H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form FRr-283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, Feb. 10; of the Federal Reserve System not earlier. February 9, 1939 CONDITION OF FEDERAL RESERVE BANKS During the week ended February member bank reserve balances decreased $29,000,000. Reductions in member bank reserves arose from increases of $10,000,O'O in money in circulation, $44,000,000 in Treasury deposits with Federal Reserve banks, and $18,000,000 in nonmenber deposits and other Federal Reserve accounts, offset in part by increases of $38,000,000 in gold stock and $2,000,000 in Reserve bank credit and a decrease of $2,000,000 in Treasury cash# Excess reserves of member banks on February 8 were estimated to be approximately $3>460,000,000, a decrease of $20,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended February 8, 1939, were as follows» Increase or decrease since Feb. 8, i^b. 1, Feb, 9, 1939 1939 1938 (In millions of dollars) Bills discounted 7 + 2 - 4 Bills bought 1 — —. U. S. Government securities 2,564 — — Industrial advances (not including 13 million w. commitments ~ February 8) 15 3 Other Reserve bank credit -3 - 1 3 " Total Reserve bank credit 2,584 + 2 10 Gold stock 14,732 + 38 + 1,976 Treasury currency 2,818 + 1 + 157 Member bank reserve balances 9,018 - 29 + 1,813 Money in circulation 6,673 + 10 + 367 Treasury cash 2,768 - 2 — 882 Treasury deposits with F. R, banks 931 + 44 • + 775 Nonmember deposits and other* F.R, accounts 743 ■ + 18 + 50 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FRr283~a Released for publication Friday morning, February 10,1939? not earlier* STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Increase or decrease since Feb. 8, Feb. 1, Feb. 9, .. 1939 .1939 .m A S S E T S Gold certificates on hand and due from U. S. Treasury 11,979,223 + 32,005 +2,863,126 Redemption fund — F. R. notes 9,908 - 533 - 275 Other cash 441.93.6 +1.794 + 4,386 Total reserves 12,431,067 + 33,266 +2,867,237 Bills discounted» Secured by U. S. Gov’t obligations, direct or fully guaranteed 5,294 + 2,4l4 - 2,156 Other bills discounted 2.100 + 107 - 1*665 Total bills discounted 7,394 + 2,521 - 3,821 Bills bought in open narket 556 + 8 Industrial advances 14,738 - 73 - 2,887 U. S. Government securities* Bonds 840,893 — + 121,320 Treasury notes 1,209,931 + 39,718 Treasury bills 513.191 - 161,038 Total U.S. Government securities 2,564,015 - — Total bills and securities 2,586,703 + 2,448 - 6,700 Due from foreign banks 166 - 5 F. R. notes of other banks 22,337 - 3,987 + 701 Uncollected items 623,879 +40,005 +143,942 Bank premises 42,831 ■ ii» 1 - 2,109 Other assets 48,391 + 521 +5.587 TOTAL ASSETS 15,755,374 +72,253 +3,008,653 L I A B I L I T I E S F. R. notes in actual circulation 4,344,753 -2,456 +219,649 Deposits * Member bank — reserve account 9,017,844 -28,967 +1,813,136 U. S. Treasurer - General account 931,295 +44,274 + 775,023 Foreign bank 208,215 +22,449 + 54,835 Other deposits 279,377 3.,784 - 964 Total deposits 10,436,731 +33,972 +2,642,030 Deferred availability items 627,021 +40,928 + 147,139 Other liabilities including accrued dividends .........2x182 - 542 ___-1,252 TOTAL LIABILITIES 15,411,094 +71,902 +3,007,559 C A P I T A L A C C O U N T S Capital paid in 134,899 + 109 + 1,768 Surplus (Section 7) 149,152 + 1,413 Surplus (Section 13b) 27,264 - 419 Other capita! accounts __3J + 242 — 1.668 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 15,755,374 +72,253 +3,008,653 Ratio of total reserves to deposit and F. R. note liabilities combined 84.1# - +3.9# Contingent liability on bills purchased for foreign correspondents — — -1,122 Commitments to make industrial advances 12,905 + 13 — 244 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 8, 1939 (in thousands of dollars) A S S E T S Total Boston New York Phila, Cleve, Rich, Atlanta Chicago St,Louis Minn* Kans.Qy, Dallas San Fran, Gold certificates on hand and due from U. S. Treasury 11,979,223 700,099 5,586,331 572,568 748,481 325,975 252,594 2,(329,555 315,478 249,316 303,843 187,926 707,057 Redemption fund - F.R* notes 9,908 159 1,523 999 545 1,037 455 1,256 782 526 426 650 1,550 Other cash 441,936 44,449 134,087 37,442 27,609 23,048 18,473 65,124 17,217 9,202 16,153 14,255 34,877 Total reserves 12,431,067 744,707 5,721,941 611,009 776,635 350,060 271,522 2,095,935 333,477 259,044 320,422 202,831 743,484 Bills discounted: Secured by U.S.GovH obligations, direct or fully guaranteed 5,294 117 3,331 574 301 25 150 560 51 30 104 21 50 Other bills discounted 2,100 30 261 555 69 115 155 10 78 69 557 118 83 Total bills discounted 7,394 147 3,572 1,129 370 l4o 305 570 3.29 99 661 139 133 Bills bought in open market 556 42 216 56 52 24 20 70 2 2 16 16 4o Industrial advances 14,738 1,876 3,844 2,930 476 1,253 825 453 8 875 237 638 1,323 U. S. Government securities: Bonds 340,893 61,659 237,660 67,514 84,588 43,790 38,832 92,091 39,226 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,S59 257,924 133,524 118,4o4 280,800 119,822 80,455 132,097 106,418 216,043 Total bills and securities 2,586,703 190,071 732,295 209,974 258,822 134,941 119,554 281,893 119,961 81,431 133,011 107,211 217,539 Due from foreign banks 166 12 62 16 15 7 6 21 3 2 5 5 12 F.R,notes of other banks 22,337 580 3,869 935 1,135 1,917 2,361 2,888 2,549 983 1,382 652 3,086 Uncollected items 623,879 51,386 221,418 41,198 60,955 47,168 21,083 68,394 23,541 12,055 26,990 22,108 27,583 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 48,391 3,117 13,428 4,269 5,518 3,094 2,221 4,762 2,065 1,536 2,306 1,883 4,192 ÌOTAL ASSETS 15,755,374 992,813 6,702,034 872,090 1,109,085 539,801 418,820 2,457,848 483,884 356,573 487,351 335,945 999,130 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR~28>-c STATEI.IENT OF CONDITION OF THE FEDERAL RESERVE BARKS ON FEBRUARY 8, 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 4,344,753 379,480 986,397 314,976 419,833 196,808 149,709 985,705 179,226 134,718 168,310 77,634 351,957 Deposits* Member bank — reserve account 9,017,844 434,799 4,906,904 408,876 465,576 236,548 181,511.1,108,577 223,328 115,993 235,199 179,627 520,906 U.S.Treasurer — General account 931,295 82,909 179,936 44,787 103,969 35,263 39,383' 218,604 34,386 73,959 39,146 34,306 44,647 Foreign bank 208,215 14,958 74,629 20,152 19,321 8,934 7,271 25,138 6,025 4,779 6,025 6,025 14,958 Other deposits 279,377 5,436 218,769 6,937 6,785 1,366 6,949 3*405 5,616 5,674 985 3,612 13,843 Total deposits 10,436,731 538,102 5,380,238 480,752 595,651 282,111 235,114 1,355,724 269,355 200,405 281,355 223,570 594,354 Deferred availability items 627,021 51,196 215,435 43,954 60,914 46,074 21,396 71,691 24,786 12,266 27,481 23,757 28,071 Other liabilities including accrued dividends 2,589 238 868 217 199 55 109 299 74 115 267 64 84 TOTAL LIABILITIES 15,411,094 969,016 6,582,938 839,899 1,076,597 525,048 4o6,328 2,413,419 473,441 347,504 477,413 325,025 974,466 CAP I T A L A C C O U H I S Capital paid in 134,899 9,417 50,997 12,051 13,679 5,055 4,515 13,589 3,967 2,913 4,227 3,961 10,528 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 54 5 1,001 1,142 1,266 2,121 Other capital accounts 32,965 1,423 8,179 2,028 3,479 1,422 1,634 6,745 1,246 2,002 956 1,801 2,050 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 15,755,374 992,813 6,702,034 872,090 1,109,085 539,801 418,820 2,457,848 483,884 356,573 437,351 335,945 999,130 Commitments to make industrial advances 12,905 1,277 2,565 1,508 1,433 1,213 153 58 418 195 639 44 3,402 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 7,394 6,267 172 301 313 314 27 1 Bills' bought 556 23 271 — 262 -— — — Industrial advances 14,738 2,036 331 501 326 1,977 3,357 ,013 2,192 U. S. Government securities 2,564,015 95,805 103,333 152,720 114,343 132,052 173,142 390,,654 641,633 760,148 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283~d- FEDERAL RESERVE NOTE STATEMENT OH FEBRUARY 8, 1939 (in thousands of dollars) Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St »Louis Minn, Kans.Cy. Dallas Sail Fran. Federal Reserve notes* Issued to F.R. bank by F.R.agent 4,670',3^6 4)1,361 1,091,227 333,981 44o,548 211,844 162,934 1,021,061 195,796 139,531 176,943 85,408 409,752 Held by Federal Reserve bank 325,633 21,881 104,830 19,005 20,715 15,036 13,225 35,356 16,570 4,813 8,633 7,774 57,795 IR actual circulation 4,344,753 379,480 986,397 314,976 419,833 196,808 149,709 985,705 179,226 134,718 168,310 77,634 351,957 Collateral held by agent as se­ curity for notes issued to bank* Gold certificates on hand and due from U. S. Treasury 4,778,000 420,000 1,105,000 345,000 443,000 215,000 169,000 1,035,000 199,000 143,500 180,000 89,500 434,000 Eligible paper 6,678 117 3,554 644 357 l4o 269 570 76 59 645 136 111 Total collateral •• 4,784,678 420,117 1,108,554 345,644 443,357 215,l4o 169,269 1,035,570 199,076 143,559 180,645 89,636 434,111 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis