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. 27; of the Federal Reserve System not earlier* January 26, 1939# CONDITION OF FEDERAL RESERVE BANKS During the week ended January 25 member bank reserve balances increased $36,000,000® Additions to member bank reserves arose from decreases of $43,000,000 in money in circulation and $33,000,000 in Treasury deposits with Federal Reserve banks, and increases of $25,000,000 in gold stock and $2,000,000 in Treasury currency, offset in part by increases of $28,000,000 in Treasury cash and $35*000,000 in nonmember deposits and other Federal Reserve accounts and a decrease of $5,000,000 in Reserve bank credit Excess reserves of member banks on t January 25 were estimated to be approximately $3,600,000,000, an increase of $40,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended January 25, 1939, were as follows J Increase or decrease since Jan. 25, Jan. 18, Jan 26 # 5 1939 1939 1938 (in millions of dollars) Bills discounted 5 + 1 6 Bills bought 1 U. S. Government securities 22,,556644 — Industrial advances (not including 13 million commitments - January 25) 15 — - 3 Other Reserve bank credit -1 — 4 1 Total Reserve bank credit 2,583 5 11 Gold stock l4,64o + 25 + 1,885 Treasury currency 2,812 2 + 158 Member bank reserve balances 9,166 + 36 + 1,870 Money in circulation 6,623 - 43 + 329 Treasury cash 2,754 + 28 — 888 Treasury deposits with F.R. banks 767 - 33 + 650 Nonmember deposits and other F. R. accounts 726 + 35 + 72 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form* FH-28>-a Released for publication Friday morning, January 27,1939J not earlier. STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Increase or decrease since Jan. 25, Jan, 18, Jan. 26, 1929 193? 1938 A S S E TS Gold certificates on hand and due from U.S. Treasury 11,905,217 + 8,943 +2,787,612 Redemption fund - F # R, notes 10,193 + 1,000 + 750 Cther cash 449 an +13,881 + 8,157 Total reserves 12,364,521 +23,824 +2,796,519 Bills discountedt Secured by U. S. Gov!t obligations, direct or fully guaranteed 2,729 ++ 447744 -- 44,,990033 Other bills discounted 1,966 - i4o - 1.872 Tot a], bills discounted 4,695 + 334 - 6,775 Bills bought in open market 556 — + 8 Industrial advances 1155,,113311 - 259 - 2,798 U S Government securities: # # Bonds 840,893 — +113,320 Treasury notes 1,209,931 — +37,718 Treasury bills 513,191 — -151,038 Total U. S. Government securities 2,564,015 — — Total bills and securities 2,584,397 + 75 -9,565 Due from foreign banks 166 ~ 5 F. R. notes of other banks 30,307 - 782 +5,723 Uncollected iteus 565,290 -95,471 +62,048 Bank premises 42,913 - 12 - 2,098 Other assets 48,038 + 689 + 7,198 TOTAL ASSETS 15,635,632 -71,677 +2,859,820 L I A B I L I T I ES F. R. notes in actual circulation 44,,331199,,445511 -18,966 +200,367 Deposits! Member bank — reserve account 9,166,063 ++3355,,665544 +1,870,192 U. S. Treasurer - General account 767,179 -32,771 +649,857 Foreign bank 171,571 +12,858 + 13,823 Other deposits 298,213 +22,277 + 62,609 Total deposits 10,403,026 +38,018 +2,596,481 Deferred availability items 556666,,446677 -91,209 +62,793 Other liabilities including accrued dividends 2,426 + 218 -- 11,,449999 TOTAL LIABILITIES 15,291,370 -71,939 +2,858,142 C A P I T AL A C C O U N TS Capital p?:dd in 134,841 + 23 + 1,772 Surplus (Section 7) 149,152 — + 1,413 Surplus (Section 13b) 27,264 — - 419 Other capital accounts 33,005 + 239 - 1,088 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 15,635,632 -71,677 +2,859,820 Ratio of total reserves to deposit and F. R. note liabilities combined 84,0$ + .156 + 3.8$ Contingent liability on bills purchased for foreign correspondents —— -- 11,,559922 Commitments to r:ake industrial advances 13,00A - 127 - 384 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-b STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS ON JANUARY 25, 1939 (in thousands of dollars) A S S E TS 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 11,905,217 678,181 5,577,790 563,624 743,440 330,397 246,542 2,027,322 315,201 223,582 290,521 191,305 717,312 Redemption fund - F.R.notes 10,193 222 1,775 1,064 652 1,361 517 457 806 586 461 669 1,623 Other cash 449,111 43,423 131,027 34,799 29,160 25,764 20,371 64,872 20,287 9,768 17,485 15,533 36,622 Total reserves 12,364,521 721,826 5,710,592 599,487 773,252 357,522 267,430 2,092,651 336,294 233,936 308,467 207,507 755,557 Bills discounted! direct or fully guaranteed 2,729 17 1,603 588 136 54 30 50 45 43 89 l4 60 Other bills discounted 1,966 25 220 577 51 115 53 16 78 82 663 23 63 Total bills discounted 4,695 42 1,823 1,165 187 169 83 66 123 125 752 37 123 Bills bought in open market 556 4i 220 56 51 24 19 69 2 2 16 16 40 Industrial advances 15,131 1,879 3,859 3,002 589 1,254 827 455 9 957 245 730 1,325 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 4433,,332233 3344,,990011 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.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 2,584,397 189,968 730,565 210,082 258,751 134,971 119,333 281,390 119,956 81,539 133,110 107,201 217,531 Due from foreign banks 166 13 58 17 16 8 6 21 3 2 5 5 12 F.R, notes of other banks 30,307 1,088 7,742 1,315 1,514 3,030 2,742 3,546 3,198 1,301 1,099 665 3,067 Uncollected items 565,290 55,869 l4l,98l 40,209 65,022 45,186 24,357 69,994 25,833 14,612 29,737 23,649 28,841 Bank premises 42,913 2,945 9,038 4,699 6,017 2,621 2,073 3,964 2,291 1,522 3,248 1,261 3,234 Other assets 48,038 3,095 13,308 4,274 5,490 3,050 2,180 4,789 2,043 1,519 2,267 1,883 4,l40 TOTAL ASSETS 15,635,632 974,804 6,613,284 860,083 1,110,062 546,388 418,121 2,456,355 489,618 334,431 477,933 342,171 1,012,382 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 25, 1939 (In thousands of dollars) L I A B I L I T I ES Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran, F.R.notes in actual circulation A,319,451 375,631 978,030 313,767 419,207 198,622 149,253 980,032 178,890 133,949 166,981 77,692 347,397 DepositsJ Member bank - reserve account 9,166,063 435,4-03 4,914,112 411,296 490,151 247,550 180,436 1^78,439 228,631 124,032 232,668 184,128 539,217 U.S.Treasurer - General account 767,179 66,518 166,522 38,405 82,318 31,827 39,004 156,613 34,056 43,905 32,046 33,462 42,503 Foreign bank 171,571 12,307 61,659 16,581 15,897 7,350 5,983 20,683 4,957 3,932 4,957 4,957 12,308 Other deposits 298,213 4,630 239,946 6,932 5,990 1,651 6,526 1,741 5,119 5,111 1,101 4,242 15,224 Total deposits 10,403,026 518,858 5,382,239 473,214 594,356 288,378 231,949 1,357,476 272,763 176,980 270,772 226,789 609,252 Deferred availability items 566,467 56,284 133,042 40,699 63,813 44,606 24,210 74,175 27,465 14,343 30,001 26,714 31,115 Other liabilities including accrued dividends 2,426 212 785 178 200 29 240 247 65 109 252 51 58 TOTAL LIABILITIES 15,291,370 950,985 6,494,096 827,858 1,077,576 531,635 405,652 2^11,930 479,183 325,381 468,006 331,246 987,822 C A P I T AL A C C O UN T S Capital paid in 134,841 9,424 51,059 12,073 13,657 5,O4O 4,508 13,564 3,961 2,907 4,223 3,966 10,459 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 33,005 1,438 8,209 2,040 3,499 1,437 1,618 6,766 1,244 1,989 949 1,801 2,015 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 15,635,632 974,804 6,613,284 860,083 1,110,062 546,388 418,121 2/456,355 489,618 334,431 477,933 342,171 1,012,382 Commitments to make industrial advances 13,004 1,234 2,588 1,508 1,487 1,£L8 155 58 44l 198 639 44 3,434 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Within 16 to 31 to 6l 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 Yeagrs 5 Years 5 Years Bills discounted 4,695 3,670 144 221 293 347 20 Bills oc-.i-ht 556 83 23 271 179 ~ Industrial advances 15,131 2,232 101 390 573 2,159 3,961 4,100 1,615 U.• S. Government securities 2,564,015 102,685 95,885 205,093 77,510 117,215 173,142 390,654 641,683 760,148 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR~283-d FEDERAL RESERVE NOTE STATEMENT ON JANUARY 25, 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 4,686,380 4)3,262 1,087,135 33S,174 443,501 214,194 164,205 1,019,780 196,766 l4o,559 175,486 86,344 416,974 # Held by Federal Reserve bank 366,929 27,631 109,105 24,407 24,294 15,572 14,952 39,748 17,876 6,610 8,505 8,652 69,577 In actual circulation 4,319,451 375,631 978,030 313,767 419,207 198,622 149,253 980,032 178,890 133,949 166,981 77,692 347,397 Collateral held by agent as security for notes issued to bank* Gold certificates on hand and due from U. S.Treasury 4,791,000 420,000 1,105,000 345,000 446,000 220,000 169,000 1,035,000 199,000 143,500 185,000 89,500 434,000 Eligible paper 3,930 17 1,755 690 177 169 36 66 70 75 735 37 103 Total collateral 4,794,930 420,017 1,106,755 345,690 446,177 220,169 169,036 1,035,066 199,070 143,575 185,735 89,537 434,103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis