H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Fora FR-283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday moaning, Jan, 6; of the Federal Reserve System not earlier, January 5, 1939 CONDITION OF FEDERAL RESERVE BANKS During the week ended January member bank reserve balances increased $242,000,000, Additions to member bank reserves arose from decreases of <$73»000,000 in money in circulation, #50,000,000 in Treasury deposits with Federal Reserve banks, and $76,000,000 in normenber deposits and other Federal Reserve accounts, and increases of 157,000,000 in gold stock and $10,000,000 in Treasury currency, offset in part by an increase of $18,000,000 in Treasury cash and a decrease of $6,000,000 in Reserve bank credit. Excess reserves of member banks on January 4 were estimated to be approximately $3,300,000,000, an increase of $230,000,000 for the week. The fora of statement has been revised to show capital accounts under a separate caption# Changes in member bank reserve balances and related items during the week and the year ended January 4, 1939, were as followst Increase or decrease since Jan. 4, Dec. 28., Jan. 5 1939 _ 1228. 1938 (In millions of dollars) Bills discounted 4 - 3 7 Bills bought 1 — U. S. Government securities 2,564 — __ Industrial advances (not including l4 million commitments — January 4) 16 — 2 Other Reserve bank credit 19 —• 4 + 10 Total Reserve bank credit 2,6o4 — 6 + 1 Gold stock 14,565 + 57 +1,810 Treasury currency 2,800 + 10 + 161 Member bank reserve balances 8,819 +242 +1,748 Money in circulation 6,839 - 73 + 329 Treasury cash 2,725 + 18 - 897 Treasury deposits with F. R. banks 891 - 50 + 764 Nontnenber deposits and other F. R. accounts 694 - 76 + 2.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, January 6,1939* not earlier, STATEMENT OF CONDITION OF THE TTOLVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since Jan, 4, Dec, 28, Jan, 5, 1939 1938 ..1.93.8— AS S E T S Gold certificates on hand and due from U. S. Treasury 11,837,719 +50,000 +2,717,827 Redemption fund - F. R, notes 9,874 + 1 + 438 Other cash ..J.64t76j +39.292 +2,132 Total reserves 12,212,356 +89,293 +2,720,397 Bills discounted» Secured by U.S. Gov’t obligations, direct or fully guaranteed 2,334 -2,597 - 4,762 Other bills discounted 1 Æ L - 76 - 2.011 Total bills discounted 4,307 -2,673 - 6,773 Bills bought in open market 549 + 9 Industrial advances 15,505 - 183 - 2,389 U, S. Government securities» Bonds 840,893 +89,354 Treasury notes 1,156,947 + 1,950 Treasury bills 566.175 -91.304 Total U.S, Government securities 2,564,015 Total bills and securities 2,584,376 - 2,856 ~ 9,153 Due from foreign banks 172 - 7 F. R. notes of other banks 29,426 +4,024 + 1,985 Uncollected items 739,742 +52,527 +102,300 Bank premises 42,92.8 -1,148 - 2,093 Other assets 44.641 — ±202 + 7.280 TOTAL ASSETS 15,653,641 +142,149 +2,820,709 L I A B I L I T I E S F. R. notes in actual circulation 4,441,050 -29,412 +183,204 Deposits i Member bank - reserve account 8,819,243 +242,076 +1,747,994 U. S. Treasurer - General account 891,119 -49,885 + 764,223 Foreign bank 189,916 -17,787 + 14,603 Other deposits 245.684 + 17.256 Total deposits 10,145,962 +123,245 +2,544,076 Deferred availability items 720,789 +56,640 + 92,450 Other liabilities including accrued dividends 1.981 -3.722 - 1.307 .TOTAL LIABILITIES 15,309,782 +146,751 +2,818,423 C A P I T A L A C C O U N T S Capital paid in 134,723 + 272 + 1,796 Surplus (Section 7) 149,152 +1,413 + 1,413 Surplus (Section 13b) 27,264 — 419 - 4l9 Other capital accounts -J2,a,720 -5.868 - 504 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 15,653,641 +l42,l49 +2,820,709 Ratio of total reserves to deposit and F, R. note liabilities combined 83,7$ +.1$ +3.7% Contingent liability on bills purchased for foreign correspondents 29 -47 -1,437 Commitments to make industrial advances 13,558 -603 + 766 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283—b STATEMENT OF CONDITION OF THE FEDERAL RESERVE BARKS Oil JANUARY 4 1939 (In thousands of dollars) * A S S E T S Total Boston New York Phila. Cleve,1 Rich. Atlanta Chicago St.Louis Minn, 1îans.Cy. Dallas San Fran, Gold certificates on hand and due from U. S. Treasury 11,837,719 678,834 5,324,139 570,875 772,892 349,181 248,233 2,144,449 304,817 216,573 292,776 198,347 736,603 Redemption fund - F.R. notes 9,874 328 1,226 1,236 810 1,222 584 629 843 606 509 191 1,690 Other cash 364,763 35,527 104,890 28,063 22,080 23,002 15,395 51,759 19,462 7,546 14,476 13,722 28,841 Total reserves 12,212,356 714,689 5,430,255 600,174 795,782 373,405 264,212 2,196,837 325,122 224,725 307,761 212,260 767,134 Bills discounted« Secured by U.S.Gov’t obligations, direct or fully guaranteed 2,334 32 799 799 306 74 75 55 — 43 74 4 73 Other bills discounted 1,973 9 319 488 54 152 111 67 70 84 566 19 34 Total bills discounted 4,307 4l 1,318 1,287 360 226 186 122 70 127 64o 23 107 Bills bought in open market 549 4i 215 56 51 24 19 68 2 2 16 16 39 Industrial advances 15,505 1,943 3,876 3,038 598 1,466 824 4i5 20 960 252 773 1,340 U. S. Government securities« Bonds 840,893 61,659 237,660 67,514 84,588 43,790 38,832 92,091 39,296 26,386 43,323 34,901 70,853 Treasury notes 1,156,947 84,832 326,986 92,888 116,383 60,250 53,427 126,704 54,067 36,303 59,605 48,018 97,464 Treasury bills 566,175 41,515 160,017 45,457 56,953 29,484 26,145 62,005 26,459 17,766 29,169 23,499 47,706 Total U.S.Gov*t securities 2,564,015 188,006 724,663 205,859 257,924 133,524 118,4o4 280,800 119,822 80,455 132,097 106,418 216,043 Total bills and securities 2,584,376 190,031 729,872 210,240 258,933 135,240 119,433 281,405 119,914 81,544 133,005 107,230 217,529 Due from foreign banks 172 13 65 17 16 7 6 21 3 2 5 5 12 F.R.notes of other banks 29,426 1,023 5,753 l,l4l 1,642 3,221 2,7L4 4,112 2,860 1,177 1,645 897 3,241 Uncollected items 739,742 69,232 174,865 54,835 84,427 61,267 31,455 97,124 35,952 17,720 42,744 29,550 4o,571 Bank premises 42,928 2,945 9,038 4,699 6,017 2,621 2,076 3,964 2,291 1,525 3,248 1,261 3,243 Other assets 44,641 2,851 12,285 3,995 5,115 2,777 2,04l 4,504 1,893 1,454 2,090 1,763 3,873 TOTAL ASSETS 15,653,641 980,784 6,362,133 875,101 1,151,932 578,538 421,937 2,587,967 488,035 328,147 490,498 352,966 1^35,603 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283—c STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON JANUARY 1939 (in thousands of dollars) L I A B I L I T I E S Total Boston New York Phila, Cleve. Rich* Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F,R. notes in actual circulation 4,441,050 384,082 1,022,531 319,062 424,873 207,032 151,4o4 996,935 182,796 137,061 171,420 81,485 362,369 Deposits» Member bank - reserve account 8,819,243 4l4,594 4,599,393 386,173 485,395 245,779 179,622 1,217,546 215,136 113,965 229,738 185,868 546,034 U.S.Treasurer - General account 891,119 73,975 194,997 57,631 104,751 41,506 38,137 204,708 33,416 41,946 30,428 34,415 35,209 Foreign bank 189,916 13,656 68,339 18,587 17,450 8,156 6,638 22,571 5,690 4,362 5,500 5,500 13,467 Other deposits 245,684 3,847 188,886 6,750 7,270 2,305 4,215 2,130 5,070 4,050 1,559 4,007 15,595 Total deposits 10,145,962 506,072 5,051,615 469,l4l 614,866 297,746 228,612 1,446,955 259,312 164,323 267,225 229,790 610,305 Deferred availability items 720,789 66,645 168,300 54,355 79,620 58,961 29,315 99,569 35,472 17,623 41,715 30,754 38,460 Other liabilities including accrued dividends 1 ____ 1£L 520 217 156 106 156 _203_ 54 96 238 39 ____15 TOTAL LIABILITIES 15,309,782 956,980 6,242,966 842,775 1,119,515 563,845 409,487 2,543,662 477,634 319,103 460,598 342,068 1,011,149 C A P I T A L A C C O U N T S Capital paid in 134,723 9,4l6 51,058 12,213 13,646 5,005 4,499 13,506 3,948 2,905 4,215 3,960 10,352 Surplus (Section 7) 149,152 10,083 52,463 13,696 14,323 4,983 5,630 22,666 4,685 3,153 3,613 3,892 9,965 Surplus (Section 13 b) 27,264 2 874 7,457 4;4l6 1,007 3,293 713 1,429 545 1,001 1.142 1,266 2,121 Other capital accounts 32.720 8,189 . ,2»QQ1_ V4l i;4l2 1,608 6;tt4 î j.223 .1:985 Q-Ti -1,280.... ?,m 6 TOTAL LIABILITIES AND CAPITAL 15,653,641 980,784 6,362,133 875,101 1,151,932 578,538 421,937 2,587,967 488,035 328,147 490,498 352,966 1,035,603 ACCOUNTS Contingent liability on bills purchased for foreign correspondents 29 11 3 2 1 1 3 1 1 1 1 2 Commitments to make industrial <advances 13,558 1,297 2,669 ,518 1,555 1,296 157 58 498 199 658 46 3,607 MftTlJRlTY DISTRIBUTION OF BILLS AMD SECURITIES mthin 16 to 31 to 61 to 91 days to 6 months 1 Year 2 Years to Over Total l£.d§2S 30 davs 60 days 90 days 6 months to 1 Year to 2 Years 5 Years 5 Years Bills discounted 4,307 3,267 185 295 170 365 25 ~ Bills bought 549 25 237 2,534 Industrial advances 15,505 2,049 512 358 409 1,613 3,889 4,l4l U, S. Government securities 2,564,015 107,684 74,848 209,378 174,265 85,197 173,142 390,654 588,699 760,148 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-d FEDERAL RESERVE 1ÜTE STATEMENT ON JANUARY 4, 1939 (In thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn* Kans.Cy. Dallas San Fran. Federal Reserve notes* Issued to F.R. bank by F.R.agent 4,788,995 408,670 1,138,709 340,289 451,725 221,433 165,318 1,031,975 199,157 l4l,976 179,789 89,730 420,224 Held by Federal Reserve bank 347,945 24,588 116,178 21,227 26,852 l4,401 13,914 35,040 16,361 4,915 8,369 8,245 57,855 In actual circulation 4,441,050 384,082 1,022,531 319,062 424,873 207,032 151,4o4 996,935 182,796 137,061 171,420 81,485 362,369 Collateral held by agent as se­ curity for notes issued to bank* Gold certificates on hand and due from U. S. Treasury 4,888,000 420,000 1,155,000 345,000 457,000 230,000 169,000 1,050,000 207,000 143,500 185,000 92,500 434,000 Eligible paper 3,699 36 1,070 922 347 227 135 122 25 76 627 23 89 Total collateral 4,891,699 420,036 1,156,070 345,922 457,347 230,227 169,135 1,050,122 207,025 143,576 185,627 92,523 434,089 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis