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STATEISIKT FOE THE PRESS Released for p u b l i c a t i o n F r i d a y morning, S e p t . 25; not e a r l i e r . B-502 F e d e r a l Reserve Board September 24, 1931 C0EDI2I0H OF F3DB3AL RESERVE BASES The d a i l y a v e r a g e volume of Federal, r e s e r v e bank c r e d i t o u t s t a n d i n g d u r i n g t h e week ending September 23, as re-oorted by t h e F e d e r a l r e s e r v e banks, was $1,297»000,000, an i n c r e a s e of $44,000,000 compared w i t h t h e p r e c e d i n g week and of $298,000,000 compared t i t h vibe c o r r e s p o n d i n g weak i n 1930. On September 23, t o t a l r e s e r v e bank c r e d i t amounted to $1,315,000,000, an i n c r e a s e of $3b, 000,000 f o r t h e week. This i n c r e a s e c o r r e s p o n d s w i t h ar, i n c r e a s e of $77»000,000 in money i n c i r c u l a t i o n and d e c r e a s e s of $11.'J, 000,000 i n monetary gold s t o c k and $19,000,000 i n T r e a s u r y c u r r e n c y , a d j u s t e d , o f f s e t i n p a r t by dec r e a s e s of $138,000,000 i n member bank r e s e r v e b a l a n c e s and $4-0,000,000 i n u n expended c a p i t a l f u n d s , nonmember d e p o s i t s , e t c . Holdings of d i s c o u n t e d b i l l s i n c r e a s e d $13,000,000 each a t t h e F e d e r a l r e s e r v e banks of P h i l a d e l p h i a and Cleveland, $ 7 , 0 0 0 , 0 0 0 each a t Uew York and Chicago, $4,000,000 a t Richmond, $3,000,000 a t Kansas C i t y and $47,000,000 a t a l l F e d e r a l r e s e r v e banks. The S y s t e m ' s h o l d i n g s of b i l l s bought i n open market i n c r e a s e d $25,000,000 and of U n i t e d S t a t e s bonds $7,000,000, w h i l e h o l d i n g s of T r e a s u r y c e r t i f i c a t e s and b i l l s d e c l i n e d $11,000,000. Changes i n t h e amount of r e s e r v e bank c r e d i t o u t s t a n d i n g and i n r e l a t e d items d u r i n g t h e week m d t h e y e a r e n d i n g September 23, 1931, were a s f o l l o w s : I n c r e a s e or d e c r e a s e since Sept.23 Sept. l6 Sept.24 1931 1931 1930 ( i n m i l l i o n s of d o l l a r s ) B i l l s discounted B i l l s bought S p e c i a l Treasury c e r t i f i c a t e s Other United S t a t e s s e c u r i t i e s Other r e s e r v e bank c r e d i t 310 243 - 738 24 + + + - 47 25 l4 10 32 +143 + 45 ** +136 - TOTAL RESERVE BAiTC CREDIT Monetary gold s t o c k Treasury currency a d j u s t e d 1,315 4,897 1,781 + 36 -118 - 19 +324 +391 + 11 Money i n c i r c u l a t i o n Member bank r e s e r v e balances Unexpended c a p i t a l funds,nonmember d e p o s i t s , e t c . 5,164 2,280 549 + 77 -138 - 4o +729 -136 +133 The s t a t e m e n t t h i s week i s i n f l u e n c e d by two p r i n c i p a l movements, t h e p a s s i n g of the i n f l u e n c e of t h e Treasury t a x p e r i o d and a number of changes i n f o r e i g n account i n c l u d i n g a s u b s t a n t i a l earmarking of g o l d . The p a s s i n g of t h e t a x p e r i o d i s r e f l e c t e d i n t h e r e d u c t i o n of member bank r e s e r v e b a l a n c e s f r o m t h e l a r g e excess whi. ch was b r o u g h t about l a s t week by T r e a s u r y o p e r a t i o n s , i n t h e e l i m i n a t i o n of t h e T r e a s u r y s p e c i a l one-day c e r t i f i c a t e s of i n d e b t e d n e s s t o cover an excess of T r e a s u r y d i s b u r s e m e n t s over r e c e i p t s , and i n an i n c r e a s e i n d i s c o u n t s f o r member b a n k s . The p r i n c i p a l o p e r a t i o n f o r f o r e i g n account was t h e earmarking of $123,000,000 of gold which a c c o u n t s l a r g e l y f o r t h e r e d u c t i o n shown in gold r e s e r v e s . A p a r t of the f u n d s f o r t h i s earmarking o p e r a t i o n was p r o v i d e d by t h e l i q u i d a t i o n of b a n k e r s ' b i l l s held by r e s e r v e banks f o r f o r e i g n account and r e p o r t e d u n d e r "Contingent l i a b i l i t y on b i l l s purchased f o r f o r e i g n c o r r e s p o n d e n t s . " There were a l s o changes i n f o r e i g n bank d e p o s i t s and a r e d u c t i o n i n f o r e i g n b i l l s h e l d o f f s e t by i n c r e a s e d h o l d i n g s of domestic b i l l s . Released f o r p u b l i c a t i o n Friday morning, September 25,1931; not e a r l i e r . B-502a RESOURCES AID LIABILITIES OF THE TWELVE FEDERAL RESERVE BAMS COMBINED ( i n thousands of d o l l a r s ) Sept. 23.1931 S e p t . 16.1931 S e p t . 24.1930 RESOURCES Gold with F e d e r a l r e s e r v e a g e n t s . . . . Gold redemption f u n d with U.S.Treasury . Gold h e l d e x c l u s i v e l y a g a i n s t F . R . n o t e s Gold s e t t l e m e n t f u n d w i t h F. R. Board . Gold and gold c e r t i f i c a t e s h e l d "by banks 2,156,539 31,824 2,188,363 389,178 749,89 2 2,225,94s 29,382 2,255,830 432,865 797,044 1,543,956 35,811 1,579,767 570,102 839,062 Total sold reserves Reserves o t h e r than gold 3,327,433 164,113 3,485,739 162,061 2..988,931 151,857 3,491,546 71,110 3,647,300 72,002 3,140,788 69,277 . 142,845 166,982 111,150 151,844 48,146 119,016 Total b i l l s d i s c o u n t e d . . . B i l l s bought in open market U. S. Government s e c u r i t i e s : Bonds . . . . . Treasury n o t e s Special Treasury c e r t i f i c a t e s Other c e r t i f i c a t e s and b i l l s . . . . T o t a l U.S. Government s e c u r i t i e s Other s e c u r i t i e s 309,827 243,189 262,994 217,770 167,162 197,743 284,335 •12,962 38,235 292,029 737,985 14,805 277,009 18,962 i4,ooo 432,487 742,458 15,342 271,542 601,806 6,772 1,305,506 8,752 17,906 46i, 276 59,221 34,230 1,238 , 564 8,743 17,110 601,804 59,220 33,50s 973,483 701 21, S71 549,479 59,644 12,062 5,449,347 5,678,751 4,827,305 Total reserves Itfon-reserve cash B i l l s discounted: Sec. "by U.S. Government o b l i g a t i o n s Other b i l l s d i s c o u n t e d T o t a l b i l l s and s e c u r i t i e s Due from f o r e i g n banks F. R. notes of o t h e r banks U n c o l l e c t e d items Bank premises All other r e s o u r c e s . . . , . TOTAL RESOURCES - 434,683 - L I A B I L I T I E S F. R. n o t e s i n a c t u a l c i r c u l a t i o n . . . Deposits: Member bank - r e s e r v e account . . . . Government Foreign bank Other d e p o s i t s 2,045,005 2,005,896 1,347,720 2,279 , 545 21,777 162,073 23,618 T o tal d e p o s i t s D e f e r r e d a v a i l a b i l i t y items Capital paid in Surplus . . All o t h e r l i a b i l i t i e s 2,487,013 460,682 166,760 274,636; 15,751 2,417,712 3,487 197 , 297 23,050 2,645,546 569,904 166,896 274,636 15,873 2,416,153 42,594 5,263 19,534 2,483,544 533,029 170,563 276,936 15,513 5,449,847 5,678,751 TOTAL LIABILITIES . . . 4,827,305 R a t i o of t o t a l r e s e r v e s t o d e p o s i t and F. R. note l i a b i l i t i e s combined . . . 77-0$ 78.4$ 82.0# Contingent l i a b i l i t y on b i l l s purchased f o r f o r e i g n correspondents 181,436 233,102 432,624 RESOURCES MD LIABILITIES (In Total Boston New York Fhila. Gold with Federal reserve agents 2,156,539 159=917 481,919 lbl.OOO Gold redemption fund with U.S.Treasury31,824 930 12,422 2,654 RESOURCES Gold h e l d e x c l u s i v e l y a g a i n s t F. R. notes 2,132,36] 160,24? Gold settlement fund, with F.R.Board 389,17% 20,921 Gold and gold c e r t i f . held "by "banks 7^9,892 34,903 Total eold reserves 4 g 4 j 4 l 163,65k 231,689 56,6?0 99,956 523,916 66,227 5^,613 62,136 24,528 243,12o 129,958 45,3l4 40,605 21,305 9,022 3,479 15,222 14,110 23,055 22,55^ 43,573 474,516 24,040 54,557 4,41b 5_,_OS'8 29,667 lj>,258 5,083 8,1 pO 4,9'°/ 27, 237 3,327,433 216,671 1,098,815 233,008 326,851 Reserves other than gold l64,113 20,399 4Q,48O 10,958 Total reserves 3,431,546 237,070 1,139,301 243,9^6 Non-ireserve cash 71,110 11,083 23,401 3 ,l44 B i l l s discounted: Secured by U.S.Govt, obligations 142,845 3,517 31,665 27,9^9 Other "bills discounted l6b,982 4,392 22,176 17,220 Total b i l l s discounted B i l l s "bought in open market U. S. Government s e c u r i t i e s : Bonds Treasury notes Certificates and t i l l s Total U.S.Govt, s e c u r i t i e s Other securities Total "bills and securities Dae from f o r e i g n "banks F. R. n o t e s of o t h e r "banks Uncollected items Bank premises All other resources TOTAL RESOURCES OF THE FEDERAL RESERVE BAMS OH SEPTEMBER 23, 1931 thousands of dollars) B~502c Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. 229,510 55,070 9S,400 520,100 65,380 53,980 67,000 23,500 240J63 2,179 1,600 1,556 3 ,BlS 1,44? 633 1,196 1,028 2,363 309,827 82,391 118,076 617,062 95,367 73,806 99,4oi 52,049 313,936 13,215 9,001 5,9^5 27,l6o 11,247 3,911 7,°94 °,328 7,543 340,066 91,392 124,041 044,228 lOo,6l4 77,717 10/,295 58,377 3 21,4?y 2,777 2,94l 3,978 9,00c 3,^17 1,348 2,010 2,930 4,673 ^ 24,990 5,668 2,907 22,187 5,239 269 1,633 44g 10,3^2 20,325 20,988 23 , 283 10 , 498 7 , 27 5 3,810 1 3 , 1 2 , 6 3 4 10,683 7,909 53,84i 45,209 45,31 5 26,656 26,190 243,189 17,106 90,243 9,117 17,672 b, 435 6,723 32,685 12,514 55, 2d2 5,^6$ • 4,079 15,331 ..4,219 6,423 13,083 27,015 -4,371 19,754 r 284,335 18,010 18,962 2 434,683 36,815 103,387 18,210 19,852 10,875 6,751 46,167 9,201 13,667 9,344 l4,8;6 14,035 5 3,403 3 2 2,409 4 3,503 1 2 1 9,^ 27 132,313 34,719 52,230 20,681 I3,44g 52,265 13,507 13,790 19,769 10,293 29,857 737,985 235,705 5^,327 14,805 960 1,305,806 80,802 8,752 17,906 089 223 461,276 51,195 59,221 3,458 34,230 965 56,332 72,085 31,55# 22,609 92,436 31,211 27,458 29,115 7, 240 1, 2b0 700 600 1,790 630 535 ~ 387,029 111,918 135,072 65,349 5 ^ , 1 ^ 188,173 1)0,223 3°, 267 50,809 3,217 6,268 910 134 881 865 349 1,684 314 751 l,24l 2,8o 2 25 1,460 123,599 ^3,221 44,26o 35,156 11,469 55,258 18,084 15,24o 2,6l4 7,803 3,654 2,573 8,061 3,635 16,042 1,553 2,077 1,602 3,154 2,2o4 1,207 17 597 9,638 1,926 1,285 253 1 >302 25,130 53,519 3 ^ *^90 42,5°^ 101,378 2o2 23d 22,706 14,393 3,&o4 1,331 820 2,04o 59^" 1,534 26,637 4,622 1,215 5,449,847 385,485 1,719,097 4 0 7 , ^ 0 533,801 202,127 202,402 911,695 185,065 128 , 815 189,119 1 22,b49 462,132 L I A B I L I T I E S F.R.notes in actual c i r c u l a t i o n Deposits: Member "bank - r e s e r v e account Government Foreign bank Other d e p o s i t s Total deposits Deferred a v a i l a b i l i t y items Capital paid in Surplus All other l i a b i l i t i e s TOTAL LIABILITIES Reserve r a t i o (per c e n t ) Contingent l i a b i l i t y on b i l l s p u r chased f o r f o r e i g n c o r r e s p o n d e n t s Federal reserve notes: Issued t o F.R.bank by F.R.agent Held by F e d e r a l r e s e r v e bank In a c t u a l c i r c u l a t i o n C o l l a t e r a l h e l d by agent as s e c u r i t y f o r n o t e s i s s u e d to bank Gold and gold c e r t i f i c a t e s Gold f u n d - F. R. Board E l i g i b l e paper Total c o l l a t e r a l RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS OH SEPTEMBER 23, 1931 (In thousands of d o l l a r s ) B-502c T o t a l Boston Itfevz York P h i l a . Clove. Rich. A t l a n t a Chicago S t . L o u i s Minn. Kans.Cy. Dallas San Fran. 2,045,005 142,003 388,702 156,879 250,159 80,335 i l l , G i l 452,981 75,729 56,073 70,179 31,337 219,017 2,279,5-5 21,777 162,073 23,618 2,487,013 460,682 166,760 274,636 15,751 5,449,847 77.0 147,083 973,941 136,537 173,141 60,500 54,352 318,747 3,784 972 1,811 2,594 1,533 3,581 912 10,611 67,i4o i4,oo5 14,290 5,659 5,093 19.100 I0,4i4 63 4,239 4i 55 78 774 158,661 1,055,279 151,578 193,481 68,794 61,056 342,202 51,462 125,070 44,910 44,398 34,433 11,573 54,817 11,775 64,669 16,723 15,648 5,654 5,211 19,552 21,299 80,575 27,065 28,971 12,114 10,857 39,936 285 4,802 305 l , l 4 4 797 2,094 2,207 385,485 1,719,097 4o7,46o 533,801 202,127 202,402 911,595 78.8 78.9 76.6 76.7 61.3 71.8 81.0 181,436 13,635 59,445 17,999 18,362 7,272 r 36,441 1,317 4,952 192 72,902 19,759 4,781 10,562 1,332 185,065 71.7 47,923 1,348 3,254 231 52,756 8,996 2,975 7,144 871 128,815 71.4 189,119 69.7 55,471 167,116 1,594 1,901 4,244 9,621 6,524 149 61,454 185,162 15,997 27,372 4,179 11,386 8,936 18,475 720 736 122,54-9 462,132 62.9 79-5 6,363 4,182 5,272 5,454 12,363 6,545 24,544 S,287 430 4,103 858 33,678 21,895 4,207 8,702 458 FEDERAL RESERVE 2TOTE STATSLISM1 2,484,834 165,130 439,829 23,127 2,045,005 142,003 537,778 194,196 281,451 85,763 128,412 550,181 81,763 60,856 80,976 38,781 279,537 149,076 27,317 31,29 2 5,438 16,801 97,200 5,034 4,793 10,797 7.444 >0,520 388,702 155,879 250,159 80,335 111,611 452,921 75,729 56,073 70,179 31,337 219,017 752,059 35,300 1,404,480 124,617 426,919 55,000 91,682 573,601 450,342 21,220 2,505,881 181,137 33,700 24,510 10,070 10,900 122,300 205,000 45,000 87,500 33,953 57,009 31,249 31,023 194,953 286,519 86,319 129,423 87,100 433,000 80,84? 600,945 i4,5so 6,580 7,3oo 90,000 50,700 47,4oo 67,000 16,200 150,763 16,72s 7,231 20,127 15,85 2 43 , 423 4,186 32,108 61,211 87,127 39,35: MATURITY DISTRIBUTION OF BILLS AMD SHORT THRV. SECURITIES Total B i l l s discounted B i l l s bought i n open market C e r t i f i c a t e s and b i l l s Municipal w a r r a n t s 309,827 243,189 434,685 105 Within 15 days 228,060 87,629 7,000 l 6 to 30 days 22,333 33,663 10,950 15 31 to 60 days 33,950 48,688 76,150 b l to 90 days 20,013 72,665 169,529 10 91 days t o 5 months Over 6 months 543 112,045 80 59,014 4,958 513
@FedFRASER