H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FR—283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Jan. 20; of the Federal Reserve System not earlier, January 19, 1939. CONDITION OF FEDERAL RESERVE BANKS During the week ended January 18 member bank reserve balances increased $17-4,000,000, Additions to member bank reserves arose from decreases of 050,000,000 in money in circulation, $73,000,000 in Treasury deposits with Federal Reserve banks and $26,000,000 in nonmember deposits and other Federal Reserve accounts and increases of $38,000,000 in gold stock and $5,000,000 in Treasury currency, partly offset by an increase of $14,000,000 in Treasury cash and a decrease of $4,000,000 in Reserve bank credit. Excess reserves of member banks on January 18 were estimated to be approximately $3,560,000,000f an in­ crease of $120,000,000 for the week. The principal changes in holdings of bills and securities were an increase of $30,000,000 in United States Treasury notes and a corresponding decrease in United States Treasury bills* Changes in member bank reserve balances and related items during the week and the year ended January 18, 1939, were as follows* Increase or decrease since Jan, 18)1 J an, llj, Jan. 19. 1939 . . i.m 1938 (In millions of dollars) Bills discounted 4 - 1 7 — Bills bought 1 U. S. Government securities 2,564 — — Industrial advances(not including 13 million commitments — January 18) 15 - 1 3 Other Reserve bank credit 3 — 4 - 14 Total Reserve bank credit 2,588 - 4 - 22 Gold stock 14,615 + 38 +1,860 Treasury currency 2,810 + 5 + 171 Member bank reserve balances 9,130 +174 +1,911 Money in circulation 6,666 - 50 + 320 Treasury cash 2,726 + l4 - 895 Treasury deposits with F,R, banks 800 - 73 + 665 Nonmember deposits and other F, R. accounts 691 — 26 + 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FK-283-a Released for publication Friday morning, January 20,1939? not earlier. STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Increase or decrease since Jan. 18, Jan* 11, Jan* 19, A S S E T S Gold certificates on hand and due from U. S. Treasury 11,896,217 + 28,497 +2,777,823 Redemption fund - F. R. notes , 9,193 + 760 - 200 Other cash .. . _425.t222 +17.204 -.+ £¿564 Total reserves 12,3^0,639 + 46,461 +2,786,187 Bills discounted* Secured by U. S, Gov’t obligations, direct or fully guaranteed 2,255 - 380 - 4,724 Other bills discounted 2,106 21 Total bills discounted 4,361 - 393 - 6,429 Bills bought in open market 556 + 7 + 8 Industrial advances 15,390 - 160 - 2,439 U. S. Government securities* Bonds 840,893 +112,820 Treasury notes 1,209,931 +30,354 + 38,218 Treasury.bills ...5,13j1?i .,..120*224 Total U.S. Government securities 2,564,015 Total bills and securities 2,584,322 - 546 - 8,860 Due from foreign banks 166 - 6 - 5 F. R. notes of other bonks 31,089 —4,448 + 3,829 Uncollected items 660,816 +63,076 +46,503 Bank premises 42,925 - 3 - 2,108 Other assets ... _+ 1*276 + 7.724 TOTAL ASSETS 15,707,306 +105,910 +2,833,270 L I A B I L I T I E S F. R. notes in actual circulation 4,338,4l4 -36,548 +183,142 Deposits t Member bank - reserve account 9,130,381 +174,242 +1,911,444 U. S. Treasurer — General account 799,950 -72,993 +664,932 Foreign bank 158,713 -18,054 - 9,221 Other deposits 275.964 - 6.748 + 25.917 Total deposits 10,365,008 + 76,447 +2,593,072 Deferred availability items 657,676 + 66,4o8 + 59,792 Other liabilities including accrued dividends 2.208 - 90 . - - - 4,545 TOTAL LIABILITIES 15,363,306 +106,217 +2,831,461 C A P I T A L A C C O U N T S Capital paid in 134,818 - 93 + 1,777 Surplus (Section 7) 149,152 + 1,413 Surplus (Section 13b) 27,264 - 419 Other capital accounts _2,2*766 -214 ^„.,.962 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 15,707,306 +105,910 +2,833,270 Ratio of total reserves to deposit and F. R, note liabilities combined 83.955 +.1# +3*8$ Contingent liability on bills purchased for foreign correspondents -1,784 Commitments to make industrial advances 13,131 -208 + 4o8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FRr-283-b STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON JANUARY 18, 1939 (in thousands of dollars) A S S E T S Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy, Dallas San Fran. Gold certificates on hand and due from U.S. Treasury 11,896,217 696,259 5,495,331 558,836 750,833 3-29,996 250,272 2,066,063 314,446 225,782 291,433 190,499 726,467 Redemption fund - F.R#notes 9,193 222 1,775 1,064 652 3$1 517 457 8C6 586 46l 669 1,623 Other cash ____43_5_,_2_2_9___ 42,400 124,977 34,326 28,503 26,448 20,255 61,349 20,919 8,957 18,123 15,503 33,469 Total reserves 12,3^0,639 738,881 5,622,083 594,226 779,988 356,805 271,044 2,127,869 336,171 235,325 310,017 206,671 761,559 Bills discounted* direct or fully guaranteed 2,255 107 938 607 106 54 — 50 — 30 334 4 25 Other bills discounted 2,106 25 319 591 54 162 64 24 78 83 652 21 33 Total bills discounted 4,361 132 1,257 1,198 160 216 64 74 78 113 986 25 58 Bills bought in open market 556 4l 220 56 51 24 19 69 2 2 16 16 40 Industrial advances 15,390 1,882 3,859 3,022 589 1,455 824 455 9 961 245 755 1,334 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 1,209,931 88,717 341,961 97,142 121,713 63,009 55,873 132,506 56,544 37,966 62,334 50,217 101,949 Treasury bills 513,191 37,630 145,042 41,203 51,623 26,725 23,699 56; 203 23,982 16,103 26,440 21,300 43,241 Total U.S.GovH 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 2,584,322 190,061 729,999 210,135 258,724 135,219 119,311 281,398 119,911 81,531 133,3^4 107,214 217,475 Due from foreign banks 166 13 58 17 16 8 6 21 3 2 5 5 12 F.R«notes of other banks 31,089 1,510 8,556 1,461 1,334 3,187 2,181 3,926 2,190 1,699 1,319 733 2,993 Uncollected items 660,816 64,l4l 170,827 48,746 71,597 54,090 24,105 89,290 30,322 i6,o4o 31,488 26,011 34,159 Bank premises 42,925 2,945 9,038 4,699 6,017 2>621 2,076 3,964 2,291 1,522 3-248 1,261 3,243 Other assets -j£U2à2. ..3+043., 13*023. 4^25...__5+234. ,„ .2*212 2.4ZZ_ 4t780 2_*016. 1*505 2.238 1,830 4,096 , ,, .. _ . TOTAL ASSETS 15,707,306 1,000,594 6,553,654 863,509 1,123,060 554,842 420,900 2,511,248 492,9c4 337,624 451,659 343,775 1,023,537 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 18, 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 4,338,414- 376,288 987,760 313,720 417,715 200,438 148,475 981,599 180,130 134,649 168,209 78,548 350,883 Deposits * Member bank - reserve account 9,130,381 449,126 4,873,213 402,225 494,996 246,210 182,189 1,171,684 227,796 124,000 234,880 180,154 543,908 U.S.Treasurer - General account 799,950 70,960 133,071 45,377 87,093 32,822 4l,l68 201,916 33,381 45,649 30,244 36,275 41,494 Foreign bank 158,713 11,316 57,654 15,245 14,617 6,758 5,501 19,017 4,558 3,615 4,558 4,558 11,316 Other deposits 275,964 4,771 216,840 6.758 6,154 1,688 7,186 1,906 4,952 4,390 1,237 3,810 16,272 Total deposits 10,365,008 536,173 5,280,778 470,105 602,860 287,478 236,044 1,394,523 270,687177,654 270,919 224,797 612,990 Deferred availability items 657,676 64,139 165,342 47,243 69,855 52,095 23,754 90,517 31,6l4 16,174 32,386 29,478 35,079 Other liabilities including accrued dividends 2,208 189 572 251 185 118 166 233 58 106 246 46 38 TOTAL LIABILITIES 15,363,306 976,789 6,434,452 831,319 1,090,615 540,129 408,439 2,466,872 482,489 328,583 471,760 332,869 998,990 C A P I T A L A C C O U N T S Capital paid in 134,818 9,423 51,079 12,076 13,656 5,023 4,503 13,556 3,959 2,906 4,221 3,966 10,450 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 32,766 1,425 8,203 2,002 3,459 l,4l4 1,615 6,725 1,226 1,981 923 1,782 2,011 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 15,707,306 1,000,594 6,553,654 863,509 1,123,060 554,842 420,900 2,511,248 492,904 337,624 481,659 343,7751,023,537 Commitments to make industrial advances 13,131 1,239 2,605 1,508 1,514 1,220 155 58 44l 198 650 46 3,497 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Within 61 to 31 to 61 to 91 days to 6 months 1 Year 2 Years to Over Total 15 days 30 days 60 days 90 days 6 months to 1 Year to 2 Years 5 jYears 5 Years Bills discounted 4,361 3,359 132 259 262 336 13 . 1 Bills bought 556 262 23 271 — --------- — --- — ~ — * Industrial advances 15,390 2,282 116 395 567 1,393 4,038 4,158 2,441 --------- U.S. Government securities 2,564,015 74,848 111,390 176,733 123,720 111,697 173,142 390,654 641,683 760,148 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283-d FEDERAL RESERVE NOTE STATEMENT ON JANUARY 18, 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 4,702,829 405,958 1,087,839 336,225 446,247 216,202 163,903 1,024,055 197,989 l4l,135 176,830 87,474 418,972 Held by Federal Reserve bank 364,415 29,670 100,079 22,505 28,532 15,764 15,428 42,456 17,859 6,486 8,621 8,926 68,089 1?. actual circulation 4,338,4l4 376,288 987,760 313,720 417,715 200,438 148,475 981,599 180,130 134,649 168,209 78,548 350,883 Collateral held by agent as se­ curity for notes issued to bank I Oold certificates on hand and due from U.S, Treasury 4,816,000 420,000 1,105,000 345,000 449,000 220,000 169,000 1,050,000 203,000 143,500 185,000 92,500 434,000 Eligible paper 3,581 107 1,179 718 147 216 5 74 25 62 977 25 46 Total collateral 4,819,581 420,107 1,106,179 345,718 449,147 220,216 169,005 1,050,074 203,025 143,562 185,977 92,525 434,046 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis