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, March 10; of the Federal Reserve System not earlier, March 9, 1939 CONDITION OF FEDERAL RESERVE BANKS During the week ended March § member bank reserve balances increased $■43,000,000, Additions to member bank reserves arose from a decrease of 066.000.000 in Treasury deposits with Federal Reserve banks and increases of 035.000.000 in gold stock and 02,000,000 in Treasury currency, offset in part by increases of 012,000,000 in money in circulation and 026,000,000 in nonmenber deposits and other Federal Reserve accounts, and a decrease of 021,000,000 in Reserve bank credit. Excess reserves of member banks on March 8 were estimated to be approximately 03,4-10,000,000, an increase of 030,000,000 for the week. Changes in member bank reserve balances and related items during the week and the year ended March 8, 1939, were as follows» Increase or decrease since Mar, 8, Mar, 1, Mar, 9, 1939 1939 1938 ' (In millions of dollars) Bills discounted 3 - 1 5 Bills bought 1 — — U. S, Government securities 2,564 — — Industrial advances (not including 13 million commitments - March 8) l4 - 1 3 Other Reserve bank credit -17 - 21 “ 21 Total Reserve bank credit 2,565 - 21 - 29 Gold stock 14,923 + 35 +2,155 Treasury currency 2,829 + 2 + 159 Member bank reserve balances 8,985 + 43 +1,674 Money in circulation 6,751 + 12 + 417 Treasury cash 2,716 *— - 846' Treasury deposits with F, R, banks 1,102 - 66 + 921 Nonnembe* deposits and other F, R, accounts 763 + 26 + 118 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, March 10,1939; not earlier. STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (in thousands of dollars) Increase or decrease since Mar. 8, Mar, 1, Mar. 9, 1939 1939 _ 1938 . A S S E T S Gold certificates on hand and due from U. S. Treasury 12,183,719 + 29,000 +3,005,118 Redemption fund - F. R. notes 10,130 + 226 + 1,026 Other cash ..... Al5*g_42 - 16,851 ._.“5.6,36 7 Total reserves 12,609,092. + 12,375 +2,949,777 Bills discounted* Secured by U. S. Gov*t obligations, direct or fully guaranteed 1,696 - 258 - 3,670 Other bills discounted 1.649 - 95 - l,4o4 Total bills discounted 3,3^5 ~ 353 - 5,074 Bills bought in open market 553 — + 11 Industrial advances 14,122 — 464 - 3,235 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 2,582,035 - 817 S, 298 Due from foreign banks 169 — F. R. notes of other banks 19,382 ■f 324 + 1,738 Uncollected items 535,646 -98,377 +35,607 Bank premises 42,735 — - 2,126 Other assets 51,687 + 537 .._±2j.4l7. TOTAL ASSETS 15,840,746 -85,958 +2,979,126 L I A B I L I T I E S F. R. notes in actual circulation 4,343,566 -12,380 +209,549 Deposits! Member bank ~ reserve account 8,934,989 +43,339 +1,674,228 U, S. Treasurer - General account 1 , 101,562 -66,256 + 920,711 Foreign bank 255,935 + 9,639 + 138,675 Other deposits 254,113 +16,769 - 17,939 Total deposits 10,596,599 + 3,4-91 +2,715,675 Deferred availability items 553,056 -77,570 + 56,356 Other liabilities including accrued dividends _____ + 292 _ ~l_i72S TOTAL LIABILITIES 15,496,557 -86,167 +2,979,781 C A P I T A L A C C O U N T S Capital paid in 134,948 - 68 + 1,683 Surplus (Section 7) 149,152 — + 1,413 Surplus (Section 13b) 27,264 + 1 - 419 Other capital accounts 32,82.5 + 276 - 3,332 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 15,840,746 -85,958 +2,979,126 Ratio of total reserves to deposit and F. R. note liabilities combined 34.4$ + -,1% + 4*0$ Contingent liability on bills purchased for foreign correspondents — 64o — Commitments to make industrial advances 12,570 - 355 - 425 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283—b r STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS OK MARCH 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.Cy. Dallas San Fran. Gold certificates on hand and due from U. S. Treasury 12,183,719 735,944 5,543,245 589,540 817,221 328,189 263,282 2,099,446 332,348 253,457 302,969 198,000 720,078 Redemption fund - F. R. notes 10,130 1,051 1,064 804 888 1,174 348 1,064 74l 507 379 627 1,483 Other cash 415,243 35,455 120,654 33,085 25,816 21,507 21,709 58,617 15,986 , 9,3*42 19,653 15,804 37,815 Total reserves 12,609,092 772,450 5,664,953 623,429 843,925 350,870 285,339 2,159,127 349,075 263,106 323,001 214,431 759,376 Bills discounted! Secured by U. S. Gov*t obligations, direct or fully guaranteed 1,696 182 654 548 4l 25 30 35 — 20 4o 81 4o Other bills discounted 1,649 5 234 171 53 l4o 115 29 90 57 347 200 208 Total bills discounted 3,3^5 187 888 719 94 165 145 64 90 77 387 281 248 Bills bought in open market 553 42 215 56 51 24 19 70 2 2 16 16 4o Industrial advances 14,122 1,862 3,851 2,851 4l8 1,226 821 451 7 862 217 610 946 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 >43,525 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 23/43 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 2,582,035 190,097 729,617 209,485 258,487 134,939 119,389 281,385 119,921 81,396 132,717 107,325 217,277 Due from foreign banks 169 12 63 17 16 7 6 21 3 2 5 5 12 F, R. notes of other banks 19,382 590 2,911 857 1,160 1,298 2,797 3,057 2,200 757 1,144 688 1,923 Uncollected items 535,646 50,053 143,405 37,389 59,821 43,369 20,680 71,788 22,148 12,906 24,959 21,844 27,284 Bank premises 42,735 2,936 9,005 4,678 5,992 2,608 2,069 3,945 2,283 1,520 3,222 1,251 3,226 Other .assets 51,687 3,372 14,372 4,630 5,817 3,278 2,323 5,116 2,212 1,636 2,446 2,029 4,456 ixDTAL ASSETS 15,840,746 *,019,510 6,564,336 880,485 1,175,218 536,369 432,603 2,524,439 497,842 361,323 487,494 347,573 1,013,554 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 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 4,343,566 376,353 993,062 313,737 420,368 196,910 148,506 982,761 178,944 134,847 169,035 77,119 351,924 Deposits* Member bank — reserve account 8,984,989 439,215 4,786,653 401,142 510,646236,332 190,820 1¿31,297215,927 127,354 234,170 181,287 530,146 U.S,Treasurer — General account 1,101,562 102,520 241,174 64,595 124,098 30,565 41,202 254,713 54,684 64,497 38,744 43,036 41,734 Foreign bank 255,935 18,419 91,440 24,815 23,792 11,000 8,954 30,955 7,419 5,884 7,419 7,419 18,419 Other deposits 25-4,113 6,004 189,250 4,576 6,192 1,659 8,466 5,339 4,631 6,510 814 3,120 17,552 Total deposits 10,596,599 566,158 5,308,517 495,128 664,723 279,556 249,442 1,422,304 282,661 204,245 281,147 234,862 607,851 Deferred availability items 553,056 52,920 142,612 39,133 57,380 45,052 22,005 74,559 25,712 13,040 27,116 24*557 28,970 Other liabilities including accrued dividends 3,336 299 1,135 323 273 87 139 373 91 128 255 87 146 TOTAL LIABILITIES 15,496,557 995,730 6,445,326 848,321 1^.42,749 521,605 420,092 2,479,997 487,403 352,260 477,553 336,625 983,891 C A P I T A L A C C O U N T S Capital paid in 134,948 9,4o 5 50,956 12,049 13,679 5,078 4,515 13,616 3,965 2,912 4,241 3,996 10,536 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 32,825 l,4l8 8,134 2,003 3,460 1,410 1,653 6,731 1,239 1,997 94 5 1,794 2,04l TOTAL LIABILITIES AND CAPITAL ACCOUNTS 15,840,746 1,019,510 6,564,336 880,485 1^.75,218 536,369 432,603 2,524,439 497,842 361,323 407,494 347,573 1,013,554 Commitments to make industrial advances 12,570 1,319 2,672 1,510 1,383 1,138 150 80 487 193 689 44 2,905 MATURITY DISTRIBUTION OF BILLS AIID 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 3,345 2,269 176 346 247 276 31 - . Bills bought 553 — 97 152 304 — —- — — Industrial advances 14,122 2,231 4l9 342 202 1,934 3,213 3,732 2,049 _ _ U. S, Government securities 2,564,015 101,710 52,010 115,848 193,788 129,497 173,142 390,654 647,218 760,148 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—28>-d FEDERAL RESERVE NOTE STATEMENT ON MARCH 8, 1939 (in thousands of dollars) Total Boston New York Phila. Cleve. Rich. Atlanta Chicago SttLouis Minn. Kans.Cy. Dallas San Fran. Federal Reserve notes» Issued to F.R. bank by F.R.agent 4,624,1-42 396,004 1,085,432 328,134 439.069 207,809 159,649 1,012,449 193*290 138,029 176,196 84,ll4 403,117 Held by Federal Reserve banlc 280,576 15^651 92; '<20 ±'+¿97 19,501 10.899 11,14-3 29*680 14,346 3.182 7,161 6,995 51,193 In actual circulation 4,343,566 376,353 993,062 313,737 420,368 196,910 l4s,506 982,761 178,944 134,847 169,035 77,119 351,924 Collateral held by agent as sp* curity for notes issued to bank* Gold certificates on hand and due from U„ S. Treasury 4,768-000 420,000 1,105,000 345,000 443,000 210,000 169,000 1,035,000 196,000 143,500 180,000 87,500 434,000 Eligible paper 2¡977 182 ' 830 548 94 165 112 64 25 37 367 276 227 Total collateral 4,770,977 420,182 1,105,880 345,548 443,094 210,165 169,112 1,035,064 196,025 143,537 180,367 87,776 434,227 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis