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. 17; of the Federal Reserve System not earlier. February 16, 1939 CONDITION OF FEDERAL RESERVE BANKS During the week ended February 15 member bank reserve balances decreased $311 ,000,000. Reductions in member bank reserves arose from increases of $22,000,000 in money in circulation, $319,000,000 in Treasury deposits vrith Federal Reserve banks, $11,000,000 in nonmember deposits and other Federal Reserve accounts and $3,000,000 in Treasury cash, offset in part by increases of $40,000,000 in gold stock and $3,000,000 in Reserve bank credit. Excess reserves of member banks on February 15 were estimated to be approximately $3,170,000,000, a decrease of $290,000,000 for the week* The principal changes in holdings of bills and securities were an increase of ,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 February 15, 1939, were as follows: Increase or decrease since Feb. 15, Feb. 8, Feb. 16, 1939 1939 1938 (in millions of dollars) Bills discounted 5 - 2 5 - Bills bought 1 ---- — U. S. Government securities 2,564 — Industrial advances (not including 13 million commitments - February 15) 15 f _ 3 Other Reserve bank credit 2 + 5 — 6 Total Reserve bank credit 2,587 + 3 13 Gold stock 14,772 + 40 + 1,991 Treasury currency 2,819 + 1 + 157 Member bank reserve balances 8,707 «311 + 1,491 Money in circulation 6,695 + 22 + 393 Treasury cash 2,771 + 3 855 - Treasury deposits with F. R. banks 1,250 +319 + 1,063 Nonmember deposits and other F.R. accounts 754 + 11 + 42 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning,February 17,1939; not earlier. STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Increase or decrease since Feb. 15, Feb. 8, Feb. 16, 1939 1939 1938 A S S E T S Gold certificates on hand and due froci U. S. Treasury 12,006,218 + 26,995 +2,842,618 Redemption fund - F. R. notes 8,856 -1,052 - 299 Other cash 438.850 -3.086 - 2,350 Tot;:il reserves 12,453,924 + 22,857 +2,839,969 B-i 11 s discounted: Secured by U.S. Gov’t obligations, direct or fully guaranteed 3,078 -2,216 - 3,222 Other bills discounted 1.981 112 . " 1,63-2 Total bills discounted 5,059 ~2,335 - 4,861 Bi H s bought in or>en narket 553 - 3 + 5 Industrial advances 14,662 - 76 - 2,874 U. S.Government securities* Bonds 840,893 — +126,210 Treasury notes 1,215,466 +5,535 + 40,363 Treasury bills 507,656 -5,535 -166,573 Total U. S. Government securities 2,564,015 — . — Total bills and securities 2,584,289 -2,4i4 - 7,730 Due from foreign banks 169 + 3 - 2 F.R. notes of other brinks 21,247 -1,090 4* 344 Uncollected items 701,774 +77,895 +14,516 Bonk premises 42,827 -2,123 Other assets 49,512 +1.121 +5,678 TOTAL ASSETS 15,853,742 +98,368 +2,850,652 L I A B I L I T I E S F. R. notes in actual circulation 4,349,836 + 5,083 +230,150 Deposits* Member bank ~ reserve account 8,707,191 -310,653 +1,491,599 U„ S., Treasurer - General account 1,250,417 +319,122 +1,063,131 Foreign banj: 266,340 + 58,125 + 114,260 Other deposits 233,476 - 45,901 - 68,236 Tot-Q. de^otats 10,457,42.4 + 20,693 +2,600,754 Deferred av.-dlability items 699,503 + 72,482 +19,748 Other liabilities including accrued dividend > 2.947 + 358 - 924 TOTAL i ILIT IBS 15,509,710 + 98,616 +2,849,728 CAP v T & L A C C 0 U N T S Capital paid in 134,913 + 14 + 1,720 Surplus (Section 7) 149,152 — + 1,413 Surplus (Section 13b) 27,264 - 419 Other capital accounts 32,703 - 262 - 1,790 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 15,853,742 + 98;368 +2,850,652 Ratio of total reserves to deposit and F.R. note liabilities combined 84.1$ - +3.8$ Contingent liability on bills purchased for foreign correspondents — -1,010 Commitments to nake industrial advances 12,880 - 25 - 228 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 15, 1939 (In thousands of dollars) A S S E T S Total Boston New York Phila. Cleve. Rich, Atlanta Chicago St,Louis ilinn«, Kans.Cy, Dallas San Fran, Gold certificates on hand and due from U. S. Treasury 12,006,218 699,701 5,525,492 586,011 772,077 335,478 262,512 2,057,789 310,463 249,354 295,699 190,024 72.1,618 Redemption fund - F. R. notes 8,856 105 1,293 998 468 534 426 1,168 764 518 407 650 1,525 Other cash 438,850 43,158 127,688 37,686 28,312 25,701 19,700 64,146 17,850 9,835 17,4o4 13,513 33,857 Total reserves 12,45‘3,924 742,964 5,654,473 624,695 800,857 361,713 2^2,638 2,123,103 329,077 259,707 313,510 204,187 757,000 Bills discounted! Secured by U.S,Gov*t obligations, direct or fully guaranteed 3,078 82 1,710 636 211 25 180 25 26 26 85 32 40 Other bills discounted 1,981 10 229 555 69 115 157 8 90 77 447 144 80 Total bills discounted 5,059 92 1,939 1,191 280 l4o 337 33 H6 103 53 2 176 120 Bills bought in open market 553 42 213 56 52 24 20 70 2 2 16 16 4o Industrial advances 14,662 1,875 3,848 2,922 463 1,249 822 4 53 8 873 231 621 1,297 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 1,215,466 89,123 343,525 97,586 122,269 63,297 56,129 133,113 56,802 38,l4o 62,620 50,447 102,415 Treasury bills 507,656 37,224 143,478 40,759 51,067 26,437 23,443 55,596 23,724 15,929 26,154 21,070 42,775 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 2165043 Total bills and securities 2,584,289 190,015 730,663 210,028 258,719 134,937 119,583 281,356 119,948 81,433 132,876 107,231 217,500 Due from foreign banks 169 12 66 16 15 7 6 20 3 2 5 5 12 F.R, notes of other banks 21,247 581 3,620 697 1,158 1,314 2,730 4,197 1,618 1,288 1,522 630 1,892 Uncollected items 701,774 57,296 188,001 52,071 80,439 46,317 25,124 108,593 31,279 16,947 28,804 31,541 35,362 Bank premises 42,827 2,940 9,021 4,689 6,005 2,6l4 2,072 3,955 2,287 1,520 3,235 1,255 3,234 Other assets 49,512 3,192 13,846 A, 3 49 2,619. 3,127 2,276 . Ì186I 2,120 1,569..2 ^ 9 . 1*237 4,267 TOTAL ASSETS 15,853,742 997,000 6,599,690 896,545 1,152,812 550,029 434,429 2,526,085 486,332 362,466 482,301 346,786 1,019,267 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 FEBRUARY 15, 1939 (In thousands of dollars) L I A B I L I T I E S Total Boston Now York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn* Kans.Cy. Dallas San Fran. F.R.notes in actual circulation 4,3-49,836 377,922 997,237 317,243 418,505 196,427 148,712 983,518 179,485 134,494 167,721 77,209 351,363 Deposits» Member bank — reserve account 8,707,191 403,892 4,691,632 392,286 466,071 229,093 185,732 1,089,550 213,212 115,065 224,782 178,503 517,373 U.S.Treasurer - General account 1^250,417 111,381 332,334 69,155 129,608 51,872 45,966 258,787 39,252 75,586 4l,18£ 34,970 60,318 Foreign bank 266,340 19,188 94,981 25,850 24,784 11,459 9,327 32,246 7,729 6,130 7,72? 7,729 19,188 Other deposits 233,476 5,319 6,821 Total deposits 10,457,424 539,780 5,295,391 494,112 625,342 293,864 248,0l4 1,383,818 265,216 202,000 274,715 225,487 609,685 Deferred availability itens 699,503 55,267 186,866 52,791 76,290 44,928 25,105 114,036 31,139 16,801 29,677 33,116 33,487 Other liabilities including accrued dividends 2,947 246 1,131 232 217 57 ll4 313 72 124 274 69 98 TOTAL LIABILITIES 15,509,710 973,215 6,480,625 864,378 1,120,354 535,276 421,945 2,481,685 475,912 353,419 472,387 335,881 994,633 C A P I T A L A C C O U N T S Capital paid in 134,913 9,405 50,981 12,051 13,678 5,075 4,521 13,593 3,969 2,912 4,234 3,962 10,532 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 13 b) 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 32,703 8,164 2,004 3,450 1,402 1,620 6,712 1,221-.-1.5281. 925 2,016. . TOTAL LIABILITIES AND CAPITAL ACCOUNTS 15,853,742 997,000 6,599,690 896,545 1,152,812 550,029 434,429 2,526,085 486,332 362,466 482,3m 346,786 1/)19,267 Connitnents to nake industrial advances 12,880 1,261 2,561 1,508 1,410 1,210 153 po 418 195 709 44 3,353 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 i Bills discounted 5,059 4,031 152 303 238 304 31 Bills bought 553 48 256 143 106 Industrial advances 14,662 2,283 149 434 357 1,946 3,386 3,924 2,183 U. S. Government securities 2,564,015 101,988 74,745 124,720 164,203 127,197 173,142 390,654 647,218 760,148 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Fona FR-283-d FEDERAL RESERVE NOTE STATEMENT Oil FEBRUARY 15, 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 4,657,531 4)0,079 1,091,536 33^,450 4-39,172 209,673 161,710 1,017,417 194,4)4 138,827 176,113 84,892 409,258 Held by Federal Reserve bank 307,664 22,157 94,299 17,207 20,667 13,2.46 12,998 33,899 14,888 4,333 8,392 7,633 57,895 In actual circulation 4,349,867 377,922 997,237 317,243 418,505 196,427 148,712 983,518 179,516 134,494 167,721 77,209 351,363 Collateral held by agent as se~ curity for notes issued to bank: Gold certificates on hand and due fron U.S.Treasury 4,778,000 420,000 1,105,000 345,000 443,000 2.15,000 169,000 1,035,000 199,000 143,500 ICO,000 89,500 434,000 Eligible paper 4,304 82 1,921 706 267 l4o 270 33 51 53 516 165 100 Total collateral 4,782,304 420,082 1,106,921 345,706 443,267 215,l40 169,270 1,035,033 199,051 143,553 100,516 89,665 434,100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis