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, Liar, 175 of the Federal Reserve System not earlier, March 16, 1939 CONDITION OF FEDERAL RESERVE BANKS During'the week ended March 15 member bank reserve balances increased $92,000,000, Additions to member bank reserves arose from decreases of $-43,000,000 in Treasury deposits with Federal Reserve banks and $4,000,000 in Treasury cash, and increases of $30,000,000 in Reserve bank credit, $60,000,000 in gold stock, and $3,000,000 in Treasury currency* offset in part by an increase of $48,000,000 in nonmember deposits and other Federal Reserve accounts. Excess reserves of member banks on March 15 were estimated to be approximately $3»440,000,000, an increase of $30,000,000 for the week. The principal changes in holdings of bills and securities were an increase of $70,000,000 in United States Treasury bonds and a corresponding decrease in United States Treasury notes. Changes in member bank reserve balances and related items during the week and the year ended March 15, 1939, were as follows* Increase or decrease since Mar. 15, Mar. 8, Mar, 16, 1939 1939 1938 (In millions of dollars) Bills discounted 3 — - 5 Bills bought 1 — — U, S. Government securities 2,564 Industrial advances (not including 13 million commitments - March 15) 14 — - 3 Other Reserve bank credit 13 + 30 — 5 Total Reserve bank credit 2,595 + 30 — 13 Gold stock 14,983 + 60 + 2,205 Treasury currency 2,832 + 3 + 160 Member bank reserve balances 9,077 + 92 + 1,749 Money in circulation 6,751 + 423 Treasury cash 2,712 - 4 - 838 Treasury deposits with F.R. banks 1,059 *43 795 Nonmember deposits and other F. R. accounts 811 + 48 + 222 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-a Released for publication Friday morning, March 17,1939; not earlier, STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since Mar. 15, Mar. 8, Mar. 16, 1939 1939 1938 A S S E T S Gold certificates on hand and due from U. S. Treasury 12,253,762 +70,043 +3,065,160 Redemption fund - F. R. notes 9,295 - 835 - 305 Other cash 403,401 -11.842 -74,778 Total reserves 12,666,453 +57,366 +2,990,077 Bills discounted: Secured by U.S. Gov’t obligations, direct or fully guaranteed 1,932 + 236 - 3,261 Other bills discounted _ _1*522 - 124 - 1.431 Total bills discounted 3,457 + 112 - 4,692 Bills bought in open market 554 + 1 + 12 Industrial advances 14,059 - 63 - 3,200 U. S. Government securities: Bonds 911,090 +70,197 +187,495 Treasury notes 1,145,269 -70,197 - 18,922 Treasury bills 507.656 -168,573 Total UpS. Government securities 2,564,015 — Total bills and securities 2,582,085 + 50 - 7,880 Due from foreign banks 168 1 9 F. R. notes of other banks 20,825 +1,443 + 212 Uncollected items 718,097 +182,451 -24,661 Bank premises 42,732 3 - 2,133 Other assets 46.089 -5.598 .„. + .5*391 TOTAL ASSETS 16,076,454 +235,708 +2,960,997 L I A B I L I T I E S F, R. notes in actual circulation 4,335,313 - 8,253 +210,425 Deposits: Member bank - reserve account 9,077,2.84 +92,295 +1,749,147 U. S. Treasurer - General account 1,058,714 -42,848 + 795,091 Foreign bank 269,292 +13,357 + 165,936 Other deposits 282,759 +28,646 ±_.60,622 Total deposits 10,688,049 +91,450 +2,770,797 Deferred availability items 705,482 +152,426 -19,137 Other liabilities including accrued dividends ___3.,6.50 - m TOTAL LIABILITIES 15,732,494 +235,937 +2,961,639 C A P I T A L A C C O U N T S Capital paid in 134,956 + 8 + 1,659 Surplus (Section 7) 149,152 + 1,413 Surplus (Section 13b) 27,264 - 419 Other capital accounts 32,588 -237 ..„-J.,295 TOTAL LIABILITIES AND CAPITAL ACCOUNTS 16,076,454 +235,708 +2,960,997 Ratio of total reserves to deposit and F. R. note liabilities combined BA.3% - .1% + 3*9% Contingent liability on bills purchased for foreign correspondents - 630 Commitments to make industrial advances 12,545 - 25 _ ^66 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-b STATEMENT OF CONDITION OF THE FEDERAL EESEP-VE BANKS ON MARCH 15, 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 12,253,762 728,761 5,547,950 615,260 829,471 331,534 272,716 2,115,574 325,347 250,524 306,312 212,785 717,528 Redemption fund - F.R.notes 9,295 1,005 883 804 828 760 323 1,001 727 500 364 627 1,467 Other cash 403,401 33,394 112,251 32,377 26,983 18,797 20,545 58,174 16,042 9,836 18,617 17,514 38,371 Total reserves 12,666,458 763,160 5,661,084 648,441 857,282 351,097 293,584 2,174,749 342,116 260,860 325,293 230,926 757,866 Bills discounted» Secured by U,S,Gov*t obligations, direct or fully guaranteed 1,932 167 1,034 390 21 30 30 50 — 20 49 101 4o Other bills discounted 1,525 10 211 91 53 l4o 112 25 100 55 304 218 206 Total bills discounted 3,457 177 1,245 481 74 170 142 75 100 75 353 319 246 Bills bought in open market 554 42 216 56 51 24 19 70 2 2 16 16 4o Industrial advances 14,059 1,872 3,835 2,844 396 1,204 821 459 6 859 216 601 946 U. S. Government securities: Bonds 911,090 66,806 257,500 73,149 91,650 47,446 42,073 99,779 42,577 28,588 46,939 37,815 76,768 Treasury notes 1,145,269 83,976 323,685 91,951 115,207 59,641 a* O rV ri rv 125,425 53,521 35,938 59,004 47,533 96,500 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 U8,4o4 280,800 119,822 80,455 132,097 106,418 216,043 Total bills and securities 2,582,085 190,097 729,959 209,240 258,445 134,922 119,386 281,4o4 119,930 81,391 132,682 107,354 217,275 Due from foreign banks 168 12 62 17 16 7 6 21 3 * 2 5 5 12 F. R. notes of other banks 20,825 535 3,632 865 1,366 1,472 2,397 3,132 2,240 1,053 1,386 610 2,137 Uncollected items 718,097 64,918 I8sg,523 50,798 86,586 59,517 31,908 94,506 33,647 14,927 33,076 28,692 35,999 B,Trite premises 42,732 2,936 9,005 4,678 5,992 2,608 2,069 3,945 2,283 1,517 3,222 1,251 3,226 Other assets 46,089 2,942 12,874 4,111 5,236 2,994 2,072 4,544 1,945 1,460 2,147 1,729 3,965 TOTAL ASSETS 16,076,454 1,024,600 6,600,139 918,150 1,214,923 552,617 451,422 2,562,301 502,164 361,210 497,811 370,637 1,020,480 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 15, 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 ■4,335,313 375,322 997,24-9 314,320 416,991 195,961 147,967 981,217 178,918 134,516 168,719 76,206 347,927 Deposits: Member bank — reserve account 9,077,284 437,624 4,825,938 431,143 527,923 233,510 193,541 1,139,136 205,909 128,332 237,165 183,096 533,967 U.S.Treasurer — General account 1,058,714 97,646 170,074 61,050 125,048 35,419 45,809 261,506 60,387 62,460 40,200 57,530 41,585 Foreign bank 269,292 19,340 96,577 26,055 24,980 11,550 9,401 32,501 7,790 6,178 7,790 7,790 19,340 Other deposits 282,759 6,062 213,709 4,524 4,752 4,212 11,042 5,966 4,821 5,64o 846 4,369 16,816 Total deposits 10,688,049 560,672 5,306,298 522,772 682,703 284,691 259,793 1,439,109 278,907 202,610 286,001 252,785 611,708 Deferred availability items 705,482 64,525 176,153 48,640 82,499 57,142 31,022 97,179 Other liabilities including accrued <r\ <r\ to c*\ 14,900 32,912 30,619 36,058 dividends 3,650 305 1,424 280 286 85 139 391 96 129 266___ 2.2;.,. 157 TOTAL LIABILITIES 15,732,494 1,000,824 6,481,124 886,012 1,182,479 537,879 438,921 2,517,896 491,754 352,155 487,898 359,702 995,850 C A P I T A L A C C O U N T S Capital paid in 134,956 9,405 50,957 12,049 13,683 5,075 4,516 13,617 3,966 2,912 4,242 3,998 10,536 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) 27,264 2,874 7,457 4,4i6 1,007 3,293 713 1,429 545 1,001 1,142 1,266 2,121 Other capital accounts 32,588 l,4l4 8,138 1,977 3,431 1,387 1,642 6,693 1,20.4 1,989 916 1,779 2,008 CAPITAL ACCOUNTS 16,076,454 1,024,600 6,600,139 918,150 1,214,923 552,617 451,422 2,562,301 502,164 361,210 497,811 370,637 1,020,480 Commitments to make industrial advances ' 12,545 1,303 2,672 1,53.0 1,366 1,134 150 80 462 193 689 44 2,942 MATURITY DISTRIBUTION OF BILLS AMD 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 3,457 2,394 236 262 251 290 24 . __ _ T - Bills bought 55 4 74 68 142 270 - — ---- _ Industrial advances 14,059 2,123 430 337 205 2,050 3,187 3,692 2,035 -- U.S. Government securities 2,564,015 124,720 — 164,203 198,233 90,966 259,116 349,978 546,454 830,345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Forra FR-283-d FEDERAL RESERVE NOTE STATEMENT ON MARCH 15, 1939 (in thousands of dollars) Total Boston Hew 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 4,615,432 394,072 1,081,259 328,536 438,172 206,338 159,790 1,012,401 192,525 138,255 176,349 84,276 403,459 Held by Federal Reserve bank 280,119 18,750 84,010 14,216 21,181 10,377 11,823 31,184 13,607 3,739 7,630 8,070 55,532 In actual circulation 4,335,313 375,322 997,2-49 314,320 416,991 195,961 147,967 981,217 178,918 134,516 168,719 76,206 347,927 Collateral held by agent as se­ 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 S7,500 434,000 Eligible paper 3,181 172 1,237 390 74 170 110 76 35 35 339 315 228 Total collateral 4,771,181 420,172 1,106,237 3^5,390 443,074 210,170 169,110 1,035,076 196,035 143,535 180,339 87,815 434,228 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis