H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form Fit-283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Jan. 13? of the Federal Reserve System not earlier, January 12, 1939 CONDITION OF FEDERAL RESERVE BANKS During the week ended January 11 member bank reserve balances increased $137,000,000. Additions to member bank reserves arose from decreases of $123,000,000 in money in circulation, $13,000,000 in Treasury cash and $18,000,000 in Treasury deposits with Federal Reserve banks and increases of $12,000,000 in gold stock and $5,000,000 in Treasury currency, offset in part by an increase of 123,000,000 in nonmember deposits and other Federal Reserve accounts and a decrease of $12,000,000 in Reserve bank credit. Excess reserves of member banks on January 11 v/ere estimated to be approximately $3,440,000,000, an increase of $140,000,000 for the week. Principal changes in holdings of bills and securities were an increase of $23,000,000 in United States Treasury notes and a decrease of $23,000,000 in United States Treasury bills. Changes in member bank reserve balances and related items during the week and the year ended January 11, 1939, were as follows» Increase or decrease since Jan, 11,r J an. 4, J an, 121 ... 1939 1939 1938 (in millions of dollars) Bills discounted 5 + 1 6 Bills bought 1 — __ U. S. Government securities 2,564 — —- Industrial advances (not including 13 million commitments — January 11) 16 2 Other Reserve bank credit 7 - 12 + 1 Total Reserve bank credit 2,592 - 12 7 Gold stock 14,577 + 12 +1,822 Treasury currency 2,805 + 5 + 165 Member bank reserve balances 8,956 +137 +1,763 Money in circulation 6,716 -123 + 321 Treasury cash 2,712 - 13 - 916 Treasury deposits with F. R. banks 873 - 18 + 758 Nonnember deposits and other F. R. accounts 7ÏÏ + 23 + 54 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, January 13,1939; not earlier, STATEMENT OF CONDITION OF THE TTCLVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since Jan* 11, Jan. 4, Jan, 12, 1939 . 1939 1938 _ A S S E T S Gold certificates on hand and due from U. S. Treasury 11,867,720 +30,001 +2,747,829 Redemption fund - F. R. notes 8,433 -l,44l + . 109 Other cash 418,025 +53*262 +14,131 Total reserves 12,294,178 +81,822 +2,762,069 Bills discounted» Secured by U, S. Gov't obligations, direct or fully guaranteed 2,635 + 301 - 4,785 Other bills discounted .. + 146 ..„.,“.li576 Total bills discounted 4,154 + 447 - 6,361 Bills bought in open market 549 + 9 Industrial advances 15,550 + 45 - 2,333 U.S,Government securities» Bonds 840,893 +93,854 Treasury notes 1,179,577 +22,630 +20,080 Treasury bills -22,6J0 .-.112*924 Total U.S. Government securities 2,564,015 Total bills and securities 2,584,868 + 492 - 8,685 Due from foreign banks 172 - 7 F. R, notes of other banks 35,537 +6,111 +• 5,060 Uncollected items 597,740 -142,002 +23,613 Bank premises 42,928 - 2,106 Other assets ........ 45_3m .±1*222 ,...,..+ 7,492 TOTAL ASSETS 15,601,396 -52,245 +2,787,437 L I A B I L I T I E S F, R, notes in actual circulation 4,374,962 “66,088 +184,828 Deposits t Member bank - reserve account 8,956,139 +136,896 +1,762,759 U, S, Treasurer - General account 872,943 -18,176 +757,622 Foreign bank 176,767 -13,149 + 2,063 Other deposits 282,712 +37,028 ,.+56,279 Total deposits 10,288,561 +142,599 +2,578,823 Deferred availability items 591,268 -129,521 +22,688 Other liabilities including accrued dividends 2,298 .. .±232 -1.090 TOTAL LIABILITIES 15,257,089 -52,693 +2,785,249 C A P I T A L A C C O U N T S Capital paid in 134,911 +188 +1,840 Surplus (Section 7) 149,152 +1,413 Surplus (Section 13b) 27,264 - 4l9 Other capital accounts .. .22,580 +260 — 646 TOTAL LIABILITIES AUD CAPITAL ACCOUNTS 15,601,396 -52,245 +2,787,437 Ratio of total reserves to deposit and F.R. note liabilities combined 83.8$ +•1% +3.1% Contingent liability on bills purchased for foreign correspondents -29 -1,836 Commitments to make industrial advances 13,339 -219 +444 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—28>-b STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON JANUARY 11, 1939 (In thousands of dollars) A S S E T S Total Boston New York Phila. Cleve. Rich. Atlanta Chicago iSt.Louis Minn. ;Kans.Cy.Dallas i3an Fran. Gold certificates on hand and due from U, S. Treasury 11,867,720 702,073 5,340,630 572,551 761,314 342,893 254,271 2,101,320 310,718 229,928 298,287 195,045 750,690 Redemption fund - F.R. notes 8,433 257 927 1,116 701 685 539 513 Ö17 592 472 176 1,638 Other cash 418,025 40,734 122,135 32,933 24,674 23,659 18,509 60,800 21,476 8,546 16,044 15,744 32,771 Total reserves 12,294,178 743,064 5,471,692 606,600 786,689 367,237 273,319 2,162,633 333,011 239,066 314,803 210,965 785,099 Bills discountedt Secured by U.S.Gov't obligations, direct or fully guaranteed 2 ¿635 30 856 768 456 174 75 50 — • 65 84 4 73 Other bills discounted 2,119 5 360 540 54 162 65 49 100 84 644 23 33 Total bills discounted 4,754 35 1,216 1,308 510 336 l4o 99 100 149 728 27 106 Eills bought in open market 549 4i 213 56 51 24 19 69 2 2 16 16 - 4o Industrial advances 15,550 1,948 3,877 3,033 598 1,466 824 455 8 984 247 771 1,339 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 1,179,577 86,492 333,382 94,705 118,659 61,428 54,472 129,182 55,125 37,014 60,770 48,957 99,391 Treasury bills 543,545 39,855 153,621 43,640 54,677 28,306 25,100 59,527 25,401 17,055 28,004 22,560 45,799 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 2,584,860 190,030 729,969 210,256 259,083 135,350 119,387 281,423 119,932 81,590 133,088 107,232 217,528 Du.e from foreign banks 172 13 65 17 16 7 6 21 3 2 5 5 12 F..R. notes of other banks 35,537 1,331 9,493 1,541 1,563 3,383 2,637 4,887 2,978 1,702 1,733 1,045 3,244 Uncollected items .597,740 60,356 151,742 41,892 65,095 50,625 24,331 79,792 28,186 15,638 29,503 21,159 29,421 B-'.nk premises 42,928 2,945 9,038 4,699 6,017 2,621 2,076 3,964 2,291 1,52.5 3,348 1,261 3,243 Gther assets ' 45,973 2,947 12,820 4,111 5,239 2,865 2,092 4,546 1,950 1,460 2,153 1,817 3,973 TOTAL ASSETS 15,601,396 1,000,686 6,384,819 869,116 1,123,702 562,088 423,848 2,537,266 488,351 340,983 484,533 343,484 1,042,520 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Forra FR-283-c STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON JANUARY 11, 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 4,374,962 379,599 996,446 315,693 423,045 202,742 149,402 986,494 180,640 135,249 169,251 79,461 356,940 Deposits* Menber bank - reserve account 8,956,139 448,128 4,670,895 400,810 482,934 251,393 185,748 1,196,866 219,610 123,268 233,053 183,125 560,309 U.S.Treasurer — General account 872,943 72,749 164,751 54,295 97,561 34,789 43,022 204,442 38,029 48,608 35,869 37,903 40,925 Foreign bank 176,767 12,800 62,454 17,245 16,534 7,644 6,222 21,511 5,156 4,089 5,156 5,156 12,800 Other deposits 282,712 3,628 227,651 7,168 6,244 2,033 3,889 1,205 4,823 1,265 .3,621 . 17,010 Total deposits 10,288,561 537,305 5,125,751 479,518 603,273 295,859 238,881 1,424,024 267,618 180,l4o 275,343 229,805 63l,o44 Deferred availability iteias 591,268 59,791 142,705 41,303 64,748 48,656 22,933 82,128 29,612 16,443 29,768 23,255 29,926 Other liabilities including accrued dividends 2,298 189 728 251 170 111 160 218 53 105 244 42 27 TOTAL LIABILITIES 15,257,089 976,884 6,265,630 836,765 1,091,236 547,368 411,376 2,492,864 477,923 331,937 474,606 332,563 1,017,937 C A P I T A L A C C O U N T 3 Capital paid in 134,911 9,421 51,074 12,211 13,653 5,015 4,505 13,546 3,953 2,904 4,220 3,965 10,444 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 13b) 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 32,980 1,424 8,195 2,028 3,483 1,429 1,624 6,761 1,245 1,988 952 1,798 2,053 TOTAL LIABILITIES AITO CAPITAL ACCOUNTS 15,601,396 1,000,686 6,384,819 869,116 1,123,702 562,088 423,848 2,537,266 488,351 3^0,983 484,533 343,484 1,042,52.0 Conr.dtr:onts to nake industrial advances 13,339 1,291 2,6l4 1,518 1,554 1,225 156 58 462 198 658 46 3,559 MATURITY DISTRIBUTION OF BILIS AND SECURITIES Within 16 to 31 to 61 to 91 days 6 nonths 1 Year 2 Years to Over Total 15 days 30 days 60 days 90 days 6 nonths to 1 Year to 2 Years 5 Years 5 Years Bills discounted 4,754 3,715 82 274 261 401 21 — « Bills bought 549 179 106 — 264 — — ------- — — Industrial advances 15,550 1,908 525 403 542 1,421 4,015 4,070 2,666 — U, S. Government securities 2,564,015 88,872 102,685 199,268 152,720 85,197 173,142 390,654 611,329 760,148 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283—d FEDERAL RESERVE NOTE STATEMENT ON JANUARY 11, 1939 (in thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn, Kans.Cy. Dallas San Fran. Federal Reserve notesl Issued to F.R. bank by F.R.agent 4,741,206 405,300 1,112,038 337,078 448,154 219,901 164,123 1,026,525 199,258 l4l,3l4 179,370 88,667 4l9,47S Held by Federal Reserve bank 366,244 25,701 115,592 21,385 25,109 17,159 14,721 40,031 18,618 6,065 10,119 9,206 62,538 In actual circulation 4,374,962 379,599 996,446 315,693 423,045 202,742 149,402 986,494 180,640 135,249 169,251 79,461 356,940 Collateral held by agent as se­ curity for notes issued to bank* Gold certificates on hand and due from U. S. Treasury 4,855,000 420,000 1,130,000 345,000 453,000 230,000 169,000 1,050,000 203,000 143,500 185,000 92,500 434,000 Eligible paper 4,011 30 1,120 889 497 337 81 99 25 98 7l4 28 93 ‘ Total collateral 4,859,011 420,030 1,131,120 345,889 453,497 230,337 169,081 1,050,099 203,025 143,598 185,714 92,528 434,093 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis