H.4.1 Factors Affecting Reserve Balances of Depository Institutions

Fora PE—283 STATEMENT FOR THE PRESS Released for publication Board of Governors Friday morning, March 24; of the Federal Reserve System not earlier, March 23, 1939 ■CG1JDITI01J OF FEDERAL RESERVE BANKS During the week ended March 22 member bank reserve balances decreased 080.000.000« Reductions in member bank reserves arose from increases of 07.000.000 in money in circulation, $31,000,000 in Treasury cash and -$163,000,000 in Treasury deposits with Federal Federal banks and a decrease of $22,000,000 in Reserve bank credit, offset in part by increases of $92,000,000 in gold stock and i|?2,000,000 in Treasury currency and a decrease of $4-2,000,000 in nonnember deposits and other Federal Reserve accounts. Excess reserves of member banks on March 22 were estimated to be approximately $3,360,000,000, a decrease of $80,000,000 for the neck. The principal changes in holdings of bills and securities were an increase of v31,000,000 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 March 22, 3.939, were as follows* Increase or decrease since Mar, 22, Mar* 15, Mar, 23, 1939 ..1929. 1938 (In millions of dollars) Bills discounted 3 - 7 Bills bought 1 — U, S. Government securities 2,564 —- Industrial advances (not including 13 million comnitraents - March 22) 14 --r-~ - 3 Other Reserve bank credit -9 - 22 - 10 Total Reserve bank credit 2,573 - 22 - 19 Gold stock 15,075 + 92 +2,294 Treasury currency 2*834 + 2 + 160 Menber bank reserve balances 8,989 - 88 +1,656 Money in circulation 6,758 + 7 + 433 Treasury cash 2,74-3 + 31 - 802 Treasury deposits with F.R. banks 1,222 + 163 + 952 Ilonnenber deposits and other F,R, accounts 769 - 42 + 194 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

form FR-283-a Released for publication Friday morning, March 24,1939; not earlier, STATEMENT OF CONDITION OF THE TWELVE FEDERAL RESERVE BANKS COMBINED (In thousands of dollars) Increase or decrease since Mar., 22, Mar* 15, Mar. 23, 1939 1939 1938 A S S E T S Gold certificates on hand and due from U. S, Treasury 12,307,721 +53,959 +3,110,518 Redemption fund - F. R. notes 10,163 + 868 + 289 Other cash ...405^1 +2,150 -72,292 Total reserves 12,723,435 +56,977 +3,038,515 Bills discounted! Secured by U. S, Gov't obligations, direct or fully guaranteed 1,871 - 61 -4,544 Other bills discounted 1.568 - 1.540 Total bills dis covin ted 3,439 - 18 - 6,084 Bills bought in open market 554 + 12 Industrial advances 14,091 + 32 - 3,223 U. S. Government securities» Bonds 911,090 +178,770 Treasury notes 1,176,109 +30,840 +10,418 Treasury bills 476,816 -30,840 -189.188 Total U.S. Government securities 2,564,015 — — Total bills and securities 2,582,099 + 14 - 9,295 Due from foreign banks 168 - 9 F, R, notes of other banks 19,444 ~1,381 - 445 Uncollected items 592,833 -125,264 +6l,6l4 Bank premises 42,723 - 9 - 2,129 Other assets ..47,i284 + 1 + 5.254 TOTAL ASSETS 16,008,086 - 68,360 +3,093,505 L I A B I L I T I E S F, R, notes in actual circulation 4,335,416 + 103 + 215,558 Deposits* Member bank — reserve account 8,989,181 -80,103 +1,656,131 U. S, Treasurer - General account 1,222,206 +163,492 + 952,620 Foreign bank 234,761 - 34,531 + 121,100 Other deposits 276.336 .6,422. + 77.690 Total deposits 10,722,484 + 34,435 +2,807,541 Deferred availability items 602,179 -103,303 + 71,798 Other liabilities including accrued dividends + 7 - 698 .„.2,665 TOTAL LIABILITIES 15,663,744 - 68,758 +3,094,199 C A P I T A L A C C 0 U II T S Capital paid in 135,006 + 50 + 1,700 Surplus (Section 7) 149,152 + 1,413 Surplus (Section 13b) 27,264 - 419 Other capital accounts 32,920 + J4§ TOTAL LIABILITIES AND CAPITAL ACCOUNTS 16,008,086 — 68,360 +3,093,505 Ratio of total reserves to deposit and F. R, note liabilities combined 84 .5% + *2$ +4.05S Contingent liability on bills purchased for foreign correspondents — — - 222 Commitments to make industrial advances 12,524 - 21 - 330 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR—283~b STATEMENT OF CONDITION OF THE FEDERAL RESERVE BARKS ON MARCH 22, 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 12,307,721 748,351 5,564,848 609,036 830,297 343,774 267,884 2,140,425 321,578 245,679 304,224 215,037 716,588 Redemption fund - F.R.notes 10,163 996 1,853 734 824 766 322 996 726 500 363 618 1,465 Other cash 405,551 31,066 109,917 31,226 26,283 21,259 21,925 54,200 16,168 8,978 20,084 16,472 47,973 Total reserves 12,723,435 780,413 5,676,618 640,996 857,4o4 365,799 290,131 2,195,621 338,472 255,157 324,671 232,127 766,026 Bills discounted: Secured by U.S. Gov't obligations, direct or fully guaranteed 1,871 82 1,229 210 26 50 — 50 — 19 49 101 55 Other bills discounted 1,568 102 133 66 50 l4o 109 24 100 52. 336 255 201 Total bills discounted 3,439 184 1,362 276 76 190 109 74 100 71 385 356 256 Bills bought in open market 554 42 216 56 51 24 19 70 2 2 16 16 4o Industrial advances 14,091 1,865 3,83 4 2,888 396 1,189 820 459 6 857 215 617 945 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 1,176,109 86,238 332,401 94,427 118,310 61,247 54,312 128,802 54,962 36,906 60,592 48,813 99,099 Treasury bills 476,816 34,962 134,762 38,283 47,964 24,831 22,019 52,219 22,283 14,961 24,566 19,790 40,176 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 2,582,099 190,097 730,075 209,079 258,447 134,927 119,352 281,403 119,930 81,385 132,713 107,407 217,284 Due from foreign banks 168 12 62 17 16 7 6 21 3 2 5 5 12 F. R, notes of other banks 19,444 527 2,782 878 1,195 979 2,118 3,609 2,188 859 1,376 518 2,415 Uncollected items 592,833 56,281 143,969 44,995 66,282 52,004 25,514 78,746 26,280 14,754 28,070 24,810 31,128 Bank premises 42,723 2,936 9,005 4,678 5,992 2,608 2,067 3,945 2,284 1,517 3,222 1,252 3,237 Other assets 47,384 3,058 13,143 4,227 5,413 3,047 2,139 4,668 2,007 1,507 2,219 1,871 4,085 TOTAL- ASSETS 16,008,086 1,033,324 6,575,654 904,870 1,194,749 559,371 441,327 2,568,013 491,164 355,181 492,276 367,990 1,024,167 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

r'orm FR—2S3-C STATEMENT OF CONDITIO!! OF THE FEDERAL RESERVE BANKS ON MARCH 22, 1939 (in thousands of dollars) L I A B I L I T I E S Total Boston Hew York Phila. Cleve. Rich. Atlanta Chicago St.Louis Minn, Kans.Cy. Dallas San Fran, F.R.notes in actual circulation 4,335,4-16 376,009 1,001,652 312,196 418,422 194,8l4 147,839 980,228,178,967 134,468 168,439 76,568 345,814 Deposits! Member bank — reserve account 0.989,181 437,288 4,825,440 412,430 505,131 237,785 188,337 1,116,829 194,875 122,536 235,230 175,903 537,397 U.S.Treasurer — General acoounb 1,222,206 115,025 194,819 75,186 143,326 49,201 50,061 311,339 67,035 62,412 40,9-44 65,186 •47,672 Foreign bank 234,761 16,079 84,02? 22,739 21,801 10,080 8,205 28,365 6,798 5,392 6,798 6,790 16,079 Other deposits 276,336 6,490 207,095 A,932 7,916 2,371 9,535 5,945 4,599 6,550 797 3,871 16,235 Total deposits 10,722,484 575,682 5,311,381 515,287 678,174 299,437 256,138 1,462,478 273,3(7 196,890 283,769 251,758 618,183 Deferred availability items 602,179 57,512 142,208 44,924 65,353 50,263 24,589 80,436 <¿8,32 2 l4,62/ 29,869 28,606 35,340 Other liabilities including accrued dividends 3,665 324 1,340 294 301 92 149 393 100 i4o 2.64 96 172 TOTAL LIABILITIES 15,603,744 1,009,527 6,456,581 872,701 1,162,250 544,606 428,815 2,523,535 480,726 346,125 4'2,34.1 357,028 999,509 C A P I T A L A C C 0 U N T S Capital paid in 135,006 9,405 50,989 12,046 13,687 5,075 4,517 13,622 3,968 2,912 4,241 4,007 10,537 Surplus (Section 7) 149,152 10,083 52,463 13,696 14,32.3 4,983 5,630 22,666 4,685 3,153 3,613 3,092 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 32,920 1,435 8,164 2,011 3,482 l,4l4 1,652 6,761 1,240 1,990 939 1,797 2,035 TOTAL LIABILITIES MD CAPITAL ACCOUNTS 16,003,006 1,033,324 6,575,654 904,870 1,194,749 559,371 441,327 <:,568,013 491,164 355,181 492,276 367,990 1/324,167 Commitments to make industrial advances 12,524 1,300 2,646 1,553 1,361 1,130 150 80 462 193 671 44 2,934 MATURITY DISTRIBUTION OF EILLS 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 Bills discounted 3,439 2,399 222 228 265 301 24 — ,— — Bills bought 554 97 128 59 270 — --- — ------ Industrial advances 14,091 2,410 233 280 232 1,986 4,744 2,162 --- U. S. Government securities 2,564,015 52,010 26,500 179,703 181,733 107,336 259,116 349,978 577,294 830,345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Form FR-283-d FEDERAL RESERVE NOTE STATS-S1IT Oil IIARCH 22, 1939 (in thousands of dollars) Total Boston Hew York Phi la« Cleve. Rich* Atlanta Chicago St. Louis Minn. Ilans.Cy* Dallas San Fran. Federal Reserve notesl Issued to F.R. bank by F.R.agent 4,631,875 395,098 1,096,841 326,542 4-38,448 205,845 159,622 1,015,397 194,111 138,125 176,268 83,739 401,839 Held by Federal Reserve bank 296,459 19,089 95,189 14,346 20,026 11,031 11,783 35,169 15,144 3,657 7,829 7,171 56,025 In actual circulation 4,335,4lo 376,009 1,001,652 312,196 418,422 194,814 147,839 980,228 178,967 134,468 168,439 76,568 345,814 Collateral held by agent as se­ curity for notes issued to bonk* Gold certificates on hand and due from U. S. Treasury 4,764,500 420,000 1,105,000 345,000 439,500 210,000 169,000 1,0?5,000 196,000 143,500 180,000 87,500 434,000 Eligible paper 3,193 179 1,362 210 76 190 76 74 35 31 371 350 239 Total collateral 4,767,693 420,179 1,106,362 345,210 439,576 210,190 169,076 1,035,074 196,035 143,531 180,371 87,850 434,239 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis