H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Form Ffr-283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, March 3; of the Federal Reserve System not earlier. March 2, 1939 CONDITION OF FEDERAL RESERVE BANKS During the week ended March 1 member bank reserve balances increased $101,000,000. Additions to member bank reserves arose from decreases of *36,000,000 in Treasury cash, $13,000,000 in Treasury deposits with Federal Reserve banks, and 012,000,000 in nonmember deposits and other Federal Reserve accounts, and increases of 070,000,000 in gold stock and $6,000,000 in Treasury currency, offset in part by an increase of $31)000,000 in money in circulation and a decrease of $6,000,000 in Reserve bank credit. Excess reserves of member banks on March 1 were estimated to be approximately 03)380,000,000, an increase of 080,000,000 for the week. Changes in member bank reserve balances and related items during the week and the.year ended March 1, 1939, were as follows» Increase or decrease since Mar. 1, Feb. 21, Mar. 2, 1939 1939 1938 (in millions of dollars) Bills discounted 4 - — 6 Bills bought 1 - U. S. Government securities 2,564 - — Industrial advances (not including 13 million commitments - March l) 15 . Ti _ 2 Other Reserve bank credit 4 - 4 + 33 Total Reserve bank credit 2,586 — 6 + 23 Gold stock 14,888 + 70 +2,121 Treasury currency 2,827 + 6 + 158 Member bank reserve balances 8,942 + 101 +1,727 Money in circulation 6,739 + 31 + 396 Treasury cash 2,716 - 36 — 863 Treasury deposits with F. R. banks 1,168 - 13 + 983 Nonmember deposits and other F. R. accounts 737 - 12 + 60 . Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283—a Released for publication Friday morning, March 3,1939’, not earlier* STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since Mar. 1, Feb. 21, Mar. 2, 1939 1939 . P.918_ A S S E T S Gold certificates on hand and due from U. S. Treasury 12,154,719 +105,000 +2,981,116 Redemption fund - F. R. notes 9,904 - 355 + 596 Other cash 432,094 - 13,781 ...-22.757 Total reserves 12,596,717 + 90,864 +2,957,955 Bills discounted» Secured by U. S. Gov't obligations, direct or fully guaranteed 1,954 - 335 -4,517 Other bills discounted 1,744 - 384 -1,419 Total bills discounted 3,698 ~ 719 -5,936 — . Bills bought in open market 553 + 3 Industrial advances 14,586 — 61 -2,867 U, S. Government securities: Bonds 840,893 — +138,210 Treasury notes 1,215,466 — + 30,363 Treasury bills 507,656 — -168,573 Total U.S. Government securities 2,564,015 — •— Total bills and securities 2,582,852 - 780 - 8,800 — Due from foreign banks 169 — F. R. notes of other banks 19,058 + 1,578 - 511 Uncollected items 634,023 +45,270 +65,520 Bank premises 42,735 - 69 - 2,126 Other assets 51,150 + 969 + 4,504 TOTAL ASSETS 15,926,704 +137,832 +3,016,542 L I A B I L I T I E S F. R. notes in actual circulation 4,355,946 +. li,484 + 211,262 Deposits: Member bank - reserve account 8,941,650 +101,102 +1,726,638 U. S. Treasurer - General account 1,167,818 - 12,973 + 983,317 Foreign bank 246,296 + 20,322 + 122,138 Other deposits 237,344 . - .31,560 - 59,117 Total deposits 10,593,108 + 76,891 +2,772,976 Deferred availability items 630,626 + 49,653 + 32,864 Other liabilities including accrued dividends ___ 1,044 + 89 - 1,088 TOTAL LIABILITIES 15,582,724 +138,117 +3,0l6,0l4 C A P I T A L A C C O U N T S Capital paid in 135,016 + 86 + 1,799 Surplus (Section 7) 149,152 + 1,413 Surplus (Section 13b) 27,263 ~ 1 - 420 Other capital accounts - 370 - 2,264 _ _22jJ49 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 15,926,704 +137,832 +3,016,5^2 Ratio of total reserves to deposit and F.R. note liabilities combined 84.3% + .1% + 3.7% Contingent liability on bills purchased for foreign correspondents - — - 640 Commitments to make ind\xstrial advances 12,925 + 18 - 106 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-b STATEMENT OF C01IDITI0N OF THE FEDERAL RESERVE BAMS Oil MARCH 1, 1939 (in thousands of dollars) A S S E T S Total Boston New York Phila* Cleve. Rich. Atlanta Chicago St.Louis Minn. Xans.Cy, Dallas San Fran* Gold certificates on hand and due from U. S. Treasury 12,154,719 708,801 5,675,364 589,013 786,664 333,968 261,292 2,041,654 319,923 247,457 293,734 199,911 696,938 Redemption fund - F.R.notes 9,904 1,068 1,149 912 917 534 4o4 1,110 752 512 397 639 1,510 Other cash 432,094 37,196 120,410 36,956 29,272 21,195 21,573 64,940 16,564 10,090 18,763 15,561 39,574 Total reserves 12,596,717 747,065 5,796,923 626,881 816,853 355,697 283,269 2,107,704 337,239 258,059 312,894 216,111 738,022 Bills discounted: Secured by U.S. Gov’t obligations, direct or fully guaranteed 1,954 212 552 653 56 25 125 35 — . 20 75 51 150 Other bills discounted 1,744 5 374 249 56 i4o 160 6 90 57 354 163 90 Total bills discounted 3,698 217 926 902 112 165 285 4i 90 77 429 214 2.40 Bills bought in open market 553 42 215 56 51 24 19 70 2 2 16 16 4o Industrial advances 14,586 1,364 3,846 2,916 465 1,227 821 451 8 864 217 610 1,297 U. S. Government securities: Bonds 840,893 61,^9 237,660 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 38,140 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 2,564,015 188,006 724,663 205,859 257,924 133,524 118,4o4 280,800 119,822 80,455 132,097 106,418 216,043 Total bills and securities 2,582,852 190,129 729,650 209,733 258,552 134,940 119,529 281,362 119,922 81,398 132,759 107,258 217,620 Due fron foreign banks 169 12 63 17 16 7 6 21 3 2 5 5 12 F. R. notes of other banks 19,058 583 3,651 903 1,133 1,412 2,216 2,848 1,587 992 1,106 593 2,034 Uncollected iteras 634,023 64,263 167,383 49,312 78,511 AS,003 22,499 S3,147 24,563 14,098 29,752 22,837 29,655 Bank prenises 42,735 2,936 9,005 4,678 5,992 2,608 2,069 3,945 2,284 1,520 3,222 1,250 3,2.26 Other assets 51,150 3,321 14,194 4,491 5,762 3,246 2,339 5,096 2,189 1,625 2,428 2,o4o 4,419 TOTAL ASSETS 15,926,704 1,008,309 6,720,869 896,015 1,166,819 545,913 431,927 2,484,123 487,787 357,694 482,166 350,094 994,988 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 MARCH 1, 1939 (in thousands of dollars) LIAS ILI TIES Total Boston New York Phila, Cleve. Rich. Atlanta Chicago St.Louis Minn. Kans.Cy. Dallas San Fran. F.R.notes in actual circulation -4,355,946 377,183 1,000,190 316,916 418,335 198,489 148,775 984,517 179,378 134,748 168,937 77,615 350,863 Deposits» Member bank — reserve account 8,94-1,650 4l4,121 4,867,132 399,853 490,359 236,524 183,999 1,092,400 217,851 118,897 222,342 182,921 515,251 U.S.Treasurer - General account 1,167,818 106,093 304,475 68,505 123,503 36,565 48,653 241,056 42,551 69,794 43,990 43,071 39,562 Foreign bank 24-6,296 17,744 87,830 23,905 22,920 10,597 8,626 29,820 7,l47 5,669 7,l47 7,147 17,744 Other deposits 237,344 5,065 177,991 4,723 4,994 1,537 7,246 4,734 4,634 5108 872 3«190 17.250 Total deposits 10,593,108 543,023 5,437,428 496,986 641,776 285,223 248,524 1,368,010 272,183 199,468 £74,351 236,329 589,807 Deferred availability items 630,626 64,038 163,167 49,720 74,027 47,391 22,014 86,846 25,723 14,290 28,709 25,135 29,558 Other liabilities including accrued dividends 3 ,044 287 1,011, 253 252 72 134 358 86 126 250 83 132 TOTAL LIABILITIES 15,582,724 984,531 6,601,796 863,875 1,134,390 531,175 419,447 2,439,731 477,370 348,640 472,247 339,162 970,360 C A P I T A L A C C O U N T S Capital paid in 135,016 9,405 51,025 12,049 13,679 5,078 4,515 13,617 3,967 2,910 4,241 3,996 10,534 Surplus (Section 7) 149,152 10,083 52,463 13,696 14,323 4,9 83 5,630 22,666 4,685 3,153 3,613 3,892 9,965 Surplus (Section 13b) 27,263 2,374 7,457 4,4l6 1,007 3,293 712 1,429 545 1,001 1,142 1,266 2,121 Other capital accounts 32,549 l,4l6 8,128 1,979 3,420 1,384 1,623 6,680 1,220 1,990 923 1,778 2,008 TOTAL LIABILITIES AID CAPITAL ACCOUNTS 15,926,704 1,008,309 6,720,869 896,015 1,166,819 545,913 431,927 2,484,123 487,787 357,694 482,166 350,094 994,988 Commitments to make industrial advances 12,925 1,322 2,673 1,510 1,394 1,142 153 80 413 194 689 44 3,311 MATURITY DISTRIBUTION OF BILLS AND SECURITIES Within l6 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 3,698 2,688 i4o 387 179 277 27 Bills bought 553 256 74 151 72 Industrial advances 14,586 2,428 145 566 243 2,022 3,335 3,794 2,053 U. S. Government securities 2,564,015 74,745 124,720 72,518 185,125 135,745 173,142 390,654 647,218 760,148 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283—cl FEDERAL RESERVE NOTE STATEMENT ON MARCH 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 notes: Issued to F.R. bank by F.R.agent 4,637,302 398,121 1,084,762 330,310 437,724 208,216 100,250 1,016,482. 192,855 138,578 176,456 84,806 408,742 Held by Federal Resorve bank 281,356 20,938 84,572 13,394 19,389 9,727 11,475 31,965 13,477 3>830 7,519 7,191 57,879 In actual circ^ation 4,355,946 377,183 1,000,190 316,916 418,335 198,489 148,775 984,517 179,378 134,748 168,937 77,615 350,863 Collateral held by agent as se­ curity for notes issued to bank} Gold certificates on hand and due fron U. S. Treasury 4,771,000 420,000 1,105,000 345,000 443,000 210,000 169,000 1,035,000 199,000 143,500 180,000 87,500 434,000 Eligible paper 3,284 212 919 678 112 165 253 4l 25 37 415 209 218 'Total collateral 4,774,284 420,212 1,105,919 345,678 443,112 210,165 169,253 1,035,041 199,02.5 143,537 180,415 87,709 434,218 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis