H.4.1 Factors Affecting Reserve Balances of Depository Institutions

STATEMENT FOB THE PRESS Released for publication B-S01 Friday morning, July 22; Federal Reserve Board not earlier. July 21, 1932. CONDITION OF FEDERAL RESERVE BANKS The daily average volume of Federal reserve "bank credit outstanding during the week ending July 20, as reported "by the Federal reserve banks, was $2,438,000,000, an increase of $21,000,000 compared with the preceding week and of $1,4851000,000 compared with the corresponding week in 1931. On July 20 total reserve bank credit amounted to $2,4^8,000,000, an increase of $21,000,000 for the week. This increase corresponds with increases of $21,000,000 each in money in circulation and member bank reserve balances and $2,000,000 in unexpended capital funds, nonmember bank deposits, etc., offset in part by increases of $20,000,000 in monetary gold stock and $3,000,000 in Treasury currency, adjusted. Holdings of bills discounted decreased $5,000,000 at the Federal Reserve Bank of Boston and increased $14,000,000 at Chicago, $4,000,000 at Atlanta, $3>000,000 at Richmond and $22,000,000 at all Federal reserve banks. The System's holdings of bills bought in open market declined $10,000,000, while holdings of United States bonds increased $7,000,000, of United States Treasury notes $2,000,000, and of Treasury certificates and bills $6,000,000. Changes in the amount of reserve bank credit outstanding and in related items during the week and the year ending July 20, 1932, were as follows: Increase or decrease since July 20 July 13 July 22 1932 1932 1931 (In millions of dollars) Bills discounted 538 + 22 + 356 Bills bought 52 - 10 - 15 U. S. Government securities 1,836 + 15 +1,158 Other reserve bank credit 12 - 6 4 TOTAL RESERVE BAM CREDIT 2,438 + 21 +1,496 Monetary gold stock 3,952 + 20 - 999 Treasury currency adjusted 1,770 + 3 - 17 Money in circulation 5,735 + 21 + 940 Member bank reserve balances 2,036 + 21 - 396 Unexpended capital funds,nonmenber deposits,etc. 389 + 2 65 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Released, for publication Friday morning, July 22,1932; not earlier. B-SOla RESOURCES AND LIABILITIES OF THE TWELVE FEDERAL RESERVE BAMS COIffllNED (in thousands of dollars) July 20,1932 July 13,1932 July 22,1931 R E S O U R C ES Gold with Federal reserve agents . . .. 1,95^,312 1,929,862 2,003,339 Gold redemption fund with U.S.Treasury . 63,628 62,864 29,084 Gold held exclusively against F.R.notes 2,017,940 1,992,72b 2,032,423 Gold settlement fund with F. R. Board . 245,036 260,356 463,011 Gold and gold, certificates held, by banks 34$,836 335,015 928,913 Total gold, reserves 2,608,862 2,588,097 3,'+24,347 Reserves other than gold. 200,314 199,705 173,664 Total reserves 2,809,176 2,787,802 3,597,951 Non-reserve cash 74,980 76,907 78,899 Bills discounted: Sec. by U.S.Government obligations . . 213,130 201,921 78,204 Other bills discounted. ^24,435 313,649 103,398 Total bills discounted . . . 537,5^5 515,570 181,602 Bills bought in open market 51,902 61,621 67,033 U. S. Government securities: Bonds 420,890 413,927 189,946 Treasury notes . 268,551 266,477 46,242 Certificates and "bills 1,146,73% 1,140,728 441,813 Total U.S.Government securities 1,836,175 1,821,132 678,001 Other securities . .. 5,787 5,935 7,17% Total bills and securities . . 2,431,429 2,404,258 933,810 Due from foreign "banks 2,712 2,709 725 F. R. notes of other banks 18,482 15,150 15,862 Uncollected items 350,389 376,672 448,044 Bank premises 58,115 58,ll4 58,913 All other resources 48,029 47,175 26,939 TOTAL RESOURCES 5,793,312 51768,787 5,161,143 L I A B I L I T I ES F. R. notes in actual circulation . . . 2,861,948 2,835,750 1,730,75s Deposits: Member bank - reserve account . . .. 2,035,517 2,014,604 2,431,802 Government 54,034 59,150 17,990 Foreign bank 11,423 9,862 58,481 Other deposits 34,46l 33,236 26,732 Total deposits . . .. 2,135,%35 2,116,852 2,535,005 Deferred availability items 3^6,896 367,055 440,440 Capital paid in 154,113 15%,757 166,796 Surplus 259,"421 259,^21 274,636 All"other liabilities 35,%99 3%,952 13,51% TOTAL LIABILITIES 5,793,312 5,768,787 5,l6l,l43 Ratio of total reserves to deposit and F. R. note liabilities combined . . 56.2$ 56.3$ 84.3$ Contingent liability on bills purchased for foreign correspondents 65,735 68,541 298,111 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BAMS ON JULY 20, 1332 R E S O U R C ES (In thousands of dollars) B-SOlt Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Gold with Federal reserve agents 1,954,312 164,327 451,952 144,800 175,970 51,300 48,000 619,395 57,860 40,330 51,680 23,435 125 263* Gold redemption fund with U.S.Treasury 63,628 3,421 14,127 6,543 6,756 2,584 4,301 9,683 2,167 2,059 2,867 ll44 7*976 t G-old held exclusively against g. R. notes 2>017,940 167,748 466,079 151,343 182,726 53,884 52,301 629,078 60,027 42,389 54,547 24,579 133,239 Gold settlement fund with F.R. Board 245,086 11,074 87,091 3,651 29,289 4,452 5,561 52,015 7,694 9,839 11,732 6,930 15 758 Gold and gold certif. held hy hanks 3^5,.836 16,753 207,903 9,123 17,917 6,739 8,124 29,435 5,394 3,251 10,732 3,886 26^79 Total gold reserves 2,608,862 195,575 76l,073 164,117 229,932 65,075 65,986 710,528 73,115 55,479 77,011 35,395 175,576 Reserves other than gold 200,314 20,488 53,550 32,498 17,809 9,479 5,722 26,512 8,380 3,372 4,679 8,586 9,239 Total reserves 2,809,176 216,063 814,623 196,615 247,741 74,554 71,708 737,040 81,495 58,851 81,690 43,98! 184,815 Non-reserve cash 74,980 5,9^1 20,206 3,137 3,833 3,603 5,221 15,333 3,624 2,147 2,247 3,764 5,924 Bills discounted: Secured hy U.S.Govt, obligations 213,130 10,281 62,544 26,460 16,046 6,550 10,943 23,534 8,212 1,662 4,858 2 753 39 287 Other hills discounted 324,435 11,715 39,995 45,899 36,646 22,066 32,656 27,812 5,685 10,944 19,533 14^056 57^28 Total, hills discounted 537,565 21,996 102,539 72,359 52,692 28,616 43,599 51,346 13,897 12,606 24,391 16,809 96,715 Bills bought in open market 51,902 3,086 19,278 3,182 3,327 3,569 1,946 6,551 1,478 670 1,521 1,232 6 062 U. S. Government securities: ®dnds . 420,890 20,532 189,631 31,246 36,504 9,736 9,735 41,018 13,932 17,243 11,792 14,283 25,238 Certificates and tills 1,146^34 85I263 4lo|oi4 85,'311 111,*872 29|s40 2^530 197^820 4l|l62 29,'533 35I930 lj'llf 77 ^43 Total U.S. Govt, securities 1,836,175 121,228 702,479 138,162 176,707 47,133 46,770 274,173 65,518 54,298 56,817 30,721 122,169 Other securities 5,787 4,118 1,539 - - - - - 130 Total hills and securities 2,431,429 146,310 828,4l4 215,242 232,726 79,313 92,315 332,070 80,893 67,704 32,729 48,762 224,946 Due from foreign hanks 2,712 211 1,006 287 268 106 98 373 18 11 77 74 lg 3 F R. notes of other banks 18,482 230 6,205 3^3 997 843 779 3,382 1,384 664 1,430 246 1,929 Jncollected items 350,389 4l,lii 93,931 30,304 35,476 25,563 8,373 42,641 13,539 7,375 2i,o64 11,197 19,715 Bank premises 58,115 3,336 14,817 2,901 7,966 3,613 2,489 7,825 3,461 1,835 3,649 1,787 4 433 All other resources 48,02? 1,724 332 1,443 3.491 3.673 2.764 1.216 1.560 874 1:268 1.208 TOTAL RESOURCES 5,793,312 4l4,976 1,807,228 449,661 530,450 191,091 184,6561^41,431 185,680 l40,l47 193,760 111,079 443,153 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1932 B-801c L I A B I L I T I ES (In thousands of dollars) Total Boston New York phi la. Cleve. Ric] ; .Louis Minn. I Dallas San Fran. F.R.notes in actual circulation 2,861,948 205,040 597,935 255,647 295,229 95,; 99,012 79,653 37,508 251,476 Deposits: Member bank - reserve account 2,035,5171 33,79% 921,184 117,088 140,071 50,300 42,586 294,940 53,823 40,350 64,833 43,749 132,799 Government 54,034 2,490 22,180 1,611 11,117 2,712 1,266 1,819 1,167 1,699 2,894 2,725 2,354 Foreign "bank 11,423 769 4,599 1,043 1,023 405 374 1,357 354 223 294 283 699 Other deposits 34,461 106 23,334 64 2,997 2L 375 1,470 772 223 182 620 4,227 Total deposits 2,135,435 137,159 971,297 119,8061 55,208 53,508 44,601 299,586 56,116 42,495 68,203 47,377 140,079 Deferred availability items 346,896 40,879 91,092 29,438 35,094 24,438 8,979 41,769 14,783 7,127 20,181 12,493 20,623 Capital paid in 154,113 10,934 59,182 16,217 14,264 5,205 4,876 17,300 4,471 2,923 4,071 3,924 10,746 Surplus 259,421 20,039 75,077 26,486 27,640 11,483 10,449 38,411 10,025 6,356 8,124 7,624 17,707 All other liabilities 35,499 925 12,585 2,067 3,015 1,197 2,649 4,737 1,273 1,593 783 2,153 2,522 TOTAL LIABILITIES 5,793,312 414,976 1,807,228 449,661 530,450 191,0911 84,656w,431 185,680 140,147 193,760 111,079 443,153 Reserve ratio (per cent) 56.2 63.1 51.9 52.4 55.0 50.1 45.5 70.9 52.5 '48.2 50.9 51.8 47.2 Contingent liability on bills purchased for foreign correspondents 65,735 4,960 21,744 6,723 6,592 2,611 2,415 8,745 2,284 1,43& 1,893 1,828 4,503 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Tssued to F.R.bank "by F.R.Agent 3,102,222 224,682 669,953 266,662 306,303 99,977 130,482 783,283 107,258 82,371 101,754 42,844 286,653 Held by Federal reserve bank 240,274 19,642 71,959 11,015 11,074 4,717 17,380 43,655 8,246 2.718 9.356 5,336 35,177 actual circulation 2,861,948 205,040 ' 597,995 255,647 295,229 95,260 113,102 739,628 99,012 79,653 92,398 37,508 251,476 Collateral held by agent as security for notes issued to bank 12,260 79,000 G-old and gold certificates 972,447 47,010 372,952 75,020 71,970 13,170 13,500 244,395 20,660 12,630 9,880 Gold fund - F. E. Board 981,865 117,317 79,000 69,780 104,000 38,130 34,500 375,000 37,200 27,700 4i,soo 11,175 46,263 Eligible paper 534,112 22,687 108,042 72,169 52,662 30,949 42,900 53,412 13,544 12,217 24,694 17,080 83,756 P.ROO 80.000 U. S. Gov't, securities 632.400 37.900 111.000 50.000 80.000 18.000 40.000 117.000 IF.qQO 10.100—2,8,000 Total collateral 3,120,824 224,914 672,994 266,969 308,632 100,249 130,900 789,807 107,304 82,647 104,374 43,015 289,019 MATURITY DISTRIBUTION OF BILLS AND SHORT TERM SECURITIES 91 days to Over 6 months Total WithWinithin 1155 ddaayyss l6 to 30 days 31 to 60 days 6l to 90 days 6 months Bills discounted 537,565 377,056 40,690 54,418 44,295 20,584 512 Bills bought in open market 51,902 18,192 5,087 11,474 17,149 Certificates and bills 1*:-: 3,734 102,354 68,600 387,302 154,452 11,006 3^2,990 66 Municipal warrants 5,787 5,225 46l 35 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis