H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATU,'E?:T? FOR THE PRESS Released for publication B-615 Friday morning, Dec, 25; Federal Reserve Board not earlier. December 24, 1931. C0ITDITI01T OF FEDERAL RESERVE 3Ml'-S The daily average volume of Federal reserve bank credit outstanding during the week ending December 23, as reported by the Federal reserve banks, was $1,965,00 ;,000, an increase of $59,001,000 compared with the preceding week and of $b27,100,000 compared with the corresponding week in I93O. On December 23 total reserve bank credit amounted to $2,006,000,000, an increase of $32,00J,000 for the week. This increase corresponds with an increase of $155,000,000 in money in circulation and a decrease of $51,000,000 in Treasury cuirency, adjusted, offset in part by a decline of $167,000,000 in member bank reserve Balances and an increase of $7,000,000 in monetary gold stock. Holdings of discounted bills increased $118,000,000 at the Federal Reserve Bank of New York, $24,001,000 at Boston, $21,000,000 at Chicago, $20,000,000 at Philadelphia, $16,000,000 at Cleveland, $11,000,000 each at Richmond and San Francisco and $213,000,000 at all Federal reserve banks. The System's holdings of bills bought in open market declined $50,000,000. Total holdings of United States securities declined $l4g,010,000, the reduction of $198,000,000 due to the retirement of the special Treasury certificate held last wee]:' being partly offset by increases of $42, "*01,000 in holdings of Treasury certificates and bills and $8,010,000 in bonds and Treasury notes. Changes in the amount of reserve bank credit outstanding and in related items during the week and the year ending December 23, I93I, were as follows: Increase or decrease since Dec. 23 Dec. l6 Dec. 24 1931 1930 (in millions of dollars) Bills discounted 911 + 213 + 463 Bills bought 257 50 3 - - Special Treasury certificates 19s - - - Other United States securities 758 + 50 116 Other reserve bank credit 79 + 16 + 4 TOTAL RESERVE BAH CREDIT 2,006 + 32 + 581 Monetary gold stock 4,465 + 7 124 — Treasury currency adjusted 1,760 51 15 - - Money in circulation 5,733 + 155 + 719 Member bank reserve balances 2,001 - 167 — 336666 Unexpended capital funds,nonmember deposits,etc. 496 l + 8888 - Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

He leased for publication Friday morning, Dec. 25,193'!; not earlier, 3-6l5b RESOURCES jam LIABILITIES 0? THE TWELVE ?"?D".vlAL R^SEIVE ELITES C0MBIE3D (in thousands of dollars) Dec. 23.19'•SI Dec. 16,1931 Dec. 24,1930 R E S O U R C ES Gold with Federal reserve agents . . .. 2,047,722 1,923,146 1,703,400 Gold redemption fund with U.S. Treasury 55,577 61 .JJ22 35,450 Gold held exclusively against F.,R.notes 2,106,299 1,984,663 1,738,850 Gold settlement fund with v. R. Beard 360,667 362,042 ',531 Gold and gold certificates held by banks 513,895 635,334 745,636 Total gold reserves 2,920,36l 2,982,044 2,922,067 Reserves other than gold 147:571 162.5S6 115,499 Total reserves 3,128,432 3,144,630 3,037,566 Eon-reserve cash 63,035 61,560 59,750 Bills discounted: Sec. by IT„S , Government obligations 561,374 353,117 219,422 Other bills discounted 349,820 339,791 228,927 Total bills discounted . . . 911.-194 697,903 443,349 Bills bought in open market 257,351 307,077 259,837 U. S. Government securities: Bonds 313,655 317,738 127,234 Treasury notes 22,05s 20,553 193,090 Special Treasury certificates . . . 197,500 Other certificates and bills . . .. 411,509 369,893 321,352 Total U,S.Government securities 755,222 905,694 64l,676 Other securities 30,454 30,672 6,533 Total bills and securities 1,957,221 1,941,351 1,356,395 Due from foreign banks 3,815' 8,774 703 F. R. notes of other banks 17,871 15,658 21,019 Uncollected items 455,594 574,535 570,952 B ank premises 59,572 59,501 59,733 All other resources 38,265 37,021 22,525 TOTAL RESOURCES . . .. 5,723,355 5,343,080 5,128,693 L I A B I L I T I ES F. R. notes in actual circulation . . 2,661,206 2,528,332 1,721,897 Deposits: Member bank - reserve account . . . . 2,001,036 2,167,802 2,366,717 Government 56,460 2,870 46,180 Foreign bank 107,823 101,402 5,656 Other deposits 30,539 36,754 13,396 Totel deposits 2,195,958 2,308,323 2,436,949 Deferred availability items 415,866 550,981 nu 1,448 Capital paid in 160,750 160,670 170,314 Surplus 274,636 274,636 276,936 All other liabilities 20,439 19,633 19,149 TOTAL LIABILITIES 5,723,355 5,543,030 5,128,693 Ratio of total reserves to deposit and F. R. note liabilities combined . . . 64.4# 65.0$ 73.0# Contingent liability on bills purchased for foreign correspondents 233,64E 214,446 432,327 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES AM) LIABILITIES OF THE FEDERAL RESERVE BKHS OM DECEMBER 23, I931 R E S O U R C ES (In thousands of dollars) B-6l5b Total Boston Few York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Gold with Federal reserve agents 2,047,722 142,627 435,337 173,000 226,470 59,270 80,800 477,200 57,755 60,420 61,680 36,800 185,763 Gold redemption fund with U.S.Treasury 58,577 4,744 11,656 7,256 7,430 2,650 3,075 9,627 2,382 704 3,126 1,109 4,70S C-oiu held exclusively against 2,106,299 147,371 496,993 180,256 233,950 62,520 83,875 486,827 60,137 61,124 64,806 37,909 190,531 Gold settlement fund with F.R. Board 360,667 17,417 166,90b 22,442 52,743 15,502 7,851 7,035 18,083 8,354 16,043 9,713 18,578 Gold and gold certif. held by banks 513,895 19,453 297,770 24,851 21,754 5,945 7,S?7 70,505 11,625 5,507 12,163 3,590 32,845 Total ffold reserves 2,980,Sol 184,241 961,669 227,549 308,447 83,967 99,613 564,367 89,o45 74,985 93,012 51,212 241,954 Reserves other than gold 147,571 15,038 32,998 12,361 10,941 6,079 5,1-71 26,115 11.681 4,812 7,000 7,261 8.114 Total reserves 3,128,432 199,279 994,667 239,910 319,383 90,046 104,784 590,482 101,526 79,797 100,012 58,473 250,068 ^Ton-reserve cash 63,085 S,06l 16,542 3,337 2,819 2,647 3,187 10,117 3.181 1,685 2,127 2,821 6,561 Bills aisconntea: , J Secured by U.S.Govt, obligations 561,374 43,143 200,813 75,15$ 76,989 i6,o4l 12,265 74,562 16,366 1,146 6,147 3,936 34,810 Other bills discounted 349,820 24,272 35,583 62,669 50,592 30,771 35,221 24,114 12,632 6,736 23,551 11,8'Sb 31,743 Total bills discounted 911,194 67,415 236,396 137,"825 127,581 46,812 47,436 98,676 29,043 7,832 29,698 15,522 66,553 Bills bought in open market 257,351 31,679 74,975 4,330 8,463 7,646 14,953 52,093 7,512 5,957 12,820 5,013 31,905 U. S. Government securities: ' ' z:onds 318,655 23,336 107,591 22,585 25,403 9,857 6,034 53,078 11,350 15,789 7,685 17,995 17,952 Treasury notes 28,058 1,473 15,664 1,570 2,068 624 387 2,587 6s6 ' 519 483 466 1,526 Certificates and Diils 411,509 31.9^0 l44,067 33,776 40,425 13,925 8,415 50.312 15,315 11.669 10,791 11,671 39.180 TotaijLS. Govt, securities 758,222 56,774 267,322 57,931 67,899 24,4o6 14,836 105,977 27,351 27,977 IS,959 30,132 58,658 Other securities 30,4)4 1,630 14,063 5,9^3 - 700 600 3,490 880 878 400 - 1,870 Total bills ,and_g,ec_urities 1,957,221 157,498 592,75$ 206,029 203,94s 79,5^4 77.875 260,236 64,791 42,694 61,877 50,967 158,986 Due from foreign banks 3,815 693 3,252 914 836 351 316 1,247 26 1 254 263 596 7 n* i%n°t ® °f ner Dai"£s 17,271 t 225 4,851 575 909 1,483 921 3,3^6: 968 556 1,643 211 2,173 KttLL 11 II IS 111 11 1« " S lis ":S a T-g »1 '11 TOTAL RESOURCES 5,728,855 420,304 1,766,629 496,512 582,94I 214,296 206,707 930,174 194,388 137,317 196,400 131,012 452,175 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES AJTD LIABILITIES OF THE FEDERAL RESERVE BAUKS OH DECEMBER 23, 1931 L I A B I L I T I ES (in thousands of dollars) B-6l5b Total Boston Few York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R„not?s in actual circulation 2,661,206 205,402 566,732 279,426 330,232 104,569 123,662 526,835 23,64S 69,733 34,232 43,35^ 233,231 Juep'-s^ Member bank - reserve account 2,001,086 123,545 373,294 121,263 145,334 52,262 47,307 269,740 62,924 43,933 71,704 47,611 142,014 Government 56,460 3,627 13,O4I 3,596 3,624 4,334 1,302 10,059 2,b33 1,653 2,033 3,346 5,797 Foreign "bank 107,323 3,268 33,350 10,914 11,1.34 4,410 3,969 14,533 3,359 2,536 3,197 3,307 7,496 Other deposits 30,589 220 11,332 319 3,112 338 157 504 ^6 321 243 199 8,053 Total deposits 2,195,958 135,760 931,517 136,397 168,254 61,344 53,235 295,516 69,922 45,473 77,152 54,463 163,395 Deferred availability items 415,566 45,429 119,461 30,344 39,132 29,340 11,553 46,910 19,056 8,083 21,465 14,316 24,747 Capital paid in 160,750 11,759 61,612 16,632 14,737 5,431 5,15s 15,044 4,716 2,952 4,185 4.135 11,339 Sumlus 274,636 21,299 50,575 27,065 23,971 12,11.4 10,557 39,936 10,562 7,144 8,702 5,936 13,475 All other liabilities 20.439 .655 6.682 645 1,615 QUs 2.242 2.853 1.454 532 634. TOTAL LIABILITIES 5,725,85=} 420,304 1,766,629 496,512 552,941 214,296 206,707 930,174 194,35s 137,317 196,400 131,012 452,175 Reserve ratio (per cent) 64.4 55.4 ^b. 4 57.7 64.1 5^.1 59.2 71.8 64.0 67.5 62.0 56.9 63.0 Contingent liability on bills purchased for foreign correspondents 233,648 17,520 31,399 23,127 23,594 9,344 8,.410 31,537 8,176 5,373 6,775 7,005 15,585 FEDERAL RESERY "E STATE! IEITT Federal reserve notes: Issued to F.R.bank by P.R.agent 2,953,776 229,754 619,138 105,23s 345,135 111,754 141,091 611,242 91,653 72,359 94,465 56,064 275,573 Held by Federal reserve bank 292,570 24,352 52,556 '25,512 14,953 7,215 17,429 54,357 3,005 2,576 10,233 7,710 42,342 In actual circulation 2,661,206 205,402 566,752 279,426 330,232 104,569 123,662 526,855 85,645 69,733 54,232 45,354 233,231 Collateral held by agent as security for notes issued to bank Gold and gold certificates 844,192 47,010 450,337 54,700 64,470 10,270 12,500 81,200 15,055 9,170 9,530 12,300 77,000 Gold fund - F. R. Board 1,203,530 95,617 ' 35,000 113,300 162,000 49,600 65,00': 396,000 42,700 51,250 51,300 24,500 108,763 Eligible paper 1,097,15s 96,550 272,911 132,770 132,349 52,996 61,075 145,774 34,299 12,151 40,874 19,613 95,796 Total collateral 3,144,550 239,177 758,24s 305,770 358,819 112,866 i4I,S75 622,974 92,054 72,571 102,554 56,413 281,559 MATURITY DISTRIBUTION OF BILLS AMD SHORT TERM SECURITIES 91 days to Total Within,; 15 days 16 to 30 days 31 to 60 days 6l to 90 days 6 months Over 6 months Bills discounted 911,194 750,539 41,291 54,161 46,046 17,255 1,872 Bills bought in open market 257,351 146,004 56,051 30,306 24,263 722 Certificates and bills 411,509 13,152 2,000 68,287 117,662 50,500 129,908 Municipal warrants 4,259 3.311 244 109 69 26 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis