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, Feb. 3$ of the Federal Reserve System not earlier. February 2, 1939 CONDITION OF FEDERAL RESERVE BANKS During the week ended February 1 member bank reserve balances decreased $119,000,000. Reductions in member bank reserves arose from increases of s,’40,000,000 in money in circulation, $16,000,000 in Treasury cash, and $120,000,000 in Treasury deposits with Federal Reserve banks, offset in part by increases of ¿54,000,000 in gold stock and $5,000,000 in Treasury currency. Excess reserves of member banks on February 1 were estimated to be approximately $3/80*000,000, a decrease of $120,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended February 1, 1939, were as followss Increase or decrease since Feb. 1, Jan. 25, Feb. 2, 1939 1939 1938 (in millions of dollars) Bills discounted 5 — - 6 Bills bought 1 — U. S. Government securities 2,564- — — Industrial advances (not including 13 million commitments - February l) 15 — - 3 Other Reserve bank credit -2 ~ 1 - 2 Total Reserve bank credit 2,582 “ 1 12 Gold stock 14,694 + 54 +1,939 Treasury currency 2,817 + 5 + 160 Member bank reserve balances 9,04-7 —119 +1,798 Money in circulation 6,663 + 40 + 340 Treasury cash 2,770 + 16 - 878 Treasury deposits with F. R. banks 887 +120 + 744 Nonmember deposits and other F. R. accounts 725 — 1 + 8 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR~2o3~a Released for publication Friday morning, February 3,1939; not earlier. STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Increase or decrease since Feb. 1, Jan, 25, Feb, 2, 1939 1939 1938 A S S E T S Gold certificates on hand and due from U.S. Treasury 11,947,218 +42,001 +2,831,121 Redemption fund — F. R. notes 10,441 + 248 - 171 Other cash 440,142 -8,969 + 9*240 Total reserves 12,397,801 + 33,280 +2,840,190 Bills discounted* Secured by U, S, Gov’t obligations, direct or fully guaranteed 2,880 + 151 - 4,665 Other bills discounted .. 1*222 + 27 - 1.682 Total bills discounted 4,873 + 178 - 6,347 Bills bought in open market 556 — + 8 Industrial advances 14,811 - 320 - 2,977 U.S. Gove riment 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 2,584,255 - 142 - 9,316 Due from foreign banks 166 — - 5 F. R.notes of other banks 26,324 -3,983 + 4,802 Uncollected items 583,874 +18,584 +49,989 Bank premises 42,831 - 82 - 2,110 Other assets 47.870 - 168 + 5,908 TOTAL ASSETS 15,683,121 +47,489 +2,889,458 L I A B I L I T I E S F. R. notes in actual circulation 4,347,209 +27,758 +209,453 Deposits* Member bank — reserve account 9,046,811 -119,252 +1,797,515 U. S. Treasurer — General account 887,021 +119,842 + 744,350 Foreign bank 185,766 + 14,195 + 33,902 Other deposits 283,161 - 15,052 + 51,772 Total deposits 10,402,759 - 267 +2,627,539 Deferred availability items 586,093 + 19,626 + 52,073 Other liabilities including accrued dividends 3,13.1 + 705 - 922 TOTAL LIABILITIES 15,339,192 + 47,822 +2,888,143 C A P I T A L A C C O U N T S Capital paid in 134,790 - 51 + 1,703 Surplus (Section 7) 149,152 — + 1,4-13 Surplus (Section 13b) 27,264 — , - 419 Other capital accounts ...«32*722 - 282 ~ 1*382 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 15,683,121 + 47,489 +2,889,458 Ratio of total reserves to deposit and F. R. note.liabilities combined 84.1# + .1% + 3-9% Contingent liability on bills purchased for foreign correspondents - —— - 1,379 Commitments to make industrial advances 12,892 - 112 - 477 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 FEBRUARY 1, 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 11,947,218 700,877 5,606.764 571,591 739,476 330,696 254,415 2,008,655 314,516 242,924 289,536 188,369 699,399 Redemption fund - F.R, notes 10,441 185 1,624 1,010 597 1,048 491 1,392 797 580 450 66l 1,606 Other cash 44o,i42 44,858 128,176 35,798 28,572 25,380 20,150 62,252 17,639 9,131 17,739 14,295 36,152 Total reserves 12,397,801 745,920 5,736,564 608,399 768,645 357,124 275,056 2,072,299 332,952 252,635 307,725 203,325 737,157 Bills discounted: Secured by U.S.Gov’t obligations, direct or fully guaranteed 2,880 307 1,292 569 211 25 155 60 51 4o 99 21 50 Other bills discounted 1,993 25 234 569 70 115 95 10 78 71 612 43 71 Total bills discounted 4,873 332 1,526 1,138 281 l4o 250 70 129 111 711 64 121 Bills bought in open market 556 42 216 56 52 24 20 70 2 2 16 16 4o Industrial advances 14,811 1,871 3,839 2,999 476 1,253 825 454 9 877 245 638 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 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.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 2,584,255 190,251 730,244 210,052 258,733 134,941 119,499 281,394 119,962 81,445 133,069 107,136 217,529 Due from foreign banks 166 12 62 16 15 7 6 21 3 2 5 5 12 F.R,notes of other banks 26,324 692 7,489 872 1,099 2,484 2,245 3,831 1,966 696 939 744 3,267 Uncollected items 583,874 59,233 146,183 44,401 72,257 45,901 22,571 71,301 25,451 .13,798 30,783 19,928 32,067 Bank premises 42,831 2,940 9,021 4,689 6,005 2,6l4 2,073 3,955 2,288 1,522 3,235 1,255 3,234 Other assets 47,870 3,072 13,187 4,242 5,442 3,036 2,200 4,806 2,046 1,531 2,273 1,889 4,l46 TOTAL ASSETS 15,683,121 1,002,120 6,642,750 872,671 1,112,196 546,107 423,650 2,437,607 484,668 351,629 478,029 334,282 997,412 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283—c STATEMENT OF CONDITION OF THE THE FEDERAL RESERVE BANKS ON FEBRUARY 1, 1939 (in thousands of dollars) Total Boston New York Phila. Cleve, Rich, Atlanta Chicago St .Louis Minn, Kans.Cy, Dallas San Fran, L I A B I L I T I E S F.R.notes in actual circulation -4,347,209 378,815 995,397 315,239 416,546 197,840 150,126 983,981 180,022 134,361 168,111 77,924 348,847 Deposits! Member bank - reserve account 9,0-46,811 447,098 4,914,284 407,703 482,688 233,450 180,795 1,131,856 219,818 109,80S 222,983 176,752 519,576 U,S.Treasurer - General account 887,021 75,204 183,799 46,091 87,204 39,299 45,654 180,007 37,002 74,065 37,429 36,894 44,373 Foreign bank 185,766 13,380 66,279 18,025 17,282 7,990 6,504 22,485 5,389 4,274 5,389 5,389 13,380 Other deposits 283,161 4,765 223,003 6,686 6,188 1,660 5,552 1,639 5,324 6,542 1,195 4,105 16,502 Total deposits 10,402,759 540,447 5,387,365 478,505 593,362 282,399 238,505 -,335,987 267,533 194,689 266,996 223,l4o 593,831 Deferred availability items 586,093 58,838 139,343 46,564 69,661 51,109 22,444 72,998 26,626 13,408 32,747 22,256 30,099 Other liabilities including accrued dividends 3,131 225 1,537 201 177 39 103 277 70 112 261 60 69 TOTAL LIABILITIES 15,339,192 978,325 6,523,642 840,509 1,079,746 531,387 411,178 2,393,243 474,251 342,570 468,115 323,380 972,846 C A P I T A L ACC O UNTS Capital paid in 134,790 9,416 50,996 12,049 13,679 5,045 4,510 •13,571 3,959 2,914 4,227 3,961 10,463 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 32,723 1,422 8,192 2,001 3,441 1,399 1,619 6,698 1,228 1,991 932 1,783 2,017 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 15,683,121 1,002,120 6,642,750 872,671 1,112,196 546,107 423,650 2,437,607 434,668 351,629 478,029 334,282 997,412 Cojamitments to make industrial advances 12,892 1,233 2,566 1,508 1,437 1,217 153 58 418 196 639 44 3,423 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Within 16 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 Years 5 Years Bills discounted 4,873 3,804 178 272 334 260 25 BjLlls bought 556 23 71 200 262 Industrial advances 14,811 2,096 310 296 555 1,925 3,3.22 4,078 2,229 U. S. Government securities 2,564,015 111,390 101,988 198,465 71,018 115,527 173,142 390,654 641,683 760,148 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-d FEDERAL RESERVE NOTE STATETiENT ON FEBRUARY 1, 1939 (in thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago St,Louis Minn, Kans.Cy, Dallas San Fran. Federal Reserve notes1 Issued to F.R, bank by F.R.agent 4,678,715 402,821 1,092,762 336,020 441,890 212,315 163,117 1,020,558 195,768 l4o,?ll 175,014 86,042 -412,097 Held by Federal Reserve bank 331,506 24,006 97,365 20,781 25,344 14,475 12,991 36,577 15,746 5,950 6,903 8,118 63,250 In actual circulation 4,347,209 378,815 995,397 315,239 4l6,546 197,84o 150,126 983,981 180,022 134,361 168,111 77,924 348,847 Collateral held by agent as se­ curity for notes issued to banks Gold certificates on hand and due from U. S. Treasury 4,781,000 420,000 1,105,000 345,000 446,000 215,000 169,000 1,035,000 199,000 143,500 180,000 89,500 434,000 Eligible paper 4,153 307 1,499 658 267 l4o 214 70 76 71 695 60 96 Total collateral 4,785,153 420,307 1,106,499 345,658 446,267 215,l4o 169,23.4 1,035,070 199,076 143,571 180,695 89,560 434,096 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis