.R,notes in actual circulation 2,528,332 160,731 533,301 273,452 320,031 98,Q4S 120,574 508,035 86,589 67,792 82,65s D -v i is: 48,184 222,037 bank - reserve account l G r : \i : > -v er rument 978>E 1 2 7 l 4 7'4?6 55,412 48,134 304,630 63,371 44,571 78,214 50,629 145,200 -I si •;« '•;! 4B -g 4: 1 J-eign bank >4 109 89 Other deposits 3.307 7,436 Total deposits 1 1J If 11 If 1 1 1 11 § 217. 7,564 Deferred availability items 54,322 160,349 Capital paid in 19,626 29,808 Surplus 4,147 11,338 LI 1 other liabilities 8,936 18,475 ±ii°33 45^ 6 20o b22 1,555 956 2.257 2.786 1.502 909 6?1 TOTAL LIABILITIES , ^ — > • • • / ^ y 1 s ' •- > f •** > j J UC 1 815 956 5,243,080 1,856,354 220,335 205,534 963,349 192,542 136,084 203,8=4 Reserve ratio (per cent) 39b,707 505,475 583,553 136,030 442,963 o>0 57-b 6b.9 64.0 66.6 56.6 54.6 70.0 62.1 64.2 62.0 Contingent liability on bills pur- 55-3 65.1 chased for foreign correspondents 75,980 20,430 20,842 8,254 7,429 27,858 7,223 :l4,446 15,47,' 4,746 5,984 6,191 14,03; FEDERAL RESERVE F0TE STATE''EFT Federal raserve notes: Issued to F.R. bank by F.R.agent 2,819,060 190,306 582,348 302,386 339,290 106,851 137,534 590,840 89,456 70,662 92,873 260,757 Held by Federal reserve bank 290,72S 23,575 49,047 28,934 19,259 7,903 16,960 82,805 2,867 55,757 2,870 10,215 7,573 38.720 In actual circulation 166,731 273,452 320,031 98,948 120,574 508,035 86,589 67,792 82,65s 222037 2,5?S,332 533,301 48,'184 Collateral held by agent as security for notes issued to bank Gold and gold certificates 800,816 47,010 397,336 54,700 64,470 10,270 10,850 85,500 E G l o i ld g i f b u l n e d p - a F p . e R r . Board 1,1 9 2 3 2 6 , , 3 1 3 0 0 4 6 75 7 , , 8 6 2 1 5 7 1 3 6 5 4 , , 0 5 0 9 0 4 1 1 5 1 0 1 , , 3 3 0 9 0 5 1 1 2 5 3 2 , , 1 0 1 0 2 0 4 5 4 3 , ,1 5 0 0 0 1 5 7 6 0 , , 7 25 5 2 0 1 3 3 7 5 1 , , 3 0 2 0 5 0 3 1 8 5 , , 2 3 0 5 0 5 4 1 9 5 6 , , , 2 6 1 2 0 45 7 0 4 9 1, , 8 8' 0 0 0 2 1 0 2 , , 2 3 0 00 0 8 9 4 0 , , 0 7 0 6 0 3 35,998 44,897 24,200 89.778 Total collateral 2,859,250 190,452 596,930 316,395 339,582 107,871 137,852 591,825 39,553 70,972 96,577 56,700 264,541 MATURITY DISTRIBUTION OF BILLS MB SHORT TERM 3CURITIES Dotal Within 15 days 91 days to 16 to 30 days 31 to 60 days 6l to 90 days Over 6 months 6 months Bills discounted Bills bought in open market 697,908 540,325 46,201 49,605 43,552 16,467 1,758 M Ce u r n t i i c f i i p c al a w te a s r a r n a d n b ts ills 5 3 6 0 7 7 , , 3 0 9 7 8 7 2 1 1 5 0 9 , , 6 3 5 61 2 8 2 7 , , 0 5 0 8 0 0 5 2 1 9 , , 1 2 7 2 5 6 1 2 3 9 5 , , 7 7 0 7 4 3 43,5 7 0 0 0 6 124,298 4,072 3,658 181 151 57 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis