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. 2-4; of the Federal Reserve System not earlier. February 23, 1939 CONDITION OF FEDERAL RESERVE BANKS During the week ended February 21 member bank reserve balances increased $134,000,000« Additions to member bank reserves arose from decreases of $19,000,000 in Treasury cash, ($69,000,000 in Treasury deposits with Federal Reserve banks, and $5,000,000 in nonmember deposits and other Federal Reserve accounts, and increases of $5,000,000 in Reserve bank credit, $46,000,000 in gold stock and $2,001:,000 in Treasury currency, offset in part by an increase of 013,000,000 in money in circulation. Excess reserves of member banks on February 21 were estinated to be approximately $3,300,000,000, an increase of $130,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended February 21, 1939, were as follows» Increase or decrease since Feb.. 21, Feb. 15, Feb. 23, 1939 1939 1938 (in millions of dollars) Bills discounted 4 - 1 6 Bills bought 1 — — U. S. Government securities 2,564 — — Industrial, advances(not including 13 million commitments - February 21) 15 3 Other Reserve bank credit 8 + 6 + 10 Total Reserve bank credit 2,592 + 5 + 1 Gold stock 14,818 + 46 ■) 2,0>4 Treasury currency 2,821 + 2 + 156 Member baiik re nerve balances 8,841 +134 +1,601 Money in circulation 6,708 + 13 + 384 Treasury cash 2,752 - 19 - 868 Treasury deposits with F. R. banks 1,181 - 69 +1,026 Nomember deposits and other F. R. accounts 749 - 5 + 48 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-28>-a Released for publication Friday morning, February 2-4,1939; not earlier, STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since Feb. 21, Feb. 15, Feb, 23, „„1919 , 193.9 . .. 19J8_ A S S E T S Gold certificates on hand and due from U,S,Treasury 12,04-9,719 +43,501 +2,882,119 Redemption fund — F. R, notes 10,259 +1,403 + 1,104 Other cash 445,875 + 7,025 + 6,434 Total reserves 12,505,853 +51,929 +2,889,657 Bills discounted! Secured by U. S. Gov’t obligations, direct or fully guaranteed 2,289 - 789 ~ 4,372 Other bills discounted 2,128 + 147 1.059 Total bills discounted 4,417 — 642 - 5,731 Bills bought in open market 553 - + 3 Industrial advances 14,647 - 15 - 2,870 U. S. Government securities! Bonds 840,893 +126,210 Treasury notes 1,215,466 +4o,3o3 Treasury bills 507.656 — -166,573 Total U. S. Government securities 2,564,015 — — Total bills and securities 2,583,632 - 657 - 8,598 Due from foreign banks 169 — F. R, notes of other banks 17,480 -3,767 + 1,325 Uncollected items 588,753 —113-021 +95,134 Batik premises 42,804 - 23 -2,125 Other assets 50,181 + 669 +5,547 TOTAL ASSETS 15,788,872 - 64,870 +2,980,940 L I A B I L I T I E S F, R. notes in actual circulation 4,344,462 -5,374 +218,232 Deposits! Member bank — reserve account 8,840,548 +133,357 +1,600,050 U, S. Treasurer - General account 1,180,791 “69,626 +1,025,750 Foreign bank 225,974 -40,366 + 80,165 Other deposits 268,904 +35,428 - 28,756 Total deposits 10,516,217 +58,793 +2,677,209 Deferred availability items 580,973 -118,530 +85,548 Other liabilities including accrued dividends 2,955 + 8 ~ 876 TOTAL LIABILITIES 15,444,607 - 65,103 +2,980,113 C A P I T A L A C C O U N T S Capital paid in 134,930 +17 + 1,713 Surplus (Section 7) 149,152 — + 1,413 Surplus (Section 13b) 27,2.64 — - 4l8 Other capital, accounts 32,919 +216 - 1,881 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 15,788,872 — 64,870 +2,980,940 Ratio of total reserves to deposit and F. R, note liabilities combined 84,2$ +.1$ + 3.8% Contingent liability on bills purchased for foreign correspondents — •—• -830 Commitments to malee industrial advances 12,907 + 27 -171 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 21, 1939 (in thousands of dollars) A S S E T S Total Boston New York Phila. Gleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Gold certificates on hand and due from U. S. Treasury 12,0-49,719 702*169 5,627,500 582,183 779,152 329,031 256,863 2,028,690 309,329 247,023 289,442 186,103 712,234 Redemption fund - F.R.notes 10,259 1,105 1,2.93 912 968 534 426 1,168 764 518 4o7 639 1,525 Other cash 445,875 40,243 129,497 38,865 28,950 24,802 20,272 63,578 17,843 10,200 18,151 15,432 38,042 Total reserves 12,505,853 743,517 5,758,290 621,960 809,070 354,367 277,561 2,093,436 327,936 257,741 308,000 202,174 751,801 Bills discounted* Secured by U.S.Gov’t obligations, direct or fully guaranteed 2,289 12 1,081 623 161 25 180 35 25 55 32 60 Other bills discounted 2,128 10 443 540 64 115 138 8 90 71 394 164 91 Total bills discounted 4,417 22 1,52.4 1,163 225 l4o 318 43 90 96 449 196 151 i 553 42 213 56 52 24 20 70 2 2 16 16 4o Industrial advances 14,647 1,868 3,847 2,919 ■464 1,248 822 453 8 870 231 620 1,297 Bonds 840,8^3 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 ,l40 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.Gov’t securities 2,564,015 188,006 724,663 205s859 257,924 133,524 118,4o4 280,800 119,822 80,455 132,097 106,4l8 2l6,o43 Total bills and securities 2,583,632 189,938 730,247 209,997 258,665 134,936 119,564 281,366 119,922 81,423 132,793 107,250 217,531 Due from foreign banks 169 12 66 16 15 7 6 20 3 2 5 5 12 F. R. notes of other banks 17,480 558 3,216 747 892 1,137 2,036 2,641 2,248 724 1,100 536 1,645 Uncollected items 588,753 52,869 154,135 38,502 66,724 49,714 26,767 74,051 26,126 14,258 27,886 24,485 33,236 Bank premises 42,804 2,940 9,021 4,689 5,992 2,6l4 2,070 3,955 2,287 1,520 3,235 1,255 3,226 Other assets - 50*181 3,269 13,923 4,467 5,652 3,210 2,292 4,975 2,148 1,584 2,367 1,970 4,324 TOTAL ASSETS 15,788,872 993,103 6,668,898 880,378 1,147,010 545,985 430,296 2,460,444 480,670 357,252 475,386 337,675 1,011,775 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 21, 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 4,344,462 378,752 993,198 317,04l 419,662 195,786 148,818 982,844 178,854 134,119 167,681 76,732 350,975 Deposits t Member bank - reserve account 8,840,548 406,065 4,805,703 395,130 475,467 232,156 184,762 1£79,158 217,971 117,302 223,690 179,190 518,954 U.S.Treasurer - General account 1,180,791 110,354 317,061 66,515 127,04o 42,345 43,567 244,920 34,511 72,661 33,439 33,244 55,134 Foreign bank 225,974 16,267 80,704 21,915 21,011 9,715 7,907 27,337 6,552 5,196 6,552 6,552 16,266 Other deposits 268,904 5,584 208,318 7,350 5,132 1,980 6,955 5,090 5,183 5,051 %6 4,4io 13,025 Total deposits 10,516,217 538,270 5,411,786 490,910 628,650 286,196 243,1911,356,505 264,217 200,210 269,507 223,396 603,379 Deferred availability items 530,973 52,028 143,783 40,007 66,005 49,161 25,675 76,306 27,083 13,744 27,980 26,554 32,647 Other liabilities including accrued dividends 2,955 257 1,056 237 232 61 121 526 81 122 277 73 112 TOTAL LIABILITIES 15,444,607 969,307 6,549,823 848,195 1,114,549 531,204 417,805 2/415,981 470,235 348,195 465,445 326,755 987,113 C A P I T A L A C C O U N T S Capital paid in 134,930 9,4)5 50,980 12,049 13,679 5,079 4,522 13,601 3,967 2,912 4,240 3,962 10,534 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 1,429 545 1,001 1,142 1,266 2,121 Other capital accounts 32,919 1,434 8,175 2,022 3,4521,426 1,626 6,767 1,238 1,991 946 1,800 2,042 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 15,788,872 993,103 6,668,898 880,378 1,147,010 545,985 430,296 2^60,444 480,670 357,252 475,386 337,675 1,011,775 Commitments to make industrial advances 12,907 1,248 2,700 1,508 l,4o6 1,152 153 58 418 195 689 44 3,336 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Within l6 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 Years 5 Years 5 Years » Bills discounted 4,417 3,316 138 381 258 287 37 — —— Bills bought 553 304 — . 226 23 — «_ -- -- -- .Industrial advances 14,647 2,143 147 648 266 1,949 3,387 3,924 2,183 - U. S. Government securities 2,564,015 147*733 101,710 78,510 179,703 85,197 173,142 390,654 647,218 760,148 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FK-283—d FEDERAL RESERVE NOTE STATEMENT Oil FEBRUARY 21, 1939 (In thousands of dollars) Total Boston Hew York Phila. Oleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. Federal Reserve notesi Issued to F.R. bank by F.R.agent 4,64$,519 398,749 1,092,131 332,725 439,475 205,352 160,644 I,0l6,0l4 194,121 13£,t-37 175,042 84,260 408,469 Held by Federal Reserve bank 301,357 19,997 98,933 15,684 19,813 9,566 11,826 33,170 _15,267 7,361 7,528 57,4q4 In actual circulation 4,344,462 378,752 993j198 317,04l 419,662 195,786 148,818 982,844 178,854 134,119 1.67,681 76,732 350,975 Collateral held by agent as se­ curity for notes issued to bank* Gold certificates on hand and due from U. S. Treasury 4,771,000 420,000 1,105,000 345,000 443,000 210,000 169,000 1,035,000 199,000 143,500 ICO,000 87,500 434,000 Eligible paper 3,656 12 1,507 672 217 l4o 251 43 25 46 429 191 123 Total collateral 4,774,656 420,012 1,106,507 345,672 443,217 210,l4o 169,251 1,035,043 199,025 143,546 180,429 87,091 434,123 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis